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 11 of its series, Wells Fargo Advantage Emerging Markets Local Bond Fund, Wells Fargo Advantage International Bond Fund, Wells Fargo Advantage Strategic Income Fund, Wells Fargo Advantage Asia Pacific Fund, Wells Fargo Advantage Diversified International Fund, Wells Fargo Advantage Emerging Markets Equity Fund, Wells Fargo Advantage Emerging Markets Equity Income Fund, Wells Fargo Advantage Emerging Markets Equity Select Fund, Wells Fargo Advantage Global Opportunities Fund, Wells Fargo Advantage International Equity Fund, and Wells Fargo Advantage Intrinsic World Equity Fund. Each series has an October 31 fiscal year end.

Date of reporting period: April 30, 2014

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Emerging Markets Local Bond Fund

Semi-Annual Report

April 30, 2014

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	18
Other information	24
List of abbreviations	30

The views expressed and any forward-looking statements are as of April 30, 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 Emerging Markets Local Bond Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Global bond markets broadly rallied during the period, as low growth and low inflation expectations appeared to drive yields lower and longer-term bond prices higher, particularly in the opening months of 2014. High-yield and emerging markets debt sectors performed best, while currency markets were mixed.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Emerging Markets Local Bond Fund for the six-month period that ended April 30, 2014. Global bond markets broadly rallied during the period, as low growth and low inflation expectations appeared to drive yields lower and longer-term bond prices higher, particularly in the opening months of 2014. High-yield and emerging markets debt sectors performed best, while currency markets were mixed. The U.S. high-yield bond market (measured by the Barclays U.S. Corporate High Yield Index¹) provided relatively strong fixed-income returns during the period, outpacing returns from the investment-grade corporate bond markets (measured by the Barclays Corporate Bond Index²) and U.S. Treasuries (measured by the Barclays U.S. Treasury Index³). U.S. mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and corporate bonds generated positive returns. On the whole, fixed-income markets across the globe notably rallied over the first four months of 2014, rebounding nicely from some challenging price corrections during 2013. In general, the corporate bond sector—notably, high-yield corporate bonds—was the best across all global markets, while sovereign debt issuances generally lagged behind.

At the end of 2013, currency markets were volatile while bond markets staged a recovery.

Global currency markets were mixed during the final months of 2013, with strength in eastern European currencies but weakness in Australian and Brazilian currencies. The most significant event during these waning months of 2013 was a continued sharp decline in the value of the Japanese yen. Bond markets of the smaller global economies continued to outperform the bond markets of the largest economies, while the strong demand for income across global bond markets continued to support higher-yield securities, such as corporate bonds and structured products (for example, MBS).

Simultaneously, the U.S. high-yield bond market continued to rally, building on positive gains from the previous months. Yield spreads continued to tighten significantly across the board, while U.S. Treasury yields ratcheted higher, most notably in maturities of five years and longer. Lower-rated credit tiers outperformed each respectively higher-rated credit tier, while the high-yield default rate remained historically low as refinancing levels declined modestly with rate increases but net new issuance remained strong. The rise in U.S. Treasury yields pressured security prices across the U.S. investment-grade bond markets. The corporate bond and CMBS sectors provided positive returns. By contrast, U.S. Treasuries declined in value and residential MBS had negative returns as mortgage rates shifted higher.

International and U.S. fixed-income markets rallied strongly over the first four months of 2014.

Global bond markets broadly rallied during the opening months of 2014, as low growth and low inflation expectations appeared to drive yields lower and longer-term bond prices higher. Global high-yield and emerging markets debt sectors performed best during February and March 2014. After a volatile January 2014, which saw yields and risk move higher in smaller economic regions, markets

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

2. The Barclays 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.

3. 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 Emerging Markets Local Bond Fund 3

recovered in February 2014, carrying those trends into March and April 2014, which led some smaller bond markets to outperform the major markets during the period. Brazil, Italy, and Spain notably outperformed other countries, while Russia declined in value with the escalating crisis in the Ukraine in March 2014. Currency markets continued to be mixed during the late winter bond market rallies, as the Brazilian real appreciated while the Russian ruble and Polish zloty depreciated. The Japanese yen halted its precipitous decline from the waning months of 2013 and appreciated over the first four months of 2014.

Favorable conditions for U.S. fixed-income markets were restored in the early months of 2014.

Seemingly much to the surprise of many everyday investors and seasoned investment professionals alike, U.S. fixed-income markets (measured by the Barclays U.S. Aggregate Bond Index⁴) largely outperformed U.S. equity markets (measured by the S&P 500 Index⁵) during the opening months of 2014. This helped support global bond markets, particularly global corporate bonds. Reassurances from the U.S. Federal Reserve (Fed) that a highly accommodative monetary policy would continue throughout 2014 inspired bond rallies across the globe.

One positive takeaway for bond investors that helped fuel the global fixed-income rallies was former Fed Chairman Ben Bernanke’s guidance at the end of 2013. He indicated that the tapering of the Fed’s bond-buying program would proceed at a slow pace and that a reduction in quantitative easing should not be equivocated with a tightening of monetary policy. The distinction was important—although the bond-buying program was declining in volume, it was, nonetheless, still continuing. In addition, he indicated that the federal funds target rate would remain unchanged for the foreseeable future, with the implication that it would not increase until the bond-buying program was fully disbanded. These were important statements for investors that helped bolster U.S. fixed-income and global bond valuations in the opening months of 2014.

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

Periods of investment 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 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.

Reassurances from the U.S. Federal Reserve that a highly accommodative monetary policy would continue throughout 2014 inspired bond rallies across the globe.

4. 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.

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.

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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 Emerging Markets Local Bond Fund Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

First International Advisers, LLC

Portfolio managers

Tony Norris

Peter Wilson

Michael Lee

Alex Perrin

Christopher Wightman

Average annual total returns (%) as of April 30, 2014

		Including sales charge						Excluding sales charge					Expense ratios1 (%)
	Inception date	1 year			Since inception			1 year			Since inception		Gross		Net2
Class A (WLBAX)	5-31-2012		(14.04	)		(0.34	)		(9.98	)		2.07		1.85		1.23
Class C (WLBEX)	5-31-2012		(11.60	)		1.25			(10.76	)		1.25		2.60		1.98
Administrator Class (WLBDX)	5-31-2012		–			–			(9.84	)		2.19		1.79		1.10
Institutional Class (WLBIX)	5-31-2012		–			–			(9.76	)		2.35		1.52		0.90
JPMorgan GBI EM Global Diversified Composite Index3	–		–			–			(9.42	)		4.01		–		–

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 7

Ten largest long-term holdings4 (%) as of April 30, 2014
Brazil, 10.00%, 1-1-2023	12.31
Poland, 4.00%, 10-25-2023	7.70
Russia, 7.00%, 1-25-2023	5.19
Republic of South Africa, 7.75%, 2-28-2023	4.83
Indonesia, 7.38%, 9-15-2016	4.82
Thailand, 3.25%, 6-16-2017	4.77
Indonesia, 8.38%, 3-15-2024	4.52
Turkey, 9.00%, 3-8-2017	4.28
Malaysia, 3.26%, 3-1-2018	3.91
Malaysia, 4.26%, 9-15-2016	3.71

Portfolio allocation⁵ as of April 30, 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 February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

3. The JPMorgan GBI EM Global Diversified Composite Index is an unmanaged index of debt instruments of 16 emerging countries. You cannot invest directly in an index.

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

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	980.55	$	6.04		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.16		1.23	%
Class C
Actual	$	1,000.00	$	975.63	$	9.70		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	9.89		1.98	%
Administrator Class
Actual	$	1,000.00	$	980.64	$	5.40		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Institutional Class
Actual	$	1,000.00	$	981.19	$	4.42		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Foreign Corporate Bonds and Notes @: 15.99%
Brazil: 0.63%
BRF SA (Consumer Staples, Food Products, BRL) 144A		7.75	%		5-22-2018		460,000	$	166,794
Germany: 4.84%
KfW (Financials, Banks, TRY)		5.00			1-16-2017		625,000		268,050
KfW (Financials, Banks, TRY)		7.75			2-3-2016		1,150,000		534,766
KfW (Financials, Banks, TRY)		8.50			4-15-2015		1,000,000		471,455
									1,274,271
Luxembourg: 4.18%
European Investment Bank (Financials, Banks, ZAR)		6.00			10-21-2019		8,500,000		731,919
European Investment Bank (Financials, Banks, HUF)		6.50			1-5-2015		80,000,000		370,307
									1,102,226
Mexico: 1.51%
America Movil SAB de CV (Telecommunication Services, Wireless Telecommunication Services, MXN)		6.45			12-5-2022		3,000,000		214,932
Petroleos Mexicanos (Energy, Oil, Gas & Consumable Fuels, MXN)		7.65			11-24-2021		2,300,000		183,458
									398,390
Netherlands: 0.75%
Rabobank Nederland (Financials, Banks, TRY)		6.13			5-2-2017		460,000		198,134
United States: 4.08%
International Bank for Reconstruction & Development (Financials, Banks, MXN)		7.50			3-5-2020		3,600,000		310,454
International Bank for Reconstruction & Development (Financials, Banks, ZAR)		8.75			3-1-2017		7,800,000		763,748
									1,074,202
Total Foreign Corporate Bonds and Notes (Cost $4,774,100)									4,214,017
Foreign Government Bonds @: 77.19%
Brazil (BRL)		10.00			1-1-2023		7,975,000		3,242,670
Chile (CLP)		5.50			8-5-2020		238,000,000		430,737
Colombia (COP)		7.75			4-14-2021		975,000,000		567,306
Hungary (HUF)		5.50			6-24-2025		170,500,000		771,165
Hungary (HUF)		6.75			11-24-2017		99,500,000		493,259
Indonesia (IDR)		7.38			9-15-2016		14,700,000,000		1,269,554
Indonesia (IDR)		8.38			3-15-2024		13,480,000,000		1,191,006
Malaysia (MYR)		3.26			3-1-2018		3,400,000		1,030,278
Malaysia (MYR)		4.26			9-15-2016		3,125,000		977,345
Mexico (MXN)		4.75			6-14-2018		4,920,000		372,869
Mexico (MXN)		10.00			12-5-2024		8,500,000		837,440
Nigeria (NGN)		15.10			4-27-2017		80,000,000		522,627
Poland (PLN)		4.00			10-25-2023		6,160,000		2,029,698
Republic of South Africa (ZAR)		7.75			2-28-2023		13,900,000		1,273,137
Romania (RON)		6.00			4-30-2016		2,300,000		750,646
Russia (RUB)		7.00			1-25-2023		56,150,000		1,367,302
Russia (RUB)		7.50			3-15-2018		25,400,000		677,333

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

10 Wells Fargo Advantage Emerging Markets Local Bond Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Thailand (THB)		3.25	%		6-16-2017		39,750,000	$	1,257,003
Turkey (TRY)		6.30			2-14-2018		340,000		147,655
Turkey (TRY)		9.00			3-8-2017		2,380,000		1,127,021
Total Foreign Government Bonds (Cost $21,215,823)									20,336,051
Yankee Corporate Bonds and Notes: 2.11%
Brazil: 0.75%
ITAU Unibanco Holding SA (Financials, Banks)		5.13			5-13-2023	$	200,000		199,200
Petroplus International Finance Company (Energy, Oil, Gas & Consumable Fuels)		5.75			1-20-2020		150,000		158,378
									357,578
United Kingdom: 0.76%
Vedanta Resources plc (Materials, Metals & Mining) 144A		6.00			1-31-2019		200,000		199,248
Total Yankee Corporate Bonds and Notes (Cost $565,304)									556,826
	Yield					Shares
Short-Term Investments: 3.88%
Investment Companies: 3.88%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07					1,020,823		1,020,823
Total Short-Term Investments (Cost $1,020,823)									1,020,823

Total investments in securities
(Cost $27,576,050) *	99.17	%		26,127,717
Other assets and liabilities, net	0.83			219,033
Total net assets	100.00	%	$	26,346,750

@ Foreign bond principal is denominated in local currency.

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

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended

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

* Cost for federal income tax purposes is $27,568,269 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	756,903
Gross unrealized depreciation		(2,197,455	)
Net unrealized depreciation	$	(1,440,552	)

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

Statement of assets and liabilities—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 11

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	25,106,894
In affiliated securities, at value (see cost below)		1,020,823
Total investments, at value (see cost below)		26,127,717
Foreign currency, at value (see cost below)		85,365
Receivable for investments sold		104,544
Receivable for interest		446,296
Unrealized gains on forward foreign currency contracts		58,172
Prepaid expenses and other assets		14,810
Total assets		26,836,904
Liabilities
Payable for investments purchased		381,175
Unrealized losses on forward foreign currency contracts		69,089
Advisory fee payable		4,767
Distribution fees payable		315
Due to other related parties		3,092
Accrued expenses and other liabilities		31,716
Total liabilities		490,154
Total net assets	$	26,346,750
NET ASSETS CONSIST OF
Paid-in capital	$	29,048,623
Undistributed net investment income		413,099
Accumulated net realized losses on investments		(1,665,513	)
Net unrealized losses on investments		(1,449,459	)
Total net assets	$	26,346,750
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	782,981
Shares outstanding – Class A		86,379
Net asset value per share – Class A		$9.06
Maximum offering price per share – Class A2		$9.49
Net assets – Class C	$	512,231
Shares outstanding – Class C		56,645
Net asset value per share – Class C		$9.04
Net assets – Administrator Class	$	12,501,808
Shares outstanding – Administrator Class		1,377,450
Net asset value per share – Administrator Class		$9.08
Net assets – Institutional Class	$	12,549,730
Shares outstanding – Institutional Class		1,383,274
Net asset value per share – Institutional Class		$9.07
Investments in unaffiliated securities, at cost	$	26,555,227
Investments in affiliated securities, at cost	$	1,020,823
Total investments, at cost	$	27,576,050
Foreign currency, at cost	$	86,596

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

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

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

12 Wells Fargo Advantage Emerging Markets Local Bond Fund Statement of operations—Six Months Ended April 30, 2014 (unaudited)

Investment income
Interest**	$	845,129
Income from affiliated securities		189
Total investment income		845,318
Expenses
Advisory fee		83,020
Administration fees
Fund level		6,386
Class A		601
Class C		399
Administrator Class		6,063
Institutional Class		4,867
Shareholder servicing fees
Class A		939
Class C		623
Administrator Class		15,159
Distribution fees
Class C		1,870
Custody and accounting fees		16,797
Professional fees		24,030
Registration fees		26,042
Shareholder report expenses		2,287
Trustees’ fees and expenses		4,418
Other fees and expenses		2,970
Total expenses		196,471
Less: Fee waivers and/or expense reimbursements		(65,460	)
Net expenses		131,011
Net investment income		714,307
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(1,668,291	)
Forward foreign currency contract transactions		2,819
Net realized losses on investments		(1,665,472	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		478,626
Forward foreign currency contract transactions		(46,343	)
Net change in unrealized gains (losses) on investments		432,283
Net realized and unrealized gains (losses) on investments		(1,233,189	)
Net decrease in net assets resulting from operations	$	(518,882	)
** Net of foreign interest withholding taxes in the amount of		$6,013

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

Statement of changes in net assets Wells Fargo Advantage Emerging Markets Local Bond Fund 13

	Six months ended April 30, 2014 (unaudited)						Year ended October 31, 2013
Operations
Net investment income				$	714,307					$	1,256,630
Net realized gains (losses) on investments					(1,665,472	)					831,853
Net change in unrealized gains (losses) on investments					432,283						(2,947,870	)
Net decrease in net assets resulting from operations					(518,882	)					(859,387	)
Distributions to shareholders from
Net investment income
Class A					(25,842	)					(43,800	)
Class C					(15,773	)					(31,393	)
Administrator Class					(404,732	)					(835,457	)
Institutional Class					(413,505	)					(872,324	)
Net realized gains
Class A					(8,414	)					(10,611	)
Class C					(6,176	)					(10,327	)
Administrator Class					(150,027	)					(237,700	)
Institutional Class					(150,600	)					(237,957	)
Total distributions to shareholders					(1,175,069	)					(2,279,569	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		14,604			134,145			30,903			325,284
Class C		421			3,600			4,297			46,499
					137,745						371,783
Reinvestment of distributions
Class A		3,790			34,256			5,235			54,411
Class C		2,424			21,949			3,981			41,720
Administrator Class		61,225			554,759			102,729			1,073,157
Institutional Class		62,321			564,105			106,394			1,110,281
					1,175,069						2,279,569
Payment for shares redeemed
Class A		(8,043	)		(73,076	)		(13,701	)		(134,299	)
Class C		(421	)		(3,714	)		(4,448	)		(44,699	)
					(76,790	)					(178,998	)
Net increase in net assets resulting from capital share transactions					1,236,024						2,472,354
Total decrease in net assets					(457,927	)					(666,602	)
Net assets
Beginning of period					26,804,677						27,471,279
End of period				$	26,346,750					$	26,804,677
Undistributed net investment income				$	413,099					$	558,644

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

14 Wells Fargo Advantage Emerging Markets Local Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS A				2013			20121
Net asset value, beginning of period	$	9.68		$	10.85		$	10.00
Net investment income		0.22			0.44			0.11
Net realized and unrealized gains (losses) on investments		(0.43	)		(0.76	)		0.85
Total from investment operations		(0.21	)		(0.32	)		0.96
Distributions to shareholders from
Net investment income		(0.30	)		(0.65	)		(0.11	)
Net realized gains		(0.11	)		(0.20	)		0.00
Total distributions to shareholders		(0.41	)		(0.85	)		(0.11	)
Net asset value, end of period	$	9.06		$	9.68		$	10.85
Total return2		(1.95	)%		(3.28	)%		9.67	%
Ratios to average net assets (annualized)
Gross expenses		1.71	%		1.84	%		2.20	%
Net expenses		1.23	%		1.23	%		1.23	%
Net investment income		5.40	%		4.41	%		2.62	%
Supplemental data
Portfolio turnover rate		38	%		85	%		120	%
Net assets, end of period (000s omitted)		$783			$736			$581

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

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Local Bond Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS C				2013			20121
Net asset value, beginning of period	$	9.68		$	10.85		$	10.00
Net investment income		0.20			0.36			0.08
Net realized and unrealized gains (losses) on investments		(0.44	)		(0.75	)		0.85
Total from investment operations		(0.24	)		(0.39	)		0.93
Distributions to shareholders from
Net investment income		(0.29	)		(0.58	)		(0.08	)
Net realized gains		(0.11	)		(0.20	)		0.00
Total distributions to shareholders		(0.40	)		(0.78	)		(0.08	)
Net asset value, end of period	$	9.04		$	9.68		$	10.85
Total return2		(2.44	)%		(4.00	)%		9.35	%
Ratios to average net assets (annualized)
Gross expenses		2.46	%		2.60	%		2.95	%
Net expenses		1.98	%		1.98	%		1.98	%
Net investment income		4.64	%		3.59	%		1.89	%
Supplemental data
Portfolio turnover rate		38	%		85	%		120	%
Net assets, end of period (000s omitted)		$512			$525			$547

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

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

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

16 Wells Fargo Advantage Emerging Markets Local Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2013			20121
Net asset value, beginning of period	$	9.69		$	10.85		$	10.00
Net investment income		0.24			0.46			0.12
Net realized and unrealized gains (losses) on investments		(0.44	)		(0.76	)		0.85
Total from investment operations		(0.20	)		(0.30	)		0.97
Distributions to shareholders from
Net investment income		(0.30	)		(0.66	)		(0.12	)
Net realized gains		(0.11	)		(0.20	)		0.00
Total distributions to shareholders		(0.41	)		(0.86	)		(0.12	)
Net asset value, end of period	$	9.08		$	9.69		$	10.85
Total return2		(1.94	)%		(3.13	)%		9.72	%
Ratios to average net assets (annualized)
Gross expenses		1.65	%		1.79	%		2.16	%
Net expenses		1.10	%		1.10	%		1.10	%
Net investment income		5.52	%		4.48	%		2.77	%
Supplemental data
Portfolio turnover rate		38	%		85	%		120	%
Net assets, end of period (000s omitted)	$	12,502		$	12,754		$	13,166

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

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Local Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2013			20121
Net asset value, beginning of period	$	9.68		$	10.85		$	10.00
Net investment income		0.25			0.48			0.13
Net realized and unrealized gains (losses) on investments		(0.44	)		(0.76	)		0.85
Total from investment operations		(0.19	)		(0.28	)		0.98
Distributions to shareholders from
Net investment income		(0.31	)		(0.69	)		(0.13	)
Net realized gains		(0.11	)		(0.20	)		0.00
Total distributions to shareholders		(0.42	)		(0.89	)		(0.13	)
Net asset value, end of period	$	9.07		$	9.68		$	10.85
Total return2		(1.88	)%		(2.97	)%		9.82	%
Ratios to average net assets (annualized)
Gross expenses		1.38	%		1.52	%		1.94	%
Net expenses		0.90	%		0.90	%		0.90	%
Net investment income		5.72	%		4.68	%		2.97	%
Supplemental data
Portfolio turnover rate		38	%		85	%		120	%
Net assets, end of period (000s omitted)	$	12,550		$	12,790		$	13,177

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

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

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

18 Wells Fargo Advantage Emerging Markets Local Bond 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 Emerging Markets Local Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

The values of securities denominated in foreign currencies are translated into 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”).

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.

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. 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.

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 are translated into 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. 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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 19

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 included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

As of April 30, 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
Foreign corporate bonds and notes	$	0	$	4,214,017	$	0	$	4,214,017
Foreign government bonds		0		20,336,051		0		20,336,051
Yankee corporate bonds and notes		0		556,826		0		556,826
Short-term investments
Investment companies		1,020,823		0		0		1,020,823
	$	1,020,823	$	25,106,894	$	0	$	26,127,717

As of April 30, 2014, the inputs used in valuing the Fund’s other financial instruments were as follows:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts	$	0	$	(10,917	)*	$	0	$	(10,917	)

* Amount represents the net unrealized losses.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended April 30, 2014, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

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

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

Administration and transfer agent fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.23% for Class A shares, 1.98% for Class C shares, 1.10% for Administrator Class shares, and 0.90 % for Institutional Class shares.

Distribution fees

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

For the six months ended April 30, 2014, Wells Fargo Funds Distributor, LLC received $98 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2014 were $9,858,816 and $9,383,623, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2014, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2014, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive		U.S. value at April 30, 2014		In exchange for U.S. $		Unrealized gains (losses)
5-20-2014	State Street Bank		4,230,000  MYR	$	1,293,980	$	1,275,441	$	18,539
5-27-2014	State Street Bank		2,585,000  MXN		197,236		193,570		3,666
5-27-2014	State Street Bank		133,000,000  HUF		600,843		587,456		13,387
6-6-2014	State Street Bank		87,400,000  HUF		394,627		393,256		1,371
6-9-2014	State Street Bank		2,900,000  PLN		955,704		945,272		10,432
6-11-2014	State Street Bank		1,710,000  MYR		522,265		528,104		(5,839	)
6-11-2014	State Street Bank		4,775,000  ZAR		451,221		442,468		8,753
6-30-2014	State Street Bank		150,000  TRY		69,961		69,838		123
7-10-2014	State Street Bank		12,500,000  RUB		344,834		344,448		386
7-10-2014	State Street Bank		5,025,000  RUB		138,623		137,108		1,515

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

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver		U.S. value at April 30, 2014		In exchange for U.S. $		Unrealized losses
5-20-2014	State Street Bank		4,230,000  MYR	$	1,293,980	$	1,284,660	$	(9,320	)
5-27-2014	State Street Bank		133,000,000  HUF		600,843		577,209		(23,634	)
5-27-2014	State Street Bank		2,585,000  MXN		197,236		193,587		(3,649	)
6-9-2014	State Street Bank		1,300,000  PLN		428,419		423,349		(5,070	)
6-11-2014	State Street Bank		4,775,000  ZAR		451,221		437,532		(13,689	)
6-30-2014	State Street Bank		1,670,000  ZAR		157,320		155,207		(2,113	)
6-30-2014	State Street Bank		445,000  TRY		207,552		205,097		(2,455	)
7-10-2014	State Street Bank		17,525,000  RUB		483,457		480,137		(3,320	)

The Fund had average contract amounts of $3,231,153 and $2,843,206 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2014.

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

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 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 derivatives. Cash collateral that has been pledged to cover obligations of the Fund under the ISDA Master Agreements or similar agreements, 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 Summary 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 of assets
Forward foreign currency contracts	State Street Bank	$58,172*	$	(58,172	)	$	0	$	0

* Amount represents net unrealized gains.

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Forward foreign currency contracts	State Street Bank	$69,089**	$	(58,172	)	$	0	$	10,917

** Amount represents net unrealized losses.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2014, the Fund paid $13 in commitment fees.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 23

For the six months ended April 30, 2014, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees 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 Emerging Markets Local Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ 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 funds 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 Emerging Markets Local Bond Fund Other information (unaudited)

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

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

Officers

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

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 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 Emerging Markets Local Bond 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 Emerging Markets Local Bond Fund (the “Fund”) and (ii) an investment sub-advisory agreement with First International Advisors, LLC (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. 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 lower than the average performance of the Universe for the one-year period under review. The Board also noted that the performance of the Fund was lower than its benchmark, the JPMorgan Government Bond Index Emerging Markets Global Diversified Composite Index, for the one-year period under review.

28 Wells Fargo Advantage Emerging Markets Local Bond 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-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 noted the limited time period of performance to review and noted that it would continue to monitor the performance of the Fund.

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.

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

Other information (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 29

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.

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

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

225162 06-14 SA261/SAR261 04-14

Wells Fargo Advantage

International Bond Fund

Semi-Annual Report

April 30, 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	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	23
Other information	30
List of abbreviations	36

The views expressed and any forward-looking statements are as of April 30, 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 International Bond Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Global bond markets broadly rallied during the period, as low growth and low inflation expectations appeared to drive yields lower and longer-term bond prices higher, particularly in the opening months of 2014. High-yield and emerging markets debt sectors performed best, while currency markets were mixed.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage International Bond Fund for the six-month period that ended April 30, 2014. Global bond markets broadly rallied during the period, as low growth and low inflation expectations appeared to drive yields lower and longer-term bond prices higher, particularly in the opening months of 2014. High-yield and emerging markets debt sectors performed best, while currency markets were mixed. The U.S. high-yield bond market (measured by the Barclays U.S. Corporate High Yield Index¹) provided relatively strong fixed-income returns during the period, outpacing returns from the investment-grade corporate bond markets (measured by the Barclays Corporate Bond Index²) and U.S. Treasuries (measured by the Barclays U.S. Treasury Index³). U.S. mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and corporate bonds generated positive returns. On the whole, fixed-income markets across the globe notably rallied over the first four months of 2014, rebounding nicely from some challenging price corrections during 2013. In general, the corporate bond sector—notably, high-yield corporate bonds—was the best across all global markets, while sovereign debt issuances generally lagged behind.

At the end of 2013, currency markets were volatile while bond markets staged a recovery.

Global currency markets were mixed during the final months of 2013, with strength in eastern European currencies but weakness in Australian and Brazilian currencies. The most significant event during these waning months of 2013 was a continued sharp decline in the value of the Japanese yen. Bond markets of the smaller global economies continued to outperform the bond markets of the largest economies, while the strong demand for income across global bond markets continued to support higher-yield securities, such as corporate bonds and structured products (for example, MBS).

Simultaneously, the U.S. high-yield bond market continued to rally, building on positive gains from the previous months. Yield spreads continued to tighten significantly across the board, while U.S. Treasury yields ratcheted higher, most notably in maturities of five years and longer. Lower-rated credit tiers outperformed each respectively higher-rated credit tier, while the high-yield default rate remained historically low as refinancing levels declined modestly with rate increases but net new issuance remained strong. The rise in U.S. Treasury yields pressured security prices across the U.S. investment-grade bond markets. The corporate bond and CMBS sectors provided positive returns. By contrast, U.S. Treasuries declined in value and residential MBS had negative returns as mortgage rates shifted higher.

International and U.S. fixed-income markets rallied strongly over the first four months of 2014.

Global bond markets broadly rallied during the opening months of 2014, as low growth and low inflation expectations appeared to drive yields lower and longer-term

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

2. The Barclays 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.

3. 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 International Bond Fund 3

bond prices higher. Global high-yield and emerging markets debt sectors performed best during February and March 2014. After a volatile January 2014, which saw yields and risk move higher in smaller economic regions, markets recovered in February 2014, carrying those trends into March and April 2014, which led some smaller bond markets to outperform the major markets during the period. Brazil, Italy, and Spain notably outperformed other countries, while Russia declined in value with the escalating crisis in the Ukraine in March 2014. Currency markets continued to be mixed during the late winter bond market rallies, as the Brazilian real appreciated while the Russian ruble and Polish zloty depreciated. The Japanese yen halted its precipitous decline from the waning months of 2013 and appreciated over the first four months of 2014.

Favorable conditions for U.S. fixed-income markets were restored in the early months of 2014.

Seemingly much to the surprise of many everyday investors and seasoned investment professionals alike, U.S. fixed-income markets (measured by the Barclays U.S. Aggregate Bond Index⁴) largely outperformed U.S. equity markets (measured by the S&P 500 Index⁵) during the opening months of 2014. This helped support global bond markets, particularly global corporate bonds. Reassurances from the U.S. Federal Reserve (Fed) that a highly accommodative monetary policy would continue throughout 2014 inspired bond rallies across the globe.

One positive takeaway for bond investors that helped fuel the global fixed-income rallies was former Fed Chairman Ben Bernanke’s guidance at the end of 2013. He indicated that the tapering of the Fed’s bond-buying program would proceed at a slow pace and that a reduction in quantitative easing should not be equivocated with a tightening of monetary policy. The distinction was important—although the bond-buying program was declining in volume, it was, nonetheless, still continuing. In addition, he indicated that the federal funds target rate would remain unchanged for the foreseeable future, with the implication that it would not increase until the bond-buying program was fully disbanded. These were important statements for investors that helped bolster U.S. fixed-income and global bond valuations in the opening months of 2014.

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

Periods of investment 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 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

Reassurances from the U.S. Federal Reserve that a highly accommodative monetary policy would continue throughout 2014 inspired bond rallies across the globe.

4. 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.

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.

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

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

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 International Bond Fund Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

First International Advisors, LLC

Portfolio managers

Tony Norris

Peter Wilson

Michael Lee

Alex Perrin

Christopher Wightman

Average annual total returns¹ (%) as of April 30, 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 (ESIYX)	9-30-2003		(4.65	)		4.73		4.86		(0.16	)		5.71		5.35		1.05		1.03
Class B (ESIUX)*	9-30-2003		(5.69	)		4.59		4.82		(0.91	)		4.92		4.82		1.80		1.78
Class C (ESIVX)	9-30-2003		(1.90	)		4.91		4.57		(0.90	)		4.91		4.57		1.80		1.78
Class R6 (ESIRX)	11-30-2012		–			–		–		0.26			6.06		5.67		0.67		0.65
Administrator Class (ESIDX)	7-30-2010		–			–		–		0.05			5.88		5.52		0.99		0.85
Institutional Class (ESICX)	12-15-1993		–			–		–		0.16			6.02		5.65		0.72		0.70
BofA Merrill Lynch Global Broad Market Ex. U.S. Index4	–		–			–		–		3.12			5.36		5.20		–		–

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage International Bond Fund 7

Ten largest long-term holdings5 (%) as of April 30, 2014
Italy Buoni Poliennali del Tesoro, 4.75%, 9-1-2044	5.36%
Bonos y Obligaciones del Estado, 5.15%, 10-31-2044	4.97%
Poland, 4.00%, 10-25-2023	4.76%
Mexico, 4.75%, 6-14-2018	4.51%
Malaysia, 3.31%, 10-31-2017	4.46%
New Zealand, 5.50%, 4-15-2023	4.44%
Brazil, 10.00%, 1-1-2023	3.64%
Australia, 3.25%, 4-21-2025	3.50%
Bonos y Obligaciones del Estado, 5.15%, 10-31-2028	3.42%
Italy Buoni Poliennali del Tesoro, 4.75%, 9-1-2028	3.42%

Portfolio allocation⁶ as of April 30, 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 Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen International Bond Fund.

2. Reflects the expense ratios as stated in the most recent prospectuses. 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 February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,030.17	$	5.18		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.69	$	5.16		1.03	%
Class B
Actual	$	1,000.00	$	1,026.03	$	8.94		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.97	$	8.90		1.78	%
Class C
Actual	$	1,000.00	$	1,025.50	$	8.94		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.97	$	8.90		1.78	%
Class R6
Actual	$	1,000.00	$	1,031.68	$	3.27		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,030.51	$	4.28		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,030.70	$	3.52		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage International Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 0.17%
United States: 0.17%
NBCUniversal Media LLC (Consumer Discretionary, Media)		2.88	%		1-15-2023	$	2,600,000	$	2,531,766
Total Corporate Bonds and Notes (Cost $2,595,882)									2,531,766
Foreign Corporate Bonds and Notes @: 19.68%
Australia: 0.96%
General Electric Capital Corporation (Financials, Diversified Financial Services, AUD)		6.00			3-15-2019		1,405,000		1,398,975
Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services, EUR)		3.75			5-16-2022		8,000,000		12,497,798
									13,896,773
Belgium: 0.51%
Anheuser-Busch InBev NV (Consumer Staples, Beverages, EUR)		2.88			9-25-2024		5,000,000		7,302,438
Bermuda: 0.53%
Bacardi Limited (Consumer Staples, Beverages, EUR)		2.75			7-3-2023		5,350,000		7,584,823
Brazil: 0.34%
BRF SA (Consumer Staples, Food Products, BRL) 144A		7.75			5-22-2018		13,500,000		4,895,056
Czech Republic: 0.80%
EP Energy LLC (Energy, Oil, Gas & Consumable Fuels, EUR)		5.88			11-1-2019		7,500,000		11,575,696
France: 1.12%
Autoroutes Du Sud de la France (Industrials, Transportation Infrastructure, EUR)		2.95			1-17-2024		1,000,000		1,437,806
Casino Guichard Perrachon SA (Consumer Staples, Food & Staples Retailing, EUR)		3.31			1-25-2023		4,300,000		6,292,696
Casino Guichard Perrachon SA (Consumer Staples, Food & Staples Retailing, EUR)		4.73			5-26-2021		3,500,000		5,648,895
Financiere Quick S.A.S. (Consumer Discretionary, Hotels, Restaurants & Leisure, EUR) 144A±		5.08			4-15-2019		1,000,000		1,383,881
Numericable Group SA (Consumer Discretionary, Media, EUR) 144A%%		5.38			5-15-2022		1,000,000		1,437,641
									16,200,919
Germany: 1.82%
Daimler AG (Consumer Discretionary, Automobiles, EUR)		2.00			6-25-2021		5,050,000		7,113,504
Daimler AG (Consumer Discretionary, Automobiles, EUR)		2.25			1-24-2022		2,700,000		3,844,494
KfW (Financials, Banks, AUD)		5.00			3-19-2024		12,650,000		12,114,997
Unitymedia Hessen GmbH & Company (Consumer Discretionary, Media, EUR) 144A		5.13			1-21-2023		1,700,000		2,490,569
Unitymedia Hessen GmbH & Company (Consumer Discretionary, Media, EUR) 144A		5.75			1-15-2023		500,000		750,036
									26,313,600
Ireland: 0.71%
AG Spring Finance II Limited (Financials, Diversified Financial Services, EUR) 144A		7.50			6-1-2018		3,600,000		5,172,560
General Electric Capital Corporation (Financials, Diversified Financial Services, EUR)		2.63			3-15-2023		3,500,000		5,031,611
									10,204,171
Italy: 0.74%
Fiat Industrial SpA (Financials, Consumer Finance, EUR)		6.25			3-9-2018		3,000,000		4,730,584
Luxottica Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods, EUR)		3.63			3-19-2019		3,000,000		4,610,276
Marcolin SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods, EUR) 144A		8.50			11-15-2019		900,000		1,329,774
									10,670,634

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

10 Wells Fargo Advantage International Bond Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Luxembourg: 3.86%
Befesa Zinc Aser SA (Utilities, Water Utilities, EUR)		8.88	%		5-15-2018		4,025,000	$	5,963,240
European Investment Bank (Financials, Banks, NOK)		3.00			5-22-2019		35,500,000		6,111,258
European Investment Bank (Financials, Banks, NZD)		4.75			1-22-2019		10,400,000		8,969,025
European Investment Bank (Financials, Banks, AUD)		6.50			8-7-2019		22,400,000		23,299,599
Gestamp Funding Luxembourg SA (Consumer Discretionary, Auto Components, EUR)		5.88			5-31-2020		1,500,000		2,222,534
Heidelbergcement AG (Industrials, Building Products, EUR)		8.50			10-31-2019		1,730,000		3,084,147
Play Finance 2 SA (Telecommunication Services, Wireless Telecommunication Services, EUR) 144A		5.25			2-1-2019		1,600,000		2,291,901
Servus Luxembourg Holding SCA (Consumer Discretionary, Automobiles, EUR) 144A		7.75			6-15-2018		2,550,000		3,798,826
									55,740,530
Mexico: 0.65%
America Movil SAB de CV (Telecommunication Services, Wireless Telecommunication Services, EUR)		3.00			7-12-2021		6,000,000		8,869,907
Petroleos Mexicanos (Energy, Oil, Gas & Consumable Fuels, MXN) 144A		7.19			9-12-2024		6,050,000		451,485
									9,321,392
Netherlands: 1.71%
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment, EUR)		3.38			9-19-2023		400,000		588,408
Bank Nederlandse Gemeenten NV (Financials, Banks, EUR)		2.63			9-1-2020		5,250,000		7,837,777
BMW Finance NV (Financials, Consumer Finance, EUR)		3.25			1-14-2019		800,000		1,215,041
Grupo Isolux Corsan Finance BV (Industrials, Construction & Engineering, EUR) 144A		6.63			4-15-2021		2,500,000		3,485,715
Heineken NV (Consumer Staples, Beverages, EUR)		2.13			8-4-2020		6,000,000		8,514,485
Interxion Holding NV (Information Technology, IT Services, EUR) 144A		6.00			7-15-2020		2,000,000		2,963,378
									24,604,804
Norway: 0.86%
Kommunalbanken AS (Financials, Banks, AUD)		5.25			7-15-2024		13,000,000		12,460,339
Spain: 0.86%
Gas Natural Fenosa (Energy, Oil, Gas & Consumable Fuels, EUR)		3.88			4-11-2022		2,300,000		3,577,341
Portaventura Entertainment Barcelona BV (Consumer Discretionary, Hotels, Restaurants & Leisure, EUR)		7.25			12-1-2020		2,100,000		3,070,031
Portaventura Entertainment Barcelona BV (Consumer Discretionary, Hotels, Restaurants & Leisure, EUR) 144A		7.25			12-1-2020		750,000		1,096,970
Telefonica Emisiones S.A.U. (Telecommunication Services, Diversified Telecommunication Services, EUR)		3.99			1-23-2023		3,000,000		4,637,046
									12,381,388
Switzerland: 0.35%
Eurofima (Financials, Banks, AUD)		6.25			12-28-2018		5,000,000		5,112,451
United Kingdom: 3.57%
Arqiva Broadcast Finance plc (Consumer Discretionary, Media, GBP) 144A		9.50			3-31-2020		800,000		1,546,574
B.A.T. International Finance plc (Financials, Diversified Financial Services, EUR)		2.75			3-25-2025		4,950,000		7,004,067
Bakkavor Finance 2 plc (Consumer Staples, Food & Staples Retailing, GBP)		8.25			2-15-2018		900,000		1,618,331
Bakkavor Finance 2 plc (Consumer Staples, Food & Staples Retailing, GBP)		8.75			6-15-2020		700,000		1,316,023

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage International Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
United Kingdom (continued)
Heathrow Funding Limited (Industrials, Transportation Infrastructure, EUR)		4.60	%		2-15-2020		4,450,000	$	6,945,343
Imperial Tobacco Finance Company (Consumer Staples, Tobacco, EUR)		5.00			12-2-2019		4,100,000		6,652,384
Jaguar Land Rover plc (Consumer Discretionary, Automobiles, GBP)		8.25			3-15-2020		3,355,000		6,394,857
National Grid plc (Utilities, Multi-Utilities, EUR)		4.38			3-10-2020		6,511,000		10,405,890
Phones4u Finance plc (Telecommunication Services, Diversified Telecommunication Services, GBP)		9.50			4-1-2018		2,410,000		4,247,673
United Utilities plc (Utilities, Water Utilities, EUR)		4.25			1-24-2020		1,778,000		2,809,545
Virgin Media Finance plc (Consumer Discretionary, Media, GBP)		8.88			10-15-2019		1,431,000		2,585,274
									51,525,961
United States: 0.29%
Iron Mountain Incorporated (Industrials, Commercial Services & Supplies, EUR)		6.75			10-15-2018		1,920,000		2,687,011
Verizon Communications Incorporated (Telecommunication Services, Diversified Telecommunication Services, EUR)		3.25			2-17-2026		1,000,000		1,462,114
									4,149,125
Total Foreign Corporate Bonds and Notes (Cost $263,552,653)									283,940,100
Foreign Government Bonds @: 73.17%
Australia (AUD)		3.25			4-21-2025		58,495,000		50,573,803
Australian Government Bond (AUD)		5.50			1-21-2018		38,950,000		39,191,134
Australian Government Bond Series 133 (AUD)		5.50			4-21-2023		9,000,000		9,396,512
Bonos y Obligaciones del Estado 144A (EUR)		5.15			10-31-2028		30,295,000		49,404,287
Bonos y Obligaciones del Estado 144A (EUR)		5.15			10-31-2044		43,900,000		71,689,019
Brazil (BRL)		8.50			1-5-2024		31,590,000		13,671,645
Brazil (BRL)		10.00			1-1-2023		129,150,000		52,512,949
Colombia (COP)		7.75			4-14-2021		1,675,000,000		974,602
Germany (NOK)		4.00			3-4-2016		40,000,000		6,997,601
Hungary (HUF)		5.50			6-24-2025		404,500,000		1,829,539
Hungary (HUF)		6.00			11-24-2023		3,594,050,000		17,159,047
Hungary (HUF)		6.75			11-24-2017		545,000,000		2,701,768
Hungary (HUF)		7.00			6-24-2022		4,250,000,000		21,466,340
Indonesia (IDR)		7.88			4-15-2019		25,000,000,000		2,183,973
Indonesia (IDR)		8.38			3-15-2024		29,150,000,000		2,575,507
Italy Buoni Poliennali del Tesoro 144A (EUR)		4.75			9-1-2028		31,500,000		49,293,985
Italy Buoni Poliennali del Tesoro 144A (EUR)		4.75			9-1-2044		50,250,000		77,410,065
Korea (KRW)		2.75			9-10-2017		26,840,000,000		25,787,959
Korea (KRW)		5.25			3-10-2027		33,590,000,000		37,862,916
Malaysia (MYR)		3.26			3-1-2018		7,450,000		2,257,520
Malaysia (MYR)		3.31			10-31-2017		211,500,000		64,330,133
Malaysia (MYR)		4.26			9-15-2016		6,725,000		2,103,246
Mexico (MXN)		4.75			6-14-2018		858,160,000		65,036,757
Mexico (MXN)		10.00			12-5-2024		25,500,000		2,512,321
New South Wales Treasury (AUD)		6.00			2-1-2018		15,000,000		15,250,370
New Zealand (NZD)		5.50			4-15-2023		68,825,000		64,045,780
Nigeria (NGN)		15.10			4-27-2017		170,000,000		1,110,582
Norway (NOK)		3.75			5-25-2021		127,300,000		23,186,876
Norway (NOK)		4.50			5-22-2019		71,500,000		13,392,126
Poland (PLN)		4.00			10-25-2023		208,440,000		68,680,245
Province of Ontario (AUD)		6.25			9-29-2020		13,600,000		13,850,212

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

12 Wells Fargo Advantage International Bond Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Queensland Treasury (AUD)		5.75	%		7-22-2024		11,000,000	$	11,296,893
Queensland Treasury (AUD)		6.00			2-21-2018		15,000,000		15,219,393
Republic of South Africa (ZAR)		6.50			2-28-2041		22,300,000		1,566,691
Republic of South Africa (ZAR)		7.75			2-28-2023		456,175,000		41,782,257
Republic of South Africa (ZAR)		8.00			1-31-2030		18,500,000		1,616,563
Romania (RON)		6.00			4-30-2016		5,000,000		1,631,839
Russia (RUB)		7.00			1-25-2023		122,900,000		2,992,723
Russia (RUB)		7.50			3-15-2018		100,275,000		2,674,000
Sweden Government Bond Series 1052 (SEK)		4.25			3-12-2019		204,500,000		35,846,533
Sweden Government Bond Series 1057 (SEK)		1.50			11-13-2023		216,400,000		31,886,568
Thailand (THB)		3.25			6-16-2017		105,250,000		3,328,291
Turkey (TRY)		6.30			2-14-2018		77,655,000		33,723,869
Turkey (TRY)		9.00			3-8-2017		8,300,000		3,930,369
Total Foreign Government Bonds (Cost $1,053,805,085)									1,055,934,808
Yankee Corporate Bonds and Notes: 2.92%
Bermuda: 0.26%
Qtel International Finance Limited (Telecommunication Services, Diversified Telecommunication Services)		4.75			2-16-2021	$	3,550,000		3,802,938
Brazil: 0.57%
ITAU Unibanco Holding SA (Financials, Banks)		5.13			5-13-2023		1,750,000		1,743,000
Petroplus International Finance Company (Energy, Oil, Gas & Consumable Fuels)		5.75			1-20-2020		6,185,000		6,530,457
									8,273,457
Cayman Islands: 0.50%
International Petroleum Investment Company (Energy, Oil, Gas & Consumable Fuels)		5.00			11-15-2020		5,700,000		6,284,250
Petrobras International Finance Company (Energy, Oil, Gas & Consumable Fuels)		5.38			1-27-2021		860,000		880,473
									7,164,723
Israel: 0.24%
B Communications Limited (Telecommunication Services, Diversified Telecommunication Services) 144A		7.38			2-15-2021		3,250,000		3,436,875
Netherlands: 0.47%
Mubadala Development Company (Energy, Oil, Gas & Consumable Fuels)		5.50			4-20-2021		3,200,000		3,648,000
Myriad International Holdings BV (Consumer Discretionary, Media)		6.00			7-18-2020		2,950,000		3,222,875
									6,870,875
Peru: 0.49%
Banco De Credito Del Peru (Financials, Banks) 144A (i)		4.25			4-1-2023		7,235,000		7,026,994
United Kingdom: 0.39%
British Sky Broadcasting Group plc (Consumer Discretionary, Media) 144A		3.13			11-26-2022		2,900,000		2,804,851
Enquest plc (Energy, Oil, Gas & Consumable Fuels) 144A		7.00			4-15-2022		1,200,000		1,227,000
Vedanta Resources plc (Materials, Metals & Mining) 144A		6.00			1-31-2019		1,600,000		1,594,000
									5,625,851
Total Yankee Corporate Bonds and Notes (Cost $40,824,910)									42,201,713

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage International Bond Fund 13

Security name	Yield			Shares		Value
Short-Term Investments: 2.02%
Investment Companies: 2.02%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.07	%		29,113,447	$	29,113,447
Total Short-Term Investments (Cost $29,113,447)							29,113,447

Total investments in securities
(Cost $1,389,891,977) *	97.96	%		1,413,721,834
Other assets and liabilities, net	2.04			29,367,679
Total net assets	100.00	%	$	1,443,089,513

@ Foreign bond principal is denominated in local currency.

