UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

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 Absolute Return Fund, Wells Fargo Advantage Asset Allocation Fund, Wells Fargo Advantage Diversified Capital Builder Fund, Wells Fargo Advantage Diversified Income Builder Fund, Wells Fargo Advantage Index Asset Allocation Fund, Wells Fargo Advantage C&B Mid Cap Value Fund, Wells Fargo Advantage Common Stock Fund, Wells Fargo Advantage Discovery Fund, Wells Fargo Advantage Enterprise Fund, Wells Fargo Advantage Opportunity Fund, and Wells Fargo Advantage Special Mid Cap Value Fund. Each series has a September 30 fiscal year end.

Date of reporting period: September 30, 2013

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage Absolute Return Fund

Annual Report

September 30, 2013

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
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
Report of independent registered public accounting firm	21
Other information	22
List of abbreviations	25
Appendix	A-1

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

2 Wells Fargo Advantage Absolute Return Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Absolute Return Fund for the 12-month period that ended September 30, 2013. Much of the period was marked by monetary easing by global central banks. Toward the end of the period, investor concerns that the U.S. Federal Reserve (Fed) would end its bond-buying program initially led to higher interest rates, resulting in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 but were soon followed by concerns about a shutdown of the U.S. government. Nonetheless, increased confidence that the U.S. economy was staging a fragile recovery, combined with resilience in European economies and encouraging news out of China, resulted in double-digit returns for major developed stock market indexes for the 12-month reporting period. Emerging markets lagged their developed counterparts, though, and investment-grade bonds posted losses on higher interest rates.

Central banks continued to provide stimulus.

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the markets through various quantitative easing policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rates effectively at zero in order to support the economy and the financial system. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market. In December 2012, the Fed increased its quantitative easing program by adding purchases of $45 billion per month in long-term U.S. Treasuries. In May 2013, however, indications that the FOMC might reduce (or taper) its bond-buying program caused a rise in interest rates and a subsequent sell-off in both stocks and bonds. After its September 2013 meeting, however, the FOMC surprisingly signaled that tapering would be delayed, resulting in a stock and bond market rally in late September.

European markets continued to benefit from the ECB’s September 2012 announcement that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. As a result, when the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility. Moreover, in May 2013, the ECB cut its key rate to a historic low of 0.5%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default.

U.S. and developed foreign market stocks gained on relatively good news.

For most of the period, U.S. economic data remained moderately positive. Gross domestic product (GDP) growth came in at a sluggish 0.1 % annualized rate in the fourth quarter of 2012, but many analysts attributed the fourth-quarter weakness to the temporary aftereffects from Hurricane Sandy. This view was given credence by the rebound in GDP growth to a 1.1% annualized rate in the first quarter of 2013 and a 2.5% annualized rate in the second quarter. The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013. This was an overhang on economic growth throughout the period. On midnight of September 30, 2013, the federal government shut down with the exception of certain crucial functions, an action that could increase investor uncertainty and thus market volatility.

Letter to shareholders (unaudited) Wells Fargo Advantage Absolute Return Fund 3

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period. European stock markets initially benefited from reduced uncertainty about a possible breakup of the eurozone. Later in the period, signs emerged that the eurozone was exiting its long-lived recession, further boosting European stock markets. In the fixed-income market, the rising interest rates that followed the Fed’s taper talk resulted in negative returns for investment-grade bonds for the 12-month period. However, high-yield bond indexes posted single-digit gains, continuing to benefit from their more generous yields and a relatively low default rate. Emerging markets ended the reporting period with only modest gains as investors worried about potential or actual slowing economic growth in major emerging markets such as China and India.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period.

4 Wells Fargo Advantage Absolute Return Fund Performance highlights (unaudited)

Investment objective

The Fund seeks a positive total return.

Adviser

Wells Fargo Funds Management, LLC

Portfolio managers

Ben Inker, CFA¹

Sam Wilderman, CFA¹

Average annual total returns² (%) as of September 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WARAX)	3-1-2012		1.80		5.11		8.36		8.02		6.36		9.01		1.69		1.69
Class C (WARCX)	3-1-2012		6.20		5.55		8.19		7.20		5.55		8.19		2.44		2.44
Administrator Class (WARDX)	3-1-2012		–		–		–		8.25		6.55		9.19		1.53		1.49
Institutional Class (WABIX)	11-30-2012		–		–		–		8.51		6.60		9.21		1.26		1.24
MSCI World Index (Net)5	–		–		–		–		20.21		7.84		7.58		–		–
Consumer Price Index6	–		–		–		–		1.18		1.37		2.37		–		–
Barclays U.S. Treasury Inflation Notes: 1-10 Year Index7	–		–		–		–		(3.90)		4.12		4.56		–		–

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 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.

Absolute return funds are not intended to outperform stocks and bonds in strong markets, and there is no guarantee of positive returns or that the Fund’s objectives will be achieved. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. Alternative investments, such as commodities, real estate, and short strategies, are speculative and entail a high degree of risk. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. 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 risk, mortgage- and asset-backed securities 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 Absolute Return Fund 5

Growth of $10,000 investment⁸ as of September 30, 2013

1. The Fund invests all of its investable assets directly in GMO Benchmark-Free Allocation Fund, an investment company advised by Grantham, Mayo, Van Otterloo & Co. LLC (GMO). Mr. Inker and Mr. Wilderman, employees of GMO, have been responsible for coordinating the portfolio management of GMO Benchmark-Free Allocation Fund since 2003 and 2012, respectively.

2. 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. If these fees had not been included, returns would have been higher. Historical performance shown for Class A, Class C, and Administrator Class prior to their inception is based on the performance of Class III shares of GMO Benchmark-Free Allocation Fund (GBMFX), in which the Fund invests substantially all of its investable assets. The inception date of GMO Benchmark-Free Allocation Fund Class III shares is July 23, 2003. Returns for the Class III shares do not reflect GMO Benchmark-Free Allocation Fund’s current fee arrangement and have been adjusted downward to reflect the higher expense ratios applicable to Class A, Class C, and Administrator Class at their inception. These ratios were 1.66% for Class A, 2.41% for Class C, and 1.50% for the Administrator Class.

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

4. The Adviser has committed through February 28, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding brokerage commissions, interest, taxes, extraordinary expenses, and the expenses of any money market fund or other fund held by the Fund (including the expenses of GMO Benchmark-Free Allocation Fund), at 0.80% for Class A, 1.55% for Class C, 0.60% for Administrator Class, and 0.35% for Institutional Class. Without these caps, the Fund’s returns would have been lower.

5. 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.

6. The Consumer Price Index for All Urban Consumers in U.S. All Items (Consumer Price Index) is published monthly by the U.S. government as an indicator of changes in price levels (or inflation) paid by urban consumers for a representative basket of goods and services. You cannot invest directly in an index.

7. The Barclays U.S. Treasury Inflation Notes: 1-10 Year Index is an independently maintained and widely published index comprised of inflation-protected securities issued by the U.S. Treasury having a maturity of 1-10 years. You cannot invest directly in an index.

8. The chart compares the performance of Class A shares for the most recent ten years with the performance of the MSCI World Index (Net), Consumer Price Index, and Barclays U.S. Treasury Inflation Notes: 1-10 Year Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

9. 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.

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

11. The Barclays U.S. Aggregate Bond Index is composed of the Barclays Government/Credit Index and the Mortgage-Backed Securities Index and includes U.S. Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

12. The ten largest holdings are calculated based on the value of the securities in the GMO Benchmark-Free Allocation Fund allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

13. Portfolio allocation is subject to change and represents the portfolio allocation of the GMO Benchmark-Free Allocation Fund, which is calculated based on the total long-term investments of the GMO Benchmark-Free Allocation Fund.

6 Wells Fargo Advantage Absolute Return Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund outperformed its benchmarks, Consumer Price Index and Barclays U.S. Treasury Inflation Notes: 1-10 Year Index, but underperformed the MSCI World Index (Net), for the 12-month period that ended September 30, 2013.

n The portfolio’s equity exposure, particularly a heavy allocation to Japanese stocks for much of the period, contributed to returns, while an allocation to emerging markets stocks modestly detracted from performance.

n An allocation to emerging markets debt was essentially flat, while our asset-backed securities position and recent purchase of treasury inflation-protected securities (TIPS) were additive.

n Our allocation to absolute return strategies, particularly the GMO Alpha Only Fund, detracted from performance.

Exposures to stocks both in the U.S. and international markets, along with our GMO Risk Premium Fund, provided positive returns against the backdrop of a market rally.

The proverb “the more things change, the more they stay the same” is a fitting description of the past year in the markets. As always, investors were greeted with numerous and often surprising changes: some evidence of a slowing Chinese economy; continued sluggish growth in Europe and lack of resolution to the continent’s long-term solvency issues; Japanese policymakers taking unprecedented steps to reverse decades of sluggish growth and deflation; talk—without any action—of the U.S. Federal Reserve (Fed) beginning to taper (or reduce) its bond purchases; and, toward the end of the period, dysfunction in our nation’s capital pushing the government toward a shutdown. These and many other changes aside, one thing remained the same: Central banks around the world continued to pursue aggressive easy monetary policies. Global quantitative easing by central banks continued to drive stock prices higher, with the S&P 500 Index⁹ rallying more than 19% and international stocks as measured by the MSCI EAFE Index (Net)¹⁰ gaining almost 24% for the 12-month period. Emerging markets equities, however, were an outlier to the rising-equity euphoria. They remained essentially flat on concerns about the effect of a slowing Chinese economy and also because the potential of the Fed withdrawing liquidity caused some market participants to sell emerging markets stocks.

Against the backdrop of a rising stock market, our allocations to risk assets, primarily equities, contributed the most to portfolio returns. Our holdings of high-quality and international stocks contributed, and our decision to allocate heavily to Japanese stocks for much of the period was particularly helpful. Our introduction of the GMO Risk Premium Fund, a fully collateralized put-selling strategy designed to provide equity-like returns and low correlation with the equity market, contributed as well.

In the fixed-income markets, we saw yields in most developed markets, excluding Japan, rise from their 200-year lows. The Barclays U.S. Aggregate Bond Index¹¹ fell 1.7%, underperforming cash, which recorded mildly positive gains of 0.3%. Despite the rising-rate backdrop, our allocation to asset-backed securities and credit (primarily bank loans) was a mild contributor. Our allocation to “dry powder” (or highly liquid) strategies detracted as the GMO Alpha Only Fund delivered negative returns, which were offset in part by positive results for the GMO Alternative Asset Opportunity Fund.

Ten largest holdings12 (%) as of September 30, 2013
GMO Alpha Only Fund, Class IV	13.95
GMO Alternative Asset Opportunity Fund	12.85
GMO Debt Opportunities Fund, Class VI	5.48
U.S. Treasury Inflation Indexed Note, 0.13%, 1-15-2022	4.57
GMO Emerging Country Debt Fund, Class IV	3.47
U.S. Treasury Inflation Indexed Note, 1.13%, 1-15-2021	2.70
U.S. Treasury Inflation Indexed Bond, 2.38%, 1-15-2025	1.89
Google Incorporated Class A	1.00
Johnson & Johnson	0.99
Microsoft Corporation	0.98

We made a number of strategic changes during the period in response to changes in valuations.

We modestly increased our equity exposure by 2% during the 12-month period but made more substantial changes in the underlying positions. We took advantage of the strong rally in Japanese equities to reduce our allocation to Japanese equities beginning in April 2013. However, we still maintain some Japanese exposure through our international portfolio. In addition, we built up our allocation to the Risk Premium strategy as a way to gain exposure to equity-like returns that should be less sensitive to starting valuation levels than traditional long equities. We made other modest changes in our equity portfolio, such as a slight reduction in our exposure to high-quality stocks as their prices continued to rise

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Absolute Return Fund 7

and a change in the way we incorporate our concerns about the credit bubble we observed in China (which involved avoiding direct China holdings). On the fixed income and credit side, our most substantive move was to build a 10% position in TIPS when prices fell during the summer. We also added a small amount to our emerging country debt exposure. The use of part of our cash and “dry powder” alternative strategies to fund the aforementioned portfolio moves led to a decrease in our allocation to cash and cash substitutes.

Portfolio allocation¹³ as of September 30, 2013

The Fund is defensively positioned based on current valuations, but our positioning will change if valuations change.

The Fund is currently positioned in a modestly defensive fashion, as we have some exposure to equities but hold some cash-plus exposures. We have plenty of room to increase our equity exposure if equity prices fall and valuations improve. In our view, many assets have become expensive on an absolute basis, particularly U.S. equities, which we believe are quite expensive. The good news is there are still pockets of opportunities to invest in reasonably priced assets, including high-quality stocks in the U.S. and value stocks internationally and in the emerging markets.

Much of the reason these asset classes look reasonable to us, though, is because the alternatives look downright unappealing. We believe cash and most fixed-income assets are priced to deliver negative real returns over a multiyear period of time. So, we continue to hold a fair amount of “dry powder” in the portfolio through GMO Alpha Only Fund and GMO Alternative Asset Opportunity Fund. We have recently added a position in TIPS, as they were priced attractively relative to cash; however, we would not necessarily include this investment in the “dry powder” category. The purpose of these holdings is to attempt to provide a modest return over cash and also to serve as a source of liquidity should valuations become more attractive elsewhere.

Please see footnotes on page 5.

8 Wells Fargo Advantage Absolute Return 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, redemption fees (if any) and exchange fees (if any), 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 April 1, 2013 to September 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. 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 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,025.30	$	3.71		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.41	$	3.70		0.73	%
Class C
Actual	$	1,000.00	$	1,021.72	$	7.50		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.49		1.48	%
Administrator Class
Actual	$	1,000.00	$	1,027.15	$	2.79		0.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.31	$	2.79		0.55	%
Institutional Class
Actual	$	1,000.00	$	1,028.06	$	1.53		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.56	$	1.52		0.30	%
Expenses including GMO Benchmark-Free Allocation Fund and underlying fund expenses
Class A
Actual	$	1,000.00	$	1,025.30	$	8.22		1.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.95	$	8.19		1.62	%
Class C
Actual	$	1,000.00	$	1,021.72	$	12.01		2.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.19	$	11.96		2.37	%
Administrator Class
Actual	$	1,000.00	$	1,027.15	$	7.32		1.44	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.28		1.44	%
Institutional Class
Actual	$	1,000.00	$	1,028.06	$	6.05		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.02		1.19	%

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—September 30, 2013 Wells Fargo Advantage Absolute Return Fund 9

Security name	Shares		Value
Investment Companies: 98.79%
GMO Benchmark-Free Allocation Fund, Class MF (l)		234,741,656	$	6,225,348,724
Total Investment Companies (Cost $5,980,084,226)				6,225,348,724

Total investments
(Cost $5,980,084,226) *	98.79	%		6,225,348,724
Other assets and liabilities, net	1.21			76,149,084
Total net assets	100.00	%	$	6,301,497,808

(l) Investment in an affiliate

* Cost for federal income tax purposes is $5,980,110,813 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	245,237,911
Gross unrealized depreciation		0
Net unrealized appreciation	$	245,237,911

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

10 Wells Fargo Advantage Absolute Return Fund Statement of assets and liabilities—September 30, 2013

Assets
Investment in affiliated investment companies, at value (see cost below)	$	6,225,348,724
Cash		1,000,000
Receivable for Fund shares sold		83,123,297
Prepaid expenses and other assets		186,346
Total assets		6,309,658,367
Liabilities
Payable for Fund shares redeemed		4,725,420
Advisory fee payable		988,217
Distribution fees payable		614,788
Due to other related parties		800,241
Shareholder servicing fees payable		988,789
Accrued expenses and other liabilities		43,104
Total liabilities		8,160,559
Total net assets	$	6,301,497,808
NET ASSETS CONSIST OF
Paid-in capital	$	6,030,935,449
Undistributed net investment income		23,184,069
Accumulated net realized gains on investments		2,113,792
Net unrealized gains on investments		245,264,498
Total net assets	$	6,301,497,808
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	1,512,891,251
Shares outstanding – Class A		138,254,096
Net asset value per share – Class A		$10.94
Maximum offering price per share – Class A2		$11.61
Net assets – Class C	$	1,042,487,043
Shares outstanding – Class C		96,320,587
Net asset value per share – Class C		$10.82
Net assets – Administrator Class	$	2,763,630,007
Shares outstanding – Administrator Class		252,018,922
Net asset value per share – Administrator Class		$10.97
Net assets – Institutional Class	$	982,489,507
Shares outstanding – Institutional Class		89,420,741
Net asset value per share – Institutional Class		$10.99
Investments in affiliated investment companies, at cost	$	5,980,084,226

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—year ended September 30, 2013 Wells Fargo Advantage Absolute Return Fund 11

Investment income
Dividends from affiliated investment companies	$	57,798,302
Expenses
Advisory and fund level administration fee		7,322,303
Administration fees
Class A		2,210,570
Class C		1,564,542
Administrator Class		1,750,557
Institutional Class		280,323	1
Shareholder servicing fees
Class A		2,125,548
Class C		1,504,367
Administrator Class		3,970,047
Distribution fees
Class C		4,513,101
Custody and accounting fees		33,788
Professional fees		25,656
Registration fees		142,150
Shareholder report expenses		268,626
Trustees’ fees and expenses		12,636
Other fees and expenses		23,006
Total expenses		25,747,220
Net investment income		32,051,082
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		12,418
Net change in unrealized gains (losses) on investments		207,533,309
Net realized and unrealized gains (losses) on investments		207,545,727
Net increase in net assets resulting from operations	$	239,596,809

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

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

12 Wells Fargo Advantage Absolute Return Fund Statement of changes in net assets

	Year ended September 30, 2013						Year ended September 30, 20121
Operations
Net investment income (loss)				$	32,051,082					$	(1,564,586	)
Net realized gains (losses) on investments					12,418						(26,587	)
Net change in unrealized gains (losses) on investments					207,533,309						37,731,189
Net increase in net assets resulting from operations					239,596,809						36,140,016
Distributions to shareholders from
Net investment income
Class A					(1,729,307	)					0
Class C					(641,104	)					0
Administrator Class					(4,342,591	)					0
Institutional Class					(26,050	)2					N/A
Total distributions to shareholders					(6,739,052	)					0
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		116,931,716			1,250,575,310			41,465,105			411,536,216
Class C		74,738,531			790,852,229			27,120,234			268,856,133
Administrator Class		229,252,464			2,445,179,878			95,466,895			948,258,360
Institutional Class		93,667,103	2		1,009,719,128	2		N/A			N/A
					5,496,326,545						1,628,650,709
Reinvestment of distributions
Class A		154,929			1,588,018			0			0
Class C		51,550			525,814			0			0
Administrator Class		342,110			3,510,050			0			0
Institutional Class		218	2		2,239	2		N/A			N/A
					5,626,121						0
Payment for shares redeemed
Class A		(18,062,305	)		(192,797,252	)		(2,235,349	)		(22,283,587	)
Class C		(4,998,352	)		(53,053,507	)		(591,376	)		(5,873,709	)
Administrator Class		(67,556,840	)		(722,769,141	)		(5,485,707	)		(55,034,071	)
Institutional Class		(4,246,580	)2		(46,292,073	)2		N/A			N/A
					(1,014,911,973	)					(83,191,367	)
Net increase in net assets resulting from capital share transactions					4,487,040,693						1,545,459,342
Total increase in net assets					4,719,898,450						1,581,599,358
Net assets
Beginning of period					1,581,599,358						0
End of period				$	6,301,497,808					$	1,581,599,358
Undistributed net investment income				$	23,184,069					$	0

1. For the seven months ended September 30, 2012. The Fund commenced operations on March 1, 2012.

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

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

Financial highlights Wells Fargo Advantage Absolute Return Fund 13

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2013			20121
Net asset value, beginning of period	$	10.16		$	10.00
Net investment income (loss)		0.08			(0.02	)2
Net realized and unrealized gains (losses) on investments		0.73			0.18
Total from investment operations		0.81			0.16
Distributions to shareholders from
Net investment income		(0.03	)		0.00
Net asset value, end of period	$	10.94		$	10.16
Total return3		8.02	%		1.60	%
Ratios to average net assets (annualized)
Gross expenses4		0.73	%		0.79	%
Net expenses4		0.73	%		0.78	%
Net investment income (loss)		0.92	%		(0.36	)%
Supplemental data
Portfolio turnover rate		0	%		0	%
Net assets, end of period (000s omitted)		$1,512,891			$398,557

1. For the period from March 1, 2012 (commencement of class operations) to September 30, 2012

2. Calculated based upon average shares outstanding

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

4. Ratios do not include the expenses of GMO Benchmark-Free Allocation Fund. The expenses of GMO Benchmark-Free Allocation Fund, Class MF were as follows:

Year ended September 30, 2013	0.50	%
Year ended September 30, 20121	0.49	%

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

14 Wells Fargo Advantage Absolute Return Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2013			20121
Net asset value, beginning of period	$	10.11		$	10.00
Net investment income (loss)		0.03			(0.06	)2
Net realized and unrealized gains (losses) on investments		0.70			0.17
Total from investment operations		0.73			0.11
Distributions to shareholders from
Net investment income		(0.02	)		0.00
Net asset value, end of period	$	10.82		$	10.11
Total return3		7.20	%		1.10	%
Ratios to average net assets (annualized)
Gross expenses4		1.48	%		1.54	%
Net expenses4		1.48	%		1.53	%
Net investment income (loss)		0.14	%		(1.11	)%
Supplemental data
Portfolio turnover rate		0	%		0	%
Net assets, end of period (000s omitted)		$1,042,487			$268,171

1. For the period from March 1, 2012 (commencement of class operations) to September 30, 2012

2. Calculated based upon average shares outstanding

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

4. Ratios do not include the expenses of GMO Benchmark-Free Allocation Fund. The expenses of GMO Benchmark-Free Allocation Fund, Class MF were as follows:

Year ended September 30, 2013	0.50	%
Year ended September 30, 20121	0.49	%

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

Financial highlights Wells Fargo Advantage Absolute Return Fund 15

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2013			20121
Net asset value, beginning of period	$	10.17		$	10.00
Net investment income (loss)		0.09			(0.01	)2
Net realized and unrealized gains (losses) on investments		0.75			0.18
Total from investment operations		0.84			0.17
Distributions to shareholders from
Net investment income		(0.04	)		0.00
Net asset value, end of period	$	10.97		$	10.17
Total return3		8.25	%		1.70	%
Ratios to average net assets (annualized)
Gross expenses4		0.55	%		0.62	%
Net expenses4		0.55	%		0.59	%
Net investment income (loss)		1.03	%		(0.16	)%
Supplemental data
Portfolio turnover rate		0	%		0	%
Net assets, end of period (000s omitted)		$2,763,630			$914,872

1. For the period from March 1, 2012 (commencement of class operations) to September 30, 2012

2. Calculated based upon average shares outstanding

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

4. Ratios do not include the expenses of GMO Benchmark-Free Allocation Fund. The expenses of GMO Benchmark-Free Allocation Fund, Class MF were as follows:

Year ended September 30, 2013	0.50	%
Year ended September 30, 20121	0.49	%

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

16 Wells Fargo Advantage Absolute Return Fund Financial highlights

(For a share outstanding throughout the period)

INSTITUTIONAL CLASS	Year ended September 30, 20131
Net asset value, beginning of period	$	10.18
Net investment income		0.14	2
Net realized and unrealized gains (losses) on investments		0.71
Total from investment operations		0.85
Distributions to shareholders from
Net investment income		(0.04	)
Net asset value, end of period	$	10.99
Total return3		8.41	%
Ratios to average net assets (annualized)
Gross expenses4		0.30	%
Net expenses4		0.30	%
Net investment income		1.56	%
Supplemental data
Portfolio turnover rate		0	%
Net assets, end of period (000s omitted)		$982,490

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

2. Calculated based upon average shares outstanding

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

4. Ratios do not include the expenses of GMO Benchmark-Free Allocation Fund. The expenses of GMO Benchmark-Free Allocation Fund, Class MF were 0.50%.

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

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

The Fund invests all of its investable assets in the GMO Benchmark-Free Allocation Fund (the “Benchmark-Free Allocation Fund”), an investment company managed by Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”). Benchmark-Free Allocation Fund is a fund-of-funds that invests primarily in shares of other GMO-managed mutual funds (“underlying funds”), which may include U.S. and foreign equity funds, U.S. and foreign fixed income funds and funds with various specialized investment programs, including funds that invest in alternative asset classes, funds that pursue “real return” strategies that seek to outperform cash benchmarks, and funds designed to complement broader asset allocation strategies rather than serving as standalone investments. Benchmark-Free Allocation Fund may also hold securities (particularly asset-backed securities) directly or through one or more subsidiaries or other entities. At September 30, 2013, the Fund owned 61% of Benchmark-Free Allocation Fund. Because the Fund invests all of its assets in Benchmark-Free Allocation Fund, the shareholders of the Fund bear the fees and expense of Benchmark-Free Allocation Fund which are not included in the Statement of Operations but are incurred indirectly because they are considered in the calculation of the net asset value of Benchmark-Free Allocation Fund. As a result, the Fund’s actual expenses may be higher than those of other mutual funds that invest directly in securities.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

The Fund values its investment in Benchmark-Free Allocation Fund at net asset value. The valuation of investments in securities and the underlying funds held by Benchmark-Free Allocation Fund is discussed in the annual report of Benchmark-Free Allocation Fund which is included in the mailing of this shareholder report. An unaudited Consolidated Statement of Assets and Liabilities and unaudited Consolidated Schedule of Investments for Benchmark-Free Allocation Fund as of September 30, 2013 have also been included as an Appendix in this report for your reference.

Investment transactions and income recognition

Investment transactions are recorded on a trade date basis. Realized gains and losses resulting from investment transactions are determined on the identified cost basis.

Income dividends and capital gain distributions from Benchmark-Free Allocation Fund are recorded on the ex-dividend date. Capital gain distributions from Benchmark-Free Allocation Fund are treated as realized gains.

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.

18 Wells Fargo Advantage Absolute Return Fund Notes to financial statements

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to dividends from certain securities. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Undistributed net investment income	Accumulated net realized gains on investments
$(2,127,961)	$2,127,961

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 September 30, 2013, Level 2 inputs were used in valuing the Fund’s investment in Benchmark-Free Allocation Fund.

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory and administration fee

The Trust has entered into an advisory and administration 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.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory and fund level administration fee starting at 0.225% and declining to 0.175% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory and fund level administration fee was equivalent to an annual rate of 0.21% of the Fund’s average daily net assets.

Funds Management also provide class level 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

Notes to financial statements Wells Fargo Advantage Absolute Return Fund 19

is entitled to receive from the Fund an annual class level administration fee which is calculated based on the average daily net assets of each class as follows:

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.80% for Class A shares, 1.55% for Class C shares, 0.60% for Administrator Class shares, and 0.35% for Institutional Class shares.

Distribution fees

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

For the year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $1,136,332 from the sale of Class A shares and $1,941 and $25,671 in contingent deferred sales charges from redemptions of Class A 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 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 TRANSACTIONS

For the year ended September 30, 2013, the Fund made aggregate purchases and sales of $4,471,580,417 and $405,097, respectively, in its investment in Benchmark-Free Allocation Fund.

As a result of its investment in Benchmark-Free Allocation Fund, the Fund incurs purchase premium and redemption fees. These purchase premium and redemption fees are paid by the Fund to Benchmark-Free Allocation Fund to help offset estimated portfolio transaction and related costs incurred as a result of a purchase or redemption order by allocating estimated transaction costs to the purchasing or redeeming shareholder. The Fund is currently charged 0.11% for purchases and redemptions which are reflected in paid in capital. Prior to June 30, 2013, the Fund was charged 0.12% for purchases and redemptions. GMO reassesses these fees annually.

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 year ended September 30, 2013, the Fund paid $3,867 in commitment fees.

For the year ended September 30, 2013, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid for the year ended September 30, 2013 was $6,739,052 of ordinary income. For the year ended September 30, 2012, the Fund did not pay any distributions to shareholders.

20 Wells Fargo Advantage Absolute Return Fund Notes to financial statements

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$23,196,487	$2,127,961	$245,237,911

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

Report of independent registered public accounting firm Wells Fargo Advantage Absolute Return Fund 21

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Absolute Return Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the years or periods in the year ended September 30, 2013 and the period from March 1, 2012 (commencement of operations) to September 30, 2012. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of September 30, 2013 by correspondence with the transfer agent. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Absolute Return Fund as of September 30, 2013, the results of its operations for the year then ended, and changes in its net assets and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

22 Wells Fargo Advantage Absolute Return Fund Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2013.

Pursuant to Section 854 of the Internal Revenue Code, $6,739,052 of income dividends paid during the fiscal year ended September 30, 2013 has been designated as qualified dividend income (QDI).

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 Absolute Return Fund 23

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

24 Wells Fargo Advantage Absolute Return 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. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

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

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

List of abbreviations Wells Fargo Advantage Absolute Return Fund 25

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		MUTUAL FUNDS — 36.1%
		United States — 36.1%
		Affiliated Issuers — 36.1%
	60,044,562	GMO Alpha Only Fund, Class IV		1,441,069,488
	43,166,990	GMO Alternative Asset Opportunity Fund		1,327,384,937
	20,768,619	GMO Debt Opportunities Fund, Class VI		566,360,256
	36,272,696	GMO Emerging Country Debt Fund, Class IV		358,011,508
		TOTAL MUTUAL FUNDS (COST $3,695,430,161)		3,692,826,189
		INVESTMENT FUNDS (a) — 0.2%
		United States — 0.2%
	546,570	iShares MSCI Emerging Markets ETF		22,283,659
		TOTAL INVESTMENT FUNDS (COST $22,904,225)		22,283,659
		DEBT OBLIGATIONS (a) — 10.0%
		Asset-Backed Securities — 0.1%
		CMBS Collateralized Debt Obligations — 0.0%
	1,599,400	American Capital Strategies Ltd. Commercial Real Estate CDO Trust, Series 07-1A, Class A, 144A, 3 mo. LIBOR + .80%, 1.06%, due 11/23/52		1,599
		Insured Other — 0.0%
	2,500,000	Toll Road Investment Part II, Series C, 144A, MBIA, Zero Coupon, due 02/15/37		491,250
		Residential Asset-Backed Securities (Canada) — 0.1%
CAD	1,938,400	Master Asset Vehicle II, Series 09-2, Class A2, 0.78%, due 07/15/56		1,644,267
CAD	352,000	Master Asset Vehicle II, Series 09-2, Class B, Zero Coupon, due 07/15/56		285,345
CAD	150,000	Master Asset Vehicle II, Series 09-2, Class C, Zero Coupon, due 07/15/56		112,131
CAD	2,559,488	Master Asset Vehicle II, Series 09-2, Class A1, 0.78%, due 07/15/56		2,217,701
		Residential Asset-Backed Securities (Canada)		4,259,444
		Total Asset-Backed Securities		4,752,293

A-1

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		Bank Loans — 0.0%
	380,447	Caesars Entertainment Corp. Term Loan B1, 3.18%, due 01/28/15		378,545
	781,215	Caesars Entertainment Corp. Term Loan B3, 3.18%, due 01/28/15		773,403
	960,000	Springleaf Financial Funding Co. Term Loan B, 5.50%, due 05/10/17		960,000
		Total Bank Loans		2,111,948
		U.S. Government — 9.9%
	163,207,908	U.S. Treasury Inflation Indexed Bond, 2.38%, due 01/15/25 (b)		194,740,166
	27,799,680	U.S. Treasury Inflation Indexed Bond, 2.38%, due 01/15/27 (b)		33,444,322
	33,112,800	U.S. Treasury Inflation Indexed Note, 1.25%, due 04/15/14 (b)		33,384,424
	258,737,632	U.S. Treasury Inflation Indexed Note, 1.13%, due 01/15/21 (b)		278,466,376
	477,745,203	U.S. Treasury Inflation Indexed Note, 0.13%, due 01/15/22 (b)		471,736,124
		Total U.S. Government		1,011,771,412
		TOTAL DEBT OBLIGATIONS (COST $1,019,339,465)		1,018,635,653
		COMMON STOCKS (a)— 44.5%
		Australia — 0.7%
	2,617,875	Arrium Ltd		2,988,213
	271,763	Bank of Queensland Ltd		2,741,843
	135,608	Bendigo and Adelaide Bank Ltd		1,268,809
	658,357	BlueScope Steel Ltd *		2,876,573
	65,966	Commonwealth Bank of Australia		4,384,109
	146,937	CSL Ltd		8,770,384
	1,640,340	Goodman Fielder Ltd		1,087,489
	292,920	Insurance Australia Group Ltd		1,605,742
	394,201	Investa Office Fund (REIT)		1,084,179
	82,539	Macquarie Group Ltd		3,697,852
	1,798,454	Mirvac Group (REIT)		2,923,726
	111,543	National Australia Bank Ltd		3,573,969
	590,807	Pacific Brands Ltd		416,818
	565,366	QBE Insurance Group Ltd		7,742,583
	1,258,799	Stockland (REIT)		4,550,153

A-2

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	780,138	TABCORP Holdings Ltd		2,388,273
	575,661	Tatts Group Ltd		1,665,073
	387,513	Westpac Banking Corp		11,845,044
	91,563	Woolworths Ltd		2,992,113
		Total Australia		68,602,945
		Austria — 0.1%
	97,246	OMV AG		4,801,929
	59,834	Voestalpine AG		2,860,434
		Total Austria		7,662,363
		Belgium — 0.1%
	113,616	Ageas		4,603,865
	42,085	Anheuser-Busch InBev NV		4,174,736
	118,513	Belgacom SA		3,152,086
	9,412	Delhaize Group		593,178
		Total Belgium		12,523,865
		Bermuda — 0.0%
	27,300	Cosan Ltd		419,601
		Brazil — 0.9%
	90,900	Banco Bradesco SA		1,414,583
	1,500,200	Banco do Brasil SA		17,497,708
	265,300	Banco Santander Brasil SA		1,788,378
	491,000	Banco Santander Brasil SA ADR		3,412,450
	325,000	BM&FBOVESPA SA		1,815,413
	283,600	BR Malls Participacoes SA		2,572,016
	189,100	BR Properties SA		1,680,851
	130,900	Brasil Brokers Participacoes SA		339,609
	79,200	Cia de Saneamento Basico do Estado de Sao Paulo		773,311
	45,900	Cia de Saneamento Basico do Estado de Sao Paulo ADR		457,164

A-3

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	42,400	Cia Hering		643,566
	63,700	Cia Siderurgica Nacional SA Sponsored ADR		271,999
	451,780	Cielo SA		12,218,424
	15,500	Companhia de Saneamento de Minas Gerais-Copasa MG		244,777
	199,300	Companhia Siderurgica Nacional SA		850,687
	14,000	Cosan SA Industria e Comercio		269,855
	8,600	CPFL Energia SA		148,350
	21,200	CPFL Energia SA		185,475
	188,300	Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,423,104
	95,470	Duratex SA		568,176
	81,700	EDP-Energias Do Brasil SA		444,571
	82,800	Equatorial Energia SA		784,551
	84,600	Gol Linhas Aereas Inteligentes SA ADR *		413,694
	104,800	Grendene SA		933,426
	144,500	Grupo BTG Pactual		1,792,966
	69,100	Light SA		590,201
	331,900	MRV Engenharia e Participacoes SA		1,364,260
	24,900	Multiplan Empreendimentos Imobiliarios SA		595,452
	102,500	Multiplus SA		1,193,205
	16,100	Natura Cosmeticos SA		359,586
	1,667,500	PDG Realty SA Empreendimentos e Participacoes *		1,850,855
	176,300	Petroleo Brasileiro SA		1,349,117
	23,900	Petroleo Brasileiro SA (Petrobras) ADR		370,211
	61,900	Porto Seguro SA		782,024
	140,000	Qualicorp SA*		1,279,159
	124,457	Sul America SA		896,800
	259,900	Tim Participacoes SA		1,205,510
	59,500	Totvs SA		1,006,477
	24,200	Tractebel Energia SA		399,967
	79,800	Transmissora Alianca de Energia Eletrica SA		766,927
	8,700	Ultrapar Participacoes SA		214,566
	296,000	Vale SA		4,602,337
	1,165,600	Vale SA Sponsored ADR		18,195,016
		Total Brazil		89,966,774

A-4

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
		Canada — 0.2%
	688,500	Blackberry Ltd *		5,414,155
	27,800	Canadian Tire Corp Ltd – Class A		2,462,205
	239,500	First Quantum Minerals Ltd		4,459,599
	22,400	Home Capital Group Inc		1,566,402
	82,500	Husky Energy Inc		2,372,360
	47,900	Magna International Inc		3,950,395
	34,400	RONA Inc		395,414
		Total Canada		20,620,530
		Czech Republic — 0.1%
	400,742	CEZ AS		10,360,602
		Denmark — 0.0%
	14,635	Jyske Bank A/S *		727,734
	12,076	Novo-Nordisk A/S – Class B		2,045,244
		Total Denmark		2,772,978
		Egypt — 0.1%
	1,280,279	Al Ezz Steel Rebars SAE *		2,163,078
	204,685	Commercial International Bank		1,140,501
	369,375	EFG-Hermes Holding SAE *		399,357
	379,706	Orascom Telecom Holding SAE *		242,191
	291,399	Orascom Telecom Holding SAE GDR (Registered Shares) *		913,851
	6,307,242	Orascom Telecom Media And Technology Holding SAE		541,612
	2,033,013	Palm Hills Developments SAE *		700,926
	96,773	Sidi Kerir Petrochemicals Co		214,156
	574,274	Talaat Moustafa Group *		420,025
	406,599	Telecom Egypt Co		793,747
		Total Egypt		7,529,444

A-5

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
		Finland — 0.2%
	2,506,267	Nokia Oyj *		16,395,803
	66,334	Sampo Oyj – Class A		2,853,454
		Total Finland		19,249,257
		France — 2.7%
	495,445	Air France–KLM *		4,933,471
	472,376	AXA		10,963,292
	335,153	BNP Paribas		22,671,252
	156,337	Carrefour SA		5,362,319
	34,924	Cie Generale des Etablissements Michelin – Class B		3,873,134
	59,550	CNP Assurances		1,073,171
	98,034	European Aeronautic Defense and Space Co NV		6,246,940
	673,563	GDF Suez		16,883,383
	19,779	L’Oreal SA		3,395,012
	841,974	Orange		10,542,852
	113,582	PagesJaunes Groupe *		261,206
	760,630	Peugeot SA *		12,511,065
	27,173	Publicis Groupe		2,161,562
	157,323	Renault SA		12,546,438
	354,244	Sanofi		35,876,715
	447,838	Societe Generale		22,310,933
	159,055	Technicolor *		832,596
	1,613,373	Total SA		93,515,707
	449,199	Vivendi SA		10,333,044
		Total France		276,294,092
		Germany — 1.0%
	60,727	Allianz SE (Registered)		9,554,082
	60,483	Aurubis AG		3,667,595
	29,794	Bayer AG (Registered)		3,513,631
	66,563	Daimler AG		5,189,914

A-6

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	256,722	Deutsche Lufthansa AG (Registered) *		5,008,150
	191,841	Deutsche Post AG (Registered)		6,362,988
	27,193	Duerr AG		1,998,882
	1,627,958	E.ON AG		28,970,120
	111,179	Freenet AG		2,686,049
	21,950	Hannover Rueck SE		1,613,023
	112,155	Kloeckner & Co SE *		1,519,646
	15,000	Merck KGaA		2,341,238
	71,900	Metro AG		2,855,256
	45,386	Muenchener Rueckversicherungs AG (Registered)		8,872,136
	370,461	RWE AG		12,604,764
	50,652	Salzgitter AG		2,104,011
	74,613	SAP AG		5,518,005
		Total Germany		104,379,490
		Greece — 0.0%
	298,277	OPAP SA		3,329,890
	139,101	Public Power Corp SA		1,575,413
		Total Greece		4,905,303
		Hong Kong — 0.2%
	634,272	AAC Technologies Holdings Inc		2,891,786
	294,000	Cheung Kong Holdings Ltd		4,464,284
	245,000	CLP Holdings Ltd		1,998,522
	1,760,100	Esprit Holdings Ltd		2,827,668
	428,052	Link (REIT)		2,092,802
	171	Melco International Development Ltd		459
	986,000	Pacific Basin Shipping Ltd		674,657
	412,800	Sands China Ltd		2,558,109
	416,000	Sun Hung Kai Properties Ltd		5,646,022
	279,000	Wharf Holdings Ltd (The)		2,415,699
	328,500	Yue Yuen Industrial Holdings		910,717
		Total Hong Kong		26,480,725

A-7

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
		Hungary — 0.0%
	55,735	OTP Bank Plc		1,103,978
		India — 0.4%
	77,983	Aban Offshore Ltd		266,546
	701,604	Allahabad Bank		847,567
	275,485	Aurobindo Pharma Ltd		888,221
	60,523	Bank of Baroda		478,580
	135,485	Bharat Heavy Electricals Ltd		298,566
	457,586	Cairn India Ltd		2,326,512
	92,038	Cipla Ltd		635,389
	54,442	GAIL India Ltd		284,132
	108,664	HCL Technologies Ltd		1,878,128
	23,795	Hero Honda Motors Ltd		767,224
	270,303	Hexaware Technologies Ltd		554,592
	527,991	Hindalco Industries Ltd		942,452
	312,200	Hindalco Industries Ltd GDR, 144A (c)		543,104
	1,386,554	Housing Development & Infrastructure Ltd *		795,731
	162,979	Idea Cellular Ltd		437,786
	48,123	Infosys Ltd		2,309,712
	138,300	Infosys Technologies Ltd Sponsored ADR		6,653,613
	79,791	Jai Balaji Industries Ltd *		22,770
	168,166	Jindal Steel & Power Ltd		628,428
	216,541	Karnataka Bank Ltd		287,054
	57,150	Lupin Ltd		781,164
	1,096,340	NHPC Ltd		340,648
	96,563	NMDC Ltd		185,211
	128,236	NTPC Ltd		302,984
	208,979	Oil & Natural Gas Corp Ltd		887,919
	198,149	Oriental Bank of Commerce		459,719
	131,503	Punjab National Bank Ltd (c)		972,556
	154,857	Reliance Energy Ltd		913,522

A-8

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	587,690	Sesa Goa Ltd		1,686,461
	72,780	Sesa Sterlite Ltd *		820,231
	375,346	Steel Authority of India Ltd		299,966
	59,155	Sun Pharmaceutical Industries Ltd		558,756
	151,788	Tata Consultancy Services Ltd		4,659,504
	128,671	Tata Motors Ltd		682,833
	5,100	Tata Motors Ltd Sponsored ADR		135,762
	115,895	Tata Motors Ltd – Class A		300,918
	237,265	Tata Steel Ltd		1,034,036
	146,761	Tech Mahindra Ltd		3,124,544
	156,403	Wipro Ltd		1,181,163
	74,513	Wipro Ltd ADR		764,503
		Total India		41,938,507
		Indonesia — 0.3%
	18,502,000	Astra International Tbk PT		10,308,620
	4,710,170	Bank Mandiri Persero Tbk PT		3,234,407
	2,029,000	Bank Negara Indonesia Persero Tbk PT		713,359
	5,374,270	Bank Rakyat Indonesia Persero Tbk PT		3,361,921
	2,571,500	Bank Tabungan Negara Persero Tbk PT		206,560
	2,085,000	Gajah Tunggal Tbk PT		418,756
	9,608,500	Global Mediacom Tbk PT		1,600,811
	741,000	Indosat Tbk PT		265,434
	9,044,500	Kalbe Farma Tbk PT		921,783
	5,674,500	Media Nusantara Citra Tbk PT		1,324,107
	964,500	Mitra Adiperkasa Tbk PT		516,412
	28,808,500	MNC Investama Tbk PT		870,320
	3,432,000	Ramayana Lestari Sentosa Tbk PT		358,541
	1,135,650	Semen Gresik Persero Tbk PT		1,276,659
	29,721,000	Telekomunikasi Indonesia Persero Tbk PT		5,399,817
	35,300	Telekomunikasi Indonesia Persero Tbk PT Sponsored ADR		1,281,743
	2,440,500	XL Axiata Tbk PT		896,325
		Total Indonesia		32,955,575

A-9

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
		Ireland — 0.0%
	101,682	Smurfit Kappa Group Plc		2,299,015
		Israel — 0.1%
	269,702	Bank Hapoalim BM		1,364,742
	548,649	Bank Leumi Le-Israel *		2,040,053
	672,768	Israel Discount Bank Ltd – Class A *		1,212,764
	94,904	Partner Communications Co Ltd		760,062
		Total Israel		5,377,621
		Italy — 1.2%
	3,533,715	A2A SPA		3,454,233
	240,356	Assicurazioni Generali SPA		4,808,981
	102,420	Azimut Holding SPA		2,342,481
	6,682,286	Enel SPA		25,658,286
	1,159,563	ENI SPA		26,656,224
	66,174	Exor SPA		2,490,032
	1,037,774	Fiat SPA *		8,281,645
	788,297	Finmeccanica SPA *		4,719,280
	4,387,131	Intesa Sanpaolo SPA		9,074,906
	14,951	Italcementi SPA-Di RISP		59,854
	1,793,932	Mediaset SPA *		7,278,574
	299,765	Mediolanum SPA		2,183,538
	1,256,541	Milano Assicurazioni SPA *		899,461
	64,970	Recordati SPA		781,948
	11,453,632	Telecom Italia SPA		9,423,904
	5,619,401	Telecom Italia SPA-Di RISP		3,734,509
	1,849,103	UniCredit SPA		11,808,048
		Total Italy		123,655,904

A-10

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
		Japan — 4.0%
	150,800	Accordia Golf Co Ltd		1,861,794
	369,500	Aeon Co Ltd		5,100,209
	29,900	Alfresa Holdings Corp		1,543,838
	73,600	Astellas Pharma Inc		3,759,485
	93,000	Bridgestone Corp		3,408,306
	226,000	Calsonic Kansei Corp		1,213,652
	705,000	Cosmo Oil Co Ltd *		1,323,280
	1,003,000	Daikyo Inc		3,214,733
	94,700	Daito Trust Construction Co Ltd		9,476,930
	490,000	Daiwa Securities Group Inc		4,422,078
	260,100	Dena Co Ltd		5,294,152
	614,000	DIC Corp		1,701,364
	217,000	Fuji Heavy Industries Ltd		6,046,840
	52,500	Fuji Oil Co Ltd		913,097
	117,000	Gunze Ltd		318,474
	184,000	Hanwa Co Ltd		872,714
	660,600	Haseko Corp *		4,756,619
	19,300	Idemitsu Kosan Co Ltd		1,672,788
	107,800	IT Holdings Corp		1,364,502
	1,004,500	Itochu Corp		12,374,619
	876	Japan Retail Fund Investment Corp (REIT)		1,803,699
	570,200	Japan Tobacco Inc		20,555,562
	344,900	JFE Holdings Inc		8,992,622
	1,794,600	JX Holdings Inc		9,326,516
	105,600	K’s Holdings Corp		2,890,298
	131,200	Kao Corp		4,097,220
	2,827,000	Kawasaki Kisen Kaisha Ltd		6,659,647
	283,500	KDDI Corp		14,569,051
	2,134,000	Kobe Steel Ltd *		3,977,813
	34,086	Kohnan Shoji Co Ltd		374,705
	517,100	Leopalace21 Corp *		3,813,960

A-11

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	1,050,000	Marubeni Corp		8,303,820
	1,160,000	Mazda Motor Corp *		5,214,595
	130,604	Medipal Holdings Corp		1,613,496
	939,000	Mitsubishi Chemical Holdings Corp		4,399,937
	704,900	Mitsubishi Corp		14,312,157
	425,000	Mitsubishi Heavy Industries Ltd		2,450,875
	199,000	Mitsubishi Gas Chemical Co Inc		1,676,978
	422,800	Mitsubishi UFJ Lease & Finance Co Ltd		2,247,666
	654,500	Mitsui & Co Ltd		9,543,875
	1,154,000	Mitsui Chemicals Inc		3,175,261
	1,150,000	Mitsui Engineer & Shipbuilding Co Ltd		2,368,474
	84,000	Mitsui Fudosan Co Ltd		2,836,627
	728,012	Mitsui Mining & Smelting Co Ltd		2,122,720
	1,403,134	Mitsui OSK Lines Ltd *		6,355,998
	3,012,400	Mizuho Financial Group Inc		6,548,813
	888,000	NEC Corp		2,063,058
	122,400	NET One Systems Co Ltd		928,225
	188,000	Nichirei Corp		1,024,655
	551,000	Nippon Light Metal Co Ltd		849,206
	120,632	Nippon Paper Industries Co Ltd		1,913,060
	1,171,000	Nippon Steel Corp		3,988,467
	272,000	Nippon Telegraph & Telephone Corp		14,157,772
	1,536,000	Nippon Yusen Kabushiki Kaisha		4,871,040
	267,641	Nipro Corp		2,589,095
	134,000	Nisshinbo Industries Inc		1,109,488
	645,600	Nomura Holdings Inc		5,049,701
	148,986	North Pacific Bank Ltd		628,676
	826,200	NTT Docomo Inc		13,387,865
	14,700	Okinawa Electric Power Co		507,650
	1,076	ORIX JREIT Inc (REIT)		1,367,034
	35,879	Point Inc		1,701,816
	2,173,900	Resona Holdings Inc		11,160,814
	262,000	Ricoh Co Ltd		3,035,905

A-12

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	166,900	Round One Corp		964,771
	29,500	Ryohin Keikaku Co Ltd		2,666,699
	32,200	Sankyo Co Ltd		1,574,510
	101,100	Sega Sammy Holdings Inc		2,917,199
	79,000	Seino Holdings Co Ltd		808,647
	15,300	Shimamura Co Ltd		1,523,347
	1,241,000	Shinsei Bank Ltd		3,028,851
	325,500	Showa Shell Sekiyu KK		3,646,531
	2,539,800	Sojitz Corp		4,987,463
	546,193	Sumitomo Light Metal Industries Ltd *		604,772
	877,200	Sumitomo Corp		11,855,945
	185,000	Sumitomo Electric Industries Ltd		2,690,733
	272,000	Sumitomo Metal Mining Co Ltd		3,865,178
	122,200	Sumitomo Mitsui Financial Group Inc		5,917,590
	824,000	Sumitomo Mitsui Trust Holdings Inc		4,095,331
	72,000	Sumitomo Realty & Development Co Ltd		3,431,695
	86,000	Suruga Bank Ltd		1,482,530
	29,352	Suzuken Co Ltd		966,768
	274,600	Takeda Pharmaceutical Co Ltd		12,969,355
	561,100	Tokyo Electric Power Co Inc (The) *		3,495,569
	386,000	Tokyo Tatemono Co Ltd		3,548,985
	150,000	TonenGeneral Sekiyu KK		1,387,480
	799,000	Tosoh Corp		3,305,179
	404,800	Toyota Motor Corp		25,962,867
	217,500	Toyota Tsusho Corp		5,703,110
	291,700	UNY Co Ltd		1,884,914
	1,497,200	Yamada Denki Co Ltd		4,428,461
		Total Japan		410,919,866
		Malaysia — 0.1%
	717,400	AMMB Holdings Berhad		1,632,281
	876,900	CIMB Group Holdings Berhad		2,020,640
	360,496	Hong Leong Bank Berhad		1,545,939
		Total Malaysia		5,198,860

A-13

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (continued)
		Mexico — 0.2%
	462,500	America Movil SAB de CV		9,162,125
	1,937,400	America Movil SAB de CV – Class L		1,921,193
	11,800	Fomento Economico Mexicano SAB de CV		114,489
	10,600	Fomento Economico Mexicano SAB de CV Sponsored ADR		1,029,154
	380,800	Grupo Financiero Banorte SAB de CV – Class O		2,372,745
	11,700	Grupo Financiero Santander Mexico SAB de CV		161,694
	200	Grupo Financiero Santander Mexico SAB de CV – Class B		554
	33,300	Grupo Televisa SAB Sponsored ADR		930,735
	17,200	Grupo Televisa SAB-Series CPO		96,056
	274,300	Wal-Mart de Mexico SAB de CV – Class V		717,943
		Total Mexico		16,506,688
		Netherlands — 0.3%
	942,824	Aegon NV		6,976,181
	48,777	CSM NV		1,180,585
	962,840	ING Groep NV *		10,925,325
	312,400	Koninklijke BAM Groep NV		1,676,961
	73,686	Koninklijke Philips Electronics NV		2,377,186
	85,275	SNS REAAL NV *(c)		—
	267,242	Unilever NV		10,199,740
	219,400	VimpelCom Ltd Sponsored ADR		2,577,950
		Total Netherlands		35,913,928
		New Zealand — 0.1%
	321,916	Chorus Ltd		721,742
	266,017	Fletcher Building Ltd		2,096,896
	1,570,573	Telecom Corp of New Zealand		3,029,619
		Total New Zealand		5,848,257

