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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: Registrant is making a filing for 9 of its series, Wells Fargo Advantage Diversified Capital Builder Fund, Wells Fargo Advantage Diversified Income Builder Fund, Wells Fargo Advantage Index Asset Allocation Fund, Wells Fargo Advantage C&B Mid Cap Value Fund, Wells Fargo Advantage Common Stock Fund, Wells Fargo Advantage Discovery Fund, Wells Fargo Advantage Enterprise Fund, Wells Fargo Advantage Opportunity Fund, and Wells Fargo Advantage Special Mid Cap Value Fund. Each series had a September 30 fiscal year end.

Date of reporting period: March 31, 2014

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Diversified Capital Builder Fund

Semi-Annual Report

March 31, 2014

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Other information	27
List of abbreviations	33

The views expressed and any forward-looking statements are as of March 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 Diversified Capital Builder Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The Federal Reserve (Fed) and other developed-country central banks continued to provide support to the economy with accommodative monetary policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Diversified Capital Builder Fund for the six-month period that ended March 31, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, low inflation, and equity market gains. That said, the final three months of the reporting period were marked by heightened equity market volatility as the U.S. and Europe confronted Russia over Ukraine.

Within equity markets over the six-month reporting period, U.S. stocks (measured by the S&P 500 Index¹) had the best returns, followed by developed-country international equities (measured by the MSCI EAFE Index²) while emerging markets equities (measured by the MSCI Emerging Markets Index³) were up only slightly. Fixed-income results favored corporate bonds (measured by the Barclays U.S. Corporate Bond Index⁴) over U.S. Treasury bonds (measured by the Barclays U.S. Treasury Index⁵). Short-term interest rates remained ultra low.

Monetary policy remained accommodative and economic growth appeared sustainable.

The Federal Reserve (Fed) and other developed-country central banks continued to provide support to the economy with accommodative monetary policies. Throughout the reporting period, the Fed kept its key interest rate near zero. Entering the reporting period, the Fed had committed to purchase mortgage-backed securities to support the housing market and long-term U.S. Treasuries to keep interest rates low. In mid-December 2013, however, the Fed conveyed confidence in the strength of the economy by announcing it would begin tapering its bond-buying program by $10 billion in January 2014.

In November 2013, the European Central Bank (ECB) cut its key rate to a then-historic low of 0.25%. Its 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. economic data was moderately positive, gaining strength as the period progressed. Data that was available at the end of the reporting period showed that U.S. real gross domestic product increased at a 2.6% annualized rate in the fourth quarter of 2013. The jobs picture continued to slowly improve as the unemployment rate declined to 6.7% as of February 2014. Meanwhile, inflation remained low. The eurozone exited a protracted recession and reported weak but positive economic activity during the last three quarters of 2013.

1. 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.

2. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

3. The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market-capitalization-weighted index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index.

4. The Barclays U.S. Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more. You cannot invest directly in an index.

5. The Barclays U.S. Treasury Index is an unmanaged index of prices of U.S. Treasury bonds with maturities of 1 to 30 years. You cannot invest directly in an index.

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

Returns by asset class were mixed, but generally positive.

The U.S. stock market outperformed foreign markets during the six-month period. The S&P 500 Index rose 12.51% and the MSCI EAFE Index rose 5.36%, while the MSCI Emerging Markets Index rose 1.49%. The U.S. was the fastest-growing developed country, which benefited U.S. companies. Emerging markets faced a number of challenges, including the spillover effect of slower growth in China as well as volatile currency movements that tempered investor demand for emerging markets equities.

Most bond sectors gained, particularly lower-credit-quality bonds, despite a renewed confidence in economic growth and higher interest rates across much of the yield curve. Interest rates drifted higher as investors tried to anticipate when the Fed would begin raising its key interest rate. Early in 2014, new Fed Chair Janet Yellen suggested that the time frame for the first increase in short-term interest rates might be as soon as the first half of 2015, sooner than most market participants had expected. Meanwhile, credit spreads narrowed, driving outperformance in credit-sensitive sectors as solid economic growth boosted company revenue and profits and kept default rates low. Investment-grade bonds (measured by the Barclays U.S. Aggregate Bond Index⁶) returned 1.70% and high-yield bonds (measured by the Barclays U.S. Corporate High Yield Index⁷) returned 6.67% during the six-month period.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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.

6. The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. You cannot invest directly in an index.

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

4 Wells Fargo Advantage Diversified Capital Builder Fund Letter to shareholders (unaudited)

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.

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6 Wells Fargo Advantage Diversified Capital Builder Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term total return, consisting of capital appreciation and current income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret Patel

Average annual total returns¹ (%) as of March 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 (EKBAX)	1-20-1998		10.93		17.21		4.70		17.65		18.64		5.33		1.20		1.20
Class B (EKBBX)*	9-11-1935		11.72		17.64		4.82		16.72		17.85		4.82		1.95		1.95
Class C (EKBCX)	1-22-1998		15.75		17.77		4.56		16.75		17.77		4.56		1.95		1.95
Administrator Class (EKBDX)	7-30-2010		–		–		–		17.96		18.87		5.50		1.04		0.95
Institutional Class (EKBYX)	1-26-1998		–		–		–		18.09		19.07		5.68		0.77		0.77
Diversified Capital Builder Blended Index4	–		–		–		–		18.58		20.88		8.07		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index5	–		–		–		–		7.51		17.95		8.46		–		–
Russell 1000® Index6	–		–		–		–		22.41		21.73		7.80		–		–

* 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. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. 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, high-yield risk securities, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 7

Ten largest holdings7 (%) as of March 31, 2014
CVS Caremark Corporation	4.51
LyondellBasell Industries Class A	4.47
Comcast Corporation Class A	3.68
Tronox Finance LLC, 6.38%, 8-15-2020	3.66
FEI Company	3.62
Genuine Parts Company	3.42
Covidien plc	3.33
Becton Dickinson & Company	2.55
AbbVie Incorporated	2.37
Automatic Data Processing Incorporated	2.33

Portfolio allocation⁸ as of March 31, 2014

1. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Diversified Capital Builder 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.

3. The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After FeeWaiver, excluding certain expenses, at 1.20% for Class A, 1.95% for Class B, 1.95% for Class C, 0.95% for Administrator class, and 0.78% 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. Source: Wells Fargo Funds Management, LLC. The Diversified Capital Builder Blended Index is composed of the following indexes: Russell 1000^® Index (75%) and BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index (25%). You cannot invest directly in an index.

5. The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. This index was previously named the BofA Merrill Lynch High Yield Master Index. You cannot invest directly in an index.

6. The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

7. The ten largest 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.

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

8 Wells Fargo Advantage Diversified Capital Builder 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 October 1, 2013 to March 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 10-1-2013		Ending account value 3-31-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,149.75	$	6.43		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Class B
Actual	$	1,000.00	$	1,144.11	$	10.42		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.21	$	9.80		1.95	%
Class C
Actual	$	1,000.00	$	1,145.35	$	10.43		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.21	$	9.80		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,151.13	$	5.09		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,151.47	$	4.18		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.04	$	3.93		0.78	%

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—March 31, 2014 (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 9

Security name	Shares		Value
Common Stocks: 83.45%
Consumer Discretionary: 10.51%
Auto Components: 0.24%
Johnson Controls Incorporated		30,000	$	1,419,600
Distributors: 3.42%
Genuine Parts Company		235,000		20,409,750
Hotels, Restaurants & Leisure: 0.56%
Marriott International Incorporated Class A		60,000		3,361,200
Household Durables: 2.30%
Jarden Corporation †		230,000		13,760,900
Media: 3.99%
Comcast Corporation Class A		440,000		22,008,800
DISH Network Corporation †		30,000		1,866,300
				23,875,100
Consumer Staples: 6.48%
Food & Staples Retailing: 4.51%
CVS Caremark Corporation		360,000		26,949,600
Food Products: 0.15%
Mondelez International Incorporated Class A		25,000		863,750
Household Products: 0.31%
Colgate-Palmolive Company		20,000		1,297,400
Kimberly-Clark Corporation		5,000		551,250
				1,848,650
Personal Products: 1.51%
Estee Lauder Companies Incorporated Class A		135,000		9,028,800
Energy: 7.26%
Energy Equipment & Services: 0.96%
Bristow Group Incorporated		50,000		3,776,000
Schlumberger Limited		20,000		1,950,000
				5,726,000
Oil, Gas & Consumable Fuels: 6.30%
ConocoPhillips Company		70,000		4,924,500
Energy Transfer LP		200,000		9,350,000
EOG Resources Incorporated		30,000		5,885,100
Kinder Morgan Incorporated		185,000		6,010,650
Marathon Oil Corporation		60,000		2,131,200
Plains All American Pipeline LP		170,000		9,370,400
				37,671,850

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

10 Wells Fargo Advantage Diversified Capital Builder Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Financials: 2.08%
Banks: 1.26%
PNC Financial Services Group Incorporated		30,000	$	2,610,000
Regions Financial Corporation		225,000		2,499,750
SunTrust Banks Incorporated		60,000		2,387,400
				7,497,150
Insurance: 0.82%
Chubb Corporation		55,000		4,911,500
Health Care: 16.33%
Biotechnology: 1.27%
Amgen Incorporated		20,000		2,466,800
Medivation Incorporated †		80,000		5,149,600
				7,616,400
Health Care Equipment & Supplies: 6.62%
Becton Dickinson & Company		130,000		15,220,400
CareFusion Corporation †		100,000		4,022,000
Covidien plc		270,000		19,888,200
Meridian Diagnostics Incorporated		20,000		435,800
				39,566,400
Health Care Providers & Services: 1.38%
DaVita HealthCare Partners Incorporated †		40,000		2,754,000
McKesson Corporation		25,000		4,414,250
Owens & Minor Incorporated		30,000		1,050,900
				8,219,150
Life Sciences Tools & Services: 1.01%
Thermo Fisher Scientific Incorporated		50,000		6,012,000
Pharmaceuticals: 6.05%
AbbVie Incorporated		275,000		14,135,000
Allergan Incorporated		40,000		4,964,000
Eli Lilly & Company		50,000		2,943,000
Forest Laboratories Incorporated †		30,000		2,768,100
Mylan Laboratories Incorporated †		190,000		9,277,700
Salix Pharmaceuticals Limited †		20,000		2,072,200
				36,160,000
Industrials: 18.04%
Aerospace & Defense: 4.90%
General Dynamics Corporation		70,000		7,624,400
Lockheed Martin Corporation		85,000		13,875,400
Precision Castparts Corporation		10,000		2,527,600
United Technologies Corporation		45,000		5,257,800
				29,285,200

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 11

Security name	Shares		Value
Building Products: 2.14%
Apogee Enterprises Incorporated		125,000	$	4,153,750
Lennox International Incorporated		95,000		8,636,450
				12,790,200
Construction & Engineering: 0.54%
Chicago Bridge & Iron Company NV		30,000		2,614,500
Dycom Industries Incorporated †		20,000		632,200
				3,246,700
Electrical Equipment: 4.84%
AMETEK Incorporated		155,000		7,980,950
Regal Beloit Corporation		70,000		5,089,700
Rockwell Automation Incorporated		45,000		5,604,750
Roper Industries Incorporated		45,000		6,007,950
Sensata Technologies Holdings NV †		100,000		4,264,000
				28,947,350
Industrial Conglomerates: 0.19%
Danaher Corporation		15,000		1,125,000
Machinery: 4.09%
Chart Industries Incorporated †		5,000		397,750
Donaldson Company Incorporated		40,000		1,696,000
Flowserve Corporation		80,000		6,267,200
IDEX Corporation		110,000		8,017,900
Pall Corporation		90,000		8,052,300
				24,431,150
Road & Rail: 1.34%
Hertz Global Holdings Incorporated †		300,000		7,992,000
Information Technology: 10.30%
Electronic Equipment, Instruments & Components: 5.92%
Amphenol Corporation Class A		150,000		13,747,500
FEI Company		210,000		21,634,200
				35,381,700
IT Services: 2.33%
Automatic Data Processing Incorporated		180,000		13,906,800
Software: 0.17%
Nuance Communications Incorporated Ǡ		60,000		1,030,200
Technology Hardware, Storage & Peripherals: 1.88%
Seagate Technology plc		200,000		11,232,000

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

12 Wells Fargo Advantage Diversified Capital Builder Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name						Shares		Value
Materials: 7.30%
Chemicals: 7.30%
Eastman Chemical Company							15,000	$	1,293,150
FMC Corporation							60,000		4,593,600
LyondellBasell Industries Class A							300,000		26,682,000
PPG Industries Incorporated							10,000		1,934,600
Sigma-Aldrich Corporation							25,000		2,334,500
Valspar Corporation							30,000		2,163,600
Westlake Chemical Corporation							70,000		4,632,600
									43,634,050
Utilities: 5.15%
Electric Utilities: 3.88%
American Electric Power Company Incorporated							150,000		7,599,000
Edison International							140,000		7,925,400
Pinnacle West Capital Corporation							140,000		7,652,400
									23,176,800
Gas Utilities: 0.12%
Atmos Energy Corporation							15,000		706,950
Independent Power & Renewable Electricity Producers: 1.15%
AES Corporation							425,000		6,069,000
NRG Energy Incorporated							25,000		795,000
									6,864,000
Total Common Stocks (Cost $400,673,877)									498,647,900
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 12.89%
Energy: 1.14%
Energy Equipment & Services: 0.70%
Bristow Group Incorporated		6.25	%		10-15-2022	$	2,000,000		2,120,000
Hornbeck Offshore Services Incorporated		5.88			4-1-2020		1,000,000		1,045,000
Regency Energy Partners LP		5.88			3-1-2022		1,000,000		1,037,500
									4,202,500
Oil, Gas & Consumable Fuels: 0.44%
Atlas Pipeline Partners LP		5.88			8-1-2023		650,000		641,875
Sabine Pass Liquefaction LLC		5.63			4-15-2023		2,000,000		1,990,000
									2,631,875
Health Care: 3.32%
Health Care Providers & Services: 0.18%
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		1,000,000		1,065,000

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Pharmaceuticals: 3.14%
Salix Pharmaceuticals Incorporated 144A		6.00	%		1-15-2021	$	2,500,000	$	2,668,750
Valeant Pharmaceuticals International Incorporated 144A		7.00			10-1-2020		11,253,000		12,181,373
Valeant Pharmaceuticals International Incorporated 144A		7.25			7-15-2022		3,560,000		3,933,800
									18,783,923
Industrials: 1.59%
Building Products: 0.22%
Dycom Investments Incorporated		7.13			1-15-2021		1,200,000		1,294,500
Commercial Services & Supplies: 0.33%
Iron Mountain Incorporated		5.75			8-15-2024		2,000,000		1,947,500
Electrical Equipment: 0.25%
General Cable Corporation 144A		6.50			10-1-2022		1,500,000		1,522,500
Road & Rail: 0.79%
Hertz Corporation		6.25			10-15-2022		4,425,000		4,734,750
Materials: 4.15%
Chemicals: 4.15%
Kraton Polymers LLC		6.75			3-1-2019		1,770,000		1,880,625
Olin Corporation		5.50			8-15-2022		1,000,000		1,022,500
Tronox Finance LLC «		6.38			8-15-2020		21,288,000		21,873,420
									24,776,545
Utilities: 2.69%
Independent Power & Renewable Electricity Producers: 2.69%
AES Corporation		5.50			3-15-2024		3,000,000		2,977,500
NRG Energy Incorporated		6.63			3-15-2023		500,000		518,750
NRG Energy Incorporated		7.88			5-15-2021		11,418,000		12,559,800
									16,056,050
Total Corporate Bonds and Notes (Cost $73,524,264)									77,015,143
Yankee Corporate Bonds and Notes: 0.99%
Industrials: 0.66%
Electrical Equipment: 0.66%
Sensata Technologies BV 144A		4.88			10-15-2023		4,000,000		3,930,000
Information Technology: 0.33%
Technology Hardware, Storage & Peripherals: 0.33%
Seagate HDD (Cayman) 144A		4.75			6-1-2023		2,000,000		1,975,000
Total Yankee Corporate Bonds and Notes (Cost $5,873,166)									5,905,000

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

14 Wells Fargo Advantage Diversified Capital Builder Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 5.46%
Investment Companies: 5.46%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		17,502,024	$	17,502,024
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.09			15,145,264		15,145,264
Total Short-Term Investments (Cost $32,647,288)							32,647,288

Total investments in securities
(Cost $512,718,595) *	102.79	%		614,215,331
Other assets and liabilities, net	(2.79	)		(16,687,757	)
Total net assets	100.00	%	$	597,527,574

† Non-income-earning security

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

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

(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 $512,500,623 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	102,594,789
Gross unrealized depreciation		(880,081	)
Net unrealized appreciation	$	101,714,708

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

Statement of assets and liabilities—March 31, 2014 (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 15

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	581,568,043
In affiliated securities, at value (see cost below)		32,647,288
Total investments, at value (see cost below)		614,215,331
Receivable for investments sold		2,589,165
Receivable for Fund shares sold		126,391
Receivable for dividends and interest		2,065,893
Receivable for securities lending income		4,514
Prepaid expenses and other assets		133,473
Total assets		619,134,767
Liabilities
Payable for investments purchased		4,904,201
Payable for Fund shares redeemed		775,459
Payable upon receipt of securities loaned		15,145,264
Advisory fee payable		304,611
Distribution fees payable		31,989
Due to other related parties		142,669
Accrued expenses and other liabilities		303,000
Total liabilities		21,607,193
Total net assets	$	597,527,574
NET ASSETS CONSIST OF
Paid-in capital	$	536,003,067
Undistributed net investment income		466,085
Accumulated net realized losses on investments		(40,438,314	)
Net unrealized gains on investments		101,496,736
Total net assets	$	597,527,574
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	437,543,630
Shares outstanding – Class A		48,462,132
Net asset value per share – Class A		$9.03
Maximum offering price per share – Class A2		$9.58
Net assets – Class B	$	6,100,916
Shares outstanding – Class B		670,856
Net asset value per share – Class B		$9.09
Net assets – Class C	$	44,119,653
Shares outstanding – Class C		4,882,310
Net asset value per share – Class C		$9.04
Net assets – Administrator Class	$	8,671,629
Shares outstanding – Administrator Class		959,692
Net asset value per share – Administrator Class		$9.04
Net assets – Institutional Class	$	101,091,746
Shares outstanding – Institutional Class		11,255,425
Net asset value per share – Institutional Class		$8.98
Investments in unaffiliated securities (including securities on loan), at cost	$	480,071,307
Investments in affiliated securities, at cost	$	32,647,288
Total investments, at cost	$	512,718,595
Securities on loan, at value	$	14,822,723

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

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

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

16 Wells Fargo Advantage Diversified Capital Builder Fund Statement of operations—six months ended March 31, 2014 (unaudited)

Investment income
Dividends	$	4,668,507
Interest		2,366,465
Securities lending income, net		22,677
Income from affiliated securities		2,267
Total investment income		7,059,916
Expenses
Advisory fee		1,830,679
Administration fees
Fund level		155,093
Class A		546,292
Class B		8,267
Class C		54,821
Administrator Class		3,565
Institutional Class		57,795
Shareholder servicing fees
Class A		525,281
Class B		7,949
Class C		52,713
Administrator Class		8,602
Distribution fees
Class B		23,848
Class C		158,139
Custody and accounting fees		21,154
Professional fees		25,378
Registration fees		45,740
Shareholder report expenses		69,486
Trustees’ fees and expenses		6,608
Other fees and expenses		9,778
Total expenses		3,611,188
Less: Fee waivers and/or expense reimbursements		(21,520	)
Net expenses		3,589,668
Net investment income		3,470,248
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		64,356,565
Net change in unrealized gains (losses) on investments		19,083,194
Net realized and unrealized gains (losses) on investments		83,439,759
Net increase in net assets resulting from operations	$	86,910,007

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

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

	Six months ended March 31, 2014 (unaudited)						Year ended September 30, 2013
Operations
Net investment income				$	3,470,248					$	10,337,226
Net realized gains on investments					64,356,565						56,902,141
Net change in unrealized gains (losses) on investments					19,083,194						20,604,806
Net increase in net assets resulting from operations					86,910,007						87,844,173
Distributions to shareholders from
Net investment income
Class A					(1,943,969	)					(6,474,175	)
Class B					(3,992	)					(62,222	)
Class C					(38,422	)					(338,328	)
Administrator Class					(47,574	)					(87,817	)
Institutional Class					(820,838	)					(3,162,236	)
Total distributions to shareholders					(2,854,795	)					(10,124,778	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		372,105			3,193,477			988,049			7,459,210
Class B		5,110			43,143			13,623			102,631
Class C		197,077			1,662,709			456,565			3,573,365
Administrator Class		304,071			2,698,468			680,652			5,251,900
Institutional Class		1,056,136			8,846,510			5,136,491			37,970,601
					16,444,307						54,357,707
Reinvestment of distributions
Class A		210,502			1,823,008			817,169			6,011,822
Class B		415			3,508			7,691			55,750
Class C		3,996			33,960			42,113			305,059
Administrator Class		3,927			34,291			7,966			59,321
Institutional Class		90,703			776,154			411,012			3,018,578
					2,670,921						9,450,530
Payment for shares redeemed
Class A		(2,748,350	)		(23,340,386	)		(7,524,370	)		(56,004,245	)
Class B		(152,777	)		(1,299,838	)		(360,469	)		(2,709,323	)
Class C		(351,982	)		(2,983,753	)		(981,014	)		(7,336,338	)
Administrator Class		(213,891	)		(1,845,828	)		(257,295	)		(1,947,957	)
Institutional Class		(8,970,863	)		(78,593,919	)		(7,089,654	)		(53,439,056	)
					(108,063,724	)					(121,436,919	)
Net decrease in net assets resulting from capital share transactions					(88,948,496	)					(57,628,682	)
Total increase (decrease) in net assets					(4,893,284	)					20,090,713
Net assets
Beginning of period					602,420,858						582,330,145
End of period				$	597,527,574					$	602,420,858
Undistributed (overdistributed) net investment income				$	466,085					$	(149,368	)

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

18 Wells Fargo Advantage Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended March 31
CLASS A				2013			2012			2011			20101,2			20101			20091
Net asset value, beginning of period	$	7.89		$	6.93		$	5.65		$	6.02		$	6.02		$	4.18		$	8.28
Net investment income		0.04			0.12			0.15			0.10			0.07			0.05			0.11
Net realized and unrealized gains (losses) on investments		1.14			0.96			1.29			(0.36	)		0.00	3		1.85			(3.33	)
Total from investment operations		1.18			1.08			1.44			(0.26	)		0.07			1.90			(3.22	)
Distributions to shareholders from
Net investment income		(0.04	)		(0.12	)		(0.16	)		(0.11	)		(0.07	)		(0.06	)		(0.13	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(0.75	)
Total distributions to shareholders		(0.04	)		(0.12	)		(0.16	)		(0.11	)		(0.07	)		(0.06	)		(0.88	)
Net asset value, end of period	$	9.03		$	7.89		$	6.93		$	5.65		$	6.02		$	6.02		$	4.18
Total return4		14.97	%		15.75	%		25.58	%		(4.53	)%		1.21	%		45.51	%		(38.57	)%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.20	%		1.21	%		1.21	%		1.17	%		1.14	%		1.06	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.15	%		1.14	%		1.04	%
Net investment income		1.07	%		1.66	%		2.40	%		1.57	%		2.47	%		1.07	%		1.74	%
Supplemental data
Portfolio turnover rate		49	%		70	%		79	%		56	%		31	%		63	%		60	%
Net assets, end of period (000s omitted)		$437,544			$399,535			$390,705			$364,533			$435,454			$467,224			$366,237

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

2. For the six months ended September 30, 2010. The Fund changed its fiscal year end from March 31 to September 30, effective September 30, 2010.

3. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Diversified Capital Builder Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended March 31
CLASS B				2013			2012			2011			20101,2			20101			20091
Net asset value, beginning of period	$	7.95		$	6.98		$	5.69		$	6.05		$	6.05		$	4.19		$	8.29
Net investment income		0.01	3		0.07	3		0.11	3		0.06	3		0.05	3		0.02	3		0.06	3
Net realized and unrealized gains (losses) on investments		1.14			0.96			1.28			(0.37	)		0.00	4		1.86			(3.33	)
Total from investment operations		1.15			1.03			1.39			(0.31	)		0.05			1.88			(3.27	)
Distributions to shareholders from
Net investment income		(0.01	)		(0.06	)		(0.10	)		(0.05	)		(0.05	)		(0.02	)		(0.08	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(0.75	)
Total distributions to shareholders		(0.01	)		(0.06	)		(0.10	)		(0.05	)		(0.05	)		(0.02	)		(0.83	)
Net asset value, end of period	$	9.09		$	7.95		$	6.98		$	5.69		$	6.05		$	6.05		$	4.19
Total return5		14.41	%		14.87	%		24.62	%		(5.20	)%		0.83	%		45.17	%		(39.13	)%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.95	%		1.96	%		1.96	%		1.92	%		1.89	%		1.80	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.89	%		1.89	%		1.78	%
Net investment income		0.32	%		0.94	%		1.65	%		0.81	%		1.72	%		0.34	%		0.96	%
Supplemental data
Portfolio turnover rate		49	%		70	%		79	%		56	%		31	%		63	%		60	%
Net assets, end of period (000s omitted)		$6,101			$6,502			$8,077			$10,360			$16,329			$17,992			$18,115

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

2. For the six months ended September 30, 2010. The Fund changed its fiscal year end from March 31 to September 30, effective September 30, 2010.

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September30												Year ended March 31
CLASS C				2013			2012			2011			20101,2			20101			20091
Net asset value, beginning of period	$	7.90		$	6.94		$	5.66		$	6.02		$	6.03		$	4.18		$	8.29
Net investment income		0.01			0.07			0.10			0.05			0.05			0.02			0.06
Net realized and unrealized gains (losses) on investments		1.14			0.96			1.29			(0.35	)		(0.01	)		1.85			(3.34	)
Total from investment operations		1.15			1.03			1.39			(0.30	)		0.04			1.87			(3.28	)
Distributions to shareholders from
Net investment income		(0.01	)		(0.07	)		(0.11	)		(0.06	)		(0.05	)		(0.02	)		(0.08	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(0.75	)
Total distributions to shareholders		(0.01	)		(0.07	)		(0.11	)		(0.06	)		(0.05	)		(0.02	)		(0.83	)
Net asset value, end of period	$	9.04		$	7.90		$	6.94		$	5.66		$	6.02		$	6.03		$	4.18
Total return3		14.54	%		14.86	%		24.63	%		(5.14	)%		0.67	%		44.70	%		(39.13	)%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.95	%		1.96	%		1.96	%		1.92	%		1.88	%		1.82	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.90	%		1.88	%		1.80	%
Net investment income		0.32	%		0.91	%		1.65	%		0.79	%		1.72	%		0.32	%		1.01	%
Supplemental data
Portfolio turnover rate		49	%		70	%		79	%		56	%		31	%		63	%		60	%
Net assets, end of period (000s omitted)		$44,120			$39,758			$38,279			$35,665			$40,197			$43,558			$33,077

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

2. For the six months ended September 30, 2010. The Fund changed its fiscal year end from March 31 to September 30, effective September 30, 2010.

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 Diversified Capital Builder Fund 21

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	7.90		$	6.94		$	5.66		$	5.99		$	5.79
Net investment income		0.06	2		0.14	2		0.17	2		0.13	2		0.02	2
Net realized and unrealized gains (losses) on investments		1.13			0.96			1.28			(0.37	)		0.22
Total from investment operations		1.19			1.10			1.45			(0.24	)		0.24
Distributions to shareholders from
Net investment income		(0.05	)		(0.14	)		(0.17	)		(0.09	)		(0.04	)
Net asset value, end of period	$	9.04		$	7.90		$	6.94		$	5.66		$	5.99
Total return3		15.11	%		16.06	%		25.84	%		(4.25	)%		4.08	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.04	%		1.03	%		1.04	%		1.14	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.99	%
Net investment income		1.29	%		1.84	%		2.65	%		1.86	%		2.26	%
Supplemental data
Portfolio turnover rate		49	%		70	%		79	%		56	%		31	%
Net assets, end of period (000s omitted)		$8,672			$6,836			$3,015			$3,632			$10

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

2. Calculated based upon average shares outstanding

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

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

22 Wells Fargo Advantage Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended March 31
INSTITUTIONAL CLASS				2013			2012			2011			20101,2			20101			20091
Net asset value, beginning of period	$	7.85		$	6.90		$	5.62		$	5.99		$	5.99		$	4.16		$	8.25
Net investment income		0.06	3		0.15			0.18	3		0.14	3		0.08			0.06			0.13
Net realized and unrealized gains (losses) on investments		1.13			0.95			1.28			(0.37	)		0.00	4		1.84			(3.32	)
Total from investment operations		1.19			1.10			1.46			(0.23	)		0.08			1.90			(3.19	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.15	)		(0.18	)		(0.14	)		(0.08	)		(0.07	)		(0.15	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(0.75	)
Total distributions to shareholders		(0.06	)		(0.15	)		(0.18	)		(0.14	)		(0.08	)		(0.07	)		(0.90	)
Net asset value, end of period	$	8.98		$	7.85		$	6.90		$	5.62		$	5.99		$	5.99		$	4.16
Total return5		15.15	%		16.17	%		26.23	%		(4.08	)%		1.32	%		45.84	%		(38.43	)%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.77	%		0.78	%		0.78	%		0.85	%		0.89	%		0.81	%
Net expenses		0.78	%		0.77	%		0.78	%		0.77	%		0.83	%		0.89	%		0.79	%
Net investment income		1.52	%		2.08	%		2.80	%		1.99	%		2.81	%		1.32	%		1.99	%
Supplemental data
Portfolio turnover rate		49	%		70	%		79	%		56	%		31	%		63	%		60	%
Net assets, end of period (000s omitted)		$101,092			$149,790			$142,256			$71,195			$86,592			$104,142			$84,042

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

2. For the six months ended September 30, 2010. The Fund changed its fiscal year end from March 31 to September 30, effective September 30, 2010.

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Diversified Capital Builder 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 Diversified Capital Builder 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.

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

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

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

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Wells Fargo Securities Lending Cash Investments, LLC (the “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.

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with 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 September 30, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $104,667,825 with $73,717,301 expiring in 2017 and $30,950,524 expiring in 2018.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the

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

lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

As of March 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
Consumer discretionary	$	62,826,550	$	0	$	0	$	62,826,550
Consumer staples		38,690,800		0		0		38,690,800
Energy		43,397,850		0		0		43,397,850
Financials		12,408,650		0		0		12,408,650
Health care		97,573,950		0		0		97,573,950
Industrials		107,817,600		0		0		107,817,600
Information technology		61,550,700		0		0		61,550,700
Materials		43,634,050		0		0		43,634,050
Utilities		30,747,750		0		0		30,747,750
Corporate bonds and notes		0		77,015,143		0		77,015,143
Yankee corporate bonds and notes		0		5,905,000		0		5,905,000
Short-term investments
Investment companies		17,502,024		15,145,264		0		32,647,288
	$	516,149,924	$	98,065,407	$	0	$	614,215,331

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended March 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 0.60% and declining to 0.45% as the average daily net assets of the Fund increase. For the six months ended March 31, 2014, the advisory fee was equivalent to an annual rate of 0.59% 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 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual

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

fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A Class 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 January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class B shares, 1.95% for Class C shares, 0.95% for Administrator Class shares and 0.78% 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 March 31, 2014, Wells Fargo Funds Distributor, LLC received $6,203 from the sale of Class A shares and $111 and $31 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2014 were $301,639,362 and $403,018,972, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended March 31, 2014, the Fund paid $501 in commitment fees.

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

7. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 27

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

28 Wells Fargo Advantage Diversified Capital Builder 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 Diversified Capital Builder 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 Diversified Capital Builder Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 27-28, 2014 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Diversified Capital Builder Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

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

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than the average performance of the Universe for all periods under review except for the ten-year period. The Board also noted that the performance of the Fund was lower than its benchmark, the Diversified Capital Builder Blended Index, for all periods under review.

Other information (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 31

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe for the ten-year period and the benchmark for all periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. The Board was satisfied with the explanation of factors contributing to underperformance and with the steps being taken by Funds Management and the Sub-Adviser to address the Fund’s investment performance.

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

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

Investment advisory and sub-advisory fee rates

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

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

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.

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

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

Profitability

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

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

32 Wells Fargo Advantage Diversified Capital Builder Fund Other information (unaudited)

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

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

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.

List of abbreviations Wells Fargo Advantage Diversified Capital Builder Fund 33

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

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 —  Indonesian rupiah

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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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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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

© 2014 Wells Fargo Funds Management, LLC. All rights reserved.

224306 05-14 SA225/SAR225 03-14

Wells Fargo Advantage

Diversified Income Builder Fund

Semi-Annual Report

March 31, 2014

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Other information	27
List of abbreviations	33

The views expressed and any forward-looking statements are as of March 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 Diversified Income Builder Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The Federal Reserve (Fed) and other developed-country central banks continued to provide support to the economy with accommodative monetary policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Diversified Income Builder Fund for the six-month period that ended March 31, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, low inflation, and equity market gains. That said, the final three months of the reporting period were marked by heightened equity market volatility as the U.S. and Europe confronted Russia over Ukraine.

Within equity markets over the six-month reporting period, U.S. stocks (measured by the S&P 500 Index¹) had the best returns, followed by developed-country international equities (measured by the MSCI EAFE Index²) while emerging markets equities (measured by the MSCI Emerging Markets Index³) were up only slightly. Fixed-income results favored corporate bonds (measured by the Barclays U.S. Corporate Bond Index⁴) over U.S. Treasury bonds (measured by the Barclays U.S. Treasury Index⁵). Short-term interest rates remained ultra low.

Monetary policy remained accommodative and economic growth appeared sustainable.

The Federal Reserve (Fed) and other developed-country central banks continued to provide support to the economy with accommodative monetary policies. Throughout the reporting period, the Fed kept its key interest rate near zero. Entering the reporting period, the Fed had committed to purchase mortgage-backed securities to support the housing market and long-term U.S. Treasuries to keep interest rates low. In mid-December 2013, however, the Fed conveyed confidence in the strength of the economy by announcing it would begin tapering its bond-buying program by $10 billion in January 2014.

In November 2013, the European Central Bank (ECB) cut its key rate to a then-historic low of 0.25%. Its 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. economic data was moderately positive, gaining strength as the period progressed. Data that was available at the end of the reporting period showed that U.S. real gross domestic product increased at a 2.6% annualized rate in the fourth quarter of 2013. The jobs picture continued to slowly improve as the unemployment rate declined to 6.7% as of February 2014. Meanwhile, inflation remained low. The eurozone exited a protracted recession and reported weak but positive economic activity during the last three quarters of 2013.

1. 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.

2. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

3. The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market-capitalization-weighted index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index.

4. The Barclays U.S. Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more. You cannot invest directly in an index.

5. The Barclays U.S. Treasury Index is an unmanaged index of prices of U.S. Treasury bonds with maturities of 1 to 30 years. You cannot invest directly in an index.

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

Returns by asset class were mixed, but generally positive.

The U.S. stock market outperformed foreign markets during the six-month period. The S&P 500 Index rose 12.51% and the MSCI EAFE Index rose 5.36%, while the MSCI Emerging Markets Index rose 1.49%. The U.S. was the fastest-growing developed country, which benefited U.S. companies. Emerging markets faced a number of challenges, including the spillover effect of slower growth in China as well as volatile currency movements that tempered investor demand for emerging markets equities.

Most bond sectors gained, particularly lower-credit-quality bonds, despite a renewed confidence in economic growth and higher interest rates across much of the yield curve. Interest rates drifted higher as investors tried to anticipate when the Fed would begin raising its key interest rate. Early in 2014, new Fed Chair Janet Yellen suggested that the time frame for the first increase in short-term interest rates might be as soon as the first half of 2015, sooner than most market participants had expected. Meanwhile, credit spreads narrowed, driving outperformance in credit-sensitive sectors as solid economic growth boosted company revenue and profits and kept default rates low. Investment-grade bonds (measured by the Barclays U.S. Aggregate Bond Index⁶) returned 1.70% and high-yield bonds (measured by the Barclays U.S. Corporate High Yield Index⁷) returned 6.67% during the six-month period.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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.

6. The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. You cannot invest directly in an index.

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

4 Wells Fargo Advantage Diversified Income Builder Fund Letter to shareholders (unaudited)

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.