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

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

%% Security issued on a when-issued basis.

(i) Illiquid security

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended

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

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

* Cost for federal income tax purposes is $1,390,252,761 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	55,728,857
Gross unrealized depreciation		(32,259,784	)
Net unrealized appreciation	$	23,469,073

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

14 Wells Fargo Advantage International Bond Fund Statement of assets and liabilities—April 30, 2014 (unaudited)

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	1,384,608,387
In affiliated securities, at value (see cost below)		29,113,447
Total investments, at value (see cost below)		1,413,721,834
Foreign currency, at value (see cost below)		11,829,955
Receivable for investments sold		10,759,981
Receivable for Fund shares sold		2,744,634
Receivable for interest		18,221,040
Unrealized gains on forward foreign currency contracts		2,574,807
Prepaid expenses and other assets		34,515
Total assets		1,459,886,766
Liabilities
Payable for investments purchased		1,387,350
Payable for Fund shares redeemed		1,143,016
Unrealized losses on forward foreign currency contracts		13,246,755
Advisory fee payable		566,357
Distribution fees payable		8,853
Due to other related parties		167,057
Accrued expenses and other liabilities		277,865
Total liabilities		16,797,253
Total net assets	$	1,443,089,513
NET ASSETS CONSIST OF
Paid-in capital	$	1,432,466,844
Undistributed net investment income		16,724,687
Accumulated net realized losses on investments		(19,675,633	)
Net unrealized gains on investments		13,573,615
Total net assets	$	1,443,089,513
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	107,993,359
Shares outstanding – Class A		9,652,597
Net asset value per share – Class A		$11.19
Maximum offering price per share – Class A2		$11.72
Net assets – Class B	$	1,172,777
Shares outstanding – Class B		105,294
Net asset value per share – Class B		$11.14
Net assets – Class C	$	13,242,845
Shares outstanding – Class C		1,200,192
Net asset value per share – Class C		$11.03
Net assets – Class R6	$	2,513,905
Share outstanding – Class R6		223,675
Net asset value per share – Class R6		$11.24
Net assets – Administrator Class	$	356,526,383
Shares outstanding – Administrator Class		31,863,286
Net asset value per share – Administrator Class		$11.19
Net assets – Institutional Class	$	961,640,244
Shares outstanding – Institutional Class		85,678,477
Net asset value per share – Institutional Class		$11.22
Investments in unaffiliated securities, at cost	$	1,360,778,530
Investments in affiliated securities, at cost	$	29,113,447
Total investments, at cost	$	1,389,891,977
Foreign currency, at cost	$	11,702,212

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

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

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

Statement of operations—six months ended April 30, 2014 (unaudited) Wells Fargo Advantage International Bond Fund 15

Investment income
Interest**	$	32,097,699
Income from affiliated securities		5,775
Total investment income		32,103,474
Expenses
Advisory fee		3,780,407
Administration fees
Fund level		359,445
Class A		84,965
Class B		1,200
Class C		11,112
Class R6		360
Administrator Class		165,722
Institutional Class		392,936
Shareholder servicing fees
Class A		132,758
Class B		1,875
Class C		17,363
Administrator Class		412,871
Distribution fees
Class B		5,625
Class C		52,089
Custody and accounting fees		280,469
Professional fees		27,191
Registration fees		39,695
Shareholder report expenses		71,908
Trustees’ fees and expenses		3,394
Interest expense		5,196
Other fees and expenses		8,105
Total expenses		5,854,686
Less: Fee waivers and/or expense reimbursements		(310,934	)
Net expenses		5,543,752
Net investment income		26,559,722
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(36,246,848	)
Forward foreign currency contract transactions		16,719,235
Net realized losses on investments		(19,527,613	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		45,333,860
Forward foreign currency contract transactions		(11,030,584	)
Net change in unrealized gains (losses) on investments		34,303,276
Net realized and unrealized gains (losses) on investments		14,775,663
Net increase in net assets resulting from operations	$	41,335,385
** Net of foreign interest withholding taxes in the amount of		$66,660

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

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

	Six months ended April 30, 2014 (unaudited)						Year ended October 31, 2013
Operations
Net investment income				$	26,559,722					$	52,650,788
Net realized losses on investments					(19,527,613	)					(5,183,740	)
Net change in unrealized gains (losses) on investments					34,303,276						(98,104,311	)
Net increase (decrease) in net assets resulting from operations					41,335,385						(50,637,263	)
Distributions to shareholders from
Net investment income
Class A					(654,738	)					(188,764	)
Class B					(3,281	)					0
Class C					(58,435	)					(1,384	)
Class R6					(16,531	)					(104	)1
Administrator Class					(2,119,095	)					(503,737	)
Institutional Class					(6,697,832	)					(2,422,485	)
Net realized gains
Class A					(3,719,413	)					(1,427,842	)
Class B					(57,768	)					(36,299	)
Class C					(526,829	)					(239,783	)
Class R6					(83,685	)					(520	)1
Administrator Class					(11,543,115	)					(3,080,974	)
Institutional Class					(36,033,595	)					(13,023,314	)
Total distributions to shareholders					(61,514,317	)					(20,925,206	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,320,256			14,396,450			3,829,061			43,384,112
Class B		891			9,492			2,136			24,742
Class C		37,494			409,545			113,680			1,298,982
Class R6		33,207			364,252			215,271	1		2,422,295	1
Administrator Class		5,815,689			63,406,501			11,260,991			127,839,631
Institutional Class		11,276,936			122,573,276			29,905,223			339,623,997
					201,159,516						514,593,759
Reinvestment of distributions
Class A		395,067			4,260,763			129,784			1,524,180
Class B		5,011			53,798			2,686			31,562
Class C		43,996			468,648			15,788			184,193
Class R6		9,261			100,216			53	1		624	1
Administrator Class		1,241,551			13,387,429			214,185			2,510,250
Institutional Class		2,869,787			31,030,895			760,210			8,920,248
					49,301,749						13,171,057
Payment for shares redeemed
Class A		(2,117,084	)		(23,143,809	)		(5,704,996	)		(64,387,685	)
Class B		(77,902	)		(847,976	)		(165,887	)		(1,894,295	)
Class C		(319,792	)		(3,438,940	)		(684,141	)		(7,721,224	)
Class R6		(33,021	)		(359,732	)		(1,096	)1		(12,525	)1
Administrator Class		(4,773,861	)		(51,888,726	)		(6,823,998	)		(76,971,446	)
Institutional Class		(26,753,393	)		(291,829,584	)		(39,825,696	)		(452,449,852	)
					(371,508,767	)					(603,437,027	)
Net decrease in net assets resulting from capital share transactions					(121,047,502	)					(75,672,211	)
Total decrease in net assets					(141,226,434	)					(147,234,680	)
Net assets
Beginning of period					1,584,315,947						1,731,550,627
End of period				$	1,443,089,513					$	1,584,315,947
Undistributed (overdistributed) net investment income				$	16,724,687					$	(285,123	)

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

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

Financial highlights Wells Fargo Advantage International Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS A				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	11.32		$	11.83		$	11.85		$	12.23		$	11.59		$	10.36
Net investment income		0.19	2		0.36	2		0.33	2		0.39	2		0.40			0.39	2
Net realized and unrealized gains (losses) on investments		0.14			(0.73	)		0.08			(0.18	)		0.65			2.20
Total from investment operations		0.33			(0.37	)		0.41			0.21			1.05			2.59
Distributions to shareholders from
Net investment income		(0.07	)		(0.02	)		(0.29	)		(0.51	)		(0.41	)		(1.36	)
Net realized gains		(0.39	)		(0.12	)		(0.14	)		(0.08	)		0.00			0.00
Total distributions to shareholders		(0.46	)		(0.14	)		(0.43	)		(0.59	)		(0.41	)		(1.36	)
Net asset value, end of period	$	11.19		$	11.32		$	11.83		$	11.85		$	12.23		$	11.59
Total return3		3.02	%		(3.18	)%		3.66	%		1.93	%		9.35	%		26.34	%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.05	%		1.04	%		1.02	%		1.10	%		1.05	%
Net expenses		1.03	%		1.03	%		1.03	%		1.02	%		1.08	%		1.05	%
Net investment income		3.44	%		2.93	%		2.88	%		3.26	%		3.53	%		3.65	%
Supplemental data
Portfolio turnover rate		47	%		129	%		79	%		88	%		89	%		118	%
Net assets, end of period (000s omitted)		$107,993			$113,846			$139,600			$286,577			$255,134			$246,719

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

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS B				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	11.27		$	11.85		$	11.88		$	12.25			$11.54		$	10.37
Net investment income		0.15	2		0.27	2		0.24	2		0.31			0.29			0.30	2
Net realized and unrealized gains (losses) on investments		0.13			(0.73	)		0.09			(0.19	)		0.67			2.21
Total from investment operations		0.28			(0.46	)		0.33			0.12			0.96			2.51
Distributions to shareholders from
Net investment income		(0.02	)		0.00			(0.22	)		(0.41	)		(0.25	)		(1.34	)
Net realized gains		(0.39	)		(0.12	)		(0.14	)		(0.08	)		0.00			0.00
Total distributions to shareholders		(0.41	)		(0.12	)		(0.36	)		(0.49	)		(0.25	)		(1.34	)
Net asset value, end of period	$	11.14		$	11.27		$	11.85		$	11.88			$12.25		$	11.54
Total return3		2.60	%		(3.90	)%		2.90	%		1.15	%		8.55	%		25.44	%
Ratios to average net assets (annualized)
Gross expenses		1.80	%		1.80	%		1.79	%		1.77	%		1.85	%		1.79	%
Net expenses		1.78	%		1.78	%		1.78	%		1.77	%		1.82	%		1.79	%
Net investment income		2.67	%		2.13	%		2.12	%		2.53	%		2.77	%		2.86	%
Supplemental data
Portfolio turnover rate		47	%		129	%		79	%		88	%		89	%		118	%
Net assets, end of period (000s omitted)		$1,173			$1,998			$4,008			$6,925			$10,060			$11,615

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage International Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS C				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	11.19		$	11.76		$	11.81		$	12.20		$	11.51		$	10.35
Net investment income		0.14	2		0.26	2		0.24	2		0.31			0.33			0.30	2
Net realized and unrealized gains (losses) on investments		0.13			(0.71	)		0.08			(0.19	)		0.64			2.20
Total from investment operations		0.27			(0.45	)		0.32			0.12			0.97			2.50
Distributions to shareholders from
Net investment income		(0.04	)		(0.00	)3		(0.23	)		(0.43	)		(0.28	)		(1.34	)
Net realized gains		(0.39	)		(0.12	)		(0.14	)		(0.08	)		0.00			0.00
Total distributions to shareholders		(0.43	)		(0.12	)		(0.37	)		(0.51	)		(0.28	)		(1.34	)
Net asset value, end of period	$	11.03		$	11.19		$	11.76		$	11.81		$	12.20		$	11.51
Total return4		2.55	%		(3.84	)%		2.86	%		1.11	%		8.61	%		25.47	%
Ratios to average net assets (annualized)
Gross expenses		1.80	%		1.80	%		1.79	%		1.77	%		1.85	%		1.79	%
Net expenses		1.78	%		1.78	%		1.78	%		1.77	%		1.82	%		1.79	%
Net investment income		2.68	%		2.15	%		2.12	%		2.50	%		2.77	%		2.87	%
Supplemental data
Portfolio turnover rate		47	%		129	%		79	%		88	%		89	%		118	%
Net assets, end of period (000s omitted)		$13,243			$16,097			$23,448			$27,861			$30,974			$33,330

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

2. Calculated based upon average shares outstanding

3. Amount is less than$0.005 per share.

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 International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended
CLASS R6				October 31, 20131
Net asset value, beginning of period	$	11.36		$	11.80
Net investment income		0.21			0.39	2
Net realized and unrealized gains (losses) on investments		0.13			(0.69	)
Total from investment operations		0.34			(0.30	)
Distributions to shareholders from
Net investment income		(0.07	)		(0.02	)
Net realized gains		(0.39	)		(0.12	)
Total distributions to shareholders		(0.46	)		(0.14	)
Net asset value, end of period	$	11.24		$	11.36
Total return3		3.17	%		(2.52	)%
Ratios to average net assets (annualized)
Gross expenses		0.67	%		0.68	%
Net expenses		0.65	%		0.65	%
Net investment income		4.24	%		3.70	%
Supplemental data
Portfolio turnover rate		47	%		129	%
Net assets, end of period (000s omitted)		$2,514			$2,433

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage International Bond Fund 21

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	11.32		$	11.81		$	11.83		$	12.23		$	11.39
Net investment income		0.20			0.36	2		0.35	2		0.38	2		0.11	2
Net realized and unrealized gains (losses) on investments		0.13			(0.71	)		0.08			(0.16	)		0.82
Total from investment operations		0.33			(0.35	)		0.43			0.22			0.93
Distributions to shareholders from
Net investment income		(0.07	)		(0.02	)		(0.31	)		(0.54	)		(0.09	)
Net realized gains		(0.39	)		(0.12	)		(0.14	)		(0.08	)		0.00
Total distributions to shareholders		(0.46	)		(0.14	)		(0.45	)		(0.62	)		(0.09	)
Net asset value, end of period	$	11.19		$	11.32		$	11.81		$	11.83		$	12.23
Total return3		3.05	%		(2.98	)%		3.89	%		2.03	%		8.21	%
Ratios to average net assets (annualized)
Gross expenses		0.99	%		0.99	%		0.97	%		0.95	%		1.05	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		3.62	%		3.15	%		3.04	%		3.21	%		3.63	%
Supplemental data
Portfolio turnover rate		47	%		129	%		79	%		88	%		89	%
Net assets, end of period (000s omitted)		$356,526			$334,778			$294,330			$170,836			$4,866

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

2. Calculated based upon average shares outstanding

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

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

22 Wells Fargo Advantage International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	11.35		$	11.82		$	11.84		$	12.23		$	11.59		$	10.35
Net investment income		0.21			0.37			0.36			0.44			0.44			0.43
Net realized and unrealized gains (losses) on investments		0.12			(0.70	)		0.09			(0.20	)		0.65			2.18
Total from investment operations		0.33			(0.33	)		0.45			0.24			1.09			2.61
Distributions to shareholders from
Net investment income		(0.07	)		(0.02	)		(0.33	)		(0.55	)		(0.45	)		(1.37	)
Net realized gains		(0.39	)		(0.12	)		(0.14	)		(0.08	)		0.00			0.00
Total distributions to shareholders		(0.46	)		(0.14	)		(0.47	)		(0.63	)		(0.45	)		(1.37	)
Net asset value, end of period	$	11.22		$	11.35		$	11.82		$	11.84		$	12.23		$	11.59
Total return2		3.07	%		(2.78	)%		3.99	%		2.19	%		9.73	%		26.71	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.72	%		0.71	%		0.69	%		0.82	%		0.79	%
Net expenses		0.70	%		0.70	%		0.71	%		0.69	%		0.80	%		0.79	%
Net investment income		3.76	%		3.26	%		3.19	%		3.60	%		3.79	%		3.86	%
Supplemental data
Portfolio turnover rate		47	%		129	%		79	%		88	%		89	%		118	%
Net assets, end of period (000s omitted)		$961,640			$1,115,163			$1,270,164			$1,228,793			$1,276,184			$997,308

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

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

The values of securities denominated in foreign currencies are translated into 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”).

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.

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. 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.

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 are translated into 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. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and

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

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 included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

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

Security loans

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

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.

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

As of April 30, 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
Corporate bonds and notes	$	0	$	2,531,766	$	0	$	2,531,766
Foreign corporate bonds and notes		0		283,940,100		0		283,940,100
Foreign government bonds		0		1,055,934,808		0		1,055,934,808
Yankee corporate bonds and notes		0		42,201,713		0		42,201,713
Short-term investments
Investment companies		29,113,447		0		0		29,113,447
	$	29,113,447	$	1,384,608,387	$	0	$	1,413,721,834

As of April 30, 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
Forward foreign currency contracts	$	0	$	(10,671,948	)*	$	0	$	(10,671,948	)

* Amount represents the net unrealized losses.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 0.55% and declining to 0.45% as the average daily net assets of the Fund increase. For the six months ended April 30, 2014, the advisory fee was equivalent to an annual rate of 0.53% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. First International Advisors, LLC, an affiliate of Funds Management 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 fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class B, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

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

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 Febraury 28, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.03% for Class A shares, 1.78% for Class B shares, 1.78% for Class C shares, 0.65% for Class R6 shares, 0.85% for Administrator Class shares, and 0.70% for Institutional Class shares.

Distribution fees

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

For the six months ended April 30, 2014, Wells Fargo Funds Distributor, LLC received $1,077 from the sale of Class A shares and $11 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, and Administrator Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2014 were $658,235,164 and $838,656,331, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2014, the Fund entered into forward foreign currency exchange contracts for economic hedging purposes.

At April 30, 2014, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2014		In exchange for U.S. $		Unrealized gains (losses)
5-7-2014	State Street Bank		4,090,000,000	JPY	$	40,007,084	$	40,169,320	$	(162,236	)
5-7-2014	State Street Bank		7,830,000,000	JPY		76,590,579		77,496,056		(905,477	)
5-12-2014	State Street Bank		221,750,000	NOK		37,294,275		37,168,957		125,318
5-20-2014	State Street Bank		9,300,000	MYR		2,844,921		2,804,161		40,760
5-27-2014	State Street Bank		7,350,000	MXN		560,808		550,383		10,425
5-27-2014	State Street Bank		340,000,000	HUF		1,535,990		1,501,767		34,223
6-9-2014	State Street Bank		6,275,000	PLN		2,067,946		2,045,373		22,573
6-11-2014	State Street Bank		5,950,000	ZAR		562,254		551,347		10,907
6-11-2014	State Street Bank		4,196,191,660	JPY		41,054,403		41,268,604		(214,201	)
6-11-2014	State Street Bank		3,750,000	MYR		1,145,318		1,158,122		(12,804	)
6-11-2014	State Street Bank		1,115,000	GBP		1,881,977		1,848,770		33,207
6-16-2014	State Street Bank		110,000,000	EUR		152,592,887		152,024,290		568,597
6-17-2014	State Street Bank		3,500,000,000	JPY		34,244,221		34,465,441		(221,220	)
6-30-2014	State Street Bank		8,477,500,000	JPY		82,950,533		83,385,383		(434,850	)
6-30-2014	State Street Bank		6,565,000,000	JPY		64,237,128		64,188,429		48,699
7-7-2014	State Street Bank		212,500,000	MYR		64,772,762		65,436,965		(664,203	)
7-10-2014	State Street Bank		27,650,000	RUB		762,772		754,434		8,338
7-10-2014	State Street Bank		50,250,000	RUB		1,386,231		1,375,958		10,273
7-10-2014	State Street Bank		377,000,000	RUB		10,400,180		10,382,815		17,365

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

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2014		In exchange for U.S. $		Unrealized gains (losses)
7-10-2014	State Street Bank		13,750,000	RUB	$	379,317	$	378,892	$	425
7-10-2014	State Street Bank		154,000,000	RUB		4,248,349		4,195,042		53,307
7-10-2014	State Street Bank		153,500,000	RUB		4,234,556		4,191,699		42,857
7-10-2014	State Street Bank		192,500,000	RUB		5,310,437		5,299,235		11,202
7-10-2014	State Street Bank		192,300,000	RUB		5,304,919		5,295,916		9,003
7-28-2014	State Street Bank		38,500,000	CAD		35,053,068		34,827,446		225,622

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2014		In exchange for			U.S. value at April 30, 2014		Unrealized gains (losses)
6-17-2014	State Street Bank		44,900,000	AUD	$	41,580,958		4,146,532,960	JPY	$	40,569,941	$	1,011,017
5-12-2014	State Street Bank		26,258,284	EUR		36,428,819		221,750,000	NOK		37,294,275		(865,456	)
5-27-2014	State Street Bank		16,225,000	GBP		27,388,912		19,553,847	EUR		27,126,628		262,284
6-11-2014	State Street Bank		24,340,000	GBP		41,082,808		4,196,191,660	JPY		41,054,403		28,405

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver			U.S. value at April 30, 2014		In exchange for U.S. $		Unrealized losses
5-13-2014	State Street Bank		194,000,000	PLN	$	64,043,346	$	63,498,402	$	(544,944	)
5-20-2014	State Street Bank		9,300,000	MYR		2,844,921		2,824,430		(20,491	)
5-27-2014	State Street Bank		340,000,000	HUF		1,535,990		1,475,573		(60,417	)
5-27-2014	State Street Bank		7,350,000	MXN		560,808		550,430		(10,378	)
5-27-2014	State Street Bank		14,900,000	GBP		25,152,221		24,843,217		(309,004	)
6-9-2014	State Street Bank		2,850,000	PLN		939,226		928,112		(11,114	)
6-11-2014	State Street Bank		8,165,000	GBP		13,781,476		13,550,226		(231,250	)
6-11-2014	State Street Bank		5,950,000	ZAR		562,254		545,197		(17,057	)
6-13-2014	State Street Bank		84,500,000	NZD		72,608,953		71,255,555		(1,353,398	)
6-16-2014	State Street Bank		9,988,636	EUR		13,856,317		13,800,000		(56,317	)
6-16-2014	State Street Bank		30,700,000	TRY		14,369,865		13,230,728		(1,139,137	)
6-16-2014	State Street Bank		24,900,039	EUR		34,541,535		34,500,000		(41,535	)
6-16-2014	State Street Bank		33,785,000	TRY		15,813,873		15,593,701		(220,172	)
6-17-2014	State Street Bank		143,750,000	AUD		133,123,893		129,007,000		(4,116,893	)
6-30-2014	State Street Bank		2,135,000	TRY		995,783		984,007		(11,776	)
6-30-2014	State Street Bank		4,250,000	ZAR		400,365		394,989		(5,376	)
6-30-2014	State Street Bank		259,100,000	ZAR		24,408,119		23,870,284		(537,835	)
6-30-2014	State Street Bank		159,700,000	ZAR		15,044,294		14,991,955		(52,339	)
7-7-2014	State Street Bank		212,500,000	MYR		64,772,762		64,366,632		(406,130	)
7-10-2014	State Street Bank		41,400,000	RUB		1,142,089		1,134,247		(7,842	)
7-10-2014	State Street Bank		1,175,950,000	RUB		32,440,562		32,182,540		(258,022	)
7-31-2014	State Street Bank		435,000,000	SEK		66,805,687		66,450,806		(354,881	)

The Fund had average contract amounts of $933,012,445 and $650,831,062 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2014.

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

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 International Bond Fund 29

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 derivatives. Cash collateral that has been pledged to cover obligations of the Fund under the ISDA Master Agreements or similar agreements, 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		Netamount of assets
Forward foreign currency contracts	State Street Bank	$2,574,807*	$	(2,574,807	)	$	0	$	0
*   Amount represents net unrealized gains.
Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Netamount of liabilities
Forward foreign currency contracts	State Street Bank	$13,246,755**	$	(2,574,807	)	$	0	$	10,671,948
** Amount represents net unrealized losses.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2014, the Fund paid $773 in commitment fees.

During the six months ended April 30, 2014, the Fund had average borrowings outstanding of $379,270 (on an annualized basis) at an average rate of 1.37% and paid interest in the amount of $5,196.

8. INDEMNIFICATION

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

9. SUBSEQUENT DISTRIBUTIONS

On June 24, 2014, the Fund declared distributions from net investment to shareholders of record on June 23, 2014. The per share amounts payable on June 25, 2014 were as follows:

	Net investment income
Class A	$0.00723
Class B	0.00000
Class C	0.00000
Class R6	0.02656
Administrator Class	0.01673
Institutional Class	0.02375

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the Fund’s tax year-end.

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

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage International Bond Fund 31

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ 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 funds 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

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

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

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

Officers

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

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 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 International Bond Fund 33

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

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

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. 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 than the average performance of the Universe for the ten-year period under review, and lower than the average performance of the Universe for the one-, three-, and five-year

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

periods under review. The Board also noted that the performance of the Fund higher than or in range of its benchmark, the BofA Merrill Lynch Global Broad Market ex US Index, for the three-, five-, and ten-year periods under review, and lower than its benchmark for the one-year period 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-, three-, and five-year periods under review and relative to its benchmark for the one-year period under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance. 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 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.

Other information (unaudited) Wells Fargo Advantage International Bond Fund 35

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.

36 Wells Fargo Advantage International Bond Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

225163 06-14 SA235/SAR235 04-14

Wells Fargo Advantage Strategic Income Fund

Semi-Annual Report

April 30, 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	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	25
Other information	33
List of abbreviations	39

The views expressed and any forward-looking statements are as of April 30, 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 Strategic Income Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Global bond markets broadly rallied during the period, as low growth and low inflation expectations appeared to drive yields lower and longer-term bond prices higher, particularly in the opening months of 2014. High-yield and emerging markets debt sectors performed best, while currency markets were mixed.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Strategic Income Fund for the six-month period that ended April 30, 2014. Global bond markets broadly rallied during the period, as low growth and low inflation expectations appeared to drive yields lower and longer-term bond prices higher, particularly in the opening months of 2014. High-yield and emerging markets debt sectors performed best, while currency markets were mixed. The U.S. high-yield bond market (measured by the Barclays U.S. Corporate High Yield Index¹) provided relatively strong fixed-income returns during the period, outpacing returns from the investment-grade corporate bond markets (measured by the Barclays Corporate Bond Index²) and U.S. Treasuries (measured by the Barclays U.S. Treasury Index³). U.S. mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and corporate bonds generated positive returns. On the whole, fixed-income markets across the globe notably rallied over the first four months of 2014, rebounding nicely from some challenging price corrections during 2013. In general, the corporate bond sector—notably, high-yield corporate bonds—was the best across all global markets, while sovereign debt issuances generally lagged behind.

At the end of 2013, currency markets were volatile while bond markets staged a recovery.

Global currency markets were mixed during the final months of 2013, with strength in eastern European currencies but weakness in Australian and Brazilian currencies. The most significant event during these waning months of 2013 was a continued sharp decline in the value of the Japanese yen. Bond markets of the smaller global economies continued to outperform the bond markets of the largest economies, while the strong demand for income across global bond markets continued to support higher-yield securities, such as corporate bonds and structured products (for example, MBS).

Simultaneously, the U.S. high-yield bond market continued to rally, building on positive gains from the previous months. Yield spreads continued to tighten significantly across the board, while U.S. Treasury yields ratcheted higher, most notably in maturities of five years and longer. Lower-rated credit tiers outperformed each respectively higher-rated credit tier, while the high-yield default rate remained historically low as refinancing levels declined modestly with rate increases but net new issuance remained strong. The rise in U.S. Treasury yields pressured security prices across the U.S. investment-grade bond markets. The corporate bond and CMBS sectors provided positive returns. By contrast, U.S. Treasuries declined in value and residential MBS had negative returns as mortgage rates shifted higher.

International and U.S. fixed-income markets rallied strongly over the first four months of 2014.

Global bond markets broadly rallied during the opening months of 2014, as low growth and low inflation expectations appeared to drive yields lower and longer-term bond prices higher. Global high-yield and emerging markets debt sectors

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

2. The Barclays 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.

3. 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 Strategic Income Fund 3

performed best during February and March 2014. After a volatile January 2014, which saw yields and risk move higher in smaller economic regions, markets recovered in February 2014, carrying those trends into March and April 2014, which led some smaller bond markets to outperform the major markets during the period. Brazil, Italy, and Spain notably outperformed other countries, while Russia declined in value with the escalating crisis in the Ukraine in March 2014. Currency markets continued to be mixed during the late winter bond market rallies, as the Brazilian real appreciated while the Russian ruble and Polish zloty depreciated. The Japanese yen halted its precipitous decline from the waning months of 2013 and appreciated over the first four months of 2014.

Favorable conditions for U.S. fixed-income markets were restored in the early months of 2014.

Seemingly much to the surprise of many everyday investors and seasoned investment professionals alike, U.S. fixed-income markets (measured by the Barclays U.S. Aggregate Bond Index⁴) largely outperformed U.S. equity markets (measured by the S&P 500 Index⁵) during the opening months of 2014. This helped support global bond markets, particularly global corporate bonds. Reassurances from the U.S. Federal Reserve (Fed) that a highly accommodative monetary policy would continue throughout 2014 inspired bond rallies across the globe.

One positive takeaway for bond investors that helped fuel the global fixed-income rallies was former Fed Chairman Ben Bernanke’s guidance at the end of 2013. He indicated that the tapering of the Fed’s bond-buying program would proceed at a slow pace and that a reduction in quantitative easing should not be equivocated with a tightening of monetary policy. The distinction was important—although the bond-buying program was declining in volume, it was, nonetheless, still continuing. In addition, he indicated that the federal funds target rate would remain unchanged for the foreseeable future, with the implication that it would not increase until the bond-buying program was fully disbanded. These were important statements for investors that helped bolster U.S. fixed-income and global bond valuations in the opening months of 2014.

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

Periods of investment 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 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.

Reassurances from the U.S. Federal Reserve that a highly accommodative monetary policy would continue throughout 2014 inspired bond rallies across the globe.

4. 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.

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.

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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 Strategic Income Fund Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

First International Advisors, LLC

Wells Capital Management Incorporated

Portfolio managers

Tony Norris

Michael J. Bray, CFA

David Germany, Ph.D

Niklas Nordenfelt, CFA

Margaret D. Patel

Thomas M. Price, CFA

Scott M. Smith, CFA

Average annual total returns (%) as of April 30, 2014

		Including sales charge						Excluding sales charge					Expense ratios1 (%)
	Inception date	1 year			Since inception			1 year			Since inception		Gross		Net2
Class A (WSIAX)	1-31-2013		(3.78	)		(2.31	)		0.73			1.36		1.87		0.91
Class C (WSICX)	1-31-2013		(1.01	)		0.61			(0.04	)		0.61		2.62		1.66
Administrator Class (WSIDX)	1-31-2013		–			–			0.98			1.58		1.81		0.76
Institutional Class (WSINX)	1-31-2013		–			–			1.13			1.74		1.54		0.61
Barclays U.S. Universal Bond Index3	–		–			–			0.24			1.56		–		–

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage Strategic Income Fund 7

Ten largest long-term holdings4 (%) as of April 30, 2014
Republic of South Africa, 7.75%, 2-28-2023	2.81
Poland, 4.00%, 10-25-2023	2.40
Brazil, 10.00%, 1-1-2023	2.11
Brazil, 10.00%, 1-1-2017	1.51
Mexico, 4.75%, 6-14-2018	1.37
Romania, 6.00%, 4-30-2016	1.31
Turkey, 9.00%, 3-8-2017	1.23
Hungary, 6.75%, 11-24-2017	1.20
General Motors Financial Company Incorporated, 2.75%, 5-15-2016	1.17
Texas Competitive Electric Holdings LLC, 3.74%, 10-10-2014	1.54

Portfolio allocation⁵ as of April 30, 2014

1. 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.

2. The Adviser has committed through February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 0.90% for Class A, 1.65% for Class C, 0.75% for Administrator Class, and 0.60% 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.

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

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

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

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

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

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

entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,026.10	$	4.52		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Class C
Actual	$	1,000.00	$	1,023.09	$	8.28		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Administrator Class
Actual	$	1,000.00	$	1,028.42	$	3.77		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,028.54	$	3.02		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Strategic Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 0.94%
FHLMC Series 2013-K713 Class B 144A±		3.27	%		4-25-2046	$	250,000	$	244,164
Total Agency Securities (Cost $227,407)									244,164
Asset-Backed Securities: 2.70%
AmeriCredit Automobile Receivables Trust Series 2012-4 Class E 144A		3.82			2-10-2020		250,000		262,008
CAL Funding II Limited Series 2012-1A Class A 144A		3.47			10-25-2027		212,500		212,822
Santander Drive Auto Receivables Trust Series 2012-5 Class D		3.30			9-17-2018		95,000		98,931
TAL Advantage LLC Series 2013-1A Class A 144A		2.83			2-22-2038		132,500		130,423
Total Asset-Backed Securities (Cost $710,263)									704,184
Corporate Bonds and Notes: 30.17%
Consumer Discretionary: 7.13%
Auto Components: 1.13%
United Rentals North America Incorporated		5.75			7-15-2018		275,000		294,250
Automobiles: 1.00%
Ford Motor Company		7.45			7-16-2031		200,000		260,730
Distributors: 0.06%
LKQ Corporation		4.75			5-15-2023		15,000		14,400
Diversified Consumer Services: 0.55%
Service Corporation International		8.00			11-15-2021		124,000		143,691
Hotels, Restaurants & Leisure: 1.43%
CEC Entertainment Incorporated 144A		8.00			2-15-2022		20,000		20,500
Greektown Holdings LLC 144A		8.88			3-15-2019		120,000		123,600
Hilton Worldwide Finance LLC 144A		5.63			10-15-2021		5,000		5,213
International Game Technology		5.35			10-15-2023		175,000		187,695
NAI Entertainment Holdings LLC 144A		5.00			8-1-2018		25,000		26,063
Pinnacle Entertainment Incorporated		7.50			4-15-2021		10,000		10,875
									373,946
Media: 2.04%
CBS Outdoor Americas Capital LLC 144A		5.25			2-15-2022		5,000		5,125
Cinemark USA Incorporated		5.13			12-15-2022		200,000		200,000
DreamWorks Animation SKG Incorporated 144A		6.88			8-15-2020		30,000		32,550
Gray Television Incorporated		7.50			10-1-2020		85,000		91,375
Lamar Media Corporation 144A		5.38			1-15-2024		5,000		5,181
Lamar Media Corporation		5.88			2-1-2022		150,000		160,125
Live Nation Entertainment Incorporated 144A		7.00			9-1-2020		5,000		5,463
Lynx II Corporation 144A		6.38			4-15-2023		5,000		5,250
Nexstar Broadcasting Group Incorporated		6.88			11-15-2020		25,000		26,750
									531,819
Specialty Retail: 0.90%
Advance Auto Parts Incorporated		4.50			12-1-2023		150,000		157,061
Century Intermediate Holding Company (PIK at 9.75%) 144A¥		9.75			2-15-2019		5,000		5,325
Neiman Marcus Group Limited 144A		8.00			10-15-2021		5,000		5,475

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

10 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail (continued)
Penske Auto Group Incorporated		5.75	%		10-1-2022	$	50,000	$	52,313
Sonic Automotive Incorporated		5.00			5-15-2023		15,000		14,738
									234,912
Textiles, Apparel & Luxury Goods: 0.02%
William Carter Company 144A		5.25			8-15-2021		5,000		5,175
Consumer Staples: 0.87%
Beverages: 0.76%
Constellation Brands Incorporated		7.25			9-1-2016		175,000		196,875
Food Products: 0.11%
B&G Foods Incorporated		4.63			6-1-2021		25,000		24,875
Darling International Incorporated 144A		5.38			1-15-2022		5,000		5,138
									30,013
Energy: 5.20%
Energy Equipment & Services: 2.29%
Bristow Group Incorporated		6.25			10-15-2022		150,000		160,875
Era Group Incorporated		7.75			12-15-2022		90,000		94,950
Forum Energy Technologies Incorporated 144A		6.25			10-1-2021		5,000		5,313
NGPL PipeCo LLC 144A		7.12			12-15-2017		30,000		29,700
NGPL PipeCo LLC 144A		7.77			12-15-2037		245,000		229,075
PHI Incorporated 144A		5.25			3-15-2019		75,000		76,125
									596,038
Oil, Gas & Consumable Fuels: 2.91%
Denbury Resources Incorporated		6.38			8-15-2021		150,000		160,875
Energy Transfer Partners LP		5.20			2-1-2022		175,000		191,275
Exterran Partners LP		6.00			4-1-2021		50,000		50,000
Sabine Pass Liquefaction LLC		5.63			4-15-2023		15,000		15,150
Sabine Pass Liquefaction LLC 144A		6.25			3-15-2022		30,000		31,463
Sabine Pass LNG LP		6.50			11-1-2020		175,000		185,063
Sabine Pass LNG LP		7.50			11-30-2016		50,000		55,500
SemGroup Corporation		7.50			6-15-2021		20,000		21,700
Suburban Propane Partners LP		7.38			3-15-2020		45,000		48,038
									759,064
Financials: 9.66%
Banks: 2.24%
CIT Group Incorporated		3.88			2-19-2019		5,000		5,056
CIT Group Incorporated		4.25			8-15-2017		225,000		235,688
Citigroup Incorporated		6.68			9-13-2043		175,000		209,430
JPMorgan Chase & Company ±		6.00			12-29-2049		135,000		134,325
									584,499
Capital Markets: 1.58%
Lazard Group LLC		6.85			6-15-2017		175,000		198,749
Level 3 Financing Incorporated 144A		6.13			1-15-2021		5,000		5,250
Morgan Stanley		4.10			5-22-2023		210,000		208,536
									412,535

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Strategic Income Fund 11

Security name	Interest rate			Maturity date			Principal		Value
Consumer Finance: 1.92%
Ally Financial Incorporated		7.50	%		9-15-2020		$	15,000	$	17,775
Ally Financial Incorporated		8.00			3-15-2020			15,000		18,131
Credit Acceptance Corporation 144A		6.13			2-15-2021			5,000		5,200
General Motors Financial Company Incorporated		2.75			5-15-2016			300,000		304,500
SLM Corporation		6.13			3-25-2024			20,000		19,870
SLM Corporation		7.25			1-25-2022			10,000		11,013
SLM Corporation		8.00			3-25-2020			30,000		34,650
SLM Corporation		8.45			6-15-2018			75,000		88,406
										499,545
Diversified Financial Services: 1.05%
Denali Borrower LLC/Denali Finance Corporation 144A		5.63			10-15-2020			80,000		82,200
Moody’s Corporation		4.88			2-15-2024			180,000		191,385
										273,585
Insurance: 1.41%
Endurance Specialty Holdings Limited		7.00			7-15-2034			175,000		207,716
ProAssurance Corporation		5.30			11-15-2023			150,000		160,978
										368,694
Real Estate Management & Development: 0.25%
Hockey Merger Sub 2 Incorporated 144A		7.88			10-1-2021			60,000		64,050
REITs: 1.21%
American Tower Corporation		3.50			1-31-2023			200,000		192,205
Crown Castle International Corporation		4.88			4-15-2022			35,000		35,525
DuPont Fabros Technology Incorporated LP		5.88			9-15-2021			85,000		88,613
										316,343
Health Care: 0.84%
Health Care Providers & Services: 0.80%
Aviv Healthcare Properties LP		6.00			10-15-2021			10,000		10,500
Centene Corporation		4.75			5-15-2022	��		20,000		20,100
Community Health Systems Incorporated 144A		6.88			2-1-2022			20,000		20,725
Lifepoint Hospitals Incorporated 144A		5.50			12-1-2021			30,000		31,200
MPH Acquisition Holdings LLC 144A		6.63			4-1-2022			10,000		10,350
Select Medical Corporation		6.38			6-1-2021			55,000		56,650
Tenet Healthcare Corporation 144A		6.00			10-1-2020			55,000		57,750
										207,275
Pharmaceuticals: 0.04%
Pinnacle Incorporated 144A		9.50			10-1-2023			10,000		11,050
Industrials: 1.56%
Commercial Services & Supplies: 0.78%
ADT Corporation		4.13			4-15-2019			5,000		4,988
ADT Corporation		4.13			6-15-2023			10,000		9,000

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

12 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name		Interest rate			Maturity date		Principal		Value
Commercial Services & Supplies (continued)
ADT Corporation 144A			6.25	%		10-15-2021	$	25,000	$	26,063
Covanta Holding Corporation			5.88			3-1-2024		20,000		20,402
Covanta Holding Corporation			7.25			12-1-2020		25,000		27,406
Iron Mountain Incorporated			5.75			8-15-2024		36,000		35,550
Iron Mountain Incorporated			6.00			8-15-2023		75,000		79,688
										203,097
Transportation Infrastructure: 0.78%
Penske Truck Leasing 144A			4.25			1-17-2023		200,000		203,587
Information Technology: 1.39%
Internet Software & Services: 0.13%
Verisign Incorporated			4.63			5-1-2023		35,000		33,513
IT Services: 0.28%
Audatex North America Incorporated 144A			6.00			6-15-2021		35,000		37,538
Audatex North America Incorporated 144A			6.13			11-1-2023		5,000		5,344
First Data Corporation			11.75			8-15-2021		5,000		5,325
First Data Holdings Incorporated (PIK at 14.50%) 144A¥			14.50			9-24-2019		15,718		15,148
SunGard Data Systems Incorporated			6.63			11-1-2019		10,000		10,475
										73,830
Software: 0.22%
Activision Blizzard Incorporated 144A			5.63			9-15-2021		15,000		15,994
Activision Blizzard Incorporated 144A			6.13			9-15-2023		5,000		5,438
BMC Software Finance Incorporated 144A			8.13			7-15-2021		15,000		15,713
Boxer Parent Compnay Incorporated (PIK at 9.75%) 144A¥			9.00			10-15-2019		20,000		19,600
										56,745
Technology Hardware, Storage & Peripherals: 0.76%
NCR Corporation			5.00			7-15-2022		175,000		178,063
NCR Corporation 144A			5.88			12-15-2021		10,000		10,600
NCR Corporation 144A			6.38			12-15-2023		10,000		10,700
										199,363
Materials: 0.11%
Containers & Packaging: 0.11%
Sealed Air Corporation 144A			8.38			9-15-2021		25,000		28,813
Telecommunication Services: 3.00%
Diversified Telecommunication Services: 1.54%
GCI Incorporated			6.75			6-1-2021		115,000		116,294
TW Telecommunications Holdings Incorporated			5.38			10-1-2022		95,000		96,425
Verizon Communications Incorporated	��		5.15			9-15-2023		170,000		187,321
										400,040
Wireless Telecommunication Services: 1.46%
MetroPCS Wireless Incorporated			6.63			11-15-2020		150,000		160,125
Sprint Capital Corporation			6.88			11-15-2028		25,000		24,688

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Strategic Income Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Wireless Telecommunication Services (continued)
Sprint Communications Incorporated		7.00	%		8-15-2020	$	10,000	$	10,875
Sprint Corporation 144A		7.25			9-15-2021		10,000		10,900
Sprint Corporation 144A		7.88			9-15-2023		90,000		99,225
T-Mobile USA Incorporated		5.25			9-1-2018		10,000		10,538
T-Mobile USA Incorporated		6.46			4-28-2019		5,000		5,300
T-Mobile USA Incorporated		6.50			1-15-2024		5,000		5,244
T-Mobile USA Incorporated		6.54			4-28-2020		5,000		5,375
T-Mobile USA Incorporated		6.63			4-1-2023		5,000		5,350
T-Mobile USA Incorporated		6.63			4-28-2021		5,000		5,400
T-Mobile USA Incorporated		6.73			4-28-2022		15,000		16,181
T-Mobile USA Incorporated		6.84			4-28-2023		20,000		21,525
									380,726
Utilities: 0.41%
Independent Power & Renewable Electricity Producers: 0.41%
Calpine Corporation 144A		5.88			1-15-2024		5,000		5,131
Calpine Corporation 144A		6.00			1-15-2022		5,000		5,313
NSG Holdings LLC 144A		7.75			12-15-2025		90,000		96,284
									106,728
Total Corporate Bonds and Notes (Cost $7,717,212)									7,864,931
Foreign Government Bonds @: 22.80%
Brazil (BRL)		10.00			1-1-2017		895,000		394,401
Brazil (BRL)		10.00			1-1-2023		1,350,000		548,919
Hungary (HUF)		4.00			4-25-2018		54,500,000		244,273
Hungary (HUF)		6.75			8-22-2014		62,500,000		286,035
Hungary (HUF)		6.75			11-24-2017		63,000,000		312,315
Indonesia (IDR)		5.25			5-15-2018		2,850,000,000		227,157
Indonesia (IDR)		7.38			9-15-2016		2,000,000,000		172,728
Indonesia (IDR)		7.88			4-15-2019		3,250,000,000		283,916
Indonesia (IDR)		8.25			6-15-2032		1,475,000,000		123,879
Malaysia (MYR)		3.26			3-1-2018		790,000		239,388
Malaysia (MYR)		4.26			9-15-2016		900,000		281,475
Mexico (MXN)		4.75			6-14-2018		4,710,000		356,953
Mexico (MXN)		7.25			12-15-2016		3,600,000		295,232
Poland (PLN)		4.00			10-25-2023		1,900,000		626,043
Republic of South Africa (ZAR)		7.75			2-28-2023		8,000,000		732,741
Romania (RON)		6.00			4-30-2016		1,050,000		342,686
Turkey (TRY)		6.30			2-14-2018		360,000		156,340
Turkey (TRY)		9.00			3-8-2017		675,000		319,638
Total Foreign Government Bonds (Cost $6,289,728)									5,944,119
Municipal Obligations: 2.27%
Idaho: 0.49%
Idaho Housing & Finance Association Legacy Public Charter School (Education Revenue)		7.00			5-1-2017	$	130,000		128,965
Illinois: 0.83%
Chicago IL Series B (GO, Dexia Credit Local SPA)		6.31			1-1-2044		200,000		215,056