A-14

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
		Norway — 0.1%
	413,099	DNB ASA		6,273,249
	171,187	Golden Ocean Group Ltd		252,143
	158,471	StatoilHydro ASA		3,599,383
	43,807	TGS Nopec Geophysical Co ASA		1,289,595
		Total Norway		11,414,370
		Peru — 0.1%
	453,655	Cia de Minas Buenaventura SA ADR		5,312,300
		Philippines — 0.0%
	478,850	BDO Unibank Inc		825,732
	44,110	GT Capital Holdings Inc		768,775
	425,246	Metropolitan Bank & Trust		811,326
	11,890	Philippine Long Distance Telephone Co		810,829
	5,700	Philippine Long Distance Telephone Co Sponsored ADR		386,688
	867,800	Puregold Price Club Inc		832,147
		Total Philippines		4,435,497
		Poland — 0.2%
	1,503,980	Boryszew SA *		274,139
	372,502	KGHM Polska Miedz SA		14,700,160
	71,939	PGE SA		383,243
	184,295	Synthos SA		281,430
		Total Poland		15,638,972
		Portugal — 0.1%
	1,626,407	EDP-Energias de Portugal SA		5,941,732
		Russia — 1.4%
	11,579	Bashneft OAO		678,770
	97,697	Evraz Plc *		201,987

A-15

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	33,452	Gazprom Neft JSC Sponsored ADR		733,685
	5,132,826	Gazprom OAO Sponsored ADR		45,133,370
	51,773	Globaltrans Investment Plc Sponsored GDR		750,500
	78,526	JSFC Sistema OJSC Sponsored GDR (Registered Shares)		2,040,193
	446,225	Lukoil OAO Sponsored ADR		28,233,122
	972	Magnit OJSC		246,379
	35,486	Magnit OJSC GDR		2,190,494
	19,111	MegaFon OAO GDR		672,606
	88,896	MMC Norilsk Nickel OJSC ADR		1,280,948
	246,500	Mobile Telesystems Sponsored ADR *		5,487,090
	44,395	Moscow Exchange (The)		85,018
	13,775	NovaTek OAO GDR		1,818,241
	1,534,486	Rosneft OAO GDR (Registered Shares)		12,407,225
	16,319	Rostelecom OJSC Sponsored ADR		307,891
	1,954,596	Sberbank Sponsored ADR		23,520,637
	789,893	Surgutneftegas OAO Sponsored ADR		6,769,858
	90,024	Tatneft Sponsored ADR		3,516,915
	7,254	Uralkali Sponsored GDR (Registered Shares)		188,182
	388,994,452	VTB Bank OJSC		512,306
	2,450,917	VTB Bank OJSC GDR (Registered Shares)		6,464,740
		Total Russia		143,240,157
		Singapore — 0.2%
	842,000	CapitaCommercial Trust (REIT)		972,134
	1,111,085	Ezra Holdings Ltd *		1,014,522
	11,471,000	Golden Agri-Resources Ltd		4,757,144
	176,000	Ho Bee Investment Ltd		292,999
	4,146,000	Noble Group Ltd		3,077,842
	341,000	Singapore Technologies Engineering Ltd		1,135,029
	2,128,000	Singapore Telecommunications Ltd		6,337,373
	696,000	Swiber Holdings Ltd		360,665
	1,638,000	Yangzijiang Shipbuilding Holdings Ltd		1,431,223
		Total Singapore		19,378,931

A-16

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
		South Africa — 0.4%
	1,678,923	African Bank Investments Ltd		2,786,644
	23,767	AngloGold Ashanti Ltd Sponsored ADR *		315,626
	82,903	Barclays Africa Group Ltd		1,216,226
	37,179	Bidvest Group Ltd		932,218
	75,625	Exxaro Resources Ltd		1,237,844
	312,443	FirstRand Ltd		1,042,127
	57,654	Foschini Group Ltd (The)		597,798
	29,016	Gold Fields Ltd		132,852
	9,614	Gold Fields Ltd Sponsored ADR		43,936
	458,029	Growthpoint Properties Ltd		1,125,707
	21,810	Imperial Holdings Ltd		473,776
	71,134	Investec Ltd		466,668
	4,560	Kumba Iron Ore Ltd		210,635
	462,614	MTN Group Ltd		9,034,046
	112,777	Naspers Ltd-N Shares		10,441,102
	20,129	Remgro Ltd		388,919
	83,521	Sasol Ltd		3,986,673
	1,647	Sasol Ltd Sponsored ADR		78,710
	63,052	Standard Bank Group Ltd		752,776
	179,414	Steinhoff International Holdings Ltd *		638,463
	250,412	Telkom South Africa Ltd *		608,686
	186,122	Vodacom Group Ltd		2,308,917
	79,097	Wilson Bayly Holmes-Ovcon Ltd		1,258,771
		Total South Africa		40,079,120
		South Korea — 2.3%
	148,860	BS Financial Group Inc		2,222,882
	5,601	CJ Corp		604,801
	1,274	CJ O Shopping Co Ltd		414,948
	24,238	Daelim Industrial Co Ltd		2,187,718
	44,600	Daewoo Securities Co Ltd		408,158

A-17

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	24,670	Daewoo Shipbuilding & Marine Engineering Co Ltd		793,495
	37,780	DGB Financial Group Inc		569,360
	46,900	Dongbu Insurance Co Ltd		2,016,001
	28,300	Dongkuk Steel Mill Co Ltd		389,697
	44,840	GS Engineering & Construction Corp		1,561,781
	73,915	GS Holdings		3,880,974
	278,321	Hana Financial Group Inc		9,538,698
	42,720	Hankook Tire WorldwideCo Ltd		1,009,936
	56,800	Hanwha Corp		2,002,491
	11,773	Honam Petrochemical Corp		2,173,821
	5,579	Hyosung Corp		372,110
	24,816	Hyundai Engineering & Construction		1,426,141
	21,767	Hyundai Heavy Industries Co Ltd		5,348,475
	17,700	Hyundai Hysco Co Ltd		758,214
	57,470	Hyundai Marine & Fire Insurance Co Ltd		1,563,713
	3,505	Hyundai Mipo Dockyard		511,568
	43,768	Hyundai Mobis		11,643,233
	72,769	Hyundai Motor Co		16,977,957
	60,770	Hyundai Securities Co Ltd		378,063
	34,714	Hyundai Steel Co		2,670,907
	5,318	Hyundai Wia Corp		837,738
	270,490	Industrial Bank of Korea		2,995,419
	249,700	KB Financial Group Inc		8,791,163
	4,100	KB Financial Group Inc ADR		143,582
	265,568	Kia Motors Corp		16,121,680
	16,627	Kolon Industries Inc		879,967
	2,658	Korea Kumho Petrochemical Co Ltd		250,935
	8,727	Korea Zinc Co Ltd		2,639,908
	225,470	KT Corp		7,551,407
	30,900	KT Corp Sponsored ADR		518,193
	11,301	KT&G Corp		809,445
	17,070	LG Chem Ltd		4,881,301
	16,063	LG Corp		989,667

A-18

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	17,518	LG Electronics Inc		1,160,793
	27,420	LG Fashion Corp		770,741
	28,910	LG International Corp		869,589
	282,880	LG Uplus Corp *		3,040,782
	52,810	LIG Insurance Co Ltd		1,199,342
	4,377	Lotte Shopping Co Ltd		1,549,246
	8,012	Mando Corp		950,961
	85,290	Meritz Fire & Marine Insurance Co Ltd		1,094,092
	8,401	Mirae Asset Securities Co Ltd		287,378
	19,576	O Media Holdings Co Ltd *		716,621
	13,420	Poongsan Corp		333,897
	19,939	POSCO		5,906,567
	28,900	POSCO ADR		2,128,196
	4,270	S-Oil Corp		309,542
	25,150	Samsung Card Co		936,182
	14,700	Samsung Electro Mechanics Co Ltd		1,179,904
	33,177	Samsung Electronics Co Ltd		42,200,925
	2,634	Samsung Electronics Co Ltd GDR (Registered Shares)		1,677,450
	34,923	Samsung Engineering Co Ltd		2,682,192
	8,018	Samsung Fire & Marine Insurance Co Ltd		1,840,774
	76,080	Samsung Heavy Industries Co Ltd		3,042,294
	3,473	Samsung Life Insurance Co Ltd		337,777
	9,523	Samsung SDI Co Ltd		1,659,533
	2	Samsung Securities Co Ltd		88
	14,280	Seah Besteel Corp		403,297
	221,610	Shinhan Financial Group Co Ltd		9,016,708
	3,159	Shinsegae Co Ltd		678,152
	18,376	SK Chemicals Co Ltd		800,114
	3,656	SK Gas Co Ltd		257,259
	13,951	SK Holdings Co Ltd		2,518,571
	60,753	SK Innovation Co Ltd		8,256,580
	38,977	SK Telecom Co Ltd		7,970,384
	108,900	SK Telecom Co Ltd ADR		2,472,030

A-19

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30,2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	18,050	SL Corp		260,903
	42,798	Sungwoo Hitech Co Ltd		634,637
	489,010	Woori Finance Holdings Co Ltd		5,687,774
	57,380	Woori Investment & Securities Co Ltd		618,659
		Total South Korea		234,285,481
		Spain — 1.5%
	2,043,928	Banco Bilbao Vizcaya Argentaria SA		22,856,044
	6,374,181	Banco Santander SA		51,969,529
	444,038	Gas Natural SDG SA		9,283,560
	2,466,335	Iberdrola SA		14,336,067
	206,462	Indra Sistemas SA		3,095,414
	664,177	Repsol YPF SA		16,467,363
	2,556,854	Telefonica SA *		39,749,142
		Total Spain		157,757,119
		Sri Lanka — 0.0%
	1,065,600	Anilana Hotels & Properties Ltd *(d)		59,738
		Sweden — 0.2%
	81,715	Alliance Oil Co Ltd *		614,713
	149,370	Investor AB		4,530,016
	175,333	Nordea Bank AB		2,115,758
	242,411	Skandinaviska Enskilda Banken AB – Class A		2,569,616
	53,895	Svenska Handelsbanken AB – Class A		2,305,876
	178,874	Swedbank AB-A Shares		4,166,496
	448,766	TeliaSonera AB		3,433,484
		Total Sweden		19,735,959
		Switzerland — 0.8%
	23,252	Cie Financiere Richemont SA		2,329,752
	169,206	Credit Suisse Group AG (Registered)		5,174,645

A-20

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	170,516	Nestle SA (Registered)		11,890,782
	414,951	Novartis AG (Registered)		31,917,273
	112,105	Roche Holding AG (Non Voting)		30,254,156
		Total Switzerland		81,566,608
		Taiwan — 1.1%
	1,355,000	Acer Inc *		942,010
	1,130,000	Advanced Semiconductor Engineering Inc		1,092,973
	297,000	Advantech Co Ltd		1,662,654
	726,000	Asustek Computer Inc		5,787,517
	441,000	Career Technology MFG Co Ltd		459,117
	908,000	Catcher Technology Co Ltd		4,805,356
	279,000	Chipbond Technology Corp		576,103
	1,950,470	Chunghwa Telecom Co Ltd		6,209,337
	500	Chunghwa Telecom Co Ltd ADR		15,790
	5,617,000	Compal Electronics Inc		4,105,120
	877,000	Coretronic Corp		740,996
	389,000	Delta Electronics Inc		1,888,988
	1,761,600	E.Sun Financial Holding Co Ltd		1,141,807
	324,000	Elan Microelectronics Corp		552,535
	1,610,000	Far EasTone Telecommunications Co Ltd		4,011,278
	299,062	Flexium Interconnect Inc		1,030,974
	598,000	Foxconn Technology Co Ltd		1,552,773
	405,000	Highwealth Construction Corp		893,232
	6,152,000	Hon Hai Precision Industry Co Ltd *		15,788,171
	733,000	HTC Corp		3,272,098
	228,540	ILI Technology Corp		520,272
	57,000	Kinsus Interconnect Technology Corp		200,643
	18,000	Largan Precision Co Ltd		605,612
	636,537	Lite-On Technology Corp		1,085,002
	242,000	Makalot Industrial Co Ltd		1,215,650
	242,000	MediaTek Inc		2,989,253

A-21

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	1,145,000	Mega Financial Holding Co Ltd		938,795
	51,000	Mstar Semiconductor Inc		470,912
	206,000	Novatek Microelectronics Corp		853,276
	734,000	Pegatron Corp *		1,048,768
	125,000	Phison Electronics Corp		900,716
	218,000	Pou Chen Corp		254,010
	1,286,000	Powertech Technology Inc		2,418,922
	1,444,000	Quanta Computer Inc		3,131,702
	722,020	Radiant Opto-Electronics Corp		2,575,162
	256,330	Realtek Semiconductor Corp		626,206
	12,805	Shin Kong Financial Holding Co Ltd		4,334
	60,632	Silicon Motion Technology Corp ADR		791,854
	471,000	Siliconware Precision Industries Co		551,755
	217,000	Simplo Technology Co Ltd		1,054,573
	619,000	Synnex Technology International Corp		968,980
	4,329,927	Taishin Financial Holding Co Ltd		2,000,726
	749,000	Taiwan Mobile Co Ltd		2,656,638
	495,044	Taiwan PCB Techvest Co Ltd		583,907
	756,800	Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR		12,835,328
	741,000	Taiwan Semiconductor Manufacturing Co Ltd		2,523,207
	282,085	TPK Holding Co Ltd		2,561,229
	602,000	Tripod Technology Corp		1,173,412
	1,156,000	Unimicron Technology Corp		985,746
	2,049,000	United Microelectronics Corp		876,576
	2,869,522	Wistron Corp		2,782,828
	818,000	WPG Holdings Co Ltd		962,890
	533,000	Yungtay Engineering Co Ltd		1,399,594
		Total Taiwan		111,077,307
		Thailand — 0.3%
	503,900	Advanced Info Service Pcl(Foreign Registered)		4,117,484
	851,900	Bangchak Petroleum Pcl		866,167

A-22

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	576,060	Bangkok Dusit Medical Service Pcl – Class F		2,324,939
	2,192,500	Banpu Pcl (Foreign Registered)		1,928,091
	1,643,840	BTS Rail Mass Transit Growth Infrastructure Fund		508,730
	409,750	Electricity Generating Pcl (Foreign Registered)		1,625,986
	1,271,900	Esso Thailand Pcl (Foreign Registered)		264,727
	676,200	Glow Energy Pcl (Foreign Registered)		1,411,195
	748,800	PTT Exploration & Production Pcl (Foreign Registered)		3,920,024
	891,900	PTT Pcl (Foreign Registered)		9,021,381
	283,100	Ratchaburi Electricity Generating Holding Pcl (Foreign Registered) (c)		446,135
	646,200	Ratchaburi Electricity Generating Holding Pcl NVDR		1,033,615
	160,600	Shin Corp Pcl		424,067
	97,000	Shin Corp Pcl (Foreign Registered) (c)		254,623
	1,095,200	Thai Oil Pcl (Foreign Registered)		2,024,392
	3,091,700	Thai Tap Water Supply Pcl (Foreign Registered)		990,223
	208,600	Thanachart Capital Pcl (Foreign Registered)		223,719
		Total Thailand		31,385,498
		Turkey — 0.3%
	758,382	Akbank TAS		2,794,883
	1,277,920	Asya Katilim Bankasi AS *		1,208,864
	496,443	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		625,376
	204,065	Emlak Konut Gayrimenkul Yatirim Ortakligi		276,733
	148,114	Haci Omer Sabanci Holding AS		715,686
	305,902	Ipek Dogal Enerji Kaynaklari Ve Uretim AS *		790,886
	176,503	KOC Holding AS		814,938
	319,972	Koza Anadolu Metal Madencilik Isletmeleri AS *		647,903
	82,035	Pegasus Hava Tasimaciligi AS *		1,352,867
	84,433	Tekfen Holding AS		190,733
	12,240	Tupras-Turkiye Petrol Rafineriler AS		258,693
	563,867	Turk Telekomunikasyon AS		1,963,174
	774,596	Turkcell Iletisim Hizmetleri AS *		4,551,666
	11,300	Turkcell Iletisim Hizmetleri AS ADR *		166,675

A-23

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	1,595,196	Turkiye Garanti Bankasi AS		6,292,722
	767,758	Turkiye IS Bankasi – Class C		2,029,805
	479,519	Turkiye Vakiflar Bankasi TAO – Class D		1,093,980
	166,832	Turkiye Halk Bankasi AS		1,221,903
	1,166,312	Yapi ve Kredi Bankasi AS		2,599,691
		Total Turkey		29,597,178
		United Kingdom — 5.2%
	48,243	Admiral Group Plc		962,319
	157,535	Amlin Plc		1,031,504
	189,309	Ashtead Group Plc		1,884,109
	1,056,392	AstraZeneca Plc		54,916,611
	822,869	Aviva Plc		5,281,678
	1,973,574	BAE Systems Plc		14,505,411
	698,271	Balfour Beatty Plc		3,215,523
	6,435,074	Barclays Plc		27,501,406
	448,126	Barratt Developments Plc *		2,232,422
	174,459	BG Group Plc		3,330,363
	422,216	BHP Billiton Plc		12,420,043
	9,222,217	BP Plc		64,655,504
	186,758	British American Tobacco Plc		9,828,941
	987,601	BT Group Plc		5,468,085
	78,451	Bunzl Plc		1,699,307
	60,735	Cape Plc		240,409
	143,492	Catlin Group Ltd		1,124,511
	364,564	Cobham Plc		1,695,093
	389,129	Darty Plc		434,994
	681,498	Debenhams Plc		1,127,208
	3,015,727	Dixons Retail Plc *		2,273,394
	227,967	Drax Group Plc		2,514,933
	25,928	Eurasia Drilling Co Ltd GDR		1,032,741
	1,061,830	FirstGroup Plc		2,055,148

A-24

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	1,551,238	GlaxoSmithKline Plc		39,002,386
	1,022,576	Home Retail Group Plc		2,779,832
	154,536	Imperial Tobacco Group Plc		5,712,816
	227,428	Inchcape Plc		2,245,525
	59,865	InterContinental Hotels Group Plc		1,747,539
	199,651	Intermediate Capital Group Plc		1,441,941
	30,380	JD Wetherspoon Plc		359,299
	91,161	Lancashire Holdings Ltd		1,134,167
	1,253,035	Legal & General Group Plc		3,976,074
	13,110,622	Lloyds Banking Group Plc *		15,610,160
	1,964,256	Man Group Plc		2,665,410
	341,217	Marks & Spencer Group Plc		2,741,733
	63,140	Micro Focus International Plc		774,806
	153,798	National Express Group Plc		638,604
	48,253	Next Plc		4,031,723
	358,144	Prudential Plc		6,662,983
	141,152	Punch Taverns Plc *		32,491
	75,766	Reckitt Benckiser Group Plc		5,539,635
	555,943	Rio Tinto Plc		27,137,254
	195,964	Rolls-Royce Holdings Plc		3,525,758
	1,236,718	Royal Bank of Scotland Group Plc *		7,177,765
	1,663,206	Royal Dutch Shell Plc A Shares (London)		54,828,481
	901,793	Royal Dutch Shell Plc B Shares (London)		31,114,395
	190,767	Scottish & Southern Energy Plc		4,549,702
	184,450	Spirit Pub Co Plc		213,530
	372,888	Standard Life Plc		2,083,741
	2,190,726	Tesco Plc		12,735,834
	1,677,807	Thomas Cook Group Plc *		4,170,168
	513,602	TUI Travel Plc		3,056,513
	36,673	Unilever Plc		1,425,856
	14,827,232	Vodafone Group Plc		52,040,955
	523,578	William Hill Plc		3,413,870
	195,334	WPP Plc		4,014,123
		Total United Kingdom		530,016,726

A-25

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
		United States — 17.3%
	286,200	3M Co.		34,175,142
	922,300	Abbott Laboratories		30,611,137
	30,700	Accenture Plc – Class A		2,260,748
	36,300	Adobe Systems, Inc. *		1,885,422
	45,300	Allergan, Inc.		4,097,385
	21,200	AmerisourceBergen Corp.		1,295,320
	155,900	Amgen, Inc.		17,451,446
	57,600	Apple, Inc.		27,460,800
	15,200	Automatic Data Processing, Inc.		1,100,176
	143,500	Baxter International, Inc.		9,426,515
	86,100	Becton, Dickinson and Co.		8,611,722
	56,700	Bed Bath & Beyond, Inc. *		4,386,312
	463,300	Bristol-Myers Squibb Co.		21,441,524
	23,800	Cardinal Health, Inc.		1,241,170
	697,100	Chevron Corp.		84,697,650
	39,100	Church & Dwight Co., Inc.		2,347,955
	2,360,800	Cisco Systems, Inc.		55,289,936
	2,344,600	Coca-Cola Co. (The)		88,813,448
	14,200	Cognizant Technology Solutions Corp. – Class A *		1,166,104
	595,100	Colgate-Palmolive Co.		35,289,430
	23,000	Copa Holdings SA – Class A		3,189,410
	90,200	Costco Wholesale Corp.		10,383,824
	17,900	Covidien Plc		1,090,826
	44,600	CTC Media, Inc.		468,746
	155,200	CVS Caremark Corp.		8,807,600
	49,000	Danaher Corp.		3,396,680
	73,200	eBay, Inc. *		4,083,828
	367,600	Eli Lilly & Co.		18,501,308
	390,000	EMC Corp.		9,968,400
	60,400	Emerson Electric Co.		3,907,880
	828,600	Express Scripts Holding Co. *		51,190,908

A-26

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	324,000	Exxon Mobil Corp.		27,876,960
	163,200	General Mills, Inc.		7,820,544
	13,000	Genuine Parts Co.		1,051,570
	163,400	Gilead Sciences, Inc. *		10,268,056
	118,300	Google, Inc.-Class A *		103,620,153
	1,069,800	Hewlett-Packard Co.		22,444,404
	18,200	Home Depot, Inc.		1,380,470
	34,300	Illinois Tool Works, Inc.		2,616,061
	426,500	International Business Machines Corp.		78,979,270
	83,400	Intuit, Inc.		5,530,254
	1,180,200	Johnson & Johnson		102,311,538
	94,800	Kimberly-Clark Corp.		8,932,056
	64,500	Laboratory Corp. of America Holdings *		6,394,530
	250,000	Lorillard, Inc.		11,195,000
	18,500	Mastercard, Inc.-Class A		12,446,430
	391,500	McDonald’s Corp.		37,666,215
	20,700	McKesson Corp.		2,655,810
	569,900	Medtronic, Inc.		30,347,175
	684,600	Merck & Co., Inc.		32,593,806
	3,027,900	Microsoft Corp.		100,859,349
	11,800	Monsanto Co.		1,231,566
	216,800	Nike, Inc.-Class B		15,748,352
	2,865,600	Oracle Corp.		95,051,952
	768,800	PepsiCo, Inc.		61,119,600
	2,688,900	Pfizer, Inc.		77,198,319
	842,400	Philip Morris International, Inc.		72,943,416
	4,900	Precision Castparts Corp.		1,113,476
	1,085,600	Procter & Gamble Co. (The)		82,060,504
	352,300	Qualcomm, Inc.		23,730,928
	82,900	Quest Diagnostics, Inc.		5,122,391
	103,700	Southern Copper Corp.		2,824,788
	128,100	Stryker Corp.		8,658,279
	282,400	Sysco Corp.		8,988,792

A-27

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		COMMON STOCKS — (Continued)
	339,900	Target Corp.		21,746,802
	51,700	Texas Instruments, Inc.		2,081,959
	72,200	TJX Cos., Inc. (The)		4,071,358
	53,000	United Technologies Corp.		5,714,460
	346,100	UnitedHealth Group, Inc.		24,784,221
	46,700	Visa, Inc. – Class A		8,924,370
	869,000	Wal-Mart Stores, Inc.		64,271,240
	208,500	Walgreen Co.		11,217,300
	23,500	WellPoint, Inc.		1,964,835
	4,300	WW Grainger, Inc.		1,125,353
	23,200	Yum! Brands, Inc.		1,656,248
	143,600	Zimmer Holdings, Inc.		11,795,304
		Total United States		1,770,174,216
		TOTAL COMMON STOCKS (COST $4,287,791,376)		4,544,583,077
		PREFERRED STOCKS (a) — 1.1%
		Brazil — 0.8%
	63,500	AES Tiete SA		616,004
	449,790	Banco Bradesco SA		6,165,510
	411,610	Banco Bradesco SA ADR		5,713,147
	167,300	Banco do Estado do Rio Grande do Sul SA – Class B		1,154,938
	278,950	Bradespar SA		3,096,228
	37,000	Braskem SA-Class A *		296,327
	35,900	Cia de Bebidas das Americas ADR		1,376,765
	80,600	Cia Energetica de Minas Gerais Sponsored ADR		696,384
	24,200	Cia Energetica de Sao Paulo – Class B		258,237
	12,100	Cia Paranaense de Energia ADR		168,916
	214,200	Cia Energetica de Minas Gerais		1,859,499
	6,600	Companhia de Bebidas das Americas		254,495
	33,600	Companhia Paranaense de Energia Class B		476,795
	234,600	Eletropaulo Metropolitana Electricidade de Sao Paulo SA		905,035

A-28

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		PREFERRED STOCKS — (Continued)
	230,400	Gerdau SA		1,725,687
	215,100	Gerdau SA ADR		1,604,646
	132,800	Gol Linhas Aereas Inteligentes SA *		634,550
	666,260	Itau Unibanco Holding SA		9,457,447
	573,760	Itau Unibanco Holding SA ADR		8,101,491
	2,106,470	Itausa-Investimentos Itau SA		8,554,000
	89,100	Klabin SA		468,757
	184,600	Metalurgica Gerdau SA		1,762,458
	333,900	Oi SA		644,810
	337,800	Petroleo Brasileiro SA (Petrobras)		2,798,361
	69,895	Suzano Papel e Celulose SA		275,947
	86,400	Telefonica Brasil SA		1,916,838
	110,200	Telefonica Brasil SA ADR		2,472,888
	43,300	Tim Participacoes SA ADR *		1,020,581
	453,300	Usinas Siderrurgicas de Minas Gerais SA *		2,151,656
	1,606,700	Vale SA		22,864,828
	253,300	Vale SA Sponsored ADR		3,599,393
		Total Brazil		93,092,618
		Germany — 0.1%
	74,507	Porsche Automobil Holding SE		6,503,987
		Russia — 0.1%
	1,062,224	Sberbank		2,448,903
	7,133,702	Surgutneftegaz OJSC		5,151,218
	214	Transneft		428,000
		Total Russia		8,028,121
		South Korea — 0.1%
	18,532	Hyundai Motor Co		1,949,321
	26,052	Hyundai Motor Co		2,617,834
	2,836	Samsung Electronics Co Ltd (Non-Voting)		2,311,646
		Total South Korea		6,878,801
		TOTAL PREFERRED STOCKS (COST $114,240,048)		114,503,527

A-29

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Shares / Par Value ($)		Description	Value ($)
		RIGHTS/WARRANTS (a) — 0.0%
		Spain — 0.0%
	2,043,928	BBVA Rights *		279,278
		TOTAL RIGHTS/WARRANTS (COST $273,626)		279,278
		SHORT-TERM INVESTMENTS (a) — 8.4%
		Money Market Funds — 3.7%
	372,656,893	State Street Institutional Treasury Money Market Fund-Institutional Class, 0.00% (e)		372,656,893
		U.S. Government — 4.7%
	86,000,000	U.S. Treasury Bill, 0.02%, due 02/06/14 (f)(g)		85,995,442
	107,000,000	U.S. Treasury Bill, 0.05%, due 05/29/14 (f)(g)		106,967,900
	90,000,000	U.S. Treasury Bill, 0.09%, due 09/18/14 (f)		89,922,960
	50,000,000	U.S. Treasury Bill, 0.10%, due 11/14/13 (f)(g)		49,993,583
	150,000,000	U.S. Treasury Bill, 0.03%, due 04/03/14 (f)(g)		149,975,100
		Total U.S. Government		482,854,985
		TOTAL SHORT-TERM INVESTMENTS (COST $855,344,000)		855,511,878
		TOTAL INVESTMENTS — 100.3% (Cost $9,995,322,901)		10,248,623,261
		Other Assets and Liabilities (net) — (0.3%)		(33,256,045	)
		TOTAL NET ASSETS — 100.0%		$10,215,367,216

A-30

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

A summary of outstanding financial instruments at September 30, 2013 is as follows:

Forward Currency Contracts ^(a)

Settlement Date	Counterparty	Currency Sold		Currency Purchased		Net Unrealized Appreciation (Depreciation)
10/03/2013	BCLY	BRL	192,933,949	USD	87,427,021	$	395,455
10/03/2013	BOA	BRL	96,102,757	USD	42,196,600		(1,154,886	)
11/05/2013	BCLY	CAD	77,812,625	USD	74,134,798		(1,343,054	)
11/05/2013	DB	CAD	79,362,385	USD	75,606,698		(1,374,413	)
10/15/2013	BCLY	CHF	20,047,627	USD	21,642,321		(527,993	)
10/15/2013	GS	CHF	9,793,210	USD	10,599,228		(230,908	)
10/15/2013	JPM	CHF	10,169,872	USD	10,977,071		(269,609	)
10/15/2013	MSCI	CHF	19,933,805	USD	21,542,691		(501,748	)
11/22/2013	DB	CNY	240,694,857	USD	39,083,357		(167,762	)
10/22/2013	BBH	EUR	93,014,000	USD	124,274,145		(1,566,088	)
10/22/2013	BCLY	EUR	209,935,378	USD	278,246,575		(5,778,592	)
10/22/2013	DB	EUR	69,874,791	USD	92,648,732		(1,886,069	)
10/22/2013	MSCI	EUR	139,438,518	USD	184,842,913		(3,805,845	)
11/19/2013	BCLY	GBP	73,244,530	USD	115,664,465		(2,867,857	)
11/19/2013	GS	GBP	147,393,962	USD	232,644,603		(5,884,452	)
11/19/2013	JPM	GBP	73,530,362	USD	116,045,985		(2,948,902	)
11/25/2013	BCLY	JPY	18,505,616,842	USD	186,529,734		(1,793,178	)
11/25/2013	DB	JPY	18,738,519,875	USD	188,995,749		(1,697,307	)
11/01/2013	BCLY	KRW	95,274,609,847	USD	84,952,840		(3,529,354	)
11/01/2013	JPM	KRW	95,332,127,740	USD	85,023,079		(3,512,532	)
11/12/2013	JPM	NZD	64,426,265	USD	50,079,824		(3,280,473	)
10/01/2013	JPM	SGD	7,424,652	USD	5,912,303		(5,877	)
12/13/2013	BCLY	TWD	1,668,620,855	USD	56,429,518		(68,167	)
10/01/2013	JPM	USD	5,913,197	SGD	7,424,652		4,982
10/03/2013	BCLY	USD	128,693,775	BRL	289,036,706		1,689,276
11/01/2013	BCLY	USD	176,411,278	KRW	190,606,737,587		606,528
11/05/2013	BOA	USD	152,622,287	CAD	157,175,010		(163,325	)
11/22/2013	DB	USD	38,930,379	CNY	240,694,857		320,740
12/13/2013	BOA	USD	28,321,692	TWD	834,555,293		(64,558	)
12/13/2013	DB	USD	28,311,798	TWD	834,065,562		(71,246	)
						$	(41,477,214	)

A-31

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

Futures Contracts ^(a)

Number of Contracts	Type	Expiration Date	Notional Amount		Net Unrealized Appreciation (Depreciation)
Buys
49	CAC40	October 2013	$	2,747,951	$	(22,657	)
111	DAX	December 2013		32,250,091		(98,883	)
464	EURO STOXX 50	December 2013		18,066,188		(128,530	)
165	FTSE 100	December 2013		17,151,924		(286,782	)
57	FTSE/MIB	December 2013		6,723,694		(155,358	)
319	S&P 500	December 2013		26,705,085		(215,172	)
41	SPI 200	December 2013		4,998,155		(8,337	)
217	TOPIX	December 2013		26,545,820		263,818
			$	135,188,908	$	(651,901	)
Sales
78	S&P TSX 60 Index	December 2013	$	11,063,347	$	(37,563	)

Written Options ^(a)

Index Options

	Contract Number		Expiration Date	Description	Premiums		Market Value
Put	222	EUR	10/18/2013	EURO STOXX 50, Strike 2,900	$	117,046	$	(154,201	)
Put	2,963	EUR	10/18/2013	EURO STOXX 50, Strike 2,925		1,886,933		(2,589,983	)
Put	386	GBP	10/18/2013	FTSE 100, Strike 6,600		445,379		(1,087,000	)
Put	20	GBP	10/18/2013	FTSE 100, Strike 6,550		22,702		(44,498	)
Put	11	GBP	10/18/2013	FTSE 100, Strike 6,575		19,208		(27,636	)
Put	234	HKD	10/30/2013	Hang Seng, Strike 23,200		606,395		(871,151	)
Put	5	HKD	10/30/2013	Hang Seng, Strike 23,600		17,393		(27,047	)
Put	11	HKD	10/30/2013	Hang Seng, Strike 23,400		35,682		(50,488	)
Put	532	JPY	10/11/2013	Nikkei 225, Strike 14,375		2,120,763		(1,068,992	)
Put	1	USD	10/19/2013	S&P 500, Strike 1,685		2,647		(2,460	)
Put	44	USD	10/19/2013	S&P 500, Strike 1,700		94,010		(142,560	)
Put	39	USD	10/19/2013	S&P 500, Strike 1,725		90,362		(194,220	)
Put	913	USD	10/19/2013	S&P 500, Strike 1,720		1,941,571		(4,190,670	)
Put	34	USD	10/19/2013	S&P 500, Strike 1,695		83,864		(100,640	)
Put	125	AUD	10/17/2013	S&P ASX 200, Strike 5,275		94,820		(90,365	)
Put	554	AUD	10/17/2013	S&P ASX 200, Strike 5,250		243,264		(338,568	)

A-32

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

	Contract Number		Expiration Date	Description	Premiums		Market Value
Put	31	AUD	10/17/2013	S&P ASX 200, Strike 5,300	$	12,909	$	(27,128	)
Put	2,922	CAD	10/18/2013	S&P TSX 60, Strike 740		250,491		(354,594	)
Put	289	CAD	10/18/2013	S&P TSX 60, Strike 735		23,864		(26,797	)
					$	8,109,303	$	(11,388,998	)

As of September 30, 2013, for the above contracts and/or agreements, the Fund had sufficient cash and/or securities to cover any commitments or collateral requirements of the relevant broker or exchange.

Notes to Consolidated Schedule of Investments:

144A - Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional investors.

ADR - American Depositary Receipt

CDO - Collateralized Debt Obligation

CMBS - Commercial Mortgage Backed Security

CPO - Ordinary Participation Certificate (Certificado de Participacion Ordinares), representing a bundle of shares of the multiple series of one issuer that trade together as a unit.

ETF - Exchange-Traded Fund

GDR - Global Depository Receipt

LIBOR - London Interbank Offered Rate

MBIA - Insured as to the payment of principal and interest by MBIA Insurance Corp.

NVDR - Non-Voting Depository Receipt

OJSC - Open Joint-Stock Company

OTC - Over-the-Counter

REIT - Real Estate Investment Trust

The rates shown on variable interest rate notes are the current interest rates at September 30, 2013, which are subject to change based on the terms of the security.

* Non-income producing security.

(a) All or a portion of this security is owned by GMO Implementation Fund, which is a 100% owned subsidiary of GMO Benchmark-Free Allocation Fund.

(b) Indexed security in which price and/or coupon is linked to the prices of a specific instrument or financial statistic.

(c) Security valued at fair value using methods determined in good faith by or at the direction of the Trustees of GMO Trust.

(d) The security is restricted as to resale.

(e) The rate disclosed is the 7 day net yield as of September 30, 2013. Note: Yield rounds to 0.00%.

(f) The rate shown represents yield-to-maturity.

A-33

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Schedule of Investments — (Continued)

(showing percentage of total net assets)

September 30, 2013 (Unaudited)

(g) All or a portion of this security has been pledged to cover margin requirements on futures and cleared swaps contracts, collateral on OTC swap contracts and forward currency contracts, and/or written options, if any.

Counterparty Abbreviations:

BBH - Brown Brothers Harriman & Co.

BCLY - Barclays Bank PLC

BOA - Bank of America, N.A.

DB - Deutsche Bank AG

GS - Goldman Sachs International

JPM - JPMorgan Chase Bank, N.A.

MSCI - Morgan Stanley & Co. International PLC

Currency Abbreviations:

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

CHF - Swiss Franc

CNY - Chinese Yuan Renminbi

EUR - Euro

GBP - British Pound

HKD - Hong Kong Dollar

JPY - Japanese Yen

KRW - South Korean Won

NZD - New Zealand Dollar

SGD - Singapore Dollar

TWD -Taiwan Dollar

USD - United States Dollar

A-34

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Statement of Assets and Liabilities — September 30, 2013 (Unaudited)

Assets:
Investments in affiliated issuers, at value (a)	$	3,692,826,189
Investments in unaffiliated issuers, at value (b)		6,555,797,072
Foreign currency, at value (c)		9,972,026
Receivable for investments sold		1,942,847
Dividends and interest receivable		10,817,912
Foreign taxes receivable		2,284,171
Unrealized appreciation on open forward currency contracts		3,016,981
Due from broker		7,669,696
Receivable for expenses reimbursed and/or waived by Manager		2,186,635
Total assets		10,286,513,529
Liabilities:
Payable for investments purchased		7,444,972
Accrued capital gain taxes payable		125,315
Payable to affiliate for:
Management fee		5,159,155
Supplemental support fee – Class MF		491,211
Shareholder service fee		394,876
Payable for variation margin on open futures contracts		684,481
Unrealized depreciation on open forward currency contracts		44,494,195
Written options outstanding, at value (d)		11,388,998
Payable to agents unaffiliated with the Manager		1,590
Payable to Trustees and related expenses		18,636
Accrued expenses		942,884
Total liabilities		71,146,313
Net assets	$	10,215,367,216
(a) Cost of investments – affiliated issuers:	$	3,695,430,161
(b) Cost of investments – unaffiliated issuers:	$	6,299,892,740
(c) Cost of foreign currency:	$	9,936,970
(d) Premiums on written options:	$	8,109,303
Net assets consist of:
Paid-in capital	$	9,904,339,088
Accumulated undistributed net investment income		62,478,649
Accumulated net realized gain		40,623,709
Net unrealized appreciation		207,925,770
	$	10,215,367,216

A-35

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Consolidated Statement of Assets and Liabilities — September 30, 2013 (Unaudited) – (Continued)

Net assets attributable to:
Class III shares	$	2,316,960,714
Class IV shares	$	1,701,569,675
Class MF shares	$	6,196,836,827
Shares outstanding:
Class III		87,354,337
Class IV		64,170,044
Class MF		233,621,257
Net asset value per share:
Class III	$	26.52
Class IV	$	26.52
Class MF	$	26.53

A-36

For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219788 11-13 A260/AR260 09-13

Wells Fargo Advantage Asset Allocation Fund

Annual Report

September 30, 2013

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Wells Fargo Advantage Asset Allocation Fund
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	20
Report of independent registered public accounting firm	24
Other information	25
Asset Allocation Trust
Portfolio of investments	28
Financial statements
Statement of assets and liabilities	29
Statement of operations	30
Statement of changes in net assets	31
Financial highlights	32
Notes to financial statements	33
Report of independent registered public accounting firm	37
Other information	38
List of abbreviations	41

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Asset Allocation Fund for the 12-month period that ended September 30, 2013. Much of the period was marked by monetary easing by global central banks. Toward the end of the period, investor concerns that the U.S. Federal Reserve (Fed) would end its bond-buying program initially led to higher interest rates, resulting in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 but were soon followed by concerns about a shutdown of the U.S. government. Nonetheless, increased confidence that the U.S. economy was staging a fragile recovery, combined with resilience in European economies and encouraging news out of China, resulted in double-digit returns for major developed stock market indexes for the 12-month reporting period. Emerging markets lagged their developed counterparts, though, and investment-grade bonds posted losses on higher interest rates.

Central banks continued to provide stimulus.

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the markets through various quantitative easing policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rates effectively near zero in order to support the economy and the financial system. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market. In December 2012, the Fed increased its quantitative easing program by adding purchases of $45 billion per month in long-term U.S. Treasuries. In May 2013, however, indications that the FOMC might reduce (or taper) its bond-buying program caused a rise in interest rates and a subsequent sell-off in both stocks and bonds. After its September 2013 meeting, however, the FOMC surprisingly signaled that tapering would be delayed, resulting in a stock and bond market rally in late September.

European markets continued to benefit from the ECB’s September 2012 announcement that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. As a result, when the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility. Moreover, in May 2013, the ECB cut its key rate to a historic low of 0.5%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default.

U.S. and developed foreign market stocks gained on relatively good news.

For most of the period, U.S. economic data remained moderately positive. Gross domestic product (GDP) growth came in at a sluggish 0.1% annualized rate in the fourth quarter of 2012, but many analysts attributed the fourth-quarter weakness to the temporary aftereffects from Hurricane Sandy. This view was given credence by the rebound in GDP growth to a 1.1% annualized rate in the first quarter of 2013 and a 2.5% annualized rate in the second quarter. The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013. This was an overhang on economic growth during the second half of the period. On midnight of September 30, 2013, the federal government shut down with the exception of certain crucial functions, an action that could increase investor uncertainty and thus market volatility.

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

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period. European stock markets initially benefited from reduced uncertainty about a possible breakup of the eurozone. Later in the period, signs emerged that the eurozone was exiting its long-lived recession, further boosting European stock markets. In the fixed-income market, the rising interest rates that followed the Fed’s taper talk resulted in negative returns for investment-grade bonds for the 12-month period. However, high-yield bond indexes posted single-digit gains, continuing to benefit from their more generous yields and a relatively low default rate. Emerging markets ended the reporting period with only modest gains as investors worried about potential or actual slowing economic growth in major emerging markets such as China and India.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period.

4 Wells Fargo Advantage Asset Allocation Fund Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Portfolio managers

Ben Inker, CFA¹

Sam Wilderman, CFA¹

Average annual total returns² (%) as of September 30, 2013

		Including sales charge						Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (EAAFX)	7-29-1996		2.83		5.74		6.23		9.12			7.00		6.86		1.41		1.41
Class B (EABFX)*	10-3-2002		3.40		5.89		6.33		8.40			6.21		6.33		2.16		2.16
Class C (EACFX)	10-3-2002		7.32		6.20		6.09		8.32			6.20		6.09		2.16		2.16
Class R (EAXFX)	10-10-2003		–		–		–		8.92			6.75		6.63		1.66		1.66
Administrator Class (EAIFX)	10-3-2002		–		–		–		9.39			7.25		7.14		1.25		1.21
Institutional Class (EAAIX)	11-30-2012		–		–		–		9.58			7.29		7.16		0.98		0.98
GMO Global Balanced Index5	–		–		–		–		10.64			7.40		6.46		–		–
Barclays U.S. Aggregate Bond Index6	–		–		–		–		(1.68	)		5.41		4.59		–		–
MSCI All Country World Index (Net)7	–		–		–		–		17.73			7.71		7.86		–		–

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

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

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

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

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. Alternative investments, such as real estate, foreign currency, and natural resources, are speculative and entail a high degree of risk. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks. The Fund invests substantially all of its assets in Asset Allocation Trust, an open-end management investment company having the same investment objective and strategy as the Fund. Any portfolio data shown for the Fund represents that of the Asset Allocation Trust.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Asset Allocation Fund 5

Growth of $10,000 investment⁸ as of September 30, 2013

1. The Fund invests all of its assets directly in Asset Allocation Trust, an investment company advised by Grantham, Mayo, Van Otterloo & Co. LLC (GMO). Mr. Inker and Mr. Wilderman, senior members of GMO’s Asset Allocation Division, are responsible for coordinating the portfolio management of Asset Allocation Trust.

2. 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 Asset Allocation Fund. 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. If these expenses had been included, returns for Institutional Class would be higher. Historical performance shown for Class R shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance for Class A shares prior to October 3, 2002, is based on the performance of Class III of the Evergreen Asset Allocation Fund’s predecessor, GMO Global Balanced Allocation Fund (the “GMO Fund”). Expenses of the GMO Fund were lower than the expenses the Fund incurs, in part because the GMO Fund did not pay 12b-1 fees. If the GMO Fund had incurred expenses at the same rate as the Fund does, the performance shown would have been lower.

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

4. The Adviser has committed through February 1, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 0.87% for Class A, 1.62% for Class B, 1.62% for Class C, 1.12% for Class R, 0.64% for Administrator Class, and 0.44% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (including the expenses of Asset Allocation Trust), and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

5. The GMO Global Balanced Index is a composite benchmark computed by GMO. Since May 1, 2007, the GMO Global Balanced Index is comprised of 65% MSCI All Country World Index (Net) and 35% Barclays U.S. Aggregate Bond Index. Prior to May 1, 2007, it was composed of 48.75% S&P 500 Index, 16.25% MSCI All Country World ex-US Index, and 35% Barclays U.S. Aggregate Bond Index. You cannot invest directly in an index.

6. The Barclays U.S. Aggregate Bond Index is composed of the Barclays Government/Credit Index and the Mortgage-Backed Securities Index and includes U.S. Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

7. The MSCI All Country World Index (Net) (MSCI ACWI Index (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.

8. The chart compares the performance of Class A shares for the most recent ten years with the GMO Global Balanced Index, Barclays U.S. Aggregate Bond Index, and MSCI All Country World Index (Net). The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

9. 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.

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

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

12. Portfolio allocation is subject to change and represents the portfolio allocation of the Asset Allocation Trust which is calculated based on the total long-term investments of the Asset Allocation Trust.

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

MANAGER’S DISCUSSION

Fund highlights

n The Fund underperformed the GMO Global Balanced Index and MSCI All Country World Index (Net) benchmarks, but outperformed the Barclays U.S. Aggregate Bond Index benchmark, for the 12-month period that ended September 30, 2013.

n Our asset allocation decisions detracted from relative results, largely due to an underweight to U.S. stocks and exposure to emerging country debt. Our stock selection in the equity portfolios also detracted from performance, as value and high-quality-oriented equities underperformed.

n Security selection within our fixed-income portfolios added to returns as our bond models and allocation to asset-backed securities outperformed. Our highly liquid GMO Alpha Only Fund, however, underperformed U.S. Treasury bills for the year.

The Fund underperformed its benchmark during the period as riskier assets, particularly U.S. stocks, outperformed.

The proverb “the more things change, the more they stay the same” is a fitting description of the past year in the markets. As always, investors were greeted with numerous and often surprising changes: some evidence of a slowing Chinese economy; continued sluggish growth in Europe and lack of resolution to the continent’s long-term solvency issues; Japanese policymakers taking unprecedented steps to reverse decades of sluggish growth and deflation; talk—without any action—of the U.S. Federal Reserve (Fed) beginning to taper (or reduce) its bond purchases; and, more recently, dysfunction in our nation’s capital pushing the government toward a shutdown. These and many other changes aside, one thing remained the same: Central banks around the world continued to pursue aggressive easy monetary policies. Global quantitative easing by central banks continued to drive stock prices higher, with the S&P 500 Index⁹ rallying more than 19% and international stocks as measured by the MSCI EAFE Index (Net)¹⁰ gaining almost 24% for the 12-month period. Emerging markets equities, however, were an outlier to the rising-equity euphoria. They remained essentially flat on concerns about the effect of a slowing Chinese economy and also because the potential of the Fed withdrawing liquidity caused some market participants to sell emerging markets stocks.

Ten largest holdings11 (%) as of September 30, 2013
GMO U.S. Flexible Equities Fund Class VI	22.31
GMO International Intrinsic Value Fund Class IV	21.48
GMO Strategic Fixed Income Fund Class VI	10.39
GMO Asset Allocation Bond Fund Class VI	10.13
GMO Alpha Only Fund Class IV	10.03
GMO Emerging Markets Fund Class VI	8.82
GMO Currency Hedged International Equity Fund Class III	5.52
GMO Emerging Country Debt Fund Class IV	3.54
GMO Risk Premium Fund Class VI	2.64
GMO Debt Opportunities Fund Class VI	2.52

Against the backdrop of a rising stock market, our allocations to riskier assets, primarily equities, contributed the most to absolute portfolio returns. Our holdings of high-quality stocks detracted from relative returns as the market continued to reward companies with greater economic risk. Our introduction of the GMO Risk Premium Fund, a fully collateralized put-selling strategy designed to provide equity-like returns and low correlation with the equity market, detracted from relative returns as well.

In the fixed-income markets, we saw yields in most developed markets, excluding Japan, rise from their 200-year lows. The Barclays U.S. Aggregate Bond Index fell 1.7%, underperforming cash, which gained 0.3% for the year ended September 30, 2013. Despite this rising-rate backdrop, our allocations to asset-backed securities and credit (primarily bank loans) contributed to results. Our allocation to cash-oriented strategies detracted as the GMO Alpha Only Fund delivered negative relative returns.

Please see footnotes on page 5.

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

Portfolio allocation¹² as of September 30, 2013

We made a number of strategic changes during the period in response to changes in valuations.

We modestly increased our equity exposure by 0.7% during the 12-month period, yet remain underweight relative to our benchmark. We took advantage of the strong rally in Japanese equities to reduce our Japanese overweight beginning in April 2013 and completely exit the overweight position during the third quarter of 2013. However, we still maintain some Japanese exposure through the international portfolio. In addition, we built up our allocation in the GMO Risk Premium Fund as a way to gain exposure to equity-like returns that should be less sensitive to initial equity valuation levels than traditional long equities. We also shifted almost all of our international

equity exposure to value and made a slight reduction in our exposure to high-quality stocks as their prices continued to rise. On the fixed income and credit side, our most substantive move was to build a 10% position in treasury inflation-protected securities (TIPS) when prices fell during the summer. We also added a small amount to our emerging country debt exposure. We lowered our exposure to our “dry powder” (or highly liquid) strategy, GMO Alpha Only Fund, to fund the aforementioned portfolio moves.

Please see footnotes on page 5.

8 Wells Fargo Advantage Asset Allocation Fund Fund expenses (unaudited)

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

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

entire period from April 1, 2013 to September 30, 2013.

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

Wells Fargo Advantage Asset Allocation Fund	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,033.89	$	4.33		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Class B
Actual	$	1,000.00	$	1,030.51	$	8.14		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.05	$	8.09		1.60	%
Class C
Actual	$	1,000.00	$	1,030.44	$	8.14		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.05	$	8.09		1.60	%
Class R
Actual	$	1,000.00	$	1,033.49	$	5.61		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Administrator Class
Actual	$	1,000.00	$	1,035.93	$	3.27		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Institutional Class
Actual	$	1,000.00	$	1,036.76	$	2.14		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%

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).

Fund expenses (unaudited) Wells Fargo Advantage Asset Allocation Fund 9

Wells Fargo Advantage Asset Allocation Fund including underlying fund expenses	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,033.89	$	6.93		1.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	6.88		1.36	%
Class B
Actual	$	1,000.00	$	1,030.51	$	10.74		2.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.49	$	10.66		2.11	%
Class C
Actual	$	1,000.00	$	1,030.44	$	10.74		2.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.49	$	10.66		2.11	%
Class R
Actual	$	1,000.00	$	1,033.49	$	8.21		1.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.00	$	8.14		1.61	%
Administrator Class
Actual	$	1,000.00	$	1,035.93	$	5.87		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,036.76	$	4.75		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.41	$	4.71		0.93	%
Asset Allocation Trust
Actual	$	1,000.00	$	1,038.63	$	0.00		0.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.07	$	0.00		0.00	%
Asset Allocation Trust including underlying fund expenses
Actual	$	1,000.00	$	1,038.63	$	2.61		0.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.51	$	2.59		0.51	%

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).