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6 Wells Fargo Advantage Diversified Income Builder Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term total return, consisting of current income and capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret Patel

Average annual total returns¹ (%) as of March 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 (EKSAX)	4-14-1987		1.50		12.27		4.42		7.62		13.62		5.04		1.12		1.08
Class B (EKSBX)*	2-1-1993		1.97		12.53		4.49		6.97		12.78		4.49		1.87		1.83
Class C (EKSCX)	2-1-1993		5.81		12.76		4.27		6.81		12.76		4.27		1.87		1.83
Administrator Class (EKSDX)	7-30-2010		–		–		–		7.88		13.90		5.13		0.96		0.90
Institutional Class (EKSYX)	1-13-1997		–		–		–		8.10		14.12		5.33		0.69		0.69
Diversified Income Builder Blended Index4	–		–		–		–		11.12		18.99		8.40		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index5	–		–		–		–		7.51		17.95		8.46		–		–
Russell 1000® Index6	–		–		–		–		22.41		21.73		7.80		–		–

* 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. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. 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 high-yield securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 7

Ten largest holdings7 (%) as of March 31, 2014
Tronox Finance LLC, 6.38%, 8-15-2020	5.24
Kraton Polymers LLC, 6.75%, 3-1-2019	4.49
NRG Energy Incorporated, 7.88%, 5-15-2021	4.21
Hertz Corporation, 6.25%, 10-15-2022	3.91
Seagate Technology HDD, 4.75%, 6-1-2023	3.65
Hornbeck Offshore Services Incorporated, 5.88%, 4-1-2020	3.31
Valeant Pharmaceuticals International Incorporated, 7.25%, 7-15-2022	2.63
Dycom Investments Incorporated, 7.13%, 1-15-2021	2.56
Atlas Pipeline Partners LP, 5.88%, 8-1-2023	2.34
DISH DBS Corporation, 5.00%, 3-15-2023	2.17

Portfolio allocation⁸ as of March 31, 2014

1. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Diversified Income Builder 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.

3. The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.08% for Class A, 1.83% for Class B, 1.83% for Class C, 0.90% for Administrator Class, and 0.71% 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. Source: Wells Fargo Funds Management, LLC. The Diversified Income Builder Blended Index is composed of the following indexes: Russell 1000^® Index (25%) and BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index (75%). You cannot invest directly in an index.

5. The BofAMerrill Lynch High Yield U.S. Corporates, Cash Pay Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. This index was previously named the BofA Merrill Lynch High Yield Master Index. You cannot invest directly in an index.

6. The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

7. The ten largest 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.

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

8 Wells Fargo Advantage Diversified Income Builder 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 October 1, 2013 to March 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 10-1-2013		Ending account value 3-31-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,085.79	$	5.62		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.44		1.08	%
Class B
Actual	$	1,000.00	$	1,083.19	$	9.50		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.81	$	9.20		1.83	%
Class C
Actual	$	1,000.00	$	1,081.66	$	9.50		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.81	$	9.20		1.83	%
Administrator Class
Actual	$	1,000.00	$	1,088.07	$	4.69		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,089.20	$	3.65		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53		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—March 31, 2014 (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 9

Security name	Shares		Value
Common Stocks: 26.79%
Consumer Discretionary: 3.32%
Distributors: 1.14%
Genuine Parts Company		50,000	$	4,342,500
Household Durables: 0.79%
Jarden Corporation †		50,000		2,991,500
Media: 1.39%
Comcast Corporation Class A		105,000		5,252,100
Consumer Staples: 1.86%
Food & Staples Retailing: 1.38%
CVS Caremark Corporation		70,000		5,240,200
Personal Products: 0.48%
Estee Lauder Companies Incorporated Class A		27,000		1,805,759
Energy: 2.57%
Energy Equipment & Services: 0.10%
Bristow Group Incorporated		5,000		377,600
Oil, Gas & Consumable Fuels: 2.47%
ConocoPhillips Company		30,000		2,110,500
Energy Transfer LP		55,000		2,571,250
Kinder Morgan Incorporated		50,000		1,624,500
Plains All American Pipeline LP		55,000		3,031,600
				9,337,850
Financials: 0.19%
Insurance: 0.19%
Chubb Corporation		8,000		714,400
Health Care: 6.26%
Biotechnology: 0.33%
Amgen Incorporated		10,000		1,233,400
Health Care Equipment & Supplies: 2.56%
Becton Dickinson & Company		40,000		4,683,200
CareFusion Corporation †		15,000		603,300
Covidien plc		60,000		4,419,600
				9,706,100
Health Care Providers & Services: 0.09%
Owens & Minor Incorporated		10,000		350,300
Life Sciences Tools & Services: 0.32%
Thermo Fisher Scientific Incorporated		10,000		1,202,400

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

10 Wells Fargo Advantage Diversified Income Builder Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Pharmaceuticals: 2.96%
AbbVie Incorporated		80,000	$	4,112,000
Allergan Incorporated		10,000		1,241,000
Eli Lilly & Company		25,000		1,471,500
Mylan Incorporated †		90,000		4,394,700
				11,219,200
Industrials: 5.42%
Aerospace & Defense: 2.34%
General Dynamics Corporation		15,000		1,633,800
Lockheed Martin Corporation		37,000		6,039,880
United Technologies Corporation		10,000		1,168,400
				8,842,080
Building Products: 0.64%
Apogee Enterprises Incorporated		18,000		598,140
Lennox International Incorporated		20,000		1,818,200
				2,416,340
Electrical Equipment: 1.28%
AMETEK Incorporated		20,000		1,029,800
Regal Beloit Corporation		8,000		581,680
Rockwell Automation Incorporated		10,000		1,245,500
Roper Industries Incorporated		15,000		2,002,650
				4,859,630
Machinery: 0.95%
Flowserve Corporation		25,000		1,958,500
IDEX Corporation		10,000		728,900
Pall Corporation		10,000		894,700
				3,582,100
Road & Rail: 0.21%
Hertz Global Holdings Incorporated †		30,000		799,200
Information Technology: 3.07%
Electronic Equipment, Instruments & Components: 1.48%
Amphenol Corporation Class A		22,000		2,016,300
FEI Company		35,000		3,605,700
				5,622,000
IT Services: 0.92%
Automatic Data Processing Incorporated		45,000		3,476,700
Technology Hardware, Storage & Peripherals: 0.67%
Seagate Technology plc		45,000		2,527,200

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 11

Security name						Shares		Value
Materials: 2.43%
Chemicals: 2.43%
FMC Corporation							5,000	$	382,800
LyondellBasell Industries NV Class A							85,000		7,559,900
Sigma-Aldrich Corporation							5,000		466,900
Westlake Chemical Corporation							12,000		794,160
									9,203,760
Utilities: 1.67%
Electric Utilities: 1.29%
American Electric Power Company Incorporated							25,000		1,266,500
Edison International							35,000		1,981,350
Pinnacle West Capital Corporation							30,000		1,639,800
									4,887,650
Independent Power & Renewable Electricity Producers: 0.38%
AES Corporation							100,000		1,428,000
Total Common Stocks (Cost $85,047,486)									101,417,969
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 64.30%
Consumer Discretionary: 5.28%
Auto Components: 1.03%
Lear Corporation 144A		4.75	%		1-15-2023	$	4,000,000		3,900,000
Media: 2.17%
DISH DBS Corporation		5.00			3-15-2023		8,160,000		8,221,200
Specialty Retail: 2.08%
Penske Auto Group Incorporated		5.75			10-1-2022		7,511,000		7,848,995
Consumer Staples: 0.64%
Food Products: 0.64%
Post Holdings Incorporated		7.38			2-15-2022		2,000,000		2,150,000
Post Holdings Incorporated 144A		7.38			2-15-2022		250,000		268,750
									2,418,750
Energy: 9.91%
Energy Equipment & Services: 5.56%
Atwood Oceanics Incorporated		6.50			2-1-2020		2,500,000		2,687,500
Bristow Group Incorporated		6.25			10-15-2022		2,000,000		2,120,000
Dresser-Rand Group Incorporated		6.50			5-1-2021		3,485,000		3,720,238
Hornbeck Offshore Services Incorporated		5.88			4-1-2020		12,000,000		12,540,000
									21,067,738

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

12 Wells Fargo Advantage Diversified Income Builder Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels: 4.35%
Atlas Pipeline Partners LP		5.88	%		8-1-2023	$	8,966,000	$	8,853,925
Regency Energy Partners LP		4.50			11-1-2023		1,000,000		930,000
Regency Energy Partners LP		5.88			3-1-2022		500,000		518,750
Sabine Pass Liquefaction LLC		5.63			2-1-2021		5,000,000		5,156,250
Tesoro Corp Company Guar		5.13			4-1-2024		1,000,000		995,000
									16,453,925
Financials: 0.41%
REITs: 0.41%
Sabra Health Care Incorporated		5.38			6-1-2023		1,500,000		1,537,500
Health Care: 9.80%
Health Care Equipment & Supplies: 2.38%
Fresenius Medical Care Holdings Incorporated 144A		5.63			7-31-2019		1,000,000		1,077,500
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		3,000,000		3,187,500
Hologic Incorporated		6.25			8-1-2020		4,500,000		4,758,750
									9,023,750
Pharmaceuticals: 7.42%
Endo Pharmaceuticals Holdings Incorporated		7.00			12-15-2020		7,440,000		8,016,600
Forest Laboratories Incorporated 144A		5.00			12-15-2021		3,000,000		3,172,500
Salix Pharmaceuticals Incorporated 144A		6.00			1-15-2021		5,500,000		5,871,250
Valeant Pharmaceuticals International Incorporated 144A		7.00			10-1-2020		1,000,000		1,082,500
Valeant Pharmaceuticals International Incorporated 144A		7.25			7-15-2022		9,000,000		9,945,000
									28,087,850
Industrials: 12.48%
Commercial Services & Supplies: 2.71%
Clean Harbors Incorporated		5.13			6-1-2021		2,000,000		2,040,000
Iron Mountain Incorporated		5.75			8-15-2024		8,427,000		8,205,791
									10,245,791
Construction & Engineering: 2.56%
Dycom Investments Incorporated		7.13			1-15-2021		9,000,000		9,708,750
Electrical Equipment: 2.15%
General Cable Corporation 144A		6.50			10-1-2022		8,000,000		8,120,000
Machinery: 1.15%
Actuant Corporation		5.63			6-15-2022		1,165,000		1,214,513
Oshkosh Corporation 144A		5.38			3-1-2022		3,100,000		3,154,250
									4,368,763
Road & Rail: 3.91%
Hertz Corporation		6.25			10-15-2022		13,829,000		14,797,030

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 2.39%
Electronic Equipment, Instruments & Components: 0.94%
Belden Incorporated 144A		5.50	%		9-1-2022	$	3,500,000	$	3,543,750
IT Services: 1.45%
Neustar Incorporated		4.50			1-15-2023		6,350,000		5,508,625
Materials: 15.03%
Chemicals: 6.47%
Huntsman International LLC		4.88			11-15-2020		1,100,000		1,106,875
Kraton Polymers LLC		6.75			3-1-2019		16,000,000		17,000,000
Olin Corporation		5.50			8-15-2022		6,250,000		6,390,625
									24,497,500
Containers & Packaging: 2.82%
Greif Incorporated		7.75			8-1-2019		1,200,000		1,374,000
Sealed Air Corporation 144A		5.25			4-1-2023		3,650,000		3,686,500
Sealed Air Corporation 144A		6.50			12-1-2020		3,000,000		3,307,500
Sealed Air Corporation 144A		8.38			9-15-2021		2,000,000		2,302,500
									10,670,500
Metals & Mining: 5.74%
Commercial Metals Company		4.88			5-15-2023		2,000,000		1,920,000
Tronox Finance LLC «		6.38			8-15-2020		19,300,000		19,830,750
									21,750,750
Telecommunication Services: 1.98%
Wireless Telecommunication Services: 1.98%
SBA Communications Corporation		5.63			10-1-2019		3,300,000		3,456,750
SBA Telecommunications Incorporated		5.75			7-15-2020		2,000,000		2,095,000
SBA Telecommunications Incorporated		8.25			8-15-2019		1,836,000		1,948,455
									7,500,205
Utilities: 6.38%
Independent Power & Renewable Electricity Producers: 6.38%
AES Corporation		4.88			5-15-2023		1,000,000		955,000
AES Corporation		5.50			3-15-2024		1,000,000		992,500
AES Corporation		8.00			6-1-2020		2,550,000		3,009,000
Calpine Corporation 144A		5.88			1-15-2024		500,000		507,500
Calpine Corporation 144A		6.00			1-15-2022		1,625,000		1,706,250
NRG Energy Incorporated		6.63			3-15-2023		1,000,000		1,037,500
NRG Energy Incorporated		7.88			5-15-2021		14,500,000		15,950,000
									24,157,750
Total Corporate Bonds and Notes (Cost $235,503,489)									243,429,122

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

14 Wells Fargo Advantage Diversified Income Builder Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 6.06%
Energy: 0.85%
Energy Equipment & Services: 0.85%
Precision Drilling Corporation		6.63	%		11-15-2020	$	3,000,000	$	3,210,000
Industrials: 1.56%
Electrical Equipment: 1.56%
Sensata Technologies BV 144A		4.88			10-15-2023		6,000,000		5,895,000
Information Technology: 3.65%
Technology Hardware, Storage & Peripherals: 3.65%
Seagate HDD (Cayman) 144A		4.75			6-1-2023		14,000,000		13,825,000
Total Yankee Corporate Bonds and Notes (Cost $22,686,306)									22,930,000
	Yield					Shares
Short-Term Investments: 4.72%
Investment Companies: 4.72%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07					6,422,008		6,422,008
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.09					11,459,070		11,459,070
Total Short-Term Investments (Cost $17,881,078)									17,881,078

Total investments in securities (Cost $361,118,359) *	101.87	%		385,658,169
Other assets and liabilities, net	(1.87	)		(7,088,254	)
Total net assets	100.00	%	$	378,569,915

† Non-income-earning security

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

« 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 $361,101,477 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	26,035,060
Gross unrealized depreciation		(1,478,368	)
Net unrealized appreciation	$	24,556,692

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

Statement of assets and liabilities—March 31, 2014 (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 15

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	367,777,091
In affiliated securities, at value (see cost below)		17,881,078
Total investments, at value (see cost below)		385,658,169
Receivable for investments sold		931,371
Receivable for Fund shares sold		2,675,462
Receivable for dividends and interest		4,392,777
Receivable for securities lending income		2,907
Prepaid expenses and other assets		58,146
Total assets		393,718,832
Liabilities
Dividends payable		173,891
Payable for investments purchased		1,935,643
Payable for Fund shares redeemed		1,133,984
Payable upon receipt of securities loaned		11,459,070
Advisory fee payable		147,488
Distribution fees payable		75,220
Due to other related parties		85,244
Accrued expenses and other liabilities		138,377
Total liabilities		15,148,917
Total net assets	$	378,569,915
NET ASSETS CONSIST OF
Paid-in capital	$	345,621,359
Overdistributed net investment income		(147,690	)
Accumulated net realized gains on investments		8,556,436
Net unrealized gains on investments		24,539,810
Total net assets	$	378,569,915
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	162,531,347
Shares outstanding – Class A		25,429,752
Net asset value per share – Class A		$6.39
Maximum offering price per share – Class A2		$6.78
Net assets – Class B	$	3,834,917
Shares outstanding – Class B		597,769
Net asset value per share – Class B		$6.42
Net assets – Class C	$	113,735,979
Shares outstanding – Class C		17,761,189
Net asset value per share – Class C		$6.40
Net assets – Administrator Class	$	48,793,858
Shares outstanding – Administrator Class		7,779,165
Net asset value per share – Administrator Class		$6.27
Net assets – Institutional Class	$	49,673,814
Shares outstanding – Institutional Class		7,927,587
Net asset value per share – Institutional Class		$6.27
Investments in unaffiliated securities (including securities on loan), at cost	$	343,237,281
Investments in affiliated securities, at cost	$	17,881,078
Total investments, at cost	$	361,118,359
Securities on loan, at value	$	11,222,258

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

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

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

16 Wells Fargo Advantage Diversified Income Builder Fund Statement of operations—six months ended March 31, 2014 (unaudited)

Investment income
Interest	$	7,891,799
Dividends*		1,046,195
Securities lending income, net		20,734
Income from affiliated securities		1,433
Total investment income		8,960,161
Expenses
Advisory fee		928,487
Administration fees
Fund level		92,849
Class A		208,016
Class B		5,393
Class C		146,673
Administrator Class		22,308
Institutional Class		19,917
Shareholder servicing fees
Class A		200,016
Class B		5,186
Class C		141,032
Administrator Class		52,386
Distribution fees
Class B		15,558
Class C		423,096
Custody and accounting fees		13,667
Professional fees		28,521
Registration fees		33,881
Shareholder report expenses		37,255
Trustees’ fees and expenses		6,052
Other fees and expenses		6,063
Total expenses		2,386,356
Less: Fee waivers and/or expense reimbursements		(77,497	)
Net expenses		2,308,859
Net investment income		6,651,302
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		8,748,113
Net change in unrealized gains (losses) on investments		15,270,161
Net realized and unrealized gains (losses) on investments		24,018,274
Net increase in net assets resulting from operations	$	30,669,576
* Net of foreign dividend withholding taxes in the amount of		$263

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

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

	Six months ended March 31, 2014 (unaudited)						Year ended September 30, 2013
Operations
Net investment income				$	6,651,302					$	14,685,630
Net realized gains on investments					8,748,113						20,532,038
Net change in unrealized gains (losses) on investments					15,270,161						(13,113,077	)
Net increase in net assets resulting from operations					30,669,576						22,104,591
Distributions to shareholders from
Net investment income
Class A					(2,987,747	)					(6,352,476	)
Class B					(61,926	)					(183,448	)
Class C					(1,682,802	)					(3,882,646	)
Administrator Class					(871,630	)					(1,819,347	)
Institutional Class					(1,025,204	)					(2,466,358	)
Net realized gains
Class A					(3,535,976	)					0
Class B					(92,462	)					0
Class C					(2,482,437	)					0
Administrator Class					(1,001,962	)					0
Institutional Class					(1,121,083	)					0
Total distributions to shareholders					(14,863,229	)					(14,704,275	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,499,429			9,410,724			7,909,737			49,088,272
Class B		38,031			241,385			80,750			496,165
Class C		989,422			6,199,475			3,385,432			21,001,892
Administrator Class		2,401,129			14,801,732			5,802,892			35,213,664
Institutional Class		210,515			1,290,116			455,070			2,775,145
					31,943,432						108,575,138
Reinvestment of distributions
Class A		950,903			5,926,539			913,899			5,646,871
Class B		21,269			132,980			25,530			158,223
Class C		536,652			3,347,024			488,560			3,024,505
Administrator Class		241,397			1,477,742			237,824			1,442,937
Institutional Class		342,483			2,093,133			403,088			2,442,105
					12,977,418						12,714,641
Payment for shares redeemed
Class A		(3,011,261	)		(18,865,825	)		(7,031,351	)		(43,407,278	)
Class B		(202,636	)		(1,272,824	)		(436,215	)		(2,703,309	)
Class C		(2,030,808	)		(12,750,785	)		(4,725,962	)		(29,239,530	)
Administrator Class		(2,035,009	)		(12,482,461	)		(4,935,159	)		(30,055,468	)
Institutional Class		(914,401	)		(5,626,201	)		(2,602,628	)		(15,702,395	)
					(50,998,096	)					(121,107,980	)
Net increase (decrease) in net assets resulting from capital share transactions					(6,077,246	)					181,799
Total increase in net assets					9,729,101						7,582,115
Net assets
Beginning of period					368,840,814						361,258,699
End of period				$	378,569,915					$	368,840,814
Overdistributed net investment income				$	(147,690	)				$	(169,683	)

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

18 Wells Fargo Advantage Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended April 30
CLASS A				2013			2012			2011			20101,2			20101			20091
Net asset value, beginning of period	$	6.13		$	6.00		$	5.26		$	5.57		$	5.46		$	4.58		$	6.06
Net investment income		0.12			0.25			0.28			0.28			0.13			0.25			0.26
Net realized and unrealized gains (losses) on investments		0.40			0.13			0.74			(0.27	)		0.11			0.87			(1.45	)
Total from investment operations		0.52			0.38			1.02			0.01			0.24			1.12			(1.19	)
Distributions to shareholders from
Net investment income		(0.12	)		(0.25	)		(0.28	)		(0.32	)		(0.13	)		(0.24	)		(0.26	)
Net realized gains		(0.14	)		0.00			0.00			0.00			0.00			0.00			(0.03	)
Total distributions to shareholders		(0.26	)		(0.25	)		(0.28	)		(0.32	)		(0.13	)		(0.24	)		(0.29	)
Net asset value, end of period	$	6.39		$	6.13		$	6.00		$	5.26		$	5.57		$	5.46		$	4.58
Total return3		8.58	%		6.37	%		19.86	%		(0.28	)%		4.42	%		24.93	%		(19.64	)%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.12	%		1.14	%		1.13	%		1.10	%		1.07	%		1.07	%
Net expenses		1.08	%		1.08	%		1.08	%		1.08	%		1.05	%		1.07	%		1.07	%
Net investment income		3.75	%		4.03	%		4.93	%		4.86	%		5.74	%		4.96	%		5.15	%
Supplemental data
Portfolio turnover rate		28	%		60	%		72	%		65	%		21	%		55	%		57	%
Net assets, end of period (000s omitted)		$162,531			$159,229			$145,156			$134,340			$154,005			$146,340			$108,773

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

2. For the five months ended September 30, 2010. The Fund changed its fiscal year end from April 30 to September 30, effective September 30, 2010.

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 Diversified Income Builder Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended April 30
CLASS B				2013			2012			2011			20101,2			20101			20091
Net asset value, beginning of period	$	6.15		$	6.02		$	5.28		$	5.59		$	5.48		$	4.60		$	6.08
Net investment income		0.09	3		0.21	3		0.24	3		0.24	3		0.11	3		0.21	3		0.22	3
Net realized and unrealized gains (losses) on investments		0.41			0.12			0.74			(0.27	)		0.11			0.87			(1.45	)
Total from investment operations		0.50			0.33			0.98			(0.03	)		0.22			1.08			(1.23	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)		(0.22	)
Net realized gains		(0.14	)		0.00			0.00			0.00			0.00			0.00			(0.03	)
Total distributions to shareholders		(0.23	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)		(0.25	)
Net asset value, end of period	$	6.42		$	6.15		$	6.02		$	5.28		$	5.59		$	5.48		$	4.60
Total return4		8.32	%		5.57	%		18.92	%		(1.01	)%		4.09	%		23.65	%		(19.99	)%
Ratios to average net assets (annualized)
Gross expenses		1.88	%		1.87	%		1.88	%		1.88	%		1.85	%		1.82	%		1.81	%
Net expenses		1.83	%		1.83	%		1.83	%		1.83	%		1.80	%		1.82	%		1.81	%
Net investment income		3.00	%		3.31	%		4.21	%		4.11	%		5.01	%		4.18	%		4.33	%
Supplemental data
Portfolio turnover rate		28	%		60	%		72	%		65	%		21	%		55	%		57	%
Net assets, end of period (000s omitted)		$3,835			$4,557			$6,449			$7,971			$16,089			$17,379			$19,309

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

2. For the five months ended September 30, 2010. The Fund changed its fiscal year end from April 30 to September 30, effective September 30, 2010.

3. Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended April 30
CLASS C				2013			2012			2011			20101,2			20101			20091
Net asset value, beginning of period	$	6.14		$	6.01		$	5.27		$	5.58		$	5.47		$	4.60		$	6.07
Net investment income		0.09			0.20			0.24			0.24			0.11			0.22			0.22	3
Net realized and unrealized gains (losses) on investments		0.40			0.13			0.74			(0.27	)		0.11			0.85			(1.44	)
Total from investment operations		0.49			0.33			0.98			(0.03	)		0.22			1.07			(1.22	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)		(0.22	)
Net realized gains		(0.14	)		0.00			0.00			0.00			0.00			0.00			(0.03	)
Total distributions to shareholders		(0.23	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)		(0.25	)
Net asset value, end of period	$	6.40		$	6.14		$	6.01		$	5.27		$	5.58		$	5.47		$	4.60
Total return4		8.17	%		5.58	%		18.94	%		(1.02	)%		4.09	%		23.69	%		(20.03	)%
Ratios to average net assets (annualized)
Gross expenses		1.88	%		1.87	%		1.89	%		1.88	%		1.85	%		1.82	%		1.82	%
Net expenses		1.83	%		1.83	%		1.83	%		1.83	%		1.80	%		1.82	%		1.82	%
Net investment income		2.99	%		3.29	%		4.18	%		4.12	%		5.01	%		4.22	%		4.41	%
Supplemental data
Portfolio turnover rate		28	%		60	%		72	%		65	%		21	%		55	%		57	%
Net assets, end of period (000s omitted)		$113,736			$112,113			$114,896			$101,140			$93,159			$93,423			$57,096

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

2. For the five months ended September 30, 2010. The Fund changed its fiscal year end from April 30 to September 30, effective September 30, 2010.

3. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Diversified Income Builder Fund 21

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	6.01		$	5.89		$	5.16		$	5.46		$	5.33
Net investment income		0.12			0.26			0.28			0.29	2		0.06	2
Net realized and unrealized gains (losses) on investments		0.40			0.12			0.74			(0.26	)		0.12
Total from investment operations		0.52			0.38			1.02			0.03			0.18
Distributions to shareholders from
Net investment income		(0.12	)		(0.26	)		(0.29	)		(0.33	)		(0.05	)
Net realized gains		(0.14	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.26	)		(0.26	)		(0.29	)		(0.33	)		(0.05	)
Net asset value, end of period	$	6.27		$	6.01		$	5.89		$	5.16		$	5.46
Total return3		8.81	%		6.43	%		20.15	%		0.00	%		3.42	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		0.96	%		0.97	%		0.89	%		1.02	%
Net expenses		0.90	%		0.90	%		0.90	%		0.87	%		0.90	%
Net investment income		3.92	%		4.21	%		5.10	%		5.09	%		5.80	%
Supplemental data
Portfolio turnover rate		28	%		60	%		72	%		65	%		21	%
Net assets, end of period (000s omitted)		$48,794			$43,135			$35,727			$35,157			$10

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

2. Calculated based upon average shares outstanding

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

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

22 Wells Fargo Advantage Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended April 30
INSTITUTIONAL CLASS				2013			2012			2011			20101,2			20101			20091
Net asset value, beginning of period	$	6.01		$	5.88		$	5.16		$	5.46		$	5.36		$	4.48		$	5.96
Net investment income		0.13	3		0.27	3		0.30	3		0.30			0.14			0.27			0.26
Net realized and unrealized gains (losses) on investments		0.40			0.13			0.72			(0.26	)		0.09			0.86			(1.45	)
Total from investment operations		0.53			0.40			1.02			0.04			0.23			1.13			(1.19	)
Distributions to shareholders from
Net investment income		(0.13	)		(0.27	)		(0.30	)		(0.34	)		(0.13	)		(0.25	)		(0.26	)
Net realized gains		(0.14	)		0.00			0.00			0.00			0.00			0.00			(0.03	)
Total distributions to shareholders		(0.27	)		(0.27	)		(0.30	)		(0.34	)		(0.13	)		(0.25	)		(0.29	)
Net asset value, end of period	$	6.27		$	6.01		$	5.88		$	5.16		$	5.46		$	5.36		$	4.48
Total return4		8.92	%		6.83	%		20.18	%		0.18	%		4.41	%		25.68	%		(19.85	)%
Ratios to average net assets (annualized)
Gross expenses		0.70	%		0.69	%		0.71	%		0.70	%		0.76	%		0.82	%		0.84	%
Net expenses		0.70	%		0.69	%		0.71	%		0.69	%		0.74	%		0.82	%		0.84	%
Net investment income		4.13	%		4.43	%		5.32	%		5.27	%		6.10	%		5.31	%		5.65	%
Supplemental data
Portfolio turnover rate		28	%		60	%		72	%		65	%		21	%		55	%		57	%
Net assets, end of period (000s omitted)		$49,674			$49,807			$59,031			$61,029			$84,780			$195,418			$58,710

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

2. For the five months ended September 30, 2010. The Fund changed its fiscal year end from April 30 to September 30, effective September 30, 2010.

3. Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Diversified Income Builder 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 Diversified Income Builder 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).

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

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

24 Wells Fargo Advantage Diversified Income Builder Fund Notes to financial statements (unaudited)

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Wells Fargo Securities Lending Cash Investments, LLC (the “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.

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

As of March 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
Consumer discretionary	$	12,586,100	$	0	$	0	$	12,586,100
Consumer staples		7,045,959		0		0		7,045,959
Energy		9,715,450		0		0		9,715,450
Financials		714,400		0		0		714,400
Health care		23,711,400		0		0		23,711,400
Industrials		20,499,350		0		0		20,499,350
Information technology		11,625,900		0		0		11,625,900
Materials		9,203,760		0		0		9,203,760
Utilities		6,315,650		0		0		6,315,650
Corporate bonds and notes		0		243,429,122		0		243,429,122
Yankee corporate bonds and notes		0		22,930,000		0		22,930,000
Short-term investments
Investment companies		6,422,008		11,459,070		0		17,881,078
	$	107,839,977	$	277,818,192	$	0	$	385,658,169

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended March 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 0.50% and declining to 0.40% as the average daily net assets of the Fund increase. For the six months ended March 31, 2014, the advisory fee was equivalent to an annual rate of 0.50% 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 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

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

Administration and transfer agent fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class B shares, 1.83% for Class C shares, 0.90% for Administrator Class shares, and 0.71% 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 March 31, 2014, Wells Fargo Funds Distributor, LLC received $15,459 from the sale of Class A shares and $665 and $746 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2014 were $102,391,832 and $122,485,148, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended March 31, 2014, the Fund paid $385 in commitment fees.

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

7. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 27

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

28 Wells Fargo Advantage Diversified Income Builder 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 Diversified Income Builder 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 Diversified Income Builder Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 27-28, 2014 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Diversified Income Builder Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

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

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that while the performance of the Fund was lower than its benchmark, the Diversified Income Builder Blended Index, for all periods under review, the performance of the Fund (Class A) was higher than or in range of the average performance of the Universe for all periods under review.

Other information (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 31

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

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

Investment advisory and sub-advisory fee rates

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

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

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.

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

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

Profitability

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

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

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The

32 Wells Fargo Advantage Diversified Income Builder Fund Other information (unaudited)

Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

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

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.

List of abbreviations Wells Fargo Advantage Diversified Income Builder Fund 33

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

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 —  Indonesian rupiah

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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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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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

© 2014 Wells Fargo Funds Management, LLC. All rights reserved.

224307 05-14 SA226/SAR226 03-14

Wells Fargo Advantage

Index Asset Allocation Fund

Semi-Annual Report

March 31, 2014

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	25
Statement of operations	26
Statement of changes in net assets	27
Financial highlights	28
Notes to financial statements	32
Other information	38
List of abbreviations	44

The views expressed and any forward-looking statements are as of March 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 Index Asset Allocation Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The Federal Reserve (Fed) and other developed-country central banks continued to provide support to the economy with accommodative monetary policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Index Asset Allocation Fund for the six-month period that ended March 31, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, low inflation, and equity market gains. That said, the final three months of the reporting period were marked by heightened equity market volatility as the U.S. and Europe confronted Russia over Ukraine.

Within equity markets over the six-month reporting period, U.S. stocks (measured by the S&P 500 Index¹) had the best returns, followed by developed-country international equities (measured by the MSCI EAFE Index²) while emerging markets equities (measured by the MSCI Emerging Markets Index³) were up only slightly. Fixed-income results favored corporate bonds (measured by the Barclays U.S. Corporate Bond Index⁴) over U.S. Treasury bonds (measured by the Barclays U.S. Treasury Index⁵). Short-term interest rates remained ultra low.

Monetary policy remained accommodative and economic growth appeared sustainable.

The Federal Reserve (Fed) and other developed-country central banks continued to provide support to the economy with accommodative monetary policies. Throughout the reporting period, the Fed kept its key interest rate near zero. Entering the reporting period, the Fed had committed to purchase mortgage-backed securities to support the housing market and long-term U.S. Treasuries to keep interest rates low. In mid-December 2013, however, the Fed conveyed confidence in the strength of the economy by announcing it would begin tapering its bond-buying program by $10 billion in January 2014.

In November 2013, the European Central Bank (ECB) cut its key rate to a then-historic low of 0.25%. Its 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. economic data was moderately positive, gaining strength as the period progressed. Data that was available at the end of the reporting period showed that U.S. real gross domestic product increased at a 2.6% annualized rate in the fourth quarter of 2013. The jobs picture continued to slowly improve as the unemployment rate declined to 6.7% as of February 2014. Meanwhile, inflation remained low. The eurozone exited a protracted recession and reported weak but positive economic activity during the last three quarters of 2013.

1. 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.

2. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

3. The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market-capitalization-weighted index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index.

4. The Barclays U.S. Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more. You cannot invest directly in an index.

5. The Barclays U.S. Treasury Index is an unmanaged index of prices of U.S. Treasury bonds with maturities of 1 to 30 years. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 3

Returns by asset class were mixed, but generally positive.

The U.S. stock market outperformed foreign markets during the six-month period. The S&P 500 Index rose 12.51% and the MSCI EAFE Index rose 5.36%, while the MSCI Emerging Markets Index rose 1.49%. The U.S. was the fastest-growing developed country, which benefited U.S. companies. Emerging markets faced a number of challenges, including the spillover effect of slower growth in China as well as volatile currency movements that tempered investor demand for emerging markets equities.

Most bond sectors gained, particularly lower-credit-quality bonds, despite a renewed confidence in economic growth and higher interest rates across much of the yield curve. Interest rates drifted higher as investors tried to anticipate when the Fed would begin raising its key interest rate. Early in 2014, new Fed Chair Janet Yellen suggested that the time frame for the first increase in short-term interest rates might be as soon as the first half of 2015, sooner than most market participants had expected. Meanwhile, credit spreads narrowed, driving outperformance in credit-sensitive sectors as solid economic growth boosted company revenue and profits and kept default rates low. Investment-grade bonds (measured by the Barclays U.S. Aggregate Bond Index⁶) returned 1.70% and high-yield bonds (measured by the Barclays U.S. Corporate High Yield Index⁷) returned 6.67% during the six-month period.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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.

6. The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. You cannot invest directly in an index.

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

4 Wells Fargo Advantage Index Asset Allocation Fund Letter to shareholders (unaudited)

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.

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6 Wells Fargo Advantage Index Asset Allocation Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term total return, consisting of capital appreciation and current income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christian Chan, CFA

Kandarp Acharya, CFA, FRM

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

		Including sales charge						Excluding sales charge							Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net2
Class A (SFAAX)	11-13-1986		8.34		15.79		5.79		14.96			17.17		6.42		1.18		1.15
Class B (SASBX)*	1-1-1995		9.14		16.08		5.87		14.14			16.30		5.87		1.93		1.90
Class C (WFALX)	4-1-1998		13.09		16.29		5.62		14.09			16.29		5.62		1.93		1.90
Administrator Class (WFAIX)	11-8-1999		–		–		–		15.23			17.47		6.69		1.02		0.90
Index Asset Allocation Composite Index3	–		–		–		–		10.99			15.02		7.62		–		–
Barclays U.S. Treasury 20+ Year Index4	–		–		–		–		(4.46	)		4.37		6.25		–		–
S&P 500 Index5	–		–		–		–		21.86			21.16		7.42		–		–

* 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. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. 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 7.

Performance highlights (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 7

Ten largest holdings6 (%) as of March 31, 2014
U.S. Treasury Bond, 4.38%, 5-15-2040	2.27
U.S. Treasury Bond, 3.75%, 8-15-2041	2.22
U.S. Treasury Bond, 4.25%, 11-15-2040	2.20
U.S. Treasury Bond, 4.63%, 2-15-2040	2.16
U.S. Treasury Bond, 4.38%, 5-15-2041	2.04
U.S. Treasury Bond, 4.38%, 11-15-2039	1.96
U.S. Treasury Bond, 4.75%, 2-15-2041	1.88
U.S. Treasury Bond, 3.88%, 8-15-2040	1.83
Apple Incorporated	1.76
U.S. Treasury Bond, 3.13%, 2-15-2043	1.60

Neutral target allocation8 as of March 31, 2014
Bonds	40%
Stocks	60%

Current target allocation8 as of March 31, 2014
Bonds	29%
Stocks	71%

Equity sector distribution⁷ as of March 31, 2014

1. 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.

2. The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

3. Source: Wells Fargo Funds Management, LLC. The Index Asset Allocation Composite Index is weighted 60% in the S&P 500 Index and 40% in the Barclays 20+ Year Treasury Index (a subset of the Barclays U.S. Treasury Index, which contains public obligations of the U.S. Treasury with a remaining maturity of one year or more). You cannot invest directly in an index.

4. The Barclays U.S. Treasury 20+ Year Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

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

6. The ten largest 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. Equity sector distribution is subject to change and is calculated based on the total long-term equity investments of the Fund.

8. Target allocations are subject to change. Cash and cash equivalents are not reflected in the calculations of target allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on our Tactical Asset Allocation Model as of the date specified.