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

14 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Texas: 0.95%
North Texas Tollway Authority (Transportation Revenue)		8.91	%		2-1-2030	$	210,000	$	246,345
Total Municipal Obligations (Cost $578,223)									590,366
Non-Agency Mortgage Backed Securities: 10.36%
Americold LLC Trust Series 2010-ARTA Class B 144A		6.03			1-14-2029		200,000		227,807
BB-UBS Trust Series 2012-TFT Class C 144A±		3.58			6-5-2030		150,000		140,339
Commercial Mortgage Trust Series 2012-LC4 Class B ±		4.93			12-10-2044		175,000		189,929
Dominos Pizza Master Issuer LLC Series 2012-1A Class A2 144A		5.22			1-25-2042		241,563		259,535
FREMF Mortgage Trust Series 2011-K703 Class B 144A±		5.05			7-25-2044		250,000		270,106
FREMF Mortgage Trust Series 2013-K502 Class B 144A±		2.84			3-25-2045		250,000		248,746
GS Mortgage Securities Trust Series 2012 Class B 144A		3.41			12-10-2030		250,000		234,967
JPMBB Commercial Mortgage Securities Trust Series 2014-C19 Series D 144A±%%		4.84			4-15-2047		250,000		228,390
JPMorgan Chase & Company Commercial Mortgage Securities Trust Series 2011-C5 Class B 144A±		5.50			8-15-2046		250,000		282,017
Morgan Stanley Capital I Trust Series 2007-HQ11 Class AM ±		5.48			2-12-2044		25,000		27,389
Morgan Stanley Trust Series 2012-C5 Class B ±		4.44			8-15-2045		250,000		262,742
Morgan Stanley Trust Series 2013-C7 Class C ±		4.33			2-15-2046		80,000		79,713
OneMain Financial 144A(a)		3.24			6-18-2024		250,000		249,957
Total Non-Agency Mortgage Backed Securities (Cost $2,783,128)									2,701,637
Term Loans ±: 22.82%
Accellent Incorporated		4.50			3-12-2021		70,000		69,366
Advantage Sales & Marketing		4.25			12-18-2017		19,950		19,956
Albertson’s LLC		4.25			3-21-2016		17,994		17,994
Alliance Laundry Systems LLC		4.25			12-10-2018		74,872		74,778
Allison Transmission Incorporated		3.75			8-23-2019		153,008		152,932
American Beacon Advisors Incorporated		4.75			11-22-2019		84,788		84,999
Applied Systems Incorporated		4.25			1-25-2021		54,863		54,755
Applied Systems Incorporated		7.50			1-22-2022		5,000		5,050
Ardagh Holdings USA Incorporated		4.00			12-17-2019		25,000		24,896
Arris Group Incorporated		3.50			4-17-2020		46,254		45,869
Atlantic Aviation FBO Incorporated <%%		3.25			5-31-2020		29,813		29,688
BMC Software Finance Incorporated		5.00			9-10-2020		39,900		39,734
Capital Automotive LP		4.00			4-10-2019		128,294		128,173
CBAC Borrower LLC		8.25			7-2-2020		35,000		36,313
CBS Outdoor Americas Capital LLC		3.00			1-31-2021		65,000		64,644
CCC Information Services Incorporated		4.00			12-20-2019		60,043		59,743
CDW LLC		3.25			4-29-2020		59,400		58,700
Centaur Acquisition LLC		5.25			2-20-2019		73,199		73,221
CityCenter Holdings LLC		5.00			10-16-2020		69,825		70,131
Community Health Systems Incorporated		4.25			1-22-2021		108,803		109,177
Crown Castle Operating Company		3.25			1-31-2021		246,881		245,878
Darling International Incorporated		3.25			1-3-2021		5,000		4,975
Dell Incorporated		4.50			4-29-2020		119,400		119,042
DineEquity Incorporated		3.75			10-19-2017		246,186		246,905
Dunkin’ Brands Incorporated		3.25			2-7-2021		122,975		121,772
Emdeon Business Services LLC		3.75			11-2-2018		49,093		48,970
EMI Music Publishing		3.75			6-29-2018		61,666		61,425
Equipower Resources Holdings LLC		4.25			12-21-2018		70,000		69,913

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Strategic Income Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Term Loans ± (continued)
Equipower Resources Holdings LLC		4.25	%		12-31-2019	$	64,562	$	64,442
Exgen Renewables I LLC		5.25			2-14-2021		19,833		20,081
Federal Mogul Corporation <%%		0.00			3-21-2021		185,000		183,415
First Data Corporation		4.15			3-23-2018		55,000		54,897
Focus Brands Incorporated		4.25			2-21-2018		26,905		26,888
Geo Group Incorporated		3.25			4-3-2020		113,152		113,082
HGIM Corporation <%%		5.50			6-18-2020		119,550		117,458
Hilton Worldwide Finance LLC		3.50			10-26-2020		25,133		25,025
Hub International Limited <%%		4.25			10-2-2020		55,000		54,882
Hubbard Radio LLC		4.50			4-29-2019		42,438		42,438
IMS Health Incorporated		3.50			3-17-2021		55,000		54,733
Intelsat Jackson Holdings		3.75			6-30-2019		240,332		240,092
International Lease Finance Corporation		3.50			3-6-2021		20,000		19,919
Kar Auction Services Incorporated		3.50			3-7-2021		137,987		137,297
Learfield Communications Incorporated <%%		4.50			10-9-2020		19,963		19,950
Level 3 Financing Incorporated		4.00			8-1-2019		288,205		288,027
Libbey Glass Incorporated		3.75			4-9-2021		25,000		24,852
LTS Buyer LLC		4.00			4-11-2020		19,950		19,875
MedAssets Incorporated		4.00			12-12-2019		37,760		37,702
MGM Resorts International		3.50			12-20-2019		246,875		245,179
Multiplan Incorporated		4.00			3-31-2021		99,091		98,542
Nusil Technology LLC		5.25			4-7-2017		4,918		4,777
Orient Express Hotels Limited <%%		4.00			3-21-2021		105,000		104,606
Pep Boys-Manny, Moe & Jack		4.25			10-11-2018		197,500		197,994
Philadelphia Energy Solutions LLC		6.25			4-4-2018		39,600		35,343
Rent-A-Center Incorporated		3.75			3-19-2021		75,000		74,250
Salem Communications Corporation		4.50			3-16-2020		28,900		28,900
Salix Pharmaceuticals Limited		4.25			1-2-2020		9,875		9,903
Sedgwick Incorporated		6.75			2-28-2022		10,000		9,881
Sedgwick ncorporated		3.75			3-1-2021		50,000		49,304
Sophia LP <%%		4.00			7-19-2018		84,883		84,856
Spin Holdco Incorporated		4.25			11-14-2019		155,715		155,053
SRAM LLC First Lien		4.01			4-10-2020		4,190		4,155
Surgical Care Affiliates LLC		4.00			6-30-2018		24,813		24,709
Syniverse Holdings Incorporated		4.00			4-23-2019		242,380		241,593
Tallgrass Operations LLC		4.25			11-13-2018		107,071		107,696
Texas Competitive Electric Holdings LLC (s)		3.74			10-10-2014		400,000		300,832
United Surgical Partners International Incorporated		4.75			4-3-2019		9,900		9,908
USI Incorporated <%%		4.25			12-27-2019		39,925		39,858
USIC Holdings Incorporated		4.00			7-10-2020		29,925		29,551
Valeant Pharmaceuticals International Incorporated		3.75			12-11-2019		197,000		196,368
Valeant Pharmaceuticals International Incorporated		3.75			8-5-2020		9,196		9,196
Vertafore Incorporated		4.25			10-3-2019		73,340		73,212
Vertafore Incorporated		9.75			10-29-2017		10,000		10,125
WASH Multifamily Laundry Systems LLC		4.50			2-21-2019		119,700		118,802
Total Term Loans (Cost $6,049,932)									5,948,647
Yankee Corporate Bonds and Notes: 4.74%
Consumer Discretionary: 0.80%
Oil, Gas & Consumable Fuels: 0.80%
Petrobras Global Finance Company		6.25			3-17-2024		200,000		209,997

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

16 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 0.62%
Food Products: 0.62%
BRF SA 144A		3.95	%		5-22-2023	$	175,000	$	160,563
Energy: 0.72%
Energy Equipment & Services: 0.72%
Transocean Incorporated		3.80			10-15-2022		195,000		187,042
Financials: 0.92%
Banks: 0.90%
BPCE SA 144A		5.15			7-21-2024		230,000		233,761
Diversified Financial Services: 0.02%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		5,000		5,213
Health Care: 0.21%
Biotechnology: 0.06%
Grifols Worldwide Operations Limited 144A		5.25			4-1-2022		15,000		15,225
Pharmaceuticals: 0.15%
Valeant Pharmaceuticals International Incorporated 144A		6.75			8-15-2018		10,000		10,825
Valeant Pharmaceuticals International Incorporated 144A		7.50			7-15-2021		25,000		27,875
									38,700
Industrials: 0.98%
Building Products: 0.98%
ArcelorMittal		4.25			8-5-2015		250,000		256,875
Telecommunication Services: 0.04%
Diversified Telecommunication Services: 0.04%
Intelsat Jackson Holdings SA		6.63			12-15-2022		5,000		5,138
Virgin Media Secured Finance plc 144A		5.38			4-15-2021		5,000		5,125
									10,263
Utilities: 0.45%
Electric Utilities: 0.45%
Comision Federal de Electricidad 144A		4.88			1-15-2024		115,000		118,019
Total Yankee Corporate Bonds and Notes (Cost $1,229,958)									1,235,658
	Yield					Shares
Short-Term Investments: 4.52%
Investment Companies: 4.10%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.07					1,068,095		1,068,095
						Principal
U.S. Treasury Securities: 0.42%
U.S. Treasury Bill #(z)		0.05			6-19-2014	$	110,000		109,998
Total Short-Term Investments (Cost $1,178,087)									1,178,093

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Strategic Income Fund 17

			Value
Total investments in securities
(Cost $26,763,938) *	101.32	%	$	26,411,799
Other assets and liabilities, net	(1.32	)		(343,764	)
Total net assets	100.00	%	$	26,068,035

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

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

(s) Security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on this security.

%% Security issued on a when-issued basis.

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

@ Foreign bond principal is denominated in local currency.

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

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended

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

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

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

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

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

* Cost for federal income tax purposes is $26,783,187 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	629,130
Gross unrealized depreciation		(1,000,518	)
Net unrealized depreciation	$	(371,388	)

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

18 Wells Fargo Advantage Strategic Income Fund Statement of assets and liabilities—April 30, 2014 (unaudited)

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	25,343,704
In affiliated securities, at value (see cost below)		1,068,095
Total investments, at value (see cost below)		26,411,799
Cash		120,323
Foreign currency, at value (see cost below)		19,479
Receivable for investments sold		76,327
Receivable for interest		268,162
Unrealized gains on forward foreign currency contracts		3,318
Receivable from adviser		8,578
Prepaid expenses and other assets		30,191
Total assets		26,938,177
Liabilities
Payable for investments purchased		772,437
Unrealized losses on forward foreign currency contracts		28,432
Payable for daily variation margin on open futures contracts		28,828
Distribution fees payable		521
Due to other related parties		2,874
Accrued expenses and other liabilities		37,050
Total liabilities		870,142
Total net assets	$	26,068,035
NET ASSETS CONSIST OF
Paid-in capital	$	26,691,608
Undistributed net investment income		224,274
Accumulated net realized losses on investments		(452,070	)
Net unrealized losses on investments		(395,777	)
Total net assets	$	26,068,035
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	650,459
Shares outstanding – Class A		66,770
Net asset value per share – Class A		$9.74
Maximum offering price per share – Class A2		$10.20
Net assets – Class C	$	912,996
Shares outstanding – Class C		93,825
Net asset value per share – Class C		$9.73
Net assets – Administrator Class	$	509,541
Shares outstanding – Administrator Class		52,237
Net asset value per share – Administrator Class		$9.75
Net assets – Institutional Class	$	23,995,039
Shares outstanding – Institutional Class		2,462,610
Net asset value per share – Institutional Class		$9.74
Investments in unaffiliated securities, at cost	$	25,695,843
Investments in affiliated securities, at cost	$	1,068,095
Total investments, at cost	$	26,763,938
Foreign currency, at cost	$	19,708

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

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

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

Statement of operations—six months ended April 30, 2014 (unaudited) Wells Fargo Advantage Strategic Income Fund 19

Investment income
Interest*	$	648,583
Income from affiliated securities		346
Total investment income		648,929
Expenses
Advisory fee		59,498
Administration fees
Fund level		6,263
Class A		461
Class C		544
Administrator Class		247
Institutional Class		9,320
Shareholder servicing fees
Class A		720
Class C		850
Administrator Class		619
Distribution fees
Class C		2,550
Custody and accounting fees		13,717
Professional fees		24,609
Registration fees		45,094
Shareholder report expenses		7,774
Trustees’ fees and expenses		4,605
Other fees and expenses		2,658
Total expenses		179,529
Less: Fee waivers and/or expense reimbursements		(99,570	)
Net expenses		79,959
Net investment income		568,970
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(543,023	)
Futures transactions		(225,517	)
Forward foreign currency contract transactions		117,384
Net realized losses on investments		(651,156	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		596,792
Futures transactions		214,556
Forward foreign currency contract transactions		(24,661	)
Net change in unrealized gains (losses) on investments		786,687
Net realized and unrealized gains (losses) on investments		135,531
Net increase in net assets resulting from operations	$	704,501
* Net of foreign interest withholding taxes in the amount of		$2,683

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

20 Wells Fargo Advantage Strategic Income Fund Statement of changes in net assets

	Six months ended April 30, 2014 (unaudited)						Year ended October 31, 20131
Operations
Net investment income				$	568,970					$	745,697
Net realized gains (losses) on investments					(651,156	)					259,309
Net change in unrealized gains (losses) on investments					786,687						(1,182,464	)
Net increase (decrease) in net assets resulting from operations					704,501						(177,458	)
Distributions to shareholders from
Net investment income
Class A					(9,664	)					(12,970	)
Class C					(9,069	)					(10,110	)
Administrator Class					(8,779	)					(12,841	)
Institutional Class					(439,848	)					(648,255	)
Total distributions to shareholders					(467,360	)					(684,176	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		12,092			115,673			52,351			523,017
Class C		39,267			377,669			54,146			540,590
Administrator Class		0			0			50,000			500,000
Institutional Class		0			0			2,350,000			23,500,000
					493,342						25,063,607
Reinvestment of distributions
Class A		1,005			9,602			1,333			12,970
Class C		949			9,069			1,040			10,110
Administrator Class		918			8,779			1,319			12,841
Institutional Class		46,018			439,848			66,592			648,255
					467,298						684,176
Payment for shares redeemed
Class A		(9	)		(87	)		(2	)		(23	)
Class C		(1	)		(12	)		(1,576	)		(15,773	)
					(99	)					(15,796	)
Net increase in net assets resulting from capital share transactions					960,541						25,731,987
Total increase in net assets					1,197,682						24,870,353
Net assets
Beginning of period					24,870,353						0
End of period				$	26,068,035					$	24,870,353
Undistributed net investment income				$	224,274					$	122,664

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

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

Financial highlights Wells Fargo Advantage Strategic Income Fund 21

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended
CLASS A				October 31, 20131
Net asset value, beginning of period	$	9.66		$	10.00
Net investment income		0.20			0.27
Net realized and unrealized gains (losses) on investments		0.05			(0.36	)
Total from investment operations		0.25			(0.09	)
Distributions to shareholders from
Net investment income		(0.17	)		(0.25	)
Net asset value, end of period	$	9.74		$	9.66
Total return2		2.61	%		(0.89	)%
Ratios to average net assets (annualized)
Gross expenses		1.73	%		1.85	%
Net expenses		0.90	%		0.90	%
Net investment income		4.29	%		3.76	%
Supplemental data
Portfolio turnover rate		28	%		39	%
Net assets, end of period (000s omitted)		$650			$518

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

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

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

22 Wells Fargo Advantage Strategic Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended
CLASS C				October 31, 20131
Net asset value, beginning of period	$	9.65		$	10.00
Net investment income		0.15			0.21
Net realized and unrealized gains (losses) on investments		0.07			(0.37	)
Total from investment operations		0.22			(0.16	)
Distributions to shareholders from
Net investment income		(0.14	)		(0.19	)
Net asset value, end of period	$	9.73		$	9.65
Total return2		2.31	%		(1.51	)%
Ratios to average net assets (annualized)
Gross expenses		2.48	%		2.60	%
Net expenses		1.65	%		1.65	%
Net investment income		3.54	%		3.01	%
Supplemental data
Portfolio turnover rate		28	%		39	%
Net assets, end of period (000s omitted)		$913			$518

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

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

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

Financial highlights Wells Fargo Advantage Strategic Income Fund 23

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended
ADMINISTRATOR CLASS				October 31, 20131
Net asset value, beginning of period	$	9.66		$	10.00
Net investment income		0.21			0.28
Net realized and unrealized gains (losses) on investments		0.05			(0.37	)
Total from investment operations		0.26			(0.09	)
Distributions to shareholders from
Net investment income		(0.17	)		(0.25	)
Net asset value, end of period	$	9.75		$	9.66
Total return2		2.84	%		(0.85	)%
Ratios to average net assets (annualized)
Gross expenses		1.66	%		1.79	%
Net expenses		0.75	%		0.75	%
Net investment income		4.43	%		3.90	%
Supplemental data
Portfolio turnover rate		28	%		39	%
Net assets, end of period (000s omitted)		$510			$496

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

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

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

24 Wells Fargo Advantage Strategic Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended
INSTITUTIONAL CLASS				October 31, 20131
Net asset value, beginning of period	$	9.66		$	10.00
Net investment income		0.22			0.29
Net realized and unrealized gains (losses) on investments		0.04			(0.36	)
Total from investment operations		0.26			(0.07	)
Distributions to shareholders from
Net investment income		(0.18	)		(0.27	)
Net asset value, end of period	$	9.74		$	9.66
Total return2		2.85	%		(0.66	)%
Ratios to average net assets (annualized)
Gross expenses		1.39	%		1.52	%
Net expenses		0.60	%		0.60	%
Net investment income		4.58	%		4.05	%
Supplemental data
Portfolio turnover rate		28	%		39	%
Net assets, end of period (000s omitted)		$23,995			$23,338

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

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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.

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.

The values of securities denominated in foreign currencies are translated into 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”).

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

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

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 are translated into 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. Net realized foreign

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

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 included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

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

When-issued transactions

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

Term loans

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

Futures contracts

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

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

Security transactions and income recognition

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Strategic Income Fund 27

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 and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

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

As of October 31, 2013, the Fund had capital loss carryforwards which consist of $16,349 in short-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

As of April 30, 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	$	244,164	$	0	$	244,164
Asset-backed securities		0		704,184		0		704,184
Corporate bonds and notes		0		7,864,931		0		7,864,931
Foreign government bonds		0		5,944,119		0		5,944,119
Municipal obligations		0		590,366		0		590,366
Non-agency mortgage backed securities		0		2,701,637		0		2,701,637
Term loans		0		5,120,678		827,969		5,948,647
Yankee corporate bonds and notes		0		1,235,658		0		1,235,658
Short-term investments
Investment companies		1,068,095		0		0		1,068,095
U.S. Treasury securities		109,998		0		0		109,998
	$	1,178,093	$	24,405,737	$	827,969	$	26,411,799

As of April 30, 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	$	(20,970	)*	$	0		$	0	$	(20,970	)
Forward foreign currency contracts		0			(25,114	)*		0		(25,114	)

* Amount represents the net unrealized losses.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2014, the Fund did not have any transfers between Level 1 and Level 2.

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

	Term loans
Balance as of October 31, 2013	$	510,983
Accrued discounts (premiums)		(366	)
Realized gains (losses)		25
Change in unrealized gains (losses)		(3,960	)
Purchases		596,897
Sales		(131,777	)
Transfers into Level 3		33,677
Transfers out of Level 3		(177,510	)
Balance as of April 30, 2014	$	827,969
Change in unrealized gains (losses) relating to securities still held at April 30, 2014	$	(1,902	)

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Notes to financial statements (unaudited) Wells Fargo Advantage Strategic Income Fund 29

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.475% and declining to 0.375% as the average daily net assets of the Fund increase. For the six months ended April 30, 2014, the advisory fee was equivalent to an annual rate of 0.475% of the Fund’s average daily net assets.

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

Administration and transfer agent fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.90% for Class A shares, 1.65% for Class C shares, 0.75% for Administrator Class shares, and 0.60% for Institutional Class shares.

Distribution fees

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

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2014 were $9,087,399 and $6,687,467, respectively.

As of April 30, 2014, the Fund had unfunded term loan commitments of $877,821.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2014, the Fund entered into futures contracts to manage duration exposure.

At April 30, 2014, the Fund had short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type		Contract value at April 30, 2014		Unrealized gains (losses)
6-19-2014	JPMorgan	56 Short		10-Year U.S. Treasury Notes	$	6,967,625	$	(7,778	)
6-19-2014	JPMorgan	6 Short		U.S. Treasury Bonds		809,625		(14,173	)
6-19-2014	JPMorgan	6 Short		5-Year U.S. Treasury Notes		716,719		981

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

The Fund had an average notional amount of $8,445,126 in short futures contracts during the six months ended April 30, 2014.

During the six months ended April 30, 2014, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2014, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2014		In exchange for U.S. $		Unrealized gains
6-20-2014	State Street Bank		16,500,000	RUB	$	457,588	$	454,270	$	3,318

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver			U.S. value at April 30, 2014		In exchange for U.S. $		Unrealized losses
6-16-2014	State Street Bank		430,000	TRY	$	201,272	$	191,274	$	(9,998	)
6-20-2014	State Street Bank		16,500,000	RUB		457,588		447,094		(10,494	)
6-30-2014	State Street Bank		3,825,000	ZAR		360,328		352,388		(7,940	)

The Fund had average contract amounts of $343,614 and $1,995,051 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2014.

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

The fair value of derivative instruments as of April 30, 2014 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Interest rate contracts	Net assets – Net unrealized losses on investments	$	981	*	Net assets – Net unrealized losses on investments	$	21,951	*
Forward foreign currency contracts	Unrealized gains on forward foreign currency exchange contracts, Net assets – Net unrealized losses on investments		3,318		Unrealized losses on forward foreign currency exchange contracts, Net assets – Net unrealized losses on investments		28,432
		$	4,299			$	50,383

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the payable for variation margin as of April 30, 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 April 30, 2014 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
	Futures contracts	Forward currency contracts		Futures contracts	Forward currency contracts
Interest rate contracts	$(225,517)	$	0	$214,556	$	0
Forward foreign currency contracts	0		117,384	0		(24,661	)

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 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 derivatives. Cash collateral that has been pledged to

Notes to financial statements (unaudited) Wells Fargo Advantage Strategic Income Fund 31

cover obligations of the Fund under the ISDA Master Agreements or similar agreements, 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 of assets
Forward foreign currency contracts	State Street Bank	$3,318*	$	(3,318	)	$	0	$	0

* Amount represents net unrealized gains.

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral pledged1			Net amount of liabilities
Futures – variation margin	JPMorgan	$	28,828		$	0		$	(28,828	)	$	0
Forward foreign currency contracts	State Street Bank		28,432	**		(3,318	)		0			25,114

¹  Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty by derivative type.

** Amount represents net unrealized losses.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2014, the Fund paid $12 in commitment fees.

For the six months ended April 30, 2014, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. SUBSEQUENT DISTRIBUTIONS

On May 23, 2014, the Fund declared distributions from net investment income to shareholders of record on May 22, 2014. The per share amounts payable on May 27, 2014 were as follows:

	Net investment income
Class A	$	0.01056
Class C		0.00030
Administrator Class		0.01157
Institutional Class		0.01581

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

On June 24, 2014, the Fund declared distributions from net investment income to shareholders of record on June 23, 2014. The per share amounts payable on June 25, 2014 were as follows:

	Net investment income
Class A		$0.02759
Class C		0.02114
Administrator Class		0.02809
Institutional Class		0.03064

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the Fund’s tax year-end.

Other information (unaudited) Wells Fargo Advantage Strategic Income Fund 33

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.

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ 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 funds 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 Strategic Income Fund 35

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.

36 Wells Fargo Advantage Strategic Income 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 Strategic Income Fund (the “Fund”), (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management, for the Fund, and (iii) an investment sub-advisory agreement with First International Advisors, LLC (“First International”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreements with WellsCap and First International (the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. 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-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 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-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Advisers is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but 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-Advisers under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

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

Fund performance and expenses

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

Other information (unaudited) Wells Fargo Advantage Strategic Income Fund 37

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 each of the Sub-Advisers for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were lower than 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-Advisers 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-Advisers, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Advisers, 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-Advisers 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-Advisers, because their 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

38 Wells Fargo Advantage Strategic Income 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-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their 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-Advisers’ 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-Advisers, fees earned by Funds Management and the Sub-Advisers 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-Advisers, were unreasonable.

Conclusion

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

List of abbreviations Wells Fargo Advantage Strategic Income Fund 39

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.

225164 06-14 SA263/SAR263 04-14

Wells Fargo Advantage Asia Pacific Fund

Semi-Annual Report

April 30, 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	20
Other information	26
List of abbreviations	32

The views expressed and any forward-looking statements are as of April 30, 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 Asia Pacific Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The Bank of Japan (BoJ) continued the aggressive monetary easing program that it began in early 2013 as part of Prime Minister Shinzo Abe’s plan to help revitalize Japan’s economy by ending its longtime deflation.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Asia Pacific Fund for the six-month period that ended April 30, 2014. The period was marked by growing concern about an economic slowdown in China and heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine. The environment created a headwind for many Asian markets, both developed and emerging.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various quantitative easing policies. The U.S. Federal Reserve (Fed) remained a major source of liquidity for market participants around the world. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate near zero in order to support the economy and the financial system. At the beginning of the reporting period, the FOMC was still making open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market and purchasing $45 billion per month in long-term U.S. Treasuries. However, in mid-December 2013, the FOMC announced that it would reduce (or taper) its bond-buying program by $10 billion per month beginning in January 2014. The removal of liquidity sparked a sell-off in emerging markets stocks and currencies as investors sold higher-risk assets.

The Bank of Japan (BoJ) continued the aggressive monetary easing program that it began in early 2013 as part of Prime Minister Shinzo Abe’s plan to help revitalize Japan’s economy by ending its longtime deflation. The BoJ aims to achieve a 2% annual inflation rate by injecting the equivalent of $583 billion to $680 billion per year into the Japanese economy, primarily through the purchase of long-term Japanese government bonds.

Stock market performance was mixed amid upcoming elections and signs of slowing growth in China.

The MSCI All Country Asia Pacific Index (Net)¹ returned -2.55% for the six-month period, with Asian markets posting mixed results. Among the markets with the best performance, one common driver was the prospect of an election that might produce favorable results for investors. In Indonesia, the popular governor of Jakarta is a leading candidate for the presidency. Investors are hoping that if he wins the July election he will push through economic reforms. A similar dynamic was at play in India, in which investors were heartened by polls showing a lead for a business-friendly opposition party in the April to May election for a new government.

By contrast, in Japan, the honeymoon for Prime Minister Shinzo Abe appeared to be ending, with investors worrying that his reforms were not taking effect as quickly as originally hoped. The deceleration of Japan’s growth in gross domestic product (GDP) in 2013—falling from 1.3% GDP growth in the first quarter to 0.1% GDP growth in the fourth—only fed investor fears. (The GDP growth number for the first quarter of 2014 was released after the reporting period ended.) Investors were especially concerned about an April 2014 increase in Japan’s consumption tax to 8% from 5% because the tax increase had the potential to further dampen economic growth.

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

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

Perhaps the most significant story of the period was the continued evidence of an economic slowdown in China. Many of the economic numbers out of China—such as national production, retail sales, fixed investment, and manufacturing activity—came in below analyst expectations, causing investor concern. In addition, China’s government has allowed a growing number of defaults in the country’s financial system as part of a long-term plan to rein in credit growth. Such defaults have the potential to freeze the credit system—as happened in Western economies during the 2007–2008 financial crisis—further putting investors on edge.

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 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

Many of the economic numbers out of China—such as for national production, retail sales, fixed investment, and manufacturing activity—came in below analyst expectations, causing investor concern.

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 Asia Pacific Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Alison Shimada

Anthony L.T. Cragg

Average annual total returns¹ (%) as of April 30, 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 (WFAAX)	7-31-2007		(6.91	)		11.56		7.04		(1.27	)		12.90		7.68		1.76		1.62
Class C (WFCAX)	7-31-2007		(3.09	)		12.04		6.88		(2.09	)		12.04		6.88		2.51		2.37
Administrator Class (WFADX)	7-30-2010		–			–		–		(1.17	)		13.06		7.75		1.60		1.42
Institutional Class (WFPIX)	7-30-2010		–			–		–		(0.96	)		13.19		7.82		1.33		1.27
Investor Class (SASPX)	12-31-1993		–			–		–		(1.33	)		12.80		7.62		1.82		1.67
MSCI All Country Asia Pacific Index (Net)4	–		–			–		–		(0.95	)		11.30		6.44		–		–

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

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

Please see footnotes on page 5.

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

Ten largest equity holdings5 (%) as of April 30, 2014
Samsung Electronics Company Limited	2.13
Matsushita Electric Industrial Company Limited	1.87
Sumitomo Mitsui Trust Holdings Incorporated	1.84
Taiwan Semiconductor Manufacturing Company Limited	1.81
GLP J-REIT	1.78
Mitsui Fudosan Company Limited	1.76
Japan Airlines Company Limited	1.75
Mitsubishi Electric Corporation	1.57
Hitachi Limited	1.53
SoftBank Corporation	1.51

Sector distribution⁶ as of April 30, 2014

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

2. Reflects the expense ratios as stated in the most recent prospectuses, 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 February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.60% for Class A, 2.35% for Class C, 1.40% for Administrator Class, 1.25% for Institutional Class, and 1.65% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. The ten largest equity holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	986.45	$	7.88		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Class C
Actual	$	1,000.00	$	981.70	$	11.55		2.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.14	$	11.73		2.35	%
Administrator Class
Actual	$	1,000.00	$	986.59	$	6.90		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Institutional Class
Actual	$	1,000.00	$	987.83	$	6.16		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Investor Class
Actual	$	1,000.00	$	985.82	$	8.12		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Asia Pacific Fund 7

Security name	Shares		Value
Common Stocks: 88.21%
Australia: 6.48%
AMP Limited (Financials, Insurance)		465,857	$	2,185,545
BHP Billiton Limited (Materials, Metals & Mining)		63,100		2,212,902
Boral Limited (Materials, Construction Materials)		217,900		1,151,822
Commonwealth Bank of Australia (Financials, Banks)		12,700		930,886
Insurance Australia Group Limited (Financials, Insurance)		162,900		868,658
Mirvac Group (Financials, REITs)		1,162,590		1,890,081
Ozforex Group Limited (Financials, Diversified Financial Services) †		445,000		1,260,886
Treasury Wine Estates Limited (Consumer Staples, Beverages)		138,300		489,512
				10,990,292
China: 18.11%
Agricultural Bank of China (Financials, Banks)		5,967,000		2,501,338
AviChina Industry & Technology Company Limited (Industrials, Aerospace & Defense)		3,780,000		2,018,483
Bank of China Limited (Financials, Banks)		2,113,000		929,366
Beijing Enterprises Water Group Limited (Utilities, Water Utilities)		1,806,000		1,146,082
China Cinda Asset Management Company Limited (Financials, Capital Markets) †		1,658,000		834,031
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		200,000		1,901,212
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		2,092,000		1,848,355
China Shipping Container Lines Company Limited Class H (Industrials, Marine) †		3,113,000		742,820
China Singyes Solar Technologies Holdings Limited (Industrials, Construction & Engineering)		862,000		1,260,821
Fu Shou Yuan International Group (Consumer Discretionary, Diversified Consumer Services) †		1,477,891		810,148
GCL-Poly Energy Holdings Limited (Information Technology, Semiconductors & Semiconductor Equipment) †		8,063,000		2,412,780
Guodian Technology & Environment Group Corporation Limited (Industrials, Electrical Equipment)		2,925,000		728,142
Huaneng Renewables Corporation Limited (Utilities, Independent Power & Renewable Electricity Producers)		2,616,000		809,808
Industrial & Commercial Bank of China Limited Class H (Financials, Banks)		4,079,000		2,430,685
MicroPort Scientific Corporation (Health Care, Health Care Equipment & Supplies)		1,239,800		839,545
PetroChina Company Limited (Energy, Oil, Gas & Consumable Fuels)		1,310,000		1,517,332
Ping An Insurance Group Company of China Limited (Financials, Insurance)		216,700		1,602,970
Qinhuangdao Port Company Limited (Industrials, Transportation Infrastructure) †		1,513,000		815,733
Shanghai Fosun Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		233,000		787,391
SINA Corporation (Information Technology, Internet Software & Services) †		15,200		726,560
Tencent Holdings Limited (Information Technology, Internet Software & Services)		12,900		803,988
Termbray Petro-King Oilfield Services Limited (Energy, Energy Equipment & Services) †«		2,630,000		851,457
Wasion Group Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,232,000		1,597,792
Zhaojin Mining Industry Company Limited (Materials, Metals & Mining)		1,324,500		794,398
				30,711,237
Hong Kong: 5.85%
China Everbright International Limited (Industrials, Commercial Services & Supplies)		1,430,000		1,792,814
China Merchants Holdings International Company Limited (Industrials, Transportation Infrastructure)		254,000		794,472
China Overseas Land & Investment Limited (Financials, Real Estate Management & Development)		296,000		726,165
Cosco Pacific Limited (Industrials, Transportation Infrastructure)		654,861		876,758
First Pacific Company Limited (Financials, Diversified Financial Services)		1,289,000		1,428,167
Fosun International (Materials, Metals & Mining)		673,000		814,237
HK Electric Investments Limited (Utilities, Electric Utilities) †		125		86
Honworld Group Limited (Consumer Staples, Food Products) †		969,000		653,670
Pacific Basin Shipping Limited (Industrials, Marine)		1,457,000		847,557
Power Assets Holdings Limited (Utilities, Electric Utilities)		118,500		1,024,062

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

8 Wells Fargo Advantage Asia Pacific Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Shares		Value
Hong Kong (continued)
Wharf Holdings Limited (Financials, Real Estate Management & Development)		137,000	$	958,635
				9,916,623
India: 4.01%
HDFC Bank Limited (Financials, Banks)		69,400		862,969
Hindalco Industries Limited (Materials, Metals & Mining)		759,300		1,690,690
ICICI Bank Limited ADR (Financials, Banks)		43,700		1,864,679
Maruti Suzuki India Limited (Consumer Discretionary, Automobiles)		30,700		978,796
Oil & Natural Gas Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		259,000		1,396,019
				6,793,153
Indonesia: 3.02%
PT Astra International Tbk (Consumer Discretionary, Automobiles)		1,277,400		820,369
PT Sawit Sumbermas Sarana Tbk (Consumer Staples, Food Products) †		10,585,000		1,098,646
PT Semen Gresik Persero Tbk (Materials, Construction Materials)		607,500		780,295
PT Telekomunikasi Indonesia Tbk (Telecommunication Services, Diversified Telecommunication Services)		5,416,000		1,061,042
PT Wijaya Karya Beton Tbk (Materials, Construction Materials) †		21,436,000		1,362,752
				5,123,104
Japan: 28.98%
ASICS Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		49,100		955,249
Avex Group Holdings Incorporated (Consumer Discretionary, Media)		58,000		1,071,101
FANUC Limited (Industrials, Machinery)		7,300		1,313,836
Fuji Heavy Industries Limited (Consumer Discretionary, Automobiles)		33,700		885,064
FUJIFILM Holdings Corporation (Information Technology, Electronic Equipment, Instruments & Components)		81,800		2,112,310
GLP J-REIT (Financials, REITs)		3,050		3,010,173
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		364,000		2,588,429
Hulic REIT Incorporated (Financials, REITs) †«		700		977,063
Inpex Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		97,000		1,411,806
Japan Airlines Company Limited (Industrials, Airlines)		57,300		2,964,904
Komatsu Limited (Industrials, Machinery)		43,500		958,204
M3 Incorporated (Health Care, Health Care Technology)		140,000		1,919,890
Matsushita Electric Industrial Company Limited (Consumer Discretionary, Household Durables)		290,000		3,174,158
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		55,700		995,937
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		234,000		2,661,926
Mitsubishi Heavy Industries Limited (Industrials, Machinery)		424,000		2,231,252
Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development)		101,000		2,984,506
Modec Incorporated (Energy, Energy Equipment & Services) «		44,100		974,872
Nagoya Railroad Company Limited (Industrials, Road & Rail)		635,000		2,012,422
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		25,300		1,400,922
Otsuka Corporation (Information Technology, IT Services)		7,700		910,579
Sanrio Company Limited (Consumer Discretionary, Specialty Retail) «		21,800		689,813
SoftBank Corporation (Telecommunication Services, Wireless Telecommunication Services)		34,500		2,561,305
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Banks)		759,000		3,125,534
Toshiba Corporation (Industrials, Industrial Conglomerates)		449,000		1,756,737
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		31,500		1,699,555
West Holdings Corporation (Consumer Discretionary, Household Durables) «		70,700		948,798
Yahoo Japan Corporation (Information Technology, Internet Software & Services)		191,600		832,106
				49,128,451

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Asia Pacific Fund 9

Security name	Shares		Value
Malaysia: 2.11%
Barakah Offshore Petroleum Bhd (Energy, Energy Equipment & Services) †		1,808,800	$	936,111
IHH Healthcare Bhd (Health Care, Health Care Providers & Services) †		700,000		863,179
Public Bank Bhd (Financials, Banks)		143,200		883,187
SP Setia Bhd (Financials, Real Estate Management & Development)		970,700		897,723
				3,580,200
New Zealand: 0.52%
Infratil Limited (Utilities, Electric Utilities)		447,100		886,729
Philippines: 2.65%
ABS-CBN Holdings Corporation (Consumer Discretionary, Media)		969,200		810,928
OceanaGold Corporation (Materials, Metals & Mining) †«		711,700		1,785,158
Pepsi-Cola Products Philippines Incorporated (Consumer Staples, Beverages)		8,608,000		965,455
Philippine Long Distance Telephone Company (Telecommunication Services, Wireless Telecommunication Services)		14,350		927,052
				4,488,593
Singapore: 4.68%
ARA Asset Management Limited (Financials, Capital Markets)		421,000		612,846
CapitaRetail China Trust (Financials, REITs)		733,000		865,311
First Resources Limited (Consumer Staples, Food Products)		562,000		1,152,062
Global Logistic Properties Limited (Financials, Real Estate Management & Development)		626,000		1,423,068
Hutchison Port Holdings Trust (Industrials, Transportation Infrastructure)		1,455,000		989,400
Lippo Malls Indonesia Retail Trust (Financials, REITs)		3,603,000		1,163,927
Midas Holdings Limited (Materials, Metals & Mining)		2,357,000		883,617
Raffles Medical Group Limited (Health Care, Health Care Providers & Services)		294,000		851,256
				7,941,487
South Korea: 4.98%
Hana Financial Group Incorporated (Financials, Banks)		23,390		822,826
Hanssem Company Limited (Consumer Discretionary, Household Durables)		13,000		1,061,841
Korea Electric Power Corporation (Utilities, Electric Utilities)		24,930		953,000
LG Chem Limited (Materials, Chemicals)		4,700		1,196,264
NCsoft Corporation (Information Technology, Software)		4,300		853,092
POSCO (Materials, Metals & Mining)		8,400		2,499,758
Suprema Incorporated (Information Technology, Electronic Equipment, Instruments & Components) †		42,600		1,053,353
				8,440,134
Taiwan: 6.19%
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		359,000		933,224
Chroma ATE Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		309,000		795,063
Cleanaway Company Limited (Industrials, Commercial Services & Supplies)		144,000		815,418
Everlight Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		342,000		799,563
Radiant Opto-Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		513,000		2,064,027
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		722,000		1,057,967
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		784,000		3,076,495
WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		774,000		950,904
				10,492,661

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

10 Wells Fargo Advantage Asia Pacific Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name						Shares		Value
Thailand: 0.63%
Mega Lifesciences PCL (Health Care, Pharmaceuticals)							1,520,000	$	1,066,255
Total Common Stocks (Cost $143,829,100)									149,558,919
Investment Companies: 1.26%
United States: 1.26%
iShares MSCI Japan Index ETF							77,713		861,060
Market Vectors India Small Cap Index ETF							34,339		1,271,230
Total Investment Companies (Cost $2,117,991)									2,132,290
				Expiration date
Participation Notes: 5.17%
China: 5.17%
HSBC Bank plc (China Vanke Company Limited Class A) (Financials, Real Estate Management & Development) †					2-11-2019		635,000		801,345
HSBC Bank plc (Guangxi Wuzhou Zhongheng Group Company Limited Class A) (Health Care, Pharmaceuticals) †					10-31-2014		419,700		847,432
HSBC Bank plc (Qingdao Haier Company Limited Class A) (Consumer Discretionary, Household Durables) †					6-8-2020		702,500		1,722,557
HSBC Bank plc (Shanghai International Airport Company Limited Class A) (Industrials, Transportation Infrastructure) †					8-20-2020		693,500		1,465,633
HSBC Bank plc (Shenzhen Fuanna Bedding & Furnishing Company Limited Class A) (Consumer Discretionary, Household Durables) †					10-31-2023		383,901		842,075
HSBC Bank plc (Weichai Power Company Limited Class A) (Industrials, Machinery) †					12-20-2021		395,000		1,082,131
Standard Chartered Bank (Daqin Railway Company Limited Class A) (Industrials, Road & Rail) †					4-3-2015		1,192,300		1,268,465
Standard Chartered Bank (Henan Shuanghui Investment & Development Company Limited Class A) (Consumer Staples, Food Products) †					4-10-2015		128,300		737,201
Total Participation Notes (Cost $8,987,494)									8,766,839
	Dividend yield
Preferred Stocks: 2.13%
South Korea: 2.13%
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) ±		1.28	%				3,600		3,612,891
Total Preferred Stocks (Cost $2,572,004)									3,612,891
Rights: 0.00%
Hong Kong: 0.00%
Fosun International Limited (Materials, Metals & Mining) †					8-27-2014		52,494		237
Total Rights (Cost $0)									237

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Asia Pacific Fund 11

Security name	Yield			Shares		Value
Short-Term Investments: 4.09%
Investment Companies: 4.09%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		2,587,678	$	2,587,678
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.11			4,343,942		4,343,941
Total Short-Term Investments (Cost $6,931,619)							6,931,619

Total investments in securities
(Cost $164,438,208) *	100.86	%		171,002,795
Other assets and liabilities, net	(0.86	)		(1,454,141	)
Total net assets	100.00	%	$	169,548,654

† Non-income-earning security

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

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

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended

(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 $167,072,867 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	13,813,583
Gross unrealized depreciation		(9,883,655	)
Net unrealized appreciation	$	3,929,928

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

12 Wells Fargo Advantage Asia Pacific Fund Statement of assets and liabilities—April 30, 2014 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	164,071,176
In affiliated securities, at value (see cost below)		6,931,619
Total investments, at value (see cost below)		171,002,795
Foreign currency, at value (see cost below)		1,646,229
Receivable for investments sold		2,054,033
Receivable for Fund shares sold		49,496
Receivable for dividends		680,015
Receivable for securities lending income		5,355
Prepaid expenses and other assets		33,078
Total assets		175,471,001
Liabilities
Payable for investments purchased		1,135,538
Payable for Fund shares redeemed		183,781
Payable upon receipt of securities loaned		4,343,942
Advisory fee payable		119,450
Distribution fees payable		1,191
Due to other related parties		50,093
Accrued expenses and other liabilities		88,352
Total liabilities		5,922,347
Total net assets	$	169,548,654
NET ASSETS CONSIST OF
Paid-in capital	$	287,651,933
Accumulated net investment loss		(2,360,863	)
Accumulated net realized losses on investments		(122,308,791	)
Net unrealized gains on investments		6,566,375
Total net assets	$	169,548,654
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	6,391,887
Shares outstanding – Class A		566,590
Net asset value per share – Class A		$11.28
Maximum offering price per share – Class A2		$11.97
Net assets – Class C	$	1,891,051
Shares outstanding – Class C		175,818
Net asset value per share – Class C		$10.76
Net assets – Administrator Class	$	12,164,686
Shares outstanding – Administrator Class		1,097,189
Net asset value per share – Administrator Class		$11.09
Net assets – Institutional Class	$	146,024
Shares outstanding – Institutional Class		13,163
Net asset value per share – Institutional Class		$11.09
Net assets – Investor Class	$	148,955,006
Shares outstanding – Investor Class		13,405,917
Net asset value per share – Investor Class		$11.11
Investments in unaffiliated securities (including securities on loan), at cost	$	157,506,589
Investments in affiliated securities, at cost	$	6,931,619
Total investments, at cost	$	164,438,208
Securities on loan, at value	$	4,128,416
Foreign currency, at cost	$	1,646,052

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

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

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

Statement of operations—six months ended April 30, 2014 (unaudited) Wells Fargo Advantage Asia Pacific Fund 13

Investment income
Dividends*	$	1,395,595
Securities lending income, net		22,813
Income from affiliated securities		1,463
Total investment income		1,419,871
Expenses
Advisory fee		850,132
Administration fees
Fund level		44,744
Class A		9,038
Class C		2,603
Administrator Class		6,251
Institutional Class		55
Investor Class		251,812
Shareholder servicing fees
Class A		8,690
Class C		2,503
Administrator Class		13,307
Investor Class		195,999
Distribution fees
Class C		7,510
Custody and accounting fees		83,869
Professional fees		23,791
Registration fees		32,482
Shareholder report expenses		26,131
Trustees’ fees and expenses		4,469
Other fees and expenses		12,001
Total expenses		1,575,387
Less: Fee waivers and/or expense reimbursements		(109,488	)
Net expenses		1,465,899
Net investment loss		(46,028	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		7,867,517
Forward foreign currency contract transactions		(43	)
Net realized gains on investments		7,867,474
Net change in unrealized gains (losses) on investments		(10,019,494	)
Net realized and unrealized gains (losses) on investments		(2,152,020	)
Net decrease in net assets resulting from operations	$	(2,198,048	)
* Net of foreign dividend withholding taxes in the amount of		$136,372

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

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

	Six months ended April 30, 2014 (unaudited)						Year ended October 31, 2013
Operations
Net investment income (loss)				$	(46,028	)				$	1,983,142
Net realized gains on investments					7,867,474						24,425,709
Net change in unrealized gains (losses) on investments					(10,019,494	)					6,462,219
Net increase (decrease) in net assets resulting from operations					(2,198,048	)					32,871,070
Distributions to shareholders from
Net investment income
Class A					(174,427	)					(242,199	)
Class C					(39,188	)					(55,133	)
Administrator Class					(357,092	)					(517,420	)
Institutional Class					(3,952	)					(488	)
Investor Class					(4,117,147	)					(5,920,195	)
Total distributions to shareholders					(4,691,806	)					(6,735,435	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		74,434			857,621			524,754			5,849,346
Class C		47,187			517,730			57,655			624,516
Administrator Class		194,714			2,190,200			447,283			4,865,999
Institutional Class		1,755			19,998			9,917			109,066
Investor Class		985,443			11,156,896			3,687,801			39,900,338
					14,742,445						51,349,265
Reinvestment of distributions
Class A		14,068			162,768			19,589			201,959
Class C		2,369			26,174			3,990			39,420
Administrator Class		29,465			334,721			46,860			474,690
Institutional Class		348			3,952			48			488
Investor Class		353,802			4,029,825			551,264			5,600,848
					4,557,440						6,317,405
Payment for shares redeemed
Class A		(265,910	)		(3,090,448	)		(359,560	)		(3,977,877	)
Class C		(51,284	)		(554,528	)		(55,976	)		(604,958	)
Administrator Class		(217,080	)		(2,441,459	)		(684,345	)		(7,536,691	)
Institutional Class		(66	)		(760	)		0			0
Investor Class		(2,163,188	)		(24,478,739	)		(5,429,628	)		(59,220,253	)
					(30,565,934	)					(71,339,779	)
Net decrease in net assets resulting from capital share transactions					(11,266,049	)					(13,673,109	)
Total increase (decrease) in net assets					(18,155,903	)					12,462,526
Net assets
Beginning of period					187,704,557						175,242,031
End of period				$	169,548,654					$	187,704,557
Undistributed (accumulated) net investment income (loss)				$	(2,360,863	)				$	2,376,971