10 Wells Fargo Advantage Asset Allocation Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Investment Companies: 100.14%
Asset Allocation Trust (l)		460,955,268	$	6,694,019,332
Total Investment Companies (Cost $5,129,099,348)				6,694,019,332

Total investments (Cost $5,129,099,348) *	100.14	%		6,694,019,332
Other assets and liabilities, net	(0.14	)		(9,245,103	)
Total net assets	100.00	%	$	6,684,774,229

(l) Investment in an affiliate

* Cost for federal income tax purposes is $5,129,274,941 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,564,744,391
Gross unrealized depreciation		0
Net unrealized appreciation	$	1,564,744,391

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

Statement of assets and liabilities—September 30, 2013 Wells Fargo Advantage Asset Allocation Fund 11

Assets
Investment in affiliated investment companies, at value (see cost below)	$	6,694,019,332
Receivable for investments sold		3,466,713
Receivable for Fund shares sold		5,261,384
Prepaid expenses and other assets		87,108
Total assets		6,702,834,537
Liabilities
Payable for Fund shares redeemed		11,723,293
Advisory fee payable		1,193,286
Distribution fees payable		1,754,514
Due to other related parties		1,745,662
Shareholder servicing fees payable		1,233,650
Accrued expenses and other liabilities		409,903
Total liabilities		18,060,308
Total net assets	$	6,684,774,229
NET ASSETS CONSIST OF
Paid-in capital	$	5,094,443,861
Undistributed net investment income		25,585,977
Accumulated net realized losses on investments		(175,593	)
Net unrealized gains on investments		1,564,919,984
Total net assets	$	6,684,774,229
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	2,332,076,767
Shares outstanding – Class A		169,804,257
Net asset value per share – Class A		$13.73
Maximum offering price per share – Class A2		$14.57
Net assets – Class B	$	430,116,123
Shares outstanding – Class B		31,842,845
Net asset value per share – Class B		$13.51
Net assets – Class C	$	2,399,838,933
Shares outstanding – Class C		181,794,831
Net asset value per share – Class C		$13.20
Net assets – Class R	$	33,934,203
Shares outstanding – Class R		2,499,654
Net asset value per share – Class R		$13.58
Net assets – Administrator Class	$	809,554,492
Shares outstanding – Administrator Class		58,494,761
Net asset value per share – Administrator Class		$13.84
Net assets – Institutional Class	$	679,253,711
Shares outstanding – Institutional Class		49,146,573
Net asset value per share – Institutional Class		$13.82
Investment in affiliated investment companies, at cost	$	5,129,099,348

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 Asset Allocation Fund Statement of operations—year ended September 30, 2013

Investment income	$	0
Expenses
Advisory fee		15,323,687
Administration fees
Fund level		6,529,475
Class A		6,025,776
Class B		1,396,338
Class C		6,460,567
Class R		82,320
Administrator Class		1,189,605
Institutional Class		280,868	1
Shareholder servicing fees
Class A		5,794,015
Class B		1,337,731
Class C		6,212,084
Class R		78,405
Administrator Class		2,838,174
Distribution fees
Class B		4,027,898
Class C		18,636,251
Class R		79,154
Custody and accounting fees		273,101
Professional fees		26,877
Registration fees		122,399
Shareholder report expenses		668,573
Trustees’ fees and expenses		12,407
Interest expense		623
Other fees and expenses		90,760
Total expenses		77,487,088
Less: Fee waivers and/or expense reimbursements		(417,081	)
Net expenses		77,070,007
Net investment loss		(77,070,007	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		264,727,390
Net change in unrealized gains (losses) on investments		399,339,730
Net realized and unrealized gains (losses) on investments		664,067,120
Net increase in net assets resulting from operations	$	586,997,113

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

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

Statement of changes in net assets Wells Fargo Advantage Asset Allocation Fund 13

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment loss				$	(77,070,007	)				$	(84,995,886	)
Net realized gains on investments					264,727,390						256,883,512
Net change in unrealized gains (losses) on investments					399,339,730						673,583,459
Net increase in net assets resulting from operations					586,997,113						845,471,085
Distributions to shareholders from
Net investment income
Class A					(57,362,902	)					(45,876,928	)
Class B					(9,294,476	)					(14,725,864	)
Class C					(43,156,505	)					(46,825,513	)
Class R					(645,944	)					(472,123	)
Administrator Class					(42,289,555	)					(30,062,044	)
Institutional Class					(2,036	)1					N/A
Total distributions to shareholders					(152,751,418	)					(137,962,472	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		27,500,064			363,545,549			35,814,683			441,038,146
Class B		181,414			2,354,447			199,710			2,414,348
Class C		10,368,647			132,219,134			14,868,940			176,064,142
Class R		1,065,336			13,931,892			751,747			9,178,937
Administrator Class		23,349,295			310,106,152			55,690,272			692,044,409
Institutional Class		55,968,375	1		740,279,694	1		N/A			N/A
					1,562,436,868						1,320,739,982
Reinvestment of distributions
Class A		4,125,827			52,563,034			3,440,601			40,977,565
Class B		702,281			8,848,740			1,155,830			13,592,564
Class C		2,710,463			33,365,798			2,952,848			33,987,278
Class R		42,436			535,537			32,735			386,274
Administrator Class		2,570,656			32,955,810			1,864,375			22,353,857
Institutional Class		159	1		2,036	1		N/A			N/A
					128,270,955						111,297,538
Payment for shares redeemed
Class A		(40,596,506	)		(537,198,888	)		(60,125,371	)		(742,819,659	)
Class B		(21,094,620	)		(274,546,944	)		(28,824,391	)		(349,243,360	)
Class C		(41,366,030	)		(526,212,402	)		(49,864,468	)		(592,532,288	)
Class R		(951,593	)		(12,390,495	)		(475,851	)		(5,831,829	)
Administrator Class		(87,550,899	)		(1,161,108,304	)		(58,332,737	)		(722,431,554	)
Institutional Class		(6,821,961	)1		(92,435,938	)1		N/A			N/A
					(2,603,892,971	)					(2,412,858,690	)
Net decrease in net assets resulting from capital share transactions					(913,185,148	)					(980,821,170	)
Total decrease in net assets					(478,939,453	)					(273,312,557	)
Net assets
Beginning of period					7,163,713,682						7,437,026,239
End of period				$	6,684,774,229					$	7,163,713,682
Undistributed net investment income				$	25,585,977					$	19,523,693

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

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

14 Wells Fargo Advantage Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended December 31
CLASS A	2013			2012			2011			20101,2			20091			20081
Net asset value, beginning of period	$	12.91		$	11.70		$	11.76		$	11.37		$	9.38		$	14.91
Net investment loss		(0.11	)		(0.12	)		(0.09	)		(0.08	)		(0.08	)		(0.11	)3
Net realized and unrealized gains (losses) on investments		1.26			1.56			0.20			0.47			2.34			(3.17	)
Total from investment operations		1.15			1.44			0.11			0.39			2.26			(3.28	)
Distributions to shareholders from
Net investment income		(0.33	)		(0.23	)		(0.14	)		(0.00	)4		(0.27	)		(1.08	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.85	)
Tax basis return of capital		0.00			0.00			(0.03	)		0.00			0.00			(0.32	)
Total distributions to shareholders		(0.33	)		(0.23	)		(0.17	)		(0.00	)4		(0.27	)		(2.25	)
Net asset value, end of period	$	13.73		$	12.91		$	11.70		$	11.76		$	11.37		$	9.38
Total return5		9.12	%		12.48	%		0.94	%		3.45	%		24.10	%		(22.31	)%
Ratios to average net assets (annualized)
Gross expenses6		0.84	%		0.84	%		0.85	%		0.85	%		0.87	%		0.82	%
Net expenses6		0.84	%		0.84	%		0.84	%		0.85	%		0.87	%		0.81	%
Net investment loss		(0.84	)%		(0.84	)%		(0.84	)%		(0.85	)%		(0.87	)%		(0.81	)%
Supplemental data
Portfolio turnover rate		0	%		1	%		1	%		1	%		2	%		6	%
Net assets, end of period (000s omitted)		$2,332,077			$2,307,609			$2,336,095			$2,957,689			$3,077,187			$2,640,410

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Asset Allocation 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 Asset Allocation Fund.

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

6. Ratios do not include any expenses from Asset Allocation Trust. Asset Allocation Trust does not have any net expenses.

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

Financial highlights Wells Fargo Advantage Asset Allocation Fund 15

(For a share outstanding throughout each period)

	Year ended September 30												Year ended December 31
CLASS B	2013			2012			2011			20101,2			20091			20081
Net asset value, beginning of period	$	12.66		$	11.54		$	11.60		$	11.27		$	9.30		$	14.75
Net investment loss		(0.21	)3		(0.19	)3		(0.19	)3		(0.14	)		(0.17	)		(0.20	)3
Net realized and unrealized gains (losses) on investments		1.26			1.51			0.21			0.47			2.32			(3.13	)
Total from investment operations		1.05			1.32			0.02			0.33			2.15			(3.33	)
Distributions to shareholders from
Net investment income		(0.20	)		(0.20	)		(0.07	)		(0.00	)4		(0.18	)		(0.95	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.85	)
Tax basis return of capital		0.00			0.00			(0.01	)		0.00			0.00			(0.32	)
Total distributions to shareholders		(0.20	)		(0.20	)		(0.08	)		(0.00	)4		(0.18	)		(2.12	)
Net asset value, end of period	$	13.51		$	12.66		$	11.54		$	11.60		$	11.27		$	9.30
Total return5		8.40	%		11.61	%		0.17	%		2.95	%		23.14	%		(22.94	)%
Ratios to average net assets (annualized)
Gross expenses6		1.59	%		1.59	%		1.60	%		1.60	%		1.62	%		1.56	%
Net expenses6		1.59	%		1.59	%		1.59	%		1.59	%		1.62	%		1.56	%
Net investment loss		(1.59	)%		(1.59	)%		(1.59	)%		(1.59	)%		(1.62	)%		(1.56	)%
Supplemental data
Portfolio turnover rate		0	%		1	%		1	%		1	%		2	%		6	%
Net assets, end of period (000s omitted)		$430,116			$659,186			$917,860			$1,253,485			$1,415,023			$1,369,657

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Asset Allocation 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 Asset Allocation Fund.

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

6. Ratios do not include any expenses from Asset Allocation Trust. Asset Allocation Trust does not have any net expenses.

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

16 Wells Fargo Advantage Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended December 31
CLASS C	2013			2012			2011			20101,2			20091			20081
Net asset value, beginning of period	$	12.40		$	11.30		$	11.36		$	11.04		$	9.12		$	14.47
Net investment loss		(0.20	)3		(0.19	)3		(0.19	)3		(0.14	)		(0.16	)		(0.20	)3
Net realized and unrealized gains (losses) on investments		1.22			1.49			0.21			0.46			2.27			(3.06	)
Total from investment operations		1.02			1.30			0.02			0.32			2.11			(3.26	)
Distributions to shareholders from
Net investment income		(0.22	)		(0.20	)		(0.07	)		(0.00	)4		(0.19	)		(0.92	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.85	)
Tax basis return of capital		0.00			0.00			(0.01	)		0.00			0.00			(0.32	)
Total distributions to shareholders		(0.22	)		(0.20	)		(0.08	)		(0.00	)4		(0.19	)		(2.09	)
Net asset value, end of period	$	13.20		$	12.40		$	11.30		$	11.36		$	11.04		$	9.12
Total return5		8.32	%		11.64	%		0.18	%		2.92	%		23.08	%		(22.85	)%
Ratios to average net assets (annualized)
Gross expenses6		1.59	%		1.59	%		1.60	%		1.60	%		1.62	%		1.56	%
Net expenses6		1.59	%		1.59	%		1.59	%		1.60	%		1.62	%		1.56	%
Net investment loss		(1.59	)%		(1.59	)%		(1.59	)%		(1.60	)%		(1.62	)%		(1.56	)%
Supplemental data
Portfolio turnover rate		0	%		1	%		1	%		1	%		2	%		6	%
Net assets, end of period (000s omitted)		$2,399,839			$2,604,438			$2,736,064			$3,290,791			$3,490,657			$3,019,585

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Asset Allocation 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 Asset Allocation Fund.

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

6. Ratios do not include any expenses from Asset Allocation Trust. Asset Allocation Trust does not have any net expenses.

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

Financial highlights Wells Fargo Advantage Asset Allocation Fund 17

(For a share outstanding throughout each period)

	Year ended September 30												Year ended December 31
CLASS R	2013			2012			2011			20101,2			20091			20081
Net asset value, beginning of period	$	12.76		$	11.59		$	11.66		$	11.29		$	9.32		$	14.82
Net investment loss		(0.14	)3		(0.13	)3		(0.10	)		(0.06	)		(0.11	)3		(0.14	)3
Net realized and unrealized gains (losses) on investments		1.26			1.52			0.19			0.43			2.33			(3.15	)
Total from investment operations		1.12			1.39			0.09			0.37			2.22			(3.29	)
Distributions to shareholders from
Net investment income		(0.30	)		(0.22	)		(0.13	)		(0.00	)4		(0.25	)		(1.04	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.85	)
Tax basis return of capital		0.00			0.00			(0.03	)		0.00			0.00			(0.32	)
Total distributions to shareholders		(0.30	)		(0.22	)		(0.16	)		(0.00	)4		(0.25	)		(2.21	)
Net asset value, end of period	$	13.58		$	12.76		$	11.59		$	11.66		$	11.29		$	9.32
Total return5		8.92	%		12.16	%		0.71	%		3.30	%		23.77	%		(22.52	)%
Ratios to average net assets (annualized)
Gross expenses6		1.09	%		1.09	%		1.09	%		1.10	%		1.12	%		1.06	%
Net expenses6		1.09	%		1.09	%		1.09	%		1.09	%		1.12	%		1.06	%
Net investment loss		(1.09	)%		(1.09	)%		(1.09	)%		(1.09	)%		(1.12	)%		(1.06	)%
Supplemental data
Portfolio turnover rate		0	%		1	%		1	%		1	%		2	%		6	%
Net assets, end of period (000s omitted)		$33,934			$29,899			$23,580			$20,893			$16,279			$11,035

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Asset Allocation 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 Asset Allocation Fund.

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005

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

6. Ratios do not include any expenses from Asset Allocation Trust. Asset Allocation Trust does not have any net expenses.

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

18 Wells Fargo Advantage Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended December 31
ADMINISTRATOR CLASS	2013			2012			2011			20101,2			20091			20081
Net asset value, beginning of period	$	13.01		$	11.77		$	11.84		$	11.42		$	9.42		$	14.99
Net investment loss		(0.08	)3		(0.09	)		(0.08	)3		(0.01	)		(0.06	)3		(0.07	)3
Net realized and unrealized gains (losses) on investments		1.27			1.57			0.22			0.43			2.36			(3.20	)
Total from investment operations		1.19			1.48			0.14			0.42			2.30			(3.27	)
Distributions to shareholders from
Net investment income		(0.36	)		(0.24	)		(0.17	)		(0.00	)4		(0.30	)		(1.13	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.85	)
Tax basis return of capital		0.00			0.00			(0.04	)		0.00			0.00			(0.32	)
Total distributions to shareholders		(0.36	)		(0.24	)		(0.21	)		(0.00	)4		(0.30	)		(2.30	)
Net asset value, end of period	$	13.84		$	13.01		$	11.77		$	11.84		$	11.42		$	9.42
Total return5		9.39	%		12.74	%		1.12	%		3.70	%		24.40	%		(22.12	)%
Ratios to average net assets (annualized)
Gross expenses6		0.67	%		0.64	%		0.65	%		0.63	%		0.62	%		0.57	%
Net expenses6		0.64	%		0.62	%		0.63	%		0.60	%		0.62	%		0.57	%
Net investment loss		(0.64	)%		(0.62	)%		(0.63	)%		(0.60	)%		(0.62	)%		(0.56	)%
Supplemental data
Portfolio turnover rate		0	%		1	%		1	%		1	%		2	%		6	%
Net assets, end of period (000s omitted)		$809,554			$1,562,582			$1,423,427			$810,355			$639,903			$348,394

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Asset Allocation 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 Asset Allocation Fund.

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

6. Ratios do not include any expenses from Asset Allocation Trust. Asset Allocation Trust does not have any net expenses.

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

Financial highlights Wells Fargo Advantage Asset Allocation Fund 19

(For a share outstanding throughout the period)

INSTITUTIONAL CLASS	Year ended September 30, 20131
Net asset value, beginning of period	$	13.01
Net investment loss		(0.05	)2
Net realized and unrealized gains (losses) on investments		1.26
Total from investment operations		1.21
Distributions to shareholders from
Net investment income		(0.40	)
Net asset value, end of period	$	13.82
Total return3		9.58	%
Ratios to average net assets (annualized)
Gross expenses4		0.42	%
Net expenses4		0.42	%
Net investment loss		(0.42	)%
Supplemental data
Portfolio turnover rate		0	%
Net assets, end of period (000s omitted)	$	679,254

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

2. Calculated based upon average shares outstanding

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

4. Ratios do not include any expenses from Asset Allocation Trust. Asset Allocation Trust does not have any net expenses.

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

20 Wells Fargo Advantage Asset Allocation Fund Notes to financial statements

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 Asset Allocation Fund (the “Fund”) which is a diversified series of the Trust.

The Fund invests all of its investable assets in Asset Allocation Trust, an investment company managed by Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”). Asset Allocation Trust in turn invests its assets in GMO-managed mutual funds (“underlying funds”), U.S. and foreign fixed income securities and, from time to time, other alternative asset classes. At September 30, 2013, the Fund owned 100% of Asset Allocation Trust. Because the Fund invests all of its assets in Asset Allocation Trust, the shareholders of the Fund bear the fees and expenses of Asset Allocation Trust which are not included in the Statement of Operations but are incurred indirectly because they are considered in the calculation of the net asset value of Asset Allocation Trust. As a result, the Fund’s actual expenses may be higher than those of other mutual funds that invest directly in securities. The financial statements of Asset Allocation Trust, including the Portfolio of Investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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.

Valuation

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

The Fund values its investment in Asset Allocation Trust at net asset value. The valuation of investments in securities and the underlying funds held by Asset Allocation Trust is discussed in its Notes to Financial Statements, which is included elsewhere in this report.

Investment transactions and income recognition

Investment transactions are recorded on a trade date basis. Realized gains or losses resulting from investment transactions are determined on the identified cost basis. Income dividends and capital gain distributions from Asset Allocation Trust are recorded on the ex-dividend date. Capital gain distributions from Asset Allocation Trust are treated as realized gains.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Net investment income is primarily derived from redemptions in Asset Allocation Trust which are deemed dividends to the Fund. 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.

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent

Notes to financial statements Wells Fargo Advantage Asset Allocation Fund 21

differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to deemed dividends received from Asset Allocation Trust and the reversal of net realized gains on investments. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Undistributed net investment income	Accumulated net realized losses on investments
$28,843,681	$235,883,709	$(264,727,390)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

At September 30, 2013, Level 2 inputs were used in valuing the Fund’s investment in Asset Allocation Trust.

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.25% and declining to 0.20% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory fee was equivalent to an annual rate of 0.22% of the Fund’s average daily net assets.

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

22 Wells Fargo Advantage Asset Allocation Fund Notes to financial statements

fund level administration fee starting at 0.10% and declining to 0.06% 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 1, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.87% for Class A shares, 1.62% for Class B shares, 1.62% for Class C shares, 1.12% for Class R shares, 0.64% for Administrator Class shares, and 0.44% 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 year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $370,122 from the sale of Class A shares and $48,422 and $16,344 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

For the year ended September 30, 2013, the Fund made aggregate purchases and sales of $30,551,031 and $1,174,671,927, respectively, in its investment into Asset Allocation Trust.

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 year ended September 30, 2013, the Fund paid $11,949 in commitment fees.

During the year ended September 30, 2013, the Fund had average borrowings outstanding of $43,566 at a an average rate of 1.43% and paid interest in the amount of $623.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $152,751,418 and $137,962,472 of ordinary income for the years ended September 30, 2013 and September 30, 2012, respectively.

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains
$25,730,205	$1,564,744,391

Notes to financial statements Wells Fargo Advantage Asset Allocation Fund 23

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

24 Wells Fargo Advantage Asset Allocation Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Asset Allocation Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended, the period from January 1, 2010 to September 30, 2010, and each of the years in the two-year period ended December 31, 2009. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of September 30, 2013 by correspondence with the transfer agent. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Asset Allocation Fund as of September 30, 2013, the results of its operations for the year then ended, changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

Other information (unaudited) Wells Fargo Advantage Asset Allocation Fund 25

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 61% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2013.

Pursuant to Section 854 of the Internal Revenue Code, $147,027,746 of income dividends paid during the fiscal year ended September 30, 2013 has been designated as qualified dividend income (QDI).

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 Asset Allocation Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Advantage Asset Allocation 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. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

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

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

28 Asset Allocation Trust Portfolio of investments—September 30, 2013

Security name						Shares		Value
Investment Companies: 99.69%
Alternative & Other Funds: 10.51%
GMO Alpha Only Fund Class IV ß							27,929,709	$	670,313,010
GMO Special Situations Fund Class VI ߆							1,282,374		33,534,087
									703,847,097
Emerging Equity Funds: 8.81%
GMO Emerging Markets Fund Class VI ß							53,490,388		589,464,073
Fixed Income Funds: 27.95%
GMO Asset Allocation Bond Fund Class VI ߆							27,484,276		677,212,551
GMO Debt Opportunities Fund Class VI ß							6,165,196		168,124,894
GMO Domestic Bond Fund Class VI ß							6,443,611		94,398,905
GMO Emerging Country Debt Fund Class IV ß							23,953,883		236,424,824
GMO Strategic Fixed Income Fund Class VI ß							43,080,110		694,882,180
									1,871,043,354
International Developed Equity Funds: 30.14%
GMO Currency Hedged International Equity Fund Class III ß							14,235,184		369,260,683
GMO International Growth Equity Fund Class IV ß							1,299,788		35,770,174
GMO International Intrinsic Value Fund Class IV ß							59,247,604		1,435,569,457
GMO Risk Premium Fund Class VI ß							17,046,271		176,769,834
									2,017,370,148
U.S. Equity Funds: 22.28%
GMO U.S. Flexible Equities Fund Class VI ß							135,090,161		1,491,395,382
Total Investment Companies (Cost $6,034,500,307)									6,673,120,054
	Interest rate			Maturity date		Principal
Short-Term Investments: 0.31%
Time Deposit: 0.31%
State Street Bank Euro Dollar		0.01	%		10-1-2013	$	20,569,369		20,569,369
Total Short-Term Investments (Cost $20,569,369)									20,569,369

Total investments in securities (Cost $6,055,069,676) *	100.00	%		6,693,689,423
Other assets and liabilities, net	0.00			329,909
Total net assets	100.00	%	$	6,694,019,332

ß Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”) is the investment adviser to Asset Allocation Trust and the underlying fund.

† Non-income-earning security

* Cost for federal income tax purposes is $6,136,524,013 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	687,495,188
Gross unrealized depreciation		(130,329,778	)
Net unrealized appreciation	$	557,165,410

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

Statement of assets and liabilities—September 30, 2013 Asset Allocation Trust 29

Assets
Investments
In affiliated investment companies, at value (see cost below)	$	6,673,120,054
In unaffiliated securities, at value (see cost below)		20,569,369
Total investments, at value (see cost below)		6,693,689,423
Receivable for investments sold		3,816,981
Receivable for interest		6
Receivable from administrator		5,348
Prepaid expenses and other assets		420
Total assets		6,697,512,178
Liabilities
Payable for Trust shares redeemed		3,466,713
Accrued expenses and other liabilities		26,133
Total liabilities		3,492,846
Total net assets	$	6,694,019,332
NET ASSETS CONSIST OF
Paid-in capital	$	6,586,795,830
Accumulated net realized losses on investments		(531,396,245	)
Net unrealized gains on investments		638,619,747
Total net assets	$	6,694,019,332
Shares outstanding (unlimited number of shares authorized)		460,955,268
Net asset value per share		$14.52
Investments in affiliated investment companies, at cost	$	6,034,500,307
Investments in unaffiliated securities, at cost	$	20,569,369
Total investments, at cost	$	6,055,069,676

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

30 Asset Allocation Trust Statement of operations—year ended September 30, 2013

Investment income
Dividends from affiliated investment companies	$	223,767,918
Interest		2,320
Total investment income		223,770,238
Expenses
Custody and accounting fees		11,096
Professional fees		52,859
Shareholder report expenses		329
Other fees and expenses		781
Total expenses		65,065
Less: Fee waivers and/or expense reimbursements		(65,065	)
Net expenses		0
Net investment income		223,770,238
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Sale of affiliated investment companies		273,788,062
Capital gain distributions from affiliated investment companies		95,734,856
Net realized gains on investments		369,522,918
Net change in unrealized gains (losses) on investments		70,773,942
Net realized and unrealized gains (losses) on investments		440,296,860
Net increase in net assets resulting from operations	$	664,067,098

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

Statement of changes in net assets Asset Allocation Trust 31

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment income				$	223,770,238					$	230,772,827
Net realized gains on investments					369,522,918						638,995,004
Net change in unrealized gains (losses) on investments					70,773,942						60,632,240
Net increase in net assets resulting from operations					664,067,098						930,400,071
		Shares						Shares
Capital share transactions
Contributions		2,230,457			30,551,031			6,569,879			81,893,870
Withdrawals		(85,149,391	)		(1,175,072,850	)		(102,771,308	)		(1,285,518,325	)
Net decrease in net assets resulting from capital share transactions					(1,144,521,819	)					(1,203,624,455	)
Total decrease in net assets					(480,454,721	)					(273,224,384	)
Net assets
Beginning of period					7,174,474,053						7,447,698,437
End of period				$	6,694,019,332					$	7,174,474,053
Undistributed net investment income				$	0					$	0

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

32 Asset Allocation Trust Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended December 31
	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	13.19		$	11.64		$	11.43		$	10.98		$	8.77		$	11.57
Net investment income		0.49			0.42			0.21			0.12	2		0.24			0.70	2
Net realized and unrealized gains (losses) on investments		0.84			1.13			0.00	3		0.33			1.97			(3.15	)
Total from investment operations		1.33			1.55			0.21			0.45			2.21			(2.45	)
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.35	)
Net asset value, end of period	$	14.52		$	13.19		$	11.64		$	11.43		$	10.98		$	8.77
Total return4		10.08	%		13.32	%		1.84	%		4.10	%		25.20	%		(21.71	)%
Ratios to average net assets (annualized)
Gross expenses5		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Net expenses5		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Net investment income		3.23	%		3.10	%		1.64	%		1.48	%		2.48	%		6.78	%
Supplemental data
Portfolio turnover rate		36	%		31	%		22	%		15	%		22	%		63	%
Net assets, end of period (000s omitted)		$6,694,019			$7,174,474			$7,447,698			$8,349,759			$8,635,057			$7,399,817

1. For the nine months ended September 30, 2010. The Trust changed its fiscal year end from December 31 to September 30, effective September 30, 2010.

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

5. Excludes expenses incurred indirectly through investment in underlying funds.

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

Notes to financial statements Asset Allocation Trust 33

1. ORGANIZATION

The Asset Allocation Trust (the “Trust”) was organized as a statutory trust under the laws of the state of Delaware on June 14, 2005 and is registered under the Investment Company Act of 1940, as amended, as a no-load, open-end management investment company. The Trust issues its shares of beneficial interest solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(2) of the Securities Act of 1933, as amended. The Trust is only offered to the Wells Fargo Advantage Asset Allocation Fund, a diversified series of Wells Fargo Funds Trust, an open-end management investment company, which was organized as a Delaware statutory trust on March 10, 1999.

The Trust operates as a “fund-of-funds” which primarily invests in shares of open-end mutual funds (“underlying funds”) managed by Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”). Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements, which are available upon request.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Investments in each class of the underlying funds are valued at the net asset value per share as reported by the underlying funds. Some of the classes of the underlying funds are not publicly available.

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 which are not valued using the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees of the Trust. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market information to assess the continued appropriateness of the fair valuation methodology used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on the exchange or by an independent pricing service. Valuations received from an independent pricing service or broker quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Investment transactions and income recognition

Investment transactions are recorded on trade date. Income dividends and capital gain distributions from underlying funds are recorded on the ex-dividend date. Capital gain distributions from the underlying funds are treated as realized gains.

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.

34 Asset Allocation Trust Notes to financial statements

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 Trust 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 Trust’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 Trust’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.

Reclassifications are made to the Trust’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to dividends from certain securities, recognition of partnership income, and dividends deemed paid. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Undistributed net investment income	Accumulated net realized losses on investments
$243,194,151	$(223,770,238)	$(19,423,913)

As of September 30, 2013, the Trust had capital loss carryforwards available to offset future net realized capital gains in the amount of $449,479,519 with $379,990,207 expiring in 2017; $65,386,905 expiring in 2018; and $4,102,407 expiring in 2019.

As of September 30, 2013, the Trust had $462,389 of current year deferred post-October capital losses, which will be recognized on the first day of the following fiscal year.

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 Trust’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 Trust’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 Trust’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 Asset Allocation Trust 35

As of September 30, 2013, 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
Investment companies	$	4,980,065,691	$	1,693,054,363	$	0	$	6,673,120,054
Short-term investments
Time deposit		0		20,569,369		0		20,569,369
	$	4,980,065,691	$	1,713,623,732	$	0	$	6,693,689,423

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Trust did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

GMO, a private company founded in 1977, is the adviser to the Trust. GMO also serves as adviser to each of the underlying funds. GMO does not receive a fee from the Trust for its advisory services. However, the Trust incurs fees and expenses indirectly as a shareholder of the underlying GMO–managed funds, including its indirect share of management or other fees paid to GMO.

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), serves as the administrator to the Trust. As administrator, Funds Management provides the Trust with facilities, equipment and personnel. Funds Management receives no compensation from the Trust for its services. During the year ended September 30, 2013, Funds Management voluntarily reimbursed the Trust for expenses in the amount of $65,065.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2013 were $2,474,453,279 and $3,266,082,941, respectively.

6. INVESTMENTS IN AFFILIATES

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		Dividends from affiliates		Capital gain distributions from affiliates
GMO Alpha Only Fund Class IV		43,729,540		3,554,965		19,354,796		27,929,709	$	670,313,010	$	1,005,474	$	0
GMO Asset Allocation Bond Fund Class VI		0		27,484,276		0		27,484,276		677,212,551		0		0
GMO Currency Hedged International Equity Fund Class III		25,095,810		2,074,521		12,935,147		14,235,184		369,260,683		22,236,408		12,063,335
GMO Debt Opportunities Fund Class VI		5,937,046		228,150		0		6,165,196		168,124,894		3,395,534		3,302,389
GMO Domestic Bond Fund Class VI		6,443,611		0		0		6,443,611		94,398,905		1,716,860		0
GMO Emerging Country Debt Fund Class IV		17,765,757		7,247,004		1,058,878		23,953,883		236,424,824		12,563,820		0
GMO Emerging Markets Fund Class VI		60,813,087		1,345,713		8,668,412		53,490,388		589,464,073		15,460,353		0
GMO Flexible Equities Fund Class VI		7,741,043		1,601,108		9,342,151		0		0		21,371,326		7,297,235
GMO International Core Equity Fund Class VI		31,305,421		1,067,142		32,372,563		0		0		30,935,888		0
GMO International Growth Equity Fund Class IV		0		8,004,177		6,704,389		1,299,788		35,770,174		4,056,246		0
GMO International Intrinsic Value Fund Class IV		21,262,639		41,630,623		3,645,658		59,247,604		1,435,569,457		21,261,385		0
GMO Risk Premium Fund Class VI		0		17,430,448		384,177		17,046,271		176,769,834		0		4,026,090
GMO Special Situations Fund Class VI		11,476,875		0		10,194,501		1,282,374		33,534,087		0		0
GMO Strategic Fixed Income Fund Class VI		57,798,131		3,950,284		18,668,305		43,080,110		694,882,180		69,251,518		0
GMO U.S. Flexible Equities Fund Class VI		160,026,122		13,021,682		37,957,643		135,090,161		1,491,395,382		20,513,106		69,045,807
									$	6,673,120,054	$	223,767,918	$	95,734,856

36 Asset Allocation Trust Notes to financial statements

7. DISTRIBUTIONS TO SHAREHOLDERS

For the years ended September 30, 2013 and September 30, 2012, the Trust did not have any distributions paid to shareholders.

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Unrealized gains	Post-October capital losses deferred	Capital loss carryforward
$557,165,410	$(462,389)	$(449,479,519)

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

Report of independent registered public accounting firm Asset Allocation Trust 37

BOARD OF TRUSTEES AND SHAREHOLDERS OF ASSET ALLOCATION TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Asset Allocation Trust (the “Trust”) as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, the period from January 1, 2010 through September 30, 2010 and each of the years in the two-year period ended December 31, 2009. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013 by correspondence with the custodian and underlying managers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Asset Allocation Trust as of September 30, 2013, the results of its operations for the year then ended, changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

38 Asset Allocation Trust Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 44% of ordinary income dividends deemed paid to Wells Fargo Advantage Asset Allocation Fund through redemption of shares qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2013.

Pursuant to Section 854 of the Internal Revenue Code, $177,270,061 of income dividends deemed paid to Wells Fargo Advantage Asset Allocation Fund through redemption of shares during the fiscal year ended September 30, 2013 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

A description of the policies and procedures that the Trust 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 Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Trust, which are available on a monthly, 30-day or more delayed basis, are publicly available on the Wells Fargo Advantage Fund’s website (wellsfargoadvantagefunds.com) through Wells Fargo Advantage Asset Allocation Fund which owns 100% of the Trust. In addition, top ten holdings information is publicly available on the website on a monthly, seven-day or more delayed basis. The Trust 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 Trust’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) Asset Allocation Trust 39

BOARD OF TRUSTEES AND OFFICERS

The following table provides basic information about the Board of Trustees (the “Trustees”) and Officers of Asset Allocation Trust. Each of the Trustees and Officers listed below acts in identical capacities. All of the Trustees are also Members of the Audit and Governance Committees of Asset Allocation Trust. 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 2010; Chairman, since 2010	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Wells Fargo Advantage family of funds consisting of 131 funds.
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2010	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; Wells Fargo Advantage family of funds consisting of 131 funds.
Judith M. Johnson (Born 1949)	Trustee, since 2010; Audit Committee Chairman, since 2010	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.	Wells Fargo Advantage family of funds consisting of 131 funds.
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Wells Fargo Advantage family of funds consisting of 131 funds.
David F. Larcker (Born 1950)	Trustee, since 2010	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.	Wells Fargo Advantage family of funds consisting of 131 funds.
Olivia S. Mitchell (Born 1953)	Trustee, since 2010	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.	Wells Fargo Advantage family of funds consisting of 131 funds.
Timothy J. Penny (Born 1951)	Trustee, since 2010	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.	Wells Fargo Advantage family of funds consisting of 131 funds.

40 Asset Allocation Trust 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 2005	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.	Wells Fargo Advantage family of funds consisting of 131 funds.
Donald C. Willeke (Born 1940)	Trustee, since 2010	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).	Wells Fargo Advantage family of funds consisting of 131 funds.

* 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 2010	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma (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 2010; Chief Legal Officer, since 2010	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2010	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.

List of abbreviations Wells Fargo Advantage Asset Allocation Fund 41

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219789 11-13 A224/AR224 09-13

Wells Fargo Advantage

Diversified Capital Builder Fund

Annual Report

September 30, 2013

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Report of independent registered public accounting firm	28
Other information	29
List of abbreviations	32

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Index Fund	Small Cap Value Fund
Capital Growth Fund	International Equity Fund	Small Company Growth Fund
Common Stock Fund	International Value Fund	Small Company Value Fund
Disciplined U.S. Core Fund	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Discovery Fund†	Intrinsic Value Fund	Special Mid Cap Value Fund
Diversified Equity Fund	Intrinsic World Equity Fund	Special Small Cap Value Fund
Diversified International Fund	Large Cap Core Fund	Specialized Technology Fund
Emerging Growth Fund	Large Cap Growth Fund	Traditional Small Cap Growth Fund
Emerging Markets Equity Fund	Large Company Value Fund	Utility and Telecommunications Fund
Emerging Markets Equity Income Fund	Omega Growth Fund
Endeavor Select Fund†	Opportunity Fund†
Enterprise Fund†	Precious Metals Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The past 12 months were marked by a modestly growing U.S. economy and accommodative monetary policy. Despite periods of political uncertainty, both equity and high-yield asset classes generated positive returns.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Diversified Capital Builder Fund for the 12-month period that ended September 30, 2013. The past 12 months were marked by a modestly growing U.S. economy and accommodative monetary policy. Despite periods of political uncertainty, both equity and high-yield asset classes generated positive returns.

Economic growth advanced, helped by accommodative monetary policy but hurt by political uncertainties.

The U.S. economy grew modestly during the past year. Broadly speaking, the U.S. saw gains in business investment and housing alongside some drag from government spending. Employment trended in the right direction, with the unemployment rate declining, though still above satisfactory levels. Globally, the eurozone ended its recession toward the end of the period. Emerging markets growth was mixed, but China’s growth appeared to stabilize.

The Federal Open Market Committee (FOMC) employed accommodative monetary policies throughout the period. By the end of September 2013, the federal funds rate remained near zero and the quantitative easing program continued at the rate of $85 billion per month. Despite efforts to communicate its policies and make clear that changes to policy would be dependent on economic data, market participants were confused by potential timetables for the FOMC to reduce, or taper, its quantitative easing program. In anticipation of a less accommodative policy due to a taper of the bond-purchasing program, longer-term interest rates began increasing in May 2013 and continued to do so through mid-September 2013. When the FOMC ultimately did not taper at its mid-September 2013 meeting, interest rates declined.

Political uncertainty was a constant. U.S. presidential elections in November 2012, the debate over the fiscal cliff and tax rates at year-end 2012, and speculation about the effects of sequestration at the end of February 2013 weighed on business leaders and investors. At the close of the period, Congress had not reconciled its differences and had not passed a spending bill that would fund the federal government past the September 30 fiscal year-end, which in turn created uncertainty about a potential government shutdown.

Equities and high-yield bonds turned in positive returns.

Despite uncertainties, investor confidence grew during the period as economic concerns lessened. Most equity and high-yield bond asset classes advanced. For example, the S&P 500 Index¹ returned 19.34% and the Russell 1000^® Index² returned 20.91% for the 12-month period that ended September 30, 2013. For the same period, the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index³ returned 7.03%. On the other hand, U.S. Treasury bonds had negative returns as interest rates rose.

A main theme driving bond markets was interest rates moving higher in anticipation of a less accommodative FOMC. Credit quality and default trends, meanwhile, remained favorable. As a result, lower-rated bonds did better than higher-rated bonds during the period, benefiting from their higher yields and

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

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

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

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

some modest capital appreciation. Most high-yield bonds posted mid- to high-single-digit total returns, while distressed, speculative-grade bonds returned low-double-digit returns. In contrast, virtually all investment-grade and U.S. Treasury bonds had price declines that largely exceeded coupon income.

U.S. equities produced strong returns. Lingering uncertainties about the pace of growth, however, prompted investors to prefer stocks in companies with relatively predictable business models. In the S&P 500 Index, for example, health care and consumer discretionary stocks strongly outperformed for the 12-month period, but information technology stocks lagged. Interest-rate-sensitive sectors, such as financials and particularly the real estate investment trusts within the financials sector, as well as several slow-growing but high-yielding stocks primarily in the energy industry, began to underperform as interest rates rose in the second half of the period.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.

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

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret Patel

Average annual total returns¹ (%) as of September 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKBAX)	1-20-1998		9.14		7.40		4.20		15.75		8.66		4.82		1.21		1.20
Class B (EKBBX)*	9-11-1935		9.87		7.66		4.34		14.87		7.96		4.34		1.96		1.95
Class C (EKBCX)	1-22-1998		13.86		7.87		4.07		14.86		7.87		4.07		1.96		1.95
Administrator Class (EKBDX)	7-30-2010		–		–		–		16.06		8.87		4.99		1.05		0.95
Institutional Class (EKBYX)	1-26-1998		–		–		–		16.17		9.06		5.17		0.78		0.78
Diversified Capital Builder Blended Index4	–		–		–		–		17.35		11.35		8.24		–		–
BofA Merrill Lynch High Yield U.S. Corporates Cash Pay Index5	–		–		–		–		7.03		13.22		8.63		–		–
Russell 1000® Index6	–		–		–		–		20.91		10.53		7.98		–		–

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

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

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

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

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield risk securities, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 5

Growth of $10,000 investment⁷ as of September 30, 2013

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

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

3. The Adviser has committed through January 31, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. Source: Wells Fargo Funds Management, LLC. The Diversified Capital Builder Blended Index is composed of the following indexes: Russell 1000^® Index (75%) and BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index (25%). You cannot invest directly in an index.

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

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

7. The chart compares the performance of Class A shares for the most recent ten years with the Diversified Capital Builder Blended Index, BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index, and the Russell 1000 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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

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

10. The ratings indicated are from Standard & Poor’s. Credit quality ratings apply to the underlying holdings of the Fund and not the Fund itself. Standard & Poor’s rates the creditworthiness of bonds on a scale of AAA (highest) to D (lowest). We generally define higher-quality (investment grade) bonds as bonds having a rating above BBB/Baa and lower-quality bonds as bonds having a rating below BBB/Baa.

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

MANAGER’S DISCUSSION

Fund highlights

n The Fund underperformed its benchmarks, the Diversified Capital Builder Blended Index and Russell 1000 Index, but outperformed the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index, for the 12-month period that ended September 30, 2013.

n The Fund underperformed the Diversified Capital Builder Blended Index due to poor stock selection. An overweight to common stocks in interest-rate-sensitive sectors, such as financials and particularly in the Fund’s investments in real estate investment trusts (REITS) within the financials sector, along with several higher-yielding energy stocks, detracted from performance. These securities underperformed as longer-term Treasury interest rates spiked higher in the second half of the period.

n Our preference for higher-quality high-yield bonds slightly restrained performance because lower-rated, higher-yielding bonds outperformed.

Economically sensitive stocks added value early in the period, while interest-rate-sensitive issues subtracted value late in the period.

Our strategy of emphasizing stocks and bonds of companies that are more sensitive to improving economic conditions in the U.S. helped the Fund’s relative returns for the first three quarters of the fiscal year. However, in May 2013, the U.S. Federal Reserve (Fed) announced intentions to taper its monthly purchases of government and mortgage securities as early as fall 2013, and longer-term interest rates rose. Many common stocks with high dividend yields that had made them relatively attractive to bond yields declined in price as U. S. Treasury rates rose sharply higher. Although the Fed has since indicated that tapering may well be postponed until late 2013 or sometime in 2014, many of these interest-rate-sensitive common stocks have not recovered to their highs of late spring.

Ten largest holdings8 (%) as of September 30, 2013
Health Care REIT Incorporated	4.76
FEI Company	4.30
PNC Financial Services Group Incorporated	4.21
LyondellBasell Industries NV Class A	3.40
Genuine Parts Company	3.16
Plum Creek Timber Company	2.99
Phillips 66	2.98
Valeant Pharmaceuticals International Incorporated, 7.00% 10-1-2020	2.95
Tronox Finance LLC, 6.38%, 8-15-2020	2.61
NRG Energy Incorporated, 7.88%, 5-15-2021	2.56

Within the Fund’s stock portfolio, several holdings in the financials sector, primarily REITs, were major detractors, including Health Care REIT Incorporated and HCP Incorporated. Meanwhile, energy companies Kinder Morgan Incorporated and The Williams Companies Incorporated, which we no longer hold, underperformed due to their negative sensitivity to rising interest rates in the last few months of the fiscal year. Within the industrials sector, a number of companies contributed to positive relative returns: Flowserve Corporation; Pall Corporation; Roper Industries Incorporated; Lennox International Incorporated; and IDEX Corporation. In the technology sector, FEI Company contributed to performance relative to the benchmark. Within the health care area, Celgene Corporation and Biogen Idec Incorporated were relative contributors. Among materials companies, LyondellBasell Industries NV contributed to performance relative to the benchmark.

Please see footnotes on page 5.

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

Portfolio allocation⁹ as of September 30, 2013

Specific to the Fund’s fixed-income portfolio, we reallocated the mix of bonds rated BB and B¹⁰ during the course of the fiscal year. We reduced our exposure to BB rated issues to 27% and increased the concentration in bonds rated B to 70%. With the economic outlook improving, we felt that B rated bonds had the prospect of providing relatively better total return. We focused our holdings in high-yield bonds of U.S.-based companies that we judged to have competitive business positions and flexible balance sheets that would be able to withstand a slowdown in their sales and profits or diminished access to credit should liquidity provided by financial lenders become reduced. We believed that with fixed-income yields near their historical lows during the first part of the

fiscal year, the small amount of yield forgone by positioning the Fund in better-quality high-yield securities was modest, especially when compared with the relative risk of capital losses should the high-yield market suffer a significant correction. We maintained larger bond positions in Valeant Pharmaceuticals International Incorporated, NRG Energy Incorporated, and Tronox Finance LLC because we regard them as stable to improving credits.

Our outlook is one of cautious optimism.

While the pace of economic growth is low compared with previous recoveries after recessions, we believe the intrinsic dynamism, creativity, and basic strengths of the U.S. economy should provide opportunities in both the stock market as well as the high-yield bond market over the next year. The housing and auto sectors are on multiyear upswings. The expansion of exploration and development of shale gas and petroleum liquids at relatively low costs compared with imported or conventionally extracted oil and gas in the U.S. has provided a boon to both businesses and consumers, improving the competitive cost of our companies and offering some cost relief to consumers for utility and fuel costs. Thus, we will continue to concentrate our equity holdings in companies with proprietary technology, pharmaceutical companies developing new drugs, and sectors of the economy able to grow their revenues from developing U. S. natural resources.

In our view, the high-yield bond market has relatively attractive fundamentals—improving business prospects, lower cost of issuing bonds, a liquid and diverse universe of new issuers, and low levels of estimated bond defaults (around 2% annually). However, we are cautious about the potential foe of high-yield interest rates rising. Given the significant increase in interest rates since May 2013, we expect that future shocks from increases in Treasury rates when the Fed does begin to reduce its asset purchases may not be as sharp as they were between May 2013 and August 2013. In this regard, we think high-yield bonds should continue to offer high enough income to compensate for credit risks compared with Treasuries and may provide relatively lower price volatility than other sectors of the equity and corporate bond markets.

Please see footnotes on page 5.