8 Wells Fargo Advantage Index Asset Allocation 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 October 1, 2013 to March 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 10-1-2013		Ending account value 3-31-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,098.81	$	6.02		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79		1.15	%
Class B
Actual	$	1,000.00	$	1,094.93	$	9.92		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.46	$	9.55		1.90	%
Class C
Actual	$	1,000.00	$	1,094.72	$	9.92		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.46	$	9.55		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,100.48	$	4.71		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 0.02%
FHLMC		10.50	%		1-1-2016	$	170	$	179
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		93,455		113,672
Total Agency Securities (Cost $99,220)									113,851
						Shares
Common Stocks: 61.30%
Consumer Discretionary: 7.39%
Auto Components: 0.26%
BorgWarner Incorporated							6,275		385,724
Delphi Automotive plc							7,675		520,826
Johnson Controls Incorporated							18,277		864,868
The Goodyear Tire & Rubber Company							6,826		178,363
									1,949,781
Automobiles: 0.45%
Ford Motor Company							108,546		1,693,318
General Motors Company							35,881		1,235,024
Harley-Davidson Incorporated							6,056		403,390
									3,331,732
Distributors: 0.05%
Genuine Parts Company							4,232		367,549
Diversified Consumer Services: 0.04%
Graham Holdings Company Class B							118		83,043
H&R Block Incorporated							7,547		227,844
									310,887
Hotels, Restaurants & Leisure: 1.05%
Carnival Corporation							12,062		456,667
Chipotle Mexican Grill Incorporated †							852		483,979
Darden Restaurants Incorporated							3,611		183,294
International Game Technology							6,790		95,467
Marriott International Incorporated Class A							6,088		341,050
McDonald’s Corporation							27,243		2,670,631
Starbucks Corporation							20,804		1,526,598
Starwood Hotels & Resorts Worldwide Incorporated							5,280		420,288
Wyndham Worldwide Corporation							3,525		258,136
Wynn Resorts Limited							2,230		495,395
Yum! Brands Incorporated							12,189		918,929
									7,850,434
Household Durables: 0.24%
D.R. Horton Incorporated							7,834		169,606
Garmin Limited «							3,383		186,945
Harman International Industries Incorporated							1,865		198,436

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

10 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Household Durables (continued)
Leggett & Platt Incorporated		3,821	$	124,717
Lennar Corporation		4,838		191,682
Mohawk Industries Incorporated †		1,682		228,718
Newell Rubbermaid Incorporated		7,675		229,483
Pulte Homes Incorporated		9,444		181,230
Whirlpool Corporation		2,134		318,948
				1,829,765
Internet & Catalog Retail: 0.83%
Amazon.com Incorporated †		10,238		3,445,292
Expedia Incorporated		2,813		203,943
Netflix Incorporated †		1,646		579,441
priceline.com Incorporated †		1,436		1,711,554
TripAdvisor Incorporated †		3,055		276,752
				6,216,982
Leisure Products: 0.07%
Hasbro Incorporated		3,205		178,262
Mattel Incorporated		9,367		375,710
				553,972
Media: 2.18%
Cablevision Systems Corporation New York Group Class A		5,892		99,398
CBS Corporation Class B		15,190		938,742
Comcast Corporation Class A		71,739		3,588,385
DIRECTV Group Incorporated †		13,042		996,670
Discovery Communications Incorporated Class A †		6,120		506,124
Gannett Company Incorporated		6,256		172,666
Interpublic Group of Companies Incorporated		11,670		200,024
News Corporation Class A †		13,703		235,966
Omnicom Group Incorporated		7,105		515,823
Scripps Networks Interactive Incorporated		3,018		229,096
Time Warner Cable Incorporated		7,638		1,047,781
Time Warner Incorporated		24,571		1,605,223
Twenty-First Century Fox Incorporated		53,415		1,707,678
Viacom Incorporated Class B		10,967		932,085
Walt Disney Company		44,846		3,590,819
				16,366,480
Multiline Retail: 0.42%
Dollar General Corporation †		8,108		449,832
Dollar Tree Incorporated †		5,727		298,835
Family Dollar Stores Incorporated		2,631		152,624
Kohl’s Corporation		5,540		314,672
Macy’s Incorporated		10,142		601,319
Nordstrom Incorporated		3,940		246,053
Target Corporation		17,397		1,052,692
				3,116,027

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 11

Security name	Shares		Value
Specialty Retail: 1.31%
AutoNation Incorporated †		1,737	$	92,461
AutoZone Incorporated †		925		496,818
Bed Bath & Beyond Incorporated †		5,860		403,168
Best Buy Company Incorporated		7,524		198,709
CarMax Incorporated †		6,142		287,446
GameStop Corporation Class A «		3,187		130,986
Gap Incorporated		7,292		292,118
Home Depot Incorporated		38,758		3,066,921
L Brands Incorporated		6,712		381,040
Lowe’s Companies Incorporated		28,785		1,407,587
O’Reilly Automotive Incorporated †		2,927		434,338
PetSmart Incorporated		2,854		196,612
Ross Stores Incorporated		5,914		423,147
Staples Incorporated		17,908		203,077
Tiffany & Company		3,032		261,207
TJX Companies Incorporated		19,573		1,187,102
Tractor Supply Company		3,839		271,149
Urban Outfitters Incorporated †		3,000		109,410
				9,843,296
Textiles, Apparel & Luxury Goods: 0.49%
Coach Incorporated		7,638		379,303
Fossil Group Incorporated †		1,322		154,158
Michael Kors Holdings Limited †		4,938		460,567
Nike Incorporated Class B		20,471		1,511,988
PVH Corporation		2,248		280,483
Ralph Lauren Corporation		1,628		261,994
VF Corporation		9,695		599,927
				3,648,420
Consumer Staples: 5.88%
Beverages: 1.31%
Beam Incorporated		4,555		379,432
Brown-Forman Corporation Class B		4,460		400,017
Coca-Cola Enterprises Incorporated		6,539		312,303
Constellation Brands Incorporated Class A †		4,601		390,947
Dr Pepper Snapple Group Incorporated		5,431		295,772
Molson Coors Brewing Company		4,359		256,571
Monster Beverage Corporation †		3,721		258,423
PepsiCo Incorporated		41,905		3,499,068
The Coca-Cola Company		104,286		4,031,697
				9,824,230
Food & Staples Retailing: 1.43%
Costco Wholesale Corporation		12,103		1,351,663
CVS Caremark Corporation		32,542		2,436,094
Safeway Incorporated		6,338		234,126
Sysco Corporation		16,098		581,621
The Kroger Company		14,214		620,441

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

12 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Food & Staples Retailing (continued)
Wal-Mart Stores Incorporated		44,532	$	3,403,581
Walgreen Company		24,060		1,588,682
Whole Foods Market Incorporated		10,238		519,169
				10,735,377
Food Products: 0.96%
Archer Daniels Midland Company		18,118		786,140
Campbell Soup Company		4,920		220,810
ConAgra Foods Incorporated		11,569		358,986
General Mills Incorporated		17,188		890,682
Hormel Foods Corporation		3,707		182,644
JM Smucker Company		2,854		277,523
Kellogg Company		7,068		443,234
Kraft Foods Group Incorporated		16,412		920,713
McCormick & Company Incorporated		3,611		259,053
Mead Johnson Nutrition Company		5,549		461,344
Mondelez International Incorporated Class A		46,816		1,617,493
The Hershey Company		4,127		430,859
Tyson Foods Incorporated Class A		7,396		325,498
				7,174,979
Household Products: 1.21%
Clorox Company		3,575		314,636
Colgate-Palmolive Company		24,028		1,558,696
Kimberly-Clark Corporation		10,443		1,151,341
Procter & Gamble Company		74,626		6,014,856
				9,039,529
Personal Products: 0.09%
Avon Products Incorporated		11,943		174,846
Estee Lauder Companies Incorporated Class A		7,036		470,568
				645,414
Tobacco: 0.88%
Altria Group Incorporated		54,852		2,053,110
Lorillard Incorporated		9,968		539,069
Philip Morris International		43,629		3,571,906
Reynolds American Incorporated		8,573		457,970
				6,622,055
Energy: 6.23%
Energy Equipment & Services: 1.20%
Baker Hughes Incorporated		12,034		782,451
Cameron International Corporation †		5,964		368,396
Diamond Offshore Drilling Incorporated «		1,915		93,375
Ensco plc Class A		6,430		339,375
FMC Technologies Incorporated †		6,493		339,519
Halliburton Company		23,417		1,379,027

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 13

Security name	Shares		Value
Energy Equipment & Services (continued)
Helmerich & Payne Incorporated		2,959	$	318,270
Nabors Industries Limited		7,182		177,036
National Oilwell Varco Incorporated		11,793		918,321
Noble Corporation plc		6,995		229,016
Rowan Companies plc †		3,420		115,186
Schlumberger Limited		35,981		3,508,148
Transocean Limited «		9,339		386,074
				8,954,194
Oil, Gas & Consumable Fuels: 5.03%
Anadarko Petroleum Corporation		13,863		1,175,028
Apache Corporation		10,862		901,003
Cabot Oil & Gas Corporation		11,619		393,652
Chesapeake Energy Corporation		13,936		357,040
Chevron Corporation		52,544		6,248,007
ConocoPhillips Company		33,746		2,374,031
CONSOL Energy Incorporated		6,307		251,965
Denbury Resources Incorporated		9,795		160,638
Devon Energy Corporation		10,539		705,375
EOG Resources Incorporated		7,515		1,474,218
EQT Corporation		4,154		402,813
Exxon Mobil Corporation		118,934		11,617,473
Hess Corporation		7,520		623,258
Kinder Morgan Incorporated		18,437		599,018
Marathon Oil Corporation		19,180		681,274
Marathon Petroleum Corporation		8,108		705,720
Murphy Oil Corporation		4,738		297,831
Newfield Exploration Company †		3,753		117,694
Noble Energy Incorporated		9,905		703,651
Occidental Petroleum Corporation		21,876		2,084,564
ONEOK Incorporated		5,718		338,792
Peabody Energy Corporation		7,465		121,978
Phillips 66		16,175		1,246,446
Pioneer Natural Resources Company		3,935		736,396
QEP Resources Incorporated		4,934		145,257
Range Resources Corporation		4,505		373,780
Southwestern Energy Company †		9,713		446,895
Spectra Energy Corporation		18,446		681,395
Tesoro Corporation		3,625		183,389
The Williams Companies Incorporated		18,838		764,446
Valero Energy Corporation		14,657		778,287
				37,691,314
Financials: 10.08%
Banks: 2.36%
Branch Banking & Trust Corporation		19,564		785,886
Citigroup Incorporated		83,573		3,978,075
Comerica Incorporated		5,011		259,570
Fifth Third Bancorp		23,435		537,833

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

14 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Banks (continued)
Huntington Bancshares Incorporated		22,879	$	228,104
KeyCorp		24,480		348,595
M&T Bank Corporation		3,607		437,529
PNC Financial Services Group Incorporated		14,698		1,278,726
Regions Financial Corporation		39,068		434,045
SunTrust Banks Incorporated		14,716		585,550
US Bancorp		50,164		2,150,029
Wells Fargo & Company (l)		131,298		6,530,763
Zions Bancorporation		5,089		157,657
				17,712,362
Capital Markets: 1.33%
Ameriprise Financial Incorporated		5,253		578,198
Bank of New York Mellon Corporation		31,238		1,102,389
BlackRock Incorporated		3,456		1,086,843
Charles Schwab Corporation		32,168		879,151
E*TRADE Financial Corporation †		7,935		182,664
Franklin Resources Incorporated		11,113		602,102
Goldman Sachs Group Incorporated		11,587		1,898,530
Invesco Limited		11,920		441,040
Legg Mason Incorporated		2,886		141,529
Morgan Stanley		38,608		1,203,411
Northern Trust Corporation		6,138		402,407
State Street Corporation		11,879		826,184
T. Rowe Price Group Incorporated		7,214		594,073
				9,938,521
Consumer Finance: 0.60%
American Express Company		25,150		2,264,255
Capital One Financial Corporation		15,765		1,216,427
Discover Financial Services		12,960		754,142
SLM Corporation		11,797		288,791
				4,523,615
Diversified Financial Services: 2.69%
Bank of America Corporation		290,869		5,002,947
Berkshire Hathaway Incorporated Class B †		49,548		6,192,014
CME Group Incorporated		8,682		642,555
IntercontinentalExchange Group Incorporated		3,164		625,934
JPMorgan Chase & Company		104,227		6,327,621
Leucadia National Corporation		8,619		241,332
McGraw-Hill Financial Incorporated		7,460		569,198
Moody’s Corporation		5,176		410,560
The NASDAQ OMX Group Incorporated		3,219		118,910
				20,131,071
Insurance: 1.75%
ACE Limited		9,266		917,890
AFLAC Incorporated		12,545		790,837

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 15

Security name	Shares		Value
Insurance (continued)
Allstate Corporation		12,303	$	696,104
American International Group Incorporated		40,295		2,015,153
Aon plc		8,286		698,344
Assurant Incorporated		1,970		127,971
Chubb Corporation		6,758		603,489
Cincinnati Financial Corporation		4,049		197,024
Genworth Financial Incorporated †		13,635		241,749
Lincoln National Corporation		7,260		367,864
Loews Corporation		8,423		371,033
Marsh & McLennan Companies Incorporated		15,094		744,134
MetLife Incorporated		30,923		1,632,734
Principal Financial Group Incorporated		7,565		347,914
Prudential Financial Incorporated		12,741		1,078,526
The Hartford Financial Services Group Incorporated		12,285		433,292
The Progressive Corporation		15,072		365,044
The Travelers Companies Incorporated		9,695		825,045
Torchmark Corporation		2,435		191,635
UNUM Group		7,141		252,149
XL Group plc		7,597		237,406
				13,135,337
Real Estate Management & Development: 0.03%
CBRE Group Incorporated †		7,675		210,525
REITs: 1.29%
American Tower Corporation		10,871		890,009
Apartment Investment & Management Company Class A		4,022		121,545
AvalonBay Communities Incorporated		3,347		439,528
Boston Properties Incorporated		4,209		482,057
Crown Castle International Corporation		9,193		678,260
Equity Residential		9,243		536,002
General Growth Properties Incorporated		14,351		315,722
HCP Incorporated		12,582		488,056
Health Care REIT Incorporated		7,980		475,608
Host Hotels & Resorts Incorporated		20,827		421,538
Kimco Realty Corporation		11,277		246,741
Plum Creek Timber Company		4,875		204,945
Prologis Incorporated		13,749		561,372
Public Storage Incorporated		3,981		670,759
Simon Property Group Incorporated		8,651		1,418,764
The Macerich Company		3,867		241,030
Ventas Incorporated		8,099		490,556
Vornado Realty Trust		4,792		472,300
Weyerhaeuser Company		16,089		472,212
				9,627,004
Thrifts & Mortgage Finance: 0.03%
Hudson City Bancorp Incorporated		13,088		128,655
People’s United Financial Incorporated		8,537		126,945
				255,600

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

16 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Health Care: 8.20%
Biotechnology: 1.48%
Alexion Pharmaceuticals Incorporated †		5,445	$	828,348
Amgen Incorporated		20,781		2,563,129
Biogen Idec Incorporated †		6,507		1,990,296
Celgene Corporation †		11,172		1,559,611
Gilead Sciences Incorporated †		42,338		3,000,071
Regeneron Pharmaceuticals Incorporated †		2,166		650,406
Vertex Pharmaceuticals Incorporated †		6,489		458,902
				11,050,763
Health Care Equipment & Supplies: 1.30%
Abbott Laboratories		42,470		1,635,520
Baxter International Incorporated		14,948		1,099,874
Becton Dickinson & Company		5,312		621,929
Boston Scientific Corporation †		36,446		492,750
C.R. Bard Incorporated		2,134		315,789
CareFusion Corporation †		5,736		230,702
Covidien plc		12,404		913,679
DENTSPLY International Incorporated		3,903		179,694
Edwards Lifesciences Corporation †		2,950		218,802
Intuitive Surgical Incorporated †		1,048		459,014
Medtronic Incorporated		27,544		1,695,058
St. Jude Medical Incorporated		7,811		510,761
Stryker Corporation		8,112		660,885
Varian Medical Systems Incorporated †		2,850		239,372
Zimmer Holdings Incorporated		4,660		440,743
				9,714,572
Health Care Providers & Services: 1.29%
Aetna Incorporated		9,982		748,351
AmerisourceBergen Corporation		6,307		413,676
Cardinal Health Incorporated		9,435		660,261
Cigna Corporation		7,529		630,403
DaVita HealthCare Partners Incorporated †		4,870		335,300
Express Scripts Holding Company †		21,360		1,603,922
Humana Incorporated		4,241		478,046
Laboratory Corporation of America Holdings †		2,348		230,597
McKesson Corporation		6,334		1,118,394
Patterson Companies Incorporated		2,257		94,252
Quest Diagnostics Incorporated		3,972		230,058
Tenet Healthcare Corporation †		2,667		114,174
UnitedHealth Group Incorporated		27,225		2,232,178
WellPoint Incorporated		7,775		774,001
				9,663,613
Health Care Technology: 0.06%
Cerner Corporation †		8,140		457,875

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 17

Security name	Shares		Value
Life Sciences Tools & Services: 0.29%
Agilent Technologies Incorporated		9,175	$	513,066
PerkinElmer Incorporated		3,105		139,911
Thermo Fisher Scientific Incorporated		10,785		1,296,788
Waters Corporation †		2,344		254,113
				2,203,878
Pharmaceuticals: 3.78%
AbbVie Incorporated		43,720		2,247,208
Actavis plc †		4,792		986,433
Allergan Incorporated		8,213		1,019,233
Bristol-Myers Squibb Company		45,248		2,350,634
Eli Lilly & Company		27,120		1,596,283
Forest Laboratories Incorporated †		6,562		605,476
Hospira Incorporated †		4,583		198,215
Johnson & Johnson		77,859		7,648,090
Merck & Company Incorporated		80,937		4,594,793
Mylan Laboratories Incorporated †		10,238		499,922
Perrigo Company plc		3,680		569,149
Pfizer Incorporated		175,679		5,642,809
Zoetis Incorporated		13,763		398,301
				28,356,546
Industrials: 6.55%
Aerospace & Defense: 1.70%
General Dynamics Corporation		8,947		974,507
Honeywell International Incorporated		21,584		2,002,132
L-3 Communications Holdings Incorporated		2,362		279,070
Lockheed Martin Corporation		7,433		1,213,363
Northrop Grumman Corporation		5,964		735,838
Precision Castparts Corporation		3,999		1,010,787
Raytheon Company		8,655		855,027
Rockwell Collins Incorporated		3,721		296,452
Textron Incorporated		7,775		305,480
The Boeing Company		18,825		2,362,349
United Technologies Corporation		23,175		2,707,767
				12,742,772
Air Freight & Logistics: 0.45%
C.H. Robinson Worldwide Incorporated		4,086		214,066
Expeditors International of Washington Incorporated		5,577		221,017
FedEx Corporation		8,076		1,070,555
United Parcel Service Incorporated Class B		19,559		1,904,655
				3,410,293
Airlines: 0.17%
Delta Air Lines Incorporated		23,376		809,978
Southwest Airlines Company		19,322		456,192
				1,266,170

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

18 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Building Products: 0.05%
Allegion plc		2,471	$	128,912
Masco Corporation		9,809		217,858
				346,770
Commercial Services & Supplies: 0.29%
Cintas Corporation		2,772		165,239
Iron Mountain Incorporated		4,692		129,358
Pitney Bowes Incorporated		5,572		144,816
Republic Services Incorporated		7,442		254,219
Stericycle Incorporated †		2,344		266,325
The ADT Corporation «		5,043		151,038
Tyco International Limited		12,668		537,123
Waste Management Incorporated		11,898		500,549
				2,148,667
Construction & Engineering: 0.11%
Fluor Corporation		4,414		343,100
Jacobs Engineering Group Incorporated †		3,630		230,505
Quanta Services Incorporated †		5,992		221,105
				794,710
Electrical Equipment: 0.46%
AMETEK Incorporated		6,744		347,249
Eaton Corporation plc		13,083		982,795
Emerson Electric Company		19,349		1,292,513
Rockwell Automation Incorporated		3,821		475,906
Roper Industries Incorporated		2,740		365,817
				3,464,280
Industrial Conglomerates: 1.43%
3M Company		17,329		2,350,852
Danaher Corporation		16,531		1,239,825
General Electric Company		276,149		7,149,498
				10,740,175
Machinery: 1.08%
Caterpillar Incorporated		17,552		1,744,142
Cummins Incorporated		4,779		712,023
Deere & Company		10,174		923,799
Dover Corporation		4,678		382,427
Flowserve Corporation		3,785		296,517
Illinois Tool Works Incorporated		10,757		874,867
Ingersoll-Rand plc		7,118		407,434
Joy Global Incorporated «		2,754		159,732
Paccar Incorporated		9,750		657,540
Pall Corporation		3,023		270,468
Parker Hannifin Corporation		4,104		491,290
Pentair Limited		5,431		430,896
Snap-On Incorporated		1,600		181,568

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 19

Security name	Shares		Value
Machinery (continued)
Stanley Black & Decker Incorporated		4,282	$	347,870
Xylem Incorporated		5,084		185,159
				8,065,732
Professional Services: 0.11%
Dun & Bradstreet Corporation		1,035		102,827
Equifax Incorporated		3,360		228,581
Nielsen Holdings NV		7,821		349,051
Robert Half International Incorporated		3,785		158,781
				839,240
Road & Rail: 0.59%
CSX Corporation		27,731		803,367
Kansas City Southern		3,032		309,446
Norfolk Southern Corporation		8,523		828,180
Ryder System Incorporated		1,468		117,323
Union Pacific Corporation		12,522		2,349,879
				4,408,195
Trading Companies & Distributors: 0.11%
Fastenal Company «		7,515		370,640
W.W. Grainger Incorporated		1,687		426,237
				796,877
Information Technology: 11.43%
Communications Equipment: 1.07%
Cisco Systems Incorporated		141,782		3,177,335
F5 Networks Incorporated †		2,074		221,151
Harris Corporation		2,941		215,164
Juniper Networks Incorporated †		13,790		355,230
Motorola Solutions Incorporated		6,220		399,884
QUALCOMM Incorporated		46,543		3,670,381
				8,039,145
Electronic Equipment, Instruments & Components: 0.28%
Amphenol Corporation Class A		4,355		399,136
Corning Incorporated		38,316		797,739
FLIR Systems Incorporated		3,876		139,536
Jabil Circuit Incorporated		5,166		92,988
TE Connectivity Limited		11,291		679,831
				2,109,230
Internet Software & Services: 1.96%
Akamai Technologies Incorporated †		4,916		286,160
eBay Incorporated †		32,068		1,771,436
Facebook Incorporated Class A †		47,017		2,832,304
Google Incorporated Class A †		7,770		8,659,743
VeriSign Incorporated †		3,456		186,313
Yahoo! Incorporated †		25,839		927,620
				14,663,576

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

20 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
IT Services: 2.18%
Accenture plc		17,530	$	1,397,492
Alliance Data Systems Corporation †		1,463		398,594
Automatic Data Processing Incorporated		13,261		1,024,545
Cognizant Technology Solutions Corporation Class A †		16,718		846,098
Computer Sciences Corporation		4,008		243,767
Fidelity National Information Services Incorporated		7,998		427,493
Fiserv Incorporated †		7,004		397,057
International Business Machines Corporation		26,942		5,186,066
MasterCard Incorporated Class A		28,087		2,098,099
Paychex Incorporated		8,920		379,992
Teradata Corporation †		4,382		215,551
Total System Services Incorporated		4,551		138,396
Visa Incorporated Class A		13,950		3,011,247
Western Union Company		15,081		246,725
Xerox Corporation		30,654		346,390
				16,357,512
Semiconductors & Semiconductor Equipment: 1.29%
Altera Corporation		8,742		316,810
Analog Devices Incorporated		8,600		457,004
Applied Materials Incorporated		33,331		680,619
Broadcom Corporation Class A		15,190		478,181
First Solar Incorporated †		1,942		135,532
Intel Corporation		136,847		3,532,021
KLA-Tencor Corporation		4,583		316,869
Lam Research Corporation †		4,469		245,795
Linear Technology Corporation		6,493		316,144
LSI Corporation		15,368		170,124
Microchip Technology Incorporated «		5,481		261,773
Micron Technology Incorporated †		29,200		690,872
NVIDIA Corporation		15,254		273,199
Texas Instruments Incorporated		29,843		1,407,097
Xilinx Incorporated		7,346		398,667
				9,680,707
Software: 2.21%
Adobe Systems Incorporated †		12,782		840,289
Autodesk Incorporated †		6,252		307,473
CA Incorporated		8,874		274,828
Citrix Systems Incorporated †		5,057		290,424
Electronic Arts Incorporated †		8,518		247,107
Intuit Incorporated		7,798		606,139
Microsoft Corporation		207,903		8,521,944
Oracle Corporation		95,311		3,899,173
Red Hat Incorporated †		5,217		276,397
Salesforce.com Incorporated †		15,450		882,041
Symantec Corporation		19,035		380,129
				16,525,944

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 21

Security name	Shares		Value
Technology Hardware, Storage & Peripherals: 2.44%
Apple Incorporated		24,548	$	13,175,894
EMC Corporation		55,750		1,528,108
Hewlett-Packard Company		52,161		1,687,930
NetApp Incorporated		9,116		336,380
SanDisk Corporation		6,206		503,865
Seagate Technology plc		9,047		508,080
Western Digital Corporation		5,787		531,362
				18,271,619
Materials: 2.16%
Chemicals: 1.61%
Air Products & Chemicals Incorporated		5,828		693,765
Airgas Incorporated		1,833		195,233
CF Industries Holdings Incorporated		1,527		397,997
Dow Chemical Company		33,464		1,626,016
E.I. du Pont de Nemours & Company		25,515		1,712,057
Eastman Chemical Company		4,195		361,651
Ecolab Incorporated		7,451		804,633
FMC Corporation		3,657		279,980
International Flavors & Fragrances Incorporated		2,234		213,727
LyondellBasell Industries NV Class A		11,884		1,056,963
Monsanto Company		14,447		1,643,635
Mosaic Company		9,330		466,500
PPG Industries Incorporated		3,812		737,470
Praxair Incorporated		8,090		1,059,547
Sherwin-Williams Company		2,348		462,861
Sigma-Aldrich Corporation		3,288		307,033
				12,019,068
Construction Materials: 0.03%
Vulcan Materials Company		3,593		238,755
Containers & Packaging: 0.13%
Avery Dennison Corporation		2,640		133,769
Ball Corporation		3,867		211,950
Bemis Company Incorporated		2,800		109,872
MeadWestvaco Corporation		4,806		180,898
Owens-Illinois Incorporated †		4,533		153,351
Sealed Air Corporation		5,399		177,465
				967,305
Metals & Mining: 0.32%
Alcoa Incorporated		29,660		381,724
Allegheny Technologies Incorporated		2,973		112,023
Cliffs Natural Resources Incorporated «		4,213		86,198
Freeport-McMoRan Copper & Gold Incorporated Class B		28,579		945,108
Newmont Mining Corporation		13,703		321,198
Nucor Corporation		8,760		442,730
United States Steel Corporation «		3,981		109,915
				2,398,896

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

22 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Paper & Forest Products: 0.07%
International Paper Company		12,075	$	554,001
Telecommunication Services: 1.50%
Diversified Telecommunication Services: 1.50%
AT&T Incorporated		143,309		5,025,847
CenturyLink Incorporated		15,906		522,353
Frontier Communications Corporation «		27,512		156,818
Verizon Communications Incorporated		113,977		5,421,886
Windstream Holdings Incorporated «		16,403		135,161
				11,262,065
Utilities: 1.88%
Electric Utilities: 1.07%
American Electric Power Company Incorporated		13,425		680,111
Duke Energy Corporation		19,445		1,384,873
Edison International		8,965		507,509
Entergy Corporation		4,916		328,635
Exelon Corporation		23,599		791,982
FirstEnergy Corporation		11,524		392,162
NextEra Energy Incorporated		11,984		1,145,910
Northeast Utilities		8,682		395,031
Pepco Holdings Incorporated		6,895		141,210
Pinnacle West Capital Corporation		3,032		165,729
PPL Corporation		17,361		575,344
The Southern Company		24,439		1,073,850
Xcel Energy Incorporated		13,713		416,327
				7,998,673
Gas Utilities: 0.02%
AGL Resources Incorporated		3,274		160,295
Independent Power & Renewable Electricity Producers: 0.07%
AES Corporation		18,132		258,925
NRG Energy Incorporated		8,952		284,674
				543,599
Multi-Utilities: 0.72%
Ameren Corporation		6,676		275,051
CenterPoint Energy Incorporated		11,802		279,589
CMS Energy Corporation		7,342		214,974
Consolidated Edison Incorporated		8,062		432,526
Dominion Resources Incorporated		16,002		1,135,982
DTE Energy Company		4,875		362,164
Integrys Energy Group Incorporated		2,202		131,349
NiSource Incorporated		8,641		307,015
PG&E Corporation		12,595		544,104
Public Service Enterprise Group Incorporated		13,931		531,328
SCANA Corporation		3,885		199,378
Sempra Energy		6,256		605,331

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 23

Security name						Shares		Value
Multi-Utilities (continued)
TECO Energy Incorporated							5,641	$	96,743
Wisconsin Energy Corporation							6,220		289,525
									5,405,059
Total Common Stocks (Cost $268,370,572)									459,273,029
	Interest rate			Maturity date		Principal
Non-Agency Mortgage Backed Securities: 0.00%
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA ±		0.48	%		12-25-2034	$	25,102		22,773
Terwin Mortgage Trust Series 2004-21HE Class 1A1 ±		1.11			12-25-2034		3,542		3,390
Total Non-Agency Mortgage Backed Securities (Cost $28,644)									26,163
U.S. Treasury Securities: 35.83%
U.S. Treasury Bond		2.75			8-15-2042		11,977,000		10,225,364
U.S. Treasury Bond		2.75			11-15-2042		10,660,000		9,080,988
U.S. Treasury Bond		2.88			5-15-2043		11,560,000		10,087,903
U.S. Treasury Bond		3.00			5-15-2042		8,536,000		7,694,402
U.S. Treasury Bond		3.13			11-15-2041		11,934,000		11,059,465
U.S. Treasury Bond		3.13			2-15-2042		9,800,000		9,069,596
U.S. Treasury Bond		3.13			2-15-2043		13,024,000		11,986,143
U.S. Treasury Bond		3.50			2-15-2039		7,415,000		7,437,015
U.S. Treasury Bond		3.63			8-15-2043		10,845,000		10,977,179
U.S. Treasury Bond		3.63			2-15-2044		2,000,000		2,023,124
U.S. Treasury Bond		3.75			8-15-2041		15,975,000		16,641,461
U.S. Treasury Bond		3.75			11-15-2043		8,205,000		8,494,735
U.S. Treasury Bond		3.88			8-15-2040		12,868,000		13,712,463
U.S. Treasury Bond		4.25			5-15-2039		10,503,000		11,888,083
U.S. Treasury Bond		4.25			11-15-2040		14,576,000		16,507,320
U.S. Treasury Bond		4.38			2-15-2038		3,478,000		4,007,852
U.S. Treasury Bond		4.38			11-15-2039		12,725,000		14,685,439
U.S. Treasury Bond		4.38			5-15-2040		14,734,000		17,010,860
U.S. Treasury Bond		4.38			5-15-2041		13,209,000		15,266,711
U.S. Treasury Bond		4.50			2-15-2036		7,019,000		8,236,361
U.S. Treasury Bond		4.50			5-15-2038		4,558,000		5,349,953
U.S. Treasury Bond		4.50			8-15-2039		7,736,000		9,097,056
U.S. Treasury Bond		4.63			2-15-2040		13,479,000		16,155,849
U.S. Treasury Bond		4.75			2-15-2037		2,550,000		3,097,852
U.S. Treasury Bond		4.75			2-15-2041		11,532,000		14,106,876
U.S. Treasury Bond		5.00			5-15-2037		3,615,000		4,539,084
Total U.S. Treasury Securities (Cost $254,462,405)									268,439,134
	Yield					Shares
Short-Term Investments: 2.78%
Investment Companies: 1.93%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07					12,319,335		12,319,335
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.09					2,131,595		2,131,595
									14,450,930

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

24 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Yield			Maturity date		Principal		Value
U.S. Treasury Securities: 0.85%
U.S. Treasury Bill (z)#		0.04	%		4-24-2014	$	6,405,000	$	6,404,836
Total Short-Term Investments (Cost $20,855,766)									20,855,766

Total investments in securities
(Cost $543,816,607)*	99.93	%		748,707,943
Other assets and liabilities, net	0.07			488,267
Total net assets	100.00	%	$	749,196,210

† Non-income-earning security

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

(l) Investment in an affiliate

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

(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.

(z) Zero coupon security. Rate represents the current yield to maturity.

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

* Cost for federal income tax purposes is $569,302,857 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	219,796,307
Gross unrealized depreciation		(40,391,221	)
Net unrealized appreciation	$	179,405,086

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

Statement of assets and liabilities —March 31, 2014 (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 25

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	727,726,250
In affiliated securities, at value (see cost below)		20,981,693
Total investments, at value (see cost below)		748,707,943
Cash		1,788
Principal paydown receivable		39
Receivable for Fund shares sold		214,394
Receivable for dividends and interest		2,962,857
Receivable for daily variation margin on open futures contracts		901,098
Receivable for securities lending income		1,135
Prepaid expenses and other assets		27,998
Total assets		752,817,252
Liabilities
Payable for Fund shares redeemed		756,944
Payable upon receipt of securities loaned		2,131,595
Payable for daily variation margin on open futures contracts		6,593
Advisory fee payable		348,164
Distribution fees payable		13,172
Due to other related parties		191,678
Accrued expenses and other liabilities		172,896
Total liabilities		3,621,042
Total net assets	$	749,196,210
NET ASSETS CONSIST OF
Paid-in capital	$	589,562,495
Undistributed net investment income		230,896
Accumulated net realized losses on investments		(45,577,207	)
Net unrealized gains on investments		204,980,026
Total net assets	$	749,196,210
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	689,410,114
Shares outstanding – Class A		25,816,281
Net asset value per share – Class A		$26.70
Maximum offering price per share – Class A2		$28.33
Net assets – Class B	$	703,286
Shares outstanding – Class B		42,894
Net asset value per share – Class B		$16.40
Net assets – Class C	$	20,243,428
Shares outstanding – Class C		1,242,400
Net asset value per share – Class C		$16.29
Net assets – Administrator Class	$	38,839,382
Shares outstanding – Administrator Class		1,453,495
Net asset value per share – Administrator Class		$26.72
Investments in unaffiliated securities (including securities on loan), at cost	$	525,539,314
Investments in affiliated securities, at cost	$	18,277,293
Total investments, at cost	$	543,816,607
Securities on loan, at value	$	2,081,965

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.

26 Wells Fargo Advantage Index Asset Allocation Fund Statement of operations—six months ended March 31, 2014 (unaudited)

Investment income
Dividends	$	4,645,983
Interest		4,848,106
Income from affiliated securities		86,523
Securities lending income, net		4,898
Total investment income		9,585,510
Expenses
Advisory fee		2,136,876
Administration fees
Fund level		182,929
Class A		876,898
Class B		1,142
Class C		25,462
Administrator Class		18,357
Shareholder servicing fees
Class A		843,170
Class B		1,098
Class C		24,483
Administrator Class		44,646
Distribution fees
Class B		3,294
Class C		73,449
Custody and accounting fees		40,665
Professional fees		20,479
Registration fees		24,119
Shareholder report expenses		33,947
Trustees’ fees and expenses		7,992
Other fees and expenses		13,753
Total expenses		4,372,759
Less: Fee waivers and/or expense reimbursements		(134,545	)
Net expenses		4,238,214
Net investment income		5,347,296
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		3,462,219
Affiliated securities		(324,358	)
Futures transactions		4,609,197
Net realized gains on investments		7,747,058
Net change in unrealized gains (losses) on:
Unaffiliated securities		49,710,250
Affiliated securities		1,455,676
Futures transactions		4,875,231
Net change in unrealized gains (losses) on investments		56,041,157
Net realized and unrealized gains (losses) on investments		63,788,215
Net increase in net assets resulting from operations	$	69,135,511

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

Statement of changes in net assets Wells Fargo Advantage Index Asset Allocation Fund 27

	Six months ended March 31, 2014 (unaudited)						Year ended September 30, 2013
Operations
Net investment income				$	5,347,296					$	9,885,514
Net realized gains on investments					7,747,058						63,746,687
Net change in unrealized gains (losses) on investments					56,041,157						4,870,014
Net increase in net assets resulting from operations					69,135,511						78,502,215
Distributions to shareholders from
Net investment income
Class A					(5,011,925	)					(9,198,118	)
Class B					(2,723	)					(8,772	)
Class C					(79,079	)					(124,004	)
Administrator Class					(320,833	)					(530,976	)
Total distributions to shareholders					(5,414,560	)					(9,861,870	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		203,725			5,232,713			518,464			12,159,310
Class B		348			5,411			16,871			232,365
Class C		105,971			1,659,110			187,338			2,697,161
Administrator Class		157,694			4,064,379			440,188			10,162,386
					10,961,613						25,251,222
Reinvestment of distributions
Class A		190,175			4,914,286			389,059			8,999,422
Class B		154			2,443			597			8,342
Class C		4,648			73,494			8,341			117,681
Administrator Class		9,539			246,546			18,155			421,051
					5,236,769						9,546,496
Payment for shares redeemed
Class A		(1,446,246	)		(37,177,800	)		(3,106,115	)		(71,606,237	)
Class B		(29,828	)		(467,218	)		(105,017	)		(1,492,465	)
Class C		(150,942	)		(2,356,046	)		(147,111	)		(2,098,824	)
Administrator Class		(123,818	)		(3,209,518	)		(397,089	)		(8,908,479	)
					(43,210,582	)					(84,106,005	)
Net decrease in net assets resulting from capital share transactions					(27,012,200	)					(49,308,287	)
Total increase in net assets					36,708,751						19,332,058
Net assets
Beginning of period					712,487,459						693,155,401
End of period				$	749,196,210					$	712,487,459
Undistributed net investment income				$	230,896					$	298,160

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

28 Wells Fargo Advantage Index Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
CLASS A				2013			2012			2011			2010			2009
Net asset value, beginning of period	$	24.48		$	22.17		$	18.12		$	17.56		$	16.42		$	17.63
Net investment income		0.19			0.34			0.29			0.30			0.28			0.31	1
Net realized and unrealized gains (losses) on investments		2.22			2.31			4.05			0.56			1.14			(1.21	)
Total from investment operations		2.41	��		2.65			4.34			0.86			1.42			(0.90	)
Distributions to shareholders from
Net investment income		(0.19	)		(0.34	)		(0.29	)		(0.30	)		(0.28	)		(0.31	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)2
Total distributions to shareholders		(0.19	)		(0.34	)		(0.29	)		(0.30	)		(0.28	)		(0.31	)
Net asset value, end of period	$	26.70		$	24.48		$	22.17		$	18.12		$	17.56		$	16.42
Total return3		9.88	%		12.02	%		24.07	%		4.84	%		8.72	%		(4.85	)%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.17	%		1.18	%		1.26	%		1.29	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.14	%		1.15	%
Net investment income		1.47	%		1.43	%		1.39	%		1.54	%		1.64	%		2.13	%
Supplemental data
Portfolio turnover rate		4	%		11	%		16	%		18	%		28	%		43	%
Net assets, end of period (000s omitted)		$689,410			$657,702			$644,365			$575,248			$626,119			$646,445

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 Index Asset Allocation Fund 29

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
CLASS B				2013			2012			2011			2010			2009
Net asset value, beginning of period	$	15.03		$	13.59		$	11.10		$	10.74		$	10.02		$	10.74
Net investment income		0.06	1		0.10	1		0.08	1		0.09	1		0.09	1		0.13	1
Net realized and unrealized gains (losses) on investments		1.37			1.42			2.48			0.35			0.70			(0.74	)
Total from investment operations		1.43			1.52			2.56			0.44			0.79			(0.61	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.08	)		(0.07	)		(0.08	)		(0.07	)		(0.11	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)2
Total distributions to shareholders		(0.06	)		(0.08	)		(0.07	)		(0.08	)		(0.07	)		(0.11	)
Net asset value, end of period	$	16.40		$	15.03		$	13.59		$	11.10		$	10.74		$	10.02
Total return3		9.49	%		11.22	%		23.08	%		4.11	%		7.90	%		(5.48	)%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.93	%		1.93	%		2.02	%		2.04	%
Net expenses		1.90	%		1.90	%		1.90	%		1.90	%		1.89	%		1.90	%
Net investment income		0.71	%		0.68	%		0.65	%		0.78	%		0.89	%		1.43	%
Supplemental data
Portfolio turnover rate		4	%		11	%		16	%		18	%		28	%		43	%
Net assets, end of period (000s omitted)		$703			$1,085			$2,171			$4,500			$8,753			$15,201

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.