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

Financial highlights Wells Fargo Advantage Asia Pacific Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30
CLASS A				2013			2012			2011			20101			2010			2009
Net asset value, beginning of period	$	11.72		$	10.19		$	9.30		$	10.15		$	9.77		$	8.82		$	8.14
Net investment income (loss)		(0.00	)2,3		0.12	2		0.10	2		0.08	2		(0.01	)2		0.04	2		0.11	2
Net realized and unrealized gains (losses) on investments		(0.14	)		1.79			0.79			(0.89	)		0.39			1.05			0.59
Total from investment operations		(0.14	)		1.91			0.89			(0.81	)		0.38			1.09			0.70
Distributions to shareholders from
Net investment income		(0.30	)		(0.38	)		0.00			(0.04	)		0.00			(0.14	)		(0.02	)
Net asset value, end of period	$	11.28		$	11.72		$	10.19		$	9.30		$	10.15		$	9.77		$	8.82
Total return4		(1.36	)%		19.24	%		9.57	%		(7.97	)%		3.89	%		12.58	%		8.64	%
Ratios to average net assets (annualized)
Gross expenses		1.71	%		1.79	%		1.86	%		1.73	%		1.90	%		1.90	%		2.03	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.59	%		1.60	%
Net investment income (loss)		(0.05	)%		1.08	%		1.04	%		0.83	%		(0.91	)%		0.49	%		1.56	%
Supplemental data
Portfolio turnover rate		63	%		187	%		163	%		196	%		11	%		137	%		185	%
Net assets, end of period (000s omitted)	$	6,392		$	8,720		$	5,699		$	31,000		$	63,741		$	62,700		$	85,156

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

16 Wells Fargo Advantage Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30
CLASS C				2013			2012			2011			20101			2010			2009
Net asset value, beginning of period	$	11.15		$	9.73		$	8.98		$	9.96		$	9.59		$	8.67		$	8.05
Net investment income (loss)		(0.04	)		0.05			0.09	2		0.01			(0.01	)2		(0.01	)2		0.05	2
Net realized and unrealized gains (losses) on investments		(0.13	)		1.69			0.69			(0.86	)		0.38			1.03			0.57
Total from investment operations		(0.17	)		1.74			0.78			(0.85	)		0.37			1.02			0.62
Distributions to shareholders from
Net investment income		(0.22	)		(0.32	)		(0.03	)		(0.13	)		0.00			(0.10	)		0.00
Net asset value, end of period	$	10.76		$	11.15		$	9.73		$	8.98		$	9.96		$	9.59		$	8.67
Total return3		(1.83	)%		18.44	%		8.78	%		(8.67	)%		3.86	%		11.84	%		7.70	%
Ratios to average net assets (annualized)
Gross expenses		2.46	%		2.54	%		2.62	%		2.48	%		2.65	%		2.65	%		2.79	%
Net expenses		2.35	%		2.35	%		2.35	%		2.35	%		2.35	%		2.34	%		2.35	%
Net investment income (loss)		(0.70	)%		0.37	%		0.92	%		0.18	%		(1.66	)%		(0.13	)%		0.73	%
Supplemental data
Portfolio turnover rate		63	%		187	%		163	%		196	%		11	%		137	%		185	%
Net assets, end of period (000s omitted)	$	1,891		$	1,980		$	1,673		$	1,274		$	1,507		$	1,450		$	1,112

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Asia Pacific Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30, 20102
ADMINISTRATOR CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	11.54		$	10.04		$	9.29		$	10.15		$	9.77		$	8.84
Net investment income (loss)		0.01			0.14	3		0.17			0.12	3		(0.00	)3,4		0.03	3
Net realized and unrealized gains (losses) on investments		(0.14	)		1.77			0.71			(0.89	)		0.38			0.90
Total from investment operations		(0.13	)		1.91			0.88			(0.77	)		0.38			0.93
Distributions to shareholders from
Net investment income		(0.32	)		(0.41	)		(0.13	)		(0.09	)		0.00			0.00
Net asset value, end of period	$	11.09		$	11.54		$	10.04		$	9.29		$	10.15		$	9.77
Total return5		(1.34	)%		19.57	%		9.66	%		(7.68	)%		3.89	%		10.52	%
Ratios to average net assets (annualized)
Gross expenses		1.52	%		1.61	%		1.67	%		1.52	%		1.74	%		1.80	%
Net expenses		1.40	%		1.40	%		1.40	%		1.39	%		1.40	%		1.40	%
Net investment income (loss)		0.19	%		1.26	%		1.74	%		1.14	%		(0.70	)%		1.98	%
Supplemental data
Portfolio turnover rate		63	%		187	%		163	%		196	%		11	%		137	%
Net assets, end of period (000s omitted)	$	12,165		$	12,577		$	12,860		$	13,959		$	11		$	11

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

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

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

18 Wells Fargo Advantage Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30, 20102
INSTITUTIONAL CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	11.55		$	10.05		$	9.30		$	10.15		$	9.77		$	8.84
Net investment income (loss)		0.02	3		0.18	3		0.18			0.13			(0.01	)3		0.03	3
Net realized and unrealized gains (losses) on investments		(0.14	)		1.74			0.71			(0.89	)		0.39			0.90
Total from investment operations		(0.12	)		1.92			0.89			(0.76	)		0.38			0.93
Distributions to shareholders from
Net investment income		(0.34	)		(0.42	)		(0.14	)		(0.09	)		0.00			0.00
Net asset value, end of period	$	11.09		$	11.55		$	10.05		$	9.30		$	10.15		$	9.77
Total return4		(1.22	)%		19.70	%		9.90	%		(7.55	)%		3.89	%		10.52	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.33	%		1.42	%		1.29	%		1.47	%		1.47	%
Net expenses		1.25	%		1.25	%		1.25	%		1.24	%		1.25	%		1.25	%
Net investment income (loss)		0.38	%		1.62	%		1.86	%		1.30	%		(0.57	)%		2.11	%
Supplemental data
Portfolio turnover rate		63	%		187	%		163	%		196	%		11	%		137	%
Net assets, end of period (000s omitted)		$146			$129			$12			$11			$11			$11

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

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

3. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Asia Pacific Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30
INVESTOR CLASS				2013			2012			2011			20101			2010			2009
Net asset value, beginning of period	$	11.55		$	10.05		$	9.28		$	10.14		$	9.76		$	8.81		$	8.12
Net investment income (loss)		(0.01	)		0.10			0.15			0.08	2		(0.01	)2		0.04	2		0.09	2
Net realized and unrealized gains (losses) on investments		(0.14	)		1.78			0.72			(0.88	)		0.39			1.05			0.60
Total from investment operations		(0.15	)		1.88			0.87			(0.80	)		0.38			1.09			0.69
Distributions to shareholders from
Net investment income		(0.29	)		(0.38	)		(0.10	)		(0.06	)		0.00			(0.14	)		(0.00	)3
Net asset value, end of period	$	11.11		$	11.55		$	10.05		$	9.28		$	10.14		$	9.76		$	8.81
Total return4		(1.42	)%		19.25	%		9.51	%		(7.97	)%		3.89	%		12.51	%		8.53	%
Ratios to average net assets (annualized)
Gross expenses		1.77	%		1.85	%		1.94	%		1.80	%		1.97	%		1.99	%		2.14	%
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.64	%		1.65	%
Net investment income (loss)		(0.06	)%		1.04	%		1.47	%		0.82	%		(0.96	)%		0.41	%		1.36	%
Supplemental data
Portfolio turnover rate		63	%		187	%		163	%		196	%		11	%		137	%		185	%
Net assets, end of period (000s omitted)		$148,955			$164,299			$154,999			$169,895			$252,214			$241,892			$278,741

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Asia Pacific 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 Asia Pacific Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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 are translated into 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 April 30, 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.

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

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 are translated into 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. 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 included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

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

Security loans

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $129,730,010 with $48,912,806 expiring in 2016 and $80,817,204 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.

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

As of April 30, 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
Australia	$	10,990,292	$	0	$	0	$	10,990,292
China		30,711,237		0		0		30,711,237
Hong Kong		9,916,623		0		0		9,916,623
India		5,930,184		862,969		0		6,793,153
Indonesia		5,123,104		0		0		5,123,104
Japan		49,128,451		0		0		49,128,451
Malaysia		3,580,200		0		0		3,580,200
New Zealand		886,729		0		0		886,729
Philippines		4,488,593		0		0		4,488,593
Singapore		7,941,487		0		0		7,941,487
South Korea		8,440,134		0		0		8,440,134
Taiwan		10,492,661		0		0		10,492,661
Thailand		1,066,255		0		0		1,066,255
Investment companies
United States		2,132,290		0		0		2,132,290
Preferred stocks
South Korea		3,612,891		0		0		3,612,891
Rights
Hong Kong		0		237		0		237
Participation notes		0		8,766,839		0		8,766,839
Short-term investments
Investment companies		2,587,678		4,343,941		0		6,931,619
	$	157,028,809	$	13,973,986	$	0	$	171,002,795

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.95% and declining to 0.80% as the average daily net assets of the Fund increase. For the six months ended April 30, 2014, the advisory fee was equivalent to an annual rate of 0.95% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase. Wells Capital Management Singapore, a separately identifiable department of Wells Fargo Bank, N.A. and an

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

indirect, wholly owned subsidiary of Wells Fargo, is also a subadviser to the Fund. Out of its fees, WellsCap pays Wells Capital Management Singapore a fee for its services as subadviser at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.60% for Class A shares, 2.35% for Class C shares, 1.40% for Administrator Class shares, 1.25% for Institutional Class shares, and 1.65% for Investor Class shares.

Distribution fees

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

For the six months ended April 30, 2014, Wells Fargo Funds Distributor, LLC received $2,753 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2014 were $109,237,399 and $123,028,618, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2014, the Fund entered into forward foreign currency contracts for economic hedging purposes.

As of April 30, 2014, the Fund did not have any open forward foreign currency contracts. The Fund had average contract amounts of $1,348 and $1,348 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2014.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is

Notes to financial statements (unaudited) Wells Fargo Advantage Asia Pacific Fund 25

permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2014, the Fund paid $92 in commitment fees.

For the six months ended April 30, 2014, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees 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 Asia Pacific Fund Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2013. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$311,635	$0.0192	65.83%

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ 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 funds 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 Asia Pacific Fund Other information (unaudited)

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

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

Officers

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

1. Jeremy DePalma acts as Treasurer of 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 Asia Pacific 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 Asia Pacific Fund (the “Fund”), (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management, for the Fund and (iii) an investment sub-advisory agreement with Wells Capital Management Singapore (“WellsCap Singapore”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreements with WellsCap and WellsCap Singapore (the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. 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-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 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-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Advisers is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but 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-Advisers under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the 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 all periods. The Board also noted that the performance of the Fund was higher than its benchmark, the MSCI All Country Asia Pacific Index (Net), for all periods under review.

30 Wells Fargo Advantage Asia Pacific 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.

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 WellsCap and by WellsCap to WellsCap Singapore for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rates for the Fund’s expense Groups for all share classes except Investor Class, the Management Rate of which was higher than the average rate of its expense Groups. The Board noted, however, that the net operating expense ratio of the Fund’s Investor Class was in range of the median net operating expense ratio 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-Advisers 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-Advisers, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Advisers, 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-Advisers 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-Advisers, because their 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 Asia Pacific Fund 31

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-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their 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-Advisers’ 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-Advisers, fees earned by Funds Management and the Sub-Advisers 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-Advisers, were unreasonable.

Conclusion

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

32 Wells Fargo Advantage Asia Pacific Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

225165 06-14 SA236/SAR236 04-14

Wells Fargo Advantage

Diversified International Fund

Semi-Annual Report

April 30, 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	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	25
Other information	32
List of abbreviations	38

The views expressed and any forward-looking statements are as of April 30, 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 International Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates.

Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Diversified International Fund for the six-month period that ended April 30, 2014. The period was marked by growing concern about an economic slowdown in China and heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine. The environment created a headwind for many emerging markets, even as continued economic recovery in Europe helped most developed stock markets end the period with gains.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various quantitative easing policies. The U.S. Federal Reserve (Fed) remained a major source of liquidity for market participants around the world. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate near zero in order to support the economy and the financial system. At the beginning of the reporting period, the FOMC was still making open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market and was purchasing $45 billion per month in long-term U.S. Treasuries. However, in mid-December 2013, the FOMC announced that it would reduce (or taper) its bond-buying program by $10 billion per month beginning in January 2014. Although the tapering was less aggressive than some investors had feared, the removal of liquidity sparked a sell-off in emerging markets stocks and currencies as investors sold higher-risk assets.

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates. In November 2013, the ECB cut its key rate to a historic low of 0.25%. The ECB’s actions helped support moderate year-over-year gross domestic product (GDP) growth in the eurozone.

Most developed regions gained, but emerging and developed Asian markets lagged.

For the six-month period, the MSCI EAFE Index (Net)¹, a proxy for developed markets, returned 4.44%, while the MSCI Emerging Markets Index (Net)² returned -2.98%.

In Europe, economic data continued to show moderate growth, with reported GDP for the 28 countries in the European Union rising by 0.4% in the fourth quarter of 2013 compared with the previous quarter. The unemployment rate remained high but stable at 10.5% in February and March 2014, while inflation remained consistently below a 1% annual rate. Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains. The ongoing turmoil in Ukraine did result in some stock market volatility, but as of the end of the reporting period, most investors believed that it would not result in war.

Asian markets posted mixed results, with political issues accounting for many of those differences. In countries such as India and Indonesia, investors were

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

2. The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) 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.

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

optimistic that upcoming elections might sweep in more reform-minded governments. By contrast, in Japan, the honeymoon for Prime Minister Shinzō Abe appeared to be ending, with investors worrying that his reforms were not taking effect as quickly as originally hoped.

As for China, many of the country’s economic numbers—such as for national production, retail sales, fixed investment, and manufacturing activity—came in below analyst expectations, causing investor concern. In addition, China’s government has allowed a growing number of defaults in the country’s financial system as part of a long-term plan to rein in credit growth.

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 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

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 Diversified International Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

Artisan Partners Limited Partnership

LSV Asset Management

Wells Capital Management Incorporated

Portfolio managers

Mark L. Yockey, CFA

Josef Lakonishok

Puneet Mansharamani, CFA

Menno Vermeulen, CFA

Jeffrey Everett, CFA

Dale Winner, CFA

Average annual total returns¹ (%) as of April 30, 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 (SILAX)	9-24-1997		5.09		12.23		4.92		11.48		13.55		5.54		1.93		1.42
Class B (SILBX)*	9-24-1997		5.58		12.48		5.00		10.58		12.73		5.00		2.68		2.17
Class C (WFECX)	4-1-1998		9.60		12.77		4.78		10.60		12.77		4.78		2.68		2.17
Administrator Class (WFIEX)	11-8-1999		–		–		–		11.65		13.78		5.77		1.77		1.26
Institutional Class (WFISX)	8-31-2006		–		–		–		11.96		13.96		5.92		1.50		1.00
Investor Class (WIEVX)	7-18-2008		–		–		–		11.38		13.52		5.52		1.99		1.47
MSCI EAFE® Index (Net)4	–		–		–		–		13.35		13.58		6.93		–		–

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

Please see footnotes on page 5.

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

Ten largest equity holdings5 (%) as of April 30, 2014
Bayer AG	1.95
BP plc	1.41
Roche Holdings AG	1.31
Linde AG	1.30
Baidu Incorporated	1.30
Zurich Financial Services AG	1.26
Toyota Motor Corporation	1.25
ENI SpA	1.17
Nestle SA	1.07
Rolls-Royce Holdings plc	1.06

Sector distribution⁶ as of April 30, 2014

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

2. Reflects the expense ratios as stated in the most recent prospectuses, 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 February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.41% for Class A, 2.16% for Class B, 2.16% for Class C, 1.25% for Administrator Class, 0.99% for Institutional Class, and 1.46% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. The ten largest equity holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,018.30	$	7.06		1.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.05		1.41	%
Class B
Actual	$	1,000.00	$	1,014.15	$	10.79		2.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79		2.16	%
Class C
Actual	$	1,000.00	$	1,014.37	$	10.79		2.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79		2.16	%
Administrator Class
Actual	$	1,000.00	$	1,018.88	$	6.26		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Institutional Class
Actual	$	1,000.00	$	1,019.87	$	4.96		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	4.96		0.99	%
Investor Class
Actual	$	1,000.00	$	1,017.91	$	7.30		1.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.30		1.46	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Diversified International Fund 7

Security name	Shares		Value
Common Stocks: 95.41%
Australia: 2.59%
Arrium Limited (Materials, Metals & Mining)		198,700	$	219,665
Bendigo Bank Limited (Financials, Banks)		26,100		279,082
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		46,700		305,859
Downer EDI Limited (Industrials, Commercial Services & Supplies)		42,300		196,091
Fortescue Metals Group Limited (Materials, Metals & Mining)		29,600		138,867
GrainCorp Limited (Consumer Staples, Food Products)		18,900		155,565
Leighton Holdings Limited (Industrials, Construction & Engineering)		7,100		125,850
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		20,800		250,236
Metcash Limited (Consumer Staples, Food & Staples Retailing)		28,500		73,605
Mineral Resources Limited (Materials, Metals & Mining)		14,900		160,845
Primary Health Care Limited (Health Care, Health Care Providers & Services)		34,700		151,188
Seven Network Limited (Industrials, Trading Companies & Distributors)		15,300		116,552
Toll Holdings Limited (Industrials, Air Freight & Logistics)		26,100		128,266
United Construction Group Limited (Industrials, Construction & Engineering)		14,100		88,418
				2,390,089
Austria: 0.44%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		5,300		247,905
Voestalpine AG (Materials, Metals & Mining)		3,400		155,189
				403,094
Belgium: 1.79%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		7,220		785,707
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		3,600		267,403
Telenet Group Holding NV (Consumer Discretionary, Media)		4,435		259,929
UCB SA (Health Care, Pharmaceuticals) «		4,190		343,490
				1,656,529
Brazil: 0.41%
Banco do Brasil SA (Financials, Banks)		12,100		127,037
Companhia de Saneamento Basico do Estado de Sao Paulo (Utilities, Water Utilities)		17,700		167,653
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		5,300		82,718
				377,408
Canada: 2.23%
Canadian Pacific Railway Limited (Industrials, Road & Rail)		1,157		180,457
Magna International Incorporated Class A (Consumer Discretionary, Auto Components)		4,500		440,865
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		3,400		209,574
Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals) †		7,282		973,676
WestJet Airlines Limited (Industrials, Airlines)		11,100		252,777
				2,057,349
China: 5.15%
Baidu Incorporated (Information Technology, Internet Software & Services) †		7,783		1,197,415
Biostime International Holdings Limited (Consumer Staples, Food Products)		27,500		182,672
China Communications Services Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		220,000		111,519

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

8 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Shares		Value
China (continued)
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		55,000	$	522,833
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		369,200		326,201
China Railway Construction Corporation Limited (Industrials, Construction & Engineering)		141,500		116,990
China Resources Land Limited (Financials, Real Estate Management & Development)		104,600		215,327
Dongfeng Motor Group Company Limited (Consumer Discretionary, Automobiles)		390,000		520,138
Industrial & Commercial Bank of China Limited Class H (Financials, Banks)		687,000		409,385
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		226,500		87,644
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		68,800		502,271
Tencent Holdings Limited (Information Technology, Internet Software & Services)		5,300		330,321
Xtep International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		586,241		235,163
				4,757,879
Czech Republic: 0.10%
CEZ AS (Utilities, Electric Utilities)		3,200		96,212
Denmark: 0.31%
ISS AS (Industrials, Commercial Services & Supplies) †		3,336		116,140
Rockwool International AS B Shares (Industrials, Building Products)		882		170,006
				286,146
Finland: 0.17%
TietoEnator Oyj (Information Technology, IT Services)		5,800		158,438
France: 5.80%
Alstom SA (Industrials, Machinery)		6,700		274,396
Arkema SA (Materials, Chemicals)		910		101,466
AXA SA (Financials, Insurance) «		9,900		257,870
BNP Paribas SA (Financials, Banks)		3,600		270,250
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary, Auto Components)		1,400		170,921
Credit Agricole SA (Financials, Banks) †		10,900		171,712
L’Oreal SA (Consumer Staples, Personal Products)		1,130		194,395
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,255		246,804
Pernod-Ricard SA (Consumer Staples, Beverages)		2,769		332,334
Renault SA (Consumer Discretionary, Automobiles)		2,500		243,306
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		3,700		400,492
Schneider Electric SA (Industrials, Electrical Equipment)		7,440		697,243
SCOR SE (Financials, Insurance)		7,700		281,006
Societe Generale SA (Financials, Banks)		3,700		229,967
Thales SA (Industrials, Aerospace & Defense)		4,200		267,162
Total SA (Energy, Oil, Gas & Consumable Fuels)		6,000		428,524
Vivendi SA (Telecommunication Services, Diversified Telecommunication Services)		8,200		220,017
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		17,280		574,283
				5,362,148
Germany: 11.46%
Allianz AG (Financials, Insurance)		2,300		398,384
BASF SE (Materials, Chemicals) «		2,900		335,665
Bayer AG (Health Care, Pharmaceuticals)		12,994		1,802,722
Beiersdorf AG (Consumer Staples, Personal Products)		4,850		486,212
Daimler AG (Consumer Discretionary, Automobiles)		4,800		444,374

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Diversified International Fund 9

Security name	Shares		Value
Germany (continued)
Deutsche Bank AG (Financials, Capital Markets)		3,300	$	145,405
Deutsche Post AG (Industrials, Air Freight & Logistics)		24,094		907,036
E.ON SE (Utilities, Multi-Utilities) «		8,100		154,909
Hannover Rueckversicherung AG (Financials, Insurance) «		2,200		204,831
Linde AG (Materials, Chemicals)		5,802		1,202,983
Metro AG (Consumer Staples, Food & Staples Retailing)		22,811		911,429
MTU Aero Engines AG (Industrials, Aerospace & Defense)		4,247		399,659
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance) «		3,035		700,855
Norddeutsche Affinerie AG (Materials, Metals & Mining)		1,800		95,944
Rheinmetall AG (Industrials, Industrial Conglomerates)		8,394		556,942
RWE AG (Utilities, Multi-Utilities)		2,900		110,581
SAP AG (Information Technology, Software)		6,787		546,501
Siemens AG (Industrials, Industrial Conglomerates)		5,802		764,693
Volkswagen AG (Consumer Discretionary, Automobiles)		1,600		427,304
				10,596,429
Hong Kong: 3.28%
AIA Group Limited (Financials, Insurance)		197,400		957,344
Beijing Enterprises Holdings Limited (Industrials, Industrial Conglomerates)		61,000		530,301
China Everbright Limited (Financials, Capital Markets)		546,000		729,601
Hengdeli Holdings Limited (Consumer Discretionary, Specialty Retail)		1,902,366		365,606
Hong Kong Land Holdings Limited (Financials, Real Estate Management & Development)		24,058		168,406
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		64,000		61,169
Wheelock & Company Limited (Financials, Real Estate Management & Development)		22,000		90,520
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		42,000		129,744
				3,032,691
India: 0.77%
Coal India Limited (Energy, Oil, Gas & Consumable Fuels)		16,734		80,972
Gail Limited (Utilities, Gas Utilities)		4,100		152,479
Grasim Industries GDR (Industrials, Construction & Engineering)		1,800		78,399
Tata Motors Limited ADR (Consumer Discretionary, Automobiles)		7,700		288,134
Tata Steel Limited GDR (Industrials, Machinery)		17,100		111,578
				711,562
Indonesia: 0.22%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		241,500		206,794
Ireland: 1.14%
Covidien plc (Health Care, Health Care Equipment & Supplies)		9,086		647,378
CRH plc (Materials, Construction Materials)		8,380		242,824
Smurfit Kappa Group plc (Materials, Containers & Packaging)		7,500		166,846
				1,057,048
Israel: 0.48%
Bank Hapoalim Limited (Financials, Banks)		38,000		214,460
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		4,600		229,302
				443,762

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

10 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Shares		Value
Italy: 2.44%
Enel SpA (Utilities, Electric Utilities)		48,100	$	271,864
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		41,743		1,083,535
Intesa Sanpaolo SpA (Financials, Banks)		197,711		674,764
Intesa Sanpaolo RSP (Financials, Banks)		78,713		228,670
				2,258,833
Japan: 17.31%
Adeka Corporation (Materials, Chemicals)		20,600		226,482
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		3,300		116,526
Alpine Electronics Incorporated (Consumer Discretionary, Household Durables)		11,600		138,540
Aozora Bank Limited (Financials, Banks)		41,000		121,915
Asahi Glass Company Limited (Industrials, Building Products)		79,000		447,410
Capcom Company Limited (Information Technology, Software)		24,700		429,807
Daiichikosho Company Limited (Consumer Discretionary, Media)		7,300		210,499
Daiwa House Industry Company Limited (Financials, Real Estate Management & Development)		35,000		589,866
Daiwa Securities Group Incorporated (Financials, Capital Markets)		109,000		815,621
Denso Corporation (Consumer Discretionary, Auto Components)		6,700		304,870
Eizo Nanao Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		7,300		197,432
Fukuoka Financial Group Incorporated (Financials, Banks)		23,000		93,813
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		65,000		462,219
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		17,500		578,569
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		106,000		421,989
Itochu Corporation (Industrials, Trading Companies & Distributors)		26,700		298,771
JS Group Corporation (Industrials, Building Products)		11,400		301,406
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		28,500		147,748
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		9,600		511,011
Kyorin Company Limited (Health Care, Pharmaceuticals)		7,900		152,382
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		11,000		170,323
Marubeni Corporation (Industrials, Trading Companies & Distributors)		30,000		200,127
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		1,800		77,997
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		11,100		198,472
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		168,400		892,775
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		14,400		204,094
Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development)		13,000		384,144
Mitsui OSK Lines Limited (Industrials, Marine)		125,000		416,932
Mizuho Financial Group Incorporated (Financials, Banks)		154,300		301,854
NGK Insulators Limited (Industrials, Machinery)		35,000		660,390
Nichirei Corporation (Consumer Staples, Food Products)		21,000		101,883
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		7,900		437,442
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		15,800		135,537
Nitto Denko Corporation (Materials, Chemicals)		12,200		526,258
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		11,700		185,625
Olympus Corporation (Health Care, Health Care Equipment & Supplies) †		21,700		662,239
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		3,500		276,960
ORIX Corporation (Financials, Diversified Financial Services)		2,900		41,897
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		6,000		172,720
Rengo Company Limited (Materials, Containers & Packaging)		23,000		102,812
Resona Holdings Incorporated (Financials, Banks)		43,800		223,638
Sankyu Incorporated (Industrials, Road & Rail)		28,000		106,539
SEINO Holdings Company Limited (Industrials, Road & Rail)		3,000		29,579

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Diversified International Fund 11

Security name	Shares		Value
Japan (continued)
Sharp Corporation (Consumer Discretionary, Household Durables) †«		85,000	$	212,843
Sojitz Corporation (Industrials, Trading Companies & Distributors)		77,400		121,890
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		19,900		258,300
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		11,000		165,804
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		8,000		315,587
Toshiba TEC Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		22,000		143,102
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		19,000		141,429
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		21,400		1,154,618
West Japan Railway Company (Industrials, Road & Rail)		5,400		218,831
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		21,000		187,539
				15,997,056
Liechtenstein: 0.15%
Verwaltungs-und Privat-Bank AG (Financials, Capital Markets)		1,400		139,507
Malaysia: 0.08%
Tenaga Nasional Berhad (Utilities, Electric Utilities)		21,000		76,527
Mexico: 0.72%
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		20,349		667,651
Netherlands: 3.55%
Aegon NV (Financials, Insurance)		17,300		156,847
Akzo Nobel NV (Materials, Chemicals)		10,300		792,935
ASML Holdings NV (Information Technology, Semiconductors & Semiconductor Equipment)		7,284		600,567
ING Groep NV (Financials, Diversified Financial Services) †		16,600		235,712
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing) «		15,600		300,941
Nielsen Holdings NV (Industrials, Professional Services)		2,114		99,252
Unilever NV (Consumer Staples, Food Products)		18,133		776,968
Ziggo NV (Telecommunication Services, Diversified Telecommunication Services)		7,280		315,925
				3,279,147
Nigeria: 0.01%
Nigerian Breweries plc (Consumer Staples, Beverages)		7,549		7,049
Norway: 1.59%
DnB Nor ASA (Financials, Banks)		12,100		213,938
Frontline 2012 Limited (Energy, Oil, Gas & Consumable Fuels) 144A		25,569		197,866
Marine Harvest ASA (Consumer Staples, Food Products)		54,759		670,635
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		5,700		172,986
Yara International ASA (Materials, Chemicals) «		4,600		217,142
				1,472,567
Poland: 0.10%
Asseco Poland SA (Information Technology, Software)		5,900		87,692
Russia: 1.18%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) (i)		10,500		208,635
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		4,200		222,264
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)		25,592		428,922

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

12 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Shares		Value
Russia (continued)
Sberbank of Russia (Financials, Banks) (a)		115,453	$	235,023
				1,094,844
South Africa: 0.26%
Barclays Africa Group Limited (Financials, Banks)		9,300		136,134
Imperial Holding Limited (Consumer Discretionary, Distributors)		5,700		106,160
				242,294
South Korea: 2.69%
Hana Financial Group Incorporated (Financials, Banks)		14,830		521,698
Industrial Bank of Korea (Financials, Banks)		13,500		165,925
NAVER Corporation (Information Technology, Internet Software & Services)		85		60,708
Orion Corporation (Consumer Staples, Food Products)		108		82,361
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		126		163,765
Samsung Electronics Company Limited GDR (Information Technology, Semiconductors & Semiconductor Equipment) 144A		837		539,447
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		3,692		762,839
Woori Finance Holdings Company Limited (Financials, Banks) †		16,400		184,903
				2,481,646
Spain: 0.59%
Banco Santander Central Hispano SA (Financials, Banks)		22,800		226,703
Grifols SA (Health Care, Biotechnology)		4,008		214,079
Grifols SA ADR (Health Care, Biotechnology)		2,561		105,103
				545,885
Sweden: 1.75%
Boliden AB (Materials, Metals & Mining)		12,400		188,416
Electrolux AB Class B (Consumer Discretionary, Household Durables)		6,899		191,197
Nordea Bank AB (Financials, Banks)		15,000		216,734
Saab AB (Industrials, Aerospace & Defense)		9,100		278,506
Volvo AB Class B (Consumer Discretionary, Automobiles)		47,051		741,707
				1,616,560
Switzerland: 8.37%
ABB Limited (Industrials, Electrical Equipment)		27,464		659,685
Actelion Limited (Health Care, Biotechnology)		2,345		230,343
Baloise Holding AG (Financials, Insurance)		2,000		243,154
Credit Suisse Group AG (Financials, Capital Markets)		9,117		289,121
Georg Fischer AG (Industrials, Machinery) †		400		316,782
Holcim Limited (Materials, Construction Materials)		425		38,922
Nestle SA (Consumer Staples, Food Products)		12,848		991,957
Novartis AG (Health Care, Pharmaceuticals)		8,991		779,472
Roche Holdings AG (Health Care, Pharmaceuticals)		4,132		1,211,290
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,248		800,473
Swiss Life Holding (Financials, Insurance)		600		147,392
Swiss Reinsurance AG (Financials, Insurance)		4,033		352,160
UBS AG (Financials, Capital Markets)		20,455		427,647
Valora Holding AG (Consumer Discretionary, Specialty Retail)		300		84,706
Zurich Financial Services AG (Financials, Insurance)		4,058		1,162,392
				7,735,496

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Diversified International Fund 13

Security name	Shares		Value
Taiwan: 0.08%
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		46,000	$	74,412
Thailand: 0.15%
Bangchak Petroleum plc (Energy, Oil, Gas & Consumable Fuels)		135,400		133,894
United Kingdom: 16.62%
Amlin plc (Financials, Insurance)		19,500		147,400
Anglo American plc (Materials, Metals & Mining)		8,900		237,723
AstraZeneca plc (Health Care, Pharmaceuticals)		9,400		740,221
Aviva plc (Financials, Insurance)		22,000		195,196
BAE Systems plc (Industrials, Aerospace & Defense)		49,700		335,654
Barclays plc (Financials, Banks)		50,000		212,907
Bellway plc (Consumer Discretionary, Household Durables)		4,200		102,043
BP plc (Energy, Oil, Gas & Consumable Fuels)		154,316		1,300,651
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		45,500		283,090
Capita plc (Industrials, Professional Services)		38,831		711,350
Centrica plc (Utilities, Multi-Utilities)		21,200		118,120
Croda International plc (Materials, Chemicals)		7,195		312,933
Debenhams plc (Consumer Discretionary, Multiline Retail)		420,235		569,039
Firstgroup plc (Industrials, Road & Rail) †		32,500		70,896
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		4,400		121,241
HSBC Holdings plc (Financials, Banks)		34,990		356,885
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		10,504		453,483
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		9,700		330,497
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		42,600		241,455
Johnson Matthey plc (Materials, Chemicals)		8,829		487,902
Liberty Global plc Class A (Consumer Discretionary, Media) «†		6,480		258,034
Liberty Global plc Class C (Consumer Discretionary, Media) †		8,851		340,144
Man Group plc (Financials, Capital Markets)		427,130		710,709
Old Mutual plc (Financials, Insurance)		59,600		200,955
Pace plc (Consumer Discretionary, Household Durables)		19,300		118,842
Prudential plc (Financials, Insurance)		11,575		265,495
Reckitt Benckiser Group plc (Consumer Staples, Household Products)		5,780		465,990
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)		55,274		979,908
Rolls-Royce Holdings plc Class C Preference Shares (Industrials, Aerospace & Defense) †(a)		7,406,716		12,506
Royal & Sun Alliance Insurance Group plc (Financials, Insurance)		53,200		88,161
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)		19,000		808,406
Royal Mail plc (Industrials, Air Freight & Logistics) †		25,046		223,913
SABMiller plc (Consumer Staples, Beverages)		14,750		802,030
Smiths Group plc (Industrials, Industrial Conglomerates)		21,258		479,158
Tesco plc (Consumer Staples, Food & Staples Retailing)		39,100		193,395
Tullett Prebon plc (Financials, Capital Markets)		20,600		110,569
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		10,292		390,691
WH Smith plc (Consumer Discretionary, Specialty Retail)		15,600		288,145
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)		48,700		165,190
Wolseley plc (Industrials, Trading Companies & Distributors)		11,988		692,429
WPP plc (Consumer Discretionary, Media)		20,333		437,367
				15,360,723

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

14 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name						Shares		Value
United States: 1.43%
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)							719	$	424,275
QUALCOMM Incorporated (Information Technology, Communications Equipment)							7,896		621,494
Schlumberger Limited (Energy, Energy Equipment & Services)							2,705		274,693
									1,320,462
Total Common Stocks (Cost $73,970,393)									88,185,823
				Expiration date
Participation Notes: 0.39%
China: 0.17%
Standard Chartered Bank plc (Kweichow Moutai Company Limited) (Consumer Staples, Beverages) †					2-11-2015		2,200		57,593
Standard Chartered Bank plc (Kweichow Moutai Company Limited) (Consumer Staples, Beverages) †					4-24-2015		4,000		104,714
									162,307
Ireland: 0.22%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines) †					11-17-2016		21,100		199,856
Total Participation Notes (Cost $342,224)									362,163
	Dividend yield
Preferred Stocks: 0.73%
Brazil: 0.25%
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities) ±		8.35	%				13,600		103,629
Companhia Vale Do Rio Doce Class A (Materials, Metals & Mining) ±		6.08					11,100		131,522
									235,151
Germany: 0.48%
Henkel AG & Company KGaA (Consumer Staples, Household Products) «±		1.51					3,959		440,884
Total Preferred Stocks (Cost $677,735)									676,035
	Yield
Short-Term Investments: 6.00%
Investment Companies: 6.00%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07					1,962,886		1,962,886
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.11					3,582,356		3,582,356
Total Short-Term Investments (Cost $5,545,242)									5,545,242

Total investments in securities
(Cost $80,535,594) *	102.53	%		94,769,263
Other assets and liabilities, net	(2.53	)		(2,339,162	)
Total net assets	100.00	%	$	92,430,101

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Diversified International Fund 15

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

† Non-income-earning security

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

(i) Illiquid security

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

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

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended

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

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

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

* Cost for federal income tax purposes is $82,982,862 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	17,789,947
Gross unrealized depreciation		(6,003,546	)
Net unrealized appreciation	$	11,786,401

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

16 Wells Fargo Advantage Diversified International Fund Statement of assets and liabilities—April 30, 2014 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	89,224,021
In affiliated securities, at value (see cost below)		5,545,242
Total investments, at value (see cost below)		94,769,263
Foreign currency, at value (see cost below)		1,033,128
Receivable for investments sold		44,291
Receivable for Fund shares sold		54,666
Receivable for dividends		500,312
Receivable for securities lending income		7,894
Prepaid expenses and other assets		24,826
Total assets		96,434,380
Liabilities
Payable for investments purchased		177,411
Payable for Fund shares redeemed		59,285
Unrealized losses on forward foreign currency contracts		33,251
Payable upon receipt of securities loaned		3,582,356
Advisory fee payable		38,735
Distribution fees payable		1,246
Due to other related parties		24,451
Accrued expenses and other liabilities		87,544
Total liabilities		4,004,279
Total net assets	$	92,430,101
NET ASSETS CONSIST OF
Paid-in capital	$	182,808,696
Undistributed net investment income		869,503
Accumulated net realized losses on investments		(105,440,823	)
Net unrealized gains on investments		14,192,725
Total net assets	$	92,430,101
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	29,948,985
Shares outstanding – Class A		2,436,746
Net asset value per share – Class A		$12.29
Maximum offering price per share – Class A2		$13.04
Net assets – Class B	$	84,970
Shares outstanding – Class B		7,193
Net asset value per share – Class B		$11.81
Net assets – Class C	$	1,991,742
Shares outstanding – Class C		175,014
Net asset value per share – Class C		$11.38
Net assets – Administrator Class	$	8,177,951
Shares outstanding – Administrator Class		653,585
Net asset value per share – Administrator Class		$12.51
Net assets – Institutional Class	$	2,068,210
Shares outstanding – Institutional Class		176,041
Net asset value per share – Institutional Class		$11.75
Net assets – Investor Class	$	50,158,243
Shares outstanding – Investor Class		4,097,762
Net asset value per share – Investor Class		$12.24
Investments in unaffiliated securities (including securities on loan), at cost	$	74,990,352
Investments in affiliated securities, at cost	$	5,545,242
Total investments, at cost	$	80,535,594
Securities on loan, at value	$	3,415,228
Foreign currency, at cost	$	1,045,443

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

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

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

Statement of operations—six months ended April 30, 2014 (unaudited) Wells Fargo Advantage Diversified International Fund 17

Investment income
Dividends*	$	1,556,358
Securities lending income, net		16,479
Income from affiliated securities		854
Interest		12
Total investment income		1,573,703
Expenses
Advisory fee		381,378
Administration fees
Fund level		22,434
Class A		37,321
Class B		181
Class C		2,403
Administrator Class		4,082
Institutional Class		894
Investor Class		77,828
Shareholder servicing fees
Class A		35,886
Class B		174
Class C		2,310
Administrator Class		10,204
Investor Class		60,803
Distribution fees
Class B		523
Class C		6,931
Custody and accounting fees		71,206
Professional fees		22,443
Registration fees		27,082
Shareholder report expenses		10,496
Trustees’ fees and expenses		4,797
Other fees and expenses		29,588
Total expenses		808,964
Less: Fee waivers and/or expense reimbursements		(167,933	)
Net expenses		641,031
Net investment income		932,672
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		431,758
Forward foreign currency contract transactions		108,382
Net realized gains on investment		540,140
Net change in unrealized gains (losses) on:
Unaffiliated securities		222,958
Forward foreign currency contract transactions		(56,244	)
Net change in unrealized gains (losses) on investments		166,714
Net realized and unrealized gains (losses) on investments		706,854
Net increase in net assets resulting from operations	$	1,639,526
* Net of foreign dividend withholding taxes in the amount of		$97,903

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

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

	Six months ended April 30, 2014 (unaudited)						Year ended October 31, 2013
Operations
Net investment income				$	932,672					$	1,348,745
Net realized gains on investments					540,140						3,070,430
Net change in unrealized gains (losses) on investments					166,714						14,363,441
Net increase in net assets resulting from operations					1,639,526						18,782,616
Distributions to shareholders from
Net investment income
Class A					(435,361	)					(1,279,375	)
Class B					(908	)					(14,233	)
Class C					(22,476	)					(34,916	)
Administrator Class					(131,295	)					(198,977	)
Institutional Class					(53,962	)					(617,382	)
Investor Class					(713,363	)					(2,250,592	)
Total distributions to shareholders					(1,357,365	)					(4,395,475	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		161,063			1,952,248			424,946			4,748,331
Class B		825			9,732			4,044			45,106
Class C		48,764			551,354			91,578			951,354
Administrator Class		159,879			1,980,247			411,188			4,585,536
Institutional Class		270			3,159			943			10,090
Investor Class		348,624			4,238,415			545,309			5,964,467
					8,735,155						16,304,884
Reinvestment of distributions
Class A		32,439			401,923			124,397			1,251,439
Class B		76			908			1,470			14,233
Class C		1,848			21,270			3,329			31,227
Administrator Class		10,249			129,239			18,793			192,070
Institutional Class		3,024			35,774			20,974			202,192
Investor Class		56,897			702,683			221,373			2,218,158
					1,291,797						3,909,319
Payment for shares redeemed
Class A		(117,319	)		(1,429,058	)		(378,210	)		(4,124,839	)
Class B		(8,520	)		(99,749	)		(21,216	)		(222,246	)
Class C		(29,399	)		(329,941	)		(6,926	)		(71,187	)
Administrator Class		(173,531	)		(2,169,095	)		(109,209	)		(1,207,294	)
Institutional Class		(31,366	)		(365,072	)		(539,856	)		(5,600,991	)
Investor Class		(275,721	)		(3,355,381	)		(634,637	)		(6,889,379	)
					(7,748,296	)					(18,115,936	)
Net increase in net assets resulting from capital share transactions					2,278,656						2,098,267
Total increase in net assets					2,560,817						16,485,408
Net assets
Beginning of period					89,869,284						73,383,876
End of period				$	92,430,101					$	89,869,284
Undistributed net investment income				$	869,503					$	1,294,196

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

Financial highlights Wells Fargo Advantage Diversified International Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30
CLASS A				2013			2012			2011			20101			2010			2009
Net asset value, beginning of period	$	12.25		$	10.25		$	9.69		$	10.29		$	9.84		$	9.62		$	11.68
Net investment income		0.13	2		0.19	2		0.19	2		0.16			0.00	2,3		0.09	2		0.14	2
Net realized and unrealized gains (losses) on investments		0.10			2.41			0.51			(0.65	)		0.45			0.26			(0.69	)
Total from investment operations		0.23			2.60			0.70			(0.49	)		0.45			0.35			(0.55	)
Distributions to shareholders from
Net investment income		(0.19	)		(0.60	)		(0.14	)		(0.11	)		0.00			(0.13	)		(0.23	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(1.28	)
Total distributions to shareholders		(0.19	)		(0.60	)		(0.14	)		(0.11	)		0.00			(0.13	)		(1.51	)
Net asset value, end of period	$	12.29		$	12.25		$	10.25		$	9.69		$	10.29		$	9.84		$	9.62
Total return4		1.83	%		26.59	%		7.45	%		(4.83	)%		4.57	%		3.64	%		(0.78	)%
Ratios to average net assets (annualized)
Gross expenses		1.78	%		1.92	%		1.68	%		1.47	%		1.54	%		1.64	%		1.76	%
Net expenses		1.41	%		1.41	%		1.41	%		1.41	%		1.41	%		1.38	%		1.41	%
Net investment income		2.10	%		1.75	%		1.96	%		1.47	%		0.59	%		0.99	%		1.76	%
Supplemental data
Portfolio turnover rate		13	%		40	%		57	%		53	%		5	%		64	%		123	%
Net assets, end of period (000s omitted)		$29,949			$28,928			$22,434			$23,862			$29,804			$28,926			$31,742

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30
CLASS B				2013			2012			2011			20101			2010			2009
Net asset value, beginning of period	$	11.71		$	9.80		$	9.19		$	9.74		$	9.32		$	9.12		$	11.07
Net investment income (loss)		0.06	2		0.09	2		0.10	2		0.06	2		(0.00	)2,3		(0.05	)2		0.07	2
Net realized and unrealized gains (losses) on investments		0.11			2.32			0.51			(0.61	)		0.42			0.32			(0.64	)
Total from investment operations		0.17			2.41			0.61			(0.55	)		0.42			0.27			(0.57	)
Distributions to shareholders from
Net investment income		(0.07	)		(0.50	)		(0.00	)3		0.00			0.00			(0.07	)		(0.10	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(1.28	)
Total distributions to shareholders		(0.07	)		(0.50	)		(0.00	)3		0.00			0.00			(0.07	)		(1.38	)
Net asset value, end of period	$	11.81		$	11.71		$	9.80		$	9.19		$	9.74		$	9.32		$	9.12
Total return4		1.42	%		25.70	%		6.69	%		(5.65	)%		4.51	%		3.00	%		(1.50	)%
Ratios to average net assets (annualized)
Gross expenses		2.53	%		2.68	%		2.35	%		2.23	%		2.28	%		2.39	%		2.51	%
Net expenses		2.16	%		2.16	%		2.12	%		2.16	%		2.16	%		2.13	%		2.16	%
Net investment income (loss)		1.06	%		0.88	%		1.11	%		0.64	%		(0.16	)%		(0.59	)%		0.93	%
Supplemental data
Portfolio turnover rate		13	%		40	%		57	%		53	%		5	%		64	%		123	%
Net assets, end of period (000s omitted)		$85			$174			$299			$482			$1,084			$1,046			$1,739

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Diversified International Fund 21

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30
CLASS C				2013			2012			2011			20101			2010			2009
Net asset value, beginning of period	$	11.35		$	9.54		$	9.01		$	9.59		$	9.17		$	8.98		$	10.98
Net investment income (loss)		0.07	2		0.09	2		0.11	2		0.07	2		(0.00	)2,3		0.02	2		0.07	2
Net realized and unrealized gains (losses) on investments		0.09			2.25			0.48			(0.61	)		0.42			0.25			(0.65	)
Total from investment operations		0.16			2.34			0.59			(0.54	)		0.42			0.27			(0.58	)
Distributions to shareholders from
Net investment income		(0.13	)		(0.53	)		(0.06	)		(0.04	)		0.00			(0.08	)		(0.14	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(1.28	)
Total distributions to shareholders		(0.13	)		(0.53	)		(0.06	)		(0.04	)		0.00			(0.08	)		(1.42	)
Net asset value, end of period	$	11.38		$	11.35		$	9.54		$	9.01		$	9.59		$	9.17		$	8.98
Total return4		1.44	%		25.67	%		6.67	%		(5.65	)%		4.58	%		3.07	%		(1.47	)%
Ratios to average net assets (annualized)
Gross expenses		2.53	%		2.66	%		2.43	%		2.22	%		2.28	%		2.39	%		2.51	%
Net expenses		2.16	%		2.16	%		2.16	%		2.16	%		2.16	%		2.12	%		2.16	%
Net investment income (loss)		1.34	%		0.84	%		1.21	%		0.72	%		(0.16	)%		0.20	%		0.92	%
Supplemental data
Portfolio turnover rate		13	%		40	%		57	%		53	%		5	%		64	%		123	%
Net assets, end of period (000s omitted)		$1,992			$1,746			$628			$625			$744			$718			$719

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

22 Wells Fargo Advantage Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30
ADMINISTRATOR CLASS				2013			2012			2011			20101			2010			2009
Net asset value, beginning of period	$	12.47		$	10.42		$	9.68		$	10.28		$	9.83		$	9.59		$	11.67
Net investment income		0.14	2		0.19	2		0.21	2		0.05	2		0.00	2,3		0.12	2		0.16	2
Net realized and unrealized gains (losses) on investments		0.10			2.47			0.53			(0.52	)		0.45			0.26			(0.70	)
Total from investment operations		0.24			2.66			0.74			(0.47	)		0.45			0.38			(0.54	)
Distributions to shareholders from
Net investment income		(0.20	)		(0.61	)		0.00			(0.13	)		0.00			(0.14	)		(0.26	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(1.28	)
Total distributions to shareholders		(0.20	)		(0.61	)		0.00			(0.13	)		0.00			(0.14	)		(1.54	)
Net asset value, end of period	$	12.51		$	12.47		$	10.42		$	9.68		$	10.28		$	9.83		$	9.59
Total return4		1.89	%		26.85	%		7.64	%		(4.69	)%		4.58	%		3.87	%		(0.66	)%
Ratios to average net assets (annualized)
Gross expenses		1.62	%		1.74	%		1.52	%		1.35	%		1.38	%		1.46	%		1.58	%
Net expenses		1.25	%		1.25	%		1.25	%		1.24	%		1.25	%		1.22	%		1.25	%
Net investment income		2.28	%		1.72	%		2.11	%		0.44	%		0.75	%		1.31	%		2.02	%
Supplemental data
Portfolio turnover rate		13	%		40	%		57	%		53	%		5	%		64	%		123	%
Net assets, end of period (000s omitted)		$8,178			$8,195			$3,504			$3,421			$202,247			$193,626			$261,004

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Diversified International Fund 23

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30
INSTITUTIONAL CLASS				2013			2012			2011			20101			2010			2009
Net asset value, beginning of period	$	11.79		$	10.20		$	9.69		$	10.29		$	9.84		$	9.60		$	11.69
Net investment income		0.14	2		0.20	2		0.19	2		0.23			0.00	2,3		0.15	2		0.18	2
Net realized and unrealized gains (losses) on investments		0.10			2.37			0.51			(0.68	)		0.45			0.24			(0.70	)
Total from investment operations		0.24			2.57			0.70			(0.45	)		0.45			0.39			(0.52	)
Distributions to shareholders from
Net investment income		(0.28	)		(0.98	)		(0.19	)		(0.15	)		0.00			(0.15	)		(0.29	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(1.28	)
Total distributions to shareholders		(0.28	)		(0.98	)		(0.19	)		(0.15	)		0.00			(0.15	)		(1.57	)
Net asset value, end of period	$	11.75		$	11.79		$	10.20		$	9.69		$	10.29		$	9.84		$	9.60
Total return4		1.99	%		27.28	%		7.51	%		(4.48	)%		4.57	%		4.13	%		(0.41	)%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.50	%		1.20	%		1.03	%		1.11	%		1.19	%		1.31	%
Net expenses		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%		0.96	%		0.99	%
Net investment income		2.41	%		1.94	%		1.96	%		2.17	%		1.00	%		1.63	%		2.30	%
Supplemental data
Portfolio turnover rate		13	%		40	%		57	%		53	%		5	%		64	%		123	%
Net assets, end of period (000s omitted)		$2,068			$2,406			$7,367			$419,925			$199,081			$194,651			$69,698

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

24 Wells Fargo Advantage Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31												Year ended September 30
INVESTOR CLASS				2013			2012			2011			20101			2010			2009
Net asset value, beginning of period	$	12.20		$	10.21		$	9.65		$	10.26		$	9.81		$	9.58		$	11.68
Net investment income		0.12	2		0.18	2		0.18			0.13			0.00	2,3		0.11	2		0.14	2
Net realized and unrealized gains (losses) on investments		0.10			2.40			0.52			(0.63	)		0.45			0.24			(0.70	)
Total from investment operations		0.22			2.58			0.70			(0.50	)		0.45			0.35			(0.56	)
Distributions to shareholders from
Net investment income		(0.18	)		(0.59	)		(0.14	)		(0.11	)		0.00			(0.12	)		(0.26	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(1.28	)
Total distributions to shareholders		(0.18	)		(0.59	)		(0.14	)		(0.11	)		0.00			(0.12	)		(1.54	)
Net asset value, end of period	$	12.24		$	12.20		$	10.21		$	9.65		$	10.26		$	9.81		$	9.58
Total return4		1.79	%		26.54	%		7.43	%		4.97	%		4.59	%		3.74	%		(0.82	)%
Ratios to average net assets (annualized)
Gross expenses		1.84	%		1.97	%		1.74	%		1.54	%		1.61	%		1.73	%		1.87	%
Net expenses		1.46	%		1.46	%		1.46	%		1.46	%		1.46	%		1.43	%		1.46	%
Net investment income		2.05	%		1.67	%		1.91	%		1.43	%		0.54	%		1.18	%		1.75	%
Supplemental data
Portfolio turnover rate		13	%		40	%		57	%		53	%		5	%		64	%		123	%
Net assets, end of period (000s omitted)		$50,158			$48,421			$39,152			$40,456			$48,070			$46,282			$47,569

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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 are translated into 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 April 30, 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.