8 Wells Fargo Advantage Diversified Capital Builder Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2013 to September 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,023.23	$	6.09		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Class B
Actual	$	1,000.00	$	1,020.21	$	9.88		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Class C
Actual	$	1,000.00	$	1,019.31	$	9.87		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,024.74	$	4.82		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,025.57	$	3.91		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.21	$	3.90		0.77	%

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—September 30, 2013 Wells Fargo Advantage Diversified Capital Builder Fund 9

Security name	Shares		Value
Common Stocks: 84.78%
Consumer Discretionary: 9.07%
Auto Components: 2.24%
Johnson Controls Incorporated		170,000	$	7,055,000
TRW Automotive Holdings Corporation †		90,000		6,417,900
				13,472,900
Distributors: 3.15%
Genuine Parts Company		235,000		19,009,150
Household Durables: 1.29%
Jarden Corporation †		160,000		7,744,000
Media: 2.39%
DISH Network Corporation		320,000		14,403,200
Consumer Staples: 7.41%
Food & Staples Retailing: 1.56%
CVS Caremark Corporation		165,000		9,363,750
Food Products: 1.54%
General Mills Incorporated		30,000		1,437,600
Kraft Foods Group Incorporated		120,000		6,292,800
Mondelez International Incorporated Class A		50,000		1,571,000
				9,301,400
Household Products: 3.03%
Church & Dwight Company Incorporated		145,000		8,707,250
Colgate-Palmolive Company		50,000		2,965,000
Kimberly-Clark Corporation		70,000		6,595,400
				18,267,650
Personal Products: 1.28%
Estee Lauder Companies Incorporated Class A		110,000		7,689,000
Energy: 9.08%
Energy Equipment & Services: 2.77%
Bristow Group Incorporated		55,000		4,001,800
Dresser-Rand Group Incorporated †		90,000		5,616,000
FMC Technologies Incorporated †		30,000		1,662,600
Helmerich & Payne Incorporated		30,000		2,068,500
Hornbeck Offshore Services Incorporated †		10,000		574,400
National Oilwell Varco Incorporated		35,000		2,733,850
				16,657,150
Oil, Gas & Consumable Fuels: 6.31%
EOG Resources Incorporated		45,000		7,617,600
Marathon Petroleum Corporation		150,000		9,648,000
Phillips 66		310,000		17,924,200

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

10 Wells Fargo Advantage Diversified Capital Builder Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Pioneer Natural Resources Company		15,000	$	2,832,000
				38,021,800
Financials: 19.17%
Commercial Banks: 8.65%
Branch Banking & Trust Corporation		430,000		14,512,500
PNC Financial Services Group Incorporated		350,000		25,357,500
Regions Financial Corporation		100,000		926,000
SunTrust Banks Incorporated		90,000		2,917,800
US Bancorp		230,000		8,413,400
				52,127,200
REITs: 10.52%
HCP Incorporated		320,000		13,104,000
Health Care REIT Incorporated		460,000		28,694,800
Plum Creek Timber Company		385,000		18,029,550
Saul Centers Incorporated		10,000		462,500
Ventas Incorporated		50,000		3,075,000
				63,365,850
Health Care: 9.62%
Biotechnology: 2.99%
Biogen Idec Incorporated †		25,000		6,019,000
Celgene Corporation †		35,000		5,387,550
Medivation Incorporated †		110,000		6,593,400
				17,999,950
Health Care Equipment & Supplies: 0.61%
CareFusion Corporation †		100,000		3,690,000
Health Care Providers & Services: 1.65%
DaVita Incorporated †		40,000		2,276,000
McKesson Corporation		60,000		7,698,000
				9,974,000
Life Sciences Tools & Services: 0.10%
Bio-Rad Laboratories Incorporated Class A †		5,000		587,800
Pharmaceuticals: 4.27%
AbbVie Incorporated		155,000		6,933,150
Actavis Incorporated †		30,000		4,320,000
Allergan Incorporated		100,000		9,045,000
Forest Laboratories Incorporated †		120,000		5,134,800
Zoetis Incorporated		9,455		294,240
				25,727,190
Industrials: 14.05%
Aerospace & Defense: 1.77%
Lockheed Martin Corporation		40,000		5,102,000

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Diversified Capital Builder Fund 11

Security name	Shares		Value
Aerospace & Defense (continued)
Precision Castparts Corporation		15,000	$	3,408,600
United Technologies Corporation		20,000		2,156,400
				10,667,000
Building Products: 1.55%
Apogee Enterprises Incorporated		60,000		1,780,800
Lennox International Incorporated		100,000		7,526,000
				9,306,800
Construction & Engineering: 0.56%
Chicago Bridge & Iron Company NV		50,000		3,388,500
Electrical Equipment: 3.49%
AMETEK Incorporated		110,000		5,062,200
Eaton Corporation plc		45,000		3,097,800
Roper Industries Incorporated		65,000		8,636,550
Sensata Technologies Holdings NV †		110,000		4,209,700
				21,006,250
Machinery: 4.73%
Donaldson Company Incorporated		100,000		3,813,000
Flowserve Corporation		180,000		11,230,200
IDEX Corporation		100,000		6,525,000
Pall Corporation		90,000		6,933,600
				28,501,800
Road & Rail: 1.95%
Hertz Global Holdings Incorporated †		530,000		11,744,800
Information Technology: 8.38%
Electronic Equipment, Instruments & Components: 6.33%
Amphenol Corporation Class A		150,000		11,607,000
FEI Company		295,000		25,901,000
FLIR Systems Incorporated		20,000		628,000
				38,136,000
IT Services: 1.92%
Automatic Data Processing Incorporated		160,000		11,580,800
Software: 0.13%
Nuance Communications Incorporated †		40,000		747,800
Materials: 6.88%
Chemicals: 6.88%
Axiall Corporation		4,881		184,453
FMC Corporation		60,000		4,303,200
LyondellBasell Industries NV Class A		280,000		20,504,400
PPG Industries Incorporated		45,000		7,517,700
Valspar Corporation		100,000		6,343,000
Westlake Chemical Corporation		25,000		2,616,500
				41,469,253

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

12 Wells Fargo Advantage Diversified Capital Builder Fund Portfolio of investments—September 30, 2013

Security name						Shares		Value
Telecommunication Services: 1.12%
Diversified Telecommunication Services: 1.12%
Comcast Corporation Class A							150,000	$	6,772,500
Total Common Stocks (Cost $429,675,353)									510,723,493
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 13.96%
Energy: 1.55%
Energy Equipment & Services: 0.93%
Hornbeck Offshore Services Incorporated		5.88	%		4-1-2020	$	1,000,000		1,010,000
Nuverra Environmental Solutions Incorporated		9.88			4-15-2018		4,500,000		4,567,500
									5,577,500
Oil, Gas & Consumable Fuels: 0.62%
Atlas Pipeline Partners LP 144A		5.88			8-1-2023		500,000		470,000
Denbury Resources Incorporated		4.63			7-15-2023		1,500,000		1,372,500
Sabine Pass Liquefaction LLC 144A		5.63			4-15-2023		2,000,000		1,917,500
									3,760,000
Health Care: 4.10%
Health Care Equipment & Supplies: 0.35%
Hologic Incorporated		6.25			8-1-2020		2,000,000		2,082,500
Pharmaceuticals: 3.75%
Valeant Pharmaceuticals International Incorporated 144A		7.00			10-1-2020		16,753,000		17,758,180
Valeant Pharmaceuticals International Incorporated 144A		7.25			7-15-2022		4,560,000		4,856,400
									22,614,580
Industrials: 1.67%
Air Freight & Logistics: 0.17%
Bristow Group Incorporated		6.25			10-15-2022		1,000,000		1,040,000
Building Products: 0.21%
Dycom Investments Incorporated		7.13			1-15-2021		1,200,000		1,257,000
Commercial Services & Supplies: 0.31%
Clean Harbors Incorporated		5.13			6-1-2021		1,000,000		966,250
Iron Mountain Incorporated		5.75			8-15-2024		1,000,000		900,000
									1,866,250
Electrical Equipment: 0.64%
General Cable Corporation 144A		5.75			10-1-2022		4,000,000		3,830,000
Road & Rail: 0.34%
Hertz Corporation		6.25			10-15-2022		2,000,000		2,065,000

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Diversified Capital Builder Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 0.33%
Communications Equipment: 0.33%
SBA Communications Corporation		5.63	%		10-1-2019	$	2,000,000	$	1,965,000
Materials: 3.67%
Chemicals: 3.41%
Kraton Polymers LLC		6.75			3-1-2019		2,770,000		2,853,100
Olin Corporation		5.50			8-15-2022		2,000,000		1,990,000
Tronox Finance LLC «		6.38			8-15-2020		15,863,000		15,704,370
									20,547,470
Containers & Packaging: 0.26%
Sealed Air Corporation 144A		6.50			12-1-2020		1,500,000		1,571,250
Utilities: 2.64%
Independent Power Producers & Energy Traders: 2.64%
NRG Energy Incorporated		6.63			3-15-2023		500,000		490,000
NRG Energy Incorporated		7.88			5-15-2021		14,418,000		15,427,260
									15,917,260
Total Corporate Bonds and Notes (Cost $82,475,908)									84,093,810
Yankee Corporate Bonds and Notes: 0.79%
Industrials: 0.31%
Electrical Equipment: 0.31%
Sensata Technologies Holdings NV 144A		4.88			10-15-2023		2,000,000		1,860,000
Information Technology: 0.48%
Computers & Peripherals: 0.48%
Seagate Technology HDD Holdings 144A		4.75			6-1-2023		3,000,000		2,887,500
Total Yankee Corporate Bonds and Notes (Cost $5,000,000)									4,747,500
	Yield					Shares
Short-Term Investments: 2.05%
Investment Companies: 2.05%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08					658,370		658,370
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.12					11,694,225		11,694,225
Total Short-Term Investments (Cost $12,352,595)									12,352,595

Total investments in securities (Cost $529,503,856) *	101.58	%		611,917,398
Other assets and liabilities, net	(1.58	)		(9,496,540	)
Total net assets	100.00	%	$	602,420,858

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

14 Wells Fargo Advantage Diversified Capital Builder Fund Portfolio of investments—September 30, 2013

† Non-income-earning security

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

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $529,630,908 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	87,752,749
Gross unrealized depreciation		(5,466,259	)
Net unrealized appreciation	$	82,286,490

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

Statement of assets and liabilities—September 30, 2013 Wells Fargo Advantage Diversified Capital Builder Fund 15

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	599,564,803
In affiliated securities, at value (see cost below)		12,352,595
Total investments, at value (see cost below)		611,917,398
Receivable for investments sold		5,697,463
Receivable for Fund shares sold		407,604
Receivable for dividends and interest		2,581,492
Receivable for securities lending income		2,601
Prepaid expenses and other assets		129,698
Total assets		620,736,256
Liabilities
Payable for investments purchased		4,350,365
Payable for Fund shares redeemed		1,505,652
Payable upon receipt of securities loaned		11,694,225
Advisory fee payable		285,928
Distribution fees payable		28,641
Due to other related parties		130,896
Accrued expenses and other liabilities		319,691
Total liabilities		18,315,398
Total net assets	$	602,420,858
NET ASSETS CONSIST OF
Paid-in capital	$	624,951,563
Overdistributed net investment income		(149,368	)
Accumulated net realized losses on investments		(104,794,879	)
Net unrealized gains on investments		82,413,542
Total net assets	$	602,420,858
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	399,535,008
Shares outstanding – Class A		50,627,875
Net asset value per share – Class A		$7.89
Maximum offering price per share – Class A2		$8.37
Net assets – Class B	$	6,501,799
Shares outstanding – Class B		818,108
Net asset value per share – Class B		$7.95
Net assets – Class C	$	39,758,333
Shares outstanding – Class C		5,033,219
Net asset value per share – Class C		$7.90
Net assets – Administrator Class	$	6,835,812
Shares outstanding – Administrator Class		865,585
Net asset value per share – Administrator Class		$7.90
Net assets – Institutional Class	$	149,789,906
Shares outstanding – Institutional Class		19,079,449
Net asset value per share – Institutional Class		$7.85
Investments in unaffiliated securities (including securities on loan), at cost	$	517,151,261
Investments in affiliated securities, at cost	$	12,352,595
Total investments, at cost	$	529,503,856
Securities on loan, at value	$	11,387,848

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

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

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

16 Wells Fargo Advantage Diversified Capital Builder Fund Statement of operations—year ended September 30, 2013

Investment income
Dividends*	$	10,972,534
Interest		6,142,712
Securities lending income, net		123,924
Income from affiliated securities		3,859
Total investment income		17,243,029
Expenses
Advisory fee		3,564,949
Administration fees
Fund level		301,359
Class A		1,036,397
Class B		19,052
Class C		100,720
Administrator Class		4,564
Institutional Class		122,779
Shareholder servicing fees
Class A		996,536
Class B		18,319
Class C		96,846
Administrator Class		10,911
Distribution fees
Class B		54,957
Class C		290,537
Custody and accounting fees		37,549
Professional fees		38,226
Registration fees		76,986
Shareholder report expenses		117,180
Trustees’ fees and expenses		28,981
Other fees and expenses		19,607
Total expenses		6,936,455
Less: Fee waivers and/or expense reimbursements		(30,652	)
Net expenses		6,905,803
Net investment income		10,337,226
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		56,902,141
Net change in unrealized gains (losses) on investments		20,604,806
Net realized and unrealized gains (losses) on investments		77,506,947
Net increase in net assets resulting from operations	$	87,844,173
* Net of foreign dividend withholding taxes in the amount of		$158,483

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

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

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment income				$	10,337,226					$	12,792,095
Net realized gains on investments					56,902,141						1,847,313
Net change in unrealized gains (losses) on investments					20,604,806						107,273,060
Net increase in net assets resulting from operations					87,844,173						121,912,468
Distributions to shareholders from
Net investment income
Class A					(6,474,175	)					(9,155,364	)
Class B					(62,222	)					(140,588	)
Class C					(338,328	)					(616,162	)
Administrator Class					(87,817	)					(85,183	)
Institutional Class					(3,162,236	)					(2,481,022	)
Total distributions to shareholders					(10,124,778	)					(12,478,319	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		988,049			7,459,210			967,861			6,341,488
Class B		13,623			102,631			13,355			90,803
Class C		456,565			3,573,365			158,646			1,044,354
Administrator Class		680,652			5,251,900			223,692			1,482,830
Institutional Class		5,136,491			37,970,601			10,767,646			70,503,856
					54,357,707						79,463,331
Reinvestment of distributions
Class A		817,169			6,011,822			1,280,204			8,389,533
Class B		7,691			55,750			18,911			124,285
Class C		42,113			305,059			83,490			546,693
Administrator Class		7,966			59,321			8,942			58,365
Institutional Class		411,012			3,018,578			335,071			2,210,363
					9,450,530						11,329,239
Payment for shares redeemed
Class A		(7,524,370	)		(56,004,245	)		(10,372,192	)		(68,163,755	)
Class B		(360,469	)		(2,709,323	)		(696,145	)		(4,582,544	)
Class C		(981,014	)		(7,336,338	)		(1,027,752	)		(6,766,469	)
Administrator Class		(257,295	)		(1,947,957	)		(440,178	)		(2,856,064	)
Institutional Class		(7,089,654	)		(53,439,056	)		(3,140,837	)		(20,912,953	)
					(121,436,919	)					(103,281,785	)
Net decrease in net assets resulting from capital share transactions					(57,628,682	)					(12,489,215	)
Total increase in net assets					20,090,713						96,944,934
Net assets
Beginning of period					582,330,145						485,385,211
End of period				$	602,420,858					$	582,330,145
Undistributed (overdistributed) net investment income				$	(149,368	)				$	479,907

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

18 Wells Fargo Advantage Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

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

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

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

3. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Diversified Capital Builder Fund 19

(For a share outstanding throughout each period)

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

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

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended March 31
CLASS C	2013			2012			2011			20101,2			20101			20091
Net asset value, beginning of period	$	6.94		$	5.66		$	6.02		$	6.03		$	4.18		$	8.29
Net investment income		0.07			0.10			0.05			0.05			0.02			0.06
Net realized and unrealized gains (losses) on investments		0.96			1.29			(0.35	)		(0.01	)		1.85			(3.34	)
Total from investment operations		1.03			1.39			(0.30	)		0.04			1.87			(3.28	)
Distributions to shareholders from
Net investment income		(0.07	)		(0.11	)		(0.06	)		(0.05	)		(0.02	)		(0.08	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.75	)
Total distributions to shareholders		(0.07	)		(0.11	)		(0.06	)		(0.05	)		(0.02	)		(0.83	)
Net asset value, end of period	$	7.90		$	6.94		$	5.66		$	6.02		$	6.03		$	4.18
Total return3		14.86	%		24.63	%		(5.14	)%		0.67	%		44.70	%		(39.13	)%
Ratios to average net assets (annualized)
Gross expenses		1.95	%		1.96	%		1.96	%		1.92	%		1.88	%		1.82	%
Net expenses		1.95	%		1.95	%		1.95	%		1.90	%		1.88	%		1.80	%
Net investment income		0.91	%		1.65	%		0.79	%		1.72	%		0.32	%		1.01	%
Supplemental data
Portfolio turnover rate		70	%		79	%		56	%		31	%		63	%		60	%
Net assets, end of period (000s omitted)		$39,758			$38,279			$35,665			$40,197			$43,558			$33,077

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

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

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

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

Financial highlights Wells Fargo Advantage Diversified Capital Builder Fund 21

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

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

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

22 Wells Fargo Advantage Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

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

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

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

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

Notes to financial statements Wells Fargo Advantage Diversified Capital Builder Fund 23

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

Short-term securities, with maturities of 60 days or less at the time of the 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 companies are generally fair valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market information to assess the continued appropriateness of the fair valuation methodology used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on the exchange or by an independent pricing service. Valuations received from an independent pricing service or broker quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

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

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.

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

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

Distributions to shareholders

Distributions to shareholders from net investment income 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.

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to dividends from certain securities

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

and recognition of partnership income. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Overdistributed net investment income	Accumulated net realized losses on investments
$(90,101)	$(841,723)	$931,824

As of September 30, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains, in the amount of $104,667,825 with $73,717,301 expiring in 2017 and $30,950,524 expiring in 2018.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the 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 September 30, 2013, 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	$	510,723,493	$	0	$	0	$	510,723,493
Corporate bonds and notes		0		84,093,810		0		84,093,810
Yankee corporate bonds and notes		0		4,747,500		0		4,747,500
Short-term investments
Investment companies		658,370		11,694,225		0		12,352,595
	$	511,381,863	$	100,535,535	$	0	$	611,917,398

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.60% and declining to 0.45% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory fee was equivalent to an annual rate of 0.59% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, 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		0.26	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class B shares, 1.95% for Class C shares, 0.95% for Administrator Class shares and 0.78% for Institutional Class shares.

Distribution fees

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

For the year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $13,686 from the sale of Class A shares and $1,560 and $62 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 year ended September 30, 2013 were $415,905,194 and $473,537,245, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the

Notes to financial statements Wells Fargo Advantage Diversified Capital Builder Fund 27

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 year ended September 30, 2013, the Fund paid $993 in commitment fees.

For the year ended September 30, 2013, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $10,124,778 and $12,478,319 of ordinary income for the years ended September 30, 2013 and September 30, 2012, respectively.

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Unrealized gains	Capital loss carryforward
$82,286,488	$(104,667,825)

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

28 Wells Fargo Advantage Diversified Capital Builder Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Diversified Capital Builder Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, each of the periods within the period from April 1, 2010 through September 30, 2010 and each of the years in the two-year period ended March 31, 2010. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013 by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Diversified Capital Builder Fund as of September 30, 2013, the results of its operations for the year then ended, changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

Other information (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 29

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 63.95% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2013.

Pursuant to Section 854 of the Internal Revenue Code, $6,277,092 of income dividends paid during the fiscal year ended September 30, 2013 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2013 $3,794,586 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

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

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

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

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

32 Wells Fargo Advantage Diversified Capital Builder Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219790 11-13 A225/AR225 09-13

Wells Fargo Advantage

Diversified Income Builder Fund

Annual Report

September 30, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Report of independent registered public accounting firm	28
Other information	29
List of abbreviations	32

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The past 12 months were marked by a modestly growing U.S. economy and accommodative monetary policy. Despite periods of political uncertainty, both equity and high-yield asset classes generated positive returns.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Diversified Income Builder Fund for the 12-month period that ended September 30, 2013. The past 12 months were marked by a modestly growing U.S. economy and accommodative monetary policy. Despite periods of political uncertainty, both equity and high-yield asset classes generated positive returns.

Economic growth advanced, helped by accommodative monetary policy but hurt by political uncertainties.

The U.S. economy grew modestly during the past year. Broadly speaking, the U.S. saw gains in business investment and housing alongside some drag from government spending. Employment trended in the right direction, with the unemployment rate declining, though still above satisfactory levels. Globally, the eurozone ended its recession toward the end of the period. Emerging markets growth was mixed, but China’s growth appeared to stabilize.

The Federal Open Market Committee (FOMC) employed accommodative monetary policies throughout the period. By the end of September 2013, the federal funds rate remained near zero and the quantitative easing program continued at the rate of $85 billion per month. Despite efforts to communicate its policies and make clear that changes to policy would be dependent on economic data, market participants were confused by potential timetables for the FOMC to reduce, or taper, its quantitative easing program. In anticipation of a less accommodative policy due to a taper of the bond-purchasing program, longer-term interest rates began increasing in May 2013 and continued to do so through mid-September 2013. When the FOMC ultimately did not taper at its mid-September 2013 meeting, interest rates declined.

Political uncertainty was a constant. U.S. presidential elections in November 2012, the debate over the fiscal cliff and tax rates at year-end 2012, and speculation about the effects of sequestration at the end of February 2013 weighed on business leaders and investors. At the close of the period, Congress had not reconciled its differences and had not passed a spending bill that would fund the federal government past the September 30 fiscal year-end, which in turn created uncertainty about a potential government shutdown.

Equities and high-yield bonds turned in positive returns.

Despite uncertainties, investor confidence grew during the period as economic concerns lessened. Most equity and high-yield bond asset classes advanced. For example, the S&P 500 Index¹ returned 19.34% and the Russell 1000^® Index² returned 20.91% for the 12-month period that ended September 30, 2013. For the same period, the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index³ returned 7.03%. On the other hand, U.S. Treasury bonds had negative returns as interest rates rose.

A main theme driving bond markets was interest rates moving higher in anticipation of a less accommodative FOMC. Credit quality and default trends, meanwhile, remained favorable. As a result, lower-rated bonds did better than higher-rated bonds

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

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

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

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

during the period, benefiting from their higher yields and some modest capital appreciation. Most high-yield bonds posted mid- to high-single-digit total returns, while distressed, speculative-grade bonds returned low-double-digit returns. In contrast, virtually all investment-grade and U.S. Treasury bonds had price declines that largely exceeded coupon income.

U.S. equities produced strong returns. Lingering uncertainties about the pace of growth, however, prompted investors to prefer stocks in companies with relatively predictable business models. In the S&P 500 Index, for example, health care and consumer discretionary stocks strongly outperformed for the 12-month period, but information technology stocks lagged. Interest-rate-sensitive sectors, such as financials and particularly the real estate investment trusts within the financials sector, as well as several slow-growing but high-yielding stocks primarily in the energy industry, began to underperform as interest rates rose in the second half of the period.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 110 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may

unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.

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

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret Patel

Average annual total returns¹ (%) as of September 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKSAX)	4-14-1987		0.19		7.86		4.08		6.37		9.14		4.70		1.14		1.08
Class B (EKSBX)*	2-1-1993		0.57		8.02		4.17		5.57		8.31		4.17		1.89		1.83
Class C (EKSCX)	2-1-1993		4.58		8.32		3.93		5.58		8.32		3.93		1.89		1.83
Administrator Class (EKSDX)	7-30-2010		–		–		–		6.43		9.29		4.78		0.98		0.90
Institutional Class (DKSYX)	1-13-1997		–		–		–		6.83		9.50		4.98		0.71		0.71
Diversified Income Builder Blended Index4	–		–		–		–		10.41		12.70		8.57		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index5	–		–		–		–		7.03		13.22		8.63		–		–
Russell 1000® Index6	–		–		–		–		20.91		10.53		7.98		–		–

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

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

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

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

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk and high-yield securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 5

Growth of $10,000 investment⁷ as of September 30, 2013

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

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

3. The Adviser has committed through January 31, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. Source: Wells Fargo Funds Management, LLC. The Diversified Income Builder Blended Index is composed of the following indexes: Russell 1000^® Index (25%) and BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index (75%). You cannot invest directly in an index.

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

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

7. The chart compares the performance of Class A shares for the most recent ten years with the Diversified Income Builder Blended Index, BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index and the Russell 1000 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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

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

10. The ratings indicated are from Standard & Poor’s. Credit quality ratings apply to the underlying holdings of the Fund and not the Fund itself. Standard & Poor’s rates the creditworthiness of bonds on a scale of AAA (highest) to D (lowest). We generally define higher-quality (investment grade) bonds as bonds having a rating above BBB/Baa and lower-quality bonds as bonds having a rating below BBB/Baa.

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

MANAGER’S DISCUSSION

Fund highlights

n The Fund underperformed its benchmarks, the Diversified Income Builder Blended Index, BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index, and Russell 1000 Index for the 12-month period that ended September 30, 2013.

n Our preference for higher-quality high-yield bonds slightly restrained performance because lower-rated, higher-yielding bonds outperformed.

n Also contributing to underperformance of the Fund compared with its benchmarks, especially in the final quarter of the fiscal year, was an overweight in common stocks in interest-rate-sensitive sectors, such as the financials sector and particularly in the Fund’s investments in real estate investment trusts (REITS) within the financials sector, as well as several high-yielding stocks primarily in the energy industry. These issues underperformed as longer-term Treasury interest rates spiked higher in the second half of the period.

Economically sensitive stocks and high-yield bonds added value early in the period, while interest-rate-sensitive issues subtracted value late in the period.

Our strategy of emphasizing stocks and bonds of companies that are more sensitive to improving economic conditions in the U.S. helped the Fund’s relative returns for the first three quarters of the fiscal year. However, in May 2013, the U.S. Federal Reserve (Fed) announced intentions to taper its monthly purchases of government and mortgage securities as early as fall 2013, and longer-term interest rates rose. Many common stocks with high dividend yields that had made them relatively attractive to bond yields declined in price as U.S. Treasury rates rose sharply higher. Although the Fed has since indicated that tapering may well be postponed until late 2013 or sometime in 2014, many of these interest-rate-sensitive common stocks have not recovered to their highs of late spring.

Ten largest holdings8 (%) as of September 30, 2013
Iron Mountain Incorporated, 5.75%, 8-15-2024	4.85
Seagate Technology HDD Holdings, 4.75%, 6-1-2023	4.70
Tronox Finance LLC, 6.38%, 8-15-2020	4.35
NRG Energy Incorporated, 7.88%, 5-15-2021	4.21
Kraton Polymers LLC, 6.75%, 3-1-2019	4.19
Hornbeck Offshore Services Incorporated, 5.88%, 4-1-2020	3.29
Dycom Investments Incorporated, 7.13%, 1-15-2021	3.08
Hertz Corporation, 6.25%, 10-15-2022	2.94
General Cable Corporation, 5.75%, 10-1-2022	2.63
Valeant Pharmaceuticals International Incorporated, 7.25%, 7-15-2022	2.60

Within the Fund’s stock portfolio, several holdings in the financials sector, primarily REITs, were major detractors, including Health Care REIT Incorporated, and HCP Incorporated. Meanwhile, energy companies Kinder Morgan Incorporated, and The Williams Companies Incorporated, underperformed due to their negative sensitivity to rising interest rates in the last few months of the fiscal year. Within the industrials sector, a number of companies contributed to positive relative returns: Flowserve Corporation; Pall Corporation; Roper Industries Incorporated; Lennox International Incorporated; and IDEX Corporation. In the technology sector, FEI Company contributed to performance relative to the benchmark. Among materials companies, LyondellBasell Industries NV contributed to performance relative to the benchmark.

Please see footnotes on page 5.

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

Portfolio allocation⁹ as of September 30, 2013

Specific to the Fund’s fixed-income portfolio, we reallocated the mix of bonds rated BB and B¹⁰ during the course of the fiscal year. We reduced our exposure to BB rated issues to 35% from 48% at the beginning of the fiscal year. We increased the concentration in bonds rated B to 58% from 45% at the beginning of the fiscal year. With the economic outlook improving, we felt that B rated bonds had the prospect of providing relatively better total return. We focused our holdings in high-yield bonds of U.S.-based companies that we judged to have competitive business positions and flexible balance sheets that would be able to withstand a slowdown in their sales and profits or diminished access to credit should liquidity provided by financial lenders become reduced. We believed that with fixed-income yields near

their historical lows in the first part of the fiscal year, the small amount of yield forgone by positioning the Fund in better-quality high-yield securities was modest, especially when compared with the relative risk of capital losses should the high-yield market suffer a significant correction. We maintained the larger bond positions in Valeant Pharmaceuticals International Incorporated, NRG Energy Incorporated, Tronox Finance LLC, and Seagate Technology HDD Holdings because we regard them as stable to improving credits.

Our outlook is one of cautious optimism.

While the pace of economic growth is low compared with previous recoveries after recessions, we believe the intrinsic dynamism, creativity, and basic strengths of the U.S. economy should provide opportunities in both the stock market as well as the high-yield bond market over the next year. The housing and auto sectors are on multiyear upswings. The expansion of exploration and development of shale gas and petroleum liquids at relatively low costs compared with imported or conventionally extracted oil and gas in the U.S. has provided a boon to both businesses and consumers, improving the competitive cost of our companies and offering some cost relief to consumers for utility and fuel costs. Thus, we will continue to concentrate our equity holdings in companies with proprietary technology, pharmaceutical companies developing new drugs, and sectors of the economy able to grow their revenues from developing U.S. natural resources.

In our view, the high-yield bond market has relatively attractive fundamentals—improving business prospects, lower cost of issuing bonds, a liquid and diverse universe of new issuers, and low levels of estimated bond defaults (around 2% annually). However, we are cautious about the potential foe of high-yield interest rates rising. We believe that the significant increase in interest rates since May 2013 accounts for much of the effect that the Fed’s upcoming reduction of assets purchases should have. Therefore, future shocks from increases in Treasury rates may not be as sharp as they were in May 2013 through August 2013. In this regard, we believe that high-yield bonds should continue to offer high enough income to compensate for credit risks compared with Treasuries and may provide relatively lower price volatility than other sectors of the equity and corporate bond markets.

Please see footnotes on page 5.

8 Wells Fargo Advantage Diversified Income Builder Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2013 to September 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	991.14	$	5.39		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Class B
Actual	$	1,000.00	$	987.51	$	9.12		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Class C
Actual	$	1,000.00	$	987.46	$	9.12		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Administrator Class
Actual	$	1,000.00	$	991.50	$	4.49		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Institutional Class
Actual	$	1,000.00	$	992.48	$	3.50		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55		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—September 30, 2013 Wells Fargo Advantage Diversified Income Builder Fund 9

Security name	Shares		Value
Common Stocks: 26.19%
Consumer Discretionary: 2.88%
Auto Components: 0.17%
Johnson Controls Incorporated		15,000	$	622,500
Distributors: 1.10%
Genuine Parts Company		50,000		4,044,500
Household Durables: 0.33%
Jarden Corporation †		25,000		1,210,000
Media: 1.28%
Comcast Corporation Class A		30,000		1,354,500
DISH Network Corporation		75,000		3,375,750
				4,730,250
Consumer Staples: 2.61%
Food & Staples Retailing: 0.38%
CVS Caremark Corporation		25,000		1,418,750
Food Products: 0.64%
Kraft Foods Group Incorporated		45,000		2,359,800
Household Products: 1.08%
Church & Dwight Company Incorporated		25,000		1,501,250
Colgate-Palmolive Company		10,000		593,000
Kimberly-Clark Corporation		20,000		1,884,400
				3,978,650
Personal Products: 0.51%
Estee Lauder Companies Incorporated Class A		27,000		1,887,300
Energy: 2.14%
Energy Equipment & Services: 0.42%
Dresser-Rand Group Incorporated †		25,000		1,560,000
Oil, Gas & Consumable Fuels: 1.72%
ConocoPhillips Company		5,000		347,550
Marathon Petroleum Corporation		30,000		1,929,600
Phillips 66		70,000		4,047,400
				6,324,550
Financials: 7.41%
Commercial Banks: 2.54%
Branch Banking & Trust Corporation		85,000		2,868,750
PNC Financial Services Group Incorporated		67,000		4,854,150
US Bancorp		45,000		1,646,100
				9,369,000

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

10 Wells Fargo Advantage Diversified Income Builder Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
REITs: 4.87%
HCP Incorporated		75,000	$	3,071,250
Health Care REIT Incorporated		145,000		9,045,100
Plum Creek Timber Company		105,000		4,917,150
Ventas Incorporated		15,000		922,500
				17,956,000
Health Care: 2.10%
Biotechnology: 0.65%
Celgene Corporation †		4,000		615,720
Medivation Incorporated †		30,000		1,798,200
				2,413,920
Health Care Equipment & Supplies: 0.15%
CareFusion Corporation †		15,000		553,500
Pharmaceuticals: 1.30%
AbbVie Incorporated		30,000		1,341,900
Actavis Incorporated †		5,000		720,000
Allergan Incorporated		30,000		2,713,500
				4,775,400
Industrials: 4.05%
Aerospace & Defense: 1.19%
Lockheed Martin Corporation		25,000		3,188,750
Precision Castparts Corporation		3,000		681,720
United Technologies Corporation		5,000		539,100
				4,409,570
Building Products: 0.49%
Apogee Enterprises Incorporated		10,000		296,800
Lennox International Incorporated		20,000		1,505,200
				1,802,000
Construction & Engineering: 0.28%
Chicago Bridge & Iron Company NV		15,000		1,016,550
Electrical Equipment: 0.79%
Roper Industries Incorporated		22,000		2,923,140
Machinery: 0.64%
Flowserve Corporation		15,000		935,850
IDEX Corporation		10,000		652,500
Pall Corporation		10,000		770,400
				2,358,750
Road & Rail: 0.66%
Hertz Global Holdings Incorporated †		110,000		2,437,600

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Diversified Income Builder Fund 11

Security name						Shares		Value
Information Technology: 2.65%
Electronic Equipment, Instruments & Components: 1.77%
Amphenol Corporation Class A							22,000	$	1,702,360
FEI Company							55,000		4,829,000
									6,531,360
IT Services: 0.88%
Automatic Data Processing Incorporated							45,000		3,257,100
Materials: 2.35%
Chemicals: 2.35%
LyondellBasell Industries NV Class A							80,000		5,858,400
PPG Industries Incorporated							10,000		1,670,600
Valspar Corporation							10,000		634,300
Westlake Chemical Corporation							5,000		523,300
									8,686,600
Total Common Stocks (Cost $84,621,195)									96,626,790
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 66.42%
Consumer Discretionary: 5.05%
Auto Components: 1.01%
Lear Corporation 144A		4.75	%		1-15-2023	$	4,000,000		3,710,000
Media: 2.05%
DISH DBS Corporation		5.00			3-15-2023		8,160,000		7,568,400
Specialty Retail: 1.99%
Penske Auto Group Incorporated		5.75			10-1-2022		7,511,000		7,360,780
Consumer Staples: 0.64%
Food Products: 0.64%
Post Holdings Incorporated 144A		7.38			2-15-2022		250,000		262,813
Post Holdings Incorporated		7.38			2-15-2022		2,000,000		2,102,500
									2,365,313
Energy: 12.23%
Energy Equipment & Services: 7.61%
Atwood Oceanics Incorporated		6.50			2-1-2020		2,500,000		2,618,750
Bristow Group Incorporated		6.25			10-15-2022		2,000,000		2,080,000
Dresser-Rand Group Incorporated		6.50			5-1-2021		3,485,000		3,694,100
Hornbeck Offshore Services Incorporated		5.88			4-1-2020		12,000,000		12,120,000
Nuverra Environmental Solutions Incorporated		9.88			4-15-2018		7,450,000		7,561,750
									28,074,600

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

12 Wells Fargo Advantage Diversified Income Builder Fund Portfolio of investments—September 30, 2013

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels: 4.62%
Atlas Pipeline Partners LP 144A		5.88	%		8-1-2023	$	7,000,000	$	6,580,000
CONSOL Energy Incorporated		8.25			4-1-2020		1,775,000		1,903,688
Denbury Resources Incorporated		4.63			7-15-2023		3,000,000		2,745,000
Regency Energy Partners LP 144A		4.50			11-1-2023		1,000,000		905,000
Sabine Pass Liquefaction LLC 144A		5.63			2-1-2021		5,000,000		4,893,750
									17,027,438
Financials: 0.39%
REITs: 0.39%
Sabra Health Care Incorporated		5.38			6-1-2023		1,500,000		1,432,500
Health Care: 9.20%
Health Care Equipment & Supplies: 2.67%
Fresenius Medical Care Holdings Incorporated 144A		5.63			7-31-2019		1,000,000		1,042,500
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		3,000,000		3,075,000
Hologic Incorporated		6.25			8-1-2020		5,500,000		5,726,875
									9,844,375
Pharmaceuticals: 6.53%
Endo Pharmaceuticals Holdings Incorporated		7.00			12-15-2020		7,440,000		7,626,000
Valeant Pharmaceuticals International Incorporated 144A		7.00			10-1-2020		6,500,000		6,890,000
Valeant Pharmaceuticals International Incorporated 144A		7.25			7-15-2022		9,000,000		9,585,000
									24,101,000
Industrials: 15.26%
Commercial Services & Supplies: 5.37%
Clean Harbors Incorporated		5.13			6-1-2021		2,000,000		1,932,500
Iron Mountain Incorporated		5.75			8-15-2024		19,880,000		17,892,000
									19,824,500
Construction & Engineering: 3.08%
Dycom Investments Incorporated		7.13			1-15-2021		10,845,000		11,360,138
Electrical Equipment: 3.55%
Belden Incorporated 144A		5.50			9-1-2022		3,500,000		3,377,500
General Cable Corporation 144A		5.75			10-1-2022		10,150,000		9,718,625
									13,096,125
Machinery: 0.32%
Actuant Corporation		5.63			6-15-2022		1,165,000		1,165,000
Road & Rail: 2.94%
Hertz Corporation		6.25			10-15-2022		10,500,000		10,841,250
Information Technology: 1.30%
IT Services: 1.30%
Neustar Incorporated		4.50			1-15-2023		5,350,000		4,801,625

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Diversified Income Builder Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Materials: 14.87%
Chemicals: 5.89%
Huntsman International LLC		4.88	%		11-15-2020	$	1,100,000	$	1,042,250
Kraton Polymers LLC		6.75			3-1-2019		15,000,000		15,450,000
Olin Corporation		5.50			8-15-2022		5,250,000		5,223,750
									21,716,000
Containers & Packaging: 4.15%
Ball Corporation		5.00			3-15-2022		3,400,000		3,298,000
Greif Incorporated		7.75			8-1-2019		2,778,000		3,139,140
Sealed Air Corporation 144A		5.25			4-1-2023		3,650,000		3,458,375
Sealed Air Corporation 144A		6.50			12-1-2020		3,000,000		3,142,500
Sealed Air Corporation 144A		8.38			9-15-2021		2,000,000		2,265,000
									15,303,015
Metals & Mining: 4.83%
Commercial Metals Company		4.88			5-15-2023		2,000,000		1,800,000
Tronox Finance LLC «		6.38			8-15-2020		16,200,000		16,038,000
									17,838,000
Telecommunication Services: 1.96%
Wireless Telecommunication Services: 1.96%
SBA Communications Corporation		5.63			10-1-2019		3,300,000		3,242,250
SBA Telecommunications Incorporated		5.75			7-15-2020		2,000,000		1,985,000
SBA Telecommunications Incorporated		8.25			8-15-2019		1,836,000		1,982,878
									7,210,128
Utilities: 5.52%
Independent Power Producers & Energy Traders: 5.52%
AES Corporation		4.88			5-15-2023		1,000,000		935,000
AES Corporation		8.00			6-1-2020		2,550,000		2,907,000
NRG Energy Incorporated		6.63			3-15-2023		1,000,000		980,000
NRG Energy Incorporated		7.88			5-15-2021		14,500,000		15,515,000
									20,337,000
Total Corporate Bonds and Notes (Cost $247,222,956)									244,977,187
Yankee Corporate Bonds and Notes: 6.06%
Energy: 0.86%
Energy Equipment & Services: 0.86%
Precision Drilling Corporation		6.63			11-15-2020		3,000,000		3,172,500
Industrials: 0.50%
Electrical Equipment: 0.50%
Sensata Technologies Holdings NV 144A		4.88			10-15-2023		2,000,000		1,860,000

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

14 Wells Fargo Advantage Diversified Income Builder Fund Portfolio of investments—September 30, 2013

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 4.70%
Computers & Peripherals: 4.70%
Seagate Technology HDD Holdings 144A		4.75	%		6-1-2023	$	18,000,000	$	17,325,000
Total Yankee Corporate Bonds and Notes (Cost $22,847,677)									22,357,500
	Yield					Shares
Short-Term Investments: 4.76%
Investment Companies: 4.76%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08					1,772,441		1,772,441
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.12					15,774,750		15,774,750
Total Short-Term Investments (Cost $17,547,191)									17,547,191

Total investments in securities (Cost $372,239,019) *	103.43	%		381,508,668
Other assets and liabilities, net	(3.43	)		(12,667,854	)
Total net assets	100.00	%	$	368,840,814

† Non-income-earning security

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

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $372,430,434 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	17,874,161
Gross unrealized depreciation		(8,795,927	)
Net unrealized appreciation	$	9,078,234

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

Statement of assets and liabilities—September 30, 2013 Wells Fargo Advantage Diversified Income Builder Fund 15

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	363,961,477
In affiliated securities, at value (see cost below)		17,547,191
Total investments, at value (see cost below)		381,508,668
Receivable for Fund shares sold		446,629
Receivable for dividends and interest		4,808,872
Receivable for securities lending income		1,616
Prepaid expenses and other assets		45,352
Total assets		386,811,137
Liabilities
Dividends payable		151,581
Payable for investments purchased		564,741
Payable for Fund shares redeemed		1,029,827
Payable upon receipt of securities loaned		15,774,750
Advisory fee payable		138,179
Distribution fees payable		72,118
Due to other related parties		81,545
Accrued expenses and other liabilities		157,582
Total liabilities		17,970,323
Total net assets	$	368,840,814
NET ASSETS CONSIST OF
Paid-in capital	$	351,698,605
Overdistributed net investment income		(169,683	)
Accumulated net realized gains on investments		8,042,243
Net unrealized gains on investments		9,269,649
Total net assets	$	368,840,814
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	159,228,534
Shares outstanding – Class A		25,990,681
Net asset value per share – Class A		$6.13
Maximum offering price per share – Class A2		$6.50
Net assets – Class B	$	4,557,178
Shares outstanding – Class B		741,105
Net asset value per share – Class B		$6.15
Net assets – Class C	$	112,112,998
Shares outstanding – Class C		18,265,923
Net asset value per share – Class C		$6.14
Net assets – Administrator Class	$	43,134,828
Shares outstanding – Administrator Class		7,171,648
Net asset value per share – Administrator Class		$6.01
Net assets – Institutional Class	$	49,807,276
Shares outstanding – Institutional Class		8,288,990
Net asset value per share – Institutional Class		$6.01
Investments in unaffiliated securities (including securities on loan), at cost	$	354,691,828
Investments in affiliated securities, at cost	$	17,547,191
Total investments, at cost	$	372,239,019
Securities on loan, at value	$	15,361,467

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

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

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

16 Wells Fargo Advantage Diversified Income Builder Fund Statement of operations—year ended September 30, 2013

Investment income
Interest	$	16,616,444
Dividends*		2,748,072
Securities lending income, net		50,684
Income from affiliated securities		5,675
Total investment income		19,420,875
Expenses
Advisory fee		1,898,547
Administration fees
Fund level		189,855
Class A		409,243
Class B		14,477
Class C		306,814
Administrator Class		43,061
Institutional Class		44,539
Shareholder servicing fees
Class A		393,503
Class B		13,920
Class C		295,013
Administrator Class		104,262
Distribution fees
Class B		41,761
Class C		885,040
Custody and accounting fees		25,817
Professional fees		53,259
Registration fees		69,759
Shareholder report expenses		67,627
Trustees’ fees and expenses		11,487
Other fees and expenses		14,965
Total expenses		4,882,949
Less: Fee waivers and/or expense reimbursements		(147,704	)
Net expenses		4,735,245
Net investment income		14,685,630
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		20,532,038
Net change in unrealized gains (losses) on investments		(13,113,077	)
Net realized and unrealized gains (losses) on investments		7,418,961
Net increase in net assets resulting from operations	$	22,104,591
* Net of foreign dividend withholding taxes in the amount of		$49,530

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

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

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment income				$	14,685,630					$	17,097,543
Net realized gains on investments					20,532,038						3,048,913
Net change in unrealized gains (losses) on investments					(13,113,077	)					44,168,787
Net increase in net assets resulting from operations					22,104,591						64,315,243
Distributions to shareholders from
Net investment income
Class A					(6,352,476	)					(6,999,759	)
Class B					(183,448	)					(305,655	)
Class C					(3,882,646	)					(4,671,240	)
Administrator Class					(1,819,347	)					(2,095,742	)
Institutional Class					(2,466,358	)					(3,227,498	)
Total distributions to shareholders					(14,704,275	)					(17,299,894	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		7,909,737			49,088,272			4,241,303			24,247,397
Class B		80,750			496,165			196,898			1,139,265
Class C		3,385,432			21,001,892			3,667,427			21,047,481
Administrator Class		5,802,892			35,213,664			5,544,055			31,385,314
Institutional Class		455,070			2,775,145			754,146			4,235,129
					108,575,138						82,054,586
Reinvestment of distributions
Class A		913,899			5,646,871			1,012,977			5,831,437
Class B		25,530			158,223			40,365			232,947
Class C		488,560			3,024,505			576,008			3,323,591
Administrator Class		237,824			1,442,937			133,593			759,440
Institutional Class		403,088			2,442,105			565,388			3,188,701
					12,714,641						13,336,116
Payment for shares redeemed
Class A		(7,031,351	)		(43,407,278	)		(6,605,930	)		(37,693,570	)
Class B		(436,215	)		(2,703,309	)		(676,589	)		(3,865,738	)
Class C		(4,725,962	)		(29,239,530	)		(4,325,239	)		(24,883,423	)
Administrator Class		(4,935,159	)		(30,055,468	)		(6,422,019	)		(36,846,758	)
Institutional Class		(2,602,628	)		(15,702,395	)		(3,120,151	)		(17,493,988	)
					(121,107,980	)					(120,783,477	)
Net increase (decrease) in net assets resulting from capital share transactions					181,799						(25,392,775	)
Total increase in net assets					7,582,115						21,622,574
Net assets
Beginning of period					361,258,699						339,636,125
End of period				$	368,840,814					$	361,258,699
Overdistributed net investment income				$	(169,683	)				$	(193,848	)

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

18 Wells Fargo Advantage Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

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

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

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

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

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

Financial highlights Wells Fargo Advantage Diversified Income Builder Fund 19

(For a share outstanding throughout each period)

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

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

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

3. Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

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

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

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

3. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Diversified Income Builder Fund 21

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

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

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

22 Wells Fargo Advantage Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

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

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

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

3. Calculated based upon average shares outstanding

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

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

Notes to financial statements Wells Fargo Advantage Diversified Income Builder Fund 23

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market information to assess the continued appropriateness of the fair valuation methodology used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on the exchange or by an independent pricing service. Valuations received from an independent pricing service or broker quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each

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

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.

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to certain distributions paid and recognition of partnership income. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Overdistributed net investment income	Accumulated net realized gains on investments
$42,810	$(42,810)

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

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 September 30, 2013, 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	$	96,626,790	$	0	$	0	$	96,626,790
Corporate bonds and notes		0		244,977,187		0		244,977,187
Yankee corporate bonds and notes		0		22,357,500		0		22,357,500
Short-term investments
Investment companies		1,772,441		15,774,750		0		17,547,191
	$	98,399,231	$	283,109,437	$	0	$	381,508,668

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.50% and declining to 0.40% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory fee was equivalent to an annual rate of 0.50% of the Fund’s average daily net assets.

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

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% 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		0.26	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A, 1.83% for Class B , 1.83% for Class C, 0.90% for Administrator Class, and 0.71% for Institutional Class.

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 year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $55,382 from the sale of Class A shares and $1,576 and $1,846 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 year ended September 30, 2013 were $224,388,516 and $224,427,101, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the year ended September 30, 2013, the Fund paid $797 in commitment fees.

For the year ended September 30, 2013, there were no borrowings by the Fund under the agreement.

Notes to financial statements Wells Fargo Advantage Diversified Income Builder Fund 27

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2013 and September 30, 2012 were as follows:

	Year ended September 30,
	2013	2012
Ordinary income	$14,408,686	$17,299,894
Long-term capital gain	295,589	0

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains
$8,233,658	$9,078,234

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

28 Wells Fargo Advantage Diversified Income Builder Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Diversified Income Builder Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, each of the periods within the period from May 1, 2010 through September 30, 2010 and each of the years in the two-year period ended April 30, 2010. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013 by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Diversified Income Builder Fund as of September 30, 2013, the results of its operations for the year then ended, changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

Other information (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 29

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 4.16% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2013.

Pursuant to Section 852 of the Internal Revenue Code, $295,589 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2013.

Pursuant to Section 854 of the Internal Revenue Code, $922,936 of income dividends paid during the fiscal year ended September 30, 2013 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2013, $11,843,849 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

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

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

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

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

32 Wells Fargo Advantage Diversified Income Builder Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219791 11-13 A226/AR226 09-13

Wells Fargo Advantage

Index Asset Allocation Fund

Annual Report

September 30, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	25
Statement of operations	26
Statement of changes in net assets	27
Financial highlights	28
Notes to financial statements	32
Report of independent registered public accounting firm	38
Other information	39
List of abbreviations	42

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Index Fund	Small Cap Value Fund
Capital Growth Fund	International Equity Fund	Small Company Growth Fund
Common Stock Fund	International Value Fund	Small Company Value Fund
Disciplined U.S. Core Fund	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Discovery Fund†	Intrinsic Value Fund	Special Mid Cap Value Fund
Diversified Equity Fund	Intrinsic World Equity Fund	Special Small Cap Value Fund
Diversified International Fund	Large Cap Core Fund	Specialized Technology Fund
Emerging Growth Fund	Large Cap Growth Fund	Traditional Small Cap Growth Fund
Emerging Markets Equity Fund	Large Company Value Fund	Utility and Telecommunications Fund
Emerging Markets Equity Income Fund	Omega Growth Fund
Endeavor Select Fund†	Opportunity Fund†
Enterprise Fund†	Precious Metals Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The past 12 months were marked by a modestly growing U.S. economy and accommodative monetary policy. Despite periods of political uncertainty, both equity and high-yield asset classes generated positive returns.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Index Asset Allocation Fund for the 12-month period that ended September 30, 2013. The past 12 months were marked by a modestly growing U.S. economy and accommodative monetary policy. Despite periods of political uncertainty, both equity and high-yield asset classes generated positive returns.

Economic growth advanced, helped by accommodative monetary policy but hurt by political uncertainties.

The U.S. economy grew modestly during the past year. Broadly speaking, the U.S. saw gains in business investment and housing alongside some drag from government spending. Employment trended in the right direction, with the unemployment rate declining, though still above satisfactory levels. Globally, the eurozone ended its recession toward the end of the period. Emerging markets growth was mixed, but China’s growth appeared to stabilize.

The Federal Open Market Committee (FOMC) employed accommodative monetary policies throughout the period. By the end of September, the federal funds rate remained near zero and the quantitative easing program continued at the rate of $85 billion per month. Despite efforts to communicate its policies and make clear that changes to policy would be dependent on economic data, market participants were confused by potential timetables for the FOMC to reduce, or taper, its quantitative easing program. In anticipation of a less accommodative policy due to a taper of the bond-purchasing program, longer-term interest rates began increasing in May 2013 and continued to do so through mid-September 2013. When the FOMC ultimately did not taper at its mid-September 2013 meeting, interest rates declined.

Political uncertainty was a constant. U.S. presidential elections in November 2012, the debate over the fiscal cliff and tax rates at year-end 2012, and speculation about the effects of sequestration at the end of February 2013 weighed on business leaders and investors. At the close of the period, Congress had not reconciled its differences and had not passed a spending bill that would fund the federal government past the September 30 fiscal year-end, which in turn created uncertainty about a potential government shutdown.

Equities and high-yield bonds turned in positive returns.

Despite uncertainties, investor confidence grew during the period as economic concerns lessened. Most equity and high-yield bond asset classes advanced. For example, the S&P 500 Index¹ returned 19.34% and the Russell 1000^® Index² returned 20.91% for the 12-month period that ended September 30, 2013. For the same period, the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index³ returned 7.03%. On the other hand, U.S. Treasury bonds had negative returns as interest rates rose.

A main theme driving bond markets was interest rates moving higher in anticipation of a less accommodative FOMC. Credit quality and default trends,

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

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

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

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

meanwhile, remained favorable. As a result, lower-rated bonds did better than higher-rated bonds during the period, benefiting from their higher yields and some modest capital appreciation. Most high-yield bonds posted mid- to high-single-digit total returns, while distressed, speculative-grade bonds returned low-double-digit returns. In contrast, virtually all investment-grade and U.S. Treasury bonds had price declines that largely exceeded coupon income.

U.S. equities produced strong returns. Lingering uncertainties about the pace of growth, however, prompted investors to prefer stocks in companies with relatively predictable business models. In the S&P 500 Index, for example, health care and consumer discretionary stocks strongly outperformed for the 12-month period, but information technology stocks lagged. Interest-rate-sensitive sectors, such as financials and particularly the real estate investment trusts within the financials sector, as well as several slow-growing but high-yielding stocks primarily in the energy industry, began to underperform as interest rates rose in the second half of the period.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.

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

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM¹

Christian Chan, CFA¹

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

		Including sales charge						Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (SFAAX)	11-13-1986		5.59		7.29		5.97		12.02			8.57		6.60		1.19		1.16
Class B (SASBX)*	1-1-1995		6.22		7.47		6.05		11.22			7.77		6.05		1.94		1.91
Class C (WFALX)	4-1-1998		10.20		7.76		5.81		11.20			7.76		5.81		1.94		1.91
Administrator Class (WFAIX)	11-8-1999		–		–		–		12.31			8.83		6.87		1.03		0.91
Index Asset Allocation Composite Index4	–		–		–		–		6.07			9.50		7.71		–		–
S&P 500 Index5	–		–		–		–		19.34			10.02		7.57		–		–
Barclays U.S. Treasury 20+ Year Index6	–		–		–		–		(11.84	)		6.14		6.27		–		–

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

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

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

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

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 5

Growth of $10,000 investment⁷ as of September 30, 2013

1. Effective September 30, 2013, Kandarp Acharya and Christian Chan have been named co-portfolio managers of the Fund.

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

3. The Adviser has committed through January 31, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.15% for Class A, 1.90% for Class B, 1.90% for Class C, and 0.90% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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

7. The chart compares the performance of Class A shares for the most recent ten years with the Index Asset Allocation Composite Index, S&P 500 Index, and Barclays U.S. Treasury 20+ Year Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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

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

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

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

MANAGER’S DISCUSSION

Fund highlights

n The Fund outperformed, the Index Asset Allocation Composite Index and Barclays U.S. Treasury 20+ Year Index benchmarks, but underperformed the S&P 500 Index, for the 12-month period that ended September 30, 2013.

n The Fund’s tactical overweight in stocks contributed positively to the performance of the Fund as the S&P 500 Index outperformed long-term U.S. Treasury bonds by a wide margin. For the 12-month period, the S&P 500 Index rose by 19.34% and the Barclays U.S. Treasury 20+ Year Index lost 11.84%.

Renewed optimism drove stocks higher during the 12-month period.

Equity markets posted broad-based gains during the period, as the economy showed signs of continued healing, corporate profitability remained healthy, and monetary policy stayed accommodative. Despite a stubbornly high unemployment rate, the market perceived declining macroeconomic risks on several fronts, including the stabilization of the European Monetary Union at least for the intermediate term. At the beginning of the reporting period, the U.S. Federal Reserve had just announced a third round of quantitative easing, buoying risk assets with the prospects of additional liquidity. Other central banks around the world echoed the action, adding even more fuel to the risk rally. Toward the end of the period, however, the word taper reentered our lexicon—this time, in a non-jean setting, but the results were equally unsettling. The markets sold off in response, and volatility predictably spiked. By the end of the period, investors were turning their attention to the prospects of yet another government debt show down.

Ten largest holdings8 (%) as of September 30, 2013
U.S. Treasury Bond, 4.38%, 5-15-2040	2.34
U.S. Treasury Bond, 3.75%, 8-15-2041	2.28
U.S. Treasury Bond, 4.25%, 11-15-2040	2.27
U.S. Treasury Bond, 4.63%, 2-15-2040	2.22
U.S. Treasury Bond, 4.38%, 5-15-2041	2.09
U.S. Treasury Bond, 4.38%, 11-15-2039	2.02
U.S. Treasury Bond, 4.75%, 2-15-2041	1.94
U.S. Treasury Bond, 3.88%, 8-15-2040	1.88
Apple Incorporated	1.74
U.S. Treasury Bond, 3.13%, 2-15-2043	1.64

Equity sector distribution⁹ as of September 30, 2013

Neutral target allocation10 as of September 30, 2013
Bonds	40%
Stocks	60%

Current target allocation10 as of September 30, 2013
Bonds	11%
Stocks	89%

The tactical shift toward stocks contributed positively to performance, as the S&P 500 Index outperformed long-term U.S. Treasury bonds for the 12-month period.

During the period, the Fund employed a Tactical Asset Allocation (TAA) Model, which seeks to enhance returns by shifting the effective allocations based on the relative attractiveness of stocks and bonds. The Fund’s stock holdings seek to replicate the holdings of the S&P 500 Index, and its bond holdings seek to replicate the holdings of the Barclays U.S. Treasury 20+ Year Index. During the 12-month period, the Fund predominantly maintained its maximum equity overweight with a targeted allocation of 85% stocks and 15% bonds. Because of price fluctuations, the Fund’s actual allocation on a particular day may differ slightly from the target allocation. The emphasis on stocks contributed positively to the relative performance over the past year, as U.S. stocks handsomely outperformed U.S. Treasury bonds. The Fund’s neutral target allocation is 60% stocks and 40% bonds.

Please see footnotes on page 5.

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

The TAA Model continued to favor stocks relative to bonds at the close of the period.

The model is a relative-value model, measuring the expected returns on stocks versus the expected returns on bonds. Given extremely low Treasury yields and reasonably priced equity markets, the model continued to favor stocks at the close of the period. The Fund changed portfolio managers on September 30, 2013. The new portfolio managers intend to continue to use the TAA Model but may also consider additional factors, such as monetary policy, growth prospects, valuations, and market sentiment.