30 Wells Fargo Advantage Index Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
CLASS C				2013			2012			2011			2010			2009
Net asset value, beginning of period	$	14.94		$	13.53		$	11.06		$	10.72		$	10.00		$	10.73
Net investment income		0.06			0.10			0.08			0.09			0.09	1		0.12	1
Net realized and unrealized gains (losses) on investments		1.35			1.41			2.47			0.34			0.71			(0.73	)
Total from investment operations		1.41			1.51			2.55			0.43			0.80			(0.61	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.10	)		(0.08	)		(0.09	)		(0.08	)		(0.12	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)2
Total distributions to shareholders		(0.06	)		(0.10	)		(0.08	)		(0.09	)		(0.08	)		(0.12	)
Net asset value, end of period	$	16.29		$	14.94		$	13.53		$	11.06		$	10.72		$	10.00
Total return3		9.47	%		11.20	%		23.11	%		4.02	%		7.99	%		(5.51	)%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.92	%		1.93	%		2.01	%		2.03	%
Net expenses		1.90	%		1.90	%		1.90	%		1.90	%		1.89	%		1.90	%
Net investment income		0.72	%		0.68	%		0.64	%		0.79	%		0.89	%		1.39	%
Supplemental data
Portfolio turnover rate		4	%		11	%		16	%		18	%		28	%		43	%
Net assets, end of period (000s omitted)		$20,243			$19,164			$16,699			$15,895			$17,839			$19,162

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 Index Asset Allocation Fund 31

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2013			2012			2011			2010			2009
Net asset value, beginning of period	$	24.49		$	22.18		$	18.14		$	17.57		$	16.44		$	17.65
Net investment income		0.22			0.40			0.34			0.34			0.31			0.34	1
Net realized and unrealized gains (losses) on investments		2.23			2.30			4.04			0.58			1.16			(1.20	)
Total from investment operations		2.45			2.70			4.38			0.92			1.47			(0.86	)
Distributions to shareholders from
Net investment income		(0.22	)		(0.39	)		(0.34	)		(0.35	)		(0.34	)		(0.35	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)2
Total distributions to shareholders		(0.22	)		(0.39	)		(0.34	)		(0.35	)		(0.34	)		(0.35	)
Net asset value, end of period	$	26.72		$	24.49		$	22.18		$	18.14		$	17.57		$	16.44
Total return3		10.05	%		12.31	%		24.30	%		5.18	%		9.02	%		(4.61	)%
Ratios to average net assets (annualized)
Gross expenses		1.02	%		1.02	%		1.01	%		1.02	%		1.09	%		1.11	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.89	%		0.90	%
Net investment income		1.72	%		1.69	%		1.63	%		1.79	%		1.89	%		2.39	%
Supplemental data
Portfolio turnover rate		4	%		11	%		16	%		18	%		28	%		43	%
Net assets, end of period (000s omitted)		$38,839			$34,536			$29,920			$20,726			$17,630			$27,455

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.

32 Wells Fargo Advantage Index Asset Allocation 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 Index Asset Allocation 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 and futures 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.

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 33

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Wells Fargo Securities Lending Cash Investments, LLC (the “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.

Futures contracts

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

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with 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 September 30, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $13,463,880 with $5,096,454 expiring in 2018; and $8,367,426 expiring in 2019.

34 Wells Fargo Advantage Index Asset Allocation Fund Notes to financial statements (unaudited)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

As of March 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
Agency securities	$	0	$	113,851	$	0	$	113,851
Equity securities
Common stocks
Consumer discretionary		55,385,325		0		0		55,385,325
Consumer staples		44,041,584		0		0		44,041,584
Energy		46,645,508		0		0		46,645,508
Financials		75,534,035		0		0		75,534,035
Health care		61,447,247		0		0		61,447,247
Industrials		49,023,881		0		0		49,023,881
Information technology		85,647,733		0		0		85,647,733
Materials		16,178,025		0		0		16,178,025
Telecommunication services		11,262,065		0		0		11,262,065
Utilities		14,107,626		0		0		14,107,626
Non-agency mortgage backed securities		0		26,163		0		26,163
U.S. Treasury securities		268,439,134		0		0		268,439,134
Short-term investments
Investment companies		12,319,335		2,131,595		0		14,450,930
U.S. Treasury securities		0		6,404,836		0		6,404,836
	$	740,031,498	$	8,676,445	$	0	$	748,707,943

Notes to financial statements (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 35

As of March 31, 2014, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)			Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts	$	88,690	*	$	0	$	0	$	88,690

* Amount represents the net unrealized gains.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended March 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 0.60% and declining to 0.45% as the average daily net assets of the Fund increase. For the six months March 31, 2014, the advisory fee was equivalent to an annual rate of 0.58% 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 0.15% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

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

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

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 January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class B shares, 1.90% for Class C shares, and 0.90% for Administrator 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 March 31, 2014, Wells Fargo Funds Distributor, LLC received $12,705 from the sale of Class A shares and $200 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby each 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.

36 Wells Fargo Advantage Index Asset Allocation Fund Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2014 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$19,591,194	$12,328,910	$13,582,189	$28,240,825

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2014, the Fund entered into futures contracts to gain market exposure to certain asset classes in accordance with an active asset allocation strategy.

At March 31, 2014, the Fund had long and short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type		Contract value at March 31, 2014		Unrealized gains (losses)
6-19-2014	Goldman Sachs	192 Long		S&P 500 Index	$	89,500,800	$	1,191,932
6-19-2014	Goldman Sachs	37 Long		U.S. Treasury Bonds		4,929,094		52,447
6-19-2014	Goldman Sachs	630 Short		U.S. Treasury Bonds		83,927,813		(1,155,689	)

The Fund had an average notional amount of $86,624,503 and $71,287,844 in long and short futures contracts, respectively, during the six months ended March 31, 2014.

On March 31, 2014, the cumulative unrealized gains on futures contracts in the amount of $88,690 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The receivable and payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

The fair value of derivative instruments as of March 31, 2014 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Asset and Liabilities location	Fair value			Statement of Asset and Liabilities location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments		52,447	*	Net assets –Net unrealized gains on investments	$	1,155,689	*
Equity contracts	Net assets – Net unrealized gains on investments		1,191,932	*	Net assets –Net unrealized gains on investments		0
		$	1,244,379			$	1,155,689

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the receivable and payable for variation margin as of March 31, 2014, which represents the current day’s variation margin, is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2014 was as follows for the Fund:

	Amount of realized gains on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	(4,302,046	)	$	3,754,077
Equity contracts		8,911,243			1,121,154
	$	4,609,197		$	4,875,231

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an

Notes to financial statements (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 37

exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities		Amounts subject to netting agreements	Collateral received		Net amount
Futures – variation margin	Goldman Sachs	$	901,098	($6,593)	$	0	$	894,505

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities		Amounts subject to netting agreements	Collateral pledged		Net amount
Futures – variation margin	Goldman Sachs	$	6,593	($6,593)	$	0	$	0

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 March 31, 2014, the Fund paid $588 in commitment fees.

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

8. INDEMNIFICATION

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

38 Wells Fargo Advantage Index Asset Allocation Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 39

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

40 Wells Fargo Advantage Index Asset Allocation 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.

Other information (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 41

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 27-28, 2014 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Index Asset Allocation Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

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

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the average performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than or in range of its

42 Wells Fargo Advantage Index Asset Allocation Fund Other information (unaudited)

benchmark, the Index Asset Allocation Composite Index, for the one-, three- and five-year periods under review and was lower than its benchmark for the 10-year period under review.

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

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

Investment advisory and sub-advisory fee rates

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

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rate for the Administrator Class was in range of the average rate for its expense Group, while the Management Rate for Class A was higher than the average rate for its expense Group. The Board noted that the net operating expense ratio for Class A was in range of the median net operating expense ratio of its expense Group.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.

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

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

Profitability

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

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

Other information (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 43

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

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

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.

44 Wells Fargo Advantage Index Asset Allocation 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 —  Columbian Peso

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 —  Indonesian rupiah

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

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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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

© 2014 Wells Fargo Funds Management, LLC. All rights reserved.

224308 05-14 SA227/SAR227 03-14

Wells Fargo Advantage
C&B Mid Cap Value Fund

Semi-Annual Report

March 31, 2014

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	19
Other information	23
List of abbreviations	29

The views expressed and any forward-looking statements are as of March 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 C&B Mid Cap Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies.

Dear Valued Shareholder:

We are pleased to offer you this report for the Wells Fargo Advantage C&B Mid Cap Value Fund for the six-month period that ended March 31, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, low inflation, and equity market gains. Investors appeared less risk-averse, favoring higher-growth sectors of the market over defensive companies, such as utilities. Considerable geopolitical uncertainty and heightened equity market volatility as the U.S. and Europe confronted Russia over Ukraine that occurred in the last three months of the reporting period were countered by increased confidence that the U.S. economic recovery was gaining strength, which resulted in positive returns for domestic stocks (measured by the Russell 3000^® Index¹) for the six-month reporting period.

U.S. economic prospects brightened.

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the monetary policymaking body of the Federal Reserve—kept its key interest rate near zero and purchased both mortgage-backed securities and long-term U.S. Treasuries in an effort to keep interest rates low. In mid-December 2013, the FOMC conveyed confidence in the strength of the economy by announcing it would begin tapering its bond-buying program.

Meanwhile, in November 2013, the European Central Bank (ECB) cut its key rate to a then-historic low of 0.25%. Its 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. economic data was moderately positive, gaining strength as the period progressed. Data that was available at the end of the reporting period showed that U.S. real gross domestic product increased at a 2.6% annualized rate in the fourth quarter of 2013. The jobs picture continued to slowly improve as the unemployment rate declined to 6.7% as of February 2014. Meanwhile, inflation remained low. The eurozone exited a protracted recession and reported weak but positive economic activity during the last three quarters of 2013.

U.S. equity markets had strong returns.

The modestly positive outlook for the U.S. economy contributed to a positive domestic stock market for most of the reporting period. Stock prices (measured by the Russell 3000 Index¹) rose during the period. These positive results came despite several short-term sell-offs, the most significant of which occurred in January 2014 as the result of new concerns about global economic strength when China posted weak manufacturing data and emerging markets showed renewed volatility.

Economically-sensitive companies had the best results over the past six months. For example, information technology companies continued to benefit from long-term trends such as the growth of cloud computing, a shift toward software-as-a-service, and great use of data analytics. At the other end of the spectrum, more defensive companies, such as those within the consumer staples sector of the Russell 2500^TM Index², had weak but positive returns over the past five months.

1. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

2. The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 3

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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.

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 C&B Mid Cap Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Cooke & Bieler, L.P.

Portfolio managers

Steve Lyons, CFA

Michael M. Meyer, CFA

Edward W. O’Connor, CFA

R. James O’Neil, CFA

Mehul Trivedi, CFA

William Weber, CFA

Average annual total returns¹ (%) as of March 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 (CBMAX)	7-26-2004		15.63		21.88		7.51		22.70		23.33		8.15		1.39		1.21
Class B (CBMBX)*	7-26-2004		16.78		22.21		7.58		21.78		22.39		7.58		2.14		1.96
Class C (CBMCX)	7-26-2004		20.81		22.40		7.35		21.81		22.40		7.35		2.14		1.96
Administrator Class (CBMIX)	7-26-2004		–		–		–		22.77		23.37		8.28		1.23		1.16
Institutional Class (CBMSX)	7-26-2004		–		–		–		23.05		23.69		8.54		0.96		0.91
Investor Class (CBMDX)	2-18-1998		–		–		–		22.65		23.27		8.17		1.45		1.26
Russell Midcap® Value Index4	–		–		–		–		22.95		26.35		10.24		–		–

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

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 C&B Mid Cap Value Fund 5

Ten largest long-term holdings5 (%) as of  March 31, 2014
Crown Holdings Incorporated	3.38
RenaissanceRe Holdings Limited	3.30
Teleflex Incorporated	3.04
Schweitzer Manduit International Incorporated	3.01
Brink’s Company	2.98
TCF Financial Corporation	2.97
Ball Corporation	2.87
Entegris Incorporated	2.84
MEDNAX Incorporated	2.83
Noble Energy Incorporated	2.68

Sector distribution⁶ as of March 31, 2014

1. Historical performance shown for Class A, Class B, and Class C shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class A, Class B, and Class C shares. Historical performance shown for Administrator and 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. Effective June 20, 2008, Class D was renamed Investor Class and modified to assume the features and attributes of Investor Class. Historical performance shown for the Investor Class shares through June 19, 2008, includes Class D expenses.

2. 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.

3. The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.20% for Class A, 1.95% for Class B, 1.95% for Class C, 1.15% for Administrator Class, 0.90% for Institutional Class, and 1.25% 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 Midcap^® Value Index measures the performance of those Russell Midcap^® companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. You cannot invest directly in an index.

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

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

6 Wells Fargo Advantage C&B Mid Cap Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2013 to March 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 10-1-2013		Ending account value 3-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,091.08	$	6.26		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Class B
Actual	$	1,000.00	$	1,087.00	$	10.15		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.21	$	9.80		1.95	%
Class C
Actual	$	1,000.00	$	1,086.82	$	10.15		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.21	$	9.80		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,091.19	$	6.00		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,092.34	$	4.69		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%
Investor Class
Actual	$	1,000.00	$	1,090.72	$	6.52		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29		1.25	%

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 7

Security name	Shares		Value
Common Stocks: 97.23%
Consumer Discretionary: 11.56%
Automobiles: 0.48%
Winnebago Industries Incorporated †		36,801	$	1,007,979
Household Durables: 3.62%
Helen of Troy Limited †		45,000		3,115,350
NVR Incorporated †		3,870		4,438,890
				7,554,240
Leisure Products: 2.63%
Hasbro Incorporated		98,800		5,495,256
Media: 2.54%
Omnicom Group Incorporated		73,200		5,314,320
Textiles, Apparel & Luxury Goods: 2.29%
Gildan Activewear Incorporated		95,100		4,791,138
Consumer Staples: 2.44%
Beverages: 1.52%
Coca-Cola Enterprises Incorporated		66,500		3,176,040
Personal Products: 0.92%
Avon Products Incorporated		130,850		1,915,644
Energy: 5.12%
Oil, Gas & Consumable Fuels: 5.12%
Noble Energy Incorporated		78,900		5,605,056
World Fuel Service Corporation		115,600		5,097,960
				10,703,016
Financials: 21.79%
Banks: 7.23%
City National Corporation		51,300		4,038,336
Commerce Bancshares Incorporated		104,700		4,860,174
TCF Financial Corporation		372,700		6,209,182
				15,107,692
Consumer Finance: 2.39%
First Cash Financial Services Incorporated †		99,200		5,005,632
Insurance: 12.17%
Axis Capital Holdings Limited		107,400		4,924,290
RenaissanceRe Holdings Limited		70,800		6,910,080
Stewart Information Services Corporation		134,800		4,735,524
Torchmark Corporation		56,200		4,422,940
Willis Group Holdings plc		101,000		4,457,130
				25,449,964

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

8 Wells Fargo Advantage C&B Mid Cap Value Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Health Care: 10.78%
Health Care Equipment & Supplies: 3.03%
Teleflex Incorporated		59,200	$	6,348,608
Health Care Providers & Services: 7.75%
Cardinal Health Incorporated		70,400		4,926,592
Laboratory Corporation of America Holdings †		54,600		5,362,266
MEDNAX Incorporated †		95,400		5,912,892
				16,201,750
Industrials: 18.94%
Building Products: 2.09%
Quanex Building Products Corporation		211,000		4,363,480
Commercial Services & Supplies: 10.32%
Brink’s Company		218,200		6,229,610
Cintas Corporation		77,500		4,619,775
G&K Services Incorporated Class A		18,700		1,143,879
Steelcase Incorporated		289,600		4,810,256
Tetra Tech Incorporated †		161,700		4,784,703
				21,588,223
Machinery: 4.96%
Harsco Corporation		96,600		2,263,338
Kennametal Incorporated		115,400		5,112,220
Parker Hannifin Corporation		25,100		3,004,721
				10,380,279
Trading Companies & Distributors: 1.57%
Aercap Holdings NV †		77,800		3,282,382
Information Technology: 10.93%
IT Services: 2.64%
Western Union Company		337,500		5,521,500
Semiconductors & Semiconductor Equipment: 6.04%
Entegris Incorporated †		490,600		5,941,166
Lam Research Corporation †		64,500		3,547,500
Teradyne Incorporated Ǡ		157,700		3,136,653
				12,625,319
Software: 2.25%
Rovi Corporation †		207,100		4,717,738
Materials: 15.67%
Containers & Packaging: 10.06%
Ball Corporation		109,600		6,007,176
Bemis Company Incorporated		83,800		3,288,312
Crown Holdings Incorporated †		158,200		7,077,868
Rock-Tenn Company Class A		44,100		4,655,637
				21,028,993

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 9

Security name				Shares		Value
Metals & Mining: 2.60%
Reliance Steel & Aluminum Company					77,000	$	5,440,820
Paper & Forest Products: 3.01%
Schweitzer Manduit International Incorporated					147,700		6,290,543
Total Common Stocks (Cost $151,898,688)							203,310,556
	Yield
Short-Term Investments: 3.33%
Investment Companies: 3.33%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		5,670,458		5,670,458
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.09			1,290,000		1,290,000
Total Short-Term Investments (Cost $6,960,458)							6,960,458

Total investments in securities (Cost $158,859,146) *	100.56	%		210,271,014
Other assets and liabilities, net	(0.56	)		(1,169,109	)
Total net assets	100.00	%	$	209,101,905

† 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 $160,258,506 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	52,624,509
Gross unrealized depreciation		(2,612,001	)
Net unrealized appreciation	$	50,012,508

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

10 Wells Fargo Advantage C&B Mid Cap Value Fund Statement of assets and liabilities—March 31, 2014 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	203,310,556
In affiliated securities, at value (see cost below)		6,960,458
Total investments, at value (see cost below)		210,271,014
Cash		40,075
Receivable for Fund shares sold		324,082
Receivable for dividends		114,665
Receivable for securities lending income		1,867
Prepaid expenses and other assets		19,278
Total assets		210,770,981
Liabilities
Payable for Fund shares redeemed		151,241
Payable upon receipt of securities loaned		1,290,000
Advisory fee payable		102,956
Distribution fees payable		5,713
Due to other related parties		53,893
Accrued expenses and other liabilities		65,273
Total liabilities		1,669,076
Total net assets	$	209,101,905
NET ASSETS CONSIST OF
Paid-in capital	$	276,308,851
Overdistributed net investment income		(26,836	)
Accumulated net realized losses on investments		(118,591,978	)
Net unrealized gains on investments		51,411,868
Total net assets	$	209,101,905
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	22,387,313
Shares outstanding – Class A		867,469
Net asset value per share – Class A		$25.81
Maximum offering price per share – Class A2		$27.38
Net assets – Class B	$	376,944
Shares outstanding – Class B		15,085
Net asset value per share – Class B		$24.99
Net assets – Class C	$	8,635,628
Shares outstanding – Class C		346,677
Net asset value per share – Class C		$24.91
Net assets – Administrator Class	$	16,221,326
Shares outstanding – Administrator Class		621,767
Net asset value per share – Administrator Class		$26.09
Net assets – Institutional Class	$	34,834,080
Shares outstanding – Institutional Class		1,339,624
Net asset value per share – Institutional Class		$26.00
Net assets – Investor Class	$	126,646,614
Shares outstanding – Investor Class		4,883,157
Net asset value per share – Investor Class		$25.94
Investments in unaffiliated securities (including securities on loan), at cost	$	151,898,688
Investments in affiliated securities, at cost	$	6,960,458
Total investments, at cost	$	158,859,146
Securities on loan, at value	$	1,259,040

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 March 31, 2014 (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 11

Investment income
Dividends *	$	1,328,127
Securities lending income, net		7,590
Income from affiliated securities		3,759
Total investment income		1,339,476
Expenses
Advisory fee		714,774
Administration fees
Fund level		51,055
Class A		27,246
Class B		769
Class C		10,658
Administrator Class		9,116
Institutional Class		12,450
Investor Class		200,186
Shareholder servicing fees
Class A		26,198
Class B		739
Class C		10,248
Administrator Class		22,426
Investor Class		156,395
Distribution fees
Class B		2,218
Class C		30,745
Custody and accounting fees		8,833
Professional fees		19,674
Registration fees		32,012
Shareholder report expenses		19,518
Trustees’ fees and expenses		6,487
Other fees and expenses		5,658
Total expenses		1,367,405
Less: Fee waivers and/or expense reimbursements		(129,100	)
Net expenses		1,238,305
Net investment income		101,171
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		9,284,601
Net change in unrealized gains (losses) on investments		7,969,380
Net realized and unrealized gains (losses) on investments		17,253,981
Net increase in net assets resulting from operations	$	17,355,152
* Net of foreign dividend withholding taxes in the amount of		$3,183

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

12 Wells Fargo Advantage C&B Mid Cap Value Fund Statement of changes in net assets

	Six months ended March 31, 2014 (unaudited)						Year ended September 30, 2013
Operations
Net investment income				$	101,171					$	758,965
Net realized gains on investments					9,284,601						18,170,015
Net change in unrealized gains (losses) on investments					7,969,380						25,090,042
Net increase in net assets resulting from operations					17,355,152						44,019,022
Distributions to shareholders from
Net investment income
Class A					(73,340	)					(132,553	)
Class C					0						(13,953	)
Administrator Class					(81,051	)					(101,884	)
Institutional Class					(190,145	)					(312,656	)
Investor Class					(348,778	)					(847,059	)
Total distributions to shareholders					(693,314	)					(1,408,105	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		109,682			2,745,424			303,719			6,415,657
Class B		3,718			89,123			4,051			82,765
Class C		35,402			850,239			89,156			1,888,157
Administrator Class		336,378			8,417,394			388,577			8,634,156
Institutional Class		445,567			11,126,648			560,697			12,333,031
Investor Class		509,354			12,743,619			1,513,378			31,608,850
					35,972,447						60,962,616
Reinvestment of distributions
Class A		2,955			72,492			7,079			130,811
Class C		0			0			737			13,225
Administrator Class		2,704			67,052			4,229			79,000
Institutional Class		6,054			149,526			12,902			239,840
Investor Class		14,029			345,965			45,126			837,994
					635,035						1,300,870
Payment for shares redeemed
Class A		(65,178	)		(1,629,509	)		(229,803	)		(4,796,079	)
Class B		(19,125	)		(460,829	)		(49,544	)		(956,387	)
Class C		(20,213	)		(488,644	)		(56,966	)		(1,132,291	)
Administrator Class		(530,508	)		(13,139,492	)		(157,009	)		(3,226,640	)
Institutional Class		(140,388	)		(3,521,880	)		(904,655	)		(17,984,016	)
Investor Class		(706,065	)		(17,658,403	)		(1,475,570	)		(30,924,923	)
					(36,898,757	)					(59,020,336	)
Net increase (decrease) in net assets resulting from capital share transactions					(291,275	)					3,243,150
Total increase in net assets					16,370,563						45,854,067
Net assets
Beginning of period					192,731,342						146,877,275
End of period				$	209,101,905					$	192,731,342
Undistributed (overdistributed) net investment income				$	(26,836	)				$	565,307

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

Financial highlights Wells Fargo Advantage C&B Mid Cap Value Fund 13

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS A				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	23.74		$	18.22		$	14.06		$	14.16		$	12.33		$	11.29		$	21.80
Net investment income		0.02			0.10	2		0.16			0.06			0.09	2		0.11	2		0.18	2
Net realized and unrealized gains (losses) on investments		2.14			5.60			4.10			(0.06	)		1.81			1.10			(6.52	)
Total from investment operations		2.16			5.70			4.26			0.00			1.90			1.21			(6.34	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.18	)		(0.10	)		(0.10	)		(0.07	)		(0.17	)		(0.06	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(4.11	)
Total distributions to shareholders		(0.09	)		(0.18	)		(0.10	)		(0.10	)		(0.07	)		(0.17	)		(4.17	)
Net asset value, end of period	$	25.81		$	23.74		$	18.22		$	14.06		$	14.16		$	12.33		$	11.29
Total return3		9.11	%		31.59	%		30.42	%		(0.10	)%		15.44	%		11.05	%		(34.84	)%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.38	%		1.38	%		1.35	%		1.40	%		1.45	%		1.43	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.35	%
Net investment income		0.11	%		0.49	%		0.97	%		0.48	%		0.70	%		1.06	%		1.19	%
Supplemental data
Portfolio turnover rate		28	%		48	%		25	%		44	%		23	%		47	%		31	%
Net assets, end of period (000s omitted)		$22,387			$19,468			$13,466			$11,174			$14,136			$16,830			$18,246

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

2. Calculated based upon average shares outstanding

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

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

14 Wells Fargo Advantage C&B Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS B				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	22.99		$	17.61		$	13.60		$	13.72		$	11.96		$	10.90		$	21.29
Net investment income (loss)		(0.07	)2		(0.05	)2		0.02	2		(0.04	)2		(0.01	)2		0.04	2		0.07	2
Net realized and unrealized gains (losses) on investments		2.07			5.43			3.99			(0.08	)		1.77			1.07			(6.35	)
Total from investment operations		2.00			5.38			4.01			(0.12	)		1.76			1.11			(6.28	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.05	)		0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(4.11	)
Total distributions to shareholders		0.00			0.00			0.00			0.00			0.00			(0.05	)		(4.11	)
Net asset value, end of period	$	24.99		$	22.99		$	17.61		$	13.60		$	13.72		$	11.96		$	10.90
Total return3		8.70	%		30.55	%		29.49	%		(0.87	)%		14.72	%		10.27	%		(35.41	)%
Ratios to average net assets (annualized)
Gross expenses		2.10	%		2.13	%		2.12	%		2.10	%		2.15	%		2.21	%		2.18	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		2.10	%
Net investment income (loss)		(0.62	)%		(0.26	)%		0.14	%		(0.28	)%		(0.05	)%		0.34	%		0.46	%
Supplemental data
Portfolio turnover rate		28	%		48	%		25	%		44	%		23	%		47	%		31	%
Net assets, end of period (000s omitted)		$377			$701			$1,338			$2,622			$3,826			$4,177			$5,123

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage C&B Mid Cap Value Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS C				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	22.92		$	17.60		$	13.59		$	13.71		$	11.96		$	10.91		$	21.29
Net investment income (loss)		(0.08	)2		(0.05	)2		0.03	2		(0.04	)2		(0.00	)2,3		0.03	2		0.07	2
Net realized and unrealized gains (losses) on investments		2.07			5.42			3.98			(0.08	)		1.75			1.08			(6.34	)
Total from investment operations		1.99			5.37			4.01			(0.12	)		1.75			1.11			(6.27	)
Distributions to shareholders from
Net investment income		0.00			(0.05	)		0.00			0.00			0.00			(0.06	)		0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(4.11	)
Total distributions to shareholders		0.00			(0.05	)		0.00			0.00			0.00			(0.06	)		(4.11	)
Net asset value, end of period	$	24.91		$	22.92		$	17.60		$	13.59		$	13.71		$	11.96		$	10.91
Total return4		8.68	%		30.58	%		29.51	%		(0.88	)%		14.63	%		10.24	%		(35.26	)%
Ratios to average net assets (annualized)
Gross expenses		2.10	%		2.13	%		2.13	%		2.10	%		2.15	%		2.20	%		2.16	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		2.09	%
Net investment income (loss)		(0.64	)%		(0.26	)%		0.21	%		(0.27	)%		(0.04	)%		0.31	%		0.46	%
Supplemental data
Portfolio turnover rate		28	%		48	%		25	%		44	%		23	%		47	%		31	%
Net assets, end of period (000s omitted)		$8,636			$7,598			$5,254			$4,611			$6,137			$6,105			$6,147

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 C&B Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
ADMINISTRATOR CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	24.01		$	18.42		$	14.22		$	14.32		$	12.47		$	11.39		$	21.98
Net investment income		0.02	2		0.11	2		0.17	2		0.09	2		0.10	2		0.12	2		0.24	2
Net realized and unrealized gains (losses) on investments		2.16			5.67			4.14			(0.07	)		1.82			1.11			(6.62	)
Total from investment operations		2.18			5.78			4.31			0.02			1.92			1.23			(6.38	)
Distributions to shareholders from
Net investment income		(0.10	)		(0.19	)		(0.11	)		(0.12	)		(0.07	)		(0.15	)		(0.10	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(4.11	)
Total distributions to shareholders		(0.10	)		(0.19	)		(0.11	)		(0.12	)		(0.07	)		(0.15	)		(4.21	)
Net asset value, end of period	$	26.09		$	24.01		$	18.42		$	14.22		$	14.32		$	12.47		$	11.39
Total return3		9.12	%		31.65	%		30.44	%		0.01	%		15.47	%		11.13	%		(34.77	)%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.21	%		1.21	%		1.18	%		1.22	%		1.28	%		1.24	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		0.12	%		0.53	%		1.00	%		0.55	%		0.78	%		1.11	%		1.52	%
Supplemental data
Portfolio turnover rate		28	%		48	%		25	%		44	%		23	%		47	%		31	%
Net assets, end of period (000s omitted)		$16,221			$19,525			$10,636			$10,299			$9,582			$13,237			$13,383

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 C&B Mid Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
INSTITUTIONAL CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	23.95		$	18.38		$	14.19		$	14.29		$	12.44		$	11.43		$	22.06
Net investment income		0.05			0.17	2		0.23			0.13			0.13	2		0.15	2		0.24	2
Net realized and unrealized gains (losses) on investments		2.15			5.64			4.11			(0.08	)		1.82			1.10			(6.60	)
Total from investment operations		2.20			5.81			4.34			0.05			1.95			1.25			(6.36	)
Distributions to shareholders from
Net investment income		(0.15	)		(0.24	)		(0.15	)		(0.15	)		(0.10	)		(0.24	)		(0.16	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(4.11	)
Total distributions to shareholders		(0.15	)		(0.24	)		(0.15	)		(0.15	)		(0.10	)		(0.24	)		(4.27	)
Net asset value, end of period	$	26.00		$	23.95		$	18.38		$	14.19		$	14.29		$	12.44		$	11.43
Total return3		9.23	%		31.98	%		30.80	%		0.21	%		15.78	%		11.45	%		(34.63	)%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.95	%		0.95	%		0.92	%		0.96	%		1.02	%		0.98	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.42	%		0.82	%		1.31	%		0.76	%		1.02	%		1.41	%		1.58	%
Supplemental data
Portfolio turnover rate		28	%		48	%		25	%		44	%		23	%		47	%		31	%
Net assets, end of period (000s omitted)		$34,834			$24,628			$24,983			$22,704			$34,910			$31,421			$33,017

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

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage C&B Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
INVESTOR CLASS				2013			2012			2011			20101			2009			20082
Net asset value, beginning of period	$	23.85		$	18.30		$	14.12		$	14.22		$	12.37		$	11.34		$	21.89
Net investment income		0.01			0.10			0.16			0.07			0.08	3		0.11	3		0.20	3
Net realized and unrealized gains (losses) on investments		2.15			5.62			4.11			(0.09	)		1.83			1.10			(6.58	)
Total from investment operations		2.16			5.72			4.27			(0.02	)		1.91			1.21			(6.38	)
Distributions to shareholders from
Net investment income		(0.07	)		(0.17	)		(0.09	)		(0.08	)		(0.06	)		(0.18	)		(0.06	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(4.11	)
Total distributions to shareholders		(0.07	)		(0.17	)		(0.09	)		(0.08	)		(0.06	)		(0.18	)		(4.17	)
Net asset value, end of period	$	25.94		$	23.85		$	18.30		$	14.12		$	14.22		$	12.37		$	11.34
Total return4		9.07	%		31.55	%		30.34	%		(0.19	)%		15.39	%		11.09	%		(34.87	)%
Ratios to average net assets (annualized)
Gross expenses		1.41	%		1.44	%		1.45	%		1.42	%		1.49	%		1.56	%		1.47	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		0.06	%		0.44	%		0.91	%		0.42	%		0.64	%		1.01	%		1.30	%
Supplemental data
Portfolio turnover rate		28	%		48	%		25	%		44	%		23	%		47	%		31	%
Net assets, end of period (000s omitted)		$126,647			$120,811			$91,201			$80,622			$120,364			$163,708			$185,541

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

2. Effective June 20, 2008, Class D was renamed Investor Class.

3. Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 19

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

20 Wells Fargo Advantage C&B Mid Cap Value 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

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 September 30, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $126,457,844 with $43,167,523 expiring in 2016; $64,071,649 expiring in 2017; and $19,218,672 expiring in 2019.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage C&B Mid Cap 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 March 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
Consumer discretionary	$	24,162,933	$	0	$	0	$	24,162,933
Consumer staples		5,091,684		0		0		5,091,684
Energy		10,703,016		0		0		10,703,016
Financials		45,563,288		0		0		45,563,288
Health care		22,550,358		0		0		22,550,358
Industrials		39,614,364		0		0		39,614,364
Information technology		22,864,557		0		0		22,864,557
Materials		32,760,356		0		0		32,760,356
Short-term investments
Investment companies		5,670,458		1,290,000		0		6,960,458
	$	208,981,014	$	1,290,000	$	0	$	210,271,014

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended March 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 0.70% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended March 31, 2014, the advisory fee was equivalent to an annual rate of 0.70% 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. Cooke & Bieler, L.P. is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

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

	Class level administration fee
Class A, Class B, 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

22 Wells Fargo Advantage C&B Mid Cap Value Fund Notes to financial statements (unaudited)

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 January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class B shares, 1.95% for Class C shares, 1.15% for Administrator Class, 0.90% for Institutional Class shares, and 1.25% for Investor Class shares.

Distribution fees

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

For the six months ended March 31, 2014, Wells Fargo Funds Distributor, LLC received $3,563 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2014 were $58,390,650 and $54,716,279, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended March 31, 2014, the Fund paid $154 in commitment fees.

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

7. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 23

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

24 Wells Fargo Advantage C&B Mid Cap Value Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for 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 C&B Mid Cap Value Fund 25

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 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 C&B Mid Cap Value Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 27-28, 2014 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage C&B Mid Cap Value Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Cooke & Bieler, L.P. (the “Sub-Adviser”) for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

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

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the average performance of the Universe for the one-, three-, and five-year periods under review, and lower than the average performance of the Universe for the ten-year period under review. The Board also noted that the performance of the Fund was higher than its benchmark, the Russell Midcap^® Value Index, for the one- and three-year periods under review, and lower than the benchmark for the five- and ten-year periods under review.