26 Wells Fargo Advantage Diversified International 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 are translated into 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. 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 included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

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

Security loans

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 2013, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	No expiration
2017	Short-term	Long-term
$89,306,475	$7,627,167	$6,498,491

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.

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

As of April 30, 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
Australia	$	2,390,089	$	0	$	0	$	2,390,089
Austria		403,094		0		0		403,094
Belgium		1,656,529		0		0		1,656,529
Brazil		377,408		0		0		377,408
Canada		2,057,349		0		0		2,057,349
China		4,757,879		0		0		4,757,879
Czech Republic		96,212		0		0		96,212
Denmark		286,146		0		0		286,146
Finland		158,438		0		0		158,438
France		5,362,148		0		0		5,362,148
Germany		10,596,429		0		0		10,596,429
Hong Kong		3,032,691		0		0		3,032,691
India		711,562		0		0		711,562
Indonesia		206,794		0		0		206,794
Ireland		1,057,048		0		0		1,057,048
Israel		443,762		0		0		443,762
Italy		2,258,833		0		0		2,258,833
Japan		15,997,056		0		0		15,997,056
Liechtenstein		139,507		0		0		139,507
Malaysia		76,527		0		0		76,527
Mexico		667,651		0		0		667,651
Netherlands		3,279,147		0		0		3,279,147
Nigeria		7,049		0		0		7,049
Norway		1,472,567		0		0		1,472,567
Poland		87,692		0		0		87,692
Russia		859,821		235,023		0		1,094,844
South Africa		242,294		0		0		242,294
South Korea		2,481,646		0		0		2,481,646
Spain		545,885		0		0		545,885
Sweden		1,616,560		0		0		1,616,560
Switzerland		7,735,496		0		0		7,735,496
Taiwan		74,412		0		0		74,412
Thailand		133,894		0		0		133,894
United Kingdom		15,348,217		12,506		0		15,360,723
United States		1,320,462		0		0		1,320,462
Preferred stocks
Brazil		235,151		0		0		235,151
Germany		440,884		0		0		440,884
Participation notes		0		362,163		0		362,163
Short-term investments
Investment companies		1,962,886		3,582,356		0		5,545,242
	$	90,577,215	$	4,192,048	$	0	$	94,769,263

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

As of April 30, 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
Forward foreign currency contracts	$	0	$	(33,251	)*	$	0	$	(33,251	)

* Amount represents the net unrealized losses.

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.85% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2014, the advisory fee was equivalent to an annual rate of 0.85% of the Fund’s average daily net assets.

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

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

Administration and transfer agent fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.41% for Class A shares, 2.16% for Class B shares, 2.16% for Class C shares, 1.25% for Administrator Class shares, 0.99% for Institutional Class shares, and 1.46% for Investor Class shares.

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

Distribution fees

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

For the six months ended April 30, 2014, Wells Fargo Funds Distributor, LLC received $2,100 from the sale of Class A shares and $650 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2014 were $13,561,562 and $11,522,086, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2014, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2014, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver			U.S. value at April 30, 2014		In exchange for U.S. $		Unrealized losses
7-8-2014	Barclays		270,813,800	JPY	$	2,649,979	$	2,616,728	$	(33,251	)

The Fund had average contract amounts of $72,667 and $2,632,809 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2014.

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

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 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 derivatives. Cash collateral that has been pledged to cover obligations of the Fund under the ISDA Master Agreements or similar agreements, 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 liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements		Collateral pledged		Net amount of liabilities
Forward foreign currency contracts	Barclays	$33,251*	$	0	$	0	$	33,251

* Amount represents net unrealized losses.

Notes to financial statements (unaudited) Wells Fargo Advantage Diversified International Fund 31

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2014, the Fund paid $44 in commitment fees.

For the six months ended April 30, 2014, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

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

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2013. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$90,738	$0.0123	93.48%

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.

SPECIAL MEETING OF SHAREHOLDERS

On February 14, 2014, a Special Meeting of Shareholders for the Fund was held to consider the following proposal. The results of the proposal are indicated below.

Proposal 1 – To approve a new subadvisory agreement with Artisan Partners Limited Partnership:

Net assets voted “For”	$	35,499,093
Net assets voted “Against”	$	2,154,540
Net assets voted “Abstain”	$	7,564,803

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ 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 funds 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

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

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

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

Officers

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

1. Jeremy DePalma acts as Treasurer of 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 Diversified International Fund 35

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

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

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. 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-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 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-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Advisers is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but 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-Advisers under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the 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

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

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 or in range of its benchmark, the MSCI EAFE Index (Net), for the one-, three- and five-year periods and lower than its benchmark for the ten-year period.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and the benchmark for the ten-year period. 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-Advisers 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 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-Advisers for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rates for the Fund’s expense Groups for all share classes except the Fund’s Investor Class, the Management Rate of which was higher than the average rate of its expense Group. The Board noted, however, that the net operating expense ratio of the Fund’s Investor Class was in range of the median net operating expense ratio 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-Advisers 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-Advisers, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and WellsCap, the Board ascribed limited relevance to the allocation of the total advisory fee between them. The Board also considered that the sub-advisory fees paid to Artisan and LSV had been negotiated by Funds Management on an arm’s-length basis.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients 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 Diversified International Fund 37

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 WellsCap, because its profitability information was subsumed in the collective Wells Fargo profitability analysis. The Board also did not consider profitability with respect to Artisan or LSV, as the sub-advisory fees paid to Artisan and LSV had been negotiated by Funds Management on an arm’s-length basis.

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-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including WellsCap, and Artisan and LSV 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-Advisers’ 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-Advisers, fees earned by Funds Management and the Sub-Advisers 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 WellsCap, or either Artisan or LSV 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-Advisers is reasonable.

38 Wells Fargo Advantage Diversified International Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

225166 06-14 SA237/SAR237 04-14

Wells Fargo Advantage

Emerging Markets Equity Fund

Semi-Annual Report

April 30, 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	27
List of abbreviations	33

The views expressed and any forward-looking statements are as of April 30, 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 Emerging Markets Equity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates.

Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Emerging Markets Equity Fund for the six-month period that ended April 30, 2014. The period was marked by growing concern about an economic slowdown in China and heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine. The environment created a headwind for many emerging markets, even as continued economic recovery in Europe helped most developed stock markets end the period with gains.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various quantitative easing policies. The U.S. Federal Reserve (Fed) remained a major source of liquidity for market participants around the world. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate near zero in order to support the economy and the financial system. At the beginning of the reporting period, the FOMC was still making open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market and was purchasing $45 billion per month in long-term U.S. Treasuries. However, in mid-December 2013, the FOMC announced that it would reduce (or taper) its bond-buying program by $10 billion per month beginning in January 2014. Although the tapering was less aggressive than some investors had feared, the removal of liquidity sparked a sell-off in emerging markets stocks and currencies as investors sold higher-risk assets.

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates. In November 2013, the ECB cut its key rate to a historic low of 0.25%. The ECB’s actions helped support moderate year-over-year gross domestic product (GDP) growth in the eurozone.

Most developed regions gained, but emerging and developed Asian markets lagged.

For the six-month period, the MSCI EAFE Index (Net)¹, a proxy for developed markets, returned 4.44%, while the MSCI Emerging Markets Index (Net)² returned -2.98%.

In Europe, economic data continued to show moderate growth, with reported GDP for the 28 countries in the European Union rising by 0.4% in the fourth quarter of 2013 compared with the previous quarter. The unemployment rate remained high but stable at 10.5% in February and March 2014, while inflation remained consistently below a 1% annual rate. Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains. The ongoing turmoil in Ukraine did result in some stock market volatility, but as of the end of the reporting period, most investors believed that it would not result in war.

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

2. The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) 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.

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

Asian markets posted mixed results, with political issues accounting for many of those differences. In countries such as India and Indonesia, investors were optimistic that upcoming elections might sweep in more reform-minded governments. By contrast, in Japan, the honeymoon for Prime Minister Shinzō Abe appeared to be ending, with investors worrying that his reforms were not taking effect as quickly as originally hoped.

As for China, many of the country’s economic numbers—such as national production, retail sales, fixed investment, and manufacturing activity—came in below analyst expectations, causing investor concern. In addition, China’s government has allowed a growing number of defaults in the country’s financial system as part of a long-term plan to rein in credit growth.

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 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

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 Emerging Markets Equity Fund Performance highlights (unaudited)

This Fund is closed to new investors¹.

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Derrick Irwin, CFA

Yi (Jerry) Zhang, Ph.D, CFA

Richard Peck, CFA²

Average annual total returns³ (%) as of April 30, 2014

		Including sales charge							Excluding sales charge							Expense ratios4 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net5
Class A (EMGAX)	9-6-1994		(8.98	)		9.80		11.68		(3.42	)		11.11		12.35		1.67		1.67
Class B (EMGBX)	9-6-1994		(8.93	)		10.02		11.78		(4.14	)		10.29		11.78		2.42		2.42
Class C (EMGCX)	9-6-1994		(5.17	)		10.28		11.52		(4.17	)		10.28		11.52		2.42		2.42
Class R6 (EMGDX)	6-28-2013		–			–		–		(2.93	)		11.57		12.74		1.19		1.19
Administrator Class (EMGYX)	9-6-1994		–			–		–		(3.28	)		11.32		12.62		1.51		1.51
Institutional Class (EMGNX)	7-30-2010		–			–		–		(3.01	)		11.55		12.73		1.24		1.24
MSCI Emerging Markets Index (Net)6	–		–			–		–		(1.84	)		11.08		11.09		–		–

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

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

Please see footnotes on page 5.

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

Ten largest equity holdings7 (%) as of April 30, 2014
Taiwan Semiconductor Manufacturing Company Limited	4.88
Samsung Electronics Company Limited	4.56
Banco Bradesco SA ADR	2.50
China Mobile Limited	2.31
Fomento Economico Mexicano SAB de CV ADR	2.22
Lojas Americanas SA	1.96
Ambev SA ADR	1.91
China Life Insurance Company Limited	1.78
Reliance Industries Limited	1.75
CNOOC Limited	1.72

Sector distribution⁸ as of April 30, 2014

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

2. Effective May 2, 2014, Richard Peck became a portfolio manager of the Fund.

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

4. 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.

5. The Adviser has committed through February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.67% for Class A, 2.42% for Class B, 2.42% for Class C, 1.18% for Class R6, 1.50% for Administrator Class, and 1.23% 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.

6. The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) 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. 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.

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

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

6 Wells Fargo Advantage Emerging Markets Equity Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	959.12	$	7.97		1.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.66	$	8.20		1.64	%
Class B
Actual	$	1,000.00	$	956.08	$	11.54		2.38	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.99	$	11.88		2.38	%
Class C
Actual	$	1,000.00	$	955.75	$	11.59		2.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.94	$	11.93		2.39	%
Class R6
Actual	$	1,000.00	$	962.23	$	5.64		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.04	$	5.81		1.16	%
Administrator Class
Actual	$	1,000.00	$	960.00	$	7.19		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.46	$	7.40		1.48	%
Institutional Class
Actual	$	1,000.00	$	961.45	$	5.88		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.79	$	6.06		1.21	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 7

Security name	Shares		Value
Common Stocks: 90.13%
Argentina: 0.31%
MercadoLibre Incorporated (Information Technology, Internet Software & Services) «		166,800	$	15,557,436
Brazil: 12.50%
All America Latina Logistica SA (Industrials, Road & Rail)		12,932,870		51,215,267
Ambev SA ADR (Consumer Staples, Beverages)		13,177,000		95,533,250
B2W Companhia Global Do Varejo (Consumer Discretionary, Internet & Catalog Retail) †		2,135,690		23,734,678
Banco Bradesco SA ADR (Financials, Banks)		8,412,708		125,096,968
BM&F Bovespa SA (Financials, Diversified Financial Services)		10,724,000		54,828,389
BRF Brasil Foods SA ADR (Consumer Staples, Food Products) «		1,106,278		25,001,883
Brookfield Incorporacoes SA (Financials, Real Estate Management & Development) †		4,603,572		2,952,397
CCR SA (Industrials, Transportation Infrastructure)		1,553,200		12,155,327
CETIP SA (Financials, Capital Markets)		4,482,537		57,113,522
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		1,456,600		42,853,665
Multiplan Empreendimentos lmobilianios SA (Financials, Real Estate Management & Development)		1,421,200		31,410,129
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels)		2,483,200		34,466,816
Petroleo Brasileiro SA ADR Class A (Energy, Oil, Gas & Consumable Fuels)		2,302,953		34,083,704
Raia Drogasil SA (Consumer Staples, Food & Staples Retailing)		2,322,600		19,791,187
Vale SA ADR (Materials, Metals & Mining)		1,221,636		16,150,028
				626,387,210
Chile: 1.12%
Banco Santander Chile SA ADR (Financials, Banks)		1,207,700		29,310,879
Inversiones La Construccion (Financials, Diversified Financial Services)		100,000		1,315,894
SACI Falabella (Consumer Discretionary, Multiline Retail)		2,992,077		25,452,977
				56,079,750
China: 15.52%
51Job Incorporated ADR (Industrials, Professional Services) Ǡ		611,191		41,218,721
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		199,700		30,723,845
China Life Insurance Company Limited (Financials, Insurance)		34,505,290		88,923,016
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		12,185,165		115,832,897
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		52,180,000		86,282,976
Ctrip.com International Limited ADR (Consumer Discretionary, Internet & Catalog Retail) †		924,016		43,188,508
First Tractor Company (Industrials, Machinery)		7,532,000		4,410,615
Hengan International Group Company Limited (Consumer Staples, Personal Products)		5,070,000		53,394,579
New Oriental Education & Technology Group Incorporated (Consumer Discretionary, Diversified Consumer Services)		1,981,182		47,944,604
PetroChina Company Limited (Energy, Oil, Gas & Consumable Fuels)		28,370,000		32,860,086
Shandong Weigao Group Medical Polymer Company Limited Class H (Health Care, Health Care Equipment & Supplies)		8,600,000		8,652,190
Sichuan Expressway Company (Industrials, Transportation Infrastructure)		22,984,000		6,877,754
SINA Corporation (Information Technology, Internet Software & Services) †		1,691,907		80,873,155
Tingyi Holding Corporation (Consumer Staples, Food Products)		23,128,000		64,286,291
Tsingtao Brewery Company Limited (Consumer Staples, Beverages)		7,652,000		55,714,973
Weibo Corporation ADR (Information Technology, Internet Software & Services) «†		834,900		16,330,644
				777,514,854
Colombia: 0.73%
Bancolombia SA ADR (Financials, Banks) «		642,900		36,600,297

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

8 Wells Fargo Advantage Emerging Markets Equity Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Shares		Value
Hong Kong: 4.03%
AIA Group Limited (Financials, Insurance)		13,761,400	$	66,739,582
Belle International Holdings Limited (Consumer Discretionary, Specialty Retail)		61,216,000		63,403,541
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		15,985,000		15,277,907
Li Ning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «†		13,706,500		9,546,702
Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		3,033,500		5,000,436
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing) «		26,254,500		34,202,523
Texwinca Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,164,000		7,697,215
				201,867,906
India: 6.85%
Bharti Airtel Limited (Telecommunication Services, Wireless Telecommunication Services)		4,838,728		26,317,578
Bharti Infratel Limited (Industrials, Construction & Engineering)		5,218,871		18,659,530
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		2,250,700		33,507,686
ICICI Bank Limited ADR (Financials, Banks)		1,688,355		72,042,108
Infosys Technologies Limited ADR (Information Technology, IT Services)		738,115		39,644,157
ITC Limited (Consumer Staples, Tobacco)		9,882,640		55,832,041
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)		3,164,200		49,093,233
Reliance Industries Limited GDR (Energy, Oil, Gas & Consumable Fuels) 144A		1,246,587		38,644,197
Ultra Tech Cement Limited (Materials, Construction Materials)		286,000		9,612,284
				343,352,814
Indonesia: 1.14%
PT Astra International Tbk (Consumer Discretionary, Automobiles)		13,851,000		8,895,357
PT Bank Central Asia Tbk (Financials, Banks)		9,299,500		8,847,857
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail) †		6,774,200		8,788,911
PT Telekomunik Indonesia Persoro Tbk (Telecommunication Services, Diversified Telecommunication Services) «		768,877		30,524,417
				57,056,542
Israel: 0.28%
Israel Chemicals Limited (Materials, Chemicals)		1,569,600		13,906,642
Malaysia: 1.37%
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,980,900		23,951,254
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		15,996,300		20,671,991
KLCC Property Holdings Bhd (Financials, REITs)		3,437,900		7,011,610
Sime Darby Bhd (Industrials, Industrial Conglomerates)		5,865,937		16,957,417
				68,592,272
Mexico: 11.72%
America Movil SAB de CV ADR (Telecommunication Services, Wireless Telecommunication Services)		3,783,420		75,971,074
Cemex SAB de CV ADR (Materials, Construction Materials) †		5,012,988		63,364,165
Fibra Uno Administracion SAB de CV (Financials, REITs)		19,202,159		62,951,642
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples, Beverages)		1,223,400		111,048,018
Grupo Financiero Banorte SAB de CV (Financials, Banks)		11,714,711		77,804,073
Grupo Financiero Santander SAB de CV ADR (Financials, Banks) «		2,173,641		25,866,328
Grupo Sanborns SA de CV (Consumer Discretionary, Multiline Retail)		4,264,153		7,089,131
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		2,385,000		78,251,850
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		33,527,100		84,825,210
				587,171,491

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 9

Security name	Shares		Value
Peru: 0.36%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining)		1,373,600	$	17,856,800
Philippines: 0.47%
Ayala Corporation (Financials, Diversified Financial Services)		632,624		8,855,033
Metropolitan Bank & Trust Company (Financials, Banks)		3,650,521		6,935,826
SM Investments Corporation (Industrials, Industrial Conglomerates)		476,582		7,750,605
				23,541,464
Russia: 4.08%
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		1,011,249		53,444,510
Magnit (Consumer Staples, Food & Staples Retailing) (a)		99,300		19,703,306
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)		3,417,800		57,282,328
Sberbank of Russia (Financials, Banks) (a)		5,517,377		11,231,498
Sberbank of Russia ADR (Financials, Banks)		2,181,195		18,282,776
Yandex NV Class A (Information Technology, Internet Software & Services) †		1,675,106		44,390,309
				204,334,727
South Africa: 5.52%
Anglo American Platinum Limited (Materials, Metals & Mining) †		106,832		5,077,325
AngloGold Ashanti Limited ADR (Materials, Metals & Mining)		1,077,592		19,504,415
Clicks Group Limited (Consumer Staples, Food & Staples Retailing)		1,020,000		6,219,571
Gold Fields Limited ADR (Materials, Metals & Mining)		960,700		4,063,761
Impala Platinum Holdings Limited (Materials, Metals & Mining)		1,290,758		14,526,472
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services) «		2,112,643		42,333,185
Sasol Limited (Energy, Oil, Gas & Consumable Fuels)		470,000		26,371,018
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)		3,508,100		58,584,486
Standard Bank Group Limited (Financials, Banks)		2,265,190		29,730,282
Tiger Brands Limited (Consumer Staples, Food Products)		2,615,333		69,889,712
				276,300,227
South Korea: 9.58%
Amorepacific Corporation (Consumer Staples, Personal Products)		8,490		10,968,886
KB Financial Group Incorporated (Financials, Banks)		330,000		11,241,653
KB Financial Group Incorporated ADR (Financials, Banks)		93,117		3,196,707
KT Corporation ADR (Telecommunication Services, Diversified Telecommunication Services)		4,054,813		64,512,075
KT&G Corporation (Consumer Staples, Tobacco)		939,891		75,314,986
Lotte Chilsung Beverage Company Limited (Consumer Staples, Beverages)		2,855		4,318,557
Lotte Confectionery Company Limited (Consumer Staples, Food Products)		1,977		3,386,519
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		175,736		228,407,479
Samsung Life Insurance Company Limited (Financials, Insurance)		672,337		62,529,358
Shinhan Financial Group Company Limited (Financials, Banks)		365,945		15,936,829
				479,813,049
Taiwan: 8.50%
104 Corporation (Industrials, Commercial Services & Supplies)		1,655,000		6,275,167
Far Eastern New Century Corporation (Industrials, Industrial Conglomerates)		27,145,760		27,776,806
Fuhwa Financial Holdings Company Limited (Financials, Capital Markets)		48,050,750		23,947,407
Media Tek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		1,998,881		31,242,858
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)		3,475,000		25,834,078

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

10 Wells Fargo Advantage Emerging Markets Equity Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name						Shares		Value
Taiwan (continued)
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)							13,135,224	$	51,543,945
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment)							9,597,852		192,916,825
Uni-President Enterprises Corporation (Consumer Staples, Food Products)							39,300,480		66,502,898
									426,039,984
Thailand: 3.56%
Bangkok Bank PCL (Financials, Banks)							3,729,800		21,784,061
PTT Exploration & Production PCL ADR (Energy, Oil, Gas & Consumable Fuels)							5,903,739		29,099,084
PTT PCL (Energy, Oil, Gas & Consumable Fuels)							3,290,200		31,722,571
Siam Commercial Bank PCL (Financials, Banks)							9,505,100		47,877,976
Thai Beverage PCL (Consumer Staples, Beverages)							101,627,000		47,826,378
									178,310,070
Turkey: 1.03%
Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples, Beverages)							2,900,453		34,683,734
Turkcell Iletisim Hizmetleri AS ADR (Telecommunication Services, Wireless Telecommunication Services) †							1,181,462		17,107,570
									51,791,304
United Kingdom: 1.46%
African Barrick Gold Limited (Materials, Metals & Mining)							1,428,500		5,988,694
Standard Chartered Bank plc (Financials, Banks)							3,099,560		67,064,672
									73,053,366
Total Common Stocks (Cost $4,264,818,327)									4,515,128,205
	Interest rate			Maturity date		Principal
Convertible Debentures: 0.00%
Brazil: 0.00%
Lupatech SA (Energy, Energy Equipment & Services) (a)(s)(i)		6.50	%		4-15-2018	$	303,000		4,783
Total Convertible Debentures (Cost $160,691)									4,783
	Dividend yield					Shares
Preferred Stocks: 2.25%
Brazil: 2.25%
Lojas Americanas SA (Consumer Discretionary, Multiline Retail) ±		0.54					12,980,903		98,328,266
Vale SA ADR (Materials, Metals & Mining) ±		6.81					1,203,500		14,285,545
Total Preferred Stocks (Cost $109,703,904)									112,613,811

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 11

Security name				Expiration date		Shares		Value
Warrants: 0.02%
Malaysia: 0.02%
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure) †					12-18-2018		1,070,225	$	947,160
Total Warrants (Cost $504,268)									947,160
	Yield
Short-Term Investments: 8.41%
Investment Companies: 8.41%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%				331,469,390		331,469,390
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.11					90,015,597		90,015,597
Total Short-Term Investments (Cost $421,484,987)									421,484,987

Total investments in securities (Cost $4,796,672,177) *	100.81	%		5,050,178,946
Other assets and liabilities, net	(0.81	)		(40,544,615	)
Total net assets	100.00	%	$	5,009,634,331

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

† Non-income-earning security

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

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(s) Security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on this security.

(i) Illiquid security

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

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended.

(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 $4,805,520,997 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	580,309,925
Gross unrealized depreciation		(335,651,976	)
Net unrealized appreciation	$	244,657,949

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

12 Wells Fargo Advantage Emerging Markets Equity Fund Statement of assets and liabilities—April 30, 2014 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	4,628,693,959
In affiliated securities, at value (see cost below)		421,484,987
Total investments, at value (see cost below)		5,050,178,946
Foreign currency, at value (see cost below)		47,812,974
Receivable for investments sold		1,747,525
Receivable for Fund shares sold		11,024,376
Receivable for dividends		12,381,005
Receivable for securities lending income		145,455
Prepaid expenses and other assets		239,350
Total assets		5,123,529,631
Liabilities
Payable for investments purchased		10,347,110
Payable for Fund shares redeemed		8,077,037
Payable upon receipt of securities loaned		90,015,597
Advisory fee payable		4,133,238
Distribution fees payable		98,543
Due to other related parties		806,530
Accrued expenses and other liabilities		417,245
Total liabilities		113,895,300
Total net assets	$	5,009,634,331
NET ASSETS CONSIST OF
Paid-in capital	$	4,787,387,375
Overdistributed net investment income		(1,530,744	)
Accumulated net realized losses on investments		(30,174,246	)
Net unrealized gains on investments		253,951,946
Total net assets	$	5,009,634,331
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	1,503,926,490
Shares outstanding – Class A		72,010,994
Net asset value per share – Class A		$20.88
Maximum offering price per share – Class A2		$22.15
Net assets – Class B	$	7,405,665
Shares outstanding – Class B		414,960
Net asset value per share – Class B		$17.85
Net assets – Class C	$	149,750,215
Shares outstanding – Class C		8,454,911
Net asset value per share – Class C		$17.71
Net assets – Class R6	$	31,404,773
Share outstanding – Class R6		1,434,326
Net asset value per share – Class R6		$21.90
Net assets – Administrator Class	$	1,009,740,333
Shares outstanding – Administrator Class		46,225,679
Net asset value per share – Administrator Class		$21.84
Net assets – Institutional Class	$	2,307,406,855
Shares outstanding – Institutional Class		105,396,570
Net asset value per share – Institutional Class		$21.89
Investments in unaffiliated securities (including securities on loan), at cost	$	4,375,187,190
Investments in affiliated securities, at cost	$	421,484,987
Total investments, at cost	$	4,796,672,177
Securities on loan, at value	$	86,624,420
Foreign currency, at cost	$	47,366,075

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

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

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

Statement of operations—six months ended April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 13

Investment income
Dividends *	$	38,341,818
Securities lending income, net		293,545
Income from affiliated securities		137,077
Total investment income		38,772,440
Expenses
Advisory fee		23,486,612
Administration fees
Fund level		1,176,931
Class A		1,780,748
Class B		11,179
Class C		203,148
Class R6		2,951
Administrator Class		489,030
Institutional Class		870,899
Shareholder servicing fees
Class A		1,712,257
Class B		10,749
Class C		195,335
Administrator Class		1,222,576
Distribution fees
Class B		32,247
Class C		586,004
Custody and accounting fees		1,385,740
Professional fees		32,455
Registration fees		96,924
Shareholder report expenses		340,924
Trustees’ fees and expenses		7,012
Other fees and expenses		49,491
Total expenses		33,693,212
Less: Fee waivers and/or expense reimbursements		(1,183	)
Net expenses		33,692,029
Net investment income		5,080,411
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		3,998,615
Forward foreign currency contract transactions		19,502
Net realized gains on investments		4,018,117
Net change in unrealized gains (losses) on investments		(179,253,691	)
Net realized and unrealized gains (losses) on investments		(175,235,574	)
Net decrease in net assets resulting from operations	$	(170,155,163	)
* Net of foreign dividend withholding taxes in the amount of		$4,601,439

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

14 Wells Fargo Advantage Emerging Markets Equity Fund Statement of changes in net assets

	Six months ended April 30, 2014 (unaudited)						Year ended October 31, 2013
Operations
Net investment income				$	5,080,411					$	12,209,161
Net realized gains on investments					4,018,117						1,113,672
Net change in unrealized gains (losses) on investments					(179,253,691	)					244,438,794
Net increase (decrease) in net assets resulting from operations					(170,155,163	)					257,761,627
Distributions to shareholders from
Net investment income
Class A					0						(3,231,840	)
Class R6					(45,340	)					0	1
Administrator Class					(1,783,180	)					(2,897,616	)
Institutional Class					(8,965,400	)					(8,737,710	)
Total distributions to shareholders					(10,793,920	)					(14,867,166	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		25,030,104			502,545,004			28,971,650			605,658,364
Class B		783			13,808			11,463			209,001
Class C		467,031			8,256,062			2,205,697			39,795,022
Class R6		1,241,969			26,697,357			210,344	1		4,448,474	1
Administrator Class		9,116,897			195,213,192			31,335,752			688,002,016
Institutional Class		21,147,265			455,727,856			63,246,185			1,394,231,709
					1,188,453,279						2,732,344,586
Reinvestment of distributions
Class A		0			0			146,282			3,088,018
Class R6		2,064			45,340			0	1		0	1
Administrator Class		75,992			1,668,033			114,076			2,516,527
Institutional Class		367,774			8,083,670			319,622			7,057,247
					9,797,043						12,661,792
Payment for shares redeemed
Class A		(13,030,437	)		(266,421,331	)		(14,063,418	)		(296,152,744	)
Class B		(178,782	)		(3,157,259	)		(291,772	)		(5,279,461	)
Class C		(1,373,821	)		(23,792,659	)		(3,321,740	)		(59,348,476	)
Class R6		(20,051	)		(420,201	)		0	1		0	1
Administrator Class		(9,073,566	)		(194,446,796	)		(14,941,011	)		(328,112,979	)
Institutional Class		(11,624,242	)		(248,971,953	)		(22,780,680	)		(500,047,525	)
					(737,210,199	)					(1,188,941,185	)
Net increase in net assets resulting from capital share transactions					461,040,123						1,556,065,193
Total increase in net assets					280,091,040						1,798,959,654
Net assets
Beginning of period					4,729,543,291						2,930,583,637
End of period				$	5,009,634,331					$	4,729,543,291
Undistributed (overdistributed) net investment income				$	(1,530,744	)				$	4,182,765

1. For the period from June 28, 2013 (commencement of class operations) to October 31, 2013.

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS A				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	21.77		$	20.48		$	20.93		$	21.65		$	16.99		$	12.90
Net investment income		0.00	3		0.02			0.10			0.08			0.04	2		0.04	2
Net realized and unrealized gains (losses) on investments		(0.89	)		1.33			(0.19	)		(0.80	)		4.63			5.98
Total from investment operations		(0.89	)		1.35			(0.09	)		(0.72	)		4.67			6.02
Distributions to shareholders from
Net investment income		0.00			(0.06	)		(0.14	)		(0.00	)3		(0.01	)		(0.12	)
Net realized gains		0.00			0.00			(0.22	)		0.00			0.00			(1.81	)
Total distributions to shareholders		0.00			(0.06	)		(0.36	)		(0.00	)3		(0.01	)		(1.93	)
Net asset value, end of period	$	20.88		$	21.77		$	20.48		$	20.93		$	21.65		$	16.99
Total return4		(4.09	)%		6.62	%		(0.31	)%		(3.32	)%		27.51	%		57.88	%
Ratios to average net assets (annualized)
Gross expenses		1.64	%		1.65	%		1.67	%		1.68	%		1.91	%		2.04	%
Net expenses		1.64	%		1.65	%		1.67	%		1.68	%		1.89	%		2.03	%
Net investment income		0.00	%		0.15	%		0.51	%		0.44	%		0.27	%		0.29	%
Supplemental data
Portfolio turnover rate		3	%		13	%		7	%		5	%		6	%		23	%
Net assets, end of period (000s omitted)		$1,503,926			$1,306,269			$920,709			$917,633			$820,716			$357,354

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class A of Evergreen Emerging Markets Growth Fund.

2. Calculated based upon average shares outstanding.

3. Amount is less than $0.005.

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

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

16 Wells Fargo Advantage Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS B				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	18.67		$	17.64		$	18.06		$	18.82		$	14.87		$	11.51
Net investment loss		(0.07	)2		(0.12	)2		(0.05	)2		(0.08	)2		(0.09	)2		(0.03	)
Net realized and unrealized gains (losses) on investments		(0.75	)		1.15			(0.15	)		(0.68	)		4.04			5.20
Total from investment operations		(0.82	)		1.03			(0.20	)		(0.76	)		3.95			5.17
Distributions to shareholders from
Net realized gains		0.00			0.00			(0.22	)		0.00			0.00			(1.81	)
Net asset value, end of period	$	17.85		$	18.67		$	17.64		$	18.06		$	18.82		$	14.87
Total return3		(4.39	)%		5.84	%		(1.06	)%		(4.04	)%		26.56	%		56.75	%
Ratios to average net assets (annualized)
Gross expenses		2.38	%		2.39	%		2.41	%		2.43	%		2.66	%		2.80	%
Net expenses		2.38	%		2.39	%		2.41	%		2.43	%		2.64	%		2.79	%
Net investment loss		(0.79	)%		(0.64	)%		(0.28	)%		(0.39	)%		(0.54	)%		(0.43	)%
Supplemental data
Portfolio turnover rate		3	%		13	%		7	%		5	%		6	%		23	%
Net assets, end of period (000s omitted)		$7,406			$11,071			$15,408			$21,652			$30,989			$25,499

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class B of Evergreen Emerging Markets Growth Fund.

2. Calculated based upon average shares outstanding.

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS C				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	18.53		$	17.51		$	17.92		$	18.68		$	14.77		$	11.44
Net investment loss		(0.07	)2		(0.11	)2		(0.06	)		(0.06	)2		(0.08	)2		(0.05	)
Net realized and unrealized gains (losses) on investments		(0.75	)		1.13			(0.13	)		(0.70	)		3.99			5.19
Total from investment operations		(0.82	)		1.02			(0.19	)		(0.76	)		3.91			5.14
Distributions to shareholders from
Net realized gains		0.00			0.00			(0.22	)		0.00			0.00			(1.81	)
Net asset value, end of period	$	17.71		$	18.53		$	17.51		$	17.92		$	18.68		$	14.77
Total return3		(4.43	)%		5.83	%		(1.01	)%		(4.07	)%		26.47	%		56.84	%
Ratios to average net assets (annualized)
Gross expenses		2.39	%		2.39	%		2.42	%		2.43	%		2.66	%		2.79	%
Net expenses		2.39	%		2.39	%		2.42	%		2.43	%		2.64	%		2.78	%
Net investment loss		(0.76	)%		(0.62	)%		(0.24	)%		(0.32	)%		(0.50	)%		(0.46	)%
Supplemental data
Portfolio turnover rate		3	%		13	%		7	%		5	%		6	%		23	%
Net assets, end of period (000s omitted)		$149,750			$173,454			$183,471			$200,796			$193,300			$121,216

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class C of Evergreen Emerging Markets Growth Fund.

2. Calculated based upon average shares outstanding.

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

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

18 Wells Fargo Advantage Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

CLASS R6	Six months ended April 30, 2014 (unaudited)			Year ended October 31, 20131
Net asset value, beginning of period	$	22.86		$	20.89
Net investment income		0.06	2		0.01	2
Net realized and unrealized gains (losses) on investments		(0.92	)		1.96
Total from investment operations		(0.86	)		1.97
Distributions to shareholders from
Net investment income		(0.10	)		0.00
Net asset value, end of period	$	21.90		$	22.86
Total return3		(3.78	)%		9.43	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.17	%
Net expenses		1.16	%		1.17	%
Net investment income		0.60	%		0.15	%
Supplemental data
Portfolio turnover rate		3	%		13	%
Net assets, end of period (000s omitted)		$31,405			$4,809

1. For the period from June 28, 2013 (commencement of class operations) to October 31, 2013.

2. Calculated based upon average shares outstanding.

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	22.79		$	21.44		$	21.90		$	22.63		$	17.75		$	13.42
Net investment income		0.02			0.05			0.14			0.02			0.09	2		0.08
Net realized and unrealized gains (losses) on investments		(0.93	)		1.40			(0.18	)		(0.73	)		4.83			6.25
Total from investment operations		(0.91	)		1.45			(0.04	)		(0.71	)		4.92			6.33
Distributions to shareholders from
Net investment income		(0.04	)		(0.10	)		(0.20	)		(0.02	)		(0.04	)		(0.19	)
Net realized gains		0.00			0.00			(0.22	)		0.00			0.00			(1.81	)
Total distributions to shareholders		(0.04	)		(0.10	)		(0.42	)		(0.02	)		(0.04	)		(2.00	)
Net asset value, end of period	$	21.84		$	22.79		$	21.44		$	21.90		$	22.63		$	17.75
Total return3		(4.00	)%		6.83	%		(0.13	)%		(3.14	)%		27.78	%		58.34	%
Ratios to average net assets (annualized)
Gross expenses		1.48	%		1.48	%		1.47	%		1.47	%		1.69	%		1.80	%
Net expenses		1.48	%		1.48	%		1.47	%		1.47	%		1.65	%		1.79	%
Net investment income		0.17	%		0.35	%		0.72	%		0.70	%		0.50	%		0.54	%
Supplemental data
Portfolio turnover rate		3	%		13	%		7	%		5	%		6	%		23	%
Net assets, end of period (000s omitted)		$1,009,740			$1,050,660			$634,428			$529,083			$248,493			$178,856

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class I of Evergreen Emerging Markets Growth Fund.

2. 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 Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	22.86		$	21.50		$	21.96		$	22.66		$	20.11
Net investment income		0.04			0.11			0.22			0.16			0.00	2,3
Net realized and unrealized gains (losses) on investments		(0.92	)		1.40			(0.22	)		(0.81	)		2.55
Total from investment operations		(0.88	)		1.51			0.00			(0.65	)		2.55
Distributions to shareholders from
Net investment income		(0.09	)		(0.15	)		(0.24	)		(0.05	)		0.00
Net realized gains		0.00			0.00			(0.22	)		0.00			0.00
Total distributions to shareholders		(0.09	)		(0.15	)		(0.46	)		(0.05	)		0.00
Net asset value, end of period	$	21.89		$	22.86		$	21.50		$	21.96		$	22.66
Total return4		(3.86	)%		7.07	%		0.13	%		(2.89	)%		12.68	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.22	%		1.24	%		1.24	%		1.48	%
Net expenses		1.21	%		1.22	%		1.24	%		1.23	%		1.30	%
Net investment income		0.44	%		0.57	%		1.04	%		0.93	%		0.02	%
Supplemental data
Portfolio turnover rate		3	%		13	%		7	%		5	%		6	%
Net assets, end of period (000s omitted)		$2,307,407			$2,183,281			$1,176,567			$541,644			$197,823

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

2. Calculated based upon average shares outstanding.

3. Amount is less than $0.005.

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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 are translated into 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 April 30, 2014, such fair value pricing was not used in pricing foreign securities.

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.

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

22 Wells Fargo Advantage Emerging Markets Equity Fund Notes to financial statements (unaudited)

independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into 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. 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 included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

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

Security loans

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 23

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, 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.

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.

At October 31, 2013, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

		No Expiration
2016	2017	Short-Term
$2,830,910	$22,695,719	$5,858,537

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

24 Wells Fargo Advantage Emerging Markets Equity Fund Notes to financial statements (unaudited)

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

As of April 30, 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
Argentina	$	15,557,436	$	0	$	0	$	15,557,436
Brazil		626,387,210		0		0		626,387,210
Chile		56,079,750		0		0		56,079,750
China		777,514,854		0		0		777,514,854
Colombia		36,600,297		0		0		36,600,297
Hong Kong		201,867,906		0		0		201,867,906
India		343,352,814		0		0		343,352,814
Indonesia		57,056,542		0		0		57,056,542
Israel		13,906,642		0		0		13,906,642
Malaysia		68,592,272		0		0		68,592,272
Mexico		587,171,491		0		0		587,171,491
Peru		17,856,800		0		0		17,856,800
Philippines		23,541,464		0		0		23,541,464
Russia		173,399,923		30,934,804		0		204,334,727
South Africa		276,300,227		0		0		276,300,227
South Korea		479,813,049		0		0		479,813,049
Taiwan		426,039,984		0		0		426,039,984
Thailand		178,310,070		0		0		178,310,070
Turkey		51,791,304		0		0		51,791,304
United Kingdom		73,053,366		0		0		73,053,366
Preferred stocks
Brazil		112,613,811		0		0		112,613,811
Warrants
Malaysia		0		947,160		0		947,160
Convertible debentures		0		0		4,783		4,783
Short-term investments
Investment companies		331,469,390		90,015,597		0		421,484,987
	$	4,928,276,602	$	121,897,561	$	4,783	$	5,050,178,946

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 1.10% and declining to 0.95% as the average daily net assets of the Fund increase. For the six months ended April 30, 2014, the advisory fee was equivalent to an annual rate of 1.00% 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 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 25

Administration and transfer agent fees

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

	Class level administration fee
Class A, Class B, Class C		0.26	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.67% for Class A shares, 2.42% for Class B shares, 2.42% for Class C shares, 1.18% for Class R6 shares, 1.50% for Administrator Class shares and 1.23% for Institutional shares. Prior to March 1, 2014, the Fund’s expenses were capped at 1.70% for Class A shares, 2.45% for Class B shares, 2.45% for Class C shares, and 1.25% for Institutional Class shares.

Distribution fees

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

For the six months ended April 30, 2014, Wells Fargo Funds Distributor, LLC received $25,918 from the sale of Class A shares and $169 and $1,345 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2014 were $648,654,831 and $139,214,944, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2014, the Fund entered into forward foreign currency contracts for economic hedging purposes.

As of April 30, 2014, the Fund did not have any open forward foreign currency contracts. The Fund had average contract amounts of $575,542 and $444,658 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2014.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption

26 Wells Fargo Advantage Emerging Markets Equity Fund Notes to financial statements (unaudited)

requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2014, the Fund paid $2,278 in commitment fees.