8 Wells Fargo Advantage Index Asset Allocation Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2013 to September 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,046.21	$	5.90		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class B
Actual	$	1,000.00	$	1,042.45	$	9.73		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class C
Actual	$	1,000.00	$	1,042.23	$	9.73		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,047.12	$	4.62		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		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—September 30, 2013 Wells Fargo Advantage Index Asset Allocation Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 0.02%
FHLMC		10.50	%		1-1-2016	$	264	$	283
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		100,693		123,947
Total Agency Securities (Cost $107,401)									124,230
						Shares
Common Stocks: 59.99%
Consumer Discretionary: 7.37%
Aerospace & Defense: 0.37%
United Technologies Corporation							24,135		2,602,236
Auto Components: 0.25%
BorgWarner Incorporated							3,274		331,951
Delphi Automotive plc							8,072		471,566
Johnson Controls Incorporated							19,562		811,823
The Goodyear Tire & Rubber Company †							7,034		157,913
									1,773,253
Automobiles: 0.46%
Ford Motor Company							112,654		1,900,473
General Motors Company †							26,912		968,025
Harley-Davidson Incorporated							6,376		409,594
									3,278,092
Distributors: 0.05%
Genuine Parts Company							4,429		358,262
Diversified Consumer Services: 0.03%
H&R Block Incorporated							7,830		208,748
Hotels, Restaurants & Leisure: 1.07%
Carnival Corporation							12,519		408,620
Chipotle Mexican Grill Incorporated †							882		378,113
Darden Restaurants Incorporated							3,724		172,384
International Game Technology							7,458		141,180
Marriott International Incorporated Class A							6,502		273,474
McDonald’s Corporation							28,586		2,750,259
Starbucks Corporation							21,487		1,653,854
Starwood Hotels & Resorts Worldwide Incorporated							5,576		370,525
Wyndham Worldwide Corporation							3,802		231,808
Wynn Resorts Limited							2,314		365,635
Yum! Brands Incorporated							12,757		910,722
									7,656,574
Household Durables: 0.20%
D.R. Horton Incorporated							8,124		157,849
Garmin Limited «							3,517		158,933
Harman International Industries Incorporated							1,946		128,884
Leggett & Platt Incorporated							4,062		122,469
Lennar Corporation							4,745		167,973
Newell Rubbermaid Incorporated							8,236		226,490
Pulte Homes Incorporated							9,993		164,885
Whirlpool Corporation							2,266		331,833
									1,459,316

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

10 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Internet & Catalog Retail: 0.80%
Amazon.com Incorporated †		10,581	$	3,308,044
Expedia Incorporated		3,071		159,047
Netflix Incorporated †		1,682		520,091
priceline.com Incorporated †		1,470		1,486,097
TripAdvisor Incorporated †		3,188		241,778
				5,715,057
Leisure Equipment & Products: 0.08%
Hasbro Incorporated		3,300		155,562
Mattel Incorporated		9,850		412,321
				567,883
Media: 1.75%
Cablevision Systems Corporation New York Group Class A		6,117		103,010
CBS Corporation Class B		16,084		887,193
DIRECTV Group Incorporated †		14,600		872,350
Discovery Communications Incorporated Class A †		6,601		557,256
Gannett Company Incorporated		6,553		175,555
Interpublic Group of Companies Incorporated		12,069		207,345
News Corporation Class A †		14,237		228,646
Omnicom Group Incorporated		7,354		466,538
Scripps Networks Interactive Incorporated		3,127		244,250
Time Warner Cable Incorporated		8,171		911,884
Time Warner Incorporated		26,306		1,731,198
Twenty-First Century Fox Incorporated		56,796		1,902,666
Viacom Incorporated Class B		12,411		1,037,311
Walt Disney Company		47,508		3,063,791
Washington Post Company Class B		125		76,419
				12,465,412
Multiline Retail: 0.46%
Dollar General Corporation †		8,513		480,644
Dollar Tree Incorporated †		6,376		364,452
Family Dollar Stores Incorporated		2,764		199,063
JCPenney Company Incorporated Ǡ		5,485		48,378
Kohl’s Corporation		5,835		301,961
Macy’s Incorporated		10,758		465,499
Nordstrom Incorporated		4,122		231,656
Target Corporation		18,048		1,154,711
				3,246,364
Specialty Retail: 1.40%
Abercrombie & Fitch Company Class A		2,184		77,248
AutoNation Incorporated †		1,838		95,888
AutoZone Incorporated †		1,016		429,494
Bed Bath & Beyond Incorporated †		6,225		481,566
Best Buy Company Incorporated		7,713		289,238
CarMax Incorporated †		6,393		309,869
GameStop Corporation Class A		3,344		166,030
Gap Incorporated		7,886		317,648
Home Depot Incorporated		40,959		3,106,740

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Index Asset Allocation Fund 11

Security name	Shares		Value
Specialty Retail (continued)
L Brands Incorporated		6,964	$	425,500
Lowe’s Companies Incorporated		30,074		1,431,833
O’Reilly Automotive Incorporated †		3,106		396,295
PetSmart Incorporated		2,971		226,568
Ross Stores Incorporated		6,194		450,923
Staples Incorporated		18,887		276,695
Tiffany & Company		3,145		240,970
TJX Companies Incorporated		20,453		1,153,345
Urban Outfitters Incorporated †		3,119		114,686
				9,990,536
Textiles, Apparel & Luxury Goods: 0.45%
Coach Incorporated		8,063		439,675
Fossil Group Incorporated †		1,436		166,921
Nike Incorporated Class B		21,388		1,553,624
PVH Corporation		2,331		276,666
Ralph Lauren Corporation		1,730		284,983
VF Corporation		2,513		500,213
				3,222,082
Consumer Staples: 6.03%
Beverages: 1.33%
Beam Incorporated		4,628		299,200
Brown-Forman Corporation Class B		4,646		316,532
Coca-Cola Enterprises Incorporated		7,107		285,772
Constellation Brands Incorporated Class A †		4,741		272,133
Dr Pepper Snapple Group Incorporated		5,822		260,942
Molson Coors Brewing Company		4,512		226,187
Monster Beverage Corporation †		3,876		202,521
PepsiCo Incorporated		44,099		3,505,871
The Coca-Cola Company		109,016		4,129,526
				9,498,684
Food & Staples Retailing: 1.43%
Costco Wholesale Corporation		12,484		1,437,158
CVS Caremark Corporation		35,123		1,993,230
Kroger Company		14,821		597,879
Safeway Incorporated		6,900		220,731
Sysco Corporation		16,824		535,508
Wal-Mart Stores Incorporated		46,544		3,442,394
Walgreen Company		24,861		1,337,522
Whole Foods Market Incorporated		10,650		623,025
				10,187,447
Food Products: 0.96%
Archer Daniels Midland Company		18,848		694,360
Campbell Soup Company		5,104		207,784
ConAgra Foods Incorporated		12,069		366,173
General Mills Incorporated		18,351		879,380

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

12 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Food Products (continued)
Hormel Foods Corporation		3,850	$	162,162
JM Smucker Company		3,006		315,750
Kellogg Company		7,358		432,135
Kraft Foods Group Incorporated		17,031		893,106
McCormick & Company Incorporated		3,772		244,048
Mead Johnson Nutrition Company		5,788		429,817
Mondelez International Incorporated Class A		50,917		1,599,812
The Hershey Company		4,274		395,345
Tyson Foods Incorporated Class A		7,955		224,967
				6,844,839
Household Products: 1.23%
Clorox Company		3,729		304,734
Colgate-Palmolive Company		25,199		1,494,301
Kimberly-Clark Corporation		10,953		1,031,992
Procter & Gamble Company		78,314		5,919,755
				8,750,782
Personal Products: 0.11%
Avon Products Incorporated		12,398		255,399
Estee Lauder Companies Incorporated Class A		7,311		511,039
				766,438
Tobacco: 0.97%
Altria Group Incorporated		57,315		1,968,770
Lorillard Incorporated		10,694		478,877
Philip Morris International		46,280		4,007,385
Reynolds American Incorporated		9,054		441,654
				6,896,686
Energy: 6.28%
Energy Equipment & Services: 1.14%
Baker Hughes Incorporated		12,666		621,901
Cameron International Corporation †		7,038		410,808
Diamond Offshore Drilling Incorporated		1,989		123,954
Ensco plc Class A		6,679		358,996
FMC Technologies Incorporated †		6,774		375,415
Halliburton Company		24,178		1,164,171
Helmerich & Payne Incorporated		3,045		209,953
Nabors Industries Limited		7,423		119,213
National Oilwell Varco Incorporated		12,225		954,895
Noble Corporation		7,246		273,681
Rowan Companies plc †		3,551		130,393
Schlumberger Limited		37,835		3,343,101
				8,086,481
Oil, Gas & Consumable Fuels: 5.14%
Anadarko Petroleum Corporation		14,375		1,336,731
Apache Corporation		11,546		983,026

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Index Asset Allocation Fund 13

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Cabot Oil & Gas Corporation		12,030	$	448,960
Chesapeake Energy Corporation		14,487		374,924
Chevron Corporation		55,243		6,712,025
ConocoPhillips Company		34,971		2,430,834
CONSOL Energy Incorporated		6,545		220,239
Denbury Resources Incorporated †		10,663		196,306
Devon Energy Corporation		10,914		630,393
EOG Resources Incorporated		7,791		1,318,860
EQT Corporation		4,304		381,851
Exxon Mobil Corporation		125,862		10,829,166
Hess Corporation		8,249		637,978
Kinder Morgan Incorporated		19,250		684,723
Marathon Oil Corporation		20,293		707,820
Marathon Petroleum Corporation		8,950		575,664
Murphy Oil Corporation		5,022		302,927
Newfield Exploration Company †		3,880		106,196
Noble Energy Incorporated		10,270		688,193
Occidental Petroleum Corporation		23,040		2,155,162
Peabody Energy Corporation		7,717		133,118
Phillips 66		17,472		1,010,231
Pioneer Natural Resources Company		3,962		748,026
QEP Resources Incorporated		5,126		141,939
Range Resources Corporation		4,672		354,558
Southwestern Energy Company †		10,049		365,583
Spectra Energy Corporation		19,138		655,094
Tesoro Corporation		3,863		169,895
The Williams Companies Incorporated		19,536		710,329
Valero Energy Corporation		15,500		529,325
WPX Energy Incorporated †		5,736		110,475
				36,650,551
Financials: 9.76%
Capital Markets: 1.28%
Ameriprise Financial Incorporated		5,658		515,331
Bank of New York Mellon Corporation		32,899		993,221
BlackRock Incorporated		3,599		973,961
Charles Schwab Corporation		33,068		699,058
E*TRADE Financial Corporation †		8,206		135,399
Franklin Resources Incorporated		11,624		587,593
Goldman Sachs Group Incorporated		11,944		1,889,660
Invesco Limited		12,662		403,918
Legg Mason Incorporated		3,106		103,865
Morgan Stanley		39,760		1,071,532
Northern Trust Corporation		6,454		351,033
State Street Corporation		12,753		838,510
T. Rowe Price Group Incorporated		7,436		534,871
				9,097,952
Commercial Banks: 1.68%
Branch Banking & Trust Corporation		20,129		679,354

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

14 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Commercial Banks (continued)
Comerica Incorporated		5,290	$	207,950
Fifth Third Bancorp		25,363		457,549
Huntington Bancshares Incorporated		23,724		195,960
KeyCorp		26,060		297,084
M&T Bank Corporation		3,720		416,342
PNC Financial Services Group Incorporated		15,197		1,101,023
Regions Financial Corporation		39,912		369,585
SunTrust Banks Incorporated		15,409		499,560
US Bancorp		52,591		1,923,779
Wells Fargo & Company (l)		138,165		5,708,978
Zions Bancorporation		5,277		144,695
				12,001,859
Consumer Finance: 0.58%
American Express Company		26,531		2,003,621
Capital One Financial Corporation		16,737		1,150,501
Discover Financial Services		13,834		699,170
SLM Corporation		12,472		310,553
				4,163,845
Diversified Financial Services: 3.15%
Bank of America Corporation		307,197		4,239,319
Berkshire Hathaway Incorporated Class B †		51,467		5,842,019
Citigroup Incorporated		86,957		4,218,284
CME Group Incorporated		8,985		663,812
IntercontinentalExchange Incorporated †		2,080		377,354
JPMorgan Chase & Company		107,636		5,563,705
Leucadia National Corporation		8,963		244,152
McGraw-Hill Financial Incorporated		7,869		516,128
Moody’s Corporation		5,546		390,050
NYSE Euronext Incorporated		6,947		291,635
The NASDAQ OMX Group Incorporated		3,300		105,897
				22,452,355
Insurance: 1.82%
ACE Limited		9,724		909,777
AFLAC Incorporated		13,298		824,343
Allstate Corporation		13,250		669,788
American International Group Incorporated		42,217		2,053,013
Aon plc		8,790		654,328
Assurant Incorporated		2,145		116,045
Chubb Corporation		7,306		652,134
Cincinnati Financial Corporation		4,213		198,685
Genworth Financial Incorporated †		14,115		180,531
Lincoln National Corporation		7,561		317,486
Loews Corporation		8,751		409,022
Marsh & McLennan Companies Incorporated		15,716		684,432
MetLife Incorporated		32,021		1,503,386
Principal Financial Group Incorporated		7,825		335,067
Prudential Financial Incorporated		13,298		1,036,978

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Index Asset Allocation Fund 15

Security name	Shares		Value
Insurance (continued)
The Hartford Financial Services Group Incorporated		13,012	$	404,933
The Progressive Corporation		15,816		430,670
The Travelers Companies Incorporated		10,681		905,428
Torchmark Corporation		2,617		189,340
UNUM Group		7,535		229,365
XL Group plc		8,184		252,231
				12,956,982
Real Estate Management & Development: 0.03%
CBRE Group Incorporated †		7,929		183,398
REITs: 1.18%
American Tower Corporation		11,295		837,298
Apartment Investment & Management Company Class A		4,170		116,510
AvalonBay Communities Incorporated		3,478		442,019
Boston Properties Incorporated		4,356		465,656
Equity Residential		9,582		513,308
HCP Incorporated		13,012		532,841
Health Care REIT Incorporated		8,197		511,329
Host Hotels & Resorts Incorporated		21,448		378,986
Kimco Realty Corporation		11,714		236,389
Plum Creek Timber Company		4,659		218,181
Prologis Incorporated		14,258		536,386
Public Storage Incorporated		4,131		663,232
Simon Property Group Incorporated		8,872		1,315,097
The Macerich Company		4,018		226,776
Ventas Incorporated		8,383		515,555
Vornado Realty Trust		4,970		417,778
Weyerhaeuser Company		16,698		478,064
				8,405,405
Thrifts & Mortgage Finance: 0.04%
Hudson City Bancorp Incorporated		13,592		123,008
People’s United Financial Incorporated		9,179		131,994
				255,002
Health Care: 7.80%
Biotechnology: 1.47%
Alexion Pharmaceuticals Incorporated †		5,593		649,683
Amgen Incorporated		21,543		2,411,523
Biogen Idec Incorporated †		6,796		1,636,205
Celgene Corporation †		11,758		1,809,909
Gilead Sciences Incorporated †		43,766		2,750,255
Regeneron Pharmaceuticals Incorporated †		2,232		698,326
Vertex Pharmaceuticals Incorporated †		6,657		504,734
				10,460,635
Health Care Equipment & Supplies: 1.23%
Abbott Laboratories		44,441		1,474,997

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

16 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Health Care Equipment & Supplies (continued)
Baxter International Incorporated		15,521	$	1,019,574
Becton Dickinson & Company		5,554		555,511
Boston Scientific Corporation †		38,398		450,793
C.R. Bard Incorporated		2,262		260,582
CareFusion Corporation †		6,130		226,197
Covidien plc		13,155		801,666
DENTSPLY International Incorporated		4,066		176,505
Edwards Lifesciences Corporation †		3,209		223,443
Intuitive Surgical Incorporated †		1,133		426,314
Medtronic Incorporated		28,521		1,518,743
St. Jude Medical Incorporated		8,210		440,384
Stryker Corporation		8,435		570,122
Varian Medical Systems Incorporated †		3,080		230,168
Zimmer Holdings Incorporated		4,849		398,297
				8,773,296
Health Care Providers & Services: 1.22%
Aetna Incorporated		10,642		681,301
AmerisourceBergen Corporation		6,605		403,566
Cardinal Health Incorporated		9,707		506,220
Cigna Corporation		8,089		621,721
DaVita Incorporated †		4,836		275,168
Express Scripts Holding Corporation †		23,282		1,438,362
Humana Incorporated		4,473		417,465
Laboratory Corporation of America Holdings †		2,578		255,583
McKesson Corporation		6,536		838,569
Patterson Companies Incorporated		2,379		95,636
Quest Diagnostics Incorporated		4,343		268,354
Tenet Healthcare Corporation †		2,907		119,739
UnitedHealth Group Incorporated		29,071		2,081,774
WellPoint Incorporated		8,548		714,698
				8,718,156
Health Care Technology: 0.06%
Cerner Corporation †		8,435		443,259
Life Sciences Tools & Services: 0.31%
Agilent Technologies Incorporated		9,456		484,620
Life Technologies Corporation †		4,936		369,361
PerkinElmer Incorporated		3,201		120,838
Thermo Fisher Scientific Incorporated		10,308		949,882
Waters Corporation †		2,435		258,621
				2,183,322
Pharmaceuticals: 3.51%
AbbVie Incorporated		45,332		2,027,700
Actavis Incorporated †		3,806		548,064
Allergan Incorporated		8,487		767,649
Bristol-Myers Squibb Company		47,076		2,178,677

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Index Asset Allocation Fund 17

Security name	Shares		Value
Pharmaceuticals (continued)
Eli Lilly & Company		28,348	$	1,426,755
Forest Laboratories Incorporated †		6,752		288,918
Hospira Incorporated †		4,737		185,785
Johnson & Johnson Services Incorporated		80,581		6,985,567
Merck & Company Incorporated		83,678		3,983,910
Mylan Laboratories Incorporated †		10,918		416,740
Perrigo Company		2,690		331,892
Pfizer Incorporated		189,303		5,434,889
Zoetis Incorporated		14,297		444,923
				25,021,469
Industrials: 6.07%
Aerospace & Defense: 1.27%
General Dynamics Corporation		9,504		831,790
Honeywell International Incorporated		22,443		1,863,667
L-3 Communications Holdings Incorporated		2,561		242,015
Lockheed Martin Corporation		7,709		983,283
Northrop Grumman Corporation		6,579		626,716
Precision Castparts Corporation		4,161		945,546
Raytheon Company		9,223		710,817
Rockwell Collins Incorporated		3,858		261,804
Textron Incorporated		8,020		221,432
The Boeing Company		19,847		2,332,023
				9,019,093
Air Freight & Logistics: 0.48%
C.H. Robinson Worldwide Incorporated		4,559		271,534
Expeditors International of Washington Incorporated		5,900		259,954
FedEx Corporation		8,496		969,479
United Parcel Service Incorporated Class B		20,656		1,887,339
				3,388,306
Airlines: 0.12%
Delta Air Lines Incorporated		24,533		578,733
Southwest Airlines Company		20,194		294,025
				872,758
Building Products: 0.03%
Masco Corporation		10,205		217,162
Commercial Services & Supplies: 0.30%
Cintas Corporation		2,937		150,374
Iron Mountain Incorporated		4,862		131,371
Pitney Bowes Incorporated		5,770		104,956
Republic Services Incorporated		7,765		259,040
Stericycle Incorporated †		2,457		283,538
The ADT Corporation		5,719		232,535
Tyco International Limited		13,220		462,436

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

18 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Commercial Services & Supplies (continued)
Waste Management Incorporated		12,467	$	514,139
				2,138,389
Construction & Engineering: 0.10%
Fluor Corporation		4,663		330,886
Jacobs Engineering Group Incorporated †		3,759		218,699
Quanta Services Incorporated †		6,112		168,141
				717,726
Electrical Equipment: 0.47%
AMETEK Incorporated		6,982		321,312
Eaton Corporation plc		13,549		932,713
Emerson Electric Company		20,431		1,321,886
Rockwell Automation Incorporated		3,966		424,124
Roper Industries Incorporated		2,837		376,952
				3,376,987
Industrial Conglomerates: 1.45%
3M Company		18,567		2,217,085
Danaher Corporation		17,105		1,185,719
General Electric Company		291,203		6,956,840
				10,359,644
Machinery: 1.08%
Caterpillar Incorporated		18,191		1,516,584
Cummins Incorporated		4,979		661,560
Deere & Company		10,949		891,139
Dover Corporation		4,879		438,281
Flowserve Corporation		4,018		250,683
Illinois Tool Works Incorporated		11,784		898,766
Ingersoll-Rand plc		7,739		502,571
Joy Global Incorporated		3,036		154,957
Paccar Incorporated		10,122		563,391
Pall Corporation		3,196		246,220
Parker Hannifin Corporation		4,265		463,691
Pentair Limited		5,693		369,703
Snap-On Incorporated		1,661		165,270
Stanley Black & Decker Incorporated		4,576		414,448
Xylem Incorporated		5,299		148,001
				7,685,265
Professional Services: 0.10%
Dun & Bradstreet Corporation		1,107		114,962
Equifax Incorporated		3,469		207,620
Nielsen Holdings NV		6,147		224,058
Robert Half International Incorporated		3,971		154,988
				701,628

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Index Asset Allocation Fund 19

Security name	Shares		Value
Road & Rail: 0.55%
CSX Corporation		29,131	$	749,832
Kansas City Southern Railway Company		3,153		344,812
Norfolk Southern Corporation		8,920		689,962
Ryder System Incorporated		1,496		89,311
Union Pacific Corporation		13,263		2,060,274
				3,934,191
Trading Companies & Distributors: 0.12%
Fastenal Company		7,808		392,352
W.W. Grainger Incorporated		1,769		462,965
				855,317
Information Technology: 10.74%
Communications Equipment: 1.13%
Cisco Systems Incorporated		153,311		3,590,544
F5 Networks Incorporated †		2,240		192,102
Harris Corporation		3,058		181,339
JDS Uniphase Corporation †		6,791		99,896
Juniper Networks Incorporated †		14,492		287,811
Motorola Solutions Incorporated		6,765		401,706
QUALCOMM Incorporated		49,053		3,304,210
				8,057,608
Computers & Peripherals: 2.42%
Apple Incorporated		25,977		12,384,535
Dell Incorporated		41,967		577,886
EMC Corporation		59,500		1,520,820
Hewlett-Packard Company		54,953		1,152,914
NetApp Incorporated		9,724		414,437
SanDisk Corporation		6,874		409,072
Seagate Technology plc		8,877		388,280
Western Digital Corporation		6,030		382,302
				17,230,246
Electronic Equipment, Instruments & Components: 0.28%
Corning Incorporated		41,759		609,264
Amphenol Corporation Class A		4,551		352,156
FLIR Systems Incorporated		4,062		127,547
Jabil Circuit Incorporated		5,273		114,319
Molex Incorporated		3,923		151,114
TE Connectivity Limited		11,823		612,195
				1,966,595
Internet Software & Services: 1.43%
Akamai Technologies Incorporated †		5,096		263,463
eBay Incorporated †		33,314		1,858,588
Google Incorporated Class A †		7,998		7,005,528
VeriSign Incorporated †		3,858		196,334

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

20 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Internet Software & Services (continued)
Yahoo! Incorporated †		27,133	$	899,730
				10,223,643
IT Services: 2.16%
Accenture plc		18,437		1,357,701
Automatic Data Processing Incorporated		13,804		999,134
Cognizant Technology Solutions Corporation Class A †		8,617		707,628
Computer Sciences Corporation		4,222		218,446
Fidelity National Information Services Incorporated		8,353		387,913
Fiserv Incorporated †		3,720		375,906
International Business Machines Corporation		29,443		5,452,255
MasterCard Incorporated Class A		2,967		1,996,138
Paychex Incorporated		9,301		377,993
Teradata Corporation †		4,663		258,517
Total System Services Incorporated		4,767		140,245
Visa Incorporated Class A		14,760		2,820,636
Western Union Company		15,781		294,473
				15,386,985
Office Electronics: 0.05%
Xerox Corporation		33,128		340,887
Semiconductors & Semiconductor Equipment: 1.23%
Altera Corporation		9,136		339,494
Analog Devices Incorporated		8,885		418,039
Applied Materials Incorporated		34,396		603,306
Broadcom Corporation Class A		15,729		409,111
First Solar Incorporated †		1,981		79,656
Intel Corporation		142,456		3,265,092
KLA-Tencor Corporation		4,737		288,246
Lam Research Corporation †		4,663		238,699
Linear Technology Corporation		6,666		264,374
LSI Corporation		15,643		122,328
Microchip Technology Incorporated		5,641		227,276
Micron Technology Incorporated †		29,694		518,754
NVIDIA Corporation		16,542		257,394
Teradyne Incorporated †		5,476		90,464
Texas Instruments Incorporated		31,489		1,268,062
Xilinx Incorporated		7,613		356,745
				8,747,040
Software: 2.04%
Adobe Systems Incorporated †		13,354		693,607
Autodesk Incorporated †		6,376		262,500
CA Incorporated		9,378		278,245
Citrix Systems Incorporated †		5,359		378,399
Electronic Arts Incorporated †		8,768		224,022
Intuit Incorporated		8,492		563,105
Microsoft Corporation		216,756		7,220,142

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Index Asset Allocation Fund 21

Security name	Shares		Value
Software (continued)
Oracle Corporation		101,960	$	3,382,013
Red Hat Incorporated †		5,411		249,664
Salesforce.com Incorporated †		15,677		813,793
Symantec Corporation		19,977		494,431
				14,559,921
Materials: 2.11%
Chemicals: 1.55%
Air Products & Chemicals Incorporated		5,995		638,887
Airgas Incorporated		1,890		200,435
CF Industries Holdings Incorporated		1,639		345,550
Dow Chemical Company		34,604		1,328,794
E.I. du Pont de Nemours & Company		26,406		1,546,335
Eastman Chemical Company		4,408		343,383
Ecolab Incorporated		7,756		765,983
FMC Corporation		3,897		279,493
International Flavors & Fragrances Incorporated		2,336		192,253
LyondellBasell Industries NV Class A		12,809		938,003
Monsanto Company		15,245		1,591,121
Mosaic Company		9,742		419,101
PPG Industries Incorporated		4,088		682,941
Praxair Incorporated		8,431		1,013,491
Sherwin-Williams Company		2,496		454,721
Sigma-Aldrich Corporation		3,439		293,347
				11,033,838
Construction Materials: 0.02%
Vulcan Materials Company		3,716		192,526
Containers & Packaging: 0.13%
Avery Dennison Corporation		2,803		121,987
Ball Corporation		4,148		186,162
Bemis Company Incorporated		2,941		114,728
MeadWestvaco Corporation		5,078		194,894
Owens-Illinois Incorporated †		4,698		141,034
Sealed Air Corporation		5,602		152,318
				911,123
Metals & Mining: 0.33%
Alcoa Incorporated		30,585		248,350
Allegheny Technologies Incorporated		3,088		94,246
Cliffs Natural Resources Incorporated «		4,377		89,729
Freeport-McMoRan Copper & Gold Incorporated Class B		29,676		981,682
Newmont Mining Corporation		14,228		399,807
Nucor Corporation		9,097		445,935
United States Steel Corporation «		4,135		85,140
				2,344,889

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

22 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Paper & Forest Products: 0.08%
International Paper Company		12,753	$	571,334
Telecommunication Services: 1.93%
Diversified Telecommunication Services: 1.84%
AT&T Incorporated		151,866		5,136,108
CenturyTel Incorporated		17,174		538,920
Comcast Corporation Class A		74,788		3,376,678
Frontier Communications Corporation «		28,586		119,204
Verizon Communications Incorporated		81,827		3,818,048
Windstream Holdings Incorporated «		16,949		135,592
				13,124,550
Wireless Telecommunication Services: 0.09%
Crown Castle International Corporation †		8,383		612,210
Utilities: 1.90%
Electric Utilities: 0.99%
American Electric Power Company Incorporated		13,921		603,475
Duke Energy Corporation		20,185		1,347,954
Edison International		9,318		429,187
Entergy Corporation		5,096		322,016
Exelon Corporation		24,494		726,002
FirstEnergy Corporation		11,957		435,833
NextEra Energy Incorporated		12,143		973,383
Northeast Utilities		8,998		371,168
Pepco Holdings Incorporated		7,125		131,528
Pinnacle West Capital Corporation		3,145		172,157
PPL Corporation		18,061		548,693
The Southern Company		24,987		1,028,965
				7,090,361
Gas Utilities: 0.07%
AGL Resources Incorporated		3,391		156,088
ONEOK Incorporated		5,896		314,375
				470,463
Independent Power Producers & Energy Traders: 0.07%
AES Corporation		17,598		233,877
NRG Energy Incorporated		9,236		252,420
				486,297
Multi-Utilities: 0.77%
Ameren Corporation		6,938		241,720
CenterPoint Energy Incorporated		12,255		293,752
CMS Energy Corporation		7,600		200,032
Consolidated Edison Incorporated		8,375		461,792
Dominion Resources Incorporated		16,555		1,034,350
DTE Energy Company		5,000		329,900

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Index Asset Allocation Fund 23

Security name						Shares		Value
Multi-Utilities (continued)
Integrys Energy Group Incorporated							2,275	$	127,150
NiSource Incorporated							8,937		276,064
PG&E Corporation							12,731		520,953
Public Service Enterprise Group Incorporated							14,466		476,365
SCANA Corporation							4,001		184,206
Sempra Energy							6,493		555,801
TECO Energy Incorporated							5,840		96,594
Wisconsin Energy Corporation							6,510		262,874
Xcel Energy Incorporated							14,228		392,835
									5,454,388
Total Common Stocks (Cost $281,350,818)									427,414,028
	Interest rate			Maturity date		Principal
Non-Agency Mortgage Backed Securities: 0.00%
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA ±		0.51	%		12-25-2034	$	25,205		22,208
Terwin Mortgage Trust Series 2004-21HE Class 1A1 ±		1.14			12-25-2034		4,726		4,437
Total Non-Agency Mortgage Backed Securities (Cost $29,931)									26,645
U.S. Treasury Securities: 36.03%
U.S. Treasury Bond		2.75			8-15-2042		11,977,000		9,925,939
U.S. Treasury Bond		2.75			11-15-2042		10,660,000		8,821,150
U.S. Treasury Bond		2.88			5-15-2043		11,560,000		9,809,747
U.S. Treasury Bond		3.00			5-15-2042		8,536,000		7,477,007
U.S. Treasury Bond		3.13			11-15-2041		11,934,000		10,755,518
U.S. Treasury Bond		3.13			2-15-2042		9,800,000		8,820,000
U.S. Treasury Bond		3.13			2-15-2043		13,024,000		11,666,652
U.S. Treasury Bond		3.50			2-15-2039		9,195,000		9,013,969
U.S. Treasury Bond		3.63			8-15-2043		8,000,000		7,906,248
U.S. Treasury Bond		3.75			8-15-2041		15,975,000		16,232,102
U.S. Treasury Bond		3.88			8-15-2040		12,868,000		13,402,820
U.S. Treasury Bond		4.25			5-15-2039		10,503,000		11,658,330
U.S. Treasury Bond		4.25			11-15-2040		14,576,000		16,147,468
U.S. Treasury Bond		4.38			2-15-2038		5,198,000		5,882,675
U.S. Treasury Bond		4.38			11-15-2039		12,725,000		14,399,126
U.S. Treasury Bond		4.38			5-15-2040		14,734,000		16,660,927
U.S. Treasury Bond		4.38			5-15-2041		13,209,000		14,924,109
U.S. Treasury Bond		4.50			2-15-2036		7,019,000		8,106,945
U.S. Treasury Bond		4.50			5-15-2038		6,588,000		7,595,760
U.S. Treasury Bond		4.50			8-15-2039		7,736,000		8,926,617
U.S. Treasury Bond		4.63			2-15-2040		13,479,000		15,844,147
U.S. Treasury Bond		4.75			2-15-2037		3,060,000		3,655,265
U.S. Treasury Bond		4.75			2-15-2041		11,532,000		13,813,168
U.S. Treasury Bond		5.00			5-15-2037		4,273,000		5,277,153
Total U.S. Treasury Securities (Cost $249,074,185)									256,722,842

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

24 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2013

Security name	Yield					Shares		Value
Short-Term Investments: 3.98%
Investment Companies: 2.09%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				14,276,954	$	14,276,954
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.12					626,870		626,870
									14,903,824
				Maturity date		Principal
U.S. Treasury Securities: 1.89%
U.S. Treasury Bill (z)#		0.01			10-3-2013	$	13,450,000		13,449,989
Total Short-Term Investments (Cost $28,353,813)									28,353,813

Total investments in securities (Cost $558,916,148) *	100.02	%		712,641,558
Other assets and liabilities, net	(0.02	)		(154,099	)
Total net assets	100.00	%	$	712,487,459

† Non-income-earning security

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

(l) Investment in an affiliate

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

(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.

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

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

* Cost for federal income tax purposes is $587,224,211 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	174,418,767
Gross unrealized depreciation		(49,001,420	)
Net unrealized appreciation	$	125,417,347

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

Statement of assets and liabilities—September 30, 2013 Wells Fargo Advantage Index Asset Allocation Fund 25

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	692,028,756
In affiliated securities, at value (see cost below)		20,612,802
Total investments, at value (see cost below)		712,641,558
Cash		2,650
Principal paydown receivable		23
Receivable for Fund shares sold		151,361
Receivable for dividends and interest		2,890,095
Receivable for securities lending income		863
Prepaid expenses and other assets		28,488
Total assets		715,715,038
Liabilities
Payable for Fund shares redeemed		578,901
Payable upon receipt of securities loaned		626,870
Payable for daily variation margin on open futures contracts		1,300,325
Advisory fee payable		322,792
Distribution fees payable		12,391
Due to other related parties		177,327
Accrued expenses and other liabilities		208,973
Total liabilities		3,227,579
Total net assets	$	712,487,459
NET ASSETS CONSIST OF
Paid-in capital	$	616,574,695
Undistributed net investment income		298,160
Accumulated net realized losses on investments		(53,324,265	)
Net unrealized gains on investments		148,938,869
Total net assets	$	712,487,459
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	657,702,097
Shares outstanding – Class A		26,868,627
Net asset value per share – Class A		$24.48
Maximum offering price per share – Class A2		$25.97
Net assets – Class B	$	1,085,159
Shares outstanding – Class B		72,220
Net asset value per share – Class B		$15.03
Net assets – Class C	$	19,164,039
Shares outstanding – Class C		1,282,723
Net asset value per share – Class C		$14.94
Net assets – Administrator Class	$	34,536,164
Shares outstanding – Administrator Class		1,410,080
Net asset value per share – Administrator Class		$24.49
Investments in unaffiliated securities (including securities on loan), at cost	$	539,552,070
Investments in affiliated securities, at cost	$	19,364,078
Total investments, at cost	$	558,916,148
Securities on loan, at value	$	598,731

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

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

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

26 Wells Fargo Advantage Index Asset Allocation Fund Statement of operations—year ended September 30, 2013

Investment income
Dividends*	$	9,421,117
Interest		8,305,252
Income from affiliated securities		180,169
Securities lending income, net		45,188
Total investment income		17,951,726
Expenses
Advisory fee		4,076,075
Administration fees
Fund level		347,830
Class A		1,676,548
Class B		4,207
Class C		46,027
Administrator Class		31,513
Shareholder servicing fees
Class A		1,612,065
Class B		4,045
Class C		44,257
Administrator Class		77,311
Distribution fees
Class B		12,136
Class C		132,771
Custody and accounting fees		80,125
Professional fees		29,331
Registration fees		44,410
Shareholder report expenses		55,392
Trustees’ fees and expenses		16,027
Other fees and expenses		27,586
Total expenses		8,317,656
Less: Fee waivers and/or expense reimbursements		(251,444	)
Net expenses		8,066,212
Net investment income		9,885,514
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		15,244,158
Affiliated securities		(1,094,251	)
Futures transactions		49,596,780
Net realized gains on investments		63,746,687
Net change in unrealized gains (losses) on:
Unaffiliated securities		8,562,913
Affiliated securities		2,076,113
Futures transactions		(5,769,012	)
Net change in unrealized gains (losses) on investments		4,870,014
Net realized and unrealized gains (losses) on investments		68,616,701
Net increase in net assets resulting from operations	$	78,502,215
* Net of foreign dividend withholding taxes in the amount of		$7,593

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

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

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment income				$	9,885,514					$	9,164,776
Net realized gains on investments					63,746,687						38,228,011
Net change in unrealized gains (losses) on investments					4,870,014						94,751,352
Net increase in net assets resulting from operations					78,502,215						142,144,139
Distributions to shareholders from
Net investment income
Class A					(9,198,118	)					(8,673,074	)
Class B					(8,772	)					(16,884	)
Class C					(124,004	)					(104,940	)
Administrator Class					(530,976	)					(434,429	)
Total distributions to shareholders					(9,861,870	)					(9,229,327	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		518,464			12,159,310			528,654			11,077,943
Class B		16,871			232,365			8,267			105,722
Class C		187,338			2,697,161			118,297			1,476,592
Administrator Class		440,188			10,162,386			480,224			9,993,491
					25,251,222						22,653,748
Reinvestment of distributions
Class A		389,059			8,999,422			406,061			8,414,668
Class B		597			8,342			1,228			15,331
Class C		8,341			117,681			7,532			95,261
Administrator Class		18,155			421,051			17,909			371,509
					9,546,496						8,896,769
Payment for shares redeemed
Class A		(3,106,115	)		(71,606,237	)		(3,607,785	)		(74,222,576	)
Class B		(105,017	)		(1,492,465	)		(255,288	)		(3,220,547	)
Class C		(147,111	)		(2,098,824	)		(328,656	)		(4,098,429	)
Administrator Class		(397,089	)		(8,908,479	)		(292,110	)		(6,137,575	)
					(84,106,005	)					(87,679,127	)
Net decrease in net assets resulting from capital share transactions					(49,308,287	)					(56,128,610	)
Total increase in net assets					19,332,058						76,786,202
Net assets
Beginning of period					693,155,401						616,369,199
End of period				$	712,487,459					$	693,155,401
Undistributed net investment income				$	298,160					$	278,043

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

28 Wells Fargo Advantage Index Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

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

1. Calculated based upon average shares outstanding

2. Amount is less than $0.005.

3. Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Advantage Index Asset Allocation Fund 29

(For a share outstanding throughout each period)

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

1. Calculated based upon average shares outstanding

2. Amount is less than $0.005.

3. Total return calculations do not include any sales charges.

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

30 Wells Fargo Advantage Index Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

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

1. Calculated based upon average shares outstanding

2. Amount is less than $0.005.

3. Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Advantage Index Asset Allocation Fund 31

(For a share outstanding throughout each period)

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

1. Calculated based upon average shares outstanding

2. Amount is less than $0.005.

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

32 Wells Fargo Advantage Index Asset Allocation Fund Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

Short-term securities with maturities of 60 days or less at the 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 companies are generally fair valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market information to assess the continued appropriateness of the fair valuation methodology used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on the exchange or by an independent pricing service. Valuations received from an independent pricing service or broker quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

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

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.

Futures contracts

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

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

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.

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Undistributed net investment income	Accumulated net realized losses on investments
$(3,527)	$3,527

As of September 30, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains, in the amount of $13,463,880 with $5,096,454 expiring in 2018; and $8,367,426 expiring in 2019.

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 September 30, 2013, 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	$	124,230	$	0	$	124,230
Equity securities
Common stocks		427,414,028		0		0		427,414,028
Non-agency mortgage backed securities		0		26,645		0		26,645
U.S. Treasury securities		256,722,842		0		0		256,722,842
Short-term investments
Investment companies		14,276,954		626,870		0		14,903,824
U.S. Treasury securities		0		13,449,989		0		13,449,989
	$	698,413,824	$	14,227,734	$	0	$	712,641,558

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

As of September 30, 2013, 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+	$	(4,786,541	)	$	0	$	0	$	(4,786,541	)

+ Futures contracts are presented at the unrealized net losses on the instrument.

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.60% and declining to 0.45% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory fee was equivalent to an annual rate of 0.59% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class B shares, 1.90% for Class C shares, and 0.90% for Administrator Class shares.

Distribution fees

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

For the year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $27,581 from the sale of Class A shares and $97 and $18 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended September 30, 2013 were as follows:

Purchases at cost			Sales proceeds
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$57,336,344	$	13,264,526	$	5,082,462	$	69,010,814

6. DERIVATIVE TRANSACTIONS

During the year ended September 30, 2013, the Fund entered into futures contracts to gain market exposure to certain asset classes in accordance with an active asset allocation strategy.

At September 30, 2013, the Fund had long and short futures contracts outstanding as follows:

Expiration date	Contracts	Type	Contract value at September 30, 2013		Unrealized gains (losses)
12-19-2013	16 Long	30-Year U.S. Treasury Bonds	$	2,134,000	$	70,779
12-19-2013	1,378 Short	30-Year U.S. Treasury Bonds		183,790,750		(3,950,700	)
12-19-2013	458 Long	S&P 500 Index		191,707,350		(906,620	)

The Fund had an average notional amount of $187,222,389 and $175,768,163 in long and short futures contracts respectively, during the year ended September 30, 2013.

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

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

	Asset derivatives				Liability derivatives
	Statement of Asset and Liabilities location	Fair value			Statement of Asset and Liabilities location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	70,779	*	Net assets – Net unrealized loss on investments	$	3,950,700	*
Equity contracts	Net assets – Net unrealized gains on investments		0		Net assets – Net unrealized loss on investments		906,620	*
		$	70,779			$	4,857,320

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

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

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	17,365,073	$	(4,665,370	)
Equity contracts		32,231,707		(1,103,642	)
	$	49,596,780	$	(5,769,012	)

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 year ended September 30, 2013, the Fund paid $1,164 in commitment fees.

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

For the year ended September 30, 2013, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $9,861,870 and $9,229,327 of ordinary income for the years ended September 30, 2013 and September 30, 2012, respectively.

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains	Capital loss carryforward
$298,160	$109,078,484	$(13,463,880)

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

38 Wells Fargo Advantage Index Asset Allocation Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Index Asset Allocation Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Index Asset Allocation Fund as of September 30, 2013, the results of its operations for the year then ended, changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

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

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 85.33% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2013.

Pursuant to Section 854 of the Internal Revenue Code, $8,675,171 of income dividends paid during the fiscal year ended September 30, 2013 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2013, $4,579,077 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2013, 46.40% of the ordinary income distributed was derived from interest on U.S. government securities.

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.

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

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

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. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

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

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

42 Wells Fargo Advantage Index Asset Allocation Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219792 11-13 A227/AR227 09-13

Wells Fargo Advantage

C&B Mid Cap Value Fund

Annual Report

September 30, 2013

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
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
Report of independent registered public accounting firm	25
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage C&B Mid Cap Value Fund for the 12-month period that ended September 30, 2013. Much of the period was marked by monetary easing by global central banks. Toward the end of the period, investor concerns that the U.S. Federal Reserve (Fed) would end its bond-buying program initially led to higher interest rates, resulting in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 but were soon followed by concerns about a shutdown of the U.S. government. Nonetheless, increased confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the 12-month reporting period.

Central banks continued to provide stimulus.

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rates effectively near zero in order to support the economy and the financial system. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market. In December 2012, the Fed increased its quantitative easing program by adding purchases of $45 billion per month in long-term U.S. Treasuries. The FOMC continued its policy of monetary easing into 2013. However, indications in May 2013 that the FOMC might reduce (or taper) its bond-buying program caused a rise in interest rates and a subsequent sell-off in both stocks and bonds. After its September 2013 meeting, however, the FOMC surprisingly signaled that tapering would be delayed, resulting in a stock and bond market rally in late September.

European markets continued to benefit from the ECB’s September 2012 announcement that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. As a result, when the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility. Moreover, in May 2013, the ECB cut its key rate to a historic low of 0.5%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Given the substantial ties between the U.S. and Europe, the improved sentiment about the eurozone helped provide a tailwind for U.S. markets.

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

For most of the period, U.S. economic data remained moderately positive. Gross domestic product (GDP) growth came in at a sluggish 0.1% annualized rate in the fourth quarter of 2012, but many analysts attributed the fourth-quarter weakness to the temporary aftereffects from Hurricane Sandy. This view was given credence by the rebound in GDP growth to a 1.1% annualized rate in the first quarter of 2013 and a 2.5% annualized rate in the second quarter. The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013. This created an overhang on economic growth during the second half of the period. On midnight of September 30, 2013, the federal government shut down with the exception of certain crucial functions, an action that could increase investor uncertainty and thus market volatility.

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

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period. Economically sensitive sectors such as industrials and consumer discretionary outperformed. Signs of an improvement in the housing market also aided the returns of financials stocks. Dividend-paying stocks led the market earlier in 2013 as investors sought yield in a historically low-yielding environment, but rising interest rates later in the period dampened their relative performance. Judging by various Russell indexes, mid-cap stocks outperformed small-cap stocks, but there was no discernible pattern between value and growth stocks. While small-cap value stocks outperformed their growth counterparts, mid-cap growth stocks outperformed value.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period.

Notice to shareholders

At its November 18-20, 2013 meeting, the Board of Trustees unanimously approved a change to the Fund’s definition of medium-capitalization companies. Effective February 1, 2014, the Fund will consider medium-capitalization companies to be those with market capitalizations within the range of the Russell Midcap^® Index¹.

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

1. The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000^® Index. You cannot invest directly in an index.

4 Wells Fargo Advantage C&B Mid Cap Value Fund Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Cooke & Bieler, L.P.

Portfolio managers

Daren C. Heitman, CFA

Steve Lyons, CFA

Michael M. Meyer, CFA

Edward W. O’Connor, CFA

R. James O’Neil, CFA

Mehul Trivedi, CFA

William Weber, CFA

Average annual total returns¹ (%) as of September 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (CBMAX)	7-26-2004		24.03		10.98		8.53		31.59		12.30		9.17		1.39		1.21
Class B (CBMBX)*	7-26-2004		25.55		11.20		8.61		30.55		11.46		8.61		2.14		1.96
Class C (CBMCX)	7-26-2004		29.58		11.45		8.36		30.58		11.45		8.36		2.14		1.96
Administrator Class (CBMIX)	7-26-2004		–		–		–		31.65		12.35		9.30		1.23		1.16
Institutional Class (CBMSX)	7-26-2004		–		–		–		31.98		12.64		9.55		0.96		0.91
Investor Class (CBMDX)	2-18-1998		–		–		–		31.55		12.25		9.19		1.45		1.26
Russell Midcap® Value Index4	–		–		–		–		27.77		11.86		10.91		–		–

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

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

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 5

Growth of $10,000 investment⁵ as of September 30, 2013

1. Historical performance shown for Class A, Class B, and Class C shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class A, Class B, and Class C shares. Historical performance shown for Administrator and Institutional Class shares prior to their inception reflects the performance of Investor Class shares, and includes the higher expenses applicable to Investor Class shares. If these expenses had not been included, returns would be higher. Effective June 20, 2008, Class D was renamed Investor Class and modified to assume the features and attributes of Investor Class. Historical performance shown for the Investor Class shares through June 19, 2008, includes Class D expenses.

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

3. The Adviser has committed through January 31, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.20% for Class A, 1.95% for Class B, 1.95% for Class C, 1.15% for Administrator Class, 0.90% for Institutional Class, and 1.25% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. The chart compares the performance of Class A shares for the most recent ten years with the Russell Midcap Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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

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

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

MANAGER’S DISCUSSION

Fund highlights

n The Fund outperformed the Russell Midcap Value Index for the 12-month period that ended September 30, 2013, because of both favorable stock selection and sector allocation.

n Stock selection was particularly strong in the financials, energy, and materials sectors. The Fund’s decision to hold insurance companies StanCorp Financial Group Incorporated and Stewart Information Services Corporation, energy company Noble Energy Incorporated, and paper and forest product company Schweitzer-Mauduit International Incorporated contributed to relative performance.

n An allocation to cash was the primary detractor because the stock market generally rose during the period. Stock selection in the information technology (IT) sector also detracted.

Both stock selection and sector allocation aided the Fund’s relative performance during a market rally.

Stock selection was generally positive and was exceptionally good in the financials and materials sectors. Strong market rallies have historically not been kind to our stock selection process because the competitively advantaged, conservatively financed companies we tend to favor often fail to capture investors’ imaginations in fast-moving markets. We were therefore pleased with the Fund’s stock selection results for the 12-month period.

Sector weighting also contributed to the Fund’s outperformance, including our overweight in the industrials sector. Given that interest rates rose during the period, we also benefited from our underweight in the interest-rate-sensitive utilities sector and the real estate investment trust industry in the financials sector. The portfolio also benefited from a general orientation to cyclical stocks because investors continued to believe that the U.S. economy was recovering. Although the Fund’s IT and health care holdings delivered solid absolute gains, they lagged the returns of those respective sectors in the benchmark. An average 4% allocation to cash also detracted from relative results. Our cash allocation is purely transitional and does not reflect our view of the market.

Among individual stocks, contributors included specialty retailer Best Buy Company Incorporated, office furnishings provider Steelcase Incorporated, water fabrication equipment and services provider Lam Research Corporation, branded basic family apparel manufacturer Gildan Activewear Incorporated, and branded uniform and facility service programs provider G&K Services Incorporated. Detractors included restaurateur Darden Restaurants Incorporated, health care services provider Quest Diagnostics Incorporated, international money transfer firm Western Union Company, manufacturing group Quanex Building Products Corporation, and metal and plastic supplier Ball Corporation.

Ten largest equity holdings6 (%) as of September 30, 2013
Cardinal Health Incorporated	3.45
Western Union Company	3.37
RenaissanceRe Holdings Limited	3.03
Schweitzer-Mauduit International Incorporated	2.91
Ball Corporation	2.85
Kennametal Incorporated	2.78
Quest Diagnostics Incorporated	2.73
Gildan Activewear Incorporated	2.70
NVR Incorporated	2.69
Quanex Building Products Corporation	2.65

We took advantage of opportunities during this strong multiyear market rally.

The market’s strong multiyear rally has made our task of finding attractively valued investments more demanding, so we are pleased with the continued productivity of our research efforts. During the 12-month period, we found opportunities in areas where valuations were attractive relative to our view of long-term fundamentals. Purchases included metal container manufacturer Crown Holdings Incorporated, semiconductor capital equipment manufacturer Entegris Incorporated, diversified consumer goods company Helen of Troy Limited, marketing/advertising service company Omnicom Group Incorporated, industrial manufacturer Parker Hannifin Corporation, entertainment software company Rovi Corporation, tobacco product supplier Schweitzer-Mauduit International, disability life insurer StanCorp Financial Group, and low-tech medical devices company Teleflex Incorporated.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 7

Sector distribution⁷ as of September 30, 2013

Conditions in the economy continue to sluggishly improve.

To make room for these investments, several positions were trimmed and others eliminated after they reached our valuation targets. ATM products and services company Diebold Incorporated was eliminated due to fundamental weakness, and IT equipment company Flextronics International Limited was sold due to emerging structural issues.

Our sense from talking with companies is that conditions in the real economy continue to sluggishly improve. Revenue growth remains a challenge, and the bias is still toward cost-cutting over investment. This environment should be generally favorable for equities, although the strong rally of the past 12 months made it more difficult

to find undervalued stocks. In such an environment, we believe it is even more crucial to stay disciplined and focused on the quality of the businesses we own and the prices required to own them. We remain excited about the portfolio, which we believe contains competitively advantaged, financially strong companies that have been subjected to our stringent quality focus, rigorous research process, and disciplined valuation framework.

Please see footnotes on page 5.