Other information (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 27

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

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

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

Investment advisory and sub-advisory fee rates

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

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

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. The Board considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Lipper to be similar to the Fund. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. The Board also considered that the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s length basis.

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

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. The Board did not consider profitability with respect to the Sub-Adviser, as the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s-length basis.

28 Wells Fargo Advantage C&B Mid Cap Value Fund Other information (unaudited)

Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management, the Sub-Adviser, and their affiliates as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

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

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.

List of abbreviations Wells Fargo Advantage C&B Mid Cap Value Fund 29

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

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 —  Indonesian rupiah

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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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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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

© 2014 Wells Fargo Funds Management, LLC. All rights reserved.

224309 05-14 SA228/SAR228 03-14

Wells Fargo Advantage Common Stock Fund

Semi-Annual Report

March 31, 2014

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	22
Other information	27
List of abbreviations	33

The views expressed and any forward-looking statements are as of March 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 Common Stock Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies.

Dear Valued Shareholder:

We are pleased to offer you this report for the Wells Fargo Advantage Common Stock Fund for the six-month period that ended March 31, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, low inflation, and equity market gains. Investors appeared less risk-averse, favoring higher-growth sectors of the market over defensive companies, such as utilities. Considerable geopolitical uncertainty and heightened equity market volatility as the U.S. and Europe confronted Russia over Ukraine that occurred in the last three months of the reporting period were countered by increased confidence that the U.S. economic recovery was gaining strength, which resulted in positive returns for domestic stocks (measured by the Russell 3000^® Index¹) for the six-month reporting period.

U.S. economic prospects brightened.

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the monetary policymaking body of the Federal Reserve—kept its key interest rate near zero and purchased both mortgage-backed securities and long-term U.S. Treasuries in an effort to keep interest rates low. In mid-December 2013, the FOMC conveyed confidence in the strength of the economy by announcing it would begin tapering its bond-buying program.

Meanwhile, in November 2013, the European Central Bank (ECB) cut its key rate to a then-historic low of 0.25%. Its 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. economic data was moderately positive, gaining strength as the period progressed. Data that was available at the end of the reporting period showed that U.S. real gross domestic product increased at a 2.6% annualized rate in the fourth quarter of 2013. The jobs picture continued to slowly improve as the unemployment rate declined to 6.7% as of February 2014. Meanwhile, inflation remained low. The eurozone exited a protracted recession and reported weak but positive economic activity during the last three quarters of 2013.

U.S. equity markets had strong returns.

The modestly positive outlook for the U.S. economy contributed to a positive domestic stock market for most of the reporting period. Stock prices (measured by the Russell 3000 Index¹) rose during the period. These positive results came despite several short-term sell-offs, the most significant of which occurred in January 2014 as the result of new concerns about global economic strength when China posted weak manufacturing data and emerging markets showed renewed volatility.

Economically-sensitive companies had the best results over the past six months. For example, information technology companies continued to benefit from long-term trends such as the growth of cloud computing, a shift toward software-as-a-service, and great use of data analytics. At the other end of the spectrum, more defensive companies, such as those within the consumer staples sector of the Russell 2500^TM Index², had weak but positive returns over the past six months.

1. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

2. The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Advantage Common Stock Fund 3

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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.

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 Common Stock 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 manager

Ann M. Miletti

Average annual total returns¹ (%) as of March 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 (SCSAX)	11-30-2000		14.83		22.16		9.72		21.86		23.61		10.37		1.32		1.28
Class B (SCSKX)*	11-30-2000		15.95		22.50		9.78		20.95		22.68		9.78		2.07		2.03
Class C (STSAX)	11-30-2000		19.96		22.67		9.54		20.96		22.67		9.54		2.07		2.03
Class R6 (SCSRX)	6-28-2013		–		–		–		22.42		23.98		10.53		0.84		0.84
Administrator Class (SCSDX)	7-30-2010		–		–		–		22.02		23.76		10.44		1.16		1.12
Institutional Class (SCNSX)	7-30-2010		–		–		–		22.33		23.96		10.53		0.89		0.89
Investor Class (STCSX)	12-29-1989		–		–		–		21.80		23.56		10.38		1.38		1.31
Russell 2500TM Index4	–		–		–		–		24.01		25.33		9.43		–		–

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

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect 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 R6, Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). 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 Common Stock Fund 5

Ten largest equity holdings5 (%) as of March 31, 2014
Harman International Industries Incorporated	1.98
Skyworks Solutions Incorporated	1.75
Diebold Incorporated	1.69
ON Semiconductor Corporation	1.66
Global Payments Incorporated	1.62
GATX Corporation	1.57
MRC Global Incorporated	1.54
Trimble Navigation Limited	1.52
Red Hat Incorporated	1.50
Thoratec Corporation	1.50

Sector distribution⁶ as of March 31, 2014

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

2. Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.02% 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.

3. The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.26% for Class A, 2.01% for Class B, 2.01% for Class C, 0.85% for Class R6, 1.10% for Administrator Class, 0.90% for Institutional Class, and 1.29% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

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

6 Wells Fargo Advantage Common Stock 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 October 1, 2013 to March 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 10-1-2013		Ending account value 3-31-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,115.93	$	6.65		1.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.34		1.26	%
Class B
Actual	$	1,000.00	$	1,111.88	$	10.58		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.91	$	10.10		2.01	%
Class C
Actual	$	1,000.00	$	1,111.36	$	10.58		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.91	$	10.10		2.01	%
Class R6
Actual	$	1,000.00	$	1,118.51	$	4.23		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.94	$	4.03		0.80	%
Administrator Class
Actual	$	1,000.00	$	1,116.49	$	5.75		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.50	$	5.49		1.09	%
Institutional Class
Actual	$	1,000.00	$	1,118.12	$	4.54		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.64	$	4.33		0.86	%
Investor Class
Actual	$	1,000.00	$	1,115.72	$	6.80		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.49		1.29	%

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—March 31, 2014 (unaudited) Wells Fargo Advantage Common Stock Fund 7

Security name	Shares		Value
Common Stocks: 92.78%
Consumer Discretionary: 15.81%
Auto Components: 1.33%
Allison Transmission Holdings Incorporated		752,530	$	22,530,748
Diversified Consumer Services: 1.83%
Apollo Group Incorporated Class A †		544,574		18,646,214
Grand Canyon Education Incorporated †		264,563		12,355,092
				31,001,306
Hotels, Restaurants & Leisure: 1.33%
Royal Caribbean Cruises Limited		413,152		22,541,573
Household Durables: 3.94%
Harman International Industries Incorporated		314,315		33,443,116
MDC Holdings Incorporated		636,112		17,989,247
Mohawk Industries Incorporated †		111,526		15,165,305
				66,597,668
Media: 2.23%
Interpublic Group of Companies Incorporated		1,220,269		20,915,411
Scripps Networks Interactive Incorporated		168,718		12,807,383
Time Warner Cable Incorporated		29,160		4,000,169
				37,722,963
Specialty Retail: 5.15%
Ann Incorporated †		590,416		24,490,456
Express Incorporated †		1,055,339		16,758,783
Tractor Supply Company		108,974		7,696,834
Urban Outfitters Incorporated †		519,709		18,953,787
Vitamin Shoppe Incorporated †		402,942		19,147,804
				87,047,664
Consumer Staples: 1.88%
Food & Staples Retailing: 1.00%
The Fresh Market Incorporated †		502,705		16,890,888
Household Products: 0.88%
Church & Dwight Company Incorporated		215,887		14,911,315
Energy: 8.13%
Energy Equipment & Services: 4.85%
Cameron International Corporation †		352,694		21,785,908
Dresser-Rand Group Incorporated †		308,781		18,035,898
Helmerich & Payne Incorporated		209,555		22,539,736
Noble Corporation plc		599,968		19,642,952
				82,004,494

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

8 Wells Fargo Advantage Common Stock Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 3.28%
Bill Barrett Corporation Ǡ		839,988	$	21,503,693
QEP Resources Incorporated		499,654		14,709,814
SM Energy Company		271,023		19,321,230
				55,534,737
Financials: 12.72%
Banks: 3.86%
First Horizon National Corporation		1,671,626		20,627,865
MB Financial Incorporated		245,554		7,602,352
National Bank Holdings Corporation Class A		1,001,036		20,090,793
Zions Bancorporation		549,300		17,017,314
				65,338,324
Capital Markets: 1.35%
Waddell & Reed Financial Incorporated		309,533		22,787,819
Consumer Finance: 0.93%
DFC Global Corporation †		1,776,026		15,682,310
Insurance: 4.28%
Arch Capital Group Limited †		343,757		19,779,778
CNO Financial Group Incorporated		1,040,062		18,825,122
Reinsurance Group of America Incorporated		223,760		17,818,009
RenaissanceRe Holdings Limited		164,209		16,026,798
				72,449,707
REITs: 2.30%
Campus Crest Communities Incorporated		1,965,787		17,063,031
Hersha Hospitality Trust		3,750,481		21,865,304
				38,928,335
Health Care: 10.27%
Health Care Equipment & Supplies: 6.44%
CareFusion Corporation †		528,915		21,272,961
DENTSPLY International Incorporated		414,034		19,062,125
HeartWare International Incorporated †		78,398		7,352,164
Hologic Incorporated †		878,248		18,882,332
Thoratec Corporation †		708,751		25,380,373
Varian Medical Systems Incorporated †		202,493		17,007,387
				108,957,342
Health Care Providers & Services: 1.03%
Universal Health Services Incorporated Class B		211,454		17,354,030
Life Sciences Tools & Services: 2.80%
Parexel International Corporation †		422,684		22,862,978
PerkinElmer Incorporated		543,395		24,485,379
				47,348,357

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Common Stock Fund 9

Security name	Shares		Value
Industrials: 17.32%
Airlines: 0.88%
United Continental Holdings Incorporated †		332,606	$	14,844,206
Commercial Services & Supplies: 2.61%
Republic Services Incorporated		627,735		21,443,428
Steelcase Incorporated		1,363,057		22,640,377
				44,083,805
Electrical Equipment: 4.19%
AMETEK Incorporated		264,360		13,611,896
Babcock & Wilcox Company		745,510		24,750,932
General Cable Corporation		768,505		19,681,413
Sensata Technologies Holdings NV †		302,611		12,903,333
				70,947,574
Machinery: 2.44%
SPX Corporation		208,949		20,541,776
Wabash National Corporation †		1,504,325		20,699,512
				41,241,288
Road & Rail: 4.08%
Avis Budget Group Incorporated †		490,152		23,870,402
Con-way Incorporated		506,193		20,794,408
Ryder System Incorporated		305,859		24,444,251
				69,109,061
Trading Companies & Distributors: 3.12%
GATX Corporation		392,251		26,625,998
MRC Global Incorporated †		967,531		26,084,636
				52,710,634
Information Technology: 18.71%
Communications Equipment: 1.21%
Riverbed Technology Incorporated †		1,039,754		20,493,551
Electronic Equipment, Instruments & Components: 1.52%
Trimble Navigation Limited †		660,657		25,679,738
IT Services: 4.01%
Amdocs Limited		471,220		21,892,881
Gartner Incorporated †		268,449		18,641,099
Global Payments Incorporated		384,641		27,351,822
				67,885,802
Semiconductors & Semiconductor Equipment: 6.19%
Integrated Device Technology Incorporated †		1,812,252		22,163,842
ON Semiconductor Corporation †		2,979,973		28,011,746
Skyworks Solutions Incorporated †		787,767		29,557,018
Xilinx Incorporated		458,138		24,863,149
				104,595,755

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

10 Wells Fargo Advantage Common Stock Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name				Shares		Value
Software: 4.09%
Nuance Communications Incorporated Ǡ					1,418,159	$	24,349,790
Red Hat Incorporated †					479,941		25,427,274
TIBCO Software Incorporated †					954,869		19,402,938
							69,180,002
Technology Hardware, Storage & Peripherals: 1.69%
Diebold Incorporated					717,426		28,618,123
Materials: 7.94%
Chemicals: 3.54%
Albemarle Corporation					342,383		22,741,079
Chemtura Corporation †					782,918		19,799,996
International Flavors & Fragrances Incorporated					181,782		17,391,084
							59,932,159
Containers & Packaging: 2.14%
Crown Holdings Incorporated †					420,678		18,821,134
Packaging Corporation of America					248,302		17,473,012
							36,294,146
Metals & Mining: 2.26%
Royal Gold Incorporated					246,269		15,421,365
Steel Dynamics Incorporated					1,279,387		22,760,295
							38,181,660
Total Common Stocks (Cost $1,067,582,378)							1,569,427,084
Investment Companies: 3.05%
iShares Core S&P Small-Cap ETF «							20,983,212
iShares Russell 2000 ETF «							21,043,114
SPDR S&P Biotech ETF «							9,542,028
Total Investment Companies (Cost $46,581,026)							51,568,354
	Yield
Short-Term Investments: 8.35%
Investment Companies: 8.35%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		72,783,421		72,783,421
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.09			68,377,866		68,377,866
Total Short-Term Investments (Cost $141,161,287)							141,161,287

Total investments in securities
(Cost $1,255,324,691) *	104.18	%		1,762,156,725
Other assets and liabilities, net	(4.18	)		(70,680,555	)
Total net assets	100.00	%	$	1,691,476,170

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Common Stock Fund 11

† 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 $1,258,952,430 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	532,493,577
Gross unrealized depreciation		(29,289,282	)
Net unrealized appreciation	$	503,204,295

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

12 Wells Fargo Advantage Common Stock Fund Statement of assets and liabilities—March 31, 2014 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	1,620,995,438
In affiliated securities, at value (see cost below)		141,161,287
Total investments, at value (see cost below)		1,762,156,725
Receivable for investments sold		1,939,593
Receivable for Fund shares sold		1,219,882
Receivable for dividends		1,390,925
Receivable for securities lending income		24,513
Prepaid expenses and other assets		75,064
Total assets		1,766,806,702
Liabilities
Payable for investments purchased		3,042,015
Payable for Fund shares redeemed		2,121,669
Payable upon receipt of securities loaned		68,377,866
Advisory fee payable		947,584
Distribution fees payable		20,482
Due to other related parties		438,124
Accrued expenses and other liabilities		382,792
Total liabilities		75,330,532
Total net assets	$	1,691,476,170
NET ASSETS CONSIST OF
Paid-in capital	$	1,121,096,159
Accumulated net investment loss		(1,831,257	)
Accumulated net realized gains on investments		65,379,234
Net unrealized gains on investments		506,832,034
Total net assets	$	1,691,476,170
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	299,963,157
Shares outstanding – Class A		11,957,617
Net asset value per share – Class A		$25.09
Maximum offering price per share – Class A2		$26.62
Net assets – Class B	$	457,925
Shares outstanding – Class B		21,443
Net asset value per share – Class B		$21.36
Net assets – Class C	$	31,643,081
Shares outstanding – Class C		1,482,046
Net asset value per share – Class C		$21.35
Net assets – Class R6	$	86,240,078
Share outstanding – Class R6		3,379,588
Net asset value per share – Class R6		$25.52
Net assets – Administrator Class	$	39,790,826
Shares outstanding – Administrator Class		1,575,092
Net asset value per share – Administrator Class		$25.26
Net assets – Institutional Class	$	235,155,082
Shares outstanding – Institutional Class		9,220,960
Net asset value per share – Institutional Class		$25.50
Net assets – Investor Class	$	998,226,021
Shares outstanding – Investor Class		38,840,084
Net asset value per share – Investor Class		$25.70
Investments in unaffiliated securities (including securities on loan), at cost	$	1,114,163,404
Investments in affiliated securities, at cost	$	141,161,287
Total investments, at cost	$	1,255,324,691
Securities on loan, at value	$	66,732,968

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 March 31, 2014 (unaudited) Wells Fargo Advantage Common Stock Fund 13

Investment income
Dividends	$	7,768,384
Securities lending income, net		123,381
Income from affiliated securities		34,397
Total investment income		7,926,162
Expenses
Advisory fee		5,572,930
Administration fees
Fund level		399,920
Class A		384,249
Class B		640
Class C		39,989
Class R6		8,191
Administrator Class		17,289
Institutional Class		85,878
Investor Class		1,550,347
Shareholder servicing fees
Class A		369,470
Class B		615
Class C		38,451
Administrator Class		40,363
Investor Class		1,208,723
Distribution fees
Class B		1,845
Class C		115,353
Custody and accounting fees		45,768
Professional fees		26,472
Registration fees		64,342
Shareholder report expenses		59,751
Trustees’ fees and expenses		9,728
Other fees and expenses		14,878
Total expenses		10,055,192
Less: Fee waivers and/or expense reimbursements		(303,152	)
Net expenses		9,752,040
Net investment loss		(1,825,878	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		95,942,758
Net change in unrealized gains (losses) on investments		79,699,355
Net realized and unrealized gains (losses) on investments		175,642,113
Net increase in net assets resulting from operations	$	173,816,235

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

14 Wells Fargo Advantage Common Stock Fund Statement of changes in net assets

	Six months ended March 31, 2014 (unaudited)						Year ended September 30, 2013
Operations
Net investment loss				$	(1,825,878	)				$	(666,102	)
Net realized gains on investments					95,942,758						117,997,624
Net change in unrealized gains (losses) on investments					79,699,355						149,327,962
Net increase in net assets resulting from operations					173,816,235						266,659,484
Distributions to shareholders from
Net realized gains
Class A					(23,563,784	)					(13,823,125	)
Class B					(48,358	)					(57,305	)
Class C					(2,863,640	)					(1,510,913	)
Class R6					(6,412,457	)					0	1
Administrator Class					(3,093,791	)					(1,251,051	)
Institutional Class					(16,364,757	)					(5,818,339	)
Investor Class					(76,153,674	)					(52,786,969	)
Total distributions to shareholders					(128,500,461	)					(75,247,702	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,019,126			24,999,708			4,088,174			92,543,363
Class B		1,120			24,264			10,719			205,215
Class C		99,102			2,073,338			242,683			4,690,188
Class R6		3,372,133			87,942,389			1,095	1		25,000	1
Administrator Class		618,064			15,764,801			181,228			4,033,653
Institutional Class		1,178,657			29,159,693			4,296,040			102,846,537
Investor Class		714,626			17,954,802			1,942,947			43,455,018
					177,918,995						247,798,974
Reinvestment of distributions
Class A		981,488			23,202,352			684,430			13,606,469
Class B		2,398			48,358			3,181			55,087
Class C		119,275			2,405,786			74,744			1,294,562
Class R6		266,963			6,412,457			0	1		0	1
Administrator Class		117,649			2,800,043			53,320			1,064,264
Institutional Class		681,502			16,362,862			289,758			5,818,339
Investor Class		3,036,464			73,573,529			2,491,340			50,646,693
					124,805,387						72,485,414
Payment for shares redeemed
Class A		(2,019,612	)		(49,945,137	)		(3,382,341	)		(73,687,682	)
Class B		(6,659	)		(138,080	)		(32,493	)		(619,581	)
Class C		(128,684	)		(2,710,603	)		(174,662	)		(3,372,620	)
Class R6		(260,603	)		(6,526,135	)		0	1		0	1
Administrator Class		(172,142	)		(4,229,110	)		(276,639	)		(6,110,535	)
Institutional Class		(609,673	)		(15,257,877	)		(748,705	)		(17,134,530	)
Investor Class		(2,264,234	)		(56,847,561	)		(4,870,132	)		(108,947,839	)
					(135,654,503	)					(209,872,787	)
Net asset value of shares issued in acquisition
Class A		0			0			783,005			16,935,166
Class C		0			0			173,937			3,272,447
Administrator Class		0			0			139,880			3,039,645
Institutional Class		0			0			78,436			1,715,157
					0						24,962,415
Net increase in net assets resulting from capital share transactions					167,069,879						135,374,016
Total increase in net assets					212,385,653						326,785,798
Net assets
Beginning of period					1,479,090,517						1,152,304,719
End of period				$	1,691,476,170					$	1,479,090,517
Accumulated net investment loss				$	(1,831,257	)				$	(5,379	)

1. For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

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

Financial highlights Wells Fargo Advantage Common Stock Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS A				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	24.45		$	21.18		$	17.15		$	18.20		$	15.10		$	12.26		$	22.66
Net investment income (loss)		(0.03	)		(0.02	)		(0.04	)		(0.06	)		(0.04	)		0.02	2		0.00	2,3
Net realized and unrealized gains (losses) on investments		2.74			4.72			5.33			(0.74	)		3.16			2.82			(6.68	)
Total from investment operations		2.71			4.70			5.29			(0.80	)		3.12			2.84			(6.68	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)		0.00			(0.10	)
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00			(3.61	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			0.00			(0.01	)
Total distributions to shareholders		(2.07	)		(1.43	)		(1.26	)		(0.25	)		(0.02	)		0.00			(3.72	)
Net asset value, end of period	$	25.09		$	24.45		$	21.18		$	17.15		$	18.20		$	15.10		$	12.26
Total return4		11.59	%		23.72	%		31.90	%		(4.61	)%		20.80	%		23.08	%		(34.55	)%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.30	%		1.31	%		1.30	%		1.33	%		1.37	%		1.34	%
Net expenses		1.26	%		1.26	%		1.26	%		1.26	%		1.26	%		1.26	%		1.29	%
Net investment income (loss)		(0.28	)%		(0.05	)%		(0.16	)%		(0.24	)%		(0.25	)%		0.19	%		0.03	%
Supplemental data
Portfolio turnover rate		18	%		40	%		30	%		41	%		47	%		58	%		81	%
Net assets, end of period (000s omitted)		$299,963			$292,806			$207,668			$153,921			$123,495			$112,900			$88,049

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS B				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	21.18		$	18.67		$	15.35		$	16.44		$	13.71		$	11.23		$	21.10
Net investment loss		(0.11	)2		(0.15	)2		(0.17	)2		(0.20	)2		(0.14	)2		(0.06	)2		(0.12	)2
Net realized and unrealized gains (losses) on investments		2.36			4.09			4.75			(0.64	)		2.87			2.54			(6.14	)
Total from investment operations		2.25			3.94			4.58			(0.84	)		2.73			2.48			(6.26	)
Distributions to shareholders from
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00			(3.61	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			0.00			(0.00	)3
Total distributions to shareholders		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00			(3.61	)
Net asset value, end of period	$	21.36		$	21.18		$	18.67		$	15.35		$	16.44		$	13.71		$	11.23
Total return4		11.19	%		22.78	%		30.87	%		(5.29	)%		19.91	%		22.08	%		(35.04	)%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.05	%		2.05	%		2.05	%		2.08	%		2.12	%		2.11	%
Net expenses		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%		2.06	%
Net investment loss		(1.05	)%		(0.78	)%		(0.96	)%		(1.13	)%		(1.02	)%		(0.51	)%		(0.76	)%
Supplemental data
Portfolio turnover rate		18	%		40	%		30	%		41	%		47	%		58	%		81	%
Net assets, end of period (000s omitted)		$458			$521			$806			$1,655			$11,302			$12,487			$14,449

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Common Stock Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS C				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	21.18		$	18.67		$	15.35		$	16.44		$	13.71		$	11.23		$	21.09
Net investment loss		(0.11	)2		(0.16	)2		(0.16	)2		(0.18	)2		(0.14	)2		(0.06	)2		(0.12	)2
Net realized and unrealized gains (losses) on investments		2.35			4.10			4.74			(0.66	)		2.87			2.54			(6.13	)
Total from investment operations		2.24			3.94			4.58			(0.84	)		2.73			2.48			(6.25	)
Distributions to shareholders from
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00			(3.61	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			0.00			(0.00	)3
Total distributions to shareholders		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00			(3.61	)
Net asset value, end of period	$	21.35		$	21.18		$	18.67		$	15.35		$	16.44		$	13.71		$	11.23
Total return4		11.14	%		22.78	%		30.95	%		(5.35	)%		20.00	%		21.99	%		(35.00	)%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.05	%		2.06	%		2.05	%		2.08	%		2.12	%		2.10	%
Net expenses		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%		2.06	%
Net investment loss		(1.03	)%		(0.81	)%		(0.92	)%		(1.01	)%		(1.01	)%		(0.56	)%		(0.76	)%
Supplemental data
Portfolio turnover rate		18	%		40	%		30	%		41	%		47	%		58	%		81	%
Net assets, end of period (000s omitted)		$31,643			$29,483			$20,080			$17,887			$17,976			$11,750			$9,692

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

18 Wells Fargo Advantage Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

CLASS R6	Six months ended March 31, 2014 (unaudited)			Year ended September 30, 20131
Net asset value, beginning of period	$	24.78		$	22.83
Net investment income		0.04	2		0.01
Net realized and unrealized gains (losses) on investments		2.77			1.94
Total from investment operations		2.81			1.95
Distributions to shareholders from
Net realized gains		(2.07	)		0.00
Net asset value, end of period	$	25.52		$	24.78
Total return3		11.85	%		8.54	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.81	%
Net expenses		0.80	%		0.81	%
Net investment income		0.35	%		0.18	%
Supplemental data
Portfolio turnover rate		18	%		40	%
Net assets, end of period (000s omitted)		$86,240			$27

1. For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Common Stock Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	24.59		$	21.26		$	17.18		$	18.20		$	17.49
Net investment income (loss)		(0.01	)2		0.01			0.01			(0.01	)2		0.01	2
Net realized and unrealized gains (losses) on investments		2.75			4.75			5.33			(0.76	)		0.70
Total from investment operations		2.74			4.76			5.34			(0.77	)		0.71
Distributions to shareholders from
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00
Net asset value, end of period	$	25.26		$	24.59		$	21.26		$	17.18		$	18.20
Total return3		11.65	%		23.92	%		32.15	%		(4.44	)%		4.06	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.11	%		1.10	%		1.10	%		1.18	%
Net expenses		1.09	%		1.09	%		1.07	%		1.09	%		1.07	%
Net investment income (loss)		(0.07	)%		0.11	%		0.01	%		(0.05	)%		0.19	%
Supplemental data
Portfolio turnover rate		18	%		40	%		30	%		41	%		47	%
Net assets, end of period (000s omitted)		$39,791			$24,871			$19,428			$19,044			$10

1. For the period from July 30, 2010 (commencement of class operations) to September 30, 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 Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	24.77		$	21.37		$	17.23		$	18.21		$	17.49
Net investment income		0.02	2		0.07	2		0.06	2		0.01			0.02	2
Net realized and unrealized gains (losses) on investments		2.78			4.76			5.34			(0.74	)		0.70
Total from investment operations		2.80			4.83			5.40			(0.73	)		0.72
Distributions to shareholders from
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00
Net asset value, end of period	$	25.50		$	24.77		$	21.37		$	17.23		$	18.21
Total return3		11.81	%		24.14	%		32.42	%		(4.22	)%		4.12	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.87	%		0.88	%		0.87	%		0.94	%
Net expenses		0.86	%		0.87	%		0.88	%		0.87	%		0.89	%
Net investment income		0.13	%		0.33	%		0.28	%		0.29	%		0.60	%
Supplemental data
Portfolio turnover rate		18	%		40	%		30	%		41	%		47	%
Net assets, end of period (000s omitted)		$235,155			$197,453			$86,645			$16,475			$327

1. For the period from July 30, 2010 (commencement of class operations) to September 30, 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 Common Stock Fund 21

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
INVESTOR CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	25.00		$	21.64		$	17.50		$	18.57		$	15.41		$	12.53		$	23.07
Net investment income (loss)		(0.04	)		(0.02	)		(0.04	)		(0.06	)		(0.05	)2		0.02	2		0.00	2,3
Net realized and unrealized gains (losses) on investments		2.81			4.81			5.44			(0.76	)		3.23			2.86			(6.81	)
Total from investment operations		2.77			4.79			5.40			(0.82	)		3.18			2.88			(6.81	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)		0.00			(0.11	)
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00			(3.61	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			0.00			(0.01	)
Total distributions to shareholders		(2.07	)		(1.43	)		(1.26	)		(0.25	)		(0.02	)		0.00			(3.73	)
Net asset value, end of period	$	25.70		$	25.00		$	21.64		$	17.50		$	18.57		$	15.41		$	12.53
Total return4		11.57	%		23.63	%		31.89	%		(4.62	)%		20.73	%		22.91	%		(34.52	)%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.35	%		1.37	%		1.36	%		1.43	%		1.47	%		1.50	%
Net expenses		1.29	%		1.29	%		1.29	%		1.29	%		1.29	%		1.29	%		1.29	%
Net investment income (loss)		(0.31	)%		(0.08	)%		(0.20	)%		(0.29	)%		(0.30	)%		0.17	%		0.00	%
Supplemental data
Portfolio turnover rate		18	%		40	%		30	%		41	%		47	%		58	%		81	%
Net assets, end of period (000s omitted)		$998,226			$933,930			$817,678			$723,711			$761,497			$657,333			$564,998

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

22 Wells Fargo Advantage Common Stock 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 Common Stock 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.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On March 31, 2014, such fair value pricing was not used in pricing foreign securities.

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

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

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Wells Fargo Securities Lending Cash Investments, LLC (the “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 September 30, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $2,074,377 with $1,382,918 expiring in 2015 and $691,459 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

24 Wells Fargo Advantage Common Stock Fund Notes to financial statements (unaudited)

lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

As of March 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
Consumer discretionary	$	267,441,922	$	0	$	0	$	267,441,922
Consumer staples		31,802,203		0		0		31,802,203
Energy		137,539,231		0		0		137,539,231
Financials		215,186,495		0		0		215,186,495
Health care		173,659,729		0		0		173,659,729
Industrials		292,936,568		0		0		292,936,568
Information technology		316,452,971		0		0		316,452,971
Materials		134,407,965		0		0		134,407,965
Investment companies		51,568,354		0		0		51,568,354
Short-term investments
Investment companies		72,783,421		68,377,866		0		141,161,287
	$	1,693,778,859	$	68,377,866	$	0	$	1,762,156,725

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended March 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 0.75% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended March 31, 2014, the advisory fee was equivalent to an annual rate of 0.70% 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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Common Stock Fund 25

fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class B, Class C		0.26	%
Class R6		0.03
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 January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.26% for Class A shares, 2.01% for Class B shares, 2.01% for Class C shares, 0.85% for Class R6 shares, 1.10% for Administrator Class shares, 0.90% for Institutional Class shares, and 1.29% for Investor Class shares.

Distribution fees

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

For the six months ended March 31, 2014, Wells Fargo Funds Distributor, LLC received $4,864 from the sale of Class A shares and $67 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2014 were $436,966,441 and $269,731,748, respectively.

6. ACQUISITION

After the close of business on March 1, 2013, the Fund acquired the net assets of the Wells Fargo Advantage Small/Mid Cap Core Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Administrator Class, and Institutional Class shares of the Wells Fargo Advantage Small/Mid Cap Core Fund received Class A, Class C, 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 the Wells Fargo Advantage Small/Mid Cap Core Fund for 1,175,258 shares of the Fund valued at $24,962,415 at an exchange ratio of 0.49, 0.54, 0.49, and 0.49 for Class A, Class C, Administrator Class, and Institutional Class shares, respectively. The investment portfolio of the Wells Fargo Advantage Small/Mid Cap Core Fund with a fair value of $24,968,652, identified cost of $25,150,472, and unrealized losses of $181,820 at March 1, 2013 were the principal assets acquired by the Fund. The aggregate net assets of the Wells Fargo Advantage Small/Mid Cap Core Fund and the Fund immediately prior to the acquisition were $24,962,415 and $1,223,291,412, respectively. The aggregate net assets of the Fund immediately after the acquisition were $1,248,253,827. 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 the Wells Fargo Advantage Small/Mid Cap Core 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.

26 Wells Fargo Advantage Common Stock Fund Notes to financial statements (unaudited)

Assuming the acquisition had been completed October 1, 2012, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended September 30, 2013 would have been:

Net investment income	$	7,726,835
Net realized and unrealized gains on investments	$	269,502,866
Net increase in net assets resulting from operations	$	277,229,701

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 March 31, 2014, the Fund paid $1,164 in commitment fees.

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

8. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Common Stock Fund 27

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

28 Wells Fargo Advantage Common Stock 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 Common Stock Fund 29

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 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 Common Stock Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 27-28, 2014 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Common Stock Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

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

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than or in range of the average performance of the Universe for the three-, five-, and ten-year periods under review, and lower than the average performance of the Universe for the one-year period under review.

Other information (unaudited) Wells Fargo Advantage Common Stock Fund 31

The Board also noted that the performance of the Fund was higher than or in range of its benchmark, Russell 2500™ Index, for the five- and ten-year periods under review, and lower than its benchmark for the one- and three-year periods under review.

The Board received an analysis of, and discussed factors contributing to, the underperformance of the Fund relative to the Universe for the one-year period under review and relative to its benchmark for the one- and three-year periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance. The Board also noted that the Fund’s performance has ranked well above the median performance of the Universe for seven of the last ten years. The Board was satisfied with the explanation of factors contributing to underperformance and with the steps being taken by Funds Management and the Sub-Adviser to address the Fund’s investment performance.

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

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

Investment advisory and sub-advisory fee rates

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

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

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.

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

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

Profitability

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

32 Wells Fargo Advantage Common Stock Fund Other information (unaudited)

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

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

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

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.

List of abbreviations Wells Fargo Advantage Common Stock Fund 33

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

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 —  Indonesian rupiah

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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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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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

© 2014 Wells Fargo Funds Management, LLC. All rights reserved.

224310 05-14 SA229/SAR229 03-14

Wells Fargo Advantage Discovery Fund^SM

Semi-Annual Report

March 31, 2014

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	25
List of abbreviations	31

The views expressed and any forward-looking statements are as of March 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 Discovery Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies.

Dear Valued Shareholder:

We are pleased to offer you this report for the Wells Fargo Advantage Discovery Fund for the six-month period that ended March 31, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, low inflation, and equity market gains. Investors appeared less risk-averse, favoring higher-growth sectors of the market over defensive companies, such as utilities. Considerable geopolitical uncertainty and heightened equity market volatility as the U.S. and Europe confronted Russia over Ukraine that occurred in the last three months of the reporting period were countered by increased confidence that the U.S. economic recovery was gaining strength, which resulted in positive returns for domestic stocks (measured by the Russell 3000^® Index¹) for the six-month reporting period.

U.S. economic prospects brightened.

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the monetary policymaking body of the Federal Reserve—kept its key interest rate near zero and purchased both mortgage-backed securities and long-term U.S. Treasuries in an effort to keep interest rates low. In mid-December 2013, the FOMC conveyed confidence in the strength of the economy by announcing it would begin tapering its bond-buying program.

Meanwhile, in November 2013, the European Central Bank (ECB) cut its key rate to a then-historic low of 0.25%. Its 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. economic data was moderately positive, gaining strength as the period progressed. Data that was available at the end of the reporting period showed that U.S. real gross domestic product increased at a 2.6% annualized rate in the fourth quarter of 2013. The jobs picture continued to slowly improve as the unemployment rate declined to 6.7% as of February 2014. Meanwhile, inflation remained low. The eurozone exited a protracted recession and reported weak but positive economic activity during the last three quarters of 2013.

U.S. equity markets had strong returns.

The modestly positive outlook for the U.S. economy contributed to a positive domestic stock market for most of the reporting period. Stock prices (measured by the Russell 3000 Index¹) rose during the period. These positive results came despite several short-term sell-offs, the most significant of which occurred in January 2014 as the result of new concerns about global economic strength when China posted weak manufacturing data and emerging markets showed renewed volatility.

Economically-sensitive companies had the best results over the past six months. For example, information technology companies continued to benefit from long-term trends such as the growth of cloud computing, a shift toward software-as-a-service, and great use of data analytics. At the other end of the spectrum, more defensive companies, such as those within the consumer staples sector of the Russell 2500^TM Index², had weak but positive returns over the past six months.

1. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

2. The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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.

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 Discovery 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

Chris Warner, CFA

Average annual total returns¹ (%) as of March 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 (WFDAX)	7-31-2007		17.47		24.45		10.28		24.65		25.94		10.93		1.28		1.23
Class C (WDSCX)	7-31-2007		22.73		24.98		10.12		23.73		24.98		10.12		2.03		1.98
Class R6 (WFDRX)	6-28-2013		–		–		–		25.22		26.43		11.31		0.80		0.80
Administrator Class (WFDDX)	4-8-2005		–		–		–		24.84		26.11		11.10		1.12		1.12
Institutional Class (WFDSX)	8-31-2006		–		–		–		25.15		26.42		11.30		0.85		0.85
Investor Class (STDIX)	12-31-1987		–		–		–		24.58		25.85		10.87		1.34		1.29
Russell 2500TM Growth Index4	–		–		–		–		26.66		25.82		9.64		–		–

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 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). 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 Discovery Fund 5

Ten largest equity holdings5 (%) as of March 31, 2014
Constellation Brands Incorporated Class A	2.44
B/E Aerospace Incorporated	1.97
Wabtec Corporation	1.92
United Rentals Incorporated	1.83
Under Armour Incorporated Class A	1.79
Old Dominion Freight Line Incorporated	1.74
IHS Incorporated Class A	1.72
Vantiv Incorporated Class A	1.62
AMC Networks Incorporated Class A	1.60
W.R. Grace & Company	1.56

Sector distribution⁶ as of March 31, 2014

1. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class C 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, the returns would be higher. 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 Class A and Administrator 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, 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.