For the six months ended April 30, 2014, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees 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 Emerging Markets Equity Fund 27

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2013. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$5,092,737	$0.0240	100%

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 Emerging Markets Equity Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ 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 funds 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 Emerging Markets Equity 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 Emerging Markets Equity 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 Emerging Markets Equity Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. 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 three-, five- and ten-year periods under review, but lower than the average performance of the Universe for the one-year period under review. However, the Board also noted that the performance of the Fund was higher than or in range of its benchmark, the MSCI Emerging Markets Index (Net), for all periods under review.

Other information (unaudited) Wells Fargo Advantage Emerging Markets Equity 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 lower than, in range of or equal to 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 viewed favorable the agreed-upon revision to the advisory fee schedule for the Fund that adds an additional breakpoint.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. 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 took into account the agreed-upon revision to the advisory fee schedule for the Fund that adds an additional

32 Wells Fargo Advantage Emerging Markets Equity Fund Other information (unaudited)

breakpoint. 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 Emerging Markets Equity 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.

225167 06-14 SA238/SAR238 04-14

Wells Fargo Advantage

Emerging Markets Equity Income Fund

Semi-Annual Report

April 30, 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	19
Other information	24
List of abbreviations	30

The views expressed and any forward-looking statements are as of April 30, 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 Emerging Markets Equity Income Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates.

Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Emerging Markets Equity Income Fund for the six-month period that ended April 30, 2014. The period was marked by growing concern about an economic slowdown in China and heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine. The environment created a headwind for many emerging markets, even as continued economic recovery in Europe helped most developed stock markets end the period with gains.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various quantitative easing policies. The U.S. Federal Reserve (Fed) remained a major source of liquidity for market participants around the world. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate near zero in order to support the economy and the financial system. At the beginning of the reporting period, the FOMC was still making open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market and was purchasing $45 billion per month in long-term U.S. Treasuries. However, in mid-December 2013, the FOMC announced that it would reduce (or taper) its bond-buying program by $10 billion per month beginning in January 2014. Although the tapering was less aggressive than some investors had feared, the removal of liquidity sparked a sell-off in emerging markets stocks and currencies as investors sold higher-risk assets.

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates. In November 2013, the ECB cut its key rate to a historic low of 0.25%. The ECB’s actions helped support moderate year-over-year gross domestic product (GDP) growth in the eurozone.

Most developed regions gained, but emerging and developed Asian markets lagged.

For the six-month period, the MSCI EAFE Index (Net)¹, a proxy for developed markets, returned 4.44%, while the MSCI Emerging Markets Index (Net)² returned -2.98%.

In Europe, economic data continued to show moderate growth, with reported GDP for the 28 countries in the European Union rising by 0.4% in the fourth quarter of 2013 compared with the previous quarter. The unemployment rate remained high but stable at 10.5% in February and March 2014, while inflation remained consistently below a 1% annual rate. Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains. The ongoing turmoil in Ukraine did result in some stock market volatility, but as of the end of the reporting period, most investors believed that it would not result in war.

Asian markets posted mixed results, with political issues accounting for many of those differences. In countries such as India and Indonesia, investors were optimistic that upcoming elections might sweep in more reform-minded governments. By contrast, in Japan, the honeymoon for Prime Minister Shinzō Abe

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

2. The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) 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.

Letter to shareholders (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 3

appeared to be ending, with investors worrying that his reforms were not taking effect as quickly as originally hoped.

As for China, many of the country’s economic numbers—such as for national production, retail sales, fixed investment, and manufacturing activity—came in below analyst expectations, causing investor concern. In addition, China’s government has allowed a growing number of defaults in the country’s financial system as part of a long-term plan to rein in credit growth.

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 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

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 Emerging Markets Equity Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks to achieve long-term capital appreciation and current income.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Alison Shimada

Anthony L.T. Cragg

Average annual total returns (%) as of April 30, 2014

		Including sales charge					Excluding sales charge					Expense ratios1 (%)
	Inception date	1 year			Since inception		1 year			Since inception		Gross		Net2
Class A (EQIAX)	5-31-2012		(10.23	)		6.97		(4.78	)		10.33		3.11		1.67
Class C (EQICX)	5-31-2012		(6.37	)		9.51		(5.48	)		9.51		3.86		2.42
Administrator Class (EQIDX)	5-31-2012		–			–		(4.67	)		10.52		2.95		1.47
Institutional Class (EQIIX)	5-31-2012		–			–		(4.35	)		10.78		2.68		1.27
MSCI Emerging Markets Index (Net)3	–		–			–		(1.84	)		7.55		–		–

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 5

Ten largest equity holdings4 (%) as of April 30, 2014
Agricultural Bank of China	2.03
Mining and Metallurgical Company OJSC	1.98
China Petroleum & Chemical Corporation	1.75
Cosco Pacific Limited	1.74
China Mobile Limited	1.71
HSBC Bank plc (NMDC Limited)	1.60
Industrial & Commercial Bank of China Limited Class H	1.56
Itau Unibanco Holding SA ADR	1.52
PetroChina Company Limited	1.47
Alrosa Corporate	1.44

Sector distribution⁵ as of April 30, 2014

1. 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.

2. The Adviser has committed through February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.65% for Class A, 2.40% for Class C, 1.45% for Administrator Class, and 1.25% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

4. The ten largest equity holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

6 Wells Fargo Advantage Emerging Markets Equity Income Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	964.58	$	8.04		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Class C
Actual	$	1,000.00	$	960.80	$	11.67		2.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.89	$	11.98		2.40	%
Administrator Class
Actual	$	1,000.00	$	965.27	$	7.07		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Institutional Class
Actual	$	1,000.00	$	967.36	$	6.10		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 7

Security name	Shares		Value
Common Stocks: 80.00%
Australia: 0.96%
BHP Billiton Limited (Materials, Metals & Mining)		17,597	$	617,123
Bermuda: 0.34%
Digital China Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		239,000		221,029
Brazil: 7.21%
Alupar Investimento SA (Utilities, Electric Utilities)		72,360		512,743
Grendene SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		71,100		449,606
Itau Unibanco Holding SA ADR (Financials, Banks)		59,717		976,970
Natura Cosmeticos SA (Consumer Staples, Personal Products)		27,400		469,293
Telefonica Brasil ADR (Telecommunication Services, Diversified Telecommunication Services)		19,316		409,499
Transmissora Alianca de Energia Eletrica SA Composite Unit (Utilities, Electric Utilities)		36,600		327,467
Tupy SA (Consumer Discretionary, Auto Components)		96,486		772,407
Valid Solucoes SA (Industrials, Commercial Services & Supplies)		47,000		728,266
				4,646,251
Chile: 0.82%
Aguas Andinas SA Class A (Utilities, Water Utilities)		852,819		526,121
China: 15.77%
Agricultural Bank of China (Financials, Banks)		3,120,000		1,307,889
Bank of China Limited (Financials, Banks)		874,000		384,414
China Construction Bank (Financials, Banks)		802,000		553,428
China Lilang Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		531,000		342,450
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		116,000		1,102,703
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		1,275,600		1,127,037
Datang International Power Generation Company Limited (Utilities, Independent Power & Renewable Electricity Producers)		1,008,000		375,743
Guangshen Railway Company (Industrials, Road & Rail)		1,114,000		421,004
Guangzhou R&F Properties Company Limited (Financials, Real Estate Management & Development)		424,400		553,973
Huaneng Power International Incorporated (Utilities, Independent Power & Renewable Electricity Producers)		456,000		445,240
Industrial & Commercial Bank of China Limited Class H (Financials, Banks)		1,691,000		1,007,671
PetroChina Company Limited (Energy, Oil, Gas & Consumable Fuels)		816,000		945,147
Qinhuangdao Port Company Limited (Industrials, Transportation Infrastructure) †		440,000		237,226
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		71,600		522,712
Shenzhen Expressway Company Limited (Industrials, Transportation Infrastructure)		1,074,000		490,389
Zhejiang Expressway Company Limited (Industrials, Transportation Infrastructure)		398,000		344,460
				10,161,486
Cyprus: 0.54%
Globaltrans Investment plc (Industrials, Road & Rail)		36,231		344,919
Czech Republic: 1.98%
CEZ AS (Utilities, Electric Utilities)		29,365		882,899
Komercni Banka AS (Financials, Banks)		1,701		391,952
				1,274,851

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

8 Wells Fargo Advantage Emerging Markets Equity Income Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Shares		Value
Hong Kong: 4.11%
ANTA Sports Products Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		163,000	$	238,415
Bosideng International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,942,670		285,652
Cosco Pacific Limited (Industrials, Transportation Infrastructure)		837,521		1,121,311
Texwinca Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		316,000		339,520
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		122,000		376,876
Yuzhou Properties Company (Materials, Construction Materials) †		1,236,761		285,543
				2,647,317
Indonesia: 2.33%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		365,800		313,231
PT Perusahaan Gas Negara Persero Tbk (Utilities, Gas Utilities)		605,200		278,743
PT Semen Gresik Persero Tbk (Materials, Construction Materials)		283,900		364,651
PT Telekomunikasi Indonesia Tbk (Telecommunication Services, Diversified Telecommunication Services)		2,780,200		544,666
				1,501,291
Malaysia: 2.37%
Berjaya Sports Toto Berhad (Consumer Discretionary, Hotels, Restaurants & Leisure)		261,574		311,598
Sunway Real Estate Investment Trust (Financials, REITs)		800,700		333,472
Telecom Malaysia Berhad (Telecommunication Services, Diversified Telecommunication Services)		221,600		420,738
Westports Holdings (Industrials, Transportation Infrastructure)		599,182		462,391
				1,528,199
Mexico: 6.04%
Bolsa Mexicana de Valores SAB (Financials, Diversified Financial Services)		228,329		468,604
Grupo Aeroportuario del Centro Norte SAB de CV (Industrials, Transportation Infrastructure)		180,520		661,492
Grupo Aeroportuario del Pacifico SAB de CV (Industrials, Transportation Infrastructure)		151,538		912,164
Grupo Financiero Santander SAB de CV (Financials, Banks)		316,261		755,434
Macquarie Mexico Real Estate Management SA de CV (Financials, REITs)144A		413,857		791,161
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		120,500		304,871
				3,893,726
Panama: 1.02%
Banco Latinoamericano de Comercio Exterior SA (Financials, Banks)		25,534		656,734
Philippines: 3.07%
Globe Telecom Incorporated (Telecommunication Services, Wireless Telecommunication Services)		16,340		607,344
Philippine Long Distance Telephone Company (Telecommunication Services, Wireless Telecommunication Services)		13,930		899,919
Semirara Mining Corporation (Energy, Oil, Gas & Consumable Fuels)		50,770		468,068
				1,975,331
Poland: 2.74%
Bank Pekao SA (Financials, Banks)		9,927		635,592
Powszechny Zaklad Ubezpieczen SA (Financials, Insurance)		3,932		557,401
Telekomunikacja Polska SA (Telecommunication Services, Diversified Telecommunication Services)		167,459		571,904
				1,764,897

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 9

Security name	Shares		Value
Russia: 5.38%
Alrosa Corporate (Materials, Metals & Mining)(a)		899,954	$	930,201
Lukoil ADR - London Exchanges (Energy, Oil, Gas & Consumable Fuels)		10,481		553,921
MegaFon OAO (Telecommunication Services, Wireless Telecommunication Services)		27,293		709,618
Mining and Metallurgical Company OJSC (Materials, Metals & Mining)(a)		7,089		1,274,885
				3,468,625
Singapore: 3.75%
Ascendas India Trust (Financials, Real Estate Management & Development)		407,000		248,349
Ascott Residence Trust (Financials, REITs)		301,800		288,873
Asian Pay Television Trust (Consumer Discretionary, Media)		278,000		167,416
CapitaRetail China Trust (Financials, REITs)		304,000		358,874
Hutchison Port Holdings Trust (Industrials, Transportation Infrastructure)		377,000		256,360
Lippo Malls Indonesia Retail Trust (Financials, REITs)		1,219,000		393,790
STX OSV Holdings Limited (Industrials, Machinery) †		913,000		702,756
				2,416,418
South Africa: 5.83%
Barclays Africa Group Limited (Financials, Banks)		33,627		492,235
Kumba Iron Ore Limited (Materials, Metals & Mining)		17,682		628,824
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services)		37,365		748,721
Sanlam Limited (Financials, Insurance)		90,745		485,187
Sasol Limited (Energy, Oil, Gas & Consumable Fuels)		12,341		692,436
Standard Bank Group Limited (Financials, Banks)		53,863		706,944
				3,754,347
South Korea: 4.09%
Hite Jinro Company Limited (Consumer Staples, Beverages)		11,830		286,219
Kangwon Land Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		17,380		502,074
KT&G Corporation (Consumer Staples, Tobacco)		6,719		538,404
S-Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		11,120		650,003
SK Telecom Company Limited ADR (Telecommunication Services, Wireless Telecommunication Services)		28,594		660,235
				2,636,935
Taiwan: 9.22%
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		92,000		239,155
Chroma Ate Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		144,000		370,515
Chunghwa Telecom Company Limited (Telecommunication Services, Diversified Telecommunication Services)		62,000		193,404
Cleanaway Company Limited (Industrials, Commercial Services & Supplies)		66,000		373,733
CTCI Corporation (Industrials, Construction & Engineering)		369,000		588,973
Delta Electronics Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		40,000		245,049
Everlight Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		170,000		397,444
Huaku Development Company Limited (Financials, Real Estate Management & Development)		96,680		236,594
Mega Financial Holding Company Limited (Financials, Banks)		352,065		269,313
Quanta Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		96,000		263,223
Radiant Opto-Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		208,530		839,009
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		439,000		643,279
Taiwan Cement Corporation (Materials, Construction Materials)		243,000		385,446
United Microelectronics Corporation ADR (Information Technology, Semiconductors & Semiconductor Equipment)		183,430		399,877
WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		406,000		498,795
				5,943,809

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

10 Wells Fargo Advantage Emerging Markets Equity Income Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name						Shares		Value
Thailand: 0.91%
Hemaraj Land & Development Public Company Limited (Financials, Real Estate Management & Development)							2,839,700	$	312,402
PTT Global Chemical pcl (Materials, Chemicals)							93,300		178,037
Thai Union Frozen Products pcl (Consumer Staples, Food Products)							45,900		99,289
									589,728
Turkey: 0.95%
Cimsa Cimento Sanayi ve Ticaret AS (Materials, Construction Materials)							104,810		610,529
United Kingdom: 0.57%
HSBC Holdings plc (Financials, Banks)							36,000		365,203
Total Common Stocks (Cost $49,428,199)									51,544,869
				Expiration date
Participation Notes: 5.57%
China: 0.47%
Standard Chartered Bank (Daqin Railway Company Limited Class A) (Industrials, Road & Rail) †					4-3-2015		283,000		301,078
India: 4.01%
HSBC Bank plc (Coal India Limited) (Materials, Metals & Mining) †					11-2-2020		107,750		521,204
HSBC Bank plc (NMDC Limited) (Materials, Metals & Mining)					8-1-2023		19,707		1,028,422
HSBC Bank plc (Oil & Natural Gas Corporation Limited) (Energy, Oil, Gas & Consumable Fuels) †					1-10-2024		130,511		703,226
HSBC Bank plc (Power Finance Corporation) (Financials, Diversified Financial Services) †					11-25-2014		109,000		332,140
									2,584,992
Qatar: 1.09%
HSBC Bank plc (Qatar National Bank) (Financials, Banks) †					11-2-2020		283,092		704,739
Total Participation Notes (Cost $3,342,751)									3,590,809
	Dividend yield
Preferred Stocks: 4.12%
Brazil: 4.12%
Banco Bradesco SA (Financials, Banks) ±		2.61	%				43,200		643,035
Companhia Vale Do Rio Doce Class A (Materials, Metals & Mining) ±		6.08					46,700		553,342
Petroleo Brasileiro SA (Energy, Oil, Gas & Consumable Fuels) ±		4.99					110,700		822,648
Vale SA ADR (Materials, Metals & Mining) ±		5.74					53,605		636,289
Total Preferred Stocks (Cost $2,588,418)									2,655,314
	Yield
Short-Term Investments: 4.67%
Investment Companies: 4.67%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07					3,006,255		3,006,255
Total Short-Term Investments (Cost $3,006,255)									3,006,255

Total investments in securities
(Cost $58,365,623) *	94.36	%		60,797,247
Other assets and liabilities, net	5.64			3,636,505
Total net assets	100.00	%	$	64,433,752

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 11

† Non-income-earning security

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

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

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

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended

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

* Cost for federal income tax purposes is $58,709,131 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	3,666,604
Gross unrealized depreciation		(1,578,488	)
Net unrealized appreciation	$	2,088,116

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

12 Wells Fargo Advantage Emerging Markets Equity Income Fund Statement of assets and liabilities—April 30, 2014 (unaudited)

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	57,790,992
In affiliated securities, at value (see cost below)		3,006,255
Total investments, at value (see cost below)		60,797,247
Cash		303,546
Foreign currency, at value (see cost below)		532,521
Receivable for investments sold		260,464
Receivable for Fund shares sold		3,245,400
Receivable for dividends		222,779
Prepaid expenses and other assets		17,222
Total assets		65,379,179
Liabilities
Payable for investments purchased		479,990
Payable for Fund shares redeemed		392,106
Advisory fee payable		39,772
Distribution fees payable		2,587
Due to other related parties		10,164
Accrued expenses and other liabilities		20,808
Total liabilities		945,427
Total net assets	$	64,433,752
NET ASSETS CONSIST OF
Paid-in capital	$	63,062,768
Undistributed net investment income		160,388
Accumulated net realized losses on investments		(1,221,545	)
Net unrealized gains on investments		2,432,141
Total net assets	$	64,433,752
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	13,744,961
Shares outstanding – Class A		1,261,529
Net asset value per share – Class A		$10.90
Maximum offering price per share – Class A2		$11.56
Net assets – Class C	$	4,291,476
Shares outstanding – Class C		394,028
Net asset value per share – Class C		$10.89
Net assets – Administrator Class	$	17,926,209
Shares outstanding – Administrator Class		1,642,697
Net asset value per share – Administrator Class		$10.91
Net assets – Institutional Class	$	28,471,106
Shares outstanding – Institutional Class		2,610,379
Net asset value per share – Institutional Class		$10.91
Investments in unaffiliated securities, at cost	$	55,359,368
Investments in affiliated securities, at cost	$	3,006,255
Total investments, at cost	$	58,365,623
Foreign currency, at cost	$	532,988

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

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

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

Statement of operations—six months ended April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 13

Investment income
Dividends*	$	897,327
Income from affiliated securities		1,436
Total investment income		898,763
Expenses
Advisory fee		256,332
Administration fees
Fund level		11,651
Class A		13,312
Class C		4,362
Administrator Class		7,618
Institutional Class		7,110
Shareholder servicing fees
Class A		12,799
Class C		4,194
Administrator Class		18,556
Distribution fees
Class C		12,583
Custody and accounting fees		36,151
Professional fees		23,000
Registration fees		28,041
Shareholder report expenses		13,180
Trustees’ fees and expenses		4,565
Other fees and expenses		11,282
Total expenses		464,736
Less: Fee waivers and/or expense reimbursements		(118,440	)
Net expenses		346,296
Net investment income		552,467
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(1,218,447	)
Net change in unrealized gains (losses) on investments		1,269,608
Net realized and unrealized gains (losses) on investments		51,161
Net increase in net assets resulting from operations	$	603,628
* Net of foreign dividend withholding taxes in the amount of		$89,832

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

14 Wells Fargo Advantage Emerging Markets Equity Income Fund Statement of changes in net assets

	Six months ended April 30, 2014 (unaudited)						Year ended October 31, 2013
Operations
Net investment income				$	552,467					$	438,933
Net realized gains (losses) on investments					(1,218,447	)					1,186,615
Net change in unrealized gains (losses) on investments					1,269,608						232,000
Net increase in net assets resulting from operations					603,628						1,857,548
Distributions to shareholders from
Net investment income
Class A					(103,768	)					(90,453	)
Class C					(23,103	)					(20,531	)
Administrator Class					(161,725	)					(219,915	)
Institutional Class					(175,546	)					(182,108	)
Net realized gains
Class A					(297,936	)					(13,303	)
Class C					(99,039	)					(11,584	)
Administrator Class					(465,603	)					(109,120	)
Institutional Class					(190,076	)					(104,953	)
Total distributions to shareholders					(1,516,796	)					(751,967	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		575,390			6,194,584			746,532			8,571,764
Class C		231,321			2,556,582			125,397			1,453,061
Administrator Class		755,496			8,164,211			676,110			7,793,914
Institutional Class		3,003,890			31,504,392			34,989			400,626
					48,419,769						18,219,365
Reinvestment of distributions
Class A		36,315			401,082			9,031			103,132
Class C		11,051			122,142			2,819			32,115
Administrator Class		56,504			624,711			28,736			327,844
Institutional Class		29,833			327,590			25,149			287,061
					1,475,525						750,152
Payment for shares redeemed
Class A		(84,786	)		(916,554	)		(77,227	)		(893,304	)
Class C		(20,374	)		(218,114	)		(6,537	)		(73,965	)
Administrator Class		(315,664	)		(3,360,210	)		(31,825	)		(375,694	)
Institutional Class		(938,644	)		(10,343,492	)		(9	)		(105	)
					(14,838,370	)					(1,343,068	)
Net increase in net assets resulting from capital share transactions					35,056,924						17,626,449
Total increase in net assets					34,143,756						18,732,030
Net assets
Beginning of period					30,289,996						11,557,966
End of period				$	64,433,752					$	30,289,996
Undistributed net investment income				$	160,388					$	72,063

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Income Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS A				2013			20121
Net asset value, beginning of period	$	11.79		$	11.17		$	10.00
Net investment income		0.10			0.31			0.13
Net realized and unrealized gains (losses) on investments		(0.51	)		0.88			1.15
Total from investment operations		(0.41	)		1.19			1.28
Distributions to shareholders from
Net investment income		(0.11	)		(0.34	)		(0.11	)
Net realized gains		(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.48	)		(0.57	)		(0.11	)
Net asset value, end of period	$	10.90		$	11.79		$	11.17
Total return2		(3.54	)%		10.94	%		12.80	%
Ratios to average net assets (annualized)
Gross expenses		2.18	%		2.88	%		4.29	%
Net expenses		1.65	%		1.65	%		1.65	%
Net investment income		2.03	%		2.64	%		2.94	%
Supplemental data
Portfolio turnover rate		42	%		85	%		39	%
Net assets, end of period (000s omitted)		$13,745			$8,658			$628

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

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

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

16 Wells Fargo Advantage Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS C				2013			20121
Net asset value, beginning of period	$	11.79		$	11.16		$	10.00
Net investment income		0.06			0.22			0.10
Net realized and unrealized gains (losses) on investments		(0.52	)		0.89			1.13
Total from investment operations		(0.46	)		1.11			1.23
Distributions to shareholders from
Net investment income		(0.07	)		(0.25	)		(0.07	)
Net realized gains		(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.44	)		(0.48	)		(0.07	)
Net asset value, end of period	$	10.89		$	11.79		$	11.16
Total return2		(3.92	)%		10.11	%		12.49	%
Ratios to average net assets (annualized)
Gross expenses		2.94	%		3.81	%		5.03	%
Net expenses		2.40	%		2.40	%		2.41	%
Net investment income		1.20	%		1.80	%		2.24	%
Supplemental data
Portfolio turnover rate		42	%		85	%		39	%
Net assets, end of period (000s omitted)		$4,291			$2,028			$562

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

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Income Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2013			20121
Net asset value, beginning of period	$	11.80		$	11.17		$	10.00
Net investment income		0.11	2		0.32			0.14
Net realized and unrealized gains (losses) on investments		(0.52	)		0.89			1.14
Total from investment operations		(0.41	)		1.21			1.28
Distributions to shareholders from
Net investment income		(0.11	)		(0.35	)		(0.11	)
Net realized gains		(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.48	)		(0.58	)		(0.11	)
Net asset value, end of period	$	10.91		$	11.80		$	11.17
Total return3		(3.47	)%		11.13	%		12.89	%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		2.94	%		4.14	%
Net expenses		1.45	%		1.45	%		1.45	%
Net investment income		2.09	%		2.70	%		3.17	%
Supplemental data
Portfolio turnover rate		42	%		85	%		39	%
Net assets, end of period (000s omitted)		$17,926			$13,527			$5,285

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

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2013			20121
Net asset value, beginning of period	$	11.79		$	11.17		$	10.00
Net investment income		0.12			0.34			0.15
Net realized and unrealized gains (losses) on investments		(0.50	)		0.89			1.14
Total from investment operations		(0.38	)		1.23			1.29
Distributions to shareholders from
Net investment income		(0.13	)		(0.38	)		(0.12	)
Net realized gains		(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.50	)		(0.61	)		(0.12	)
Net asset value, end of period	$	10.91		$	11.79		$	11.17
Total return2		(3.26	)%		11.32	%		12.98	%
Ratios to average net assets (annualized)
Gross expenses		1.68	%		2.74	%		3.92	%
Net expenses		1.25	%		1.25	%		1.25	%
Net investment income		3.03	%		2.88	%		3.39	%
Supplemental data
Portfolio turnover rate		42	%		85	%		39	%
Net assets, end of period (000s omitted)		$28,471			$6,077			$5,082

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Income 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 Emerging Markets Equity Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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 April 30, 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.

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.

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 are translated into U.S. dollars at rates provided by an independent foreign currency pricing source

20 Wells Fargo Advantage Emerging Markets Equity Income Fund Notes to financial statements (unaudited)

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. 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 included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 21

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

As of April 30, 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
Australia	$	617,123	$	0	$	0	$	617,123
Bermuda		221,029		0		0		221,029
Brazil		4,646,251		0		0		4,646,251
Chile		526,121		0		0		526,121
China		10,161,486						10,161,486
Cyprus		344,919		0		0		344,919
Czech Republic		1,274,851		0		0		1,274,851
Hong Kong		2,647,317		0		0		2,647,317
Indonesia		1,501,291		0		0		1,501,291
Malaysia		1,528,199		0		0		1,528,199
Mexico		3,893,726		0		0		3,893,726
Panama		656,734		0		0		656,734
Philippines		1,975,331		0		0		1,975,331
Poland		1,764,897		0		0		1,764,897
Russia		1,263,539		2,205,086		0		3,468,625
Singapore		2,416,418		0		0		2,416,418
South Africa		3,754,347		0		0		3,754,347
South Korea		2,636,935		0		0		2,636,935
Taiwan		5,943,809		0		0		5,943,809
Thailand		589,728		0		0		589,728
Turkey		610,529		0		0		610,529
United Kingdom		365,203		0		0		365,203
Preferred stocks
Brazil		2,655,314		0		0		2,655,314
Participation notes		0		3,590,809		0		3,590,809
Short-term investments
Investment companies		3,006,255		0		0		3,006,255
	$	55,001,352	$	5,795,895	$	0	$	60,797,247

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or level 3.

22 Wells Fargo Advantage Emerging Markets Equity Income 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 1.10% and declining to 0.95% as the average daily net assets of the Fund increase. For the six months ended April 30, 2014, the advisory fee was equivalent to an annual rate of 1.10% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase. Wells Capital Management Singapore, a separately identifiable department of Wells Fargo Bank, N.A. and an indirect wholly owned subsidiary of Wells Fargo, is also a subadviser to the Fund. Out of its fees, WellsCap pays Wells Capital Management Singapore a fee for its services as subadviser at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.65% for Class A shares, 2.40% for Class C shares, 1.45% for Administrator Class shares, and 1.25% for Institutional Class shares.

Distribution fees

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

For the six months ended April 30, 2014, Wells Fargo Funds Distributor, LLC received $6,720 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2014 were $48,687,084 and $18,047,183, respectively.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 23

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2014, the Fund paid $15 in commitment fees.

For the six months ended April 30, 2014, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. SUBSEQUENT DISTRIBUTIONS

On May 23, 2014, the Fund declared distributions from net investment income to shareholders of record on May 22, 2014. The per share amounts payable on May 27, 2014, were as follows:

	Net investment income
Class A		$0.03878
Class C		0.03249
Administrator Class		0.04045
Institutional Class		0.04238

On June 24, 2014, the Fund declared distributions from net investment income to shareholders of record on June 23, 2014. The per share amounts payable on June 25, 2014, were as follows:

	Net investment income
Class A		$0.04005
Class C		0.03276
Administrator Class		0.04182
Institutional Class		0.04412

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the Fund’s tax year-end.

24 Wells Fargo Advantage Emerging Markets Equity Income Fund Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2013. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$64,002	$0.0249	47.62%

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ 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 funds 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 Emerging Markets Equity Income Fund Other information (unaudited)

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

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

Officers

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

1. Jeremy DePalma acts as Treasurer of 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 Emerging Markets Equity Income 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 Emerging Markets Equity Income Fund (the “Fund”), (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management, for the Fund, and (iii) an investment sub-advisory agreement with Wells Capital Management Singapore (“WellsCap Singapore”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreements with WellsCap and WellsCap Singapore (the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. 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-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 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-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Advisers is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but 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-Advisers under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the 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

28 Wells Fargo Advantage Emerging Markets Equity Income Fund Other information (unaudited)

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 its benchmark, the MSCI Emerging Markets Index (Net), for all periods 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 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 WellsCap and by WellsCap to WellsCap Singapore for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rates for the Fund’s expense Groups for all share classes except the Administrator Class, the Management Rate of which was higher than the average rate of its expense Group. However, the Board noted that the net operating expense ratio of the Fund’s Administrator Class was lower than the median net operating expense ratio of its expense Groups. The Board also viewed favorable the agreed-upon revision to the advisory fee schedule for the Fund that adds an additional breakpoint.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Advisers 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-Advisers, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Advisers, the Board ascribed limited relevance to the allocation of the total 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-Advisers 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-Advisers, because their 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

Other information (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 29

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 took into account the agreed-upon revision to the advisory fee schedule for the Fund that adds an additional breakpoint. 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-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their 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-Advisers’ 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-Advisers, fees earned by Funds Management and the Sub-Advisers 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-Advisers, were unreasonable.

Conclusion

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

30 Wells Fargo Advantage Emerging Markets Equity Income Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

225168 06-14 SA262/SAR262 04-14

Wells Fargo Advantage

Emerging Markets Equity Select Fund

Semi-Annual Report

April 30, 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	19
Other information	23
List of abbreviations	29

The views expressed and any forward-looking statements are as of April 30, 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 Emerging Markets Equity Select Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates.

Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains.

Dear Valued Shareholder:

We are pleased to provide you with the first shareholder report for the Wells Fargo Advantage Emerging Markets Equity Select Fund covering the period since commencement of operations on November 29, 2013 through April 30, 2014. The period was marked by growing concern about an economic slowdown in China and heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine. The environment created a headwind for many emerging markets, even as continued economic recovery in Europe helped most developed stock markets end the period with gains.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various quantitative easing policies. The U.S. Federal Reserve (Fed) remained a major source of liquidity for market participants around the world. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate near zero in order to support the economy and the financial system. At the beginning of the reporting period, the FOMC was still making open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market and was purchasing $45 billion per month in long-term U.S. Treasuries. However, in mid-December 2013, the FOMC announced that it would reduce (or taper) its bond-buying program by $10 billion per month beginning in January 2014. Although the tapering was less aggressive than some investors had feared, the removal of liquidity sparked a sell-off in emerging markets stocks and currencies as investors sold higher-risk assets.

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates. In November 2013, the ECB cut its key rate to a historic low of 0.25%. The ECB’s actions helped support moderate year-over-year gross domestic product (GDP) growth in the eurozone.

Most developed regions gained, but emerging and developed Asian markets lagged.

For the five-month period, the MSCI EAFE Index (Net)¹, a proxy for developed markets, returned 3.65%, while the MSCI Emerging Markets Index (Net)² returned -1.54%.

In Europe, economic data continued to show moderate growth, with reported GDP for the 28 countries in the European Union rising by 0.4% in the fourth quarter of 2013 compared with the previous quarter. The unemployment rate remained high but stable at 10.5% in February and March 2014, while inflation remained consistently below a 1% annual rate. Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains. The ongoing turmoil in Ukraine did result in some stock market volatility, but as of the end of the reporting period, most investors believed that it would not result in war.

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

2. The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) 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.

Letter to shareholders (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 3

Asian markets posted mixed results, with political issues accounting for many of those differences. In countries such as India and Indonesia, investors were optimistic that upcoming elections might sweep in more reform-minded governments. By contrast, in Japan, the honeymoon for Prime Minister Shinzō Abe appeared to be ending, with investors worrying that his reforms were not taking effect as quickly as originally hoped.

As for China, many of the country’s economic numbers—such as for national production, retail sales, fixed investment, and manufacturing activity—came in below analyst expectations, causing investor concern. In addition, China’s government has allowed a growing number of defaults in the country’s financial system as part of a long-term plan to rein in credit growth.

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 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

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 Emerging Markets Equity Select Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Yi (Jerry) Zhang, PhD, CFA

Derrick Irwin, CFA

Richard Peck, CFA¹

Average annual total returns (%) as of April 30, 2014

		Including sales charge	Excluding sales charge	Expense ratios2 (%)
	Inception date	Since inception	Since inception	Gross	Net3
Class A (WEMSX)	11-29-2013	(7.14)	(1.48)	1.97		1.65
Class C (WEMQX)	11-29-2013	(2.72)	(1.74)	2.72		2.40
Class R6 (WEMRX)	11-29-2013	–	(1.23)	1.49		1.15
Administrator Class (WEMEX)	11-29-2013	–	(1.36)	1.81		1.45
Institutional Class (WEMTX)	11-29-2013	–	(1.34)	1.54		1.20
MSCI Emerging Markets Index (Net)4	–	–	(1.54)	–		–

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 5

Ten largest equity holdings5 (%) as of April 30, 2014
Taiwan Semiconductor Manufacturing Company Limited ADR	4.71
Samsung Electronics Company Limited	4.46
Banco Bradesco SA ADR	2.55
China Mobile Limited	2.30
Fomento Economico Mexicano SAB de CV ADR	2.20
Lojas Americanas SA	1.99
Ambev SA ADR	1.90
Reliance Industries Limited GDR	1.88
China Life Insurance Company Limited	1.77
Wal-Mart de Mexico SAB de CV	1.74

Sector distribution⁶ as of April 30, 2014

1. Effective May 2, 2014, Richard Peck became a portfolio manager of the 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 February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) 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. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

5. The ten largest equity holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

6 Wells Fargo Advantage Emerging Markets Equity Select Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	985.24	$	8.12		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Class C
Actual	$	1,000.00	$	982.64	$	11.80		2.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.89	$	11.98		2.40	%
Class R6
Actual	$	1,000.00	$	987.69	$	5.67		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Administrator Class
Actual	$	1,000.00	$	986.44	$	7.14		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Institutional Class
Actual	$	1,000.00	$	986.65	$	5.91		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.84	$	6.01		1.20	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 7

Security name	Shares		Value
Common Stocks: 87.51%
Argentina: 0.32%
MercadoLibre Incorporated (Information Technology, Internet Software & Services)		170	$	15,856
Brazil: 12.33%
All America Latina Logistica SA (Industrials, Road & Rail)		13,500		53,461
Ambev SA ADR (Consumer Staples, Beverages)		13,000		94,250
Banco Bradesco SA ADR (Financials, Banks)		8,500		126,395
BM&F Bovespa SA (Financials, Diversified Financial Services)		11,000		56,239
BRF Brasil Foods SA ADR (Consumer Staples, Food Products)		1,300		29,380
CCR SA (Industrials, Transportation Infrastructure)		2,000		15,652
CETIP SA (Financials, Capital Markets)		4,500		57,336
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		1,500		44,131
Multiplan Empreendimentos Imobiliarios SA (Financials, Real Estate Management & Development)		1,600		35,362
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels)		5,000		69,400
Vale SA ADR (Materials, Metals & Mining)		2,200		29,084
				610,690
Chile: 1.52%
Banco Santander Chile SA ADR (Financials, Banks)		1,700		41,259
SACI Falabella (Consumer Discretionary, Multiline Retail)		4,000		34,027
				75,286
China: 15.05%
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		200		30,770
China Life Insurance Company Limited (Financials, Insurance)		34,000		87,621
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		12,000		114,073
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		51,000		84,332
Ctrip.com International Limited ADR (Consumer Discretionary, Internet & Catalog Retail) †		1,000		46,740
Hengan International Group Company Limited (Consumer Staples, Personal Products)		5,000		52,657
New Oriental Education & Technology Group Incorporated (Consumer Discretionary, Diversified Consumer Services)		1,900		45,980
PetroChina Company Limited (Energy, Oil, Gas & Consumable Fuels)		30,000		34,748
SINA Corporation (Information Technology, Internet Software & Services) †		1,660		79,348
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing)		26,000		33,871
Tingyi Holding Corporation (Consumer Staples, Food Products)		22,000		61,151
Tsingtao Brewery Company Limited (Consumer Staples, Beverages)		8,000		58,249
Weibo Corporation ADR (Information Technology, Internet Software & Services) †		800		15,648
				745,188
Colombia: 0.81%
Bancolombia SA ADR (Financials, Banks)		700		39,851
Hong Kong: 2.61%
AIA Group Limited (Financials, Insurance)		13,600		65,957
Belle International Holdings Limited (Consumer Discretionary, Specialty Retail)		61,000		63,180
				129,137
India: 5.00%
HDFC Bank Limited ADR (Financials, Banks)		1,500		60,075
ICICI Bank Limited ADR (Financials, Banks)		1,400		59,738

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

8 Wells Fargo Advantage Emerging Markets Equity Select Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Shares		Value
India (continued)
Infosys Technologies Limited ADR (Information Technology, IT Services)		650	$	34,912
Reliance Industries Limited GDR (Energy, Oil, Gas & Consumable Fuels)144A		3,000		93,000
				247,725
Indonesia: 1.97%
PT Astra International Tbk (Consumer Discretionary, Automobiles)		40,000		25,689
PT Bank Central Asia Tbk (Financials, Banks)		25,000		23,786
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail) †		10,000		12,974
PT Telekomunikasi Indonesia Tbk (Telecommunication Services, Diversified Telecommunication Services)		180,000		35,264
				97,713
Malaysia: 1.63%
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		11,000		33,012
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		19,000		24,554
Sime Darby Bhd (Industrials, Industrial Conglomerates)		8,000		23,127
				80,693
Mexico: 11.61%
America Movil SAB de CV ADR (Telecommunication Services, Wireless Telecommunication Services)		3,800		76,304
Cemex SAB de CV ADR (Materials, Construction Materials) †		5,200		65,728
Fibra Uno Administracion SAB de CV (Financials, REITs)		17,500		57,371
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples, Beverages)		1,200		108,924
Grupo Financiero Banorte SAB de CV (Financials, Banks)		11,000		73,057
Grupo Financiero Santander SAB de CV ADR (Financials, Banks)		2,000		23,800
Grupo Sanborns SA de CV (Consumer Discretionary, Multiline Retail)		5,000		8,312
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		2,300		75,463
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		34,000		86,022
				574,981
Peru: 0.45%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining)		1,700		22,100
Philippines: 1.05%
Ayala Corporation (Financials, Diversified Financial Services)		1,500		20,996
Metropolitan Bank & Trust Company (Financials, Banks)		6,000		11,400
SM Investments Corporation (Industrials, Industrial Conglomerates)		1,200		19,515
				51,911
Russia: 4.83%
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		1,200		63,420
Magnit (Consumer Staples, Food & Staples Retailing) (a)		200		39,684
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)		3,500		58,660
Sberbank of Russia ADR (Financials, Banks)		4,000		33,528
Yandex NV Class A (Information Technology, Internet Software & Services) †		1,650		43,725
				239,017
South Africa: 5.43%
AngloGold Ashanti Limited ADR (Materials, Metals & Mining)		1,500		27,150

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 9

Security name				Shares		Value
South Africa (continued)
Impala Platinum Holdings Limited (Materials, Metals & Mining)					1,300	$	14,630
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services)					2,500		50,095
Sasol Limited (Energy, Oil, Gas & Consumable Fuels)					400		22,443
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)					3,300		55,109
Standard Bank Group Limited (Financials, Banks)					2,500		32,812
Tiger Brands Limited (Consumer Staples, Food Products)					2,500		66,808
							269,047
South Korea: 8.68%
KT Corporation ADR (Telecommunication Services, Diversified Telecommunication Services)					4,000		63,640
KT&G Corporation (Consumer Staples, Tobacco)					1,000		80,132
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)					170		220,952
Samsung Life Insurance Company Limited (Financials, Insurance)					700		65,102
							429,826
Taiwan: 7.67%
Far Eastern New Century Corporation (Industrials, Industrial Conglomerates)					21,000		21,488
Media Tek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)					2,000		31,260
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)					4,000		29,737
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment)					11,600		233,160
Uni-President Enterprises Corporation (Consumer Staples, Food Products)					38,000		64,302
							379,947
Thailand: 4.43%
Bangkok Bank PCL (Financials, Banks)					5,000		29,203
PTT Exploration & Production PCL ADR (Energy, Oil, Gas & Consumable Fuels)					7,000		34,502
PTT PCL (Energy, Oil, Gas & Consumable Fuels)					4,000		38,566
Siam Commercial Bank PCL (Financials, Banks)					12,000		60,445
Thai Beverage PCL (Consumer Staples, Beverages)					120,000		56,473
							219,189
Turkey: 0.72%
Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples, Beverages)					3,000		35,874
United Kingdom: 1.40%
Standard Chartered plc (Financials, Banks)					3,200		69,238
Total Common Stocks (Cost $4,433,991)							4,333,269
	Dividend yield
Preferred Stocks: 1.99%
Brazil: 1.99%
Lojas Americanas SA (Consumer Discretionary, Multiline Retail) ±		0.56	%		13,000		98,473
Total Preferred Stocks (Cost $87,412)							98,473

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

10 Wells Fargo Advantage Emerging Markets Equity Select Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name				Shares		Value
Investment Companies: 2.87%
United States: 2.87%
iShares MSCI South Korea Capped ETF					1,100	$	68,805
iShares MSCI Taiwan ETF					5,000		73,200
Total Investment Companies (Cost $141,015)							142,005
	Yield
Short-Term Investments: 5.72%
Investment Companies: 5.72%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		283,364		283,364
Total Short-Term Investments (Cost $283,364)							283,364

Total investments in securities
(Cost $4,945,782) *	98.09	%		4,857,111
Other assets and liabilities, net	1.91			94,672
Total net assets	100.00	%	$	4,951,783

† Non-income-earning security

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

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

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

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended

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

* Cost for federal income tax purposes is $4,945,782 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	213,832
Gross unrealized depreciation		(302,503	)
Net unrealized depreciation	$	(88,671	)

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

Statement of assets and liabilities—April 30, 2014 (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 11

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	4,573,747
In affiliated securities, at value (see cost below)		283,364
Total investments, at value (see cost below)		4,857,111
Foreign currency, at value (see cost below)		26,521
Receivable for dividends		11,689
Receivable from adviser		15,983
Prepaid expenses and other assets		64,160
Total assets		4,975,464
Liabilities
Payable for investments purchased		5,186
Distribution fees payable		152
Due to other related parties		570
Custodian and accounting fees payable		2,226
Professional fees payable		15,547
Total liabilities		23,681
Total net assets	$	4,951,783
NET ASSETS CONSIST OF
Paid-in capital	$	5,031,244
Undistributed net investment income		248
Accumulated net realized gains on investments		9,287
Net unrealized losses on investments		(88,996	)
Total net assets	$	4,951,783
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	265,484
Shares outstanding – Class A		27,007
Net asset value per share – Class A		$9.83
Maximum offering price per share – Class A2		$10.43
Net assets – Class C	$	245,561
Shares outstanding – Class C		25,042
Net asset value per share – Class C		$9.81
Net assets – Class R6	$	1,480,956
Share outstanding – Class R6		150,410
Net asset value per share – Class R6		$9.85
Net assets – Administrator Class	$	1,479,130
Shares outstanding – Administrator Class		150,372
Net asset value per share – Administrator Class		$9.84
Net assets – Institutional Class	$	1,480,652
Shares outstanding – Institutional Class		150,403
Net asset value per share – Institutional Class		$9.84
Investments in unaffiliated securities, at cost	$	4,662,418
Investments in affiliated securities, at cost	$	283,364
Total investments, at cost	$	4,945,782
Foreign currency, at cost	$	26,836

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

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

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

12 Wells Fargo Advantage Emerging Markets Equity Select Fund Statement of operations—period ended April 30, 2014¹ (unaudited)

Investment income
Dividends*	$	39,438
Income from affiliated securities		114
Total investment income		39,552
Expenses
Advisory fee		19,801
Administration fees
Fund level		990
Class A		267
Class C		256
Class R6		178
Administrator Class		593
Institutional Class		474
Shareholder servicing fees
Class A		257
Class C		247
Administrator Class		1,481
Distribution fees
Class C		740
Custody and accounting fees		8,225
Professional fees		21,986
Registration fees		36,911
Shareholder report expenses		14,025
Trustees’ fees and expenses		5,205
Other fees and expenses		6,454
Total expenses		118,090
Less: Fee waivers and/or expense reimbursements		(91,498	)
Net expenses		26,592
Net investment income		12,960
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		9,287
Net change in unrealized gains (losses) on investments		(88,996	)
Net realized and unrealized gains (losses) on investments		(79,709	)
Net decrease in net assets resulting from operations	$	(66,749	)
* Net of foreign dividend withholding taxes in the amount of		$4,170

1. For the period from November 29, 2013 (commencement of class operations) to April 30, 2014

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

Statement of changes in net assets Wells Fargo Advantage Emerging Markets Equity Select Fund 13

	Period ended April 30, 20141 (unaudited)
Operations
Net investment income			$	12,960
Net realized gains on investments				9,287
Net change in unrealized gains (losses) on investments				(88,996	)
Net decrease in net assets resulting from operations				(66,749	)
Distributions to shareholders from
Net investment income
Class A				(570	)
Class C				(414	)
Class R6				(4,056	)
Administrator Class				(3,679	)
Institutional Class				(3,993	)
Total distributions to shareholders				(12,712	)
Capital share transactions		Shares
Proceeds from shares sold
Class A		26,949		268,532
Class C		25,000		250,000
Class R6		150,000		1,500,000
Administrator Class		150,000		1,500,000
Institutional Class		150,000		1,500,000
				5,018,532
Reinvestment of distributions
Class A		58		570
Class C		42		414
Class R6		410		4,056
Administrator Class		372		3,679
Institutional Class		403		3,993
				12,712
Net increase in net assets resulting from capital share transactions				5,031,244
Total increase in net assets				4,951,783
Net assets
Beginning of period				0
End of period			$	4,951,783
Undistributed net investment income			$	248

1. For the period from November 29, 2013 (commencement of class operations) to April 30, 2014

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

14 Wells Fargo Advantage Emerging Markets Equity Select Fund Financial highlights

(For a share outstanding throughout the period)

	Period ended April 30, 20141 (unaudited)
CLASS A
Net asset value, beginning of period	$	10.00
Net investment income		0.01
Net realized and unrealized gains (losses) on investments		(0.16	)
Total from investment operations		(0.15	)
Distributions to shareholders from
Net investment income		(0.02	)
Net asset value, end of period	$	9.83
Total return2		(1.48	)%
Ratios to average net assets (annualized)
Gross expenses		6.26	%
Net expenses		1.65	%
Net investment income		0.35	%
Supplemental data
Portfolio turnover rate		12	%
Net assets, end of period (000s omitted)		$265

1. For the period from November 29, 2013 (commencement of class operations) to April 30, 2014

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Select Fund 15

(For a share outstanding throughout the period)

	Period ended April 30, 20141 (unaudited)
CLASS C
Net asset value, beginning of period	$	10.00
Net investment loss		(0.02	)
Net realized and unrealized gains (losses) on investments		(0.15	)
Total from investment operations		(0.17	)
Distributions to shareholders from
Net investment income		(0.02	)
Net asset value, end of period	$	9.81
Total return2		(1.74	)%
Ratios to average net assets (annualized)
Gross expenses		7.00	%
Net expenses		2.40	%
Net investment loss		(0.40	)%
Supplemental data
Portfolio turnover rate		12	%
Net assets, end of period (000s omitted)		$246

1. For the period from November 29, 2013 (commencement of class operations) to April 30, 2014

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

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

16 Wells Fargo Advantage Emerging Markets Equity Select Fund Financial highlights

(For a share outstanding throughout the period)

	Period ended April 30, 20141 (unaudited)
CLASS R6
Net asset value, beginning of period	$	10.00
Net investment income		0.03
Net realized and unrealized gains (losses) on investments		(0.15	)
Total from investment operations		(0.12	)
Distributions to shareholders from
Net investment income		(0.03	)
Net asset value, end of period	$	9.85
Total return2		(1.23	)%
Ratios to average net assets (annualized)
Gross expenses		5.77	%
Net expenses		1.15	%
Net investment income		0.85	%
Supplemental data
Portfolio turnover rate		12	%
Net assets, end of period (000s omitted)		$1,481

1. For the period from November 29, 2013 (commencement of class operations) to April 30, 2014

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Select Fund 17

(For a share outstanding throughout the period)

	Period ended April 30, 20141 (unaudited)
ADMINISTRATOR CLASS
Net asset value, beginning of period	$	10.00
Net investment income		0.02
Net realized and unrealized gains (losses) on investments		(0.16	)
Total from investment operations		(0.14	)
Distributions to shareholders from
Net investment income		(0.02	)
Net asset value, end of period	$	9.84
Total return2		(1.36	)%
Ratios to average net assets (annualized)
Gross expenses		6.09	%
Net expenses		1.45	%
Net investment income		0.55	%
Supplemental data
Portfolio turnover rate		12	%
Net assets, end of period (000s omitted)		$1,479

1. For the period from November 29, 2013 (commencement of class operations) to April 30, 2014

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

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

18 Wells Fargo Advantage Emerging Markets Equity Select Fund Financial highlights

(For a share outstanding throughout the period)

	Period ended April 30, 20141 (unaudited)
INSTITUTIONAL CLASS
Net asset value, beginning of period	$	10.00
Net investment income		0.03
Net realized and unrealized gains (losses) on investments		(0.16	)
Total from investment operations		(0.13	)
Distributions to shareholders from
Net investment income		(0.03	)
Net asset value, end of period	$	9.84
Total return2		(1.34	)%
Ratios to average net assets (annualized)
Gross expenses		5.82	%
Net expenses		1.20	%
Net investment income		0.80	%
Supplemental data
Portfolio turnover rate		12	%
Net assets, end of period (000s omitted)		$1,481

1. For the period from November 29, 2013 (commencement of class operations) to April 30, 2014

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Select 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 Emerging Markets Equity Select 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 are translated into 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 April 30, 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.