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

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

the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2013 to September 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,124.59	$	6.39		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Class B
Actual	$	1,000.00	$	1,120.37	$	10.37		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Class C
Actual	$	1,000.00	$	1,120.78	$	10.37		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,125.12	$	6.13		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,126.53	$	4.80		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Investor Class
Actual	$	1,000.00	$	1,124.47	$	6.66		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		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—September 30, 2013 Wells Fargo Advantage C&B Mid Cap Value Fund 9

Security name	Shares		Value
Common Stocks: 94.66%
Consumer Discretionary: 14.24%
Hotels, Restaurants & Leisure: 1.24%
Darden Restaurants Incorporated		51,700	$	2,393,193
Household Durables: 4.41%
Helen of Troy Limited †		75,100		3,319,420
NVR Incorporated †		5,640		5,184,232
				8,503,652
Leisure Equipment & Products: 2.45%
Hasbro Incorporated		100,100		4,718,714
Media: 2.46%
Omnicom Group Incorporated		74,700		4,738,968
Specialty Retail: 0.98%
Best Buy Company Incorporated		50,600		1,897,500
Textiles, Apparel & Luxury Goods: 2.70%
Gildan Activewear Incorporated		111,900		5,196,636
Consumer Staples: 2.20%
Beverages: 1.39%
Coca-Cola Enterprises Incorporated		66,500		2,673,965
Personal Products: 0.81%
Avon Products Incorporated		75,700		1,559,420
Energy: 1.77%
Oil, Gas & Consumable Fuels: 1.77%
Noble Energy Incorporated		51,000		3,417,510
Financials: 18.81%
Commercial Banks: 6.46%
City National Corporation		64,400		4,292,904
TCF Financial Corporation		320,800		4,581,024
Umpqua Holdings Corporation «		221,200		3,587,864
				12,461,792
Insurance: 12.35%
Axis Capital Holdings Limited		92,600		4,010,506
RenaissanceRe Holdings Limited		64,400		5,830,132
StanCorp Financial Group Incorporated		52,800		2,905,056
Stewart Information Services Corporation		131,400		4,203,486
Torchmark Corporation		52,900		3,827,315
Willis Group Holdings plc		69,700		3,020,101
				23,796,596

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

10 Wells Fargo Advantage C&B Mid Cap Value Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Health Care: 11.00%
Health Care Equipment & Supplies: 2.33%
Teleflex Incorporated		54,700	$	4,500,716
Health Care Providers & Services: 8.67%
Cardinal Health Incorporated		127,600		6,654,340
MEDNAX Incorporated †		47,600		4,779,040
Quest Diagnostics Incorporated «		85,300		5,270,687
				16,704,067
Industrials: 18.97%
Building Products: 2.65%
Quanex Building Products Corporation		271,400		5,110,462
Commercial Services & Supplies: 9.10%
Brink’s Company		180,100		5,096,830
Cintas Corporation		78,800		4,034,560
G&K Services Incorporated Class A		61,000		3,683,790
Steelcase Incorporated		284,500		4,728,390
				17,543,570
Machinery: 7.22%
Harsco Corporation		181,000		4,506,900
Kennametal Incorporated		117,600		5,362,560
Parker Hannifin Corporation		37,100		4,033,512
				13,902,972
Information Technology: 12.46%
IT Services: 3.37%
Western Union Company		348,200		6,497,412
Semiconductors & Semiconductor Equipment: 6.58%
Entegris Incorporated †		494,875		5,022,981
Lam Research Corporation †		65,500		3,352,945
Teradyne Incorporated †		260,500		4,303,460
				12,679,386
Software: 2.51%
Rovi Corporation †		252,000		4,830,840
Materials: 13.17%
Containers & Packaging: 7.64%
Ball Corporation		122,300		5,488,824
Bemis Company Incorporated		42,100		1,642,321
Crown Holdings Incorporated †		105,000		4,439,400
Rock-Tenn Company Class A		31,100		3,149,497
				14,720,042

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage C&B Mid Cap Value Fund 11

Security name				Shares		Value
Metals & Mining: 2.62%
Reliance Steel & Aluminum Company					68,900	$	5,048,303
Paper & Forest Products: 2.91%
Schweitzer-Mauduit International Incorporated					92,800		5,617,184
Utilities: 2.04%
Electric Utilities: 2.04%
Entergy Corporation					62,300		3,936,737
Total Common Stocks (Cost $139,007,149)							182,449,637
	Yield
Short-Term Investments: 10.60%
Investment Companies: 10.60%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		11,853,916		11,853,916
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.12			8,569,650		8,569,650
Total Short-Term Investments (Cost $20,423,566)							20,423,566

Total investments in securities
(Cost $159,430,715) *	105.26	%		202,873,203
Other assets and liabilities, net	(5.26	)		(10,141,861	)
Total net assets	100.00	%	$	192,731,342

† Non-income-earning security

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $160,849,450 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	43,800,013
Gross unrealized depreciation		(1,776,260	)
Net unrealized appreciation	$	42,023,753

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

12 Wells Fargo Advantage C&B Mid Cap Value Fund Statement of assets and liabilities—September 30, 2013

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	182,449,637
In affiliated securities, at value (see cost below)		20,423,566
Total investments, at value (see cost below)		202,873,203
Receivable for Fund shares sold		515,008
Receivable for dividends		212,442
Receivable for securities lending income		1,080
Prepaid expenses and other assets		27,736
Total assets		203,629,469
Liabilities
Payable for Fund shares redeemed		2,108,063
Payable upon receipt of securities loaned		8,569,650
Advisory fee payable		84,411
Distribution fees payable		4,971
Due to other related parties		48,480
Accrued expenses and other liabilities		82,552
Total liabilities		10,898,127
Total net assets	$	192,731,342
NET ASSETS CONSIST OF
Paid-in capital	$	276,600,126
Undistributed net investment income		565,307
Accumulated net realized losses on investments		(127,876,579	)
Net unrealized gains on investments		43,442,488
Total net assets	$	192,731,342
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	19,468,278
Shares outstanding – Class A		820,010
Net asset value per share – Class A		$23.74
Maximum offering price per share – Class A2		$25.19
Net assets – Class B	$	701,074
Shares outstanding – Class B		30,492
Net asset value per share – Class B		$22.99
Net assets – Class C	$	7,597,587
Shares outstanding – Class C		331,488
Net asset value per share – Class C		$22.92
Net assets – Administrator Class	$	19,524,963
Shares outstanding – Administrator Class		813,193
Net asset value per share – Administrator Class		$24.01
Net assets – Institutional Class	$	24,628,345
Shares outstanding – Institutional Class		1,028,391
Net asset value per share – Institutional Class		$23.95
Net assets – Investor Class	$	120,811,095
Shares outstanding – Investor Class		5,065,839
Net asset value per share – Investor Class		$23.85
Investments in unaffiliated securities (including securities on loan), at cost	$	139,007,149
Investments in affiliated securities, at cost	$	20,423,566
Total investments, at cost	$	159,430,715
Securities on loan, at value	$	8,412,812

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—year ended September 30, 2013 Wells Fargo Advantage C&B Mid Cap Value Fund 13

Investment income
Dividends*	$	2,683,185
Securities lending income, net		51,498
Income from affiliated securities		7,816
Total investment income		2,742,499
Expenses
Advisory fee		1,134,279
Administration fees
Fund level		81,020
Class A		41,787
Class B		2,350
Class C		15,576
Administrator Class		13,259
Institutional Class		15,756
Investor Class		339,583
Shareholder servicing fees
Class A		40,180
Class B		2,259
Class C		14,977
Administrator Class		32,496
Investor Class		265,301
Distribution fees
Class B		6,778
Class C		44,931
Custody and accounting fees		16,084
Professional fees		41,649
Registration fees		66,394
Shareholder report expenses		39,786
Trustees’ fees and expenses		16,321
Other fees and expenses		10,856
Total expenses		2,241,622
Less: Fee waivers and/or expense reimbursements		(258,088	)
Net expenses		1,983,534
Net investment income		758,965
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		18,170,015
Net change in unrealized gains (losses) on investments		25,090,042
Net realized and unrealized gains (losses) on investments		43,260,057
Net increase in net assets resulting from operations	$	44,019,022
* Net of foreign dividend withholding taxes in the amount of		$6,302

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

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

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment income				$	758,965					$	1,404,937
Net realized gains on investments					18,170,015						13,564,401
Net change in unrealized gains (losses) on investments					25,090,042						23,408,820
Net increase in net assets resulting from operations					44,019,022						38,378,158
Distributions to shareholders from
Net investment income
Class A					(132,553	)					(76,365	)
Class C					(13,953	)					0
Administrator Class					(101,884	)					(77,026	)
Institutional Class					(312,656	)					(239,976	)
Investor Class					(847,059	)					(484,599	)
Total distributions to shareholders					(1,408,105	)					(877,966	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		303,719			6,415,657			172,921			2,916,755
Class B		4,051			82,765			3,680			60,088
Class C		89,156			1,888,157			19,237			326,431
Administrator Class		388,577			8,634,156			84,108			1,408,769
Institutional Class		560,697			12,333,031			563,182			9,694,744
Investor Class		1,513,378			31,608,850			420,654			7,159,723
					60,962,616						21,566,510
Reinvestment of distributions
Class A		7,079			130,811			4,736			71,994
Class C		737			13,225			0			0
Administrator Class		4,229			79,000			4,012			61,627
Institutional Class		12,902			239,840			14,741			225,392
Investor Class		45,126			837,994			30,686			468,578
					1,300,870						827,591
Payment for shares redeemed
Class A		(229,803	)		(4,796,079	)		(233,194	)		(3,957,112	)
Class B		(49,544	)		(956,387	)		(120,439	)		(1,956,540	)
Class C		(56,966	)		(1,132,291	)		(59,857	)		(980,405	)
Administrator Class		(157,009	)		(3,226,640	)		(235,161	)		(4,062,387	)
Institutional Class		(904,655	)		(17,984,016	)		(818,626	)		(14,082,658	)
Investor Class		(1,475,570	)		(30,924,923	)		(1,177,196	)		(20,009,640	)
					(59,020,336	)					(45,048,742	)
Net increase (decrease) in net assets resulting from capital share transactions					3,243,150						(22,654,641	)
Total increase in net assets					45,854,067						14,845,551
Net assets
Beginning of period					146,877,275						132,031,724
End of period				$	192,731,342					$	146,877,275
Undistributed net investment income				$	565,307					$	1,186,398

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

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

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage C&B Mid Cap Value Fund 17

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

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

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage C&B Mid Cap Value Fund 19

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

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

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

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

3. Calculated based upon average shares outstanding

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

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

Notes to financial statements Wells Fargo Advantage C&B Mid Cap Value Fund 21

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market information to assess the continued appropriateness of the fair valuation methodology used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on the exchange or by an independent pricing service. Valuations received from an independent pricing service or broker quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

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

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. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

Federal and other taxes

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

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

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Undistributed net investment income	Accumulated net realized losses on investments
$28,049	$(28,049)

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

Class allocations

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

Notes to financial statements Wells Fargo Advantage C&B Mid Cap Value Fund 23

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 September 30, 2013, 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	$	182,449,637	$	0	$	0	$	182,449,637
Short-term investments
Investment companies		11,853,916		8,569,650		0		20,423,566
	$	194,303,553	$	8,569,650	$	0	$	202,873,203

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.70% and declining to 0.60% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Cooke & Bieler, L.P. is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase. Prior to May 1, 2013, Cooke & Bieler, L.P. received an annual fee which started at 0.55% and declined to 0.40% as the average daily net assets of the Fund increased.

Administration and transfer agent fees

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

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

24 Wells Fargo Advantage C&B Mid Cap Value Fund Notes to financial statements

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class B shares, 1.95% for Class C shares, 1.15% for Administrator Class shares, 0.90% for Institutional Class shares and 1.25% for Investor Class shares.

Distribution fees

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

For the year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $5,371 from the sale of Class A shares and $12 in contingent deferred sales charges from redemptions of Class B shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2013 were $74,580,419 and $78,062,629, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the year ended September 30, 2013, the Fund paid $257 in commitment fees.

For the year ended September 30, 2013, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $1,408,105 and $877,966 of ordinary income for the years ended September 30, 2013 and September 30, 2012, respectively.

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains	Capital loss carryforward
$565,307	$42,023,753	$(126,457,844)

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

Report of independent registered public accounting firm Wells Fargo Advantage C&B Mid Cap Value Fund 25

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage C&B Mid Cap Value Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, the period from November 1, 2009 through September 30, 2010, and each of the years in the two-year period ended October 31, 2009. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage C&B Mid Cap Value Fund as of September 30, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

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

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2013.

Pursuant to Section 854 of the Internal Revenue Code, $1,408,105 of income dividends paid during the fiscal year ended September 30, 2013 has been designated as qualified dividend income (QDI).

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 C&B Mid Cap Value Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

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

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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

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

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219793 11-13 A228/AR228 09-13

Wells Fargo Advantage Common Stock Fund

Annual Report

September 30, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	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	24
Report of independent registered public accounting firm	29
Other information	30
List of abbreviations	33

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Common Stock Fund for the 12-month period that ended September 30, 2013. Much of the period was marked by monetary easing by global central banks. Toward the end of the period, investor concerns that the U.S. Federal Reserve (Fed) would end its bond-buying program initially led to higher interest rates, resulting in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 but were soon followed by concerns about a shutdown of the U.S. government. Nonetheless, increased confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the 12-month reporting period.

Central banks continued to provide stimulus.

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rates effectively near zero in order to support the economy and the financial system. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market. In December 2012, the Fed increased its quantitative easing program by adding purchases of $45 billion per month in long-term U.S. Treasuries. The FOMC continued its policy of monetary easing into 2013. However, indications in May 2013 that the FOMC might reduce (or taper) its bond-buying program caused a rise in interest rates and a subsequent sell-off in both stocks and bonds. After its September 2013 meeting, however, the FOMC surprisingly signaled that tapering would be delayed, resulting in a stock and bond market rally in late September.

European markets continued to benefit from the ECB’s September 2012 announcement that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. As a result, when the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility. Moreover, in May 2013, the ECB cut its key rate to a historic low of 0.5%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Given the substantial ties between the U.S. and Europe, the improved sentiment about the eurozone helped provide a tailwind for U.S. markets.

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

For most of the period, U.S. economic data remained moderately positive. Gross domestic product (GDP) growth came in at a sluggish 0.1% annualized rate in the fourth quarter of 2012, but many analysts attributed the fourth-quarter weakness to the temporary aftereffects from Hurricane Sandy. This view was given credence by the rebound in GDP growth to a 1.1% annualized rate in the first quarter of 2013 and

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

a 2.5% annualized rate in the second quarter. The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013. This created an overhang on economic growth during the second half of the period. On midnight of September 30, 2013, the federal government shut down with the exception of certain crucial functions, an action that could increase investor uncertainty and thus market volatility.

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period. Economically sensitive sectors such as industrials and consumer discretionary outperformed. Signs of an improvement in the housing market also aided the returns of financials stocks. Dividend-paying stocks led the market earlier in 2013 as investors sought yield in a historically low-yielding environment, but rising interest rates later in the period dampened their relative performance. Judging by various Russell indexes, mid-cap stocks outperformed small-cap stocks, but there was no discernible pattern between value and growth stocks. While small-cap value stocks outperformed their growth counterparts, mid-cap growth stocks outperformed value.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period.

4 Wells Fargo Advantage Common Stock Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Ann M. Miletti

Thomas D. Wooden, CFA

Average annual total returns¹ (%) as of September 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (SCSAX)	11-30-2000		16.62		11.32		10.21		23.72		12.64		10.86		1.32		1.27
Class B (SCSKX)*	11-30-2000		17.78		11.50		10.27		22.78		11.76		10.27		2.07		2.02
Class C (STSAX)	11-30-2000		21.78		11.77		10.02		22.78		11.77		10.02		2.07		2.02
Class R6 (SCSRX)	6-28-2013		–		–		–		24.19		12.92		11.00		0.84		0.84
Administrator Class (SCSDX)	7-30-2010		–		–		–		23.92		12.76		10.92		1.16		1.11
Institutional Class (SCNSX)	7-30-2010		–		–		–		24.14		12.91		10.99		0.89		0.89
Investor Class (STCSX)	12-29-1989		–		–		–		23.63		12.58		10.88		1.38		1.30
Russell 2500TM Index4	–		–		–		–		29.79		12.68		10.38		–		–

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

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Common Stock Fund 5

Growth of $10,000 investment⁵ as of September 30, 2013

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

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

3. The Adviser has committed through January 31, 2014 (January 31, 2015 for Class R6), to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.26% for Class A, 2.01% for Class B, 2.01% for Class C, 0.85% for Class R6, 1.10% for Administrator Class, 0.90% for Institutional Class, and 1.29% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. The chart compares the performance of Class A shares for the most recent ten years with the Russell 2500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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

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

6 Wells Fargo Advantage Common Stock Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund underperformed its benchmark, the Russell 2500 Index, for the 12-month period that ended September 30, 2013.

n Stock selection in the information technology (IT) sector was the primary detractor from relative results. A moderate allocation to cash also detracted from relative results.

n Stock selection added value in a variety of sectors, including industrials, materials, and health care.

Economic data showed slow but positive growth with some strength in housing and consumer spending.

The U.S. Federal Reserve (Fed) continued its highly accommodative monetary policies throughout the 12-month period. With the Fed keeping yields low by buying $85 billion of bonds per month, investors seemed to turn away from low-yielding assets in search of higher potential returns in the equity markets. This investor move and improving fundamentals pushed stocks impressively higher across all market capitalizations. In this environment, we continued to look for well-positioned businesses with strong management teams and favorable trends that trade at attractive discounts to our estimated private market prices (PMPs), with the PMP representing the price we believe a private equity investor would pay for the entire company.

Ten largest equity holdings6 (%) as of September 30, 2013
Ann Incorporated	1.57
Thoratec Corporation	1.53
Babcock & Wilcox Company	1.49
PerkinElmer Incorporated	1.46
Harman International Industries Incorporated	1.44
Global Payments Incorporated	1.44
SM Energy Company	1.43
MRC Global Incorporated	1.42
TIBCO Software Incorporated	1.42
Trimble Navigation Limited	1.41

Stock selection drove the Fund’s results during

the period.

Stock selection in a variety of sectors was the dominant driver of the Fund’s relative performance during the period, with stock selection in the IT sector the primary detractor. Some of our IT holdings that made acquisitions in late 2012 lagged as the expected benefits from those acquisitions did not materialize as quickly as investors had hoped. Communications equipment firm Riverbed Technology Incorporated was the largest individual detractor, declining 37% over the reporting period. Despite the recent underperformance, we continue to believe that Riverbed is well positioned for future growth, in part because the company’s products and services help organizations manage their data networks. An average 7% allocation to cash also detracted from results over the 12-month period. Our cash allocation is transitional and does not reflect our view of the market.

In the industrials sector, value-added individual stock selection results came from semi-truck trailer manufacturer Wabash National Corporation (up 64%) and office furnishings provider Steelcase Incorporated (up 74%). Stock selection in the health care sector also aided overall results. Although the health care sector remains subject to significant regulatory pressure and uncertainty, several holdings shrugged off macroeconomic concerns and generated solid individual company results, including health care provider Universal Health Services Incorporated (up 66%) and life sciences firm Parexel International Corporation (up 63%).

The Fund ended the period with an overweight in the consumer discretionary and IT sectors, and an underweight in the financials and utilities sectors.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Common Stock Fund 7

Sector distribution⁷ as of September 30, 2013

Our methodology includes buying stocks that are selling at a discount to their estimated PMPs and selling stocks that approach their PMPs.

Our discipline allows us to be keenly aware of both price and business value on a company-by-company basis. Our proprietary database of company acquisitions across industries, sectors, and time frames gives us a steady foundation for assessing the private worth of companies versus the public stock prices for those same companies. Our task is to exploit those discrepancies for the benefit of the Fund’s shareholders by purchasing stocks when we believe they are selling at a discount to their PMPs.

Improving sentiment helped broadly lift stock prices and multiples over the past year. We think the market will

move into a more discerning phase going forward, where companies with attractive stock prices relative to their PMPs will come to the forefront, allowing us to add value with our unique bottom-up research.

Please see footnotes on page 5.

8 Wells Fargo Advantage Common Stock Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2013 to September 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,092.01	$	6.61		1.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.38		1.26	%
Class B
Actual	$	1,000.00	$	1,087.83	$	10.52		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.99	$	10.15		2.01	%
Class C
Actual	$	1,000.00	$	1,088.39	$	10.52		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.99	$	10.15		2.01	%
Class R6
Actual	$	1,000.00	$	1,094.52	$	4.25		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01	$	4.10		0.81	%
Administrator Class
Actual	$	1,000.00	$	1,092.89	$	5.72		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Institutional Class
Actual	$	1,000.00	$	1,094.08	$	4.51		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.36		0.86	%
Investor Class
Actual	$	1,000.00	$	1,091.70	$	6.76		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.53		1.29	%

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Common Stock Fund 9

Security name	Shares		Value
Common Stocks: 86.40%
Consumer Discretionary: 17.35%
Auto Components: 1.09%
Allison Transmission Holdings Incorporated		641,807	$	16,077,265
Diversified Consumer Services: 2.34%
Capella Education Company †		332,123		18,784,877
Grand Canyon Education Incorporated †		392,675		15,816,949
				34,601,826
Hotels, Restaurants & Leisure: 1.29%
Royal Caribbean Cruises Limited		500,293		19,151,216
Household Durables: 2.39%
Harman International Industries Incorporated		321,962		21,323,543
Mohawk Industries Incorporated †		107,350		13,982,338
				35,305,881
Media: 3.38%
Cablevision Systems Corporation New York Group Class A		350,098		5,895,650
Interpublic Group of Companies Incorporated		1,103,925		18,965,432
Scripps Networks Interactive Incorporated		172,252		13,454,604
Time Warner Cable Incorporated		104,775		11,692,890
				50,008,576
Specialty Retail: 6.86%
Ann Incorporated †		639,955		23,179,170
Express Incorporated †		762,701		17,992,117
PetSmart Incorporated		226,759		17,292,641
Tractor Supply Company		239,468		16,085,066
Urban Outfitters Incorporated †		319,741		11,756,877
Vitamin Shoppe Incorporated †		345,837		15,130,369
				101,436,240
Consumer Staples: 0.79%
Household Products: 0.79%
Church & Dwight Company Incorporated		195,303		11,727,945
Energy: 7.67%
Energy Equipment & Services: 4.49%
Cameron International Corporation †		306,987		17,918,831
Dresser-Rand Group Incorporated †		249,497		15,568,613
Helmerich & Payne Incorporated		235,277		16,222,349
Noble Corporation		440,246		16,628,091
				66,337,884
Oil, Gas & Consumable Fuels: 3.18%
Bill Barrett Corporation Ǡ		682,729		17,143,325
Forest Oil Corporation Ǡ		1,443,786		8,807,095
SM Energy Company		274,104		21,158,086
				47,108,506

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

10 Wells Fargo Advantage Common Stock Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Financials: 11.63%
Capital Markets: 2.07%
Greenhill & Company Incorporated		288,749	$	14,402,800
Waddell & Reed Financial Incorporated		314,489		16,189,894
				30,592,694
Commercial Banks: 2.20%
First Horizon National Corporation		1,322,270		14,531,747
National Bank Holdings Corporation Class A		879,540		18,065,752
				32,597,499
Consumer Finance: 1.04%
DFC Global Corporation †		1,398,879		15,373,680
Insurance: 4.02%
Arch Capital Group Limited †		310,982		16,833,456
CNO Financial Group Incorporated		1,088,224		15,670,426
Reinsurance Group of America Incorporated		201,235		13,480,733
RenaissanceRe Holdings Limited		148,552		13,448,413
				59,433,028
REITs: 2.30%
Campus Crest Communities Incorporated		1,580,797		17,072,608
Hersha Hospitality Trust		3,020,044		16,882,046
				33,954,654
Health Care: 9.59%
Health Care Equipment & Supplies: 6.04%
CareFusion Corporation †		478,487		17,656,170
DENTSPLY International Incorporated		374,559		16,259,606
Hologic Incorporated †		830,073		17,141,007
Thoratec Corporation †		606,611		22,620,524
Varian Medical Systems Incorporated †		209,591		15,662,735
				89,340,042
Health Care Providers & Services: 1.01%
Universal Health Services Incorporated Class B		199,227		14,940,033
Life Sciences Tools & Services: 2.54%
Parexel International Corporation †		319,390		16,042,960
PerkinElmer Incorporated		570,280		21,528,070
				37,571,030
Industrials: 14.08%
Airlines: 1.71%
Alaska Air Group Incorporated		256,327		16,051,197
United Continental Holdings Incorporated †		300,894		9,240,455
				25,291,652

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Common Stock Fund 11

Security name	Shares		Value
Commercial Services & Supplies: 2.51%
Republic Services Incorporated		567,885	$	18,944,644
Steelcase Incorporated		1,090,573		18,125,323
				37,069,967
Electrical Equipment: 2.33%
AMETEK Incorporated		259,653		11,949,231
Babcock & Wilcox Company		652,927		22,016,698
General Cable Corporation		14,483		459,835
				34,425,764
Machinery: 2.33%
SPX Corporation		211,567		17,907,031
Wabash National Corporation †		1,423,392		16,596,751
				34,503,782
Road & Rail: 2.58%
Avis Budget Group Incorporated †		455,707		13,138,033
Con-way Incorporated		197,265		8,500,149
Ryder System Incorporated		276,697		16,518,811
				38,156,993
Trading Companies & Distributors: 2.62%
GATX Corporation		373,200		17,734,464
MRC Global Incorporated †		785,878		21,061,530
				38,795,994
Information Technology: 18.94%
Communications Equipment: 1.18%
Riverbed Technology Incorporated †		1,197,985		17,478,601
Computers & Peripherals: 1.19%
Diebold Incorporated		601,450		17,658,572
Electronic Equipment, Instruments & Components: 2.79%
Molex Incorporated Class A		533,680		20,429,270
Trimble Navigation Limited †		701,022		20,827,364
				41,256,634
IT Services: 4.53%
Alliance Data Systems Corporation †		73,598		15,563,769
Amdocs Limited		426,293		15,619,376
Gartner Incorporated †		242,854		14,571,240
Global Payments Incorporated		416,624		21,281,154
				67,035,539
Semiconductors & Semiconductor Equipment: 5.25%
Integrated Device Technology Incorporated †		2,097,374		19,757,263
ON Semiconductor Corporation †		2,606,200		19,025,260

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

12 Wells Fargo Advantage Common Stock Fund Portfolio of investments—September 30, 2013

Security name				Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions Incorporated †					781,831	$	19,420,682
Xilinx Incorporated					414,458		19,421,502
							77,624,707
Software: 4.00%
Nuance Communications Incorporated †					967,573		18,088,777
Red Hat Incorporated †					434,181		20,033,111
TIBCO Software Incorporated †					820,882		21,006,370
							59,128,258
Materials: 6.35%
Chemicals: 3.48%
Albemarle Corporation					297,178		18,704,383
Chemtura Corporation †					764,830		17,583,442
International Flavors & Fragrances Incorporated					183,502		15,102,215
							51,390,040
Containers & Packaging: 2.16%
Crown Holdings Incorporated †					380,569		16,090,457
Packaging Corporation of America					277,388		15,836,081
							31,926,538
Metals & Mining: 0.71%
Steel Dynamics Incorporated					631,678		10,555,339
Total Common Stocks (Cost $855,755,596)							1,277,856,379
Investment Companies: 1.56%
SPDR S&P Biotech ETF «							8,934,514
SPDR S&P MidCap 400 ETF							14,165,995
Total Investment Companies (Cost $18,068,613)							23,100,509
	Yield
Short-Term Investments: 7.48%
Investment Companies: 7.48%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		82,480,375		82,480,375
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.12			28,163,900		28,163,900
Total Short-Term Investments (Cost $110,644,275)							110,644,275

Total investments in securities
(Cost $984,468,484) *	95.44	%		1,411,601,163
Other assets and liabilities, net	4.56			67,489,354
Total net assets	100.00	%	$	1,479,090,517

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Common Stock Fund 13

† Non-income-earning security

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $991,512,284 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	441,997,710
Gross unrealized depreciation		(21,908,831	)
Net unrealized appreciation	$	420,088,879

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

14 Wells Fargo Advantage Common Stock Fund Statement of assets and liabilities—September 30, 2013

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	1,300,956,888
In affiliated securities, at value (see cost below)		110,644,275
Total investments, at value (see cost below)		1,411,601,163
Receivable for investments sold		27,809,436
Receivable for Fund shares sold		72,052,044
Receivable for dividends		1,507,089
Receivable for securities lending income		15,576
Prepaid expenses and other assets		73,752
Total assets		1,513,059,060
Liabilities
Payable for investments purchased		2,998,957
Payable for Fund shares redeemed		1,291,600
Payable upon receipt of securities loaned		28,163,900
Advisory fee payable		758,159
Distribution fees payable		18,304
Due to other related parties		379,630
Accrued expenses and other liabilities		357,993
Total liabilities		33,968,543
Total net assets	$	1,479,090,517
NET ASSETS CONSIST OF
Paid-in capital	$	954,026,280
Accumulated net investment loss		(5,379	)
Accumulated net realized gains on investments		97,936,937
Net unrealized gains on investments		427,132,679
Total net assets	$	1,479,090,517
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	292,806,316
Shares outstanding – Class A		11,976,615
Net asset value per share – Class A		$24.45
Maximum offering price per share – Class A2		$25.94
Net assets – Class B	$	520,686
Shares outstanding – Class B		24,584
Net asset value per share – Class B		$21.18
Net assets – Class C	$	29,483,264
Shares outstanding – Class C		1,392,353
Net asset value per share – Class C		$21.18
Net assets – Class R6	$	27,135
Share outstanding – Class R6		1,095
Net asset value per share – Class R6		$24.78
Net assets – Administrator Class	$	24,871,009
Shares outstanding – Administrator Class		1,011,521
Net asset value per share – Administrator Class		$24.59
Net assets – Institutional Class	$	197,452,594
Shares outstanding – Institutional Class		7,970,474
Net asset value per share – Institutional Class		$24.77
Net assets – Investor Class	$	933,929,513
Shares outstanding – Investor Class		37,353,228
Net asset value per share – Investor Class		$25.00
Investments in unaffiliated securities (including securities on loan), at cost	$	873,824,209
Investments in affiliated securities, at cost	$	110,644,275
Total investments, at cost	$	984,468,484
Securities on loan, at value	$	27,227,336

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—year ended September 30, 2013 Wells Fargo Advantage Common Stock Fund 15

Investment income
Dividends	$	14,746,999
Securities lending income, net		234,242
Income from affiliated securities		114,507
Total investment income		15,095,748
Expenses
Advisory fee		8,888,187
Administration fees
Fund level		626,014
Class A		604,116
Class B		1,655
Class C		63,741
Class R6		2	1
Administrator Class		21,757
Institutional Class		86,290
Investor Class		2,767,674
Shareholder servicing fees
Class A		580,881
Class B		1,592
Class C		61,289
Administrator Class		47,839
Investor Class		2,146,511
Distribution fees
Class B		4,775
Class C		183,868
Custody and accounting fees		68,278
Professional fees		44,687
Registration fees		54,648
Shareholder report expenses		113,698
Trustees’ fees and expenses		12,516
Other fees and expenses		38,273
Total expenses		16,418,291
Less: Fee waivers and/or expense reimbursements		(656,441	)
Net expenses		15,761,850
Net investment loss		(666,102	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		117,997,624
Net change in unrealized gains (losses) on investments		149,327,962
Net realized and unrealized gains (losses) on investments		267,325,586
Net increase in net assets resulting from operations	$	266,659,484

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

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

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

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment loss				$	(666,102	)				$	(1,919,965	)
Net realized gains on investments					117,997,624						74,540,554
Net change in unrealized gains (losses) on investments					149,327,962						218,270,111
Net increase in net assets resulting from operations					266,659,484						290,890,700
Distributions to shareholders from
Net realized gains
Class A					(13,823,125	)					(11,099,363	)
Class B					(57,305	)					(93,074	)
Class C					(1,510,913	)					(1,417,106	)
Administrator Class					(1,251,051	)					(1,290,310	)
Institutional Class					(5,818,339	)					(1,221,970	)
Investor Class					(52,786,969	)					(50,921,053	)
Total distributions to shareholders					(75,247,702	)					(66,042,876	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		4,088,174			92,543,363			3,287,285			64,357,489
Class B		10,719			205,215			5,551			98,052
Class C		242,683			4,690,188			102,085			1,778,892
Class R6		1,095	1		25,000	1		N/A			N/A
Administrator Class		181,228			4,033,653			324,191			6,541,817
Institutional Class		4,296,040			102,846,537			3,701,929			74,425,582
Investor Class		1,942,947			43,455,018			1,448,646			28,941,238
					247,798,974						176,143,070
Reinvestment of distributions
Class A		684,430			13,606,469			593,442			10,960,870
Class B		3,181			55,087			5,433			88,990
Class C		74,744			1,294,562			73,222			1,199,381
Administrator Class		53,320			1,064,264			55,926			1,035,183
Institutional Class		289,758			5,818,339			49,167			913,023
Investor Class		2,491,340			50,646,693			2,603,273			49,123,785
					72,485,414						63,321,232
Payment for shares redeemed
Class A		(3,382,341	)		(73,687,682	)		(3,050,780	)		(59,945,642	)
Class B		(32,493	)		(619,581	)		(75,585	)		(1,297,947	)
Class C		(174,662	)		(3,372,620	)		(264,671	)		(4,625,026	)
Administrator Class		(276,639	)		(6,110,535	)		(574,763	)		(11,467,657	)
Institutional Class		(748,705	)		(17,134,530	)		(652,363	)		(13,230,644	)
Investor Class		(4,870,132	)		(108,947,839	)		(7,610,830	)		(154,133,087	)
					(209,872,787	)					(244,700,003	)
Net asset value of shares issued in acquisition
Class A		783,005			16,935,166			0			0
Class C		173,937			3,272,447			0			0
Administrator Class		139,880			3,039,645			0			0
Institutional Class		78,436			1,715,157			0			0
					24,962,415						0
Net increase (decrease) in net assets resulting from capital share transactions					135,374,016						(5,235,701	)
Total increase in net assets					326,785,798						219,612,123
Net assets
Beginning of period					1,152,304,719						932,692,596
End of period				$	1,479,090,517					$	1,152,304,719
Undistributed (accumulated) net investment loss				$	(5,379	)				$	0

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

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

Financial highlights Wells Fargo Advantage Common Stock Fund 17

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

18 Wells Fargo Advantage Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Common Stock Fund 19

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Common Stock Fund Financial highlights

(For a share outstanding throughout the period)

CLASS R6	Year ended September 30, 20131
Net asset value, beginning of period	$	22.83
Net investment income		0.01
Net realized and unrealized gains (losses) on investments		1.94
Total from investment operations		1.95
Net asset value, end of period	$	24.78
Total return2		8.54	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%
Net expenses		0.81	%
Net investment income		0.18	%
Supplemental data
Portfolio turnover rate		40	%
Net assets, end of period (000s omitted)		$27

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

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

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

Financial highlights Wells Fargo Advantage Common Stock Fund 21

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

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

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

22 Wells Fargo Advantage Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Common Stock Fund 23

(For a share outstanding throughout each period)

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

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

24 Wells Fargo Advantage Common Stock Fund Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market information to assess the continued appropriateness of the fair valuation methodology used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on the exchange or by an independent pricing service. Valuations received from an independent pricing service or broker quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

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

Notes to financial statements Wells Fargo Advantage Common Stock Fund 25

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to dividends from certain securities and expiration of capital loss carryforwards. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Accumulated net investment loss	Accumulated net realized gains on investments
($12,814,383)	$666,235	$12,148,148

As of September 30, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $2,074,377 with $1,382,918 expiring in 2015; and $691,459 expiring in 2016.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

26 Wells Fargo Advantage Common Stock Fund Notes to financial statements

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

Investments in securities	Quoted prices (Level 1)		Other significant observable Inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	1,277,856,379	$	0	$	0	$	1,277,856,379
Investment companies		23,100,509		0		0		23,100,509
Short-term investments
Investment companies		82,480,375		28,163,900		0		110,644,275
	$	1,383,437,263	$	28,163,900	$	0	$	1,411,601,163

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.75% and declining to 0.60% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory fee was equivalent to an annual rate of 0.71% of the Fund’s average daily net assets.

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

Administration and transfer agent fees

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

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

Notes to financial statements Wells Fargo Advantage Common Stock 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 to waive fees and/or reimburse expenses to the extent necessary to cap expenses as follows:

	Expense ratio cap			Expiration date
Class A		1.26	%		January 31, 2014
Class B		2.01	%		January 31, 2014
Class C		2.01	%		January 31, 2014
Class R6		0.85	%		January 31, 2015
Administrator Class		1.10	%		January 31, 2014
Institutional Class		0.90	%		January 31, 2014
Investor Class		1.29	%		January 31, 2014

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 year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $19,181 from the sale of Class A shares and $394 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 year ended September 30, 2013 were $462,667,548 and $518,253,751, respectively.

6. ACQUISITION

After the close of business on March 1, 2013, the Fund acquired the net assets of the Wells Fargo Advantage Small/Mid Cap Core Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Administrator Class, and Institutional Class shares of the Wells Fargo Advantage Small/Mid Cap Core Fund received Class A, Class C, Administrator Class, and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of the Wells Fargo Advantage Small/Mid Cap Core Fund for 1,175,258 shares of the Fund valued at $24,962,415 at an exchange ratio of 0.49, 0.54, 0.49, and 0.49 for Class A, Class C, Administrator Class, and Institutional Class shares, respectively. The investment portfolio of the Wells Fargo Advantage Small/Mid Cap Core Fund with a fair value of $24,968,652, identified cost of $25,150,472 and unrealized losses of $181,820 at March 1, 2013 were the principal assets acquired by the Fund. The aggregate net assets of the Wells Fargo Advantage Small/Mid Cap Core Fund and the Fund immediately prior to the acquisition were $24,962,415 and $1,223,291,412, respectively. The aggregate net assets of the Fund immediately after the acquisition were $1,248,253,827. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Wells Fargo Advantage Small/Mid Cap Core Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

28 Wells Fargo Advantage Common Stock Fund Notes to financial statements

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

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

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Wells Fargo Advantage Small/Mid Cap Core Fund that have been included in the Fund’s Statement of Operations since March 4, 2013.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the year ended September 30, 2013, the Fund paid $1,996 in commitment fees.

For the year ended September 30, 2013, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2013 and September 30, 2012 were as follows:

	Year ended September 30,
	2013	2012
Ordinary income	$14,125,901	$1,317,756
Long-term capital gain	61,121,801	64,725,120

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains	Capital loss carryforward
$4,936,621	$102,118,493	$420,088,879	$(2,074,377)

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

Report of independent registered public accounting firm Wells Fargo Advantage Common Stock Fund 29

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Common Stock Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or period in the three-year period then ended, each of the periods within the period from November 1, 2009 through September 30, 2010, and each of the years in the two-year period ended October 31, 2009. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013 by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Common Stock Fund as of September 30, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

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

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 48.49% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2013.

Pursuant to Section 852 of the Internal Revenue Code, $61,121,801 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2013.

Pursuant to Section 854 of the Internal Revenue Code, $7,089,790 of income dividends paid during the fiscal year ended September 30, 2013 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2013, $14,125,901 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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 Common Stock Fund 31

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

32 Wells Fargo Advantage Common Stock 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. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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

List of abbreviations Wells Fargo Advantage Common Stock Fund 33

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219794 11-13 A229/AR229 09-13

Wells Fargo Advantage Discovery Fund^SM

Annual Report

September 30, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	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
Report of independent registered public accounting firm	28
Other information	29
List of abbreviations	32

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Discovery Fund for the 12-month period that ended September 30, 2013. Much of the period was marked by monetary easing by global central banks. Toward the end of the period, investor concerns that the U.S. Federal Reserve (Fed) would end its bond-buying program initially led to higher interest rates, resulting in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 but were soon followed by concerns about a shutdown of the U.S. government. Nonetheless, increased confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the 12-month reporting period.

Central banks continued to provide stimulus.

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rates effectively near zero in order to support the economy and the financial system. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market. In December 2012, the Fed increased its quantitative easing program by adding purchases of $45 billion per month in long-term U.S. Treasuries. The FOMC continued its policy of monetary easing into 2013. However, indications in May 2013 that the FOMC might reduce (or taper) its bond-buying program caused a rise in interest rates and a subsequent sell-off in both stocks and bonds. After its September 2013 meeting, however, the FOMC surprisingly signaled that tapering would be delayed, resulting in a stock and bond market rally in late September.

European markets continued to benefit from the ECB’s September 2012 announcement that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. As a result, when the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility. Moreover, in May 2013, the ECB cut its key rate to a historic low of 0.5%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Given the substantial ties between the U.S. and Europe, the improved sentiment about the eurozone helped provide a tailwind for U.S. markets.

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

For most of the period, U.S. economic data remained moderately positive. Gross domestic product (GDP) growth came in at a sluggish 0.1% annualized rate in the fourth quarter of 2012, but many analysts attributed the fourth-quarter weakness to the temporary aftereffects from Hurricane Sandy. This view was given credence by the rebound in GDP growth to a 1.1% annualized rate in the first quarter of 2013 and a 2.5% annualized rate in the second quarter. The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013. This created an overhang on economic growth during the second half of the period. On midnight of September 30, 2013, the federal government shut down with the exception of certain crucial functions, an action that could increase investor uncertainty and thus market volatility.

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

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period. Economically sensitive sectors such as industrials and consumer discretionary outperformed. Signs of an improvement in the housing market also aided the returns of financials stocks. Dividend-paying stocks led the market earlier in 2013 as investors sought yield in a historically low-yielding environment, but rising interest rates later in the period dampened their relative performance. Judging by various Russell indexes, mid-cap stocks outperformed small-cap stocks, but there was no discernible pattern between value and growth stocks. While small-cap value stocks outperformed their growth counterparts, mid-cap growth stocks outperformed value.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period.

4 Wells Fargo Advantage Discovery Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Chris Warner, CFA

Average annual total returns¹ (%) as of September 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WFDAX)	7-31-2007		24.28		13.87		11.28		31.86		15.23		11.94		1.30		1.23
Class C (WDSCX)	7-31-2007		29.89		14.36		11.13		30.89		14.36		11.13		2.05		1.98
Class R6 (WFDRX)	6-28-2013		–		–		–		32.36		15.68		12.29		0.82		0.82
Administrator Class (WFDDX)	4-8-2005		–		–		–		32.01		15.39		12.10		1.14		1.14
Institutional Class (WFDSX)	8-31-2006		–		–		–		32.36		15.68		12.29		0.87		0.87
Investor Class (STDIX)	12-31-1987		–		–		–		31.78		15.16		11.89		1.36		1.29
Russell 2500TM Growth Index4	–		–		–		–		31.95		14.33		10.46		–		–

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

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Discovery Fund 5

Growth of $10,000 investment⁵ as of September 30, 2013

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

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

3. The Adviser has committed through January 31, 2014 (January 31, 2015 for Class R6), to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.22% for Class A, 1.97% for Class C, 0.84% for Class R6, 1.15% for Administrator Class, 0.89% for Institutional Class, and 1.28% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The Russell 2500™ Growth Index measures the performance of those Russell 2500™ companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

5. The chart compares the performance of Class A shares for the most recent ten years with the Russell 2500 Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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

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

6 Wells Fargo Advantage Discovery Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund’s Class A shares excluding sales charges returned 31.86% for the 12-month period, while the Fund’s benchmark, the Russell 2500 Growth Index, returned 31.95%.

n A sharp decline in consumer confidence during the period coupled with isolated operating issues, caused consumer-related sectors to underperform. Specific holdings in consumer discretionary stocks detracted from performance.

n Despite macroeconomic and political uncertainty, the U.S. economy continued its slow but gradual recovery and investors rewarded those companies that led the way. Stock selection in Information Technology (IT), energy, and industrials contributed to performance.

n As stock prices began to reflect their underlying fundamentals and became less affected by the fear of uncertainty in the marketplace, overall markets rallied and our fundamental surround-the-company research process helped performance.

Although mixed U.S. economic data left investors concerned at times throughout the year, overall the data pointed to a continued recovery in economic conditions in the U.S., aided by the U.S. Federal Reserve and its easy money policy of quantitative easing (QE). Despite other countries’ similar efforts, most could not keep pace with the U.S., seeming to make U.S. equities an attractive place to be. In addition, fear grew as interest rates shot up in a less-than-orderly fashion, forcing investors to reexamine the perceived safety of gold, bonds, and bond proxies like high-dividend-paying stocks. These interest-rate-sensitive assets were among the hardest hit in the resulting market volatility. These factors combined to help investors realize what we have believed for some time: that while there will be bumps along the way, domestic equities are among the best investments now and in the near future.

Strength in IT drove performance during the period.

In IT, CoStar Group Incorporated led the performance, as the company’s dominant position as a market data provider to commercial real estate brokers across the U.S. was further strengthened through the acquisition of a competitor. The synergies of the transaction were highlighted as the commercial real estate markets entered the early stages of recovery and confidence in CoStar Group management grew.

Growth in energy production continued to produce investment opportunities.

It remains our belief that the dramatic increase in energy production in the United States is a multiyear, multisector growth theme. The most direct way to participate in these growth opportunities is through energy production companies such as Gulfport Energy Corporation. Gulfport Energy has some of the most valuable acreage within the Utica shale in northern Ohio and we believe therefore is an excellent way to gain exposure to the significant production potential in that region. The company is rapidly growing the number of wells in the Utica region and also improving its drilling productivity.

Ten largest equity holdings6 (%) as of September 30, 2013
Fortune Brands Home & Security Incorporated	2.36
Vantiv Incorporated Class A	2.03
CommVault Systems Incorporated	1.84
LKQ Corporation	1.77
Constellation Brands Incorporated Class A	1.74
Alliance Data Systems Corporation	1.74
AMC Networks Incorporated Class A	1.67
Wabtec Corporation	1.65
Copa Holdings SA Class A	1.57
DigitalGlobe Incorporated	1.52

Stock selection within the industrials sector contributed to performance.

In industrials, Kansas City Southern generated consistently impressive revenue and earnings growth with efficient operations, share gains from truck transport, and unique positioning to transport goods from U.S. trading partners in Mexico. Another strong performer for the year was Hertz Global Holdings Incorporated. As rental car volumes in the U.S. continued to be strong, Hertz Global Holdings’ recent acquisition of Dollar Thrifty Automotive has presented opportunities to increase pricing in the airport rental market and improve margins. In addition, Hertz Global Holdings operates a commercial truck and equipment rental business, which has experienced a pickup in volume as the residential construction market improves.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Discovery Fund 7

Stock selection in the consumer discretionary sector was the primary performance headwind. As fiscal cliff negotiations dragged on, U.S. consumer confidence plunged early in the year amid the growing economic uncertainty. Despite a recovery over the past two quarters, this precipitous decline in confidence, coupled with isolated operating issues, resulted in consumer-related sectors weighing on quarterly returns. Shares of Chico’s FAS Incorporated, which is no longer held, struggled because future earnings expectations were lowered due to increased payroll taxes and concerns that unseasonably cool weather would affect the Chico’s brand, which performs best in warmer weather.

Sector distribution⁷ as of September 30, 2013

The outlook for growth stocks remains strong, in our view, despite some near-term volatility.

Recent market dynamics have reinforced confidence that our portfolios are pointed in the right direction. While rate-sensitive and yield-oriented strategies were called into question late in the spring with talk of QE tapering, we have taken a different route. Our path is not predicated on accommodative monetary policy or high dividend bond proxies but rather on the type of strong secular growth that will allow for a more complete and sustainable economic recovery. As performance reflected, there are few better places to find this type of growth and innovation than among domestically oriented companies. To that point, we remain bullish on the U.S. economy and, in particular, on the U.S. consumer who is benefiting from a

robust housing recovery, a strengthening U.S. dollar, and improving employment data. We believe this powerful combination bodes well for consumer confidence and domestic consumption.

Additionally, we continue to maintain our preference for housing-related holdings. We feel the housing recovery will produce a significant tailwind to the domestic economy and still has plenty of gas left in its tank as housing affordability remains historically high. Positioning within the industrials sector continues to center on structural shifts in the U.S. economy. These include the development and production of domestic energy reserves as well as a significant shift in manufacturing activity from emerging markets back to North America. Recent additions to our industrials holdings have been more cyclical in nature and will be beneficiaries of improving industrial production and overall gross domestic product growth.

We remain confident in our current positioning as it appears a number of market factors are changing in our favor. General investor demand for U.S. equities is on the rise as funds flow out of bonds and into stocks. An actively managed strategy such as ours that focuses on identifying superior earnings growth, seeking bottom-up research edge, and creating balanced allocation of portfolio capital will be the best road forward, in our opinion. Regardless of the market environment, we intend to stay true to our growth investment style. We seek companies with superior earnings growth and attractive valuations and weight individual positions based on our research conviction. Despite the cautionary outlook we must take, we are extremely upbeat that we can continue to build on the strong recent results.

Please see footnotes on page 5.