3. The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.22% for Class A, 1.97% for Class C, 0.84% for Class R6, 1.15% for Administrator Class, 0.89% for Institutional Class, and 1.28% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The Russell 2500™ Growth Index measures the performance of those Russell 2500™ 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 Discovery 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 October 1, 2013 to March 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 10-1-2013		Ending account value 3-31-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,064.94	$	6.28		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.14		1.22	%
Class C
Actual	$	1,000.00	$	1,060.67	$	10.12		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.11	$	9.90		1.97	%
Class R6
Actual	$	1,000.00	$	1,067.32	$	3.92		0.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.14	$	3.83		0.76	%
Administrator Class
Actual	$	1,000.00	$	1,065.63	$	5.56		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.44		1.08	%
Institutional Class
Actual	$	1,000.00	$	1,066.73	$	4.23		0.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.84	$	4.13		0.82	%
Investor Class
Actual	$	1,000.00	$	1,064.38	$	6.59		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.44		1.28	%

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—March 31, 2014 (unaudited) Wells Fargo Advantage Discovery Fund 7

Security name	Shares		Value
Common Stocks: 96.32%
Consumer Discretionary: 18.42%
Auto Components: 1.55%
BorgWarner Incorporated		856,100	$	52,624,466
Distributors: 1.42%
LKQ Corporation †		1,837,647		48,421,998
Hotels, Restaurants & Leisure: 2.19%
Domino’s Pizza Incorporated		645,600		49,691,832
Krispy Kreme Doughnuts Incorporated †		1,392,100		24,681,933
				74,373,765
Household Durables: 1.24%
Mohawk Industries Incorporated †		311,600		42,371,368
Internet & Catalog Retail: 1.58%
HomeAway Incorporated †		1,027,900		38,720,993
Zulily Incorporated Class A «†		298,800		14,996,772
				53,717,765
Media: 1.60%
AMC Networks Incorporated Class A †		744,900		54,444,741
Specialty Retail: 5.33%
Advance Auto Parts Incorporated		281,478		35,606,967
DSW Incorporated Class A		718,206		25,754,867
Lithia Motors Incorporated Class A		471,700		31,349,182
Lumber Liquidators Holdings Incorporated †		471,400		44,217,320
Restoration Hardware Holdings Incorporated †		601,029		44,229,724
				181,158,060
Textiles, Apparel & Luxury Goods: 3.51%
Movado Group Incorporated		567,267		25,839,012
Skechers U.S.A. Incorporated Class A †		891,105		32,560,977
Under Armour Incorporated Class A †		532,000		60,988,480
				119,388,469
Consumer Staples: 4.71%
Beverages: 2.45%
Constellation Brands Incorporated Class A †		978,500		83,143,145
Food & Staples Retailing: 1.17%
United Natural Foods Incorporated †		560,100		39,722,292
Food Products: 1.09%
Annie’s Incorporated †		925,058		37,178,081
Energy: 3.72%
Oil, Gas & Consumable Fuels: 3.72%
Bonanza Creek Energy Incorporated †		491,700		21,831,480
Delek US Holdings Incorporated		935,200		27,158,208

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

8 Wells Fargo Advantage Discovery Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Diamondback Energy Incorporated †		516,900	$	34,792,539
Gulfport Energy Corporation †		599,763		42,691,130
				126,473,357
Financials: 6.28%
Banks: 2.49%
First Republic Bank Corporation		635,900		34,332,241
Texas Capital Bancshares Incorporated †		776,983		50,457,276
				84,789,517
Capital Markets: 2.28%
Affiliated Managers Group Incorporated †		205,600		41,130,280
SEI Investments Company		1,083,200		36,406,352
				77,536,632
Insurance: 0.88%
eHealth Incorporated †		589,300		29,936,440
Thrifts & Mortgage Finance: 0.63%
Ocwen Financial Corporation †		543,400		21,290,412
Health Care: 16.53%
Biotechnology: 7.21%
Alkermes plc †		742,500		32,736,825
Alnylam Pharmaceuticals Incorporated †		448,400		30,105,576
BioMarin Pharmaceutical Incorporated †		511,308		34,876,319
Cepheid Incorporated †		823,957		42,499,702
Insmed Incorporated †		1,190,800		22,672,832
Keryx Biopharmaceuticals Incorporated Ǡ		1,528,502		26,045,674
Novavax Incorporated †		1,804,100		8,172,573
NPS Pharmaceuticals Incorporated †		668,546		20,009,582
Puma Biotechnology Incorporated †		179,300		18,672,302
Tekmira Pharmaceuticals Corporation †		446,330		9,591,632
				245,383,017
Health Care Equipment & Supplies: 2.35%
Cooper Companies Incorporated		330,500		45,397,480
Wright Medical Group Incorporated †		1,110,211		34,494,256
				79,891,736
Health Care Providers & Services: 1.21%
Envision Healthcare Holdings Incorporated †		1,217,746		41,196,347
Health Care Technology: 1.27%
athenahealth Incorporated †		269,100		43,120,584
Life Sciences Tools & Services: 0.76%
Bruker BioSciences Corporation †		1,135,600		25,880,324
Pharmaceuticals: 3.73%
GW Pharmaceuticals ADR Ǡ		174,700		10,371,939

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Discovery Fund 9

Security name	Shares		Value
Pharmaceuticals (continued)
Jazz Pharmaceuticals plc †		336,200	$	46,624,216
Mallinckrodt plc †		346,400		21,965,224
Salix Pharmaceuticals Limited †		462,100		47,878,181
				126,839,560
Industrials: 22.56%
Aerospace & Defense: 3.18%
B/E Aerospace Incorporated †		771,600		66,967,164
DigitalGlobe Incorporated †		1,420,239		41,201,133
				108,168,297
Airlines: 2.48%
Copa Holdings SA Class A		363,900		52,834,641
Spirit Airlines Incorporated †		530,000		31,482,000
				84,316,641
Construction & Engineering: 1.41%
Quanta Services Incorporated †		1,296,700		47,848,230
Electrical Equipment: 0.84%
Acuity Brands Incorporated		214,600		28,449,522
Machinery: 6.79%
Chart Industries Incorporated †		425,100		33,816,705
Colfax Corporation †		638,644		45,554,477
Graco Incorporated		628,900		47,003,986
Proto Labs Incorporated †		575,400		38,937,318
Wabtec Corporation		844,400		65,441,000
				230,753,486
Professional Services: 4.29%
IHS Incorporated Class A †		481,988		58,561,542
The Advisory Board Company †		631,900		40,599,575
Towers Watson & Company Class A		411,100		46,885,955
				146,047,072
Road & Rail: 1.74%
Old Dominion Freight Line Incorporated †		1,045,300		59,310,322
Trading Companies & Distributors: 1.83%
United Rentals Incorporated †		655,100		62,195,194
Information Technology: 21.04%
Communications Equipment: 0.43%
Ubiquiti Networks Incorporated Ǡ		320,000		14,550,400
Electronic Equipment, Instruments & Components: 2.64%
Cognex Corporation †		1,160,900		39,308,074
FEI Company		491,100		50,593,122
				89,901,196

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

10 Wells Fargo Advantage Discovery Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name				Shares		Value
Internet Software & Services: 6.17%
ChannelAdvisor Corporation †					896,700	$	33,841,458
Cornerstone OnDemand Incorporated †					937,700		44,887,699
CoStar Group Incorporated †					252,351		47,124,026
Cvent Incorporated †					707,500		25,576,125
Shutterstock Incorporated †					388,558		28,213,196
Yelp Incorporated †					391,034		30,082,246
							209,724,750
IT Services: 4.21%
Alliance Data Systems Corporation †					182,600		49,749,370
Euronet Worldwide Incorporated †					927,000		38,553,930
Vantiv Incorporated Class A †					1,821,990		55,060,538
							143,363,838
Semiconductors & Semiconductor Equipment: 0.83%
Cavium Incorporated †					642,100		28,079,033
Software: 5.80%
Aspen Technology Incorporated †					1,048,300		44,405,988
Fleetmatics Group plc †					870,350		29,113,208
Guidewire Software Incorporated †					912,600		44,763,030
ServiceNow Incorporated †					750,619		44,977,090
Tableau Software Incorporated Class A †					448,530		34,124,162
							197,383,478
Technology Hardware, Storage & Peripherals: 0.96%
Stratasys Limited †					308,375		32,715,504
Materials: 1.56%
Chemicals: 1.56%
W.R. Grace & Company †					535,200		53,075,784
Telecommunication Services: 1.50%
Wireless Telecommunication Services: 1.50%
SBA Communications Corporation Class A †					559,603		50,901,489
Total Common Stocks (Cost $2,661,363,165)							3,275,666,312
	Yield
Short-Term Investments: 4.06%
Investment Companies: 4.06%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		83,094,039		83,094,039
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.09			54,928,019		54,928,019
Total Short-Term Investments (Cost $138,022,058)							138,022,058

Total investments in securities (Cost $2,799,385,223) *	100.38	%		3,413,688,370
Other assets and liabilities, net	(0.38	)		(12,870,243	)
Total net assets	100.00	%	$	3,400,818,127

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Discovery Fund 11

† 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 $2,803,594,328 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	657,385,112
Gross unrealized depreciation		(47,291,070	)
Net unrealized appreciation	$	610,094,042

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

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

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,275,666,312
In affiliated securities, at value (see cost below)		138,022,058
Total investments, at value (see cost below)		3,413,688,370
Cash		2,677,762
Receivable for investments sold		35,835,184
Receivable for Fund shares sold		29,807,622
Receivable for dividends		81,382
Receivable for securities lending income		74,282
Prepaid expenses and other assets		145,774
Total assets		3,482,310,376
Liabilities
Payable for investments purchased		20,002,013
Payable for Fund shares redeemed		3,514,279
Payable upon receipt of securities loaned		54,928,019
Advisory fee payable		1,908,817
Distribution fees payable		55,131
Due to other related parties		625,409
Accrued expenses and other liabilities		458,581
Total liabilities		81,492,249
Total net assets	$	3,400,818,127
NET ASSETS CONSIST OF
Paid-in capital	$	2,650,611,933
Accumulated net investment loss		(11,975,714	)
Accumulated net realized gains on investments		147,878,761
Net unrealized gains on investments		614,303,147
Total net assets	$	3,400,818,127
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	388,708,831
Shares outstanding – Class A		11,634,497
Net asset value per share – Class A		$33.41
Maximum offering price per share – Class A2		$35.45
Net assets – Class C	$	89,085,994
Shares outstanding – Class C		2,829,565
Net asset value per share – Class C		$31.48
Net assets – Class R6	$	36,239,695
Share outstanding – Class R6		1,041,109
Net asset value per share – Class R6		$34.81
Net assets – Administrator Class	$	847,162,757
Shares outstanding – Administrator Class		24,880,853
Net asset value per share – Administrator Class		$34.05
Net assets – Institutional Class	$	1,265,768,659
Shares outstanding – Institutional Class		36,379,516
Net asset value per share – Institutional Class		$34.79
Net assets – Investor Class	$	773,852,191
Shares outstanding – Investor Class		23,312,459
Net asset value per share – Investor Class		$33.19
Investments in unaffiliated securities (including securities on loan), at cost	$	2,661,363,165
Investments in affiliated securities, at cost	$	138,022,058
Total investments, at cost	$	2,799,385,223
Securities on loan, at value	$	53,651,747

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 March 31, 2014 (unaudited) Wells Fargo Advantage Discovery Fund 13

Investment income
Dividends	$	3,327,904
Securities lending income, net		509,994
Income from affiliated securities		37,772
Total investment income		3,875,670
Expenses
Advisory fee		9,957,945
Administration fees
Fund level		746,773
Class A		405,504
Class C		85,177
Class R6		2,033
Administrator Class		370,111
Institutional Class		452,917
Investor Class		1,157,716
Shareholder servicing fees
Class A		389,907
Class C		81,901
Administrator Class		914,389
Investor Class		899,162
Distribution fees
Class C		245,703
Custody and accounting fees		75,631
Professional fees		22,007
Registration fees		92,966
Shareholder report expenses		53,453
Trustees’ fees and expenses		6,219
Other fees and expenses		26,288
Total expenses		15,985,802
Less: Fee waivers and/or expense reimbursements		(134,973	)
Net expenses		15,850,829
Net investment loss		(11,975,159	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		157,628,528
Net change in unrealized gains (losses) on investments		27,261,119
Net realized and unrealized gains (losses) on investments		184,889,647
Net increase in net assets resulting from operations	$	172,914,488

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

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

	Six months ended March 31, 2014 (unaudited)						Year ended September 30, 2013
Operations
Net investment loss				$	(11,975,159	)				$	(2,264,194	)
Net realized gains on investments					157,628,528						181,434,058
Net change in unrealized gains (losses) on investments					27,261,119						386,543,615
Net increase in net assets resulting from operations					172,914,488						565,713,479
Distributions to shareholders from
Net realized gains
Class A					(18,511,657	)					(6,761,646	)
Class C					(3,908,122	)					(1,392,037	)
Class R6					(229,375	)					0	1
Administrator Class					(43,636,565	)					(24,686,836	)
Institutional Class					(67,126,218	)					(28,226,790	)
Investor Class					(44,953,612	)					(24,433,293	)
Total distributions to shareholders					(178,365,549	)					(85,500,602	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,793,817			162,450,726			4,037,415			117,887,246
Class C		1,346,586			43,082,857			1,053,288			28,650,204
Class R6		1,066,926			37,770,185			806	1		25,000	1
Administrator Class		6,805,336			231,457,444			5,174,693			152,595,324
Institutional Class		9,089,825			321,296,523			13,433,827			400,277,818
Investor Class		5,242,055			176,422,646			5,287,128			153,807,243
					972,480,381						853,242,835
Reinvestment of distributions
Class A		538,849			17,583,098			260,885			6,496,028
Class C		96,590			2,976,900			37,954			902,541
Class R6		6,756			229,375			0	1		0	1
Administrator Class		1,265,085			42,051,507			938,841			23,752,678
Institutional Class		1,949,307			66,159,461			989,632			25,463,243
Investor Class		1,369,482			44,412,550			959,644			23,770,378
					173,412,891						80,384,868
Payment for shares redeemed
Class A		(846,967	)		(28,671,282	)		(1,421,433	)		(40,935,431	)
Class C		(146,829	)		(4,712,251	)		(209,586	)		(5,699,453	)
Class R6		(33,379	)		(1,173,745	)		0	1		0	1
Administrator Class		(2,209,269	)		(76,129,368	)		(4,626,667	)		(134,703,373	)
Institutional Class		(3,120,584	)		(109,788,326	)		(4,879,615	)		(146,084,276	)
Investor Class		(2,328,732	)		(78,202,691	)		(4,368,620	)		(121,256,319	)
					(298,677,663	)					(448,678,852	)
Net increase in net assets resulting from capital share transactions					847,215,609						484,948,851
Total increase in net assets					841,764,548						965,161,728
Net assets
Beginning of period					2,559,053,579						1,593,891,851
End of period				$	3,400,818,127					$	2,559,053,579
Accumulated net investment loss				$	(11,975,714	)				$	(555	)

1. For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

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

Financial highlights Wells Fargo Advantage Discovery Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS A				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	33.50		$	26.89		$	21.20		$	20.71		$	15.69		$	14.52		$	28.07
Net investment loss		(0.16	)2		(0.08	)2		(0.14	)2		(0.21	)2		(0.18	)		(0.09	)2		(0.17	)2
Net realized and unrealized gains (losses) on investments		2.28			8.14			6.82			0.70			5.20			1.26			(9.40	)
Total from investment operations		2.12			8.06			6.68			0.49			5.02			1.17			(9.57	)
Distributions to shareholders from
Net realized gains		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00			(3.98	)
Net asset value, end of period	$	33.41		$	33.50		$	26.89		$	21.20		$	20.71		$	15.69		$	14.52
Total return3		6.49	%		31.86	%		32.05	%		2.37	%		31.99	%		8.06	%		(39.00	)%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.27	%		1.29	%		1.34	%		1.37	%		1.43	%		1.41	%
Net expenses		1.22	%		1.22	%		1.22	%		1.30	%		1.33	%		1.33	%		1.33	%
Net investment loss		(0.96	)%		(0.29	)%		(0.53	)%		(0.86	)%		(0.97	)%		(0.68	)%		(0.85	)%
Supplemental data
Portfolio turnover rate		46	%		86	%		104	%		111	%		93	%		221	%		153	%
Net assets, end of period (000s omitted)		$388,709			$239,506			$114,882			$41,507			$7,442			$3,750			$3,150

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

2. Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS C				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	31.81		$	25.79		$	20.51		$	20.19		$	15.41		$	14.36		$	28.04
Net investment loss		(0.27	)2		(0.30	)2		(0.31	)2		(0.38	)2		(0.29	)		(0.20	)2		(0.32	)2
Net realized and unrealized gains (losses) on investments		2.15			7.77			6.58			0.70			5.07			1.25			(9.38	)
Total from investment operations		1.88			7.47			6.27			0.32			4.78			1.05			(9.70	)
Distributions to shareholders from
Net realized gains		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00			(3.98	)
Net asset value, end of period	$	31.48		$	31.81		$	25.79		$	20.51		$	20.19		$	15.41		$	14.36
Total return3		6.07	%		30.89	%		31.10	%		1.59	%		31.10	%		7.24	%		(39.57	)%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.02	%		2.04	%		2.09	%		2.13	%		2.18	%		2.18	%
Net expenses		1.97	%		1.97	%		1.97	%		2.07	%		2.08	%		2.08	%		2.08	%
Net investment loss		(1.71	)%		(1.08	)%		(1.28	)%		(1.62	)%		(1.73	)%		(1.47	)%		(1.59	)%
Supplemental data
Portfolio turnover rate		46	%		86	%		104	%		111	%		93	%		221	%		153	%
Net assets, end of period (000s omitted)		$89,086			$48,768			$16,803			$5,205			$3,043			$2,334			$1,471

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Discovery Fund 17

(For a share outstanding throughout each period)

CLASS R6	Six months ended March 31, 2014 (unaudited)			Year ended September 30, 20131
Net asset value, beginning of period	$	34.73		$	31.03
Net investment income (loss)		(0.12	)		0.02	2
Net realized and unrealized gains (losses) on investments		2.41			3.68
Total from investment operations		2.29			3.70
Distributions to shareholders from
Net realized gains		(2.21	)		0.00
Net asset value, end of period	$	34.81		$	34.73
Total return3		6.73	%		11.96	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.77	%
Net expenses		0.76	%		0.77	%
Net investment income (loss)		(0.54	)%		0.30	%
Supplemental data
Portfolio turnover rate		46	%		86	%
Net assets, end of period (000s omitted)		$36,240			$28

1. For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
ADMINISTRATOR CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	34.08		$	27.30		$	21.50		$	20.96		$	15.86		$	14.65		$	28.23
Net investment loss		(0.13	)		(0.04	)		(0.12	)2		(0.20	)		(0.13	)		(0.07	)2		(0.13	)2
Net realized and unrealized gains (losses) on investments		2.31			8.27			6.91			0.74			5.23			1.28			(9.47	)
Total from investment operations		2.18			8.23			6.79			0.54			5.10			1.21			(9.60	)
Distributions to shareholders from
Net realized gains		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00			(3.98	)
Net asset value, end of period	$	34.05		$	34.08		$	27.30		$	21.50		$	20.96		$	15.86		$	14.65
Total return3		6.56	%		32.01	%		32.12	%		2.58	%		32.16	%		8.26	%		(38.87	)%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.10	%		1.13	%		1.17	%		1.20	%		1.25	%		1.24	%
Net expenses		1.08	%		1.10	%		1.13	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment loss		(0.82	)%		(0.13	)%		(0.45	)%		(0.70	)%		(0.81	)%		(0.52	)%		(0.62	)%
Supplemental data
Portfolio turnover rate		46	%		86	%		104	%		111	%		93	%		221	%		153	%
Net assets, end of period (000s omitted)		$847,163			$648,228			$478,673			$203,820			$122,451			$103,576			$82,359

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Discovery Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
INSTITUTIONAL CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	34.74		$	27.73		$	21.76		$	21.17		$	15.99		$	14.73		$	28.31
Net investment income (loss)		(0.12	)		0.01			(0.07	)		(0.14	)		(0.11	)		(0.05	)2		(0.09	)2
Net realized and unrealized gains (losses) on investments		2.38			8.45			7.03			0.73			5.29			1.31			(9.51	)
Total from investment operations		2.26			8.46			6.96			0.59			5.18			1.26			(9.60	)
Distributions to shareholders from
Net realized gains		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00			(3.98	)
Net asset value, end of period	$	34.79		$	34.74		$	27.73		$	21.76		$	21.17		$	15.99		$	14.73
Total return3		6.67	%		32.36	%		32.53	%		2.79	%		32.48	%		8.49	%		(38.74	)%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.84	%		0.86	%		0.91	%		0.93	%		0.96	%		1.00	%
Net expenses		0.82	%		0.84	%		0.86	%		0.90	%		0.93	%		0.95	%		0.95	%
Net investment income (loss)		(0.56	)%		0.11	%		(0.19	)%		(0.45	)%		(0.58	)%		(0.37	)%		(0.45	)%
Supplemental data
Portfolio turnover rate		46	%		86	%		104	%		111	%		93	%		221	%		153	%
Net assets, end of period (000s omitted)		$1,265,769			$988,615			$524,506			$274,039			$112,874			$68,395			$23,455

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
INVESTOR CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	33.31		$	26.76		$	21.12		$	20.64		$	15.65		$	14.49		$	28.02
Net investment loss		(0.17	)2		(0.09	)2		(0.15	)2		(0.24	)		(0.14	)		(0.10	)2		(0.18	)2
Net realized and unrealized gains (losses) on investments		2.26			8.09			6.78			0.72			5.13			1.26			(9.37	)
Total from investment operations		2.09			8.00			6.63			0.48			4.99			1.16			(9.55	)
Distributions to shareholders from
Net realized gains		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00			(3.98	)
Net asset value, end of period	$	33.19		$	33.31		$	26.76		$	21.12		$	20.64		$	15.65		$	14.49
Total return3		6.44	%		31.78	%		31.93	%		2.33	%		31.89	%		8.01	%		(39.00	)%
Ratios to average net assets (annualized)
Gross expenses		1.30	%		1.32	%		1.36	%		1.40	%		1.47	%		1.53	%		1.56	%
Net expenses		1.28	%		1.28	%		1.29	%		1.37	%		1.38	%		1.38	%		1.38	%
Net investment loss		(1.02	)%		(0.30	)%		(0.61	)%		(0.93	)%		(1.03	)%		(0.74	)%		(0.84	)%
Supplemental data
Portfolio turnover rate		46	%		86	%		104	%		111	%		93	%		221	%		153	%
Net assets, end of period (000s omitted)		$773,852			$633,908			$459,028			$279,715			$267,466			$180,898			$179,913

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

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

22 Wells Fargo Advantage Discovery 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.

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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 Discovery Fund 23

As of March 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
Consumer discretionary	$	626,500,632	$	0	$	0	$	626,500,632
Consumer staples		160,043,518		0		0		160,043,518
Energy		126,473,357		0		0		126,473,357
Financials		213,553,001		0		0		213,553,001
Health care		56,2311,568		0		0		562,311,568
Industrials		767,088,764		0		0		767,088,764
Information technology		715,718,199		0		0		715,718,199
Materials		53,075,784		0		0		53,075,784
Telecommunication services		50,901,489		0		0		50,901,489
Short-term investments
Investment companies		83,094,039		54,928,019		0		138,022,058
	$	3,358,760,351	$	54,928,019	$	0	$	3,413,688,370

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended March 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 0.75% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended March 31, 2014, the advisory fee was equivalent to an annual rate of 0.67% 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 0.35% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

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

	Class level administration fee
Class A, Class C		0.26	%
Class R6		0.03
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.

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

Funds Management has committed through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class C shares, 0.84% for Class R6 shares, 1.15% for Administrator Class shares, 0.89% for Institutional Class shares and 1.28% for Investor Class shares.

Distribution fees

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

For the six months ended March 31, 2014, Wells Fargo Funds Distributor, LLC received $72,491 from the sale of Class A shares and $329 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2014 were $1,959,870,120 and $1,342,462,593, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended March 31, 2014, the Fund paid $2,050 in commitment fees.

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

7. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Discovery 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 Discovery 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 Discovery Fund 27

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 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 Discovery Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 27-28, 2014 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Discovery Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

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

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than average performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than its benchmark, Russell 2500™ Growth Index, for all periods under review.

Other information (unaudited) Wells Fargo Advantage Discovery Fund 29

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

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

Investment advisory and sub-advisory fee rates

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

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

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.

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

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

Profitability

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

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

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The

30 Wells Fargo Advantage Discovery Fund Other information (unaudited)

Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

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

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.

List of abbreviations Wells Fargo Advantage Discovery Fund 31

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

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 —  Indonesian rupiah

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.

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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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

© 2014 Wells Fargo Funds Management, LLC. All rights reserved.

224311 05-14 SA230/SAR230 03-14

Wells Fargo Advantage Enterprise Fund^SM

Semi-Annual Report

March 31, 2014

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	25
List of abbreviations	31

The views expressed and any forward-looking statements are as of March 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 Enterprise Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies.

Dear Valued Shareholder:

We are pleased to offer you this report for the Wells Fargo Advantage Enterprise Fund for the six-month period that ended March 31, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, low inflation, and equity market gains. Investors appeared less risk-averse, favoring higher-growth sectors of the market over defensive companies, such as utilities. Considerable geopolitical uncertainty and heightened equity market volatility as the U.S. and Europe confronted Russia over Ukraine that occurred in the last three months of the reporting period were countered by increased confidence that the U.S. economic recovery was gaining strength, which resulted in positive returns for domestic stocks (measured by the Russell 3000^® Index¹) for the six-month reporting period.

U.S. economic prospects brightened.

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the monetary policymaking body of the Federal Reserve—kept its key interest rate near zero and purchased both mortgage-backed securities and long-term U.S. Treasuries in an effort to keep interest rates low. In mid-December 2013, the FOMC conveyed confidence in the strength of the economy by announcing it would begin tapering its bond-buying program.

Meanwhile, in November 2013, the European Central Bank (ECB) cut its key rate to a then-historic low of 0.25%. Its 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. economic data was moderately positive, gaining strength as the period progressed. Data that was available at the end of the reporting period showed that U.S. real gross domestic product increased at a 2.6% annualized rate in the fourth quarter of 2013. The jobs picture continued to slowly improve as the unemployment rate declined to 6.7% as of February 2014. Meanwhile, inflation remained low. The eurozone exited a protracted recession and reported weak but positive economic activity during the last three quarters of 2013.

U.S. equity markets had strong returns.

The modestly positive outlook for the U.S. economy contributed to a positive domestic stock market for most of the reporting period. Stock prices (measured by the Russell 3000 Index¹) rose during the period. These positive results came despite several short-term sell-offs, the most significant of which occurred in January 2014 as the result of new concerns about global economic strength when China posted weak manufacturing data and emerging markets showed renewed volatility.

Economically-sensitive companies had the best results over the past six months. For example, information technology companies continued to benefit from long-term trends such as the growth of cloud computing, a shift toward software-as-a-service, and great use of data analytics. At the other end of the spectrum, more defensive companies, such as those within the consumer staples sector of the Russell 2500^TM Index², had weak but positive returns over the past six months.

1. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

2. The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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.

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 Enterprise 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

Chris Warner, CFA

Average annual total returns¹ (%) as of March 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 (SENAX)	2-24-2000		18.89		21.32		8.18		26.15		22.76		8.82		1.30		1.18
Class B (WENBX)*	8-26-2011		20.18		21.67		8.58		25.18		21.85		8.58		2.05		1.93
Class C (WENCX)	3-31-2008		24.21		21.85		8.04		25.21		21.85		8.04		2.05		1.93
Administrator Class (SEPKX)	8-30-2002		–		–		–		26.22		22.92		9.05		1.14		1.10
Institutional Class (WFEIX)	6-30-2003		–		–		–		26.55		23.24		9.33		0.87		0.85
Investor Class (SENTX)	9-30-1998		–		–		–		26.08		22.67		8.69		1.36		1.24
Russell Midcap® Growth Index4	–		–		–		–		24.22		24.73		9.47		–		–

* 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. 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). 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 Enterprise Fund 5

Ten largest equity holdings5 (%) as of March 31, 2014
Constellation Brands Incorporated Class A	2.85
IntercontinentalExchange Group Incorporated	2.42
SBA Communications Corporation Class A	2.23
IHS Incorporated Class A	1.95
Delphi Automotive plc	1.94
Delta Air Lines Incorporated	1.90
Alliance Data Systems Corporation	1.85
Alexion Pharmaceuticals Incorporated	1.84
B/E Aerospace Incorporated	1.75
Affiliated Managers Group Incorporated	1.67

Sector distribution⁶ as of March 31, 2014

1. Historical performance shown for Class B shares prior to their inception reflects the performance of Class C shares. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class C shares. 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 19, 2008, includes Advisor Class expenses.

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.

3. The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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

6 Wells Fargo Advantage Enterprise 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 October 1, 2013 to March 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 10-1-2013		Ending account value 3-31-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,072.00	$	6.10		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94		1.18	%
Class B
Actual	$	1,000.00	$	1,067.80	$	9.95		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.31	$	9.70		1.93	%
Class C
Actual	$	1,000.00	$	1,068.04	$	9.95		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.31	$	9.70		1.93	%
Administrator Class
Actual	$	1,000.00	$	1,072.27	$	5.68		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,073.77	$	4.39		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Investor Class
Actual	$	1,000.00	$	1,071.73	$	6.40		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.24		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—March 31, 2014 (unaudited) Wells Fargo Advantage Enterprise Fund 7

Security name	Shares		Value
Common Stocks: 98.74%
Consumer Discretionary: 22.68%
Auto Components: 3.03%
BorgWarner Incorporated		133,700	$	8,218,539
Delphi Automotive plc		215,885		14,649,956
				22,868,495
Distributors: 1.28%
LKQ Corporation †		367,900		9,694,165
Hotels, Restaurants & Leisure: 2.93%
Chipotle Mexican Grill Incorporated †		20,920		11,883,606
Domino’s Pizza Incorporated		133,800		10,298,586
				22,182,192
Household Durables: 2.14%
Garmin Limited «		122,200		6,752,772
Mohawk Industries Incorporated †		69,100		9,396,218
				16,148,990
Internet & Catalog Retail: 1.63%
Netflix Incorporated †		25,900		9,117,577
Zulily Incorporated Class A «†		64,000		3,212,160
				12,329,737
Media: 4.49%
AMC Networks Incorporated Class A †		119,500		8,734,255
Discovery Communications Incorporated †		158,490		12,213,239
Liberty Global plc Class A		66,930		2,784,288
Liberty Global plc Class C †		250,242		10,187,352
				33,919,134
Specialty Retail: 4.55%
Advance Auto Parts Incorporated		80,429		10,174,269
AutoNation Incorporated †		119,500		6,360,985
Lumber Liquidators Holdings Incorporated †		92,800		8,704,640
Restoration Hardware Holdings Incorporated †		123,897		9,117,580
				34,357,474
Textiles, Apparel & Luxury Goods: 2.63%
Michael Kors Holdings Limited †		88,700		8,273,049
Under Armour Incorporated Class A †		101,130		11,593,543
				19,866,592
Consumer Staples: 3.83%
Beverages: 2.85%
Constellation Brands Incorporated Class A †		253,100		21,505,907

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

8 Wells Fargo Advantage Enterprise Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Food & Staples Retailing: 0.98%
United Natural Foods Incorporated †		104,800	$	7,432,416
Energy: 6.48%
Oil, Gas & Consumable Fuels: 6.48%
Antero Resources Corporation Ǡ		103,863		6,501,824
Cabot Oil & Gas Corporation		198,900		6,738,732
Concho Resources Incorporated †		64,400		7,889,000
Gulfport Energy Corporation †		129,770		9,237,029
Marathon Petroleum Corporation		86,500		7,528,960
Pioneer Natural Resources Company		58,835		11,010,382
				48,905,927
Financials: 7.81%
Banks: 2.34%
First Republic Bank Corporation		139,100		7,510,009
Texas Capital Bancshares Incorporated †		156,835		10,184,865
				17,694,874
Capital Markets: 2.54%
Affiliated Managers Group Incorporated †		62,900		12,583,145
SEI Investments Company		195,800		6,580,838
				19,163,983
Diversified Financial Services: 2.42%
IntercontinentalExchange Group Incorporated		92,405		18,280,481
Thrifts & Mortgage Finance: 0.51%
Ocwen Financial Corporation †		98,400		3,855,312
Health Care: 15.88%
Biotechnology: 6.46%
Alexion Pharmaceuticals Incorporated †		91,310		13,890,990
Alkermes plc †		131,600		5,802,244
Alnylam Pharmaceuticals Incorporated †		52,600		3,531,564
BioMarin Pharmaceutical Incorporated †		150,093		10,237,844
Cepheid Incorporated †		120,200		6,199,916
Regeneron Pharmaceuticals Incorporated †		17,700		5,314,956
Vertex Pharmaceuticals Incorporated †		53,800		3,804,736
				48,782,250
Health Care Equipment & Supplies: 1.34%
Boston Scientific Corporation †		746,500		10,092,680
Health Care Providers & Services: 2.67%
DaVita HealthCare Partners Incorporated †		173,825		11,967,851
Envision Healthcare Holdings Incorporated †		243,486		8,237,131
				20,204,982

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Enterprise Fund 9

Security name	Shares		Value
Health Care Technology: 2.01%
athenahealth Incorporated †		40,700	$	6,521,768
Cerner Corporation †		154,600		8,696,250
				15,218,018
Pharmaceuticals: 3.40%
Actavis plc †		43,500		8,954,475
Jazz Pharmaceuticals plc †		52,700		7,308,436
Salix Pharmaceuticals Limited †		91,000		9,428,510
				25,691,421
Industrials: 21.52%
Aerospace & Defense: 2.96%
B/E Aerospace Incorporated †		151,900		13,183,401
DigitalGlobe Incorporated †		315,580		9,154,976
				22,338,377
Airlines: 4.06%
American Airlines Group Incorporated †		189,000		6,917,400
Copa Holdings SA Class A		64,600		9,379,274
Delta Air Lines Incorporated		413,900		14,341,635
				30,638,309
Construction & Engineering: 1.27%
Quanta Services Incorporated †		261,100		9,634,590
Electrical Equipment: 0.49%
Acuity Brands Incorporated		28,000		3,711,960
Machinery: 6.27%
Chart Industries Incorporated †		82,900		6,594,695
Colfax Corporation †		116,133		8,283,767
Cummins Incorporated		47,021		7,005,659
Graco Incorporated		116,800		8,729,632
Proto Labs Incorporated †		108,823		7,364,052
Wabtec Corporation		121,000		9,377,500
				47,355,305
Professional Services: 3.30%
IHS Incorporated Class A †		121,347		14,743,659
Towers Watson & Company Class A		89,300		10,184,665
				24,928,324
Road & Rail: 1.66%
Old Dominion Freight Line Incorporated †		221,400		12,562,236
Trading Companies & Distributors: 1.51%
United Rentals Incorporated †		120,300		11,421,282

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

10 Wells Fargo Advantage Enterprise Fund Portfolio of investments—March 31, 2014 (unaudited)

    -

Security name				Shares		Value
Information Technology: 16.91%
Electronic Equipment, Instruments & Components: 2.08%
Cognex Corporation †					184,700	$	6,253,942
FEI Company					92,000		9,477,840
							15,731,782
Internet Software & Services: 4.07%
Cornerstone OnDemand Incorporated †					156,500		7,491,655
CoStar Group Incorporated †					46,663		8,713,849
LinkedIn Corporation Class A †					47,200		8,729,168
Yelp Incorporated †					75,715		5,824,755
							30,759,427
IT Services: 3.33%
Alliance Data Systems Corporation †					51,350		13,990,308
Vantiv Incorporated Class A †					368,781		11,144,562
							25,134,870
Semiconductors & Semiconductor Equipment: 1.26%
ARM Holdings plc ADR					186,700		9,516,099
Software: 5.34%
Adobe Systems Incorporated †					139,200		9,151,008
Aspen Technology Incorporated †					163,700		6,934,332
Guidewire Software Incorporated †					148,400		7,279,020
ServiceNow Incorporated †					163,750		9,811,900
Tableau Software Incorporated Class A †					94,700		7,204,776
							40,381,036
Technology Hardware, Storage & Peripherals: 0.83%
Stratasys Limited Ǡ					58,800		6,238,092
Materials: 1.40%
Chemicals: 1.40%
W.R. Grace & Company †					106,300		10,541,771
Telecommunication Services: 2.23%
Wireless Telecommunication Services: 2.23%
SBA Communications Corporation Class A †					185,280		16,853,069
Total Common Stocks (Cost $581,414,619)							745,941,559
	Yield
Short-Term Investments: 3.48%
Investment Companies: 3.48%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		5,419,599		5,419,599
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)		0.09			20,899,774		20,899,774
Total Short-Term Investments (Cost $26,319,373)							26,319,373