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.

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 are translated into U.S. dollars at rates provided by an independent foreign currency pricing source

20 Wells Fargo Advantage Emerging Markets Equity Select Fund Notes to financial statements (unaudited)

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. 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 included in net realized and unrealized gains or losses from investments.

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 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 fiscal years since commencement of operations will be subject to examination by the federal and Delaware revenue authorities. The Fund is not subject to examination by federal and state tax authorities for tax years before 2014, the year the Fund commenced operations.

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 Emerging Markets Equity Select 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 April 30, 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
Argentina	$	15,856	$	0	$	0	$	15,856
Brazil		610,690		0		0		610,690
Chile		75,286		0		0		75,286
China		745,188		0		0		745,188
Colombia		39,851		0		0		39,851
Hong Kong		129,137		0		0		129,137
India		247,725		0		0		247,725
Indonesia		97,713		0		0		97,713
Malaysia		80,693		0		0		80,693
Mexico		574,981		0		0		574,981
Peru		22,100		0		0		22,100
Philippines		51,911		0		0		51,911
Russia		199,333		39,684		0		239,017
South Africa		269,047		0		0		269,047
South Korea		429,826		0		0		429,826
Taiwan		379,947		0		0		379,947
Thailand		219,189		0		0		219,189
Turkey		35,874		0		0		35,874
United Kingdom		69,238		0		0		69,238
Preferred stocks
Brazil		98,473		0		0		98,473
Investment companies
United States		142,005		0		0		142,005
Short-term investments
Investment companies		283,364		0		0		283,364
	$	4,817,427	$	39,684	$	0	$	4,857,111

Transfers in and transfers out are recognized at the end of the reporting period. For the period ended April 30, 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 1.00% and declining to 0.90% as the average daily net assets of the Fund increase. For the period from November 29, 2013 to April 30, 2014, the advisory fee was equivalent to an annual rate of 1.00% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management 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 0.60% and declining to 0.425% as the average daily net assets of the Fund increase.

22 Wells Fargo Advantage Emerging Markets Equity Select 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 C		0.26	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.65% for Class A shares, 2.40% for Class C shares, 1.15% for Class R6 shares, 1.45% for Administrator Class shares, and 1.20% for Institutional Class shares.

Distribution fees

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

For the period from November 29, 2013 to April 30, 2014, Wells Fargo Funds Distributor, LLC received $73 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the period from November 29, 2013 to April 30, 2014 were $5,157,379 and $504,795, respectively.

6. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees 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 Emerging Markets Equity Select 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 Emerging Markets Equity Select Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ 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 funds 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 Emerging Markets Equity Select Fund 25

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

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

Officers

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

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

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

26 Wells Fargo Advantage Emerging Markets Equity Select 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 Emerging Markets Equity Select 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 acknowledged that the Fund is newly formed and has no performance record. The Board noted that it considered the performance of other accounts managed by the Sub-Adviser utilizing an investment style and strategy similar to that of the Fund when the Board initially approved the Advisory Agreements for the Fund at an in-person meeting of the Board held on August 13-14, 2013, including how such accounts performed in relation to the Fund’s benchmark index. The Board noted that it would have the opportunity to review performance information relating to the Fund on an on-going basis and in connection with future annual reviews of advisory agreements.

Other information (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 27

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board 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, 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, except for Class A, the Management Rate of which was higher than its expense Group. However, the Board noted that the net operating expense ratio for Class A was equal to 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.

28 Wells Fargo Advantage Emerging Markets Equity Select 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 Emerging Markets Equity Select 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.

225169 06-14 SA266/SAR266 04-14

Wells Fargo Advantage

Global Opportunities Fund

Semi-Annual Report

April 30, 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	20
Other information	26
List of abbreviations	32

The views expressed and any forward-looking statements are as of April 30, 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 Global Opportunities Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates.

Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Global Opportunities Fund for the six-month period that ended April 30, 2014. The period was marked by growing concern about an economic slowdown in China and heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine. The environment created a headwind for many emerging markets, even as continued economic recovery in Europe helped most developed stock markets end the period with gains.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various quantitative easing policies. The U.S. Federal Reserve (Fed) remained a major source of liquidity for market participants around the world. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate near zero in order to support the economy and the financial system. At the beginning of the reporting period, the FOMC was still making open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market and was purchasing $45 billion per month in long-term U.S. Treasuries. However, in mid-December 2013, the FOMC announced that it would reduce (or taper) its bond-buying program by $10 billion per month beginning in January 2014. Although the tapering was less aggressive than some investors had feared, the removal of liquidity sparked a sell-off in emerging markets stocks and currencies as investors sold higher-risk assets.

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates. In November 2013, the ECB cut its key rate to a historic low of 0.25%. The ECB’s actions helped support moderate year-over-year gross domestic product (GDP) growth in the eurozone.

Most developed regions gained, but emerging and developed Asian markets lagged.

For the six-month period, the MSCI EAFE Index (Net)¹, a proxy for developed markets, returned 4.44%, while the MSCI Emerging Markets Index (Net)² returned -2.98%.

In Europe, economic data continued to show moderate growth, with reported GDP for the 28 countries in the European Union rising by 0.4% in the fourth quarter of 2013 compared with the previous quarter. The unemployment rate remained high but stable at 10.5% in February and March 2014, while inflation remained consistently below a 1% annual rate. Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains. The ongoing turmoil in Ukraine did result in some stock market volatility, but as of the end of the reporting period, most investors believed that it would not result in war.

Asian markets posted mixed results, with political issues accounting for many of those differences. In countries such as India and Indonesia, investors were optimistic that upcoming elections might sweep in more reform-minded

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

2. The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) 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.

Letter to shareholders (unaudited) Wells Fargo Advantage Global Opportunities Fund 3

governments. By contrast, in Japan, the honeymoon for Prime Minister Shinzō Abe appeared to be ending, with investors worrying that his reforms were not taking effect as quickly as originally hoped.

As for China, many of the country’s economic numbers—such as national production, retail sales, fixed investment, and manufacturing activity—came in below analyst expectations, causing investor concern. In addition, China’s government has allowed a growing number of defaults in the country’s financial system as part of a long-term plan to rein in credit growth.

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 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

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 Global Opportunities Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James M. Tringas, CFA

Oleg Makhorine

Bryant VanCronkhite, CFA, CPA

Average annual total returns¹ (%) as of April 30, 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 (EKGAX)	3-16-1988	14.04	16.26	10.09	20.99	17.65	10.75	1.60	1.56
Class B (EKGBX)*	2-1-1993	15.05	16.56	10.19	20.05	16.77	10.19	2.35	2.31
Class C (EKGCX)	2-1-1993	19.06	16.77	9.94	20.06	16.77	9.94	2.35	2.31
Administrator Class (EKGYX)	1-13-1997	–	–	–	21.17	17.87	11.01	1.44	1.41
Institutional Class (EKGIX)	7-30-2010	–	–	–	21.46	18.10	11.11	1.17	1.16
S&P Developed SmallCap Index4	–	–	–	–	20.47	19.70	9.78	–	–

* 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.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Global Opportunities Fund 5

Ten largest equity holdings5 (%) as of April 30, 2014
TreeHouse Foods Incorporated	1.52
Clean Harbors Incorporated	1.46
Forward Air Corporation	1.46
ACI Worldwide Incorporated	1.42
Kadant Incorporated	1.40
Denny’s Corporation	1.39
Franklin Electric Company Incorporated	1.38
Brown & Brown Incorporated	1.32
Mueller Industries Incorporated	1.30
Steris Corporation	1.28

Sector distribution⁶ as of April 30, 2014

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

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 February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.55% for Class A, 2.30% for Class B, 2.30% for Class C, 1.40% for Administrator Class, and 1.15% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The S&P Developed SmallCap Index is a float-adjusted market capitalization index designed to measure the equity market performance of small capitalization companies located in developed markets. The index is comprised of companies within the bottom 15% of the cumulative market capitalization in developed markets. The index covers all publicly listed equities with float-adjusted market values of U.S. $100 million or more and annual dollar value traded of at least U.S. $50 million in all included countries. You cannot invest directly in an index.

5. The ten largest equity holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

6 Wells Fargo Advantage Global Opportunities Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,049.76	$	7.88		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.11	$	7.75		1.55	%
Class B
Actual	$	1,000.00	$	1,045.64	$	11.67		2.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.39	$	11.48		2.30	%
Class C
Actual	$	1,000.00	$	1,045.79	$	11.67		2.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.39	$	11.48		2.30	%
Administrator Class
Actual	$	1,000.00	$	1,050.35	$	7.12		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Institutional Class
Actual	$	1,000.00	$	1,051.66	$	5.80		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.14	$	5.71		1.14	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Global Opportunities Fund 7

Security name	Shares		Value
Common Stocks: 94.01%
Australia: 1.25%
SAI Global Limited (Industrials, Professional Services)		450,208	$	1,785,899
Tiger Resources Limited (Materials, Metals & Mining) †		6,094,901		2,010,068
				3,795,967
Canada: 2.72%
Capstone Mining Corporation (Materials, Metals & Mining) †		453,355		1,195,380
Cott Corporation (Consumer Staples, Beverages)		138,927		1,128,097
GSI Group Incorporated (Information Technology, Electronic Equipment, Instruments & Components) †		225,042		2,732,010
MBAC Fertilizer Corporation (Materials, Chemicals) †		578,864		290,475
MBAC Fertilizer Corporation – Legend Shares (Materials, Chemicals) †(i)		84,000		42,151
Surge Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		289,981		1,833,464
Surge Energy Incorporated – Legend Shares (Energy, Oil, Gas & Consumable Fuels) †		41,460		262,139
Transglobe Energy Corporation (Energy, Oil, Gas & Consumable Fuels) †		93,862		731,337
				8,215,053
Denmark: 1.03%
DSV AS (Industrials, Road & Rail)		33,619		1,121,675
Jyske Bank AS (Financials, Banks) †		36,220		1,989,407
				3,111,082
France: 4.15%
ALTEN (Information Technology, IT Services)		62,095		3,168,934
Eutelsat Communications SA (Consumer Discretionary, Media)		75,269		2,582,415
M6 Metropole Television SA (Consumer Discretionary, Media)		85,935		1,840,786
Mersen (Industrials, Electrical Equipment)		53,678		1,716,537
Teleperformance (Industrials, Professional Services)		56,808		3,254,170
				12,562,842
Germany: 4.08%
Amadeus Fire AG (Industrials, Professional Services)		12,783		1,111,952
Deutsche Wohnen AG (Financials, Real Estate Management & Development)		78,014		1,671,654
Gerresheimer AG (Health Care, Life Sciences Tools & Services)		40,158		2,722,424
Hochtief AG (Industrials, Construction & Engineering)		25,214		2,343,352
Software AG (Information Technology, Software)		56,803		2,135,238
TOM TAILOR Holding AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		121,449		2,358,891
				12,343,511
Hong Kong: 0.90%
Luk Fook Holdings International Limited (Consumer Discretionary, Specialty Retail)		298,000		845,614
Sunlight REIT (Financials, REITs)		4,734,000		1,862,349
				2,707,963
Italy: 2.14%
Beni Stabili SpA (Financials, REITs)		1,806,875		1,613,104
Credito Emiliano SpA (Financials, Banks)		154,070		1,577,467
Davide Campari-Milano SpA (Consumer Staples, Beverages)		230,223		1,999,442
Salvatore Ferragamo SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		40,818		1,291,703
				6,481,716

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

8 Wells Fargo Advantage Global Opportunities Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name	Shares		Value
Japan: 7.90%
Aeon Delight Company Limited (Industrials, Commercial Services & Supplies)		93,200	$	2,052,980
Anritsu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		195,600		2,186,832
Avex Group Holdings Incorporated (Consumer Discretionary, Media)		88,200		1,628,812
Chiba Bank Limited (Financials, Banks)		216,000		1,371,194
FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing)		39,000		1,619,357
Hitachi Chemical Company Limited (Materials, Chemicals)		136,400		2,005,274
Musashi Seimitsu Industry Company Limited (Consumer Discretionary, Auto Components)		113,600		2,503,456
ORIX JREIT Incorporated (Financials, REITs)		1,832		2,329,535
Sumitomo Heavy Industries Limited (Industrials, Machinery)		250,000		1,061,280
Sumitomo Warehouse Company Limited (Industrials, Transportation Infrastructure)		386,000		1,868,929
Taikisha Limited (Industrials, Construction & Engineering)		63,400		1,369,889
Tokyo Ohka Kogyo Company Limited (Materials, Chemicals)		88,155		2,013,419
Toshiba Machine Company Limited (Industrials, Machinery)		420,263		1,882,726
				23,893,683
Netherlands: 2.07%
Arcadis NV (Industrials, Construction & Engineering)		59,359		2,106,556
Nutreco NV (Consumer Staples, Food Products)		46,293		2,148,954
USG People NV (Industrials, Professional Services)		117,264		2,021,375
				6,276,885
Norway: 2.33%
Atea ASA (Information Technology, IT Services)		194,047		2,227,968
Hoegh LNG Holdings Limited (Energy, Oil, Gas & Consumable Fuels) †		281,371		2,745,406
SpareBank 1 SR Bank ASA (Financials, Banks)		215,103		2,080,720
				7,054,094
Portugal: 0.28%
Banco BPI SA (Financials, Banks) †		332,415		852,714
Russia: 0.36%
Sollers OJSC (Consumer Discretionary, Automobiles) (a)		74,291		1,082,815
South Korea: 2.16%
BS Financial Group Incorporated (Financials, Banks)		123,420		1,887,192
Handsome Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		38,400		969,941
Hy-Lok Corporation (Industrials, Machinery)		72,062		2,095,677
Kiwoom Securities Company (Financials, Capital Markets)		32,020		1,571,096
				6,523,906
Spain: 0.98%
Prosegur Compania de Seguridad SA (Industrials, Commercial Services & Supplies)		192,298		1,288,569
Viscofan SA (Consumer Staples, Food Products)		31,989		1,666,466
				2,955,035
Sweden: 1.06%
Avanza Bank Holding AB (Financials, Capital Markets)		40,285		1,508,627
Meda AB Class A (Health Care, Pharmaceuticals)		94,956		1,699,867
				3,208,494

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Global Opportunities Fund 9

Security name	Shares		Value
Switzerland: 1.00%
Aryzta AG (Consumer Staples, Food Products)		16,181	$	1,493,815
Dufry AG (Consumer Discretionary, Specialty Retail) †		9,196		1,519,257
				3,013,072
Taiwan: 0.55%
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		1,142,000		1,673,406
United Kingdom: 11.27%
Ashtead Group plc (Industrials, Trading Companies & Distributors)		97,910		1,445,646
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		276,319		3,687,973
Cambian Group plc (Health Care, Health Care Providers & Services) †		550,000		2,112,609
Catlin Group Limited (Financials, Insurance)		280,183		2,500,126
Consort Medical plc (Health Care, Health Care Equipment & Supplies)		113,369		1,688,255
Debenhams plc (Consumer Discretionary, Multiline Retail)		2,064,583		2,795,644
Devro plc (Consumer Staples, Food Products)		166,368		594,094
Enquest plc (Energy, Oil, Gas & Consumable Fuels) †		777,190		1,801,660
IMI plc (Industrials, Machinery)		66,800		1,691,776
Jupiter Fund Management plc (Financials, Capital Markets)		448,802		2,941,612
Morgan Advanced Materials plc (Industrials, Machinery)		458,759		2,594,804
Oxford Instruments plc (Information Technology, Electronic Equipment, Instruments & Components)		96,928		2,109,489
Perform Group plc (Consumer Discretionary, Media) †		621,758		2,262,267
Savills plc (Financials, Real Estate Management & Development)		151,232		1,532,040
SIG plc (Industrials, Trading Companies & Distributors)		478,228		1,546,247
Taylor Wimpey plc (Consumer Discretionary, Household Durables)		1,579,049		2,802,034
				34,106,276
United States: 47.78%
A. Schulman Incorporated (Materials, Chemicals)		94,911		3,409,203
ACI Worldwide Incorporated (Information Technology, Software) †		75,000		4,286,250
Atwood Oceanics Incorporated (Energy, Energy Equipment & Services) †		15,600		773,136
Bio-Rad Laboratories Incorporated Class A (Health Care, Life Sciences Tools & Services) †		26,900		3,314,349
Brown & Brown Incorporated (Financials, Insurance)		134,222		3,997,131
Cambrex Corporation (Health Care, Life Sciences Tools & Services) †		80,900		1,657,641
CARBO Ceramics Incorporated (Energy, Energy Equipment & Services) «		13,300		1,860,803
Christopher & Banks Corporation (Consumer Discretionary, Specialty Retail) †		233,928		1,459,711
Clean Harbors Incorporated (Industrials, Commercial Services & Supplies) †		73,600		4,416,000
Comstock Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) «		70,140		1,949,892
Delta Apparel Incorporated (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		102,600		1,562,598
Denny’s Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure) †		622,860		4,198,076
Domino’s Pizza Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		290,956		2,525,024
Douglas Dynamics Incorporated (Industrials, Machinery)		167,902		2,832,507
First Citizens BancShares Incorporated (Financials, Banks)		16,105		3,621,853
Forward Air Corporation (Industrials, Air Freight & Logistics)		99,805		4,414,375
Franklin Electric Company Incorporated (Industrials, Electrical Equipment)		108,162		4,182,625
Guess? Incorporated (Consumer Discretionary, Specialty Retail)		86,200		2,319,642
Haemonetics Corporation (Health Care, Health Care Equipment & Supplies) †		108,100		3,281,916
ICU Medical Incorporated (Health Care, Health Care Equipment & Supplies) †		28,169		1,571,267
Imation Corporation (Information Technology, Technology Hardware, Storage & Peripherals) †		541,188		2,337,932
Innospec Incorporated (Materials, Chemicals)		41,800		1,799,908

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

10 Wells Fargo Advantage Global Opportunities Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name				Shares		Value
United States (continued)
Ixia Corporation (Information Technology, Communications Equipment) †					176,000	$	2,185,920
JTH Holding Incorporated Class A (Consumer Discretionary, Diversified Consumer Services) «†					78,300		2,129,760
Kadant Incorporated (Industrials, Machinery)					121,673		4,228,137
Krispy Kreme Doughnuts Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure) †					179,300		3,144,922
Lattice Semiconductor Corporation (Information Technology, Semiconductors & Semiconductor Equipment) †					365,700		3,079,194
Macquarie Infrastructure Company LLC (Industrials, Transportation Infrastructure)					51,367		2,954,630
Matthews International Corporation Class A (Consumer Discretionary, Diversified Consumer Services)					69,840		2,818,044
MRC Global Incorporated (Industrials, Trading Companies & Distributors) †					62,483		1,823,879
Mueller Industries Incorporated (Industrials, Machinery)					135,600		3,924,264
Neenah Paper Incorporated (Materials, Paper & Forest Products)					63,350		3,190,940
NetScout Systems Incorporated (Information Technology, Software) †					80,800		3,147,968
Parexel International Corporation (Health Care, Life Sciences Tools & Services) †					54,700		2,480,645
Penn Virginia Corporation (Energy, Oil, Gas & Consumable Fuels) «†					164,700		2,740,608
Pier 1 Imports Incorporated (Consumer Discretionary, Specialty Retail)					78,100		1,426,106
Post Properties Incorporated (Financials, REITs)					62,000		3,113,020
ProAssurance Corporation (Financials, Insurance)					50,100		2,275,542
Progress Software Corporation (Information Technology, Software) †					70,500		1,512,930
Quanex Building Products Corporation (Industrials, Building Products)					75,689		1,425,981
Schweitzer Manduit International Incorporated (Materials, Paper & Forest Products)					77,600		3,386,464
Simpson Manufacturing Company Incorporated (Industrials, Building Products)					116,916		3,833,676
Steel Excel Incorporated (Energy, Energy Equipment & Services) †					59,068		1,913,803
Steris Corporation (Health Care, Health Care Equipment & Supplies)					80,400		3,863,220
Stone Energy Corporation (Energy, Oil, Gas & Consumable Fuels) †					24,564		1,204,864
Thoratec Corporation (Health Care, Health Care Equipment & Supplies) †					22,200		727,716
TIBCO Software Incorporated (Information Technology, Software) †					136,900		2,687,347
TreeHouse Foods Incorporated (Consumer Staples, Food Products) †					61,500		4,602,660
UMB Financial Corporation (Financials, Banks)					43,700		2,565,627
Virtus Investment Partners Incorporated (Financials, Capital Markets) †					13,400		2,478,866
Vishay Intertechnology Incorporated (Information Technology, Electronic Equipment, Instruments & Components)					251,090		3,570,500
WD-40 Company (Consumer Staples, Household Products)					25,400		1,850,136
West Pharmaceutical Services Incorporated (Health Care, Health Care Equipment & Supplies)					57,100		2,476,999
							144,536,207
Total Common Stocks (Cost $238,480,783)							284,394,721
	Dividend yield
Preferred Stocks: 0.25%
Germany: 0.25%
Draegerwerk AG & Company KGAA (Health Care, Health Care Equipment & Supplies)		0.96	%		6,444		761,695
Total Preferred Stocks (Cost $796,558)							761,695
Investment Companies: 0.91%
United States: 0.91%
iShares MSCI EAFE Small Cap Index Fund					52,681		2,740,466
Total Investment Companies (Cost $2,733,643)							2,740,466

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Global Opportunities Fund 11

Security name	Yield			Shares		Value
Short-Term Investments: 11.39%
Investment Companies: 11.39%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.07	%		13,853,546	$	13,853,546
Wells Fargo Securities Lending Cash Investments, LLC (u)(l)(v)(r)		0.11			20,619,022		20,619,022
Total Short-Term Investments (Cost $34,472,568)							34,472,568

Total investments in securities
(Cost $276,483,552) *	106.56	%		322,369,450
Other assets and liabilities, net	(6.56	)		(19,845,589	)
Total net assets	100.00	%	$	302,523,861

† Non-income-earning security

(i) Illiquid security

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

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

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(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 $277,641,959 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	54,825,003
Gross unrealized depreciation		(10,097,512	)
Net unrealized appreciation	$	44,727,491

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

12 Wells Fargo Advantage Global Opportunities Fund Statement of assets and liabilities—April 30, 2014 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	287,896,882
In affiliated securities, at value (see cost below)		34,472,568
Total investments, at value (see cost below)		322,369,450
Foreign currency, at value (see cost below)		77,763
Receivable for investments sold		2,420,113
Receivable for Fund shares sold		110,287
Receivable for dividends		714,900
Receivable for securities lending income		16,062
Prepaid expenses and other assets		38,868
Total assets		325,747,443
Liabilities
Payable for investments purchased		1,759,685
Payable for Fund shares redeemed		380,280
Unrealized losses on forward foreign currency contracts		42,504
Payable upon receipt of securities loaned		20,619,022
Advisory fee payable		222,411
Distribution fees payable		38,158
Due to other related parties		69,923
Accrued expenses and other liabilities		91,599
Total liabilities		23,223,582
Total net assets	$	302,523,861
NET ASSETS CONSIST OF
Paid-in capital	$	228,809,244
Accumulated net investment loss		(285,735	)
Accumulated net realized gains on investments		28,153,592
Net unrealized gains on investments		45,846,760
Total net assets	$	302,523,861
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	182,533,362
Shares outstanding – Class A		4,102,508
Net asset value per share – Class A		$44.49
Maximum offering price per share – Class A2		$47.20
Net assets – Class B	$	15,862,456
Shares outstanding – Class B		443,773
Net asset value per share – Class B		$35.74
Net assets – Class C	$	45,262,355
Shares outstanding – Class C		1,259,924
Net asset value per share – Class C		$35.92
Net assets – Administrator Class	$	56,696,868
Shares outstanding – Administrator Class		1,236,912
Net asset value per share – Administrator Class		$45.84
Net assets – Institutional Class	$	2,168,820
Shares outstanding – Institutional Class		47,306
Net asset value per share – Institutional Class		$45.85
Investments in unaffiliated securities (including securities on loan), at cost	$	242,010,984
Investments in affiliated securities, at cost	$	34,472,568
Total investments, at cost	$	276,483,552
Securities on loan, at value	$	19,766,459
Foreign currency, at cost	$	77,337

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

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

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

Statement of operations—six months ended April 30, 2014 (unaudited) Wells Fargo Advantage Global Opportunities Fund 13

Investment income
Dividends*	$	2,125,399
Securities lending income, net		61,235
Income from affiliated securities		3,455
Total investment income		2,190,089
Expenses
Advisory fee		1,352,850
Administration fees
Fund level		75,158
Class A		235,333
Class B		23,444
Class C		58,329
Administrator Class		27,272
Institutional Class		865
Shareholder servicing fees
Class A		226,281
Class B		22,543
Class C		56,086
Administrator Class		66,608
Distribution fees
Class B		67,628
Class C		168,257
Custody and accounting fees		49,871
Professional fees		25,630
Registration fees		36,888
Shareholder report expenses		29,851
Trustees’ fees and expenses		4,494
Other fees and expenses		12,553
Total expenses		2,539,941
Less: Fee waivers and/or expense reimbursements		(20,574	)
Net expenses		2,519,367
Net investment loss		(329,278	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		29,704,759
Forward foreign currency contract transactions		158,592
Net realized gains on investments		29,863,351
Net change in unrealized gains (losses) on:
Unaffiliated securities		(15,039,453	)
Forward foreign currency contract transactions		20,887
Net change in unrealized gains (losses) on investments		(15,018,566	)
Net realized and unrealized gains (losses) on investments		14,844,785
Net increase in net assets resulting from operations	$	14,515,507
* Net of foreign dividend withholding taxes in the amount of		$131,680

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

14 Wells Fargo Advantage Global Opportunities Fund Statement of changes in net assets

	Six months ended April 30, 2014 (unaudited)						Year ended October 31, 2013
Operations
Net investment income (loss)				$	(329,278	)				$	795,129
Net realized gains on investments					29,863,351						27,401,708
Net change in unrealized gains (losses) on investments					(15,018,566	)					42,631,128
Net increase in net assets resulting from operations					14,515,507						70,827,965
Distributions to shareholders from
Net investment income
Class A					(1,289,730	)					(1,067,960	)
Class C					(17,006	)					0
Administrator Class					(475,665	)					(373,726	)
Institutional Class					(23,151	)					(14,154	)
Total distributions to shareholders					(1,805,552	)					(1,455,840	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		210,082			9,179,193			484,022			17,866,296
Class B		3,947			137,904			4,112			121,376
Class C		39,620			1,388,278			155,555			4,623,064
Administrator Class		152,208			6,832,887			377,643			14,366,714
Institutional Class		2,339			105,223			19,455			761,308
					17,643,485						37,738,758
Reinvestment of distributions
Class A		27,164			1,188,435			28,779			974,154
Class C		392			13,875			0			0
Administrator Class		9,728			438,256			9,897			344,916
Institutional Class		514			23,151			383			13,316
					1,663,717						1,332,386
Payment for shares redeemed
Class A		(393,499	)		(17,152,277	)		(969,493	)		(35,467,108	)
Class B		(129,186	)		(4,546,000	)		(231,830	)		(6,863,585	)
Class C		(78,651	)		(2,776,908	)		(269,508	)		(7,957,078	)
Administrator Class		(117,198	)		(5,260,801	)		(492,106	)		(18,398,520	)
Institutional Class		(4,369	)		(197,373	)		(7,895	)		(306,596	)
					(29,933,359	)					(68,992,887	)
Net decrease in net assets resulting from capital share transactions					(10,626,157	)					(29,921,743	)
Total increase in net assets					2,083,798						39,450,382
Net assets
Beginning of period					300,440,063						260,989,681
End of period				$	302,523,861					$	300,440,063
Undistributed (accumulated) net investment income (loss)				$	(285,735	)				$	1,849,095

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

Financial highlights Wells Fargo Advantage Global Opportunities Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS A				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	42.68		$	33.17		$	30.14		$	31.91		$	24.96		$	21.20
Net investment income (loss)		(0.02	)2		0.16	2		0.20	2		0.12	2		0.07	2		0.10	2
Net realized and unrealized gains (losses) on investments		2.14			9.58			2.87			(1.89	)		6.99			3.74
Total from investment operations		2.12			9.74			3.07			(1.77	)		7.06			3.84
Distributions to shareholders from
Net investment income		(0.31	)		(0.23	)		(0.04	)		0.00			(0.11	)		(0.08	)
Net asset value, end of period	$	44.49		$	42.68		$	33.17		$	30.14		$	31.91		$	24.96
Total return3		4.98	%		29.50	%		10.24	%		(5.55	)%		28.41	%		18.22	%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.59	%		1.55	%		1.55	%		1.66	%		1.72	%
Net expenses		1.55	%		1.55	%		1.54	%		1.53	%		1.63	%		1.72	%
Net investment income (loss)		(0.09	)%		0.43	%		0.65	%		0.34	%		0.25	%		0.45	%
Supplemental data
Portfolio turnover rate		40	%		59	%		85	%		76	%		104	%		170	%
Net assets, end of period (000s omitted)		$182,533			$181,764			$156,433			$174,937			$212,729			$197,721

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

2. Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage Global Opportunities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS B				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	34.18		$	26.58		$	24.30		$	25.92		$	20.33		$	17.34
Net investment loss		(0.15	)2		(0.09	)2		(0.03	)2		(0.12	)2		(0.11	)2		(0.05	)2
Net realized and unrealized gains (losses) on investments		1.71			7.69			2.31			(1.50	)		5.70			3.04
Total from investment operations		1.56			7.60			2.28			(1.62	)		5.59			2.99
Net asset value, end of period	$	35.74		$	34.18		$	26.58		$	24.30		$	25.92		$	20.33
Total return3		4.56	%		28.54	%		9.42	%		(6.25	)%		27.43	%		17.30	%
Ratios to average net assets (annualized)
Gross expenses		2.31	%		2.34	%		2.30	%		2.30	%		2.41	%		2.47	%
Net expenses		2.30	%		2.30	%		2.29	%		2.28	%		2.38	%		2.47	%
Net investment loss		(0.87	)%		(0.32	)%		(0.10	)%		(0.43	)%		(0.49	)%		(0.30	)%
Supplemental data
Portfolio turnover rate		40	%		59	%		85	%		76	%		104	%		170	%
Net assets, end of period (000s omitted)		$15,862			$19,446			$21,181			$26,598			$37,752			$34,934

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Global Opportunities Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class B of Evergreen Global Opportunities Fund.

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Global Opportunities Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS C				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	34.36		$	26.73		$	24.43		$	26.05		$	20.44		$	17.44
Net investment loss		(0.15	)2		(0.09	)2		(0.03	)2		(0.11	)2		(0.11	)2		(0.05	)2
Net realized and unrealized gains (losses) on investments		1.72			7.72			2.33			(1.51	)		5.72			3.05
Total from investment operations		1.57			7.63			2.30			(1.62	)		5.61			3.00
Distributions to shareholders from
Net investment income		(0.01	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	35.92		$	34.36		$	26.73		$	24.43		$	26.05		$	20.44
Total return3		4.58	%		28.54	%		9.41	%		(6.25	)%		27.43	%		17.33	%
Ratios to average net assets (annualized)
Gross expenses		2.32	%		2.34	%		2.30	%		2.30	%		2.41	%		2.47	%
Net expenses		2.30	%		2.30	%		2.29	%		2.28	%		2.38	%		2.47	%
Net investment loss		(0.84	)%		(0.31	)%		(0.11	)%		(0.41	)%		(0.50	)%		(0.30	)%
Supplemental data
Portfolio turnover rate		40	%		59	%		85	%		76	%		104	%		170	%
Net assets, end of period (000s omitted)		$45,262			$44,618			$37,753			$45,135			$52,866			$50,218

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

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Global Opportunities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	44.00		$	34.21		$	31.10		$	32.92		$	25.73		$	21.91
Net investment income		0.02	2		0.22	2		0.26	2		0.15			0.14	2		0.16
Net realized and unrealized gains (losses) on investments		2.21			9.86			2.96			(1.93	)		7.23			3.85
Total from investment operations		2.23			10.08			3.22			(1.78	)		7.37			4.01
Distributions to shareholders from
Net investment income		(0.39	)		(0.29	)		(0.11	)		(0.04	)		(0.18	)		(0.19	)
Net asset value, end of period	$	45.84		$	44.00		$	34.21		$	31.10		$	32.92		$	25.73
Total return3		5.03	%		29.73	%		10.44	%		(5.39	)%		28.77	%		18.45	%
Ratios to average net assets (annualized)
Gross expenses		1.40	%		1.42	%		1.38	%		1.37	%		1.43	%		1.47	%
Net expenses		1.40	%		1.40	%		1.38	%		1.36	%		1.40	%		1.47	%
Net investment income		0.07	%		0.58	%		0.81	%		0.53	%		0.49	%		0.69	%
Supplemental data
Portfolio turnover rate		40	%		59	%		85	%		76	%		104	%		170	%
Net assets, end of period (000s omitted)		$56,697			$52,461			$44,360			$49,860			$46,106			$38,977

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Global Opportunities Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	44.05		$	34.25		$	31.18		$	32.94		$	28.37
Net investment income		0.09			0.32	2		0.36	2		0.25			0.04	2
Net realized and unrealized gains (losses) on investments		2.20			9.86			2.93			(1.94	)		4.53
Total from investment operations		2.29			10.18			3.29			(1.69	)		4.57
Distributions to shareholders from
Net investment income		(0.49	)		(0.38	)		(0.22	)		(0.07	)		0.00
Net asset value, end of period	$	45.85		$	44.05		$	34.25		$	31.18		$	32.94
Total return3		5.17	%		30.06	%		10.70	%		(5.15	)%		16.11	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.16	%		1.12	%		1.08	%		1.22	%
Net expenses		1.14	%		1.15	%		1.12	%		1.08	%		1.15	%
Net investment income		0.32	%		0.83	%		1.13	%		1.18	%		0.53	%
Supplemental data
Portfolio turnover rate		40	%		59	%		85	%		76	%		104	%
Net assets, end of period (000s omitted)		$2,169			$2,151			$1,263			$1,486			$12

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

2. Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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 are translated into 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 April 30, 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.

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into 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. 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 included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

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

Security loans

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $67,335 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.

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

As of April 30, 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
Australia	$	3,795,967	$	0	$	0	$	3,795,967
Canada		8,215,053		0		0		8,215,053
Denmark		3,111,082		0		0		3,111,082
France		12,562,842		0		0		12,562,842
Germany		12,343,511		0		0		12,343,511
Hong Kong		2,707,963		0		0		2,707,963
Italy		6,481,716		0		0		6,481,716
Japan		23,893,683		0		0		23,893,683
Netherlands		6,276,885		0		0		6,276,885
Norway		7,054,094		0		0		7,054,094
Portugal		852,714		0		0		852,714
Russia		0		1,082,815		0		1,082,815
South Korea		6,523,906		0		0		6,523,906
Spain		2,955,035		0		0		2,955,035
Sweden		3,208,494		0		0		3,208,494
Switzerland		3,013,072		0		0		3,013,072
Taiwan		1,673,406		0		0		1,673,406
United Kingdom		34,106,276		0		0		34,106,276
United States		144,536,207		0		0		144,536,207
Preferred stock
Germany		761,695		0		0		761,695
Investment companies
United States		2,740,466		0		0		2,740,466
Short-term investments
Investment companies		13,853,546		20,619,022		0		34,472,568
	$	300,667,613	$	21,701,837	$	0	$	322,369,450

As of April 30, 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
Forward foreign currency contracts	$	0	$	(42,504	)*	$	0	$	(42,504	)

* Amount represents the net unrealized losses.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 0.90% and declining to 0.80% as the average daily net assets of the Fund increase. For the six months ended April 30, 2014, the advisory fee was equivalent to an annual rate of 0.90% of the Fund’s average daily net assets.

24 Wells Fargo Advantage Global Opportunities Fund Notes to financial statements (unaudited)

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.55% for Class A shares, 2.30% for Class B shares, 2.30% for Class C shares, 1.40% for Administrator Class shares, and 1.15% for Institutional Class shares.

Distribution fees

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

For the six months ended April 30, 2014, Wells Fargo Funds Distributor, LLC received $5,146 from the sale of Class A shares and $247 and $824 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2014 were $116,155,440 and $128,488,125, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2014, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2014, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver		U.S. value at April 30, 2014		In exchange for U.S. $		Unrealized losses
6-11-2014	JPMorgan		400,000,000 JPY	$	3,913,492	$	3,870,988	$	(42,504	)

The Fund had average contract amounts of $70,423 and $4,296,091 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2014.

Notes to financial statements (unaudited) Wells Fargo Advantage Global Opportunities Fund 25

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

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 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 derivatives. Cash collateral that has been pledged to cover obligations of the Fund under the ISDA Master Agreements or similar agreements, 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 liabilities in the Statement of Assets and Liabilities			Amounts subject to netting agreements		Collateral pledged		Net amount of liabilities
Forward foreign currency contracts		JPMorgan	$	42,504	*	$	0	$	0	$	42,504

* Amount represents net unrealized losses.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2014, the Fund paid $146 in commitment fees.

For the six months ended April 30, 2014, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees 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 Global Opportunities Fund Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2013. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$146,158	0.0198	60.26%

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 Global Opportunities Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ 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 funds 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 Global Opportunities Fund Other information (unaudited)

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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 Global Opportunities 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 Global Opportunities Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. 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 lower 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 S&P Developed SmallCap Index, for all periods under review except for the ten-year period.

30 Wells Fargo Advantage Global Opportunities Fund Other information (unaudited)

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and its benchmark for the one-, three- and five-year periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period noting the recent outperformance of the Fund relative to its benchmark. The Board noted that the Fund underwent a portfolio manager change in 2012. 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, equal to or in range of the median net operating expense ratios of the expense Groups for all share classes.

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

Investment advisory and sub-advisory fee rates

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

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 Global Opportunities Fund 31

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 Global Opportunities Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

225170 06-14 SA239/SAR239 04-14

Wells Fargo Advantage

International Equity Fund

Semi-Annual Report

April 30, 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	25
List of abbreviations	31

The views expressed and any forward-looking statements are as of April 30, 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 International Equity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates.

Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage International Equity Fund for the six-month period that ended April 30, 2014. The period was marked by growing concern about an economic slowdown in China and heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine. The environment created a headwind for many emerging markets, even as continued economic recovery in Europe helped most developed stock markets end the period with gains.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various quantitative easing policies. The U.S. Federal Reserve (Fed) remained a major source of liquidity for market participants around the world. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate near zero in order to support the economy and the financial system. At the beginning of the reporting period, the FOMC was still making open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market and was purchasing $45 billion per month in long-term U.S. Treasuries. However, in mid-December 2013, the FOMC announced that it would reduce (or taper) its bond-buying program by $10 billion per month beginning in January 2014. Although the tapering was less aggressive than some investors had feared, the removal of liquidity sparked a sell-off in emerging markets stocks and currencies as investors sold higher-risk assets.

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates. In November 2013, the ECB cut its key rate to a historic low of 0.25%. The ECB’s actions helped support moderate year-over-year gross domestic product (GDP) growth in the eurozone.

Most developed regions gained, but emerging and developed Asian markets lagged.

For the six-month period, the MSCI EAFE Index (Net)¹, a proxy for developed markets, returned 4.44%, while the MSCI Emerging Markets Index (Net)² returned -2.98%.

In Europe, economic data continued to show moderate growth, with reported GDP for the 28 countries in the European Union rising by 0.4% in the fourth quarter of 2013 compared with the previous quarter. The unemployment rate remained high but stable at 10.5% in February and March 2014, while inflation remained consistently below a 1% annual rate. Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains. The ongoing turmoil in Ukraine did result in some stock market volatility, but as of the end of the reporting period, most investors believed that it would not result in war.

Asian markets posted mixed results, with political issues accounting for many of those differences. In countries such as India and Indonesia, investors were optimistic that

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

2. The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) 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.

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

upcoming elections might sweep in more reform-minded governments. By contrast, in Japan, the honeymoon for Prime Minister Shinzō Abe appeared to be ending, with investors worrying that his reforms were not taking effect as quickly as originally hoped.

As for China, many of the country’s economic numbers—such as national production, retail sales, fixed investment, and manufacturing activity—came in below analyst expectations, causing investor concern. In addition, China’s government has allowed a growing number of defaults in the country’s financial system as part of a long-term plan to rein in credit growth.

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 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

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 International Equity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Jeffrey Everett, CFA

Dale Winner, CFA

Average annual total returns¹ (%) as of April 30, 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 (WFEAX)	1-20-1998		1.67		9.79		4.69		7.90		11.10		5.30		1.56		1.09
Class B (WFEBX)*	9-6-1979		2.08		9.97		4.78		7.08		10.24		4.78		2.31		1.84
Class C (WFEFX)	3-6-1998		6.03		10.24		4.52		7.03		10.24		4.52		2.31		1.84
Class R (WFERX)	10-10-2003		–		–		–		7.63		10.78		5.05		1.81		1.34
Administrator Class (WFEDX)	7-16-2010		–		–		–		7.86		11.15		5.48		1.40		1.09
Institutional Class (WFENX)	3-9-1998		–		–		–		8.10		11.36		5.58		1.13		0.84
MSCI ACWI ex USA (Net)4	–		–		–		–		9.76		12.90		7.61		–		–

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

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

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

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

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

Please see footnotes on page 5.

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

Ten largest equity holdings5 (%) as of April 30, 2014
Intesa Sanpaolo SpA	3.50
BP plc	3.49
Zurich Financial Services AG	3.12
ENI SpA	2.99
Daiwa Securities Group Incorporated	2.80
Akzo Nobel NV	2.79
Siemens AG	2.64
Mitsubishi UFJ Financial Group Incorporated	2.63
Wolseley plc	2.59
China Everbright Limited	2.51

Sector distribution⁶ as of April 30, 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 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen International Equity Fund.