8 Wells Fargo Advantage Discovery Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2013 to September 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,170.51	$	6.64		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.17		1.22	%
Class C
Actual	$	1,000.00	$	1,166.48	$	10.70		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.19	$	9.95		1.97	%
Class R6
Actual	$	1,000.00	$	1,173.25	$	4.19		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.21	$	3.90		0.77	%
Administrator Class
Actual	$	1,000.00	$	1,171.54	$	5.99		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,173.25	$	4.52		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.91	$	4.20		0.83	%
Investor Class
Actual	$	1,000.00	$	1,170.41	$	6.96		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.48		1.28	%

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Discovery Fund 9

Security name	Shares		Value
Common Stocks: 96.66%
Consumer Discretionary: 18.62%
Auto Components: 1.35%
BorgWarner Incorporated		340,300	$	34,503,017
Distributors: 1.77%
LKQ Corporation †		1,418,747		45,201,279
Hotels, Restaurants & Leisure: 0.73%
Panera Bread Company Class A †		117,915		18,693,065
Internet & Catalog Retail: 0.79%
HomeAway Incorporated †		722,500		20,230,000
Leisure Equipment & Products: 0.42%
LeapFrog Enterprises Incorporated Ǡ		1,140,500		10,743,510
Media: 1.67%
AMC Networks Incorporated Class A †		624,900		42,793,152
Specialty Retail: 7.32%
Conn’s Incorporated †		226,500		11,334,060
DSW Incorporated Class A		355,153		30,301,654
Finish Line Incorporated Class A		803,300		19,978,071
GNC Holdings Incorporated Class A		426,116		23,278,717
Lithia Motors Incorporated Class A		375,800		27,418,368
Lumber Liquidators Holdings Incorporated Ǡ		273,100		29,126,115
Restoration Hardware Holdings Incorporated †		309,929		19,634,002
Ulta Salon Cosmetics & Fragrance Incorporated †		220,692		26,363,866
				187,434,853
Textiles, Apparel & Luxury Goods: 4.57%
Movado Group Incorporated		672,700		29,430,625
PVH Corporation		252,300		29,945,487
Skechers U.S.A. Incorporated Class A †		690,100		21,469,011
Under Armour Incorporated Class A †		453,800		36,054,410
				116,899,533
Consumer Staples: 5.03%
Beverages: 1.74%
Constellation Brands Incorporated Class A †		777,800		44,645,720
Food & Staples Retailing: 1.27%
Rite Aid Corporation †		6,824,000		32,482,240
Food Products: 2.02%
Annie’s Incorporated †		544,958		26,757,438
Boulder Brands Incorporated †		776,100		12,448,644
Green Mountain Coffee Roasters Incorporated Ǡ		164,300		12,376,719
				51,582,801

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

10 Wells Fargo Advantage Discovery Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Energy: 3.72%
Oil, Gas & Consumable Fuels: 3.72%
Bonanza Creek Energy Incorporated †		273,400	$	13,194,284
Goodrich Petroleum Corporation Ǡ		615,600		14,952,924
Gulfport Energy Corporation †		564,763		36,336,851
Oasis Petroleum Incorporated †		627,300		30,819,249
				95,303,308
Financials: 5.78%
Capital Markets: 1.42%
Affiliated Managers Group Incorporated †		199,000		36,345,360
Commercial Banks: 1.07%
Texas Capital Bancshares Incorporated †		597,200		27,453,284
Diversified Financial Services: 1.31%
IntercontinentalExchange Incorporated †		185,138		33,587,736
Insurance: 0.77%
Brown & Brown Incorporated		613,700		19,699,770
Real Estate Management & Development: 1.21%
CBRE Group Incorporated †		1,335,716		30,895,111
Health Care: 12.38%
Biotechnology: 6.79%
Achillion Pharmaceuticals Incorporated †		778,828		2,352,061
Aegerion Pharmaceuticals Incorporated †		205,000		17,570,550
Alkermes plc †		440,600		14,812,972
Alnylam Pharmaceuticals Incorporated †		355,500		22,755,555
BioMarin Pharmaceutical Incorporated †		258,657		18,680,209
Cepheid Incorporated Ǡ		798,657		31,179,569
Cubist Pharmaceuticals Incorporated †		423,821		26,933,825
Isis Pharmaceuticals Incorporated Ǡ		163,292		6,129,982
Puma Biotechnology Incorporated †		166,400		8,929,024
Theravance Incorporated †		429,700		17,570,433
Vanda Pharmaceuticals Incorporated †		636,600		6,983,502
				173,897,682
Health Care Equipment & Supplies: 2.23%
Cooper Companies Incorporated		256,000		33,200,640
Wright Medical Group Incorporated †		913,527		23,824,784
				57,025,424
Health Care Providers & Services: 1.50%
Envision Healthcare Holdings Incorporated †		754,990		19,652,390
Team Health Holdings Incorporated †		493,700		18,730,978
				38,383,368

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Discovery Fund 11

Security name	Shares		Value
Life Sciences Tools & Services: 0.97%
Bruker BioSciences Corporation †		1,196,800	$	24,713,920
Pharmaceuticals: 0.89%
Santarus Incorporated †		1,009,774		22,790,599
Industrials: 24.98%
Aerospace & Defense: 2.93%
B/E Aerospace Incorporated †		490,100		36,179,182
DigitalGlobe Incorporated †		1,226,339		38,776,839
				74,956,021
Airlines: 2.80%
Allegiant Travel Company		300,676		31,679,223
Copa Holdings SA Class A		289,300		40,117,231
				71,796,454
Building Products: 2.36%
Fortune Brands Home & Security Incorporated		1,448,630		60,306,467
Commercial Services & Supplies: 1.25%
Clean Harbors Incorporated †		544,000		31,911,040
Construction & Engineering: 1.11%
Quanta Services Incorporated †		1,030,800		28,357,308
Machinery: 6.50%
Chart Industries Incorporated †		263,800		32,457,952
Colfax Corporation †		450,445		25,445,638
Graco Incorporated		500,000		37,030,000
Nordson Corporation		171,600		12,634,908
Proto Labs Incorporated †		217,500		16,614,825
Wabtec Corporation		671,300		42,204,631
				166,387,954
Professional Services: 4.15%
Advisory Board Company †		585,600		34,831,488
Towers Watson & Company Class A		327,900		35,072,184
Verisk Analytics Incorporated Class A †		557,900		36,241,184
				106,144,856
Road & Rail: 2.59%
Hertz Global Holdings Incorporated †		1,245,390		27,597,842
Kansas City Southern		353,900		38,702,504
				66,300,346
Trading Companies & Distributors: 1.29%
United Rentals Incorporated †		565,700		32,974,653

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

12 Wells Fargo Advantage Discovery Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Information Technology: 23.08%
Communications Equipment: 0.90%
F5 Networks Incorporated †		268,500	$	23,026,560
Computers & Peripherals: 1.33%
Stratasys Limited Ǡ		335,575		33,980,325
Electronic Equipment, Instruments & Components: 2.00%
FEI Company		384,200		33,732,760
IPG Photonics Corporation «		308,138		17,351,251
				51,084,011
Internet Software & Services: 5.52%
Angie’s List Incorporated «†		744,094		16,742,115
Cornerstone OnDemand Incorporated †		585,400		30,112,976
CoStar Group Incorporated †		199,300		33,462,470
MercadoLibre Incorporated		244,200		32,945,022
Shutterstock Incorporated †		97,138		7,063,875
Zillow Incorporated Class A «†		249,500		21,050,315
				141,376,773
IT Services: 3.77%
Alliance Data Systems Corporation †		210,600		44,535,582
Vantiv Incorporated Class A †		1,855,883		51,853,371
				96,388,953
Semiconductors & Semiconductor Equipment: 0.90%
Cavium Incorporated †		562,500		23,175,000
Software: 8.66%
ACI Worldwide Incorporated †		567,199		30,662,778
Aspen Technology Incorporated †		1,057,900		36,550,445
CommVault Systems Incorporated †		534,700		46,962,701
Fleetmatics Group plc †		461,550		17,331,203
Guidewire Software Incorporated †		648,200		30,536,702
ServiceNow Incorporated †		714,819		37,134,847
Splunk Incorporated †		375,198		22,526,888
				221,705,564
Materials: 1.67%
Chemicals: 1.27%
W.R. Grace & Company †		370,400		32,372,960
Construction Materials: 0.40%
Headwaters Incorporated †		1,139,132		10,240,797

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Discovery Fund 13

Security name				Shares		Value
Telecommunication Services: 1.40%
Wireless Telecommunication Services: 1.40%
SBA Communications Corporation Class A †					444,903	$	35,796,895
Total Common Stocks (Cost $1,886,545,641)							2,473,587,669
	Yield
Short-Term Investments: 5.39%
Investment Companies: 5.39%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		71,708,172		71,708,172
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.12			66,316,175		66,316,175
Total Short-Term Investments (Cost $138,024,347)							138,024,347

Total investments in securities
(Cost $2,024,569,988) *	102.05	%		2,611,612,016
Other assets and liabilities, net	(2.05	)		(52,558,437	)
Total net assets	100.00	%	$	2,559,053,579

† Non-income-earning security

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $2,026,415,301 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	601,469,369
Gross unrealized depreciation		(16,272,654	)
Net unrealized appreciation	$	585,196,715

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

14 Wells Fargo Advantage Discovery Fund Statement of assets and liabilities—September 30, 2013

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	2,473,587,669
In affiliated securities, at value (see cost below)		138,024,347
Total investments, at value (see cost below)		2,611,612,016
Receivable for investments sold		39,006,805
Receivable for Fund shares sold		7,488,773
Receivable for dividends		104,958
Receivable for securities lending income		36,775
Prepaid expenses and other assets		132,357
Total assets		2,658,381,684
Liabilities
Payable for investments purchased		26,376,168
Payable for Fund shares redeemed		4,416,548
Payable upon receipt of securities loaned		66,316,175
Advisory fee payable		1,368,727
Distribution fees payable		28,917
Due to other related parties		441,155
Accrued expenses and other liabilities		380,415
Total liabilities		99,328,105
Total net assets	$	2,559,053,579
NET ASSETS CONSIST OF
Paid-in capital	$	1,803,396,324
Accumulated net investment loss		(555	)
Accumulated net realized gains on investments		168,615,782
Net unrealized gains on investments		587,042,028
Total net assets	$	2,559,053,579
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	239,506,295
Shares outstanding – Class A		7,148,798
Net asset value per share – Class A		$33.50
Maximum offering price per share – Class A2		$35.54
Net assets – Class C	$	48,768,239
Shares outstanding – Class C		1,533,218
Net asset value per share – Class C		$31.81
Net assets – Class R6	$	27,990
Share outstanding – Class R6		806
Net asset value per share – Class R6		$34.73
Net assets – Administrator Class	$	648,228,405
Shares outstanding – Administrator Class		19,019,701
Net asset value per share – Administrator Class		$34.08
Net assets – Institutional Class	$	988,614,857
Shares outstanding – Institutional Class		28,460,968
Net asset value per share – Institutional Class		$34.74
Net assets – Investor Class	$	633,907,793
Shares outstanding – Investor Class		19,029,654
Net asset value per share – Investor Class		$33.31
Investments in unaffiliated securities (including securities on loan), at cost	$	1,886,545,641
Investments in affiliated securities, at cost	$	138,024,347
Total investments, at cost	$	2,024,569,988
Securities on loan, at value	$	63,237,808

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—year ended September 30, 2013 Wells Fargo Advantage Discovery Fund 15

Investment income
Dividends	$	13,959,059
Securities lending income, net		4,595,906
Income from affiliated securities		72,320
Total investment income		18,627,285
Expenses
Advisory fee		13,344,436
Administration fees
Fund level		971,000
Class A		422,580
Class C		81,918
Class R6		2	1
Administrator Class		531,041
Institutional Class		570,009
Investor Class		1,614,087
Shareholder servicing fees
Class A		406,327
Class C		78,767
Administrator Class		1,312,201
Investor Class		1,251,746
Distribution fees
Class C		236,302
Custody and accounting fees		112,431
Professional fees		37,131
Registration fees		80,041
Shareholder report expenses		105,762
Trustees’ fees and expenses		12,414
Other fees and expenses		23,358
Total expenses		21,191,553
Less: Fee waivers and/or expense reimbursements		(300,074	)
Net expenses		20,891,479
Net investment loss		(2,264,194	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		181,434,058
Net change in unrealized gains (losses) on investments		386,543,615
Net realized and unrealized gains (losses) on investments		567,977,673
Net increase in net assets resulting from operations	$	565,713,479

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

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

16 Wells Fargo Advantage Discovery Fund Statement of changes in net assets

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment loss				$	(2,264,194	)				$	(5,398,833	)
Net realized gains on investments					181,434,058						94,485,112
Net change in unrealized gains (losses) on investments					386,543,615						207,399,361
Net increase in net assets resulting from operations					565,713,479						296,485,640
Distributions to shareholders from
Net realized gains
Class A					(6,761,646	)					(1,927,768	)
Class C					(1,392,037	)					(248,530	)
Administrator Class					(24,686,836	)					(14,784,852	)
Institutional Class					(28,226,790	)					(12,862,945	)
Investor Class					(24,433,293	)					(13,211,150	)
Total distributions to shareholders					(85,500,602	)					(43,035,245	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		4,037,415			117,887,246			3,352,189			86,546,282
Class C		1,053,288			28,650,204			472,363			11,829,302
Class R6		806	1		25,000	1		N/A			N/A
Administrator Class		5,174,693			152,595,324			11,169,969			279,362,357
Institutional Class		13,433,827			400,277,818			9,782,108			257,448,823
Investor Class		5,287,128			153,807,243			8,311,004			213,298,213
					853,242,835						848,484,977
Reinvestment of distributions
Class A		260,885			6,496,028			77,158			1,858,725
Class C		37,954			902,541			9,309			216,331
Administrator Class		938,841			23,752,678			571,489			13,967,192
Institutional Class		989,632			25,463,243			458,139			11,348,097
Investor Class		959,644			23,770,378			535,087			12,836,737
					80,384,868						40,227,082
Payment for shares redeemed
Class A		(1,421,433	)		(40,935,431	)		(1,114,919	)		(28,042,615	)
Class C		(209,586	)		(5,699,453	)		(83,839	)		(2,036,241	)
Administrator Class		(4,626,667	)		(134,703,373	)		(3,689,369	)		(95,698,347	)
Institutional Class		(4,879,615	)		(146,084,276	)		(3,915,897	)		(102,602,772	)
Investor Class		(4,368,620	)		(121,256,319	)		(4,937,681	)		(124,176,877	)
					(448,678,852	)					(352,556,852	)
Net increase in net assets resulting from capital share transactions					484,948,851						536,155,207
Total increase in net assets					965,161,728						789,605,602
Net assets
Beginning of period					1,593,891,851						804,286,249
End of period				$	2,559,053,579					$	1,593,891,851
Accumulated net investment loss				$	(555	)				$	(3,762,190	)

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

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

Financial highlights Wells Fargo Advantage Discovery Fund 17

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
CLASS A	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	26.89		$	21.20		$	20.71		$	15.69		$	14.52		$	28.07
Net investment loss		(0.08	)2		(0.14	)2		(0.21	)2		(0.18	)		(0.09	)2		(0.17	)2
Net realized and unrealized gains (losses) on investments		8.14			6.82			0.70			5.20			1.26			(9.40	)
Total from investment operations		8.06			6.68			0.49			5.02			1.17			(9.57	)
Distributions to shareholders from
Net realized gains		(1.45	)		(0.99	)		0.00			0.00			0.00			(3.98	)
Net asset value, end of period	$	33.50		$	26.89		$	21.20		$	20.71		$	15.69		$	14.52
Total return3		31.86	%		32.05	%		2.37	%		31.99	%		8.06	%		(39.00	)%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.29	%		1.34	%		1.37	%		1.43	%		1.41	%
Net expenses		1.22	%		1.22	%		1.30	%		1.33	%		1.33	%		1.33	%
Net investment loss		(0.29	)%		(0.53	)%		(0.86	)%		(0.97	)%		(0.68	)%		(0.85	)%
Supplemental data
Portfolio turnover rate		86	%		104	%		111	%		93	%		221	%		153	%
Net assets, end of period (000s omitted)		$239,506			$114,882			$41,507			$7,442			$3,750			$3,150

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

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
CLASS C	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	25.79		$	20.51		$	20.19		$	15.41		$	14.36		$	28.04
Net investment loss		(0.30	)2		(0.31	)2		(0.38	)2		(0.29	)		(0.20	)2		(0.32	)2
Net realized and unrealized gains (losses) on investments		7.77			6.58			0.70			5.07			1.25			(9.38	)
Total from investment operations		7.47			6.27			0.32			4.78			1.05			(9.70	)
Distributions to shareholders from
Net realized gains		(1.45	)		(0.99	)		0.00			0.00			0.00			(3.98	)
Net asset value, end of period	$	31.81		$	25.79		$	20.51		$	20.19		$	15.41		$	14.36
Total return3		30.89	%		31.10	%		1.59	%		31.10	%		7.24	%		(39.57	)%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		2.04	%		2.09	%		2.13	%		2.18	%		2.18	%
Net expenses		1.97	%		1.97	%		2.07	%		2.08	%		2.08	%		2.08	%
Net investment loss		(1.08	)%		(1.28	)%		(1.62	)%		(1.73	)%		(1.47	)%		(1.59	)%
Supplemental data
Portfolio turnover rate		86	%		104	%		111	%		93	%		221	%		153	%
Net assets, end of period (000s omitted)		$48,768			$16,803			$5,205			$3,043			$2,334			$1,471

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Discovery Fund 19

(For a share outstanding throughout the period)

CLASS R6	Year ended September 30, 20131
Net asset value, beginning of period	$	31.03
Net investment income		0.02	2
Net realized and unrealized gains (losses) on investments		3.68
Total from investment operations		3.70
Net asset value, end of period	$	34.73
Total return3		11.96	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%
Net expenses		0.77	%
Net investment income		0.30	%
Supplemental data
Portfolio turnover rate		86	%
Net assets, end of period (000s omitted)		$28

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

2. Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
ADMINISTRATOR CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	27.30		$	21.50		$	20.96		$	15.86		$	14.65		$	28.23
Net investment loss		(0.04	)		(0.12	)2		(0.20	)		(0.13	)		(0.07	)2		(0.13	)2
Net realized and unrealized gains (losses) on investments		8.27			6.91			0.74			5.23			1.28			(9.47	)
Total from investment operations		8.23			6.79			0.54			5.10			1.21			(9.60	)
Distributions to shareholders from
Net realized gains		(1.45	)		(0.99	)		0.00			0.00			0.00			(3.98	)
Net asset value, end of period	$	34.08		$	27.30		$	21.50		$	20.96		$	15.86		$	14.65
Total return3		32.01	%		32.12	%		2.58	%		32.16	%		8.26	%		(38.87	)%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.13	%		1.17	%		1.20	%		1.25	%		1.24	%
Net expenses		1.10	%		1.13	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment loss		(0.13	)%		(0.45	)%		(0.70	)%		(0.81	)%		(0.52	)%		(0.62	)%
Supplemental data
Portfolio turnover rate		86	%		104	%		111	%		93	%		221	%		153	%
Net assets, end of period (000s omitted)		$648,228			$478,673			$203,820			$122,451			$103,576			$82,359

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Discovery Fund 21

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
INSTITUTIONAL CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	27.73		$	21.76		$	21.17		$	15.99		$	14.73		$	28.31
Net investment income (loss)		0.01			(0.07	)		(0.14	)		(0.11	)		(0.05	)2		(0.09	)2
Net realized and unrealized gains (losses) on investments		8.45			7.03			0.73			5.29			1.31			(9.51	)
Total from investment operations		8.46			6.96			0.59			5.18			1.26			(9.60	)
Distributions to shareholders from
Net realized gains		(1.45	)		(0.99	)		0.00			0.00			0.00			(3.98	)
Net asset value, end of period	$	34.74		$	27.73		$	21.76		$	21.17		$	15.99		$	14.73
Total return3		32.36	%		32.53	%		2.79	%		32.48	%		8.49	%		(38.74	)%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.86	%		0.91	%		0.93	%		0.96	%		1.00	%
Net expenses		0.84	%		0.86	%		0.90	%		0.93	%		0.95	%		0.95	%
Net investment income (loss)		0.11	%		(0.19	)%		(0.45	)%		(0.58	)%		(0.37	)%		(0.45	)%
Supplemental data
Portfolio turnover rate		86	%		104	%		111	%		93	%		221	%		153	%
Net assets, end of period (000s omitted)		$988,615			$524,506			$274,039			$112,874			$68,395			$23,455

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

2. Calculated based upon average shares outstanding

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

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

22 Wells Fargo Advantage Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
INVESTOR CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	26.76		$	21.12		$	20.64		$	15.65		$	14.49		$	28.02
Net investment loss		(0.09	)2		(0.15	)2		(0.24	)		(0.14	)		(0.10	)2		(0.18	)2
Net realized and unrealized gains (losses) on investments		8.09			6.78			0.72			5.13			1.26			(9.37	)
Total from investment operations		8.00			6.63			0.48			4.99			1.16			(9.55	)
Distributions to shareholders from
Net realized gains		(1.45	)		(0.99	)		0.00			0.00			0.00			(3.98	)
Net asset value, end of period	$	33.31		$	26.76		$	21.12		$	20.64		$	15.65		$	14.49
Total return3		31.78	%		31.93	%		2.33	%		31.89	%		8.01	%		(39.00	)%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.36	%		1.40	%		1.47	%		1.53	%		1.56	%
Net expenses		1.28	%		1.29	%		1.37	%		1.38	%		1.38	%		1.38	%
Net investment loss		(0.30	)%		(0.61	)%		(0.93	)%		(1.03	)%		(0.74	)%		(0.84	)%
Supplemental data
Portfolio turnover rate		86	%		104	%		111	%		93	%		221	%		153	%
Net assets, end of period (000s omitted)		$633,908			$459,028			$279,715			$267,466			$180,898			$179,913

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

2. Calculated based upon average shares outstanding

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market information to assess the continued appropriateness of the fair valuation methodology used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on the exchange or by an independent pricing service. Valuations received from an independent pricing service or broker quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

24 Wells Fargo Advantage Discovery Fund Notes to financial statements

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassifications is due to net operating losses. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Accumulated net investment loss	Accumulated net realized gains on investments
$(128,194)	$6,025,829	$(5,897,635)

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

Notes to financial statements Wells Fargo Advantage Discovery Fund 25

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

Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	2,473,587,669	$	0	$	0	$	2,473,587,669
Short-term investments
Investment companies		71,708,172		66,316,175		0		138,024,347
	$	2,545,295,841	$	66,316,175	$	0	$	2,611,612,016

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.75% and declining to 0.60% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

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

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

26 Wells Fargo Advantage Discovery Fund Notes to financial statements

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 to waive fees and/or reimburse expenses to the extent necessary to cap expenses as follows:

	Expense ratio cap			Expiration date
Class A		1.22	%		January 31, 2014
Class C		1.97	%		January 31, 2014
Class R6		0.84	%		January 31, 2015
Administrator Class		1.15	%		January 31, 2014
Institutional Class		0.89	%		January 31, 2014
Investor Class		1.28	%		January 31, 2014

Prior to February 1, 2013 the Fund’s expenses were capped at 0.90% for Institutional Class Shares and 1.29% 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 year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $36,994 from the sale of Class A shares and $1,444 in contingents deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2013 were $1,987,521,321 and $1,621,600,987, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the year ended September 30, 2013, the Fund paid $2,857 in commitment fees.

For the year ended September 30, 2013, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $85,500,602 and $43,035,245 of long-term capital gain for the years ended September 30, 2013 and September 30, 2012, respectively.

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$62,752,193	$107,708,898	$585,196,715

Notes to financial statements Wells Fargo Advantage Discovery Fund 27

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

28 Wells Fargo Advantage Discovery Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Discovery Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended, each of the periods from November 1, 2009 through September 30, 2010, and each of the years in the two-year period ended October 31, 2009. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013 by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Discovery Fund as of September 30, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

Other information (unaudited) Wells Fargo Advantage Discovery Fund 29

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $85,500,602 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2013.

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

30 Wells Fargo Advantage Discovery Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Advantage Discovery Fund 31

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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

32 Wells Fargo Advantage Discovery Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219795 11-13 A230/AR230 09-13

Wells Fargo Advantage Enterprise Fund^SM

Annual Report

September 30, 2013

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Contents

Letter to shareholders	2
Performance highlights	4
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
Report of independent registered public accounting firm	28
Other information	29
List of abbreviations	32

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

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Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Enterprise Fund for the 12-month period that ended September 30, 2013. Much of the period was marked by monetary easing by global central banks. Toward the end of the period, investor concerns that the U.S. Federal Reserve (Fed) would end its bond-buying program initially led to higher interest rates, resulting in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 but were soon followed by concerns about a shutdown of the U.S. government. Nonetheless, increased confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the 12-month reporting period.

Central banks continued to provide stimulus.

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rates effectively near zero in order to support the economy and the financial system. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market. In December 2012, the Fed increased its quantitative easing program by adding purchases of $45 billion per month in long-term U.S. Treasuries. The FOMC continued its policy of monetary easing into 2013. However, indications in May 2013 that the FOMC might reduce (or taper) its bond-buying program caused a rise in interest rates and a subsequent sell-off in both stocks and bonds. After its September 2013 meeting, however, the FOMC surprisingly signaled that tapering would be delayed, resulting in a stock and bond market rally in late September.

European markets continued to benefit from the ECB’s September 2012 announcement that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. As a result, when the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility. Moreover, in May 2013, the ECB cut its key rate to a historic low of 0.5%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Given the substantial ties between the U.S. and Europe, the improved sentiment about the eurozone helped provide a tailwind for U.S. markets.

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

For most of the period, U.S. economic data remained moderately positive. Gross domestic product (GDP) growth came in at a sluggish 0.1% annualized rate in the fourth quarter of 2012, but many analysts attributed the fourth-quarter weakness to the temporary aftereffects from Hurricane Sandy. This view was given credence by the rebound in GDP growth to a 1.1% annualized rate in the first quarter of 2013 and a 2.5% annualized rate in the second quarter. The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013. This created an overhang on economic growth during the second half of the period. On midnight of September 30, 2013, the federal government shut down with the exception of certain crucial functions, an action that could increase investor uncertainty and thus market volatility.

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

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period. Economically sensitive sectors such as industrials and consumer discretionary outperformed. Signs of an improvement in the housing market also aided the returns of financials stocks. Dividend-paying stocks led the market earlier in 2013 as investors sought yield in a historically low-yielding environment, but rising interest rates later in the period dampened their relative performance. Judging by various Russell indexes, mid-cap stocks outperformed small-cap stocks, but there was no discernible pattern between value and growth stocks. While small-cap value stocks outperformed their growth counterparts, mid-cap growth stocks outperformed value.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period.

4 Wells Fargo Advantage Enterprise Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Chris Warner, CFA

Average annual total returns¹ (%) as of September 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (SENAX)	2-24-2000		23.97		11.46		8.83		31.55		12.79		9.47		1.29		1.18
Class B (WENBX)*	8-26-2011		25.55		11.70		9.27		30.55		11.96		9.27		2.04		1.93
Class C (WENCX)	3-31-2008		29.55		11.96		8.69		30.55		11.96		8.69		2.04		1.93
Administrator Class (SEPKX)	8-30-2002		–		–		–		31.62		12.96		9.71		1.13		1.10
Institutional Class (WFEIX)	6-30-2003		–		–		–		31.96		13.24		9.99		0.86		0.85
Investor Class (SENTX)	9-30-1998		–		–		–		31.43		12.70		9.33		1.35		1.24
Russell Midcap® Growth Index4	–		–		–		–		27.54		13.92		10.16		–		–

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

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

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Enterprise Fund 5

Growth of $10,000 investment⁵ as of September 30, 2013

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

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

3. The Adviser has committed through January 31, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. The chart compares the performance of Class A shares for the most recent ten years with the Russell Midcap Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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

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

6 Wells Fargo Advantage Enterprise Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund outperformed the benchmark, the Russell Midcap Growth Index, for the 12-month period that ended September 30, 2013, as effective stock selection in information technology (IT), financials, industrials, and energy was offset slightly by selection in the consumer discretionary sector.

n Despite macroeconomic and political uncertainty, the U.S. economy continued its slow but gradual recovery and investors rewarded those companies that led the way.

n As stock prices began to reflect their underlying fundamentals and became less affected by the fear of uncertainty in the marketplace, overall markets rallied and our fundamental surround-the-company research process outperformed.

Although mixed U.S. economic data left investors concerned at times throughout the year, overall the data pointed to a continued recovery in economic conditions in the U.S., aided by the U.S. Federal Reserve and its easy money policy of quantitative easing (QE). Despite other countries’ similar efforts, most could not keep pace with the U.S., making U.S. equities an attractive place to be. In addition, fear grew as interest rates shot up in a less-than-orderly fashion, forcing investors to reexamine the perceived safety of gold, bonds, and bond proxies like high-dividend-paying stocks. These interest-rate-sensitive assets were among the hardest hit in the resulting market volatility. These factors combined to help investors realize what we have believed for some time: that while there will be bumps along the way, domestic equities are among the best investments now and in the near future.

Software and internet service companies helped performance during the period.

Stock selection within financials, industrials, and energy contributed to performance during the period. Particular strength was visible in the software and internet service companies held in the portfolio. The online professional networking company LinkedIn Corporation experienced strong revenue growth, significantly above even the most aggressive estimates. The company also had margins well above consensus estimates, a rare feat for a company growing this fast. While we marginally trimmed our position given the strong appreciation, we continue to feel the company has multiple secular growth drivers, including marketing solutions (traditional web advertising); hiring solutions (subscription business to corporate human resources departments); and selling solutions, an underappreciated service that provides sales leads via premium subscriptions to members.

Often the most fruitful investment opportunities are the result of investor skepticism and misunderstanding. Within financials, this was the case with our purchase of IntercontinentalExchange Incorporated. The market was initially skeptical of the company’s acquisition of competitor NYSE Euronext. Our surround-the-company research process had led us to look at IntercontinentalExchange even before the deal was announced. After analyzing the acquisition, we were confident that significant cost synergies could be achieved and that the combined entity would be a more-diversified business on both a geographical and product level. Furthermore, we have a favorable opinion of the management team that has significant personal wealth invested in the company.

Ten largest equity holdings6 (%) as of September 30, 2013
Fortune Brands Home & Security Incorporated	2.44
Discovery Communications Incorporated	2.34
Alliance Data Systems Corporation	2.13
Vantiv Incorporated Class A	2.10
IntercontinentalExchange Incorporated	1.97
Constellation Brands Incorporated Class A	1.95
Kansas City Southern Railway Company	1.93
SBA Communications Corporation Class A	1.90
Verisk Analytics Incorporated Class A	1.90
Actavis Incorporated	1.77

In industrials, top 10 holding Kansas City Southern Railway Company generated consistently impressive revenue and earnings growth with efficient operations, share gains from truck transport, and unique positioning to transport goods from U.S. trading partners in Mexico. Another strong performer for the year was Hertz Global Holdings Incorporated. As rental car volumes in the U.S. continued to be strong, Hertz Global Holdings’ recent acquisition of Dollar Thrifty Automotive has presented opportunities to increase pricing in the airport rental market and improve margins. In addition, Hertz Global Holdings operates a commercial truck and equipment rental business, which has experienced a pickup in volume as the residential construction market improves.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Enterprise Fund 7

Stock selection in the consumer discretionary sector was the primary performance headwind. As fiscal cliff negotiations dragged on, U.S. consumer confidence plunged early in the year amid the growing economic uncertainty. Despite a recovery over the past two quarters, this precipitous decline in confidence, coupled with isolated operating issues, resulted in consumer-related sectors weighing on quarterly returns. Shares of Chico’s FAS Incorporated, which is no longer held, struggled because future earnings expectations were lowered due to increased payroll taxes and concerns that unseasonably cool weather would affect the Chico’s brand, which performs best in warmer weather.

Growth in energy production continued to produce investment opportunities.

It remains our belief that the dramatic increase in energy production in the United States is a multiyear, multisector growth theme. The most direct way to participate in these growth opportunities is through energy production companies such as Gulfport Energy Corporation. Gulfport has some of the most valuable acreage within the Utica shale in northern Ohio and therefore is an excellent way to gain exposure to the significant production potential in that region. The company is rapidly growing the number of wells in the Utica region and also improving its drilling productivity.

Sector distribution⁷ as of September 30, 2013

The outlook for growth stocks remains strong, in our view, despite some near-term volatility.

Recent market dynamics have reinforced confidence that our portfolios are pointed in the right direction. While rate-sensitive and yield-oriented strategies were called into question late in the spring with talk of QE tapering, we have taken a different route. Our path is not predicated on accommodative monetary policy or high dividend bond proxies but rather on the type of strong secular growth that will allow for a more complete and sustainable economic recovery. As performance reflected, there are few better places to find this type of growth and innovation than among domestically oriented companies. To that point, we remain bullish on the U.S. economy and, in particular, on the U.S. consumer who is

benefiting from a robust housing recovery, a strengthening U.S. dollar, and improving employment data. This powerful combination bodes well for consumer confidence and domestic consumption.

Additionally, we continue to maintain our preference for housing-related holdings. We feel the housing recovery will produce a significant tailwind to the domestic economy and still has plenty of gas left in its tank as housing affordability remains historically high. Positioning within the industrials sector continues to center on structural shifts in the U.S. economy. These include the development and production of domestic energy reserves as well as a significant shift in manufacturing activity from emerging markets back to North America. Recent additions to our industrials holdings have been more cyclical in nature and should be beneficiaries of improving industrial production and overall gross domestic product growth.

We remain confident in our current positioning as it appears a number of market factors are changing in our favor. General investor demand for U.S. equities is on the rise as investors appeared to shift from bonds into stocks. An actively managed strategy such as ours that focuses on identifying superior earnings growth, seeking bottom-up research edge, and creating balanced allocation of portfolio capital will be the best road forward, in our opinion.

Regardless of the market environment, we intend to stay true to our growth investment style. We seek companies with superior earnings growth and attractive valuations and weight individual positions based on our research conviction. Despite the cautionary outlook we must take, we are extremely upbeat that we can continue to build on the strong recent results.

Please see footnotes on page 5.

8 Wells Fargo Advantage Enterprise Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2013 to September 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,176.72	$	6.44		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class B
Actual	$	1,000.00	$	1,172.34	$	10.51		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.39	$	9.75		1.93	%
Class C
Actual	$	1,000.00	$	1,172.34	$	10.51		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.39	$	9.75		1.93	%
Administrator Class
Actual	$	1,000.00	$	1,177.17	$	6.00		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,178.59	$	4.64		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Investor Class
Actual	$	1,000.00	$	1,176.41	$	6.77		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.28		1.24	%

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Enterprise Fund 9

Security name	Shares		Value
Common Stocks: 100.31%
Consumer Discretionary: 23.93%
Auto Components: 1.61%
Delphi Automotive plc		202,465	$	11,828,005
Distributors: 1.57%
LKQ Corporation †		360,300		11,479,158
Hotels, Restaurants & Leisure: 1.20%
Starwood Hotels & Resorts Worldwide Incorporated		132,400		8,797,980
Internet & Catalog Retail: 0.80%
Netflix Incorporated †		18,900		5,844,069
Media: 6.28%
AMC Networks Incorporated †		70,600		4,834,688
Discovery Communications Incorporated †		219,590		17,154,371
Liberty Global plc Class A †		71,530		5,675,906
Liberty Global plc Class C †		97,506		7,354,877
Sirius XM Radio Incorporated		2,852,400		11,038,788
				46,058,630
Multiline Retail: 1.14%
Dollar General Corporation †		147,417		8,323,164
Specialty Retail: 7.34%
AutoNation Incorporated †		106,300		5,545,671
Best Buy Company Incorporated		196,200		7,357,500
DSW Incorporated Class A		91,847		7,836,386
GNC Holdings Incorporated Class A		96,092		5,249,506
L Brands Incorporated		156,500		9,562,150
Lumber Liquidators Holdings Incorporated †		55,300		5,897,745
Restoration Hardware Holdings Incorporated †		81,997		5,194,510
Ulta Salon Cosmetics & Fragrance Incorporated †		59,600		7,119,816
				53,763,284
Textiles, Apparel & Luxury Goods: 3.99%
Michael Kors Holdings Limited †		154,300		11,498,436
PVH Corporation		71,600		8,498,204
Under Armour Incorporated Class A †		116,030		9,218,583
				29,215,223
Consumer Staples: 3.98%
Beverages: 1.95%
Constellation Brands Incorporated Class A †		249,000		14,292,600
Food & Staples Retailing: 1.15%
Rite Aid Corporation †		1,769,500		8,422,820

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

10 Wells Fargo Advantage Enterprise Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Food Products: 0.88%
Green Mountain Coffee Roasters Incorporated †		85,200	$	6,418,116
Energy: 5.06%
Oil, Gas & Consumable Fuels: 5.06%
Cabot Oil & Gas Corporation		208,300		7,773,756
Cobalt International Energy Incorporated †		60,800		1,511,488
Concho Resources Incorporated †		67,700		7,366,437
Gulfport Energy Corporation †		135,970		8,748,310
Pioneer Natural Resources Company		61,735		11,655,568
				37,055,559
Financials: 5.54%
Capital Markets: 2.14%
Affiliated Managers Group Incorporated †		50,300		9,186,792
Ameriprise Financial Incorporated		71,705		6,530,891
				15,717,683
Diversified Financial Services: 1.97%
IntercontinentalExchange Incorporated †		79,500		14,422,890
Real Estate Management & Development: 1.43%
CBRE Group Incorporated †		452,550		10,467,482
Health Care: 13.08%
Biotechnology: 5.85%
Aegerion Pharmaceuticals Incorporated †		46,000		3,942,660
Alexion Pharmaceuticals Incorporated †		83,810		9,735,369
Alkermes plc †		93,700		3,150,194
Alnylam Pharmaceuticals Incorporated †		37,600		2,406,776
BioMarin Pharmaceutical Incorporated †		88,224		6,371,537
Cepheid Incorporated †		144,700		5,649,088
Cubist Pharmaceuticals Incorporated †		114,700		7,289,185
Vertex Pharmaceuticals Incorporated †		57,300		4,344,486
				42,889,295
Health Care Equipment & Supplies: 2.50%
Boston Scientific Corporation †		785,300		9,219,422
Cooper Companies Incorporated		69,900		9,065,331
				18,284,753
Health Care Providers & Services: 2.41%
Cardinal Health Incorporated		128,500		6,701,275
Envision Healthcare Holdings †		221,125		5,755,884
Team Health Holdings Incorporated †		136,900		5,193,986
				17,651,145
Health Care Technology: 0.55%
Cerner Corporation †		76,800		4,035,840

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Enterprise Fund 11

Security name	Shares		Value
Pharmaceuticals: 1.77%
Actavis Incorporated †		90,200	$	12,988,800
Industrials: 24.10%
Aerospace & Defense: 2.62%
B/E Aerospace Incorporated †		107,400		7,928,268
DigitalGlobe Incorporated †		357,380		11,300,356
				19,228,624
Airlines: 2.40%
Copa Holdings SA Class A		77,200		10,705,324
Delta Air Lines Incorporated		290,700		6,857,613
				17,562,937
Building Products: 2.44%
Fortune Brands Home & Security Incorporated		429,139		17,865,056
Commercial Services & Supplies: 2.44%
Clean Harbors Incorporated †		156,300		9,168,558
Stericycle Incorporated †		75,600		8,724,240
				17,892,798
Construction & Engineering: 1.03%
Quanta Services Incorporated †		275,300		7,573,503
Machinery: 4.32%
Chart Industries Incorporated †		65,200		8,022,208
Colfax Corporation †		121,781		6,879,409
Cummins Incorporated		49,421		6,566,568
Graco Incorporated		137,800		10,205,468
				31,673,653
Professional Services: 3.28%
Towers Watson & Company Class A		94,000		10,054,240
Verisk Analytics Incorporated Class A †		214,700		13,946,912
				24,001,152
Road & Rail: 3.18%
Hertz Global Holdings Incorporated †		414,700		9,189,752
Kansas City Southern Railway Company		129,300		14,140,248
				23,330,000
Trading Companies & Distributors: 2.39%
United Rentals Incorporated †		139,500		8,131,455
W.W. Grainger Incorporated		35,722		9,348,805
				17,480,260

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

12 Wells Fargo Advantage Enterprise Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Information Technology: 21.56%
Communications Equipment: 1.17%
F5 Networks Incorporated †		99,800	$	8,558,848
Computers & Peripherals: 1.32%
Stratasys Limited †		95,400		9,660,204
Electronic Equipment, Instruments & Components: 1.42%
FEI Company		95,200		8,358,560
IPG Photonics Corporation «		36,000		2,027,160
				10,385,720
Internet Software & Services: 3.81%
CoStar Group Incorporated †		46,000		7,723,400
LinkedIn Corporation Class A †		46,000		11,318,760
MercadoLibre Incorporated		65,865		8,885,847
				27,928,007
IT Services: 4.22%
Alliance Data Systems Corporation †		73,750		15,595,913
Vantiv Incorporated Class A †		550,381		15,377,645
				30,973,558
Semiconductors & Semiconductor Equipment: 1.41%
ARM Holdings plc		214,800		10,336,176
Software: 8.21%
ACI Worldwide Incorporated †		146,100		7,898,166
Adobe Systems Incorporated †		135,900		7,058,646
Aspen Technology Incorporated †		249,000		8,602,950
CommVault Systems Incorporated †		143,400		12,594,822
Guidewire Software Incorporated †		172,600		8,131,186
ServiceNow Incorporated †		193,655		10,060,377
Splunk Incorporated †		96,539		5,796,202
				60,142,349
Materials: 1.16%
Chemicals: 1.16%
W.R. Grace & Company †		96,900		8,469,060
Telecommunication Services: 1.90%
Wireless Telecommunication Services: 1.90%
SBA Communications Corporation Class A †		173,320		13,945,327
Total Common Stocks (Cost $558,269,357)				734,963,728

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

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Enterprise Fund 13

Security name	Yield			Shares		Value
Short-Term Investments: 0.77%
Investment Companies: 0.77%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		1,760,127	$	1,760,127
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.12			3,910,725		3,910,725
Total Short-Term Investments (Cost $5,670,852)							5,670,852

Total investments in securities (Cost $563,940,209) *	101.08	%		740,634,580
Other assets and liabilities, net	(1.08	)		(7,898,529	)
Total net assets	100.00	%	$	732,736,051

† Non-income-earning security

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

(l) Investment in an affiliate

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

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

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

* Cost for federal income tax purposes is $564,250,531 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	178,202,682
Gross unrealized depreciation		(1,818,633	)
Net unrealized appreciation	$	176,384,049

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

14 Wells Fargo Advantage Enterprise Fund Statement of assets and liabilities—September 30, 2013

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	734,963,728
In affiliated securities, at value (see cost below)		5,670,852
Total investments, at value (see cost below)		740,634,580
Receivable for investments sold		2,720,312
Receivable for Fund shares sold		274,055
Receivable for dividends		124,771
Receivable for securities lending income		4,457
Prepaid expenses and other assets		128,353
Total assets		743,886,528
Liabilities
Payable for investments purchased		6,116,124
Payable for Fund shares redeemed		362,078
Payable upon receipt of securities loaned		3,910,725
Advisory fee payable		353,082
Distribution fees payable		6,834
Due to other related parties		180,911
Accrued expenses and other liabilities		220,723
Total liabilities		11,150,477
Total net assets	$	732,736,051
NET ASSETS CONSIST OF
Paid-in capital	$	524,244,759
Accumulated net investment loss		(31,112	)
Accumulated net realized gains on investments		31,828,033
Net unrealized gains on investments		176,694,371
Total net assets	$	732,736,051
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	427,860,407
Shares outstanding – Class A		8,637,017
Net asset value per share – Class A		$49.54
Maximum offering price per share – Class A2		$52.56
Net assets – Class B	$	2,722,826
Shares outstanding – Class B		57,766
Net asset value per share – Class B		$47.14
Net assets – Class C	$	8,483,376
Shares outstanding – Class C		179,946
Net asset value per share – Class C		$47.14
Net assets – Administrator Class	$	10,045,731
Shares outstanding – Administrator Class		196,867
Net asset value per share – Administrator Class		$51.03
Net assets – Institutional Class	$	81,021,265
Shares outstanding – Institutional Class		1,556,010
Net asset value per share – Institutional Class		$52.07
Net assets – Investor Class	$	202,602,446
Shares outstanding – Investor Class		4,144,652
Net asset value per share – Investor Class		$48.88
Investments in unaffiliated securities (including securities on loan), at cost	$	558,269,357
Investments in affiliated securities, at cost	$	5,670,852
Total investments, at cost	$	563,940,209
Securities on loan, at value	$	2,028,600

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—year ended September 30, 2013 Wells Fargo Advantage Enterprise Fund 15

Investment income
Dividends	$	6,799,475
Securities lending income, net		1,000,272
Income from affiliated securities		4,952
Total investment income		7,804,699
Expenses
Advisory fee		4,506,115
Administration fees
Fund level		324,527
Class A		979,071
Class B		7,295
Class C		19,653
Administrator Class		7,362
Institutional Class		62,388
Investor Class		565,685
Shareholder servicing fees
Class A		941,415
Class B		7,014
Class C		18,897
Administrator Class		17,986
Investor Class		441,634
Distribution fees
Class B		21,043
Class C		56,691
Custody and accounting fees		44,841
Professional fees		35,898
Registration fees		83,516
Shareholder report expenses		73,128
Trustees’ fees and expenses		12,370
Other fees and expenses		19,455
Total expenses		8,245,984
Less: Fee waivers and/or expense reimbursements		(660,671	)
Net expenses		7,585,313
Net investment income		219,386
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		79,776,259
Net change in unrealized gains (losses) on investments		100,132,214
Net realized and unrealized gains (losses) on investments		179,908,473
Net increase in net assets resulting from operations	$	180,127,859

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

16 Wells Fargo Advantage Enterprise Fund Statement of changes in net assets

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment income (loss)				$	219,386					$	(3,072,836	)
Net realized gains on investments					79,776,259						3,813,615
Net change in unrealized gains (losses) on investments					100,132,214						172,245,072
Net increase in net assets resulting from operations					180,127,859						172,985,851
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		149,004			6,471,674			103,108			3,682,224
Class B		335			14,052			1,395			51,826
Class C		18,231			745,453			21,025			727,096
Administrator Class		91,119			4,080,344			125,141			4,698,109
Institutional Class		164,971			7,509,243			415,653			15,951,961
Investor Class		241,679			10,267,120			213,550			7,579,509
					29,087,886						32,690,725
Payment for shares redeemed
Class A		(1,045,012	)		(42,859,422	)		(1,146,949	)		(40,763,416	)
Class B		(32,158	)		(1,256,936	)		(78,902	)		(2,720,700	)
Class C		(46,210	)		(1,814,005	)		(41,851	)		(1,405,682	)
Administrator Class		(68,527	)		(2,895,843	)		(712,955	)		(26,037,670	)
Institutional Class		(975,053	)		(40,667,919	)		(2,052,417	)		(79,070,745	)
Investor Class		(644,034	)		(26,031,917	)		(706,196	)		(24,801,639	)
					(115,526,042	)					(174,799,852	)
Net decrease in net assets resulting from capital share transactions					(86,438,156	)					(142,109,127	)
Total increase in net assets					93,689,703						30,876,724
Net assets
Beginning of period					639,046,348						608,169,624
End of period				$	732,736,051					$	639,046,348
Accumulated net investment loss				$	(31,112	)				$	(2,387,926	)

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

Financial highlights Wells Fargo Advantage Enterprise Fund 17

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
CLASS A	2013			2012			2011			20101			2009			20082
Net asset value, beginning of period	$	37.67		$	29.10		$	30.21		$	24.24		$	21.77		$	37.95
Net investment income (loss)		0.01	3		(0.18	)		(0.17	)3		(0.22	)3		(0.14	)3		(0.25	)3
Net realized and unrealized gains (losses) on investments		11.86			8.75			(0.94	)		6.19			2.61			(15.93	)
Total from investment operations		11.87			8.57			(1.11	)		5.97			2.47			(16.18	)
Net asset value, end of period	$	49.54		$	37.67		$	29.10		$	30.21		$	24.24		$	21.77
Total return4		31.55	%		29.46	%		(3.71	)%		24.63	%		11.35	%		(42.63	)%
Ratios to average net assets (annualized)
Gross expenses		1.30	%		1.29	%		1.34	%		1.38	%		1.44	%		1.45	%
Net expenses		1.18	%		1.18	%		1.18	%		1.34	%		1.36	%		1.40	%
Net investment income (loss)		0.01	%		(0.49	)%		(0.51	)%		(0.85	)%		(0.64	)%		(0.79	)%
Supplemental data
Portfolio turnover rate		91	%		102	%		104	%		108	%		203	%		179	%
Net assets, end of period (000s omitted)		$427,860			$359,068			$307,735			$878			$824			$851

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

2. On June 20, 2008, Advisor Class was renamed Class A.

3. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS B	2013			2012			20111
Net asset value, beginning of period	$	36.11		$	28.10		$	29.17
Net investment loss		(0.27	)2		(0.42	)2		(0.04	)2
Net realized and unrealized gains (losses) on investments		11.30			8.43			(1.03	)
Total from investment operations		11.03			8.01			(1.07	)
Net asset value, end of period	$	47.14		$	36.11		$	28.10
Total return3		30.55	%		28.51	%		(3.67	)%
Ratios to average net assets (annualized)
Gross expenses		2.05	%		2.04	%		2.09	%
Net expenses		1.93	%		1.93	%		1.93	%
Net investment loss		(0.68	)%		(1.25	)%		(1.26	)%
Supplemental data
Portfolio turnover rate		91	%		102	%		104	%
Net assets, end of period (000s omitted)		$2,723			$3,235			$4,695

1. For the period from August 26, 2011 (commencement of class operations) to September 30, 2011.

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Enterprise Fund 19

(For a share outstanding throughout period)

	Year ended September 30												Year ended October 31
CLASS C	2013			2012			2011			20101			2009			20082
Net asset value, beginning of period	$	36.11		$	28.10		$	29.39		$	23.75		$	21.49		$	30.67
Net investment loss		(0.29	)3		(0.42	)3		(0.44	)3		(0.39	)3		(0.31	)3		(0.27	)3
Net realized and unrealized gains (losses) on investments		11.32			8.43			(0.85	)		6.03			2.57			(8.91	)
Total from investment operations		11.03			8.01			(1.29	)		5.64			2.26			(9.18	)
Net asset value, end of period	$	47.14		$	36.11		$	28.10		$	29.39		$	23.75		$	21.49
Total return4		30.55	%		28.51	%		(4.39	)%		23.80	%		10.52	%		(29.96	)%
Ratios to average net assets (annualized)
Gross expenses		2.05	%		2.04	%		2.09	%		2.13	%		2.19	%		2.18	%
Net expenses		1.93	%		1.93	%		1.97	%		2.09	%		2.11	%		2.15	%
Net investment loss		(0.72	)%		(1.24	)%		(1.35	)%		(1.60	)%		(1.43	)%		(1.58	)%
Supplemental data
Portfolio turnover rate		91	%		102	%		104	%		108	%		203	%		179	%
Net assets, end of period (000s omitted)		$8,483			$7,508			$6,428			$174			$268			$21

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

2. For the period March 31, 2008 (commencement of class operations) to October 31, 2008.

3. Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
ADMINISTRATORS CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	38.77		$	29.93		$	31.03		$	24.86		$	22.27		$	38.71
Net investment income (loss)		0.02	2		(0.16	)2		(0.24	)		(0.17	)2		(0.09	)2		(0.18	)2
Net realized and unrealized gains (losses) on investments		12.24			9.00			(0.86	)		6.34			2.68			(16.26	)
Total from investment operations		12.26			8.84			(1.10	)		6.17			2.59			(16.44	)
Net asset value, end of period	$	51.03		$	38.77		$	29.93		$	31.03		$	24.86		$	22.27
Total return3		31.62	%		29.54	%		(3.54	)%		24.87	%		11.59	%		(42.47	)%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.12	%		1.17	%		1.21	%		1.26	%		1.26	%
Net expenses		1.11	%		1.12	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income (loss)		0.05	%		(0.46	)%		(0.62	)%		(0.66	)%		(0.44	)%		(0.55	)%
Supplemental data
Portfolio turnover rate		91	%		102	%		104	%		108	%		203	%		179	%
Net assets, end of period (000s omitted)		$10,046			$6,757			$22,811			$16,760			$16,000			$14,677

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Enterprise Fund 21

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
INSTITUTIONAL CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	39.46		$	30.38		$	31.42		$	25.11		$	22.44		$	38.90
Net investment income (loss)		0.18	2		(0.06	)2		(0.13	)2		(0.11	)2		(0.04	)2		(0.10	)2
Net realized and unrealized gains (losses) on investments		12.43			9.14			(0.91	)		6.42			2.71			(16.36	)
Total from investment operations		12.61			9.08			(1.04	)		6.31			2.67			(16.46	)
Net asset value, end of period	$	52.07		$	39.46		$	30.38		$	31.42		$	25.11		$	22.44
Total return3		31.96	%		29.89	%		(3.31	)%		25.13	%		11.90	%		(42.31	)%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.86	%		0.90	%		0.94	%		0.99	%		0.98	%
Net expenses		0.85	%		0.85	%		0.89	%		0.90	%		0.90	%		0.90	%
Net investment income (loss)		0.41	%		(0.17	)%		(0.37	)%		(0.41	)%		(0.18	)%		(0.29	)%
Supplemental data
Portfolio turnover rate		91	%		102	%		104	%		108	%		203	%		179	%
Net assets, end of period (000s omitted)		$81,021			$93,367			$121,618			$106,931			$113,467			$104,121

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

2. Calculated based upon average shares outstanding

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

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

22 Wells Fargo Advantage Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
INVESTOR CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	37.19		$	28.75		$	29.87		$	23.99		$	21.56		$	37.62
Net investment loss		(0.02	)2		(0.19	)2		(0.29	)2		(0.24	)2		(0.16	)2		(0.29	)2
Net realized and unrealized gains (losses) on investments		11.71			8.63			(0.83	)		6.12			2.59			(15.77	)
Total from investment operations		11.69			8.44			(1.12	)		5.88			2.43			(16.06	)
Net asset value, end of period	$	48.88		$	37.19		$	28.75		$	29.87		$	23.99		$	21.56
Total return3		31.43	%		29.36	%		(3.75	)%		24.56	%		11.22	%		(42.69	)%
Ratios to average net assets (annualized)
Gross expenses		1.36	%		1.36	%		1.40	%		1.48	%		1.54	%		1.57	%
Net expenses		1.24	%		1.25	%		1.36	%		1.43	%		1.46	%		1.53	%
Net investment loss		(0.05	)%		(0.56	)%		(0.84	)%		(0.94	)%		(0.74	)%		(0.91	)%
Supplemental data
Portfolio turnover rate		91	%		102	%		104	%		108	%		203	%		179	%
Net assets, end of period (000s omitted)		$202,602			$169,111			$144,883			$134,528			$117,725			$112,689

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

2. Calculated based upon average shares outstanding

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market information to assess the continued appropriateness of the fair valuation methodology used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on the exchange or by an independent pricing service. Valuations received from an independent pricing service or broker quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

24 Wells Fargo Advantage Enterprise Fund Notes to financial statements

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassifications is due to net operating losses. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Accumulated net investment loss	Accumulated net realized gains on investments
$2,137,428	$(2,137,428)

At September 30, 2013, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

2016	2019	No expiration
		Short-term	Long-term
$21,080,033	$2,550,894	$2,372,472	$1,153,890

Class allocations

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

Notes to financial statements Wells Fargo Advantage Enterprise Fund 25

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

As of September 30, 2013, 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	$	734,963,728	$	0	$	0	$	734,963,728
Short-term investments
Investment companies		1,760,127		3,910,725		0		5,670,852
	$	736,723,855	$	3,910,725	$	0	$	740,634,580

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.70% and declining to 0.60% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, 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.

26 Wells Fargo Advantage Enterprise Fund Notes to financial statements

Administration and transfer agent fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.18% for Class A shares, 1.93% for Class B shares, 1.93% for Class C shares, 1.10% for Administrator Class shares, 0.85% for Institutional Class shares, and 1.24% for Investor Class shares. Prior to February 1, 2013, the Fund’s expenses were capped at 1.15% for Administrator Class shares and 1.25% for Investor Class shares.

Distribution fees

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

For the year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $5,020 from the sale of Class A shares and $974 and $653 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2013 were $586,804,720 and $655,332,299, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the year ended September 30, 2013, the Fund paid $1,067 in commitment fees.

For the year ended September 30, 2013, there were no borrowings by the Fund under the agreement.

Notes to financial statements Wells Fargo Advantage Enterprise Fund 27

7. DISTRIBUTIONS TO SHAREHOLDERS

For the years ended September 30, 2013 and September 30, 2012, the Fund did not have any distributions paid to shareholders.

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains	Capital loss carryforward
$7,031,348	$52,264,296	$176,384,049	$(27,157,289)

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

28 Wells Fargo Advantage Enterprise Fund Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Enterprise Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended, the period from November 1, 2009 through September 30, 2010, and each of the years or periods in the two-year period ended October 31, 2009. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013 by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Enterprise Fund as of September 30, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

Other information (unaudited) Wells Fargo Advantage Enterprise Fund 29

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

30 Wells Fargo Advantage Enterprise Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Advantage Enterprise Fund 31

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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

32 Wells Fargo Advantage Enterprise Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219796 11-13 A231/AR231 09-13

Wells Fargo Advantage Opportunity Fund^SM

Annual Report

September 30, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	22
Report of independent registered public accounting firm	27
Other information	28
List of abbreviations	31

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Opportunity Fund for the 12-month period that ended September 30, 2013. Much of the period was marked by monetary easing by global central banks. Toward the end of the period, investor concerns that the U.S. Federal Reserve (Fed) would end its bond-buying program initially led to higher interest rates, resulting in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 but were soon followed by concerns about a shutdown of the U.S. government. Nonetheless, increased confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the 12-month reporting period.

Central banks continued to provide stimulus.