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Enterprise Fund 11

Security name Value

Total investments in securities (Cost $607,733,992) *	102.22	%	$	772,260,932
Other assets and liabilities, net	(2.22	)		(16,762,854	)
Total net assets	100.00	%	$	755,498,078

† 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 $608,135,042 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	171,049,979
Gross unrealized depreciation		(6,924,089	)
Net unrealized appreciation	$	164,125,890

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

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

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	745,941,559
In affiliated securities, at value (see cost below)		26,319,373
Total investments, at value (see cost below)		772,260,932
Receivable for investments sold		11,045,929
Receivable for Fund shares sold		504,694
Receivable for dividends		98,370
Receivable for securities lending income		10,778
Prepaid expenses and other assets		115,381
Total assets		784,036,084
Liabilities
Payable for investments purchased		6,583,913
Payable for Fund shares redeemed		247,956
Payable upon receipt of securities loaned		20,899,774
Advisory fee payable		390,769
Distribution fees payable		7,664
Due to other related parties		201,198
Accrued expenses and other liabilities		206,732
Total liabilities		28,538,006
Total net assets	$	755,498,078
NET ASSETS CONSIST OF
Paid-in capital	$	555,887,444
Accumulated net investment loss		(3,433,460	)
Accumulated net realized gains on investments		38,517,154
Net unrealized gains on investments		164,526,940
Total net assets	$	755,498,078
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	439,619,553
Shares outstanding – Class A		9,005,508
Net asset value per share – Class A		$48.82
Maximum offering price per share – Class A2		$51.80
Net assets – Class B	$	2,269,581
Shares outstanding – Class B		49,271
Net asset value per share – Class B		$46.06
Net assets – Class C	$	9,682,929
Shares outstanding – Class C		210,171
Net asset value per share – Class C		$46.07
Net assets – Administrator Class	$	12,468,590
Shares outstanding – Administrator Class		247,223
Net asset value per share – Administrator Class		$50.43
Net assets – Institutional Class	$	81,417,037
Shares outstanding – Institutional Class		1,577,278
Net asset value per share – Institutional Class		$51.62
Net assets – Investor Class		$210,040,388
Shares outstanding – Investor Class		4,366,780
Net asset value per share – Investor Class		$48.10
Investments in unaffiliated securities (including securities on loan), at cost	$	581,414,619
Investments in affiliated securities, at cost	$	26,319,373
Total investments, at cost	$	607,733,992
Securities on loan, at value	$	20,443,767

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 March 31, 2014 (unaudited) Wells Fargo Advantage Enterprise Fund 13

Investment income
Dividends	$	1,024,339
Securities lending income, net		18,295
Income from affiliated securities		2,392
Total investment income		1,045,026
Expenses
Advisory fee		2,628,979
Administration fees
Fund level		190,122
Class A		573,717
Class B		3,232
Class C		11,963
Administrator Class		5,923
Institutional Class		34,287
Investor Class		335,866
Shareholder servicing fees
Class A		551,651
Class B		3,107
Class C		11,503
Administrator Class		14,476
Investor Class		262,395
Distribution fees
Class B		9,322
Class C		34,508
Custody and accounting fees		24,871
Professional fees		21,712
Registration fees		52,480
Shareholder report expenses		43,904
Trustees’ fees and expenses		6,168
Other fees and expenses		13,189
Total expenses		4,833,375
Less: Fee waivers and/or expense reimbursements		(386,001	)
Net expenses		4,447,374
Net investment loss		(3,402,348	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		68,286,830
Net change in unrealized gains (losses) on investments		(12,167,431	)
Net realized and unrealized gains (losses) on investments		56,119,399
Net increase in net assets resulting from operations	$	52,717,051

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

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

	Six months ended March 31, 2014 (unaudited)						Year ended September 30, 2013
Operations
Net investment income (loss)				$	(3,402,348	)				$	219,386
Net realized gains on investments					68,286,830						79,776,259
Net change in unrealized gains (losses) on investments					(12,167,431	)					100,132,214
Net increase in net assets resulting from operations					52,717,051						180,127,859
Distributions to shareholders from
Net realized gains
Class A					(35,681,689	)					0
Class B					(211,712	)					0
Class C					(778,785	)					0
Administrator Class					(1,012,394	)					0
Institutional Class					(6,714,365	)					0
Investor Class					(17,198,764	)					0
Total distributions to shareholders					(61,597,709	)					0
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		80,021			3,966,106			149,004			6,471,674
Class B		508			23,791			335			14,052
Class C		29,366			1,378,050			18,231			745,453
Administrator Class		143,638			7,413,278			91,119			4,080,344
Institutional Class		200,498			10,557,170			164,971			7,509,243
Investor Class		124,122			6,096,138			241,679			10,267,120
					29,434,533						29,087,886
Reinvestment of distributions
Class A		689,941			32,861,871			0			0
Class B		4,480			201,822			0			0
Class C		16,106			725,586			0			0
Administrator Class		15,743			774,411			0			0
Institutional Class		79,143			3,981,688			0			0
Investor Class		356,861			16,751,087			0			0
					55,296,465						0
Payment for shares redeemed
Class A		(401,471	)		(19,939,977	)		(1,045,012	)		(42,859,422	)
Class B		(13,483	)		(639,593	)		(32,158	)		(1,256,936	)
Class C		(15,247	)		(717,921	)		(46,210	)		(1,814,005	)
Administrator Class		(109,025	)		(5,513,840	)		(68,527	)		(2,895,843	)
Institutional Class		(258,373	)		(13,706,692	)		(975,053	)		(40,667,919	)
Investor Class		(258,855	)		(12,570,290	)		(644,034	)		(26,031,917	)
					(53,088,313	)					(115,526,042	)
Net increase (decrease) in net assets resulting from capital share transactions					31,642,685						(86,438,156	)
Total increase in net assets					22,762,027						93,689,703
Net assets
Beginning of period					732,736,051						639,046,348
End of period				$	755,498,078					$	732,736,051
Accumulated net investment loss				$	(3,433,460	)				$	(31,112	)

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

Financial highlights Wells Fargo Advantage Enterprise Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS A				2013			2012			2011			20101			2009			20082
Net asset value, beginning of period	$	49.54		$	37.67		$	29.10		$	30.21		$	24.24		$	21.77		$	37.95
Net investment income (loss)		(0.22	)3		0.01	3		(0.18	)		(0.17	)3		(0.22	)3		(0.14	)3		(0.25	)3
Net realized and unrealized gains (losses) on investments		3.68			11.86			8.75			(0.94	)		6.19			2.61			(15.93	)
Total from investment operations		3.46			11.87			8.57			(1.11	)		5.97			2.47			(16.18	)
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	48.82		$	49.54		$	37.67		$	29.10		$	30.21		$	24.24		$	21.77
Total return4		7.20	%		31.55	%		29.46	%		(3.71	)%		24.63	%		11.35	%		(42.63	)%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.30	%		1.29	%		1.34	%		1.38	%		1.44	%		1.45	%
Net expenses		1.18	%		1.18	%		1.18	%		1.18	%		1.34	%		1.36	%		1.40	%
Net investment income (loss)		(0.91	)%		0.01	%		(0.49	)%		(0.51	)%		(0.85	)%		(0.64	)%		(0.79	)%
Supplemental data
Portfolio turnover rate		50	%		91	%		102	%		104	%		108	%		203	%		179	%
Net assets, end of period (000s omitted)		$439,620			$427,860			$359,068			$307,735			$878			$824			$851

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

2. On June 20, 2008, Advisor Class was renamed Class A.

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 Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
CLASS B				2013			2012			20111
Net asset value, beginning of period	$	47.14		$	36.11		$	28.10		$	29.17
Net investment loss		(0.39	)2		(0.27	)2		(0.42	)2		(0.04	)2
Net realized and unrealized gains (losses) on investments		3.49			11.30			8.43			(1.03	)
Total from investment operations		3.10			11.03			8.01			(1.07	)
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00
Net asset value, end of period	$	46.06		$	47.14		$	36.11		$	28.10
Total return3		6.78	%		30.55	%		28.51	%		(3.67	)%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.05	%		2.04	%		2.09	%
Net expenses		1.93	%		1.93	%		1.93	%		1.93	%
Net investment loss		(1.66	)%		(0.68	)%		(1.25	)%		(1.26	)%
Supplemental data
Portfolio turnover rate		50	%		91	%		102	%		104	%
Net assets, end of period (000s omitted)	$	2,270		$	2,723		$	3,235		$	4,695

1. For the period from August 26, 2011 (commencement of class operations) to September 30, 2011

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 Enterprise Fund 17

(For a share outstanding throughout each period)

CLASS C	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
				2013			2012			2011			20101			2009			20082
Net asset value, beginning of period	$	47.14		$	36.11		$	28.10		$	29.39		$	23.75		$	21.49		$	30.67
Net investment loss		(0.39	)3		(0.29	)3		(0.42	)3		(0.44	)3		(0.39	)3		(0.31	)3		(0.27	)3
Net realized and unrealized gains (losses) on investments		3.50			11.32			8.43			(0.85	)		6.03			2.57			(8.91	)
Total from investment operations		3.11			11.03			8.01			(1.29	)		5.64			2.26			(9.18	)
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	46.07		$	47.14		$	36.11		$	28.10		$	29.39		$	23.75		$	21.49
Total return4		6.80	%		30.55	%		28.51	%		(4.39	)%		23.80	%		10.52	%		(29.96	)%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.05	%		2.04	%		2.09	%		2.13	%		2.19	%		2.18	%
Net expenses		1.93	%		1.93	%		1.93	%		1.97	%		2.09	%		2.11	%		2.15	%
Net investment loss		(1.65	)%		(0.72	)%		(1.24	)%		(1.35	)%		(1.60	)%		(1.43	)%		(1.58	)%
Supplemental data
Portfolio turnover rate		50	%		91	%		102	%		104	%		108	%		203	%		179	%
Net assets, end of period (000s omitted)		$9,683			$8,483			$7,508			$6,428			$174			$268			$21

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

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

3. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
ADMINISTRATOR CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	51.03		$	38.77		$	29.93		$	31.03		$	24.86		$	22.27		$	38.71
Net investment income (loss)		(0.21	)2		0.02	2		(0.16	)2		(0.24	)		(0.17	)2		(0.09	)2		(0.18	)2
Net realized and unrealized gains (losses) on investments		3.79			12.24			9.00			(0.86	)		6.34			2.68			(16.26	)
Total from investment operations		3.58			12.26			8.84			(1.10	)		6.17			2.59			(16.44	)
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	50.43		$	51.03		$	38.77		$	29.93		$	31.03		$	24.86		$	22.27
Total return3		7.23	%		31.62	%		29.54	%		(3.54	)%		24.87	%		11.59	%		(42.47	)%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.13	%		1.12	%		1.17	%		1.21	%		1.26	%		1.26	%
Net expenses		1.10	%		1.11	%		1.12	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income (loss)		(0.82	)%		0.05	%		(0.46	)%		(0.62	)%		(0.66	)%		(0.44	)%		(0.55	)%
Supplemental data
Portfolio turnover rate		50	%		91	%		102	%		104	%		108	%		203	%		179	%
Net assets, end of period (000s omitted)	$	12,469		$	10,046		$	6,757		$	22,811		$	16,760		$	16,000		$	14,677

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Enterprise Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
INSTITUTIONAL CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	52.07		$	39.46		$	30.38		$	31.42		$	25.11		$	22.44		$	38.90
Net investment income (loss)		(0.15	)2		0.18	2		(0.06	)2		(0.13	)2		(0.11	)2		(0.04	)2		(0.10	)2
Net realized and unrealized gains (losses) on investments		3.88			12.43			9.14			(0.91	)		6.42			2.71			(16.36	)
Total from investment operations		3.73			12.61			9.08			(1.04	)		6.31			2.67			(16.46	)
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	51.62		$	52.07		$	39.46		$	30.38		$	31.42		$	25.11		$	22.44
Total return3		7.38	%		31.96	%		29.89	%		(3.31	)%		25.13	%		11.90	%		(42.31	)%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.87	%		0.86	%		0.90	%		0.94	%		0.99	%		0.98	%
Net expenses		0.85	%		0.85	%		0.85	%		0.89	%		0.90	%		0.90	%		0.90	%
Net investment income (loss)		(0.58	)%		0.41	%		(0.17	)%		(0.37	)%		(0.41	)%		(0.18	)%		(0.29	)%
Supplemental data
Portfolio turnover rate		50	%		91	%		102	%		104	%		108	%		203	%		179	%
Net assets, end of period (000s omitted)		$81,417			$81,021			$93,367			$121,618			$106,931			$113,467			$104,121

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
INVESTOR CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	48.88		$	37.19		$	28.75		$	29.87		$	23.99		$	21.56		$	37.62
Net investment loss		(0.24	)2		(0.02	)2		(0.19	)2		(0.29	)2		(0.24	)2		(0.16	)2		(0.29	)2
Net realized and unrealized gains (losses) on investments		3.64			11.71			8.63			(0.83	)		6.12			2.59			(15.77	)
Total from investment operations		3.40			11.69			8.44			(1.12	)		5.88			2.43			(16.06	)
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	48.10		$	48.88		$	37.19		$	28.75		$	29.87		$	23.99		$	21.56
Total return3		7.17	%		31.43	%		29.36	%		(3.75	)%		24.56	%		11.22	%		(42.69	)%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.36	%		1.36	%		1.40	%		1.48	%		1.54	%		1.57	%
Net expenses		1.24	%		1.24	%		1.25	%		1.36	%		1.43	%		1.46	%		1.53	%
Net investment loss		(0.97	)%		(0.05	)%		(0.56	)%		(0.84	)%		(0.94	)%		(0.74	)%		(0.91	)%
Supplemental data
Portfolio turnover rate		50	%		91	%		102	%		104	%		108	%		203	%		179	%
Net assets, end of period (000s omitted)		$210,040			$202,602			$169,111			$144,883			$134,528			$117,725			$112,689

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

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

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

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.

At September 30, 2013, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

2016	2019	No expiration
		Short-term	Long-term
$21,080,033	$2,550,894	$2,372,472	$1,153,890

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Enterprise 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 March 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
Consumer discretionary	$	171,366,779	$	0	$	0	$	171,366,779
Consumer staples		28,938,323		0		0		28,938,323
Energy		48,905,927		0		0		48,905,927
Financials		58,994,650		0		0		58,994,650
Health care		119,989,351		0		0		119,989,351
Industrials		162,590,383		0		0		162,590,383
Information technology		127,761,306		0		0		127,761,306
Materials		10,541,771		0		0		10,541,771
Telecommunication services		16,853,069		0		0		16,853,069
Short-term investments
Investment companies		5,419,899		20,899,774		0		26,319,373
	$	751,361,158	$	20,899,774	$	0	$	772,260,932

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended March 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 0.70% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended March 31, 2014, the advisory fee was equivalent to an annual rate of 0.69% 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

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

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.18% for Class A shares, 1.93% for Class B shares, 1.93% for Class C shares, 1.10% for Administrator Class shares, 0.85% for Institutional Class shares, and 1.24% for Investor Class shares.

Distribution fees

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

For the six months ended March 31, 2014, Wells Fargo Funds Distributor, LLC received $6,829 from the sale of Class A shares and $108 in contingent deferred sales charges from redemptions of Class B shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2014 were $376,983,354 and $421,881,297 respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended March 31, 2014, the Fund paid $588 in commitment fees.

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

7. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Enterprise 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 Enterprise 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 Enterprise Fund 27

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 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 Enterprise Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 27-28, 2014 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Enterprise Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

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

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the average performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, Russell Midcap^® Growth Index, for the one-, three-, and ten-year periods under review and lower than its benchmark for the five-year period under review.

Other information (unaudited) Wells Fargo Advantage Enterprise Fund 29

The Board received an analysis of, and discussed factors contributing to, the underperformance of the Fund relative to its benchmark for the five-year period under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance. The Board was satisfied with the explanation of factors contributing to underperformance.

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

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

Investment advisory and sub-advisory fee rates

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

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

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.

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

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

Profitability

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

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

30 Wells Fargo Advantage Enterprise Fund Other information (unaudited)

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

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

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.

List of abbreviations Wells Fargo Advantage Enterprise Fund 31

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

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 —  Indonesian rupiah

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.

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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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

© 2014 Wells Fargo Funds Management, LLC. All rights reserved.

224312 05-14 SA231/SAR231 03-14

Wells Fargo Advantage Opportunity Fund^SM

Semi-Annual Report

March 31, 2014

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	26
List of abbreviations	32

The views expressed and any forward-looking statements are as of March 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 Opportunity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies.

Dear Valued Shareholder:

We are pleased to offer you this report for the Wells Fargo Advantage Opportunity Fund for the six-month period that ended March 31, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, low inflation, and equity market gains. Investors appeared less risk-averse, favoring higher-growth sectors of the market over defensive companies, such as utilities. Considerable geopolitical uncertainty and heightened equity market volatility as the U.S. and Europe confronted Russia over Ukraine that occurred in the last three months of the reporting period were countered by increased confidence that the U.S. economic recovery was gaining strength, which resulted in positive returns for domestic stocks (measured by the Russell 3000^® Index¹) for the six-month reporting period.

U.S. economic prospects brightened.

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the monetary policymaking body of the Federal Reserve—kept its key interest rate near zero and purchased both mortgage-backed securities and long-term U.S. Treasuries in an effort to keep interest rates low. In mid-December 2013, the FOMC conveyed confidence in the strength of the economy by announcing it would begin tapering its bond-buying program.

Meanwhile, in November 2013, the European Central Bank (ECB) cut its key rate to a then-historic low of 0.25%. Its 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. economic data was moderately positive, gaining strength as the period progressed. Data that was available at the end of the reporting period showed that U.S. real gross domestic product increased at a 2.6% annualized rate in the fourth quarter of 2013. The jobs picture continued to slowly improve as the unemployment rate declined to 6.7% as of February 2014. Meanwhile, inflation remained low. The eurozone exited a protracted recession and reported weak but positive economic activity during the last three quarters of 2013.

U.S. equity markets had strong returns.

The modestly positive outlook for the U.S. economy contributed to a positive domestic stock market for most of the reporting period. Stock prices (measured by the Russell 3000 Index¹) rose during the period. These positive results came despite several short-term sell-offs, the most significant of which occurred in January 2014 as the result of new concerns about global economic strength when China posted weak manufacturing data and emerging markets showed renewed volatility.

Economically-sensitive companies had the best results over the past six months. For example, information technology companies continued to benefit from long-term trends such as the growth of cloud computing, a shift toward software-as-a-service, and great use of data analytics. At the other end of the spectrum, more defensive companies, such as those within the consumer staples sector of the Russell 2500^TM Index², had weak but positive returns over the past six months.

1. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

2. The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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.

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 Opportunity 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 manager

Ann M. Miletti

Average annual total returns¹ (%) as of March 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 (SOPVX)	2-24-2000		13.75		19.88		7.23		20.68		21.32		7.87		1.27		1.23
Class B (SOPBX)*	8-26-2011		14.80		20.23		7.38		19.80		20.42		7.38		2.02		1.98
Class C (WFOPX)	3-31-2008		18.79		20.42		7.09		19.79		20.42		7.09		2.02		1.98
Administrator Class (WOFDX)	8-30-2002		–		–		–		20.96		21.60		8.14		1.11		1.01
Institutional Class (WOFNX)	7-30-2010		–		–		–		21.26		21.81		8.23		0.84		0.76
Investor Class (SOPFX)	12-31-1985		–		–		–		20.65		21.24		7.83		1.33		1.29
Russell 3000® Index4	–		–		–		–		22.61		21.93		7.86		–		–

* 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. Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). 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 Opportunity Fund 5

Ten largest equity holdings5 (%) as of March 31, 2014
Harman International Industries Incorporated	1.97
American Tower Corporation	1.68
Invesco Limited	1.67
PNC Financial Services Group Incorporated	1.67
Agilent Technologies Incorporated	1.66
B/E Aerospace Incorporated	1.65
Global Payments Incorporated	1.63
ON Semiconductor Corporation	1.63
Check Point Software Technologies Limited	1.58
Altera Corporation	1.53

Sector distribution⁶ as of March 31, 2014

1. Historical performance shown for Class B shares prior to their inception reflects the performance of Class C shares. Historical performance shown for Class C shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Institutional Class 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. 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 the Class A shares through June 19, 2008, includes Advisor Class expenses.

2. 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.

3. The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.22% for Class A, 1.97% for Class B, 1.97% for Class C, 1.00% for Administrator Class, 0.75% for Institutional Class, and 1.28% 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 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 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 Opportunity 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 October 1, 2013 to March 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 10-1-2013		Ending account value 3-31-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,122.49	$	6.46		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.14		1.22	%
Class B
Actual	$	1,000.00	$	1,118.30	$	10.40		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.11	$	9.90		1.97	%
Class C
Actual	$	1,000.00	$	1,118.04	$	10.40		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.11	$	9.90		1.97	%
Administrator Class
Actual	$	1,000.00	$	1,123.82	$	5.30		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,125.21	$	3.97		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78		0.75	%
Investor Class
Actual	$	1,000.00	$	1,122.11	$	6.77		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.44		1.28	%

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—March 31, 2014 (unaudited) Wells Fargo Advantage Opportunity Fund 7

Security name	Shares		Value
Common Stocks: 96.38%
Consumer Discretionary: 20.04%
Auto Components: 1.46%
Johnson Controls Incorporated		605,963	$	28,674,169
Diversified Consumer Services: 2.40%
Apollo Group Incorporated Class A †		635,465		21,758,322
K12 Incorporated †		1,118,867		25,342,338
				47,100,660
Hotels, Restaurants & Leisure: 1.24%
Carnival Corporation		643,632		24,367,908
Household Durables: 3.05%
Harman International Industries Incorporated		363,487		38,675,017
Whirlpool Corporation		141,202		21,104,051
				59,779,068
Media: 3.82%
Comcast Corporation Class A		363,414		17,720,067
Discovery Communications Incorporated †		219,497		16,914,439
Liberty Global plc Class A		229,405		9,543,248
Liberty Global plc Class C †		229,405		9,339,078
Omnicom Group Incorporated		295,390		21,445,314
				74,962,146
Multiline Retail: 4.71%
Dollar General Corporation †		272,533		15,120,131
Kohl’s Corporation		416,295		23,645,556
Macy’s Incorporated		466,140		27,637,441
Nordstrom Incorporated		415,106		25,923,370
				92,326,498
Specialty Retail: 2.91%
Chico’s FAS Incorporated		1,213,048		19,445,159
Dick’s Sporting Goods Incorporated		462,367		25,249,862
Express Incorporated †		777,584		12,348,034
				57,043,055
Textiles, Apparel & Luxury Goods: 0.45%
Coach Incorporated		178,198		8,849,313
Consumer Staples: 4.23%
Food & Staples Retailing: 1.14%
The Kroger Company		512,891		22,387,692

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

8 Wells Fargo Advantage Opportunity Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Food Products: 2.19%
General Mills Incorporated		392,517	$	20,340,231
Mead Johnson Nutrition Company		273,126		22,707,696
				43,047,927
Household Products: 0.90%
Church & Dwight Company Incorporated		255,025		17,614,577
Energy: 9.01%
Energy Equipment & Services: 4.96%
McDermott International Incorporated Ǡ		2,711,243		21,201,920
National Oilwell Varco Incorporated		334,230		26,026,490
Superior Energy Services Incorporated		863,261		26,553,908
Weatherford International Limited †		1,350,587		23,446,190
				97,228,508
Oil, Gas & Consumable Fuels: 4.05%
Denbury Resources Incorporated		1,620,818		26,581,415
Newfield Exploration Company †		881,195		27,634,275
Range Resources Corporation		303,714		25,199,151
				79,414,841
Financials: 13.46%
Banks: 3.57%
Branch Banking & Trust Corporation		315,846		12,687,534
Fifth Third Bancorp		1,072,225		24,607,564
PNC Financial Services Group Incorporated		376,741		32,776,467
				70,071,565
Capital Markets: 2.95%
Invesco Limited		885,568		32,766,016
TD Ameritrade Holding Corporation		735,628		24,974,571
				57,740,587
Diversified Financial Services: 1.38%
IntercontinentalExchange Group Incorporated		137,080		27,118,536
Insurance: 3.88%
ACE Limited		289,892		28,716,702
American International Group Incorporated		554,300		27,720,543
RenaissanceRe Holdings Limited		201,734		19,689,238
				76,126,483
REITs: 1.68%
American Tower Corporation		403,314		33,019,317

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Opportunity Fund 9

Security name	Shares		Value
Health Care: 12.85%
Health Care Equipment & Supplies: 3.71%
C.R. Bard Incorporated		158,020	$	23,383,800
Covidien plc		354,926		26,143,849
Zimmer Holdings Incorporated		245,385		23,208,513
				72,736,162
Health Care Providers & Services: 0.60%
Patterson Companies Incorporated		282,294		11,788,597
Life Sciences Tools & Services: 5.65%
Agilent Technologies Incorporated		581,840		32,536,493
Bio-Rad Laboratories Incorporated Class A †		190,921		24,460,799
Covance Incorporated †		247,730		25,739,147
Thermo Fisher Scientific Incorporated		233,298		28,051,752
				110,788,191
Pharmaceuticals: 2.89%
Merck & Company Incorporated		269,684		15,309,961
Shire plc ADR		123,941		18,408,957
Zoetis Incorporated		797,884		23,090,763
				56,809,681
Industrials: 11.99%
Aerospace & Defense: 1.65%
B/E Aerospace Incorporated †		373,832		32,444,879
Airlines: 1.99%
Delta Air Lines Incorporated		637,993		22,106,457
United Continental Holdings Incorporated †		376,963		16,823,859
				38,930,316
Commercial Services & Supplies: 1.30%
Republic Services Incorporated		748,964		25,584,610
Electrical Equipment: 3.19%
AMETEK Incorporated		276,719		14,248,261
Babcock & Wilcox Company		854,111		28,356,485
Regal Beloit Corporation		274,107		19,930,320
				62,535,066
Machinery: 0.99%
Joy Global Incorporated «		333,869		19,364,402
Road & Rail: 2.87%
Canadian Pacific Railway Limited		78,552		11,816,577
Hertz Global Holdings Incorporated †		986,038		26,268,052
J.B. Hunt Transport Services Incorporated		253,631		18,241,142
				56,325,771

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

10 Wells Fargo Advantage Opportunity Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Information Technology: 17.84%
Communications Equipment: 1.22%
Riverbed Technology Incorporated †		1,213,859	$	23,925,161
Electronic Equipment, Instruments & Components: 1.22%
Amphenol Corporation Class A		261,849		23,998,461
IT Services: 3.13%
Global Payments Incorporated		448,663		31,904,426
Teradata Corporation †		599,579		29,493,291
				61,397,717
Semiconductors & Semiconductor Equipment: 5.39%
Altera Corporation		830,352		30,091,956
ARM Holdings plc		882,410		14,681,677
Avago Technologies Limited		448,799		28,907,144
ON Semiconductor Corporation †		3,398,115		31,942,281
				105,623,058
Software: 5.59%
Autodesk Incorporated †		417,186		20,517,207
Check Point Software Technologies Limited †		457,482		30,939,508
Citrix Systems Incorporated †		508,315		29,192,530
Red Hat Incorporated †		547,270		28,994,365
				109,643,610
Technology Hardware, Storage & Peripherals: 1.29%
NetApp Incorporated		687,460		25,367,274
Materials: 6.96%
Chemicals: 3.69%
Cytec Industries Incorporated		213,532		20,842,859
Huntsman Corporation		974,484		23,796,899
Praxair Incorporated		212,576		27,841,079
				72,480,837
Containers & Packaging: 2.35%
Crown Holdings Incorporated †		485,973		21,742,432	��
Owens-Illinois Incorporated †		719,925		24,355,063
				46,097,495
Metals & Mining: 0.92%
Royal Gold Incorporated		288,173		18,045,390
Total Common Stocks (Cost $1,227,104,686)				1,890,759,528

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Opportunity Fund 11

Security name	Yield			Shares		Value
Short-Term Investments: 5.13%
Investment Companies: 5.13%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		69,279,685	$	69,279,685
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.09			31,406,125		31,406,125
Total Short-Term Investments (Cost $100,685,810)							100,685,810

Total investments in securities
(Cost $1,327,790,496) *	101.51	%		1,991,445,338
Other assets and liabilities, net	(1.51	)		(29,704,540	)
Total net assets	100.00	%	$	1,961,740,798

† 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 $1,338,866,272 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	676,327,207
Gross unrealized depreciation		(23,748,141	)
Net unrealized appreciation	$	652,579,066

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

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

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	1,890,759,528
In affiliated securities, at value (see cost below)		100,685,810
Total investments, at value (see cost below)		1,991,445,338
Receivable for investments sold		6,554,935
Receivable for Fund shares sold		256,072
Receivable for dividends		1,510,478
Receivable for securities lending income		10,341
Prepaid expenses and other assets		66,073
Total assets		1,999,843,237
Liabilities
Payable for investments purchased		960,022
Payable for Fund shares redeemed		3,405,626
Payable upon receipt of securities loaned		31,406,125
Advisory fee payable		1,042,502
Distribution fees payable		33,895
Due to other related parties		538,473
Accrued expenses and other liabilities		715,796
Total liabilities		38,102,439
Total net assets	$	1,961,740,798
NET ASSETS CONSIST OF
Paid-in capital	$	1,216,381,859
Accumulated net investment loss		(3,355,456	)
Accumulated net realized gains on investments		85,059,387
Net unrealized gains on investments		663,655,008
Total net assets	$	1,961,740,798
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	457,306,860
Shares outstanding – Class A		9,399,373
Net asset value per share – Class A		$48.65
Maximum offering price per share – Class A2		$51.62
Net assets – Class B	$	7,966,282
Shares outstanding – Class B		168,097
Net asset value per share – Class B		$47.39
Net assets – Class C	$	44,904,414
Shares outstanding – Class C		947,443
Net asset value per share – Class C		$47.40
Net assets – Administrator Class	$	264,091,331
Shares outstanding – Administrator Class		5,152,335
Net asset value per share – Administrator Class		$51.26
Net assets – Institutional Class	$	18,180,929
Shares outstanding – Institutional Class		351,458
Net asset value per share – Institutional Class		$51.73
Net assets – Investor Class	$	1,169,290,982
Shares outstanding – Investor Class		23,523,712
Net asset value per share – Investor Class		$49.71
Investments in unaffiliated securities (including securities on loan), at cost	$	1,227,104,686
Investments in affiliated securities, at cost	$	100,685,810
Total investments, at cost	$	1,327,790,496
Securities on loan, at value	$	30,523,945

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 March 31, 2014 (unaudited) Wells Fargo Advantage Opportunity Fund 13

Investment income
Dividends*	$	9,852,554
Income from affiliated securities		36,509
Securities lending income, net		28,777
Total investment income		9,917,840
Expenses
Advisory fee		6,385,863
Administration fees
Fund level		476,837
Class A		579,814
Class B		11,124
Class C		57,530
Administrator Class		128,769
Institutional Class		6,694
Investor Class		1,814,802
Shareholder servicing fees
Class A		557,513
Class B		10,696
Class C		55,317
Administrator Class		320,943
Investor Class		1,417,815
Distribution fees
Class B		32,088
Class C		165,951
Custody and accounting fees		50,978
Professional fees		26,274
Registration fees		32,112
Shareholder report expenses		128,705
Trustees’ fees and expenses		6,372
Other fees and expenses		21,491
Total expenses		12,287,688
Less: Fee waivers and/or expense reimbursements		(437,179	)
Net expenses		11,850,509
Net investment loss		(1,932,669	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		98,917,903
Net change in unrealized gains (losses) on investments		122,724,104
Net realized and unrealized gains (losses) on investments		221,642,007
Net increase in net assets resulting from operations	$	219,709,338
* Net of foreign dividend withholding taxes in the amount of		$7,367

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

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

	Six months ended March 31, 2014 (unaudited)						Year ended September 30, 2013
Operations
Net investment loss				$	(1,932,669	)				$	(1,865,747	)
Net realized gains on investments					98,917,903						139,619,473
Net change in unrealized gains (losses) on investments					122,724,104						235,180,602
Net increase in net assets resulting from operations					219,709,338						372,934,328
Distributions to shareholders from
Net realized gains
Class A					(27,911,632	)					(15,147,786	)
Class B					(558,187	)					(421,069	)
Class C					(2,837,875	)					(1,614,183	)
Administrator Class					(15,349,123	)					(9,579,443	)
Institutional Class					(975,990	)					(391,050	)
Investor Class					(69,491,599	)					(37,346,841	)
Total distributions to shareholders					(117,124,406	)					(64,500,372	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		86,551			4,083,407			235,315			9,687,192
Class B		3			122			104			4,380
Class C		10,866			497,904			22,875			945,978
Administrator Class		114,929			5,723,628			497,680			21,794,009
Institutional Class		92,575			4,636,876			206,493			9,173,483
Investor Class		253,601			12,278,777			597,045			25,598,485
					27,220,714						67,203,527
Reinvestment of distributions
Class A		590,219			27,067,521			384,883			14,610,008
Class B		12,222			547,196			11,044			412,946
Class C		57,487			2,574,239			39,312			1,469,891
Administrator Class		297,637			14,369,886			226,421			8,997,967
Institutional Class		20,045			975,990			9,786			391,050
Investor Class		1,444,831			67,704,787			933,138			36,155,454
					113,239,619						62,037,316
Payment for shares redeemed
Class A		(604,076	)		(28,602,448	)		(1,548,105	)		(64,953,639	)
Class B		(43,375	)		(2,002,377	)		(116,982	)		(4,816,605	)
Class C		(75,289	)		(3,492,445	)		(217,628	)		(8,965,668	)
Administrator Class		(357,589	)		(17,839,695	)		(5,334,566	)		(223,466,216	)
Institutional Class		(48,327	)		(2,433,023	)		(193,044	)		(8,727,131	)
Investor Class		(1,292,768	)		(62,462,379	)		(3,698,713	)		(157,919,895	)
					(116,832,367	)					(468,849,154	)
Net increase (decrease) in net assets resulting from capital share transactions					23,627,966						(339,608,311	)
Total increase (decrease) in net assets					126,212,898						(31,174,355	)
Net assets
Beginning of period					1,835,527,900						1,866,702,255
End of period				$	1,961,740,798					$	1,835,527,900
Accumulated net investment loss				$	(3,355,456	)				$	(1,422,787	)

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

Financial highlights Wells Fargo Advantage Opportunity Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS A				2013			2012			2011			20101			2009			20082
Net asset value, beginning of period	$	46.23		$	38.99		$	32.08		$	34.08		$	28.81		$	23.24		$	45.42
Net investment income (loss)		(0.04	)		(0.04	)		(0.03	)		0.06	3		(0.03	)3		0.07	3		0.08	3
Net realized and unrealized gains (losses) on investments		5.52			8.80			6.94			(2.06	)		5.37			5.50			(15.15	)
Total from investment operations		5.48			8.76			6.91			(2.00	)		5.34			5.57			(15.07	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.07	)		0.00			(0.47	)
Net realized gains		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00			(6.47	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			0.00			(0.17	)
Total distributions to shareholders		(3.06	)		(1.52	)		0.00			0.00			(0.07	)		0.00			(7.11	)
Net asset value, end of period	$	48.65		$	46.23		$	38.99		$	32.08		$	34.08		$	28.81		$	23.24
Total return4		12.25	%		23.31	%		21.54	%		(5.87	)%		18.55	%		23.97	%		(38.55	)%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.26	%		1.25	%		1.27	%		1.31	%		1.35	%		1.34	%
Net expenses		1.22	%		1.23	%		1.25	%		1.25	%		1.29	%		1.29	%		1.29	%
Net investment income (loss)		(0.18	)%		(0.08	)%		(0.08	)%		0.15	%		(0.11	)%		0.28	%		0.22	%
Supplemental data
Portfolio turnover rate		16	%		26	%		41	%		31	%		42	%		55	%		73	%
Net assets, end of period (000s omitted)		$457,307			$431,201			$399,828			$394,194			$22,437			$21,108			$20,695

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

2. On June 20, 2008, Advisor Class was renamed Class A.

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 Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
CLASS B				2013			2012			20111
Net asset value, beginning of period	$	45.27		$	38.49		$	31.91		$	33.61
Net investment loss		(0.22	)2		(0.35	)2		(0.31	)2		(0.01	)
Net realized and unrealized gains (losses) on investments		5.40			8.65			6.89			(1.69	)
Total from investment operations		5.18			8.30			6.58			(1.70	)
Distributions to shareholders from
Net realized gains		(3.06	)		(1.52	)		0.00			0.00
Net asset value, end of period	$	47.39		$	45.27		$	38.49		$	31.91
Total return3		11.83	%		22.39	%		20.62	%		(5.06	)%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.01	%		2.00	%		2.02	%
Net expenses		1.97	%		1.98	%		2.00	%		2.00	%
Net investment loss		(0.94	)%		(0.83	)%		(0.83	)%		(0.45	)%
Supplemental data
Portfolio turnover rate		16	%		26	%		41	%		31	%
Net assets, end of period (000s omitted)		$7,966			$9,020			$11,743			$16,154