2. Reflects the expense ratios as stated in the most recent prospectuses. 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 February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. The ten largest equity holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

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

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on

purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including

management fees, distribution (12b-1) and/or shareholder service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	984.46	$	5.36		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Class B
Actual	$	1,000.00	$	980.47	$	9.04		1.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.67	$	9.20		1.84	%
Class C
Actual	$	1,000.00	$	980.15	$	9.03		1.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.67	$	9.20		1.84	%
Class R
Actual	$	1,000.00	$	982.73	$	6.59		1.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Administrator Class
Actual	$	1,000.00	$	983.44	$	5.36		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Institutional Class
Actual	$	1,000.00	$	985.23	$	4.13		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.63	$	4.21		0.84	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage International Equity Fund 7

Security name	Shares		Value
Common Stocks: 96.04%
Canada: 2.37%
Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals) †		36,708	$	4,908,227
China: 6.42%
Biostime International Holdings Limited (Consumer Staples, Food Products)		180,000		1,195,674
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		386,000		3,669,339
Dongfeng Motor Group Company Limited (Consumer Discretionary, Automobiles)		2,802,000		3,736,988
Industrial & Commercial Bank of China Limited Class H (Financials, Banks)		4,800,000		2,860,331
Xtep International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		4,521,715		1,813,830
				13,276,162
Germany: 10.98%
Bayer AG (Health Care, Pharmaceuticals)		30,127		4,179,667
Metro AG (Consumer Staples, Food & Staples Retailing)		125,066		4,997,095
Rheinmetall AG (Industrials, Industrial Conglomerates)		59,439		3,943,777
SAP AG (Information Technology, Software)		51,197		4,122,472
Siemens AG (Industrials, Industrial Conglomerates)		41,361		5,451,305
				22,694,316
Hong Kong: 3.82%
China Everbright Limited (Financials, Capital Markets)		3,878,000		5,182,038
Hengdeli Holdings Limited (Consumer Discretionary, Specialty Retail)		14,138,874		2,717,278
				7,899,316
Italy: 6.49%
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		238,185		6,182,641
Intesa Sanpaolo SpA (Financials, Banks)		2,122,018		7,242,191
				13,424,832
Japan: 19.75%
Asahi Glass Company Limited (Industrials, Building Products)		587,000		3,324,429
Capcom Company Limited (Information Technology, Software)		172,200		2,996,467
Daiwa House Industry Company Limited (Financials, Real Estate Management & Development)		248,000		4,179,625
Daiwa Securities Group Incorporated (Financials, Capital Markets)		773,000		5,784,174
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		457,000		3,249,758
Itochu Corporation (Industrials, Trading Companies & Distributors)		87,000		973,522
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		1,024,300		5,430,338
Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development)		101,000		2,984,506
Mitsui OSK Lines Limited (Industrials, Marine)		979,000		3,265,408
Nitto Denko Corporation (Materials, Chemicals)		94,488		4,075,826
Sharp Corporation (Consumer Discretionary, Household Durables) †		680,000		1,702,744
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		53,400		2,881,150
				40,847,947
Netherlands: 2.80%
Akzo Nobel NV (Materials, Chemicals)		75,081		5,780,037

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

8 Wells Fargo Advantage International Equity Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name			Shares			Value
Norway: 3.36%
Frontline 2012 Limited (Energy, Oil, Gas & Consumable Fuels) 144A				270,139		$	2,090,472
Marine Harvest ASA (Consumer Staples, Food Products)				397,032			4,862,461
							6,952,933
Russia: 2.29%
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)				166,531			2,791,060
Sberbank of Russia (Financials, Banks) (a)				953,357			1,940,710
							4,731,770
South Korea: 5.46%
Hana Financial Group Incorporated (Financials, Banks)				93,790			3,299,397
Samsung Electronics Company Limited GDR (Information Technology, Semiconductors & Semiconductor Equipment) 144A				7,232			4,661,024
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)				16,117			3,330,088
							11,290,509
Sweden: 2.10%
Volvo AB Class B (Industrials, Machinery)				275,740			4,346,736
Switzerland: 8.57%
ABB Limited (Industrials, Electrical Equipment)				208,709	��		5,013,190
Novartis AG (Health Care, Pharmaceuticals)				47,737			4,138,545
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)				3,317			2,127,538
Zurich Financial Services AG (Financials, Insurance)				22,516			6,449,589
							17,728,862
United Kingdom: 17.70%
BP plc (Energy, Oil, Gas & Consumable Fuels)				856,861			7,222,043
Capita plc (Industrials, Professional Services)				279,667			5,123,256
Debenhams plc (Consumer Discretionary, Multiline Retail)				3,041,355			4,118,287
Man Group plc (Financials, Capital Markets)				3,024,484			5,032,492
Reckitt Benckiser Group plc (Consumer Staples, Household Products)				42,649			3,438,408
Smiths Group plc (Industrials, Industrial Conglomerates)				150,535			3,393,078
Vodafone Group plc ADR (Telecommunication Services, Wireless Telecommunication Services)				77,248			2,932,334
Wolseley plc (Industrials, Trading Companies & Distributors)				92,558			5,346,162
							36,606,060
United States: 3.93%
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)				6,261			3,694,553
QUALCOMM Incorporated (Information Technology, Communications Equipment)				56,279			4,429,720
							8,124,273
Total Common Stocks (Cost $161,231,245)							198,611,980
	Expiration date
Participation Notes: 0.56%
Singapore: 0.56%
Standard Chartered Bank (Financials, Banks) †		2-15-2015		15,100			395,295
Standard Chartered Bank (Financials, Banks) †		4-24-2015		29,000			759,176
Total Participation Notes (Cost $1,198,213)							1,154,471

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage International Equity Fund 9

Security name	Yield			Shares		Value
Short-Term Investments: 3.94%
Investment Companies: 3.94%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		6,441,972	$	6,441,972
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.11			1,711,900		1,711,900
Total Short-Term Investments (Cost $8,153,872)							8,153,872

Total investments in securities
(Cost $170,583,330) *	100.54	%		207,920,323
Other assets and liabilities, net	(0.54	)		(1,107,778	)
Total net assets	100.00	%	$	206,812,545

† Non-income-earning security

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

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended

(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 $173,096,556 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	46,093,412
Gross unrealized depreciation		(11,269,645	)
Net unrealized appreciation	$	34,823,767

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

10 Wells Fargo Advantage International Equity Fund Statement of assets and liabilities—April 30, 2014 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	199,766,451
In affiliated securities, at value (see cost below)		8,153,872
Total investments, at value (see cost below)		207,920,323
Foreign currency, at value (see cost below)		723,302
Receivable for Fund shares sold		461,788
Receivable for dividends		960,223
Receivable for securities lending income		6,026
Prepaid expenses and other assets		38,800
Total assets		210,110,462
Liabilities
Payable for investments purchased		768,239
Payable for Fund shares redeemed		271,462
Unrealized losses on forward foreign currency contracts		239,427
Payable upon receipt of securities loaned		1,711,900
Advisory fee payable		82,850
Distribution fees payable		14,452
Due to other related parties		42,732
Accrued expenses and other liabilities		166,855
Total liabilities		3,297,917
Total net assets	$	206,812,545
NET ASSETS CONSIST OF
Paid-in capital	$	215,584,853
Undistributed net investment income		3,810,970
Accumulated net realized losses on investments		(49,689,596	)
Net unrealized gains on investments		37,106,318
Total net assets	$	206,812,545
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	111,772,199
Shares outstanding – Class A		9,689,508
Net asset value per share – Class A		$11.54
Maximum offering price per share – Class A2		$12.24
Net assets – Class B	$	5,330,541
Shares outstanding – Class B		474,298
Net asset value per share – Class B		$11.24
Net assets – Class C	$	17,365,308
Shares outstanding – Class C		1,529,658
Net asset value per share – Class C		$11.35
Net assets – Class R	$	1,730,258
Shares outstanding – Class R		148,286
Net asset value per share – Class R		$11.67
Net assets – Administrator Class	$	11,912,264
Shares outstanding – Administrator Class		1,050,253
Net asset value per share – Administrator Class		$11.34
Net assets – Institutional Class	$	58,701,975
Shares outstanding – Institutional Class		5,109,370
Net asset value per share – Institutional Class		$11.49
Investments in unaffiliated securities (including securities on loan), at cost	$	162,429,458
Investments in affiliated securities, at cost	$	8,153,872
Total investments, at cost	$	170,583,330
Securities on loan, at value	$	1,612,638
Foreign currency, at cost	$	720,840

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

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

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

Statement of operations—six months ended April 30, 2014 (unaudited) Wells Fargo Advantage International Equity Fund 11

Investment income
Dividends*	$	5,128,298
Securities lending income, net		49,250
Income from affiliated securities		1,839
Total investment income		5,179,387
Expenses
Advisory fee		901,489
Administration fees
Fund level		53,029
Class A		146,287
Class B		7,751
Class C		21,901
Class R		2,428
Administrator Class		3,686
Institutional Class		27,015
Shareholder servicing fees
Class A		140,661
Class B		7,453
Class C		21,059
Class R		2,335
Administrator Class		8,877
Distribution fees
Class B		22,360
Class C		63,176
Class R		2,335
Custody and accounting fees		42,516
Professional fees		30,350
Registration fees		39,583
Shareholder report expenses		6,646
Trustees’ fees and expenses		3,986
Other fees and expenses		9,530
Total expenses		1,564,453
Less: Fee waivers and/or expense reimbursements		(404,977	)
Net expenses		1,159,476
Net investment income		4,019,911
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		2,046,734
Forward foreign currency contract transactions		1,085,009
Net realized gains on investments		3,131,743
Net change in unrealized gains (losses) on:
Unaffiliated securities		(10,023,766	)
Forward foreign currency contract transactions		(414,748	)
Net change in unrealized gains (losses) on investments		(10,438,514	)
Net realized and unrealized gains (losses) on investments		(7,306,771	)
Net decrease in net assets resulting from operations	$	(3,286,860	)
* Net of foreign dividend withholding taxes in the amount of		$215,100

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

12 Wells Fargo Advantage International Equity Fund Statement of changes in net assets

	Six months ended April 30, 2014 (unaudited)						Year ended October 31, 2013
Operations
Net investment income				$	4,019,911					$	5,196,188
Net realized gains on investments					3,131,743						14,946,140
Net change in unrealized gains (losses) on investments					(10,438,514	)					37,934,015
Net increase (decrease) in net assets resulting from operations					(3,286,860	)					58,076,343
Distributions to shareholders from
Net investment income
Class A					(2,501,559	)					(3,098,267	)
Class B					(86,510	)					(154,513	)
Class C					(245,790	)					(326,365	)
Class R					(13,984	)					(50,218	)
Administrator Class					(102,289	)					(96,415	)
Institutional Class					(1,898,103	)					(3,727,082	)
Total distributions to shareholders					(4,848,235	)					(7,452,860	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		912,156			10,677,913			980,044			10,332,997
Class B		2,057			23,109			5,575			57,185
Class C		209,160			2,398,916			44,038			450,351
Class R		25,553			302,774			67,899			728,584
Administrator Class		761,505			8,763,798			139,875			1,492,787
Institutional Class		233,593			2,724,720			1,081,036			11,762,888
					24,891,230						24,824,792
Reinvestment of distributions
Class A		183,571			2,204,689			277,238			2,736,335
Class B		7,028			82,440			14,857			143,218
Class C		18,292			216,764			28,843			281,219
Class R		467			5,680			2,608			25,768
Administrator Class		6,202			73,240			6,902			67,021
Institutional Class		100,489			1,200,840			152,962			1,503,617
					3,783,653						4,757,178
Payment for shares redeemed
Class A		(1,072,681	)		(12,615,535	)		(3,283,885	)		(34,749,891	)
Class B		(120,784	)		(1,379,662	)		(311,172	)		(3,212,307	)
Class C		(144,232	)		(1,678,028	)		(376,461	)		(3,946,106	)
Class R		(64,528	)		(768,195	)		(108,985	)		(1,145,015	)
Administrator Class		(52,963	)		(612,530	)		(175,747	)		(1,866,621	)
Institutional Class		(2,162,784	)		(25,472,895	)		(8,463,157	)		(89,712,701	)
					(42,526,845	)					(134,632,641	)
Net decrease in net assets resulting from capital share transactions					(13,851,962	)					(105,050,671	)
Total decrease in net assets					(21,987,057	)					(54,427,188	)
Net assets
Beginning of period					228,799,602						283,226,790
		��
End of period				$	206,812,545					$	228,799,602
Undistributed net investment income				$	3,810,970					$	4,639,294

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

Financial highlights Wells Fargo Advantage International Equity Fund 13

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS A				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	11.98		$	9.77		$	9.82		$	10.41		$	9.14		$	8.54
Net investment income		0.23			0.21			0.25			0.17			0.09	2		0.17
Net realized and unrealized gains (losses) on investments		(0.41	)		2.27			(0.09	)		(0.75	)		1.42			0.69
Total from investment operations		(0.18	)		2.48			0.16			(0.58	)		1.51			0.86
Distributions to shareholders from
Net investment income		(0.26	)		(0.27	)		(0.21	)		(0.01	)		(0.24	)		(0.26	)
Net asset value, end of period	$	11.54		$	11.98		$	9.77		$	9.82		$	10.41		$	9.14
Total return3		(1.55	)%		25.99	%		1.83	%		(5.62	)%		16.90	%		10.55	%
Ratios to average net assets (annualized)
Gross expenses		1.54	%		1.56	%		1.53	%		1.46	%		1.19	%		1.08	%
Net expenses		1.09	%		1.09	%		1.09	%		1.09	%		1.07	%		1.08	%
Net investment income		3.87	%		2.03	%		2.49	%		1.55	%		0.91	%		2.16	%
Supplemental data
Portfolio turnover rate		10	%		38	%		115	%		44	%		42	%		203	%
Net assets, end of period (000s omitted)		$111,772			$115,821			$114,219			$162,954			$216,096			$255,075

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

2. Calculated based upon average shares outstanding

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

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

14 Wells Fargo Advantage International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS B				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	11.62		$	9.47		$	9.48		$	10.12		$	8.81		$	8.18
Net investment income		0.17	2		0.13	2		0.16	2		0.08	2		0.01	2		0.11	2
Net realized and unrealized gains (losses) on investments		(0.39	)		2.21			(0.07	)		(0.72	)		1.41			0.66
Total from investment operations		(0.22	)		2.34			0.09			(0.64	)		1.42			0.77
Distributions to shareholders from
Net investment income		(0.16	)		(0.19	)		(0.10	)		0.00			(0.11	)		(0.14	)
Net asset value, end of period	$	11.24		$	11.62		$	9.47		$	9.48		$	10.12		$	8.81
Total return3		(1.95	)%		25.07	%		0.99	%		(6.32	)%		16.15	%		9.64	%
Ratios to average net assets (annualized)
Gross expenses		2.28	%		2.31	%		2.28	%		2.21	%		1.94	%		1.83	%
Net expenses		1.84	%		1.84	%		1.84	%		1.84	%		1.82	%		1.83	%
Net investment income		2.99	%		1.27	%		1.67	%		0.77	%		0.15	%		1.45	%
Supplemental data
Portfolio turnover rate		10	%		38	%		115	%		44	%		42	%		203	%
Net assets, end of period (000s omitted)		$5,331			$6,810			$8,303			$12,873			$20,450			$22,300

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen International Equity Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class B of Evergreen International Equity Fund.

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage International Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS C				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	11.75		$	9.58		$	9.59		$	10.24		$	8.93		$	8.27
Net investment income		0.18	2		0.14	2		0.16	2		0.06			0.01	2		0.07	2
Net realized and unrealized gains (losses) on investments		(0.41	)		2.22			(0.07	)		(0.71	)		1.41			0.72
Total from investment operations		(0.23	)		2.36			0.09			(0.65	)		1.42			0.79
Distributions to shareholders from
Net investment income		(0.17	)		(0.19	)		(0.10	)		0.00			(0.11	)		(0.13	)
Net asset value, end of period	$	11.35		$	11.75		$	9.58		$	9.59		$	10.24		$	8.93
Total return3		(1.98	)%		25.05	%		1.08	%		(6.35	)%		16.13	%		9.62	%
Ratios to average net assets (annualized)
Gross expenses		2.29	%		2.31	%		2.28	%		2.21	%		1.94	%		1.83	%
Net expenses		1.84	%		1.84	%		1.84	%		1.84	%		1.82	%		1.83	%
Net investment income		3.19	%		1.30	%		1.72	%		0.79	%		0.16	%		1.39	%
Supplemental data
Portfolio turnover rate		10	%		38	%		115	%		44	%		42	%		203	%
Net assets, end of period (000s omitted)		$17,365			$16,997			$16,760			$22,578			$30,439			$36,718

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

2. Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS R				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	11.96		$	9.75		$	9.79		$	10.40		$	9.13		$	8.51
Net investment income		0.19	2		0.18	2		0.20	1		0.14	2		0.06	2		0.14
Net realized and unrealized gains (losses) on investments		(0.39	)		2.27			(0.06	)		(0.75	)		1.42			0.71
Total from investment operations		(0.20	)		2.45			0.14			(0.61	)		1.48			0.85
Distributions to shareholders from
Net investment income		(0.09	)		(0.24	)		(0.18	)		0.00			(0.21	)		(0.23	)
Net asset value, end of period	$	11.67		$	11.96		$	9.75		$	9.79		$	10.40		$	9.13
Total return3		(1.73	)%		25.68	%		1.58	%		(5.87	)%		16.58	%		10.13	%
Ratios to average net assets (annualized)
Gross expenses		1.79	%		1.81	%		1.78	%		1.71	%		1.45	%		1.33	%
Net expenses		1.34	%		1.34	%		1.34	%		1.34	%		1.33	%		1.33	%
Net investment income		3.25	%		1.72	%		2.11	%		1.31	%		0.66	%		1.79	%
Supplemental data
Portfolio turnover rate		10	%		38	%		115	%		44	%		42	%		203	%
Net assets, end of period (000s omitted)		$1,730			$2,234			$2,196			$3,050			$4,066			$3,811

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen International Equity Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class R of Evergreen International Equity Fund.

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage International Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	11.79		$	9.62		$	9.67		$	10.28		$	8.82
Net investment income		0.29			0.22			0.25			0.16			0.01
Net realized and unrealized gains (losses) on investments		(0.47	)		2.22			(0.09	)		(0.74	)		1.45
Total from investment operations		(0.18	)		2.44			0.16			(0.58	)		1.46
Distributions to shareholders from
Net investment income		(0.27	)		(0.27	)		(0.21	)		(0.03	)		0.00
Net asset value, end of period	$	11.34		$	11.79		$	9.62		$	9.67		$	10.28
Total return2		(1.66	)%		26.00	%		1.88	%		(5.68	)%		16.55	%
Ratios to average net assets (annualized)
Gross expenses		1.36	%		1.37	%		1.36	%		1.25	%		1.36	%
Net expenses		1.09	%		1.09	%		1.09	%		1.09	%		1.09	%
Net investment income		4.97	%		2.08	%		2.52	%		1.58	%		0.32	%
Supplemental data
Portfolio turnover rate		10	%		38	%		115	%		44	%		42	%
Net assets, end of period (000s omitted)		$11,912			$3,955			$3,505			$3,436			$89

1. For the period from July 16, 2010 (commencement of class operations) to October 31, 2010

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

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

18 Wells Fargo Advantage International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	11.96		$	9.76		$	9.83		$	10.42		$	9.17		$	8.59
Net investment income		0.22	2		0.24	2		0.37			0.19	2		0.11	2		0.21
Net realized and unrealized gains (losses) on investments		(0.38	)		2.26			(0.19	)		(0.75	)		1.43			0.67
Total from investment operations		(0.16	)		2.50			0.18			(0.56	)		1.54			0.88
Distributions to shareholders from
Net investment income		(0.31	)		(0.30	)		(0.25	)		(0.03	)		(0.29	)		(0.30	)
Net asset value, end of period	$	11.49		$	11.96		$	9.76		$	9.83		$	10.42		$	9.17
Total return3		(1.48	)%		26.31	%		2.05	%		(5.38	)%		17.17	%		10.73	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.13	%		1.10	%		1.03	%		0.87	%		0.83	%
Net expenses		0.84	%		0.84	%		0.84	%		0.84	%		0.82	%		0.83	%
Net investment income		3.76	%		2.29	%		2.67	%		1.78	%		1.15	%		2.39	%
Supplemental data
Portfolio turnover rate		10	%		38	%		115	%		44	%		42	%		203	%
Net assets, end of period (000s omitted)		$58,702			$82,982			$138,245			$227,158			$373,200			$671,417

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

2. Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage International Equity Fund 19

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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 are translated into 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 April 30, 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.

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into 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. 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 included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

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

Security loans

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

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

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

Federal and other taxes

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

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

As of October 31, 2013, the Fund had capital loss carry forwards available to offset future net realized capital gains in the amount of $50,245,413 expiring in 2016.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

As of April 30, 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
Canada	$	4,908,227	$	0	$	0	$	4,908,227
China		13,276,162		0		0		13,276,162
Germany		22,694,316		0		0		22,694,316
Hong Kong		7,899,316		0		0		7,899,316
Italy		13,424,832		0		0		13,424,832
Japan		40,847,947		0		0		40,847,947
Netherlands		5,780,037		0		0		5,780,037
Norway		6,952,933		0		0		6,952,933
Russia		2,791,060		1,940,710		0		4,731,770

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

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities (continued)
South Korea	$	11,290,509	$	0	$	0	$	11,290,509
Sweden		4,346,736		0		0		4,346,736
Switzerland		17,728,862		0		0		17,728,862
United Kingdom		36,606,060		0		0		36,606,060
United States		8,124,273		0		0		8,124,273
Participation notes		0		1,154,471		0		1,154,471
Short-term investments
Investment companies		6,441,972		1,711,900		0		8,153,872
	$	203,113,242	$	4,807,081	$	0	$	207,920,323

As of April 30, 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
Forward foreign currency contracts	$	0	$	(239,427	)*	$	0	$	(239,427	)

* Amount represents the net unrealized losses.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 0.85% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2014, the advisory fee was equivalent to an annual rate of 0.85% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management 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 0.40% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015 to waive fees and/or reimburse

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

expenses to the extent necessary to cap the Fund’s expenses at 1.09% for Class A shares, 1.84% for Class B shares, 1.84% for Class C shares, 1.34% for Class R shares, 1.09% for Administrator Class shares, and 0.84% for Institutional Class shares.

Distribution fees

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

For the six months ended April 30, 2014, Wells Fargo Funds Distributor, LLC received $5,242 from the sale of Class A shares and $100 in contingent deferred sales charges from redemptions of Class B shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2014 were $20,235,429 and $34,347,975, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2014, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2014, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver	U.S. value at April 30, 2014		In exchange for U.S. $		Unrealized losses
7-8-2014	Barclays	1,950,000,000 JPY	$	19,081,226	$	18,841,799	$	(239,427	)

The Fund had average contract amounts of $542,217 and $19,615,794 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2014.

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

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 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 derivatives. Cash collateral that has been pledged to cover obligations of the Fund under the ISDA Master Agreements or similar agreements, 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 liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements		Collateral pledged		Net amount of liabilities
Forward foreign currency contracts	Barclays	$239,427*	$	0	$	0	$	239,427

* Amount represents net unrealized losses.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2014, the Fund paid $112 in commitment fees.

For the six months ended April 30, 2014, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees 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 International Equity Fund 25

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2013. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$299,050	$0.0156	90.88%

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 International Equity Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund inthe Wells Fargo Advantage family of funds, which consists of 132 mutual funds 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 International Equity Fund 27

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

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

Officers

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

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

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

28 Wells Fargo Advantage International Equity 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 International Equity Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. 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 the one-year period under review, but lower than the average performance of the Universe for the three-, five- and ten-year periods reviewed. The Board also noted that the performance of the Fund was higher than its benchmark, the MSCI ACWI Index ex USA (Net), for the one- and three-year periods under review, but lower than its benchmark for the five- and ten-year periods.

Other information (unaudited) Wells Fargo Advantage International Equity Fund 29

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe for the one-, three- and five-year periods and the benchmark for the five- and ten-year periods. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. The Board noted that the Fund’s current portfolio management team assumed responsibility of the Fund in 2012 and that the Fund has experienced postive short-term performance. 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 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 or equal to the average rates for the Fund’s expense Groups for all classes except the Fund’s Class R shares, the Management Rate of which was higher than the average rate for its expense Group. However, the Board noted that the net operating expense ratios for all share classes of the Fund, including Class R, were lower than the median net operating expense ratios of their respective expense Groups.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information 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.

30 Wells Fargo Advantage International Equity 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 International Equity 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.

225171 06-14 SA240/SAR240 04-14

Wells Fargo Advantage

Intrinsic World Equity Fund

Semi-Annual Report

April 30, 2014

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	17
Other information	22
List of abbreviations	28

The views expressed and any forward-looking statements are as of April 30, 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 Intrinsic World Equity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates.

Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Intrinsic World Equity Fund for the six-month period that ended April 30, 2014. The period was marked by growing concern about an economic slowdown in China and heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine. The environment created a headwind for many emerging markets, even as continued economic recovery in Europe helped most developed stock markets end the period with gains.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various quantitative easing policies. The U.S. Federal Reserve (Fed) remained a major source of liquidity for market participants around the world. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate near zero in order to support the economy and the financial system. At the beginning of the reporting period, the FOMC was still making open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market and was purchasing $45 billion per month in long-term U.S. Treasuries. However, in mid-December 2013, the FOMC announced that it would reduce (or taper) its bond-buying program by $10 billion per month beginning in January 2014. Although the tapering was less aggressive than some investors had feared, the removal of liquidity sparked a sell-off in emerging markets stocks and currencies as investors sold higher-risk assets.

European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates. In November 2013, the ECB cut its key rate to a historic low of 0.25%. The ECB’s actions helped support moderate year-over-year gross domestic product (GDP) growth in the eurozone.

Most developed regions gained, but emerging and developed Asian markets lagged.

For the six-month period, the MSCI EAFE Index (Net)¹, a proxy for developed markets, returned 4.44%, while the MSCI Emerging Markets Index (Net)² returned -2.98%.

In Europe, economic data continued to show moderate growth, with reported GDP for the 28 countries in the European Union rising by 0.4% in the fourth quarter of 2013 compared with the previous quarter. The unemployment rate remained high but stable at 10.5% in February and March 2014, while inflation remained consistently below a 1% annual rate. Some of the markets that had declined the most during the European debt crisis—such as Italy and Ireland—benefited the most from this stable economic environment, but larger markets such as France and Germany also posted gains. The ongoing turmoil in Ukraine did result in some stock market volatility, but as of the end of the reporting period, most investors believed that it would not result in war.

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

2. The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) 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.

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

Asian markets posted mixed results, with political issues accounting for many of those differences. In countries such as India and Indonesia, investors were optimistic that upcoming elections might sweep in more reform-minded governments. By contrast, in Japan, the honeymoon for Prime Minister Shinzō Abe appeared to be ending, with investors worrying that his reforms were not taking effect as quickly as originally hoped.

As for China, many of the country’s economic numbers—such as national production, retail sales, fixed investment, and manufacturing activity—came in below analyst expectations, causing investor concern. In addition, China’s government has allowed a growing number of defaults in the country’s financial system as part of a long-term plan to rein in credit growth.

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 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

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 aises 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 Intrinsic World Equity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Metropolitan West Capital Management, LLC

Portfolio managers

Jean-Baptiste Nadal, CFA

Jeffrey Peck

Average annual total returns¹ (%) as of April 30, 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 (EWEAX)	4-30-1996		7.13		16.57		7.42		13.65		17.96		8.06		1.49		1.40
Class C (EWECX)	5-18-2007		11.85		17.08		7.26		12.85		17.08		7.26		2.24		2.15
Administrator Class (EWEIX)	5-18-2007		–		–		–		13.92		18.24		8.24		1.33		1.15
Institutional Class (EWENX)	7-30-2010		–		–		–		14.17		18.42		8.32		1.06		0.95
MSCI World Index (Net)4	–		–		–		–		16.62		16.03		7.17		–		–

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 5

Ten largest equity holdings5 (%) as of April 30, 2014
Oracle Corporation	3.09
QUALCOMM Incorporated	2.51
Samsung Electronics Company Limited	2.50
JPMorgan Chase & Company	2.48
The Walt Disney Company	2.44
Schlumberger Limited	2.41
Unilever NV	2.38
Apple Incorporated	2.35
EMC Corporation	2.35
Texas Instruments Incorporated	2.34

Sector distribution⁶ as of April 30, 2014

1. 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 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 Administrator Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic World Equity Fund.

2. Reflects the expense ratios as stated in the most recent prospectuses. 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 February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. The ten largest equity holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

6 Wells Fargo Advantage Intrinsic World Equity Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2013 to April 30, 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 11-1-2013		Ending account value 4-30-2014		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,049.72	$	7.12		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Class C
Actual	$	1,000.00	$	1,045.92	$	10.91		2.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.13	$	10.74		2.15	%
Administrator Class
Actual	$	1,000.00	$	1,050.91	$	5.85		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,052.43	$	4.83		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 7

Security name	Shares		Value
Common Stocks: 99.51%
Chile: 1.10%
Enersis SA ADR (Utilities, Electric Utilities)		129,476	$	2,084,564
France: 10.66%
Kering (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		16,115		3,563,727
L’Oreal SA (Consumer Staples, Personal Products) «		19,406		3,338,440
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		31,973		3,460,789
Societe Generale SA (Financials, Banks)		59,127		3,674,935
Total SA (Energy, Oil, Gas & Consumable Fuels)		51,880		3,705,308
Total SA ADR (Energy, Oil, Gas & Consumable Fuels)		9,179		653,912
Vivendi SA (Telecommunication Services, Diversified Telecommunication Services)		64,622		1,733,895
				20,131,006
Germany: 2.13%
Adidas-Salomon AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		37,803		4,034,668
Hong Kong: 4.35%
AIA Group Limited (Financials, Insurance)		791,200		3,837,134
Samsonite International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,381,800		4,384,432
				8,221,566
Japan: 6.77%
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		102,500		3,388,761
Kao Corporation (Consumer Staples, Personal Products)		85,800		3,228,568
Kao Corporation ADR (Consumer Staples, Personal Products) «		7,531		282,413
ORIX Corporation (Financials, Diversified Financial Services)		149,000		2,152,619
ORIX Corporation ADR (Financials, Diversified Financial Services) †		13,700		993,935
TOTO Limited (Industrials, Building Products)		193,300		2,732,122
				12,778,418
Luxembourg: 1.94%
Millicom International Cellular SA (Telecommunication Services, Wireless Telecommunication Services)		37,059		3,664,750
Netherlands: 7.93%
Airbus Group NV (Industrials, Aerospace & Defense)		51,941		3,566,265
Heineken NV (Consumer Staples, Beverages) «		45,522		3,157,746
Sensata Technologies Holdings NV (Industrials, Electrical Equipment) †		88,392		3,754,008
Unilever NV (Consumer Staples, Food Products)		104,881		4,491,004
				14,969,023
South Korea: 2.50%
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,633		4,721,880
Spain: 1.77%
Banco Santander Central Hispano SA ADR (Financials, Banks) «		335,020		3,336,799
Switzerland: 5.41%
Novartis AG ADR (Health Care, Pharmaceuticals)		45,661		3,969,767
Transocean Limited (Energy, Energy Equipment & Services) «		53,434		2,301,402
UBS AG (Financials, Capital Markets)		188,897		3,949,216
				10,220,385

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

8 Wells Fargo Advantage Intrinsic World Equity Fund Portfolio of investments—April 30, 2014 (unaudited)

Security name				Shares		Value
United Kingdom: 5.48%
Diageo plc (Consumer Staples, Beverages)					82,306	$	2,525,696
HSBC Holdings plc ADR (Financials, Banks) «					36,084		1,851,831
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)					80,963		3,206,288
Standard Chartered plc (Financials, Banks)					127,591		2,760,665
							10,344,480
United States: 49.47%
Abbott Laboratories (Health Care, Health Care Equipment & Supplies)					93,228		3,611,653
Air Products & Chemicals Incorporated (Materials, Chemicals)					12,042		1,415,176
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)					7,512		4,432,756
Autoliv Incorporated GDR (Consumer Discretionary, Auto Components)					37,972		3,912,713
Baxter International Incorporated (Health Care, Health Care Equipment & Supplies)					55,472		4,037,807
Charles Schwab Corporation (Financials, Capital Markets)					137,635		3,654,209
eBay Incorporated (Information Technology, Internet Software & Services) †					60,123		3,116,175
EMC Corporation (Information Technology, Technology Hardware, Storage & Peripherals)					172,147		4,441,393
Express Scripts Holding Company (Health Care, Health Care Providers & Services) †					61,644		4,104,258
Franklin Resources Incorporated (Financials, Capital Markets)					83,389		4,365,414
Goldman Sachs Group Incorporated (Financials, Capital Markets)					21,979		3,512,684
Home Depot Incorporated (Consumer Discretionary, Specialty Retail)					46,649		3,709,062
JPMorgan Chase & Company (Financials, Diversified Financial Services)					83,790		4,690,564
Occidental Petroleum Corporation (Energy, Oil, Gas & Consumable Fuels)					38,646		3,700,355
Oracle Corporation (Information Technology, Software)					142,657		5,831,818
PepsiCo Incorporated (Consumer Staples, Beverages)					43,398		3,727,454
QUALCOMM Incorporated (Information Technology, Communications Equipment)					60,271		4,743,930
Schlumberger Limited (Energy, Energy Equipment & Services)					44,820		4,551,471
SunTrust Banks Incorporated (Financials, Banks)					57,946		2,217,014
Texas Instruments Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)					97,310		4,422,740
The Walt Disney Company (Consumer Discretionary, Media)					58,076		4,607,750
United Parcel Service Incorporated Class B (Industrials, Air Freight & Logistics)					39,614		3,901,979
Visa Incorporated Class A (Information Technology, IT Services)					15,963		3,234,263
Zions Bancorporation (Financials, Banks)					120,178		3,475,548
							93,418,186
Total Common Stocks (Cost $133,937,832)							187,925,725
	Yield
Short-Term Investments: 7.45%
Investment Companies: 7.45%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		557,655		557,655
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.11			13,500,312		13,500,312
Total Short-Term Investments (Cost $14,057,967)							14,057,967

Total investments in securities
(Cost $147,995,799) *	106.96	%		201,983,692
Other assets and liabilities, net	(6.96	)		(13,137,702	)
Total net assets	100.00	%	$	188,845,990

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

Portfolio of investments—April 30, 2014 (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 9

† Non-income-earning security

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

(l) Represents an affiliate of the Fund under Sections 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended

(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 $148,993,760 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	57,037,368
Gross unrealized depreciation		(4,047,436	)
Net unrealized appreciation	$	52,989,932

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

10 Wells Fargo Advantage Intrinsic World Equity Fund Statement of assets and liabilities—April 30, 2014 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	187,925,725
In affiliated securities, at value (see cost below)		14,057,967
Total investments, at value (see cost below)		201,983,692
Foreign currency, at value (see cost below)		60,518
Receivable for investments sold		2,603,967
Receivable for Fund shares sold		194,169
Receivable for dividends		417,427
Receivable for securities lending income		3,797
Prepaid expenses and other assets		36,105
Total assets		205,299,675
Liabilities
Payable for investments purchased		2,504,274
Payable for Fund shares redeemed		191,417
Payable upon receipt of securities loaned		13,500,312
Advisory fee payable		112,452
Distribution fees payable		6,126
Due to other related parties		46,731
Accrued expenses and other liabilities		92,373
Total liabilities		16,453,685
Total net assets	$	188,845,990
NET ASSETS CONSIST OF
Paid-in capital	$	140,776,567
Overdistributed net investment income		(204,383	)
Accumulated net realized losses on investments		(5,714,201	)
Net unrealized gains on investments		53,988,007
Total net assets	$	188,845,990
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	168,983,076
Shares outstanding – Class A		7,436,830
Net asset value per share – Class A		$22.72
Maximum offering price per share – Class A2		$24.11
Net assets – Class C	$	9,956,725
Shares outstanding – Class C		451,687
Net asset value per share – Class C		$22.04
Net assets – Administrator Class	$	7,296,313
Shares outstanding – Administrator Class		322,377
Net asset value per share – Administrator Class		$22.63
Net assets – Institutional Class	$	2,609,876
Shares outstanding – Institutional Class		115,041
Net asset value per share – Institutional Class		$22.69
Investments in unaffiliated securities (including securities on loan), at cost	$	133,937,832
Investments in affiliated securities, at cost	$	14,057,967
Total investments, at cost	$	147,995,799
Securities on loan, at value	$	12,941,771
Foreign currency, at cost	$	60,687

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

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

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

Statement of operations—six months ended April 30, 2014 (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 11

Investment income
Dividends*	$	1,802,780
Securities lending income, net		25,327
Income from affiliated securities		1,025
Total investment income		1,829,132
Expenses
Advisory fee		742,210
Administration fees
Fund level		46,388
Class A		217,098
Class C		12,801
Administrator Class		3,107
Institutional Class		998
Shareholder servicing fees
Class A		208,748
Class C		12,308
Administrator Class		7,223
Distribution fees
Class C		36,925
Custody and accounting fees		12,620
Professional fees		25,923
Registration fees		30,994
Shareholder report expenses		24,732
Trustees’ fees and expenses		5,054
Other fees and expenses		5,992
Total expenses		1,393,121
Less: Fee waivers and/or expense reimbursements		(70,707	)
Net expenses		1,322,414
Net investment income		506,718
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		6,168,193
Net change in unrealized gains (losses) on investments		2,402,532
Net realized and unrealized gains (losses) on investments		8,570,725
Net increase in net assets resulting from operations	$	9,077,443
* Net of foreign dividend withholding taxes in the amount of		$89,678

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

12 Wells Fargo Advantage Intrinsic World Equity Fund Statement of changes in net assets

	Six months ended April 30, 2014 (unaudited)						Year ended October 31, 2013
Operations
Net investment income				$	506,718					$	1,593,402
Net realized gains on investments					6,168,193						6,100,111
Net change in unrealized gains (losses) on investments					2,402,532						28,921,892
Net increase in net assets resulting from operations					9,077,443						36,615,405
Distributions to shareholders from
Net investment income
Class A					(1,863,591	)					(2,139,717	)
Class C					(51,916	)					(49,898	)
Administrator Class					(64,491	)					(41,171	)
Institutional Class					(34,571	)					(18,116	)
Total distributions to shareholders					(2,014,569	)					(2,248,902	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		129,086			2,864,940			488,164			9,695,905
Class C		13,733			296,308			124,686			2,366,816
Administrator Class		216,882			4,743,149			207,320			3,983,378
Institutional Class		26,791			592,442			128,630			2,562,388
					8,496,839						18,608,487
Reinvestment of distributions
Class A		80,375			1,805,214			114,035			2,068,598
Class C		2,231			48,726			2,582			45,654
Administrator Class		2,592			57,936			1,888			34,067
Institutional Class		1,542			34,536			1,003			18,116
					1,946,412						2,166,435
Payment for shares redeemed
Class A		(478,436	)		(10,597,722	)		(1,084,686	)		(21,543,868	)
Class C		(33,891	)		(731,504	)		(80,316	)		(1,555,920	)
Administrator Class		(140,393	)		(3,096,127	)		(77,769	)		(1,549,990	)
Institutional Class		(20,837	)		(463,308	)		(53,354	)		(1,095,769	)
					(14,888,661	)					(25,745,547	)
Net decrease in net assets resulting from capital share transactions					(4,445,410	)					(4,970,625	)
Total increase in net assets					2,617,464						29,395,878
Net assets
Beginning of period					186,228,526						156,832,648
End of period				$	188,845,990					$	186,228,526
Undistributed (overdistributed) net investment income				$	(204,383	)				$	1,303,468

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

Financial highlights Wells Fargo Advantage Intrinsic World Equity Fund 13

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS A				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	21.88		$	17.94		$	15.55		$	15.06		$	13.27		$	13.76
Net investment income		0.07			0.20			0.16			0.12	2		0.12			0.09	2
Net realized and unrealized gains (losses) on investments		1.02			4.00			1.87			0.48			1.78			1.89
Total from investment operations		1.09			4.20			2.03			0.60			1.90			1.98
Distributions to shareholders from
Net investment income		(0.25	)		(0.26	)		(0.11	)		(0.11	)		(0.11	)		(0.24	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(2.23	)
Total distributions to shareholders		(0.25	)		(0.26	)		(0.11	)		(0.11	)		(0.11	)		(2.47	)
Regulatory settlement proceeds		0.00			0.00			0.47			0.00			0.00			0.00
Net asset value, end of period	$	22.72		$	21.88		$	17.94		$	15.55		$	15.06		$	13.27
Total return3		4.97	%		23.74	%		16.25	%4		4.00	%		14.43	%		20.29	%
Ratios to average net assets (annualized)
Gross expenses		1.47	%		1.49	%		1.51	%		1.50	%		1.53	%		1.57	%
Net expenses		1.40	%		1.40	%		1.40	%		1.40	%		1.46	%		1.57	%
Net investment income		0.57	%		0.95	%		0.91	%		0.79	%		0.75	%		0.77	%
Supplemental data
Portfolio turnover rate		11	%		22	%		27	%		12	%		11	%		16	%
Net assets, end of period (000s omitted)		$168,983			$168,621			$146,930			$139,100			$100,460			$103,995

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

2. Calculated based upon average shares outstanding

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

4. During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.92% on the total return.

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

14 Wells Fargo Advantage Intrinsic World Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
CLASS C				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	21.19		$	17.37		$	15.15		$	14.68		$	12.96		$	13.58
Net investment income (loss)		(0.03	)		0.05			0.02			(0.01	)2		0.07			(0.03	)2
Net realized and unrealized gains (losses) on investments		0.99			3.89			1.82			0.49			1.69			1.87
Total from investment operations		0.96			3.94			1.84			0.48			1.76			1.84
Distributions to shareholders from
Net investment income		(0.11	)		(0.12	)		(0.09	)		(0.01	)		(0.04	)		(0.23	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(2.23	)
Total distributions to shareholders		(0.11	)		(0.12	)		(0.09	)		(0.01	)		(0.04	)		(2.46	)
Regulatory settlement proceeds		0.00			0.00			0.47			0.00			0.00			0.00
Net asset value, end of period	$	22.04		$	21.19		$	17.37		$	15.15		$	14.68		$	12.96
Total return3		4.59	%		22.82	%		15.39	%4		3.27	%		13.58	%		19.35	%
Ratios to average net assets (annualized)
Gross expenses		2.22	%		2.24	%		2.26	%		2.20	%		2.28	%		2.33	%
Net expenses		2.15	%		2.15	%		2.15	%		2.15	%		2.21	%		2.33	%
Net investment income (loss)		(0.18	)%		0.20	%		0.16	%		(0.05	)%		0.04	%		(0.28	)%
Supplemental data
Portfolio turnover rate		11	%		22	%		27	%		12	%		11	%		16	%
Net assets, end of period (000s omitted)		$9,957			$9,949			$7,341			$6,817			$588			$427

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

2. Calculated based upon average shares outstanding

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

4. During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.92% on the total return.

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

Financial highlights Wells Fargo Advantage Intrinsic World Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2013			2012			2011			20101			20091
Net asset value, beginning of period	$	21.81		$	17.89		$	15.52		$	15.02		$	13.23		$	13.76
Net investment income		0.10	2		0.24	2		0.19	2		0.15	2		0.15	2		0.15	2
Net realized and unrealized gains (losses) on investments		1.01			3.99			1.87			0.49			1.78			1.85
Total from investment operations		1.11			4.23			2.06			0.64			1.93			2.00
Distributions to shareholders from
Net investment income		(0.29	)		(0.31	)		(0.16	)		(0.14	)		(0.14	)		(0.30	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(2.23	)
Total distributions to shareholders		(0.29	)		(0.31	)		(0.16	)		(0.14	)		(0.14	)		(2.53	)
Regulatory settlement proceeds		0.00			0.00			0.47			0.00			0.00			0.00
Net asset value, end of period	$	22.63		$	21.81		$	17.89		$	15.52		$	15.02		$	13.23
Total return3		5.09	%		24.03	%		16.52	%4		4.27	%		14.72	%		20.60	%
Ratios to average net assets (annualized)
Gross expenses		1.30	%		1.31	%		1.34	%		1.30	%		1.29	%		1.31	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.21	%		1.31	%
Net investment income		0.89	%		1.18	%		1.14	%		0.99	%		1.06	%		1.33	%
Supplemental data
Portfolio turnover rate		11	%		22	%		27	%		12	%		11	%		16	%
Net assets, end of period (000s omitted)		$7,296			$5,306			$2,001			$1,986			$144			$161

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

2. Calculated based upon average shares outstanding

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

4. During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.93% on the total return.

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

16 Wells Fargo Advantage Intrinsic World Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2014 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2013			2012			2011			20101
Net asset value, beginning of period	$	21.87		$	17.93		$	15.54		$	15.02		$	13.80
Net investment income		0.13			0.26	2		0.17	2		0.16			0.03	2
Net realized and unrealized gains (losses) on investments		1.01			4.02			1.92			0.51			1.19
Total from investment operations		1.14			4.28			2.09			0.67			1.22
Distributions to shareholders from
Net investment income		(0.32	)		(0.34	)		(0.17	)		(0.15	)		0.00
Regulatory settlement proceeds		0.00			0.00			0.47			0.00			0.00
Net asset value, end of period	$	22.69		$	21.87		$	17.93		$	15.54		$	15.02
Total return3		5.24	%		24.28	%		16.74	%4		4.50	%		8.84	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.06	%		1.10	%		1.00	%		1.23	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.03	%		1.32	%		1.03	%		1.12	%		0.91	%
Supplemental data
Portfolio turnover rate		11	%		22	%		27	%		12	%		11	%
Net assets, end of period (000s omitted)		$2,610			$2,352			$561			$573			$11

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

2. Calculated based upon average shares outstanding

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

4. During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.93% on the total return.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 17

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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 are translated into 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 April 30, 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.

18 Wells Fargo Advantage Intrinsic World Equity Fund Notes to financial statements (unaudited)

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into 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. 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 included in net realized and unrealized gains or losses from investments.

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.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 19

As of October 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $11,568,379 with $1,812,120 expiring in 2016; $8,483,254 expiring in 2017; and $1,273,005 expiring in 2018.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

As of April 30, 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
Chile	$	2,084,564	$	0	$	0	$	2,084,564
France		20,131,006		0		0		20,131,006
Germany		4,034,668		0		0		4,034,668
Hong Kong		8,221,566		0		0		8,221,566
Japan		12,778,418		0		0		12,778,418
Luxembourg		3,664,750		0		0		3,664,750
Netherlands		14,969,023		0		0		14,969,023
South Korea		4,721,880		0		0		4,721,880
Spain		3,336,799		0		0		3,336,799
Switzerland		10,220,385		0		0		10,220,385
United Kingdom		10,344,480		0		0		10,344,480
United States		93,418,186		0		0		93,418,186
Short-term investments
Investment companies		557,655		13,500,312		0		14,057,967
	$	188,483,380	$	13,500,312	$	0	$	201,983,692

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2014, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

20 Wells Fargo Advantage Intrinsic World Equity 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 0.80% and declining to 0.65% as the average daily net assets of the Fund increase. For the six months ended April 30, 2014, the advisory fee was equivalent to an annual rate of 0.80% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Metropolitan West Capital Management, LLC, an affiliate of Funds Management 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 fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.40% for Class A shares, 2.15% for Class C shares, 1.15% for Administrator Class shares, and 0.95% for Institutional Class shares.

Distribution fees

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

For the six months ended April 30, 2014, Wells Fargo Funds Distributor, LLC received $5,289 from the sale of Class A shares and $50 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2014 were $20,556,522 and $25,490,957, respectively.

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 21

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2014, the Fund paid $91 in commitment fees.

For the six months ended April 30, 2014, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees 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.

22 Wells Fargo Advantage Intrinsic World Equity Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 23

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ 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 funds 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

24 Wells Fargo Advantage Intrinsic World Equity Fund Other information (unaudited)

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

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

Officers

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

1. Jeremy DePalma acts as Treasurer of 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 Intrinsic World Equity Fund 25

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

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

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. 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 except for the one-year period. The Board also noted that the performance of the Fund was higher than its benchmark, the MSCI World Index (Net), for all periods under review except for the one-year period.

26 Wells Fargo Advantage Intrinsic World Equity Fund Other information (unaudited)

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and the benchmark for the one-year period. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period including the Fund’s recent portfolio management changes. 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 either in range or or equal to 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.

Other information (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 27

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.

28 Wells Fargo Advantage Intrinsic World Equity Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

225172 06-14 SA241/SAR241 04-14

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 MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees that have been implemented since the Registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date:	June 26, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date:	June 26, 2014
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	June 26, 2014
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	June 26, 2014