1. For the period from August 26, 2011 (commencement of class operations) to September 30, 2011

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 Opportunity Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS C				2013			2012			2011			20101			2009			20082
Net asset value, beginning of period	$	45.27		$	38.49		$	31.91		$	34.15		$	29.12		$	23.66		$	33.56
Net investment loss		(0.22	)		(0.35	)3		(0.31	)3		(0.18	)3		(0.25	)3		(0.17	)3		(0.06	)3
Net realized and unrealized gains (losses) on investments		5.41			8.65			6.89			(2.06	)		5.41			5.63			(9.84	)
Total from investment operations		5.19			8.30			6.58			(2.24	)		5.16			5.46			(9.90	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.13	)		0.00			0.00
Net realized gains		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(3.06	)		(1.52	)		0.00			0.00			(0.13	)		0.00			0.00
Net asset value, end of period	$	47.40		$	45.27		$	38.49		$	31.91		$	34.15		$	29.12		$	23.66
Total return4		11.80	%		22.41	%		20.62	%		(6.56	)%		17.76	%		23.08	%		(29.50	)%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.01	%		2.00	%		2.02	%		2.07	%		2.08	%		2.10	%
Net expenses		1.97	%		1.98	%		2.00	%		2.00	%		2.04	%		2.04	%		2.04	%
Net investment loss		(0.93	)%		(0.83	)%		(0.83	)%		(0.50	)%		(0.87	)%		(0.63	)%		(0.33	)%
Supplemental data
Portfolio turnover rate		16	%		26	%		41	%		31	%		42	%		55	%		73	%
Net assets, end of period (000s omitted)		$44,904			$43,209			$42,720			$45,096			$277			$150			$7

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

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

3. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
ADMINISTRATOR CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	48.50		$	40.74		$	33.44		$	35.44		$	29.95		$	24.10		$	46.86
Net investment income		0.00	3		0.06	2		0.09			0.07	2		0.04	2		0.13	2		0.17	2
Net realized and unrealized gains (losses) on investments		5.82			9.22			7.21			(2.07	)		5.59			5.72			(15.69	)
Total from investment operations		5.82			9.28			7.30			(2.00	)		5.63			5.85			(15.52	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.14	)		0.00			(0.60	)
Net realized gains		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00			(6.47	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			0.00			(0.17	)
Total distributions to shareholders		(3.06	)		(1.52	)		0.00			0.00			(0.14	)		0.00			(7.24	)
Net asset value, end of period	$	51.26		$	48.50		$	40.74		$	33.44		$	35.44		$	29.95		$	24.10
Total return4		12.38	%		23.59	%		21.83	%		(5.64	)%		18.84	%		24.27	%		(38.41	)%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.09	%		1.09	%		1.14	%		1.17	%		1.17	%
Net expenses		1.00	%		1.00	%		1.00	%		1.03	%		1.04	%		1.04	%		1.04	%
Net investment income		0.04	%		0.13	%		0.17	%		0.17	%		0.13	%		0.51	%		0.49	%
Supplemental data
Portfolio turnover rate		16	%		26	%		41	%		31	%		42	%		55	%		73	%
Net assets, end of period (000s omitted)		$264,091			$247,230			$395,493			$360,968			$190,054			$124,175			$97,243

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Opportunity Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	48.86		$	40.93		$	33.52		$	35.45		$	33.36
Net investment income		0.07	2		0.17			0.21			0.24	2		0.02	2
Net realized and unrealized gains (losses) on investments		5.86			9.28			7.20			(2.17	)		2.07
Total from investment operations		5.93			9.45			7.41			(1.93	)		2.09
Distributions to shareholders from
Net realized gains		(3.06	)		(1.52	)		0.00			0.00			0.00
Net asset value, end of period	$	51.73		$	48.86		$	40.93		$	33.52		$	35.45
Total return3		12.52	%		23.91	%		22.11	%		(5.44	)%		6.26	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.83	%		0.82	%		0.83	%		0.81	%
Net expenses		0.75	%		0.75	%		0.75	%		0.78	%		0.81	%
Net investment income		0.30	%		0.41	%		0.39	%		0.61	%		0.36	%
Supplemental data
Portfolio turnover rate		16	%		26	%		41	%		31	%		42	%
Net assets, end of period (000s omitted)		$18,181			$14,030			$10,804			$14,027			$11

1. For the period from July 30, 2010 (commencement of class operations) to September 30, 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 Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
INVESTOR CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	47.19		$	39.79		$	32.76		$	34.82		$	29.44		$	23.76		$	46.28
Net investment income (loss)		(0.06	)		(0.08	)		(0.07	)		(0.07	)		(0.05	)2		0.05	2		0.06	2
Net realized and unrealized gains (losses) on investments		5.64			9.00			7.10			(1.99	)		5.49			5.63			(15.48	)
Total from investment operations		5.58			8.92			7.03			(2.06	)		5.44			5.68			(15.42	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.06	)		0.00			(0.46	)
Net realized gains		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00			(6.47	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			0.00			(0.17	)
Total distributions to shareholders		(3.06	)		(1.52	)		0.00			0.00			(0.06	)		0.00			(7.10	)
Net asset value, end of period	$	49.71		$	47.19		$	39.79		$	32.76		$	34.82		$	29.44		$	23.76
Total return3		12.21	%		23.24	%		21.46	%		(5.92	)%		18.48	%		23.91	%		(38.60	)%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.41	%		1.46	%		1.49	%
Net expenses		1.28	%		1.29	%		1.32	%		1.32	%		1.35	%		1.35	%		1.35	%
Net investment income (loss)		(0.24	)%		(0.14	)%		(0.15	)%		(0.15	)%		(0.17	)%		0.21	%		0.17	%
Supplemental data
Portfolio turnover rate		16	%		26	%		41	%		31	%		42	%		55	%		73	%
Net assets, end of period (000s omitted)		$1,169,291			$1,090,838			$1,006,114			$941,172			$1,115,250			$1,030,766			$895,916

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

The values of securities denominated in foreign currencies will be converted to U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On March 31, 2014, such fair value pricing was not used in pricing foreign securities.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment 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. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market 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.

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies will be converted to U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates.

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

Security loans

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

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

As of September 30, 2013, the Fund had a qualified late-year ordinary loss of $1,279,806 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

As of March 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
Consumer discretionary	$	393,102,817	$	0	$	0	$	393,102,817
Consumer staples		83,050,196		0		0		83,050,196
Energy		176,643,349		0		0		176,643,349
Financials		264,076,488		0		0		264,076,488
Health care		252,122,631		0		0		252,122,631
Industrials		235,185,044		0		0		235,185,044
Information technology		349,955,281		0		0		349,955,281
Materials		136,623,722		0		0		136,623,722
Short-term investments
Investment companies		69,279,685		31,406,125		0		100,685,810
	$	1,960,039,213	$	31,406,125	$	0	$	1,991,445,338

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended March 31, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.70% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended March 31, 2014, the advisory fee was equivalent to an annual rate of 0.67% 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

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

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

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 January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class B shares, 1.97% for Class C shares, 1.00% for Administrator Class shares, 0.75% for Institutional Class shares, and 1.28% for Investor Class shares.

Distribution fees

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

For the six months ended March 31, 2014, Wells Fargo Funds Distributor, LLC received $4,908 from the sale of Class A shares and $203 and $21 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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 March 31, 2014 were $288,751,222 and $286,690,359, respectively.

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

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 Administrator Class on October 26, 2012 with a value of $119,822,271, representing 6.55% of the Fund. This amount is reflected in the Statement of Changes in Net Assets for the year ended September 30, 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 March 31, 2014, the Fund paid $1,510 in commitment fees.

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

8. INDEMNIFICATION

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

26 Wells Fargo Advantage Opportunity Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Opportunity Fund 27

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

28 Wells Fargo Advantage Opportunity Fund Other information (unaudited)

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

Other information (unaudited) Wells Fargo Advantage Opportunity Fund 29

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 27-28, 2014 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Opportunity Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

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

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the average performance of the Universe for the five- and ten-year periods under review, and lower than the average performance of the Universe for the one- and three-year periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, the Russell 3000^® Index, for the five- and ten-year periods under review, and lower than its benchmark for the one- and three-year periods under review.

30 Wells Fargo Advantage Opportunity Fund Other information (unaudited)

The Board received an analysis of, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and its benchmark for the one- and three- year periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance. The Board also noted that the Fund changed its investment strategies in 2013 from investing principally in equity securities of medium-capitalization companies to investing principally in equity securities of companies of all market capitalizations. The Board was satisfied with the explanation of factors contributing to underperformance and with the steps being taken by Funds Management and the Sub-Adviser to address the Fund’s investment performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all classes other than the Investor Class. Funds Management noted that the expense Group for the Investor Class changed from the expense Group used in 2013, and had it remained the same, the Fund’s net operating expense ratio for the Investor Class would have been in range of the median net operating expense ratio of its expense Group. The Board also noted favorably an agreed-upon reduction of 0.03% in the net operating expense ratio cap of the Fund’s Investor Class.

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

Investment advisory and sub-advisory fee rates

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

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund’s Administrator and Institutional share classes were in range of the average rates for their respective expense Groups, although the Management Rates of the Fund’s Investor Class and Class A were higher than their respective expense Groups. The Board viewed favorably the fact that net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all classes other than the Investor Class. The Board also noted favorably the agreed-upon reduction of 0.03% in the net operating expense ratio cap of the Fund’s Investor Class.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.

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

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

Other information (unaudited) Wells Fargo Advantage Opportunity Fund 31

Profitability

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

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

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

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

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.

32 Wells Fargo Advantage Opportunity 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 —  Columbian Peso

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 —  Indonesian rupiah

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

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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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

© 2014 Wells Fargo Funds Management, LLC. All rights reserved.

224313 05-14 SA232/SAR232 03-14

Wells Fargo Advantage

Special Mid Cap Value Fund

Semi-Annual Report

March 31, 2014

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	20
Other information	24
List of abbreviations	30

The views expressed and any forward-looking statements are as of March 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 Special Mid Cap Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies.

Dear Valued Shareholder:

We are pleased to offer you this report for the Wells Fargo Advantage Special Mid Cap Value Fund for the six-month period that ended March 31, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, low inflation, and equity market gains. Investors appeared less risk-averse, favoring higher-growth sectors of the market over defensive companies, such as utilities. Considerable geopolitical uncertainty and heightened equity market volatility as the U.S. and Europe confronted Russia over Ukraine that occurred in the last three months of the reporting period were countered by increased confidence that the U.S. economic recovery was gaining strength, which resulted in positive returns for domestic stocks (measured by the Russell 3000^® Index¹) for the six-month reporting period.

U.S. economic prospects brightened.

Major developed-country central banks continued to provide support to the economy with accommodative monetary policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the monetary policymaking body of the Federal Reserve—kept its key interest rate near zero and purchased both mortgage-backed securities and long-term U.S. Treasuries in an effort to keep interest rates low. In mid-December 2013, the FOMC conveyed confidence in the strength of the economy by announcing it would begin tapering its bond-buying program.

Meanwhile, in November 2013, the European Central Bank (ECB) cut its key rate to a then-historic low of 0.25%. Its 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. economic data was moderately positive, gaining strength as the period progressed. Data that was available at the end of the reporting period showed that U.S. real gross domestic product increased at a 2.6% annualized rate in the fourth quarter of 2013. The jobs picture continued to slowly improve as the unemployment rate declined to 6.7% as of February 2014. Meanwhile, inflation remained low. The eurozone exited a protracted recession and reported weak but positive economic activity during the last three quarters of 2013.

U.S. equity markets had strong returns.

The modestly positive outlook for the U.S. economy contributed to a positive domestic stock market for most of the reporting period. Stock prices (measured by the Russell 3000 Index¹) rose during the period. These positive results came despite several short-term sell-offs, the most significant of which occurred in January 2014 as the result of new concerns about global economic strength when China posted weak manufacturing data and emerging markets showed renewed volatility.

Economically-sensitive companies had the best results over the past six months. For example, information technology companies continued to benefit from long-term trends such as the growth of cloud computing, a shift toward software-as-a-service, and great use of data analytics. At the other end of the spectrum, more defensive companies, such as those within the consumer staples sector of the Russell 2500^TM Index², had weak but positive returns over the past six months.

1. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

2. The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 3

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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.

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 Special Mid Cap Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James M. Tringas, CFA, CPA

Bryant VanCronkhite, CFA, CPA

Average annual total returns¹ (%) as of March 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 (WFPAX)	7-31-2007		17.90		22.33		9.16		25.11		23.79		9.81		1.30		1.26
Class C (WFPCX)	7-31-2007		23.15		22.89		9.02		24.15		22.89		9.02		2.05		2.01
Class R6 (WFPRX)	6-28-2013		–		–		–		25.60		24.32		10.20		0.82		0.82
Administrator Class (WFMDX)	4-8-2005		–		–		–		25.23		23.95		9.93		1.14		1.14
Institutional Class (WFMIX)	4-8-2005		–		–		–		25.58		24.31		10.20		0.87		0.87
Investor Class (SMCDX)	12-31-1998		–		–		–		25.02		23.71		9.76		1.36		1.32
Russell Midcap® Value Index4	–		–		–		–		22.95		26.35		10.24		–		–

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 R6, Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 5

Ten largest equity holdings5 (%) as of March 31, 2014
Molson Coors Brewing Company	3.23
Cigna Corporation	3.13
Church & Dwight Company Incorporated	3.07
Northern Trust Corporation	3.06
Ameren Corporation	2.94
Republic Services Incorporated	2.88
Brown & Brown Incorporated	2.74
Symantec Corporation	2.74
Lear Corporation	2.63
EMCOR Group Incorporated	2.55

Sector distribution⁶ as of March 31, 2014

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

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

3. The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.25% for Class A, 2.00% for Class C, 0.82% for Class R6, 1.14% for Administrator Class, 0.87% for Institutional Class, and 1.31% 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 Midcap^® Value Index measures the performance of those Russell Midcap^® companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. You cannot invest directly in an index.

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

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

6 Wells Fargo Advantage Special Mid Cap Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2013 to March 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 10-1-2013		Ending account value 3-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,138.22	$	6.66		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29		1.25	%
Class C
Actual	$	1,000.00	$	1,134.20	$	10.64		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.96	$	10.05		2.00	%
Class R6
Actual	$	1,000.00	$	1,140.93	$	4.27		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.94	$	4.03		0.80	%
Administrator Class
Actual	$	1,000.00	$	1,138.94	$	5.97		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.35	$	5.64		1.12	%
Institutional Class
Actual	$	1,000.00	$	1,140.43	$	4.54		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Investor Class
Actual	$	1,000.00	$	1,138.17	$	6.98		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.59		1.31	%

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—March 31, 2014 (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 7

Security name	Shares		Value
Common Stocks: 99.50%
Consumer Discretionary: 11.55%
Auto Components: 2.63%
Lear Corporation		274,100	$	22,947,652
Diversified Consumer Services: 1.61%
Apollo Group Incorporated Class A †		409,000		14,004,160
Hotels, Restaurants & Leisure: 0.64%
Darden Restaurants Incorporated		110,300		5,598,828
Leisure Products: 1.43%
Hasbro Incorporated		224,800		12,503,376
Specialty Retail: 5.24%
Advance Auto Parts Incorporated		73,200		9,259,800
Ascena Retail Group Incorporated †		418,500		7,231,680
Guess? Incorporated		408,700		11,280,120
PetSmart Incorporated «		259,100		17,849,399
				45,620,999
Consumer Staples: 8.27%
Beverages: 3.23%
Molson Coors Brewing Company		478,600		28,170,396
Food Products: 1.97%
TreeHouse Foods Incorporated †		237,600		17,104,824
Household Products: 3.07%
Church & Dwight Company Incorporated		387,300		26,750,811
Energy: 7.33%
Energy Equipment & Services: 4.98%
C&J Energy Services Incorporated †		298,000		8,689,680
Ensco plc Class A		400,226		21,123,928
Patterson-UTI Energy Incorporated		428,900		13,587,552
				43,401,160
Oil, Gas & Consumable Fuels: 2.35%
Cimarex Energy Company		75,910		9,041,640
Southwestern Energy Company †		248,900		11,451,889
				20,493,529
Financials: 17.92%
Banks: 2.27%
CapitalSource Incorporated		1,257,693		18,349,741
Hancock Holding Company		39,100		1,433,015
				19,782,756

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

8 Wells Fargo Advantage Special Mid Cap Value Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Shares		Value
Capital Markets: 3.06%
Northern Trust Corporation		406,300	$	26,637,028
Insurance: 10.54%
Allstate Corporation		347,300		19,650,234
Arch Capital Group Limited †		317,300		18,257,442
Brown & Brown Incorporated		776,900		23,897,444
ProAssurance Corporation		388,400		17,295,452
Validus Holdings Limited		338,269		12,756,124
				91,856,696
REITs: 2.05%
Hatteras Financial Corporation		236,800		4,463,680
Host Hotels & Resorts Incorporated		660,000		13,358,400
				17,822,080
Health Care: 10.97%
Health Care Equipment & Supplies: 3.84%
C.R. Bard Incorporated		128,400		19,000,632
CareFusion Corporation †		359,400		14,455,068
				33,455,700
Health Care Providers & Services: 4.77%
Cigna Corporation		325,775		27,277,141
Patterson Companies Incorporated		342,100		14,286,096
				41,563,237
Pharmaceuticals: 2.36%
Hospira Incorporated †		475,200		20,552,400
Industrials: 19.12%
Commercial Services & Supplies: 4.72%
Clean Harbors Incorporated †		293,100		16,058,949
Republic Services Incorporated		734,800		25,100,768
				41,159,717
Construction & Engineering: 3.57%
EMCOR Group Incorporated		474,709		22,211,634
URS Corporation		189,100		8,899,046
				31,110,680
Electrical Equipment: 0.44%
Regal Beloit Corporation		53,200		3,868,172
Machinery: 2.96%
Joy Global Incorporated «		164,300		9,529,400
The Timken Company		276,300		16,240,914
				25,770,314

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

Portfolio of investments—March 31, 2014 (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 9

Security name	Shares		Value
Professional Services: 1.38%
Towers Watson & Company Class A		105,700	$	12,055,085
Road & Rail: 1.31%
Ryder System Incorporated		142,900		11,420,568
Trading Companies & Distributors: 2.21%
MRC Global Incorporated †		712,461		19,207,949
Transportation Infrastructure: 2.53%
Macquarie Infrastructure Company LLC		384,406		22,014,932
Information Technology: 15.03%
Electronic Equipment, Instruments & Components: 2.10%
Avnet Incorporated		392,500		18,263,025
IT Services: 3.81%
Broadridge Financial Solutions Incorporated		434,015		16,119,317
DST Systems Incorporated		180,200		17,081,158
				33,200,475
Semiconductors & Semiconductor Equipment: 3.73%
Applied Materials Incorporated		815,100		16,644,342
Lam Research Corporation †		287,800		15,829,000
				32,473,342
Software: 5.39%
Check Point Software Technologies Limited †		176,300		11,923,169
Symantec Corporation		1,195,800		23,880,126
Synopsys Incorporated †		291,700		11,204,197
				47,007,492
Materials: 4.98%
Chemicals: 1.54%
Agrium Incorporated «		137,300		13,389,496
Containers & Packaging: 2.18%
Crown Holdings Incorporated †		424,700		19,001,078
Paper & Forest Products: 1.26%
International Paper Company		240,200		11,020,376
Utilities: 4.33%
Multi-Utilities: 4.33%
Ameren Corporation		622,700		25,655,240
SCANA Corporation		236,100		12,116,651
				37,771,891
Total Common Stocks (Cost $677,545,534)				867,000,224

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

10 Wells Fargo Advantage Special Mid Cap Value Fund Portfolio of investments—March 31, 2014 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 1.91%
Investment Companies: 1.91%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		1,196,177	$	1,196,177
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.09			15,434,375		15,434,375
Total Short-Term Investments (Cost $16,630,552)							16,630,552

Total investments in securities (Cost $694,176,086) *	101.41	%		883,630,776
Other assets and liabilities, net	(1.41	)		(12,295,981	)
Total net assets	100.00	%	$	871,334,795

† 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 $694,310,804 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	190,935,112
Gross unrealized depreciation		(1,615,140	)
Net unrealized appreciation	$	189,319,972

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

Statement of assets and liabilities—March 31, 2014 (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 11

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	867,000,224
In affiliated securities, at value (see cost below)		16,630,552
Total investments, at value (see cost below)		883,630,776
Receivable for Fund shares sold		3,351,595
Receivable for dividends		1,222,101
Receivable for securities lending income		2,290
Prepaid expenses and other assets		64,123
Total assets		888,270,885
Liabilities
Payable for Fund shares redeemed		562,610
Payable upon receipt of securities loaned		15,434,375
Advisory fee payable		493,074
Distribution fees payable		13,383
Due to other related parties		227,976
Accrued expenses and other liabilities		204,672
Total liabilities		16,936,090
Total net assets	$	871,334,795
NET ASSETS CONSIST OF
Paid-in capital	$	626,230,438
Undistributed net investment income		696,479
Accumulated net realized gains on investments		54,953,188
Net unrealized gains on investments		189,454,690
Total net assets	$	871,334,795
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	72,019,304
Shares outstanding – Class A		2,240,288
Net asset value per share – Class A		$32.15
Maximum offering price per share – Class A2		$34.11
Net assets – Class C	$	21,957,222
Shares outstanding – Class C		698,872
Net asset value per share – Class C		$31.42
Net assets – Class R6	$	190,754
Share outstanding – Class R6		5,822
Net asset value per share – Class R6		$32.76
Net assets – Administrator Class	$	130,790,649
Shares outstanding – Administrator Class		4,015,361
Net asset value per share – Administrator Class		$32.57
Net assets – Institutional Class	$	86,386,862
Shares outstanding – Institutional Class		2,636,222
Net asset value per share – Institutional Class		$32.77
Net assets – Investor Class	$	559,990,004
Shares outstanding – Investor Class		17,183,607
Net asset value per share – Investor Class		$32.59
Investments in unaffiliated securities (including securities on loan), at cost	$	677,545,534
Investments in affiliated securities, at cost	$	16,630,552
Total investments, at cost	$	694,176,086
Securities on loan, at value	$	15,100,855

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

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

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

12 Wells Fargo Advantage Special Mid Cap Value Fund Statement of operations—six months ended March 31, 2014 (unaudited)

Investment income
Dividends*	$	6,645,572
Income from affiliated securities		16,074
Securities lending income, net		8,274
Total investment income		6,669,920
Expenses
Advisory fee		2,995,743
Administration fees
Fund level		217,290
Class A		70,778
Class C		23,732
Class R6		9
Administrator Class		63,524
Institutional Class		31,617
Investor Class		944,495
Shareholder servicing fees
Class A		68,056
Class C		22,819
Administrator Class		155,722
Investor Class		737,887
Distribution fees
Class C		68,457
Custody and accounting fees		25,531
Professional fees		22,257
Registration fees		52,791
Shareholder report expenses		33,847
Trustees’ fees and expenses		6,241
Other fees and expenses		9,295
Total expenses		5,550,091
Less: Fee waivers and/or expense reimbursements		(111,801	)
Net expenses		5,438,290
Net investment income		1,231,630
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		65,793,253
Net change in unrealized gains (losses) on investments		44,894,859
Net realized and unrealized gains (losses) on investments		110,688,112
Net increase in net assets resulting from operations	$	111,919,742
* Net of foreign dividend withholding taxes in the amount of		$32,445

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

Statement of changes in net assets Wells Fargo Advantage Special Mid Cap Value Fund 13

	Six months ended March 31, 2014 (unaudited)						Year ended September 30, 2013
Operations
Net investment income				$	1,231,630					$	3,331,355
Net realized gains on investments					65,793,253						70,990,815
Net change in unrealized gains (losses) on investments					44,894,859						85,516,377
Net increase in net assets resulting from operations					111,919,742						159,838,547
Distributions to shareholders from
Net investment income
Class A					(153,521	)					(93,118	)
Class C					0						(8,563	)
Class R6					(163	)					0	1
Administrator Class					(401,318	)					(658,109	)
Institutional Class					(404,780	)					(244,254	)
Investor Class					(867,729	)					(2,631,470	)
Net realized gains
Class A					(3,308,750	)					0
Class C					(1,219,837	)					0
Class R6					(1,896	)					0	1
Administrator Class					(8,600,693	)					0
Institutional Class					(5,036,509	)					0
Investor Class					(40,164,061	)					0
Total distributions to shareholders					(60,159,257	)					(3,635,514	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,156,213			35,861,882			960,594			26,969,959
Class C		194,730			5,935,428			402,504			11,132,444
Class R6		4,885			154,752			871	1		25,000	1
Administrator Class		1,069,503			33,739,338			1,890,349			52,463,495
Institutional Class		1,056,826			33,335,527			1,577,476			43,782,546
Investor Class		2,418,098			76,156,096			8,143,586			227,606,643
					185,183,023						361,980,087
Reinvestment of distributions
Class A		98,387			2,992,506			3,565			84,185
Class C		37,117			1,103,131			342			7,968
Class R6		66			2,059			0	1		0	1
Administrator Class		286,133			8,814,496			26,960			643,292
Institutional Class		175,401			5,441,063			10,046			240,697
Investor Class		1,317,664			40,576,456			107,043			2,557,880
					58,929,711						3,534,022
Payment for shares redeemed
Class A		(270,035	)		(8,440,069	)		(126,510	)		(3,446,521	)
Class C		(34,575	)		(1,052,503	)		(25,007	)		(681,439	)
Administrator Class		(1,152,915	)		(36,440,748	)		(771,769	)		(21,171,155	)
Institutional Class		(733,301	)		(23,403,258	)		(4,876,085	)		(114,726,848	)
Investor Class		(4,935,693	)		(155,868,036	)		(3,546,648	)		(96,350,357	)
					(225,204,614	)					(236,376,320	)
Net increase in net assets resulting from capital share transactions					18,908,120						129,137,789
Total increase in net assets					70,668,605						285,340,822
Net assets
Beginning of period					800,666,190						515,325,368
End of period				$	871,334,795					$	800,666,190
Undistributed net investment income				$	696,479					$	1,292,360

1. For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

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

14 Wells Fargo Advantage Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS A				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	30.36		$	22.83		$	17.84		$	18.60		$	15.98		$	13.90		$	23.12
Net investment income		0.06	2		0.15	2		0.08	2		0.03			0.30			0.13	2		0.28
Net realized and unrealized gains (losses) on investments		4.00			7.60			4.94			(0.52	)		2.49			2.14			(7.34	)
Total from investment operations		4.06			7.75			5.02			(0.49	)		2.79			2.27			(7.06	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.22	)		(0.03	)		(0.27	)		(0.17	)		(0.19	)		(0.28	)
Net realized gains		(2.18	)		0.00			0.00			0.00			0.00			0.00			(1.88	)
Total distributions to shareholders		(2.27	)		(0.22	)		(0.03	)		(0.27	)		(0.17	)		(0.19	)		(2.16	)
Net asset value, end of period	$	32.15		$	30.36		$	22.83		$	17.84		$	18.60		$	15.98		$	13.90
Total return3		13.82	%		34.23	%		28.18	%		(2.82	)%		17.55	%		16.67	%		(33.17	)%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.29	%		1.30	%		1.29	%		1.35	%		1.35	%		1.38	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.23	%		1.25	%
Net investment income		0.36	%		0.54	%		0.38	%		0.14	%		1.80	%		0.94	%		0.65	%
Supplemental data
Portfolio turnover rate		34	%		87	%		87	%		78	%		84	%		106	%		158	%
Net assets, end of period (000s omitted)		$72,019			$38,119			$9,545			$9,850			$10,497			$7,738			$1,273

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Special Mid Cap Value Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
CLASS C				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	29.73		$	22.38		$	17.60		$	18.40		$	15.85		$	13.83		$	23.08
Net investment income (loss)		(0.02	)		(0.07	)2		(0.03	)		(0.13	)		0.24			0.02	2		0.14
Net realized and unrealized gains (losses) on investments		3.89			7.49			4.81			(0.49	)		2.41			2.14			(7.31	)
Total from investment operations		3.87			7.42			4.78			(0.62	)		2.65			2.16			(7.17	)
Distributions to shareholders from
Net investment income		0.00			(0.07	)		0.00			(0.18	)		(0.10	)		(0.14	)		(0.20	)
Net realized gains		(2.18	)		0.00			0.00			0.00			0.00			0.00			(1.88	)
Total distributions to shareholders		(2.18	)		(0.07	)		0.00			(0.18	)		(0.10	)		(0.14	)		(2.08	)
Net asset value, end of period	$	31.42		$	29.73		$	22.38		$	17.60		$	18.40		$	15.85		$	13.83
Total return3		13.42	%		33.23	%		27.16	%		(3.52	)%		16.76	%		15.81	%		(33.66	)%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.04	%		2.06	%		2.04	%		2.09	%		2.11	%		2.01	%
Net expenses		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%		1.98	%		2.00	%
Net investment income (loss)		(0.42	)%		(0.25	)%		(0.35	)%		(0.60	)%		1.64	%		0.11	%		(0.08	)%
Supplemental data
Portfolio turnover rate		34	%		87	%		87	%		78	%		84	%		106	%		158	%
Net assets, end of period (000s omitted)		$21,957			$14,913			$2,770			$1,714			$1,604			$707			$78

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

2. Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

CLASS R6	Six months ended March 31, 2014 (unaudited)			Year ended September 30, 20131
Net asset value, beginning of period	$	30.90		$	28.69
Net investment income		0.18			0.06	2
Net realized and unrealized gains (losses) on investments		4.03			2.15
Total from investment operations		4.21			2.21
Distributions to shareholders from
Net investment income		(0.17	)		0.00
Net realized gains		(2.18	)		0.00
Total distributions to shareholders		(2.35	)		0.00
Net asset value, end of period	$	32.76		$	30.90
Total return3		14.09	%		7.70	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.81	%
Net expenses		0.80	%		0.81	%
Net investment income		1.52	%		0.73	%
Supplemental data
Portfolio turnover rate		34	%		87	%
Net assets, end of period (000s omitted)		$191			$27

1. For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Special Mid Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
ADMINISTRATOR CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	30.71		$	23.09		$	18.04		$	18.80		$	16.14		$	13.99		$	23.16
Net investment income		0.07	2		0.20	2		0.11	2		0.06	2		0.31			0.17	2		0.13
Net realized and unrealized gains (losses) on investments		4.06			7.67			4.99			(0.54	)		2.53			2.15			(7.20	)
Total from investment operations		4.13			7.87			5.10			(0.48	)		2.84			2.32			(7.07	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.25	)		(0.05	)		(0.28	)		(0.18	)		(0.17	)		(0.22	)
Net realized gains		(2.18	)		0.00			0.00			0.00			0.00			0.00			(1.88	)
Total distributions to shareholders		(2.27	)		(0.25	)		(0.05	)		(0.28	)		(0.18	)		(0.17	)		(2.10	)
Net asset value, end of period	$	32.57		$	30.71		$	23.09		$	18.04		$	18.80		$	16.14		$	13.99
Total return3		13.89	%		34.41	%		28.30	%		(2.72	)%		17.66	%		16.83	%		(33.08	)%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.13	%		1.14	%		1.13	%		1.17	%		1.19	%		1.21	%
Net expenses		1.12	%		1.13	%		1.13	%		1.13	%		1.14	%		1.11	%		1.15	%
Net investment income		0.43	%		0.71	%		0.50	%		0.26	%		1.65	%		1.21	%		0.81	%
Supplemental data
Portfolio turnover rate		34	%		87	%		87	%		78	%		84	%		106	%		158	%
Net assets, end of period (000s omitted)		$130,791			$117,087			$61,596			$62,122			$75,775			$95,005			$85,786

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

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
INSTITUTIONAL CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	30.91		$	23.15		$	18.10		$	18.86		$	16.19		$	14.05		$	23.26
Net investment income		0.11			0.20	2		0.16			0.10			0.33			0.21	2		0.18
Net realized and unrealized gains (losses) on investments		4.09			7.81			5.01			(0.52	)		2.56			2.14			(7.22	)
Total from investment operations		4.20			8.01			5.17			(0.42	)		2.89			2.35			(7.04	)
Distributions to shareholders from
Net investment income		(0.16	)		(0.25	)		(0.12	)		(0.34	)		(0.22	)		(0.21	)		(0.29	)
Net realized gains		(2.18	)		0.00			0.00			0.00			0.00			0.00			(1.88	)
Total distributions to shareholders		(2.34	)		(0.25	)		(0.12	)		(0.34	)		(0.22	)		(0.21	)		(2.17	)
Net asset value, end of period	$	32.77		$	30.91		$	23.15		$	18.10		$	18.86		$	16.19		$	14.05
Total return3		14.04	%		34.90	%		28.65	%		(2.46	)%		17.97	%		17.04	%		(32.89	)%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.87	%		0.86	%		0.91	%		0.92	%		0.96	%
Net expenses		0.85	%		0.85	%		0.87	%		0.86	%		0.89	%		0.85	%		0.90	%
Net investment income		0.72	%		0.72	%		0.76	%		0.52	%		2.02	%		1.46	%		1.06	%
Supplemental data
Portfolio turnover rate		34	%		87	%		87	%		78	%		84	%		106	%		158	%
Net assets, end of period (000s omitted)		$86,387			$66,056			$125,623			$104,360			$129,945			$131,036			$112,753

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Special Mid Cap Value Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2014 (unaudited)			Year ended September 30												Year ended October 31
INVESTOR CLASS				2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	30.70		$	23.08		$	18.04		$	18.80		$	16.13		$	13.97		$	23.11
Net investment income		0.03			0.15			0.07	2		0.02			0.28			0.14	2		0.14
Net realized and unrealized gains (losses) on investments		4.08			7.67			4.99			(0.53	)		2.54			2.14			(7.23	)
Total from investment operations		4.11			7.82			5.06			(0.51	)		2.82			2.28			(7.09	)
Distributions to shareholders from
Net investment income		(0.04	)		(0.20	)		(0.02	)		(0.25	)		(0.15	)		(0.12	)		(0.17	)
Net realized gains		(2.18	)		0.00			0.00			0.00			0.00			0.00			(1.88	)
Total distributions to shareholders		(2.22	)		(0.20	)		(0.02	)		(0.25	)		(0.15	)		(0.12	)		(2.05	)
Net asset value, end of period	$	32.59		$	30.70		$	23.08		$	18.04		$	18.80		$	16.13		$	13.97
Total return3		13.82	%		34.14	%		28.04	%		(2.88	)%		17.53	%		16.55	%		(33.19	)%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.35	%		1.37	%		1.36	%		1.44	%		1.48	%		1.54	%
Net expenses		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%
Net investment income		0.21	%		0.53	%		0.32	%		0.08	%		1.57	%		1.02	%		0.67	%
Supplemental data
Portfolio turnover rate		34	%		87	%		87	%		78	%		84	%		106	%		158	%
Net assets, end of period (000s omitted)		$559,990			$564,465			$315,791			$336,239			$384,509			$362,184			$374,417

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Special Mid Cap Value Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 21

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

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 September 30, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $275,651 expiring in 2017.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

22 Wells Fargo Advantage Special Mid Cap Value Fund Notes to financial statements (unaudited)

As of March 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
Consumer discretionary	$	100,675,015	$	0	$	0	$	100,675,015
Consumer staples		72,026,031		0		0		72,026,031
Energy		63,894,689		0		0		63,894,689
Financials		156,098,560		0		0		156,098,560
Health care		95,571,337		0		0		95,571,337
Industrials		166,607,417		0		0		166,607,417
Information technology		130,944,334		0		0		130,944,334
Materials		43,410,950		0		0		43,410,950
Utilities		37,771,891		0		0		37,771,891
Short-term investments
Investment companies		1,196,177		15,434,375		0		16,630,552
	$	868,196,401	$	15,434,375	$	0	$	883,630,776

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended March 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 0.70% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended March 31, 2014, the advisory fee was equivalent to an annual rate of 0.69% 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

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 R6		0.03
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

Notes to financial statements (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 23

Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2015 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 C shares, 0.82% for Class R6 shares, 1.14% for Administrator Class shares, 0.87% for Institutional Class shares, and 1.31% for Investor Class shares.

Distribution fees

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

For the six months ended March 31, 2014, Wells Fargo Funds Distributor, LLC received $11,018 from the sale of Class A shares and $246 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2014 were $282,033,822 and $283,834,044, 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 $106,263,279 representing 20.72% of the Fund. This amount is reflected in the Statement of Changes in Net Assets for the year ended September 30, 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 March 31, 2014, the Fund paid $645 in commitment fees.

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

8. INDEMNIFICATION

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

24 Wells Fargo Advantage Special Mid Cap Value Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 25

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

26 Wells Fargo Advantage Special Mid Cap Value Fund Other information (unaudited)

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

Other information (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 27

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 27-28, 2014 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Special Mid Cap Value Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

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

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the average performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, Russell Midcap^® Value Index, for all periods under review.

28 Wells Fargo Advantage Special Mid Cap Value Fund Other information (unaudited)

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

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

Investment advisory and sub-advisory fee rates

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

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

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.

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

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

Profitability

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

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

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The

Other information (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 29

Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

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

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser is reasonable.

30 Wells Fargo Advantage Special Mid Cap Value Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

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 —  Indonesian rupiah

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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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. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. 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

© 2014 Wells Fargo Funds Management, LLC. All rights reserved.

224314 05-14 SA234/SAR234 03-14

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:	May 22, 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:	May 22, 2014
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	May 22, 2014
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	May 22, 2014