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rates effectively near zero in order to support the economy and the financial system. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market. In December 2012, the Fed increased its quantitative easing program by adding purchases of $45 billion per month in long-term U.S. Treasuries. The FOMC continued its policy of monetary easing into 2013. However, indications in May 2013 that the FOMC might reduce (or taper) its bond-buying program caused a rise in interest rates and a subsequent sell-off in both stocks and bonds. After its September 2013 meeting, however, the FOMC surprisingly signaled that tapering would be delayed, resulting in a stock and bond market rally in late September.

European markets continued to benefit from the ECB’s September 2012 announcement that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. As a result, when the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility. Moreover, in May 2013, the ECB cut its key rate to a historic low of 0.5%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Given the substantial ties between the U.S. and Europe, the improved sentiment about the eurozone helped provide a tailwind for U.S. markets.

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

For most of the period, U.S. economic data remained moderately positive. Gross domestic product (GDP) growth came in at a sluggish 0.1% annualized rate in the fourth quarter of 2012, but many analysts attributed the fourth-quarter weakness to the temporary aftereffects from Hurricane Sandy. This view was given credence by the rebound in GDP growth to a 1.1% annualized rate in the first quarter of 2013 and a 2.5% annualized rate in the second quarter. The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013. This created an overhang on economic growth during the second half of the period. On midnight of September 30, 2013, the federal government shut down with the exception of certain crucial functions, an action that could increase investor uncertainty and thus market volatility.

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

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period. Economically sensitive sectors such as industrials and consumer discretionary outperformed. Signs of an improvement in the housing market also aided the returns of financials stocks. Dividend-paying stocks led the market earlier in 2013 as investors sought yield in a historically low-yielding environment, but rising interest rates later in the period dampened their relative performance. Judging by various Russell indexes, mid-cap stocks outperformed small-cap stocks, but there was no discernible pattern between value and growth stocks. While small-cap value stocks outperformed their growth counterparts, mid-cap growth stocks outperformed value.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period.

4 Wells Fargo Advantage Opportunity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Ann M. Miletti

Thomas D. Wooden, CFA

Average annual total returns¹ (%) as of September 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (SOPVX)	2-24-2000		16.21		8.58		7.70		23.31		9.88		8.34		1.26		1.23
Class B (SOPBX)*	8-26-2011		17.39		8.78		7.89		22.39		9.07		7.89		2.01		1.98
Class C (WFOPX)	3-31-2008		21.41		9.07		7.58		22.41		9.07		7.58		2.01		1.98
Administrator Class (WOFDX)	8-30-2002		–		–		–		23.59		10.15		8.62		1.10		1.01
Institutional Class (WOFNX)	7-30-2010		–		–		–		23.91		10.30		8.69		0.83		0.76
Investor Class (SOPFX)	12-31-1985		–		–		–		23.24		9.82		8.32		1.32		1.29
Russell Midcap® Index4,6	–		–		–		–		27.91		12.97		10.78		–		–
Russell 3000® Index5,6	–		–		–		–		21.60		10.58		8.11		–		–

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

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Opportunity Fund 5

Growth of $10,000 investment⁷ as of September 30, 2013

1. Historical performance shown for Class B shares prior to their inception reflects the performance of Class C shares. Historical performance shown for Class C shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Institutional Class prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher. Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for the Class A shares through June 19, 2008, includes Advisor Class expenses.

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

3. The Adviser has committed through January 31, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.22% for Class A, 1.97% for Class B, 1.97% for Class C, 1.00% for Administrator Class, 0.75% for Institutional Class, and 1.28% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000^® Index. You cannot invest directly in an index.

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

6. Effective January 1, 2013, the Fund changed its benchmark from the Russell MidCap Index to the Russell 3000 Index to better align with its new strategy to invest in equity securities of companies of all market capitalizations.

7. The chart compares the performance of Class A shares for the most recent ten years with the Russell Midcap Index and Russell 3000 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

8. 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.

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

6 Wells Fargo Advantage Opportunity Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund modestly outperformed its benchmark, Russell 3000 Index but underperformed Russell Midcap Index, for the 12-month period that ended September 30, 2013.

n Stock selection added value in a variety of sectors, including industrials, health care, and consumer staples.

n Underperformance in the energy and materials sectors detracted from relative returns.

The U.S. Federal Reserve (Fed) continued its highly accommodative monetary policies throughout the 12-month period. With the Fed keeping yields low by buying $85 billion of bonds per month, investors seemed to turn away from low-yielding assets in search of higher potential returns in the equity markets. This investor move and improving fundamentals pushed stocks impressively higher across all market capitalizations. In this environment, we continued to look for well-positioned businesses with strong management teams and favorable trends that trade at attractive discounts to our estimated private market prices (PMPs), with the PMP representing the price we believe a private equity investor would pay for the entire company.

Ten largest equity holdings8 (%) as of September 30, 2013
Agilent Technologies Incorporated	1.92
NetApp Incorporated	1.72
Praxair Incorporated	1.70
American Tower Corporation	1.60
Global Payments Incorporated	1.55
Shire plc ADR	1.54
Babcock & Wilcox Company	1.53
Check Point Software Technologies Limited	1.53
Citrix Systems Incorporated	1.52
National Oilwell Varco Incorporated	1.52

Stock selection drove the Fund’s results during the period.

Stock selection in a variety of sectors was the dominant driver of the Fund’s performance. In the health care sector, for example, key holdings such as Covance Incorporated (up 85%), and Thermo Fisher Scientific Incorporated (up 57%) helped the Fund outperform the benchmark’s health care holdings. Consumer-oriented stocks rebounded nicely during the 12-month period. One example is Whirlpool Corporation, which gained 80% as economic data revealed that a housing recovery was underway. Another strong performer was grocer The Kroger Company, which gained 74%.

Industrials holdings aided the Fund’s results, as signs of an ongoing U.S. recovery helped stocks that are sensitive

to a pickup in economic activity. Some examples include car and equipment rental company Hertz Global Holdings Incorporated (up 61%), and transportation logistics company J.B. Hunt Transport Services Incorporated (up 41%). Somewhat spectacularly, our position in Delta Air Lines Incorporated increased 158% as the company benefited from greater operating efficiency and an industrywide reduction in flights that helped support higher average airfares.

Sector distribution⁹ as of September 30, 2013

Stock selection in the energy sector detracted from results because some of our energy holdings are working through business model transitions that caused their stocks to underperform. McDermott International Incorporated was the largest individual detractor, declining more than 39% over the 12-month period. We continued to hold the stock because we believed that McDermott International was trading well below its tangible book value.

The Fund ended the period with an overweight in the consumer discretionary and materials sectors and an underweight in the utilities, consumer staples, financials, and telecommunication services sectors.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Opportunity Fund 7

Our methodology includes buying stocks that are selling at a discount to their estimated PMPs and selling stocks that approach their PMPs.

Our discipline allows us to be keenly aware of both price and business value on a company-by-company basis. Our proprietary database of company acquisitions across industries, sectors, and time frames gives us a steady foundation for assessing the private worth of companies versus the public stock prices for those same companies. Our task is to exploit those discrepancies for the benefit of the Fund’s shareholders by purchasing stocks when we believe they are selling at a discount to their PMPs.

Improving sentiment helped broadly lift stock prices and multiples over the past year. We think the market will move into a more discerning phase going forward, where companies with attractive stock prices relative to their PMPs will come to the forefront, allowing us to add value with our unique bottom-up research.

8 Wells Fargo Advantage Opportunity Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2013 to September 30, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,075.12	$	6.35		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.17		1.22	%
Class B
Actual	$	1,000.00	$	1,071.22	$	10.23		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.19	$	9.95		1.97	%
Class C
Actual	$	1,000.00	$	1,071.46	$	10.23		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.19	$	9.95		1.97	%
Administrator Class
Actual	$	1,000.00	$	1,076.34	$	5.21		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,077.64	$	3.91		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Investor Class
Actual	$	1,000.00	$	1,075.19	$	6.66		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.48		1.28	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Opportunity Fund 9

Security name	Shares		Value
Common Stocks: 90.89%
Consumer Discretionary: 19.21%
Auto Components: 1.28%
Johnson Controls Incorporated		567,099	$	23,534,609
Diversified Consumer Services: 0.76%
K12 Incorporated †		449,239		13,872,500
Hotels, Restaurants & Leisure: 1.13%
Carnival Corporation		633,993		20,693,532
Household Durables: 2.69%
Harman International Industries Incorporated		413,107		27,360,077
Whirlpool Corporation		149,801		21,936,858
				49,296,935
Media: 4.47%
Cablevision Systems Corporation New York Group Class A		469,142		7,900,351
Comcast Corporation Class A		394,801		17,122,519
Discovery Communications Incorporated †		231,280		18,067,594
Liberty Global plc Class A †		243,264		19,302,998
Omnicom Group Incorporated		310,515		19,699,072
				82,092,534
Multiline Retail: 4.70%
Dollar General Corporation †		305,887		17,270,380
Kohl’s Corporation		440,450		22,793,288
Macy’s Incorporated		507,882		21,976,054
Nordstrom Incorporated		431,488		24,249,626
				86,289,348
Specialty Retail: 3.63%
CarMax Incorporated †		421,656		20,437,666
Dick’s Sporting Goods Incorporated		493,264		26,330,432
Express Incorporated †		843,830		19,905,950
				66,674,048
Textiles, Apparel & Luxury Goods: 0.55%
Coach Incorporated		186,922		10,192,857
Consumer Staples: 4.26%
Food & Staples Retailing: 1.14%
The Kroger Company		517,442		20,873,610
Food Products: 2.24%
General Mills Incorporated		409,155		19,606,708
Mead Johnson Nutrition Company		290,555		21,576,614
				41,183,322

The accompanying notes are an integral part of these financial statements.

10 Wells Fargo Advantage Opportunity Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Household Products: 0.88%
Church & Dwight Company Incorporated		268,582	$	16,128,349
Energy: 8.62%
Energy Equipment & Services: 4.79%
McDermott International Incorporated †		2,711,243		20,144,535
National Oilwell Varco Incorporated		356,344		27,834,030
Superior Energy Services Incorporated †		828,447		20,744,313
Weatherford International Limited †		1,256,667		19,264,705
				87,987,583
Oil, Gas & Consumable Fuels: 3.83%
Denbury Resources Incorporated †		1,466,663		27,001,266
Newfield Exploration Company †		848,052		23,211,183
Range Resources Corporation		263,405		19,989,805
				70,202,254
Financials: 12.62%
Capital Markets: 2.51%
Invesco Limited		698,249		22,274,143
TD Ameritrade Holding Corporation		908,097		23,773,979
				46,048,122
Commercial Banks: 3.53%
Branch Banking & Trust Corporation		416,325		14,050,969
Fifth Third Bancorp		1,301,682		23,482,343
PNC Financial Services Group Incorporated		376,741		27,294,885
				64,828,197
Diversified Financial Services: 1.19%
Intercontinental Exchange Incorporated †		119,986		21,767,860
Insurance: 3.79%
ACE Limited		296,818		27,770,292
American International Group Incorporated		478,526		23,270,719
RenaissanceRe Holdings Limited		205,587		18,611,791
				69,652,802
REITs: 1.60%
American Tower Corporation		395,225		29,298,029
Health Care: 11.18%
Health Care Equipment & Supplies: 3.51%
C.R. Bard Incorporated		195,666		22,540,723
Covidien plc		330,824		20,160,415
Zimmer Holdings Incorporated		264,129		21,695,556
				64,396,694
Health Care Providers & Services: 0.65%
Patterson Companies Incorporated		298,046		11,981,449

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Opportunity Fund 11

Security name	Shares		Value
Life Sciences Tools & Services: 5.48%
Agilent Technologies Incorporated		686,035	$	35,159,294
Covance Incorporated †		268,364		23,202,751
Thermo Fisher Scientific Incorporated		245,063		22,582,555
Waters Corporation †		185,841		19,738,173
				100,682,773
Pharmaceuticals: 1.54%
Shire plc ADR		235,163		28,193,692
Industrials: 11.02%
Aerospace & Defense: 1.46%
B/E Aerospace Incorporated †		363,071		26,801,901
Airlines: 1.50%
Delta Air Lines Incorporated		656,418		15,484,901
United Continental Holdings Incorporated †		395,321		12,140,308
				27,625,209
Commercial Services & Supplies: 1.44%
Republic Services Incorporated		793,293		26,464,254
Electrical Equipment: 3.13%
AMETEK Incorporated		301,629		13,880,967
Babcock & Wilcox Company		834,521		28,140,048
Regal-Beloit Corporation		226,209		15,366,377
				57,387,392
Machinery: 0.97%
Joy Global Incorporated		349,561		17,841,593
Road & Rail: 2.52%
Canadian Pacific Railway Limited		74,139		9,141,339
Hertz Global Holdings Incorporated †		790,977		17,528,050
J.B. Hunt Transport Services Incorporated		268,061		19,549,689
				46,219,078
Information Technology: 18.83%
Communications Equipment: 1.25%
Riverbed Technology Incorporated †		1,568,891		22,890,120
Computers & Peripherals: 1.72%
NetApp Incorporated		741,832		31,616,880
Electronic Equipment, Instruments & Components: 1.21%
EIFAmphenol Corporation Class A		286,602		22,177,263
IT Services: 4.01%
Alliance Data Systems Corporation Ǡ		96,968		20,505,823
Global Payments Incorporated		558,255		28,515,665
Teradata Corporation †		443,734		24,600,613
				73,622,101

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo Advantage Opportunity Fund Portfolio of investments—September 30, 2013

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 5.10%
Altera Corporation					645,602	$	23,990,570
ARM Holdings plc					1,073,560		17,136,555
Avago Technologies Limited					625,884		26,988,118
ON Semiconductor Corporation †					3,480,541		25,407,949
							93,523,192
Software: 5.54%
Autodesk Incorporated †					475,934		19,594,203
Check Point Software Technologies Limited †					497,025		28,111,734
Citrix Systems Incorporated †					394,319		27,842,865
Red Hat Incorporated †					568,073		26,210,888
							101,759,690
Materials: 5.15%
Chemicals: 1.70%
Praxair Incorporated					259,932		31,246,426
Containers & Packaging: 3.45%
Bemis Company Incorporated					469,145		18,301,346
Crown Holdings Incorporated †					509,545		21,543,563
Owens-Illinois Incorporated †					781,873		23,471,830
							63,316,739
Total Common Stocks (Cost $1,127,433,254)							1,668,362,937
	Yield
Short-Term Investments: 8.39%
Investment Companies: 8.39%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		139,970,935		139,970,935
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)		0.12			14,017,250		14,017,250
Total Short-Term Investments (Cost $153,988,185)							153,988,185

Total investments in securities
(Cost $1,281,421,439) *	99.28	%		1,822,351,122
Other assets and liabilities, net	0.72			13,176,778
Total net assets	100.00	%	$	1,835,527,900

† Non-income-earning security

« All or a portion of this security is on loan.

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(v) Security represents investment of cash collateral received from securities on loan.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $1,294,946,097 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	556,745,588
Gross unrealized depreciation		(29,340,563	)
Net unrealized appreciation	$	527,405,025

The accompanying notes are an integral part of these financial statements.

Statement of assets and liabilities—September 30, 2013 Wells Fargo Advantage Opportunity Fund 13

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	1,668,362,937
In affiliated securities, at value (see cost below)		153,988,185
Total investments, at value (see cost below)		1,822,351,122
Receivable for investments sold		32,011,085
Receivable for Fund shares sold		561,734
Receivable for dividends		1,521,161
Receivable for securities lending income		5,772
Prepaid expenses and other assets		43,957
Total assets		1,856,494,831
Liabilities
Payable for investments purchased		1,866,064
Payable for Fund shares redeemed		2,942,974
Payable upon receipt of securities loaned		14,017,250
Advisory fee payable		940,434
Distribution fees payable		32,513
Due to other related parties		489,751
Accrued expenses and other liabilities		677,945
Total liabilities		20,966,931
Total net assets	$	1,835,527,900
NET ASSETS CONSIST OF
Paid-in capital	$	1,192,753,893
Accumulated net investment loss		(1,422,787	)
Accumulated net realized gains on investments		103,265,890
Net unrealized gains on investments		540,930,904
Total net assets	$	1,835,527,900
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	431,200,677
Shares outstanding – Class A		9,326,679
Net asset value per share – Class A		$46.23
Maximum offering price per share – Class A2		$49.05
Net assets – Class B	$	9,020,312
Shares outstanding – Class B		199,247
Net asset value per share – Class B		$45.27
Net assets – Class C	$	43,209,279
Shares outstanding – Class C		954,379
Net asset value per share – Class C		$45.27
Net assets – Administrator Class	$	247,229,756
Shares outstanding – Administrator Class		5,097,358
Net asset value per share – Administrator Class		$48.50
Net assets – Institutional Class	$	14,030,126
Shares outstanding – Institutional Class		287,165
Net asset value per share – Institutional Class		$48.86
Net assets – Investor Class	$	1,090,837,750
Shares outstanding – Investor Class		23,118,048
Net asset value per share – Investor Class		$47.19
Investments in unaffiliated securities (including securities on loan), at cost	$	1,127,433,254
Investments in affiliated securities, at cost	$	153,988,185
Total investments, at cost	$	1,281,421,439
Securities on loan, at value	$	338,352

1. The Fund has an unlimited number of authorized shares.

2. Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo Advantage Opportunity Fund Statement of operations—year ended September 30, 2013

Investment income
Dividends*	$	20,268,233
Securities lending income, net		249,018
Income from affiliated securities		125,804
Interest		13,126
Total investment income		20,656,181
Expenses
Advisory fee		12,077,423
Administration fees
Fund level		900,186
Class A		1,085,544
Class B		26,682
Class C		111,807
Administrator Class		266,882
Institutional Class		10,589
Investor Class		3,358,312
Shareholder servicing fees
Class A		1,043,792
Class B		25,656
Class C		107,506
Administrator Class		663,483
Investor Class		2,616,326
Distribution fees
Class B		76,969
Class C		322,519
Custody and accounting fees		99,561
Professional fees		39,701
Registration fees		68,689
Shareholder report expenses		326,675
Trustees’ fees and expenses		12,779
Other fees and expenses		41,879
Total expenses		23,282,960
Less: Fee waivers and/or expense reimbursements		(761,032	)
Net expenses		22,521,928
Net investment loss		(1,865,747	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		139,619,473
Net change in unrealized gains (losses) on investments		235,180,602
Net realized and unrealized gains (losses) on investments		374,800,075
Net increase in net assets resulting from operations	$	372,934,328
* Net of foreign dividend withholding taxes in the amount of		$60,926

The accompanying notes are an integral part of these financial statements.

Statement of changes in net assets Wells Fargo Advantage Opportunity Fund 15

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment loss				$	(1,865,747	)				$	(1,662,265	)
Net realized gains on investments					139,619,473						62,436,960
Net change in unrealized gains (losses) on investments					235,180,602						309,645,082
Net increase in net assets resulting from operations					372,934,328						370,419,777
Distributions to shareholders from
Net realized gains
Class A					(15,147,786	)					0
Class B					(421,069	)					0
Class C					(1,614,183	)					0
Administrator Class					(9,579,443	)					0
Institutional Class					(391,050	)					0
Investor Class					(37,346,841	)					0
Total distributions to shareholders					(64,500,372	)					0
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		235,315			9,687,192			304,088			11,316,200
Class B		104			4,380			1,570			57,310
Class C		22,875			945,978			20,699			765,049
Administrator Class		497,680			21,794,009			862,958			33,371,244
Institutional Class		206,493			9,173,483			254,676			9,875,351
Investor Class		597,045			25,598,485			604,007			22,931,799
					67,203,527						78,316,953
Reinvestment of distributions
Class A		384,883			14,610,008			0			0
Class B		11,044			412,946			0			0
Class C		39,312			1,469,891			0			0
Administrator Class		226,421			8,997,967			0			0
Institutional Class		9,786			391,050			0			0
Investor Class		933,138			36,155,454			0			0
					62,037,316						0
Payment for shares redeemed
Class A		(1,548,105	)		(64,953,639	)		(2,336,898	)		(87,370,675	)
Class B		(116,982	)		(4,816,605	)		(202,764	)		(7,476,726	)
Class C		(217,628	)		(8,965,668	)		(324,111	)		(11,975,610	)
Administrator Class		(5,334,566	)		(223,466,216	)		(1,950,218	)		(76,304,448	)
Institutional Class		(193,044	)		(8,727,131	)		(409,247	)		(16,287,565	)
Investor Class		(3,698,713	)		(157,919,895	)		(4,046,377	)		(154,230,348	)
					(468,849,154	)					(353,645,372	)
Net decrease in net assets resulting from capital share transactions					(339,608,311	)					(275,328,419	)
Total increase (decrease) in net assets					(31,174,355	)					95,091,358
Net assets
Beginning of period					1,866,702,255						1,771,610,897
End of period				$	1,835,527,900					$	1,866,702,255
Accumulated net investment loss				$	(1,422,787	)				$	(1,562,162	)

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Advantage Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
CLASS A	2013			2012			2011			20101			2009			20082
Net asset value, beginning of period	$	38.99		$	32.08		$	34.08		$	28.81		$	23.24		$	45.42
Net investment income (loss)		(0.04	)		(0.03	)		0.06	3		(0.03	)3		0.07	3		0.08	3
Net realized and unrealized gains (losses) on investments		8.80			6.94			(2.06	)		5.37			5.50			(15.15	)
Total from investment operations		8.76			6.91			(2.00	)		5.34			5.57			(15.07	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.07	)		0.00			(0.47	)
Net realized gains		(1.52	)		0.00			0.00			0.00			0.00			(6.47	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			(0.17	)
Total distributions to shareholders		(1.52	)		0.00			0.00			(0.07	)		0.00			(7.11	)
Net asset value, end of period	$	46.23		$	38.99		$	32.08		$	34.08		$	28.81		$	23.24
Total return4		23.31	%		21.54	%		(5.87	)%		18.55	%		23.97	%		(38.55	)%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.25	%		1.27	%		1.31	%		1.35	%		1.34	%
Net expenses		1.23	%		1.25	%		1.25	%		1.29	%		1.29	%		1.29	%
Net investment income (loss)		(0.08	)%		(0.08	)%		0.15	%		(0.11	)%		0.28	%		0.22	%
Supplemental data
Portfolio turnover rate		26	%		41	%		31	%		42	%		55	%		73	%
Net assets, end of period (000s omitted)		$431,201			$399,828			$394,194			$22,437			$21,108			$20,695

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2010.

2. On June 20, 2008, Advisor Class was renamed Class A.

3. Calculated based upon average shares outstanding

4. Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Advantage Opportunity Fund 17

(For a share outstanding throughout each period)

	Year ended September 30
CLASS B	2013			2012			20111
Net asset value, beginning of period	$	38.49		$	31.91		$	33.61
Net investment loss		(0.35	)2		(0.31	)2		(0.01	)
Net realized and unrealized gains (losses) on investments		8.65			6.89			(1.69	)
Total from investment operations		8.30			6.58			(1.70	)
Distributions to shareholders from
Net realized gains		(1.52	)		0.00			0.00
Net asset value, end of period	$	45.27		$	38.49		$	31.91
Total return3		22.39	%		20.62	%		(5.06	)%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.00	%		2.02	%
Net expenses		1.98	%		2.00	%		2.00	%
Net investment loss		(0.83	)%		(0.83	)%		(0.45	)%
Supplemental data
Portfolio turnover rate		26	%		41	%		31	%
Net assets, end of period (000s omitted)		$9,020			$11,743			$16,154

1. For the period from August 26, 2011 (commencement of class operations) to September 30, 2011

2. Calculated based upon average shares outstanding

3. Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo Advantage Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
CLASS C	2013			2012			2011			20101			2009			20082
Net asset value, beginning of period	$	38.49		$	31.91		$	34.15		$	29.12		$	23.66		$	33.56
Net investment loss		(0.35	)3		(0.31	)3		(0.18	)3		(0.25	)3		(0.17	)3		(0.06	)3
Net realized and unrealized gains (losses) on investments		8.65			6.89			(2.06	)		5.41			5.63			(9.84	)
Total from investment operations		8.30			6.58			(2.24	)		5.16			5.46			(9.90	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.13	)		0.00			0.00
Net realized gains		(1.52	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.52	)		0.00			0.00			(0.13	)		0.00			0.00
Net asset value, end of period	$	45.27		$	38.49		$	31.91		$	34.15		$	29.12		$	23.66
Total return4		22.41	%		20.62	%		(6.56	)%		17.76	%		23.08	%		(29.50	)%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.00	%		2.02	%		2.07	%		2.08	%		2.10	%
Net expenses		1.98	%		2.00	%		2.00	%		2.04	%		2.04	%		2.04	%
Net investment loss		(0.83	)%		(0.83	)%		(0.50	)%		(0.87	)%		(0.63	)%		(0.33	)%
Supplemental data
Portfolio turnover rate		26	%		41	%		31	%		42	%		55	%		73	%
Net assets, end of period (000s omitted)		$43,209			$42,720			$45,096			$277			$150			$7

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2010.

2. For the period from March 31, 2008 (commencement of class operations) to October 31, 2008

3. Calculated based upon average shares outstanding

4. Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Advantage Opportunity Fund 19

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
ADMINISTRATOR CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	40.74		$	33.44		$	35.44		$	29.95		$	24.10		$	46.86
Net investment income		0.06	2		0.09			0.07	2		0.04	2		0.13	2		0.17	2
Net realized and unrealized gains (losses) on investments		9.22			7.21			(2.07	)		5.59			5.72			(15.69	)
Total from investment operations		9.28			7.30			(2.00	)		5.63			5.85			(15.52	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.14	)		0.00			(0.60	)
Net realized gains		(1.52	)		0.00			0.00			0.00			0.00			(6.47	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			(0.17	)
Total distributions to shareholders		(1.52	)		0.00			0.00			(0.14	)		0.00			(7.24	)
Net asset value, end of period	$	48.50		$	40.74		$	33.44		$	35.44		$	29.95		$	24.10
Total return3		23.59	%		21.83	%		(5.64	)%		18.84	%		24.27	%		(38.41	)%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.09	%		1.09	%		1.14	%		1.17	%		1.17	%
Net expenses		1.00	%		1.00	%		1.03	%		1.04	%		1.04	%		1.04	%
Net investment income		0.13	%		0.17	%		0.17	%		0.13	%		0.51	%		0.49	%
Supplemental data
Portfolio turnover rate		26	%		41	%		31	%		42	%		55	%		73	%
Net assets, end of period (000s omitted)		$247,230			$395,493			$360,968			$190,054			$124,175			$97,243

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2010.

2. Calculated based upon average shares outstanding

3. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

20 Wells Fargo Advantage Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2013			2012			2011			20101
Net asset value, beginning of period	$	40.93		$	33.52		$	35.45		$	33.36
Net investment income		0.17			0.21			0.24	2		0.02	2
Net realized and unrealized gains (losses) on investments		9.28			7.20			(2.17	)		2.07
Total from investment operations		9.45			7.41			(1.93	)		2.09
Distributions to shareholders from
Net realized gains		(1.52	)		0.00			0.00			0.00
Net asset value, end of period	$	48.86		$	40.93		$	33.52		$	35.45
Total return3		23.91	%		22.11	%		(5.44	)%		6.26	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.82	%		0.83	%		0.81	%
Net expenses		0.75	%		0.75	%		0.78	%		0.81	%
Net investment income		0.41	%		0.39	%		0.61	%		0.36	%
Supplemental data
Portfolio turnover rate		26	%		41	%		31	%		42	%
Net assets, end of period (000s omitted)		$14,030			$10,804			$14,027			$11

1. For the period from July 30, 2010 (commencement of class operations) to September 30, 2010

2. Calculated based upon average shares outstanding

3. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Advantage Opportunity Fund 21

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
INVESTOR CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	39.79		$	32.76		$	34.82		$	29.44		$	23.76		$	46.28
Net investment income (loss)		(0.08	)		(0.07	)		(0.07	)		(0.05	)2		0.05	2		0.06	2
Net realized and unrealized gains (losses) on investments		9.00			7.10			(1.99	)		5.49			5.63			(15.48	)
Total from investment operations		8.92			7.03			(2.06	)		5.44			5.68			(15.42	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.06	)		0.00			(0.46	)
Net realized gains		(1.52	)		0.00			0.00			0.00			0.00			(6.47	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			(0.17	)
Total distributions to shareholders		(1.52	)		0.00			0.00			(0.06	)		0.00			(7.10	)
Net asset value, end of period	$	47.19		$	39.79		$	32.76		$	34.82		$	29.44		$	23.76
Total return3		23.24	%		21.46	%		(5.92	)%		18.48	%		23.91	%		(38.60	)%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.32	%		1.32	%		1.41	%		1.46	%		1.49	%
Net expenses		1.29	%		1.32	%		1.32	%		1.35	%		1.35	%		1.35	%
Net investment income (loss)		(0.14	)%		(0.15	)%		(0.15	)%		(0.17	)%		0.21	%		0.17	%
Supplemental data
Portfolio turnover rate		26	%		41	%		31	%		42	%		55	%		73	%
Net assets, end of period (000s omitted)		$1,090,838			$1,006,114			$941,172			$1,115,250			$1,030,766			$895,916

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2010.

2. Calculated based upon average shares outstanding

3. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

22 Wells Fargo Advantage Opportunity Fund Notes to financial statements

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the Wells Fargo Advantage Opportunity Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (normally 4 p.m. Eastern Time).

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees 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 September 30, 2013, fair value pricing was not used in pricing foreign securities.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment companies are generally fair valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market information to assess the continued appropriateness of the fair valuation methodology used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on the exchange or by an independent pricing service. Valuations received from an independent pricing service or broker quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Notes to financial statements Wells Fargo Advantage Opportunity Fund 23

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Wells Fargo Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Dividend income is recognized on the ex-dividend date, 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.

24 Wells Fargo Advantage Opportunity Fund Notes to financial statements

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.

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to net operating losses. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Accumulated net investment loss	Accumulated net realized gains on investments
$2,005,122	$(2,005,122)

As of September 30, 2013, the Fund had a qualified late-year ordinary loss of $1,279,806 which will be recognized on the first day of the following fiscal year.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated any unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing, and administration fees.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

n Level 1 – quoted prices in active markets for identical securities

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, use of amortized cost, etc.)

n Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Notes to financial statements Wells Fargo Advantage Opportunity Fund 25

As of September 30, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	1,668,362,937	$	0	$	0	$	1,668,362,937
Short-term investments
Investment companies		139,970,935		14,017,250		0		153,988,185
	$	1,808,333,872	$	14,017,250	$	0	$	1,822,351,122

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.70% and declining to 0.60% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory fee was equivalent to an annual rate of 0.67% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class B, Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class B shares, 1.97% for Class C shares, 1.00% for Administrator Class shares, 0.75% for Institutional Class shares, and 1.28% for Investor Class shares. Prior to February 1, 2013, the Fund’s expenses were capped at 1.25% for Class A shares, 2.00% for Class B shares, 2.00% for Class C shares, and 1.32% for Investor Class shares.

Distribution fees

The Trust has adopted a Distribution Plan for Class B and Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B and Class C shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares.

26 Wells Fargo Advantage Opportunity Fund Notes to financial statements

For the year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $6,691 from the sale of Class A shares and $2,535 and $506 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, Administrator Class, and Investor Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2013 were $445,414,899 and $888,554,292, respectively.

6. CAPITAL SHARES

As a result of the transfer of assets from Funds Management, former program manager of the 529 college savings plans for the State of Wisconsin, to a new program manager, the Fund redeemed assets from its Administrator Class on October 26, 2012 with a value of $119,822,271, representing 6.55% of the Fund. This amount is reflected in the Statement of Changes in Net Assets for the year ended September 30, 2013.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the year ended September 30, 2013, the Fund paid $3,049 in commitment fees.

For the year ended September 30, 2013, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid for the year ended September 30, 2013 was $64,500,372 of long-term capital gain. For the year ended September 30, 2012, the Fund did not pay any distributions to shareholders.

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains	Late-year ordinary losses deferred
$117,124,071	$527,072,723	$(1,279,806)

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

Report of independent registered public accounting firm Wells Fargo Advantage Opportunity Fund 27

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Opportunity Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended, each of the periods within the period from November 1, 2009 through September 30, 2010, and each of the years or periods in the two-year period ended October 31, 2009. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013 by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Opportunity Fund as of September 30, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

28 Wells Fargo Advantage Opportunity Fund Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $64,500,372 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2013.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage Opportunity Fund 29

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

30 Wells Fargo Advantage Opportunity Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

2. The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com.

List of abbreviations Wells Fargo Advantage Opportunity Fund 31

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219797 11-13 A232/AR232 09-13

Wells Fargo Advantage

Special Mid Cap Value Fund

Annual Report

September 30, 2013

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	22
Report of independent registered public accounting firm	27
Other information	28
List of abbreviations	31

The views expressed and any forward-looking statements are as of September 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first tactical asset allocation models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches the Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

“Dow Jones^®” and “Dow Jones Target Date Indexes^SM” are service marks of Dow Jones Trademark Holdings LLC (“Dow Jones”); have been licensed to CME Group Index Services LLC (“CME Indexes”); and have been sublicensed for use for certain purposes by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Wells Fargo Advantage Dow Jones Target Date Funds^SM, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME Indexes, or their respective affiliates, and none of them makes any representation regarding the advisability of investing in such product(s).

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $236 billion in assets under management, as of September 30, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
Money market funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable trust funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The variable trust funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the annual report.

2 Wells Fargo Advantage Special Mid Cap Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Special Mid Cap Value Fund for the 12-month period that ended September 30, 2013. Much of the period was marked by monetary easing by global central banks. Toward the end of the period, investor concerns that the U.S. Federal Reserve (Fed) would end its bond-buying program initially led to higher interest rates, resulting in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 but were soon followed by concerns about a shutdown of the U.S. government. Nonetheless, increased confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the 12-month reporting period.

Central banks continued to provide stimulus.

Major central banks, including the Fed and the European Central Bank (ECB), continued to inject liquidity into the banks and the market through various quantitative easing policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rates effectively near zero in order to support the economy and the financial system. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market. In December 2012, the Fed increased its quantitative easing program by adding purchases of $45 billion per month in long-term U.S. Treasuries. The FOMC continued its policy of monetary easing into 2013. However, indications in May 2013 that the FOMC might reduce (or taper) its bond-buying program caused a rise in interest rates and a subsequent sell-off in both stocks and bonds. After its September 2013 meeting, however, the FOMC surprisingly signaled that tapering would be delayed, resulting in a stock and bond market rally in late September.

European markets continued to benefit from the ECB’s September 2012 announcement that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. As a result, when the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility. Moreover, in May 2013, the ECB cut its key rate to a historic low of 0.5%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Given the substantial ties between the U.S. and Europe, the improved sentiment about the eurozone helped provide a tailwind for U.S. markets.

U.S. stock markets gained on relatively good news.

For most of the period, U.S. economic data remained moderately positive. Gross domestic product (GDP) growth came in at a sluggish 0.1% annualized rate in the fourth quarter of 2012, but many analysts attributed the fourth-quarter weakness to the temporary aftereffects from Hurricane Sandy. This view was given credence by the rebound in GDP growth to a 1.1% annualized rate in the first quarter of 2013 and a 2.5% annualized rate in the second quarter. The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013. This created an overhang on economic growth during the second half of the period. On midnight of September 30, 2013, the federal government shut down with the exception of certain crucial functions, an action that could increase investor uncertainty and thus market volatility.

Letter to shareholders (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 3

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period. Economically sensitive sectors such as industrials and consumer discretionary outperformed. Signs of an improvement in the housing market also aided the returns of financials stocks. Dividend-paying stocks led the market earlier in 2013 as investors sought yield in a historically low-yielding environment, but rising interest rates later in the period dampened their relative performance. Judging by various Russell indexes, mid-cap stocks outperformed small-cap stocks, but there was no discernible pattern between value and growth stocks. While small-cap value stocks outperformed their growth counterparts, mid-cap growth stocks outperformed value.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period.

4 Wells Fargo Advantage Special Mid Cap Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James M. Tringas, CFA, CPA

Bryant VanCronkhite, CFA, CPA

Average annual total returns¹ (%) as of September 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WFPAX)	7-31-2007		26.53		11.51		9.85		34.23		12.83		10.50		1.31		1.26
Class C (WFPCX)	7-31-2007		32.23		11.99		9.72		33.23		11.99		9.72		2.06		2.01
Class R6 (WFPRX)	6-28-2013		–		–		–		34.86		13.28		10.87		0.83		0.83
Administrator Class (WFMDX)	4-8-2005		–		–		–		34.41		12.97		10.62		1.15		1.15
Institutional Class (WFMIX)	4-8-2005		–		–		–		34.90		13.29		10.87		0.88		0.88
Investor Class (SMCDX)	12-31-1998		–		–		–		34.14		12.76		10.45		1.37		1.32
Russell Midcap® Value Index4	–		–		–		–		27.77		11.86		10.91		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A Fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 5

Growth of $10,000 investment⁵ as of September 30, 2013

1. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, the returns would be higher. Historical performance shown for Class A, Administrator Class, and Institutional Class shares prior to their inception reflects the performance of Investor Class shares, and includes the higher expenses applicable to the Investor Class shares. If these expenses had not been included, returns would be higher.

2. Reflects the expense ratios as stated in the most recent prospectuses.

3. The Adviser has committed through January 31, 2014 (January 31, 2015 for Class R6), to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.25% for Class A, 2.00% for Class C, 0.82% for Class R6, 1.14% for Administrator Class, 0.87% for Institutional Class, and 1.31% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The Russell Midcap^® Value Index measures the performance of those Russell Midcap^® companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. You cannot invest directly in an index.

5. The chart compares the performance of Class A shares for the most recent ten years with the Russell Midcap Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

6. The ten largest equity holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

7. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Special Mid Cap Value Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund outperformed its benchmark, the Russell Midcap Value Index, for the 12-month period that ended September 30, 2013.

n The Fund’s outperformance was broadly based across most sectors. Stock selection and sector allocation in the financials and industrials sectors led performance. Disappointing stock selection in consumer staples was partially offset by our overweight in the strong-performing sector.

n Our investment process is based on evaluating companies according to their relative risk and return profiles, a process that we believe has proven itself over time.

Against the backdrop of a strong stock market, we made few changes to the Fund’s sector allocations.

Ongoing quantitative easing by the U.S. Federal Reserve (Fed) and mildly stronger economic data in the U.S. helped to fuel a global stock market rally. Signs of stabilization in Europe and a change of leadership in Japan also seemed to aid an increase in investors’ risk appetite. After the resolution of the fiscal cliff at the end of 2012, stock market corrections were relatively shallow as investors reallocated back into stocks.

Ten largest equity holdings6 (%) as of September 30, 2013
Cigna Corporation	2.86
Macquarie Infrastructure Company LLC	2.86
Crown Holdings Incorporated	2.69
Lear Corporation	2.63
Molson Coors Brewing Company	2.59
Republic Services Incorporated	2.54
Ameren Corporation	2.47
Raytheon Company	2.46
C.R. Bard Incorporated	2.43
URS Corporation	2.33

The portfolio’s sector allocations changed little during the period. We remained overweight in the industrials and information technology (IT) sectors relative to the index. While we reduced the extent of our industrials overweight, we added to positions in IT. We also increased our overweight in health care. We remained heavily underweight in utilities because our bottom-up stock analysis led us to conclude they were overvalued and thus offered low potential returns relative to expected risk. In the financials sector, we reduced our overweight in the insurance industry, moving to a neutral position relative to the index, while remaining underweight in banks and real estate investment trusts.

The financials and industrials sectors aided relative performance, but consumer staples detracted.

Our underweight in the financials sector and overweight in the industrials sector aided relative performance, as did our stock selection in those sectors. Financials outperformance was led by CapitalSource Incorporated, which rallied on healthy loan growth from its unique middle-market lending platform as well as on an agreement to merge with PacWest Bancorp. We continue to hold CapitalSource as we believe the merger will be advantageous to the combined company. In industrials, we were able to take advantage of the market’s short-term focus to buy Raytheon Company and Towers Watson & Company at attractive prices. With Raytheon, we recognized that the market was pricing in a more significant sequestration effect on its revenue stream than was warranted. Towers Watson & Company, a human capital consulting firm, benefited from an increasingly positive outlook for the company’s private health care exchange business. During the fiscal year, the business announced several large-scale client wins, and it became clear that Towers Watson & Company has notable opportunities for long-term growth.

The consumer staples sector was the largest detractor from performance during the period because of poor stock selection. In particular, Sysco Corporation, the largest North American food distribution company, underperformed due to weaker-than-expected earnings growth and the company’s acknowledgment that its business transformation plan was lagging internal expectations. During the 12-month period, growth rates stalled in Sysco’s restaurant-driven end markets, and gross margins contracted more than expected due to accelerating protein price inflation. These cyclical headwinds were compounded by delays and additional costs related to the implementation of a companywide transformation plan aimed at generating operating efficiencies.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 7

    Sector distribution⁷ as of September 30, 2013

We will continue to do what we always strive to do—protect our investors from risk that they are not properly compensated for taking.

Markets became increasingly complacent during the latter half of the fiscal year. We ascribe to the theory that stability in markets encourages risk-seeking behavior by investors, which subsequently leads to instability. Although difficult to predict precise timing, we would not be surprised to see increased volatility in the period ahead. While we see promising signs of economic recovery, we would not be surprised to see elevated volatility in the 12-month period to come. Unfortunately, the catalyst that sparks volatility is difficult to predict until it is in the rearview mirror. We believe it is imprudent to allocate investor capital based on speculation around the

potential resolution to macroeconomic concerns such as the debate over the federal debt in Washington, D.C., or the eventual ending of the Fed’s bond-buying program. Instead, we analyze each potential investment on the merits of that company’s competitive advantages, the fundamentals of its business model, and the underlying value of its business compared with its market value.

We believe we will continue to allow our well-defined, repeatable process to guide us through any volatility, with the expectation that it should result in superior risk-adjusted returns over a full investment cycle.

Please see footnotes on page 5.

8 Wells Fargo Advantage Special Mid Cap Value Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2013 to September 30, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 4-1-2013		Ending account value 9-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,099.20	$	6.58		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class C
Actual	$	1,000.00	$	1,094.63	$	10.50		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Class R6
Actual	$	1,000.00	$	1,100.82	$	4.27		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01	$	4.10		0.81	%
Administrator Class
Actual	$	1,000.00	$	1,099.53	$	5.89		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.67		1.12	%
Institutional Class
Actual	$	1,000.00	$	1,101.17	$	4.53		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.36		0.86	%
Investor Class
Actual	$	1,000.00	$	1,098.39	$	6.89		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.63		1.31	%

1. Expenses paid is equal to the annualized expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Special Mid Cap Value Fund 9

Security name	Shares		Value
Common Stocks: 94.72%
Consumer Discretionary: 8.98%
Auto Components: 2.63%
Lear Corporation		294,100	$	21,048,737
Diversified Consumer Services: 1.03%
Apollo Group Incorporated Class A †		394,700		8,213,707
Hotels, Restaurants & Leisure: 1.05%
Darden Restaurants Incorporated		182,100		8,429,409
Leisure Equipment & Products: 1.31%
Hasbro Incorporated		222,900		10,507,506
Specialty Retail: 2.96%
Advance Auto Parts Incorporated		68,700		5,680,116
Ascena Retail Group Incorporated †		398,700		7,946,091
Guess? Incorporated		338,500		10,104,225
				23,730,432
Consumer Staples: 4.90%
Beverages: 2.59%
Molson Coors Brewing Company		413,600		20,733,768
Food & Staples Retailing: 0.33%
Sysco Corporation		82,592		2,628,903
Food Products: 1.98%
TreeHouse Foods Incorporated †		237,600		15,878,808
Energy: 7.87%
Energy Equipment & Services: 4.49%
Ensco plc Class A		249,226		13,395,898
McDermott International Incorporated †		1,452,700		10,793,561
Patterson-UTI Energy Incorporated		548,100		11,718,378
				35,907,837
Oil, Gas & Consumable Fuels: 3.38%
Cimarex Energy Company		115,110		11,096,604
Comstock Resources Incorporated		285,319		4,539,425
Southwestern Energy Company †		205,500		7,476,090
Stone Energy Corporation †		122,800		3,982,404
				27,094,523
Financials: 13.79%
Capital Markets: 2.32%
Northern Trust Corporation		341,300		18,563,307

The accompanying notes are an integral part of these financial statements.

10 Wells Fargo Advantage Special Mid Cap Value Fund Portfolio of investments—September 30, 2013

Security name	Shares		Value
Commercial Banks: 2.02%
CapitalSource Incorporated		1,257,693	$	14,941,393
Hancock Holding Company		38,800		1,217,544
				16,158,937
Insurance: 8.08%
Allstate Corporation		328,500		16,605,675
Arch Capital Group Limited †		325,000		17,592,250
Brown & Brown Incorporated		564,800		18,130,080
Validus Holdings Limited		333,969		12,350,174
				64,678,179
REITs: 1.37%
Rayonier Incorporated		197,900		11,013,135
Health Care: 14.70%
Health Care Equipment & Supplies: 4.94%
C.R. Bard Incorporated		168,600		19,422,720
CareFusion Corporation †		332,300		12,261,870
St. Jude Medical Incorporated		146,700		7,868,988
				39,553,578
Health Care Providers & Services: 6.69%
Cigna Corporation		298,275		22,925,417
Omnicare Incorporated		306,355		17,002,703
Patterson Companies Incorporated		338,900		13,623,780
				53,551,900
Life Sciences Tools & Services: 1.94%
Agilent Technologies Incorporated		303,400		15,549,250
Pharmaceuticals: 1.13%
Hospira Incorporated †		231,000		9,059,820
Industrials: 17.21%
Aerospace & Defense: 2.46%
Raytheon Company		255,700		19,706,799
Commercial Services & Supplies: 2.54%
Republic Services Incorporated		608,600		20,302,896
Construction & Engineering: 4.04%
EMCOR Group Incorporated		349,709		13,684,113
URS Corporation		346,600		18,629,750
				32,313,863
Machinery: 0.86%
Joy Global Incorporated		135,300		6,905,712

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—September 30, 2013 Wells Fargo Advantage Special Mid Cap Value Fund 11

Security name	Shares		Value
Professional Services: 2.19%
Towers Watson & Company Class A		163,800	$	17,520,048
Road & Rail: 1.26%
Ryder System Incorporated		168,900		10,083,330
Trading Companies & Distributors: 1.00%
MRC Global Incorporated †		300,000		8,040,000
Transportation Infrastructure: 2.86%
Macquarie Infrastructure Company LLC		427,706		22,899,379
Information Technology: 17.12%
Electronic Equipment, Instruments & Components: 1.43%
Avnet Incorporated		254,600		10,619,366
Ingram Micro Incorporated Class A †		34,893		804,284
				11,423,650
Internet Software & Services: 1.07%
IAC/InterActive Corporation		156,872		8,576,192
IT Services: 4.01%
Broadridge Financial Solutions Incorporated		586,115		18,609,151
DST Systems Incorporated		179,100		13,505,931
				32,115,082
Semiconductors & Semiconductor Equipment: 6.25%
Applied Materials Incorporated		867,700		15,219,458
ATMI Incorporated †		422,580		11,206,822
Lam Research Corporation †		282,100		14,440,699
ON Semiconductor Corporation †		1,257,500		9,179,750
				50,046,729
Software: 4.36%
Check Point Software Technologies Limited †		263,400		14,897,904
Synopsys Incorporated †		264,500		9,971,650
TIBCO Software Incorporated †		393,200		10,061,987
				34,931,541
Materials: 7.68%
Chemicals: 1.48%
Agrium Incorporated «		140,600		11,814,618
Construction Materials: 0.31%
Eagle Materials Incorporated		34,500		2,502,975
Containers & Packaging: 2.68%
Crown Holdings Incorporated †		508,500		21,499,380

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo Advantage Special Mid Cap Value Fund Portfolio of investments—September 30, 2013

Security name				Shares		Value
Paper & Forest Products: 3.21%
Domtar Corporation					142,500	$	11,317,350
International Paper Company					320,500		14,358,400
							25,675,750
Utilities: 2.47%
Multi-Utilities: 2.47%
Ameren Corporation					566,600		19,740,344
Total Common Stocks (Cost $613,840,193)							758,400,024
	Yield
Short-Term Investments: 7.14%
Investment Companies: 7.14%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		46,057,265		46,057,265
Wells Fargo Securities Lending Cash Investment, LLC (v)(r)(l)(u)		0.12			11,104,000		11,104,000
Total Short-Term Investments (Cost $57,161,265)							57,161,265

Total investments in securities (Cost $671,001,458) *	101.86	%		815,561,289
Other assets and liabilities, net	(1.86	)		(14,895,099	)
Total net assets	100.00	%	$	800,666,190

† Non-income-earning security

« All or a portion of this security is on loan.

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(v) Security represents investment of cash collateral received from securities on loan.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $671,830,050 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	150,418,983
Gross unrealized depreciation		(6,687,744	)
Net unrealized appreciation	$	143,731,239

The accompanying notes are an integral part of these financial statements.

Statement of assets and liabilities—September 30, 2013 Wells Fargo Advantage Special Mid Cap Value Fund 13

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	758,400,024
In affiliated securities, at value (see cost below)		57,161,265
Total investments, at value (see cost below)		815,561,289
Cash		82,126
Receivable for Fund shares sold		1,880,088
Receivable for dividends		844,184
Receivable for securities lending income		3,123
Prepaid expenses and other assets		61,514
Total assets		818,432,324
Liabilities
Payable for investments purchased		4,415,206
Payable for Fund shares redeemed		1,390,255
Payable upon receipt of securities loaned		11,104,000
Advisory fee payable		434,360
Distribution fees payable		8,843
Due to other related parties		204,363
Accrued expenses and other liabilities		209,107
Total liabilities		17,766,134
Total net assets	$	800,666,190
NET ASSETS CONSIST OF
Paid-in capital	$	607,322,318
Undistributed net investment income		1,292,360
Accumulated net realized gains on investments		47,491,681
Net unrealized gains on investments		144,559,831
Total net assets	$	800,666,190
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	38,118,658
Shares outstanding – Class A		1,255,723
Net asset value per share – Class A		$30.36
Maximum offering price per share – Class A2		$32.21
Net assets – Class C	$	14,913,299
Shares outstanding – Class C		501,600
Net asset value per share – Class C		$29.73
Net assets – Class R6	$	26,915
Share outstanding – Class R6		871
Net asset value per share – Class R6		$30.90
Net assets – Administrator Class	$	117,086,549
Shares outstanding – Administrator Class		3,812,640
Net asset value per share – Administrator Class		$30.71
Net assets – Institutional Class	$	66,056,043
Shares outstanding – Institutional Class		2,137,296
Net asset value per share – Institutional Class		$30.91
Net assets – Investor Class	$	564,464,726
Shares outstanding – Investor Class		18,383,538
Net asset value per share – Investor Class		$30.70
Investments in unaffiliated securities (including securities on loan), at cost	$	613,840,193
Investments in affiliated securities, at cost	$	57,161,265
Total investments, at cost	$	671,001,458
Securities on loan, at value	$	10,755,840

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.

14 Wells Fargo Advantage Special Mid Cap Value Fund Statement of operations—year ended September 30, 2013

Investment income
Dividends*	$	10,607,584
Securities lending income, net		93,596
Income from affiliated securities		36,332
Total investment income		10,737,512
Expenses
Advisory fee		4,115,779
Administration fees
Fund level		296,030
Class A		50,848
Class C		18,471
Class R6		2	1
Administrator Class		87,670
Institutional Class		38,989
Investor Class		1,372,753
Shareholder servicing fees
Class A		48,893
Class C		17,761
Administrator Class		213,598
Investor Class		1,072,122
Distribution fees
Class C		53,283
Custody and accounting fees		40,722
Professional fees		32,668
Registration fees		55,779
Shareholder report expenses		71,956
Trustees’ fees and expenses		12,516
Other fees and expenses		14,790
Total expenses		7,614,630
Less: Fee waivers and/or expense reimbursements		(208,473	)
Net expenses		7,406,157
Net investment income		3,331,355
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		70,990,815
Net change in unrealized gains (losses) on investments		85,516,377
Net realized and unrealized gains (losses) on investments		156,507,192
Net increase in net assets resulting from operations	$	159,838,547
* Net of foreign dividend withholding taxes in the amount of		$16,496

1. For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

The accompanying notes are an integral part of these financial statements.

Statement of changes in net assets Wells Fargo Advantage Special Mid Cap Value Fund 15

	Year ended September 30, 2013						Year ended September 30, 2012
Operations
Net investment income				$	3,331,355					$	2,409,108
Net realized gains on investments					70,990,815						33,262,385
Net change in unrealized gains (losses) on investments					85,516,377						103,659,780
Net increase in net assets resulting from operations					159,838,547						139,331,273
Distributions to shareholders from
Net investment income
Class A					(93,118	)					(16,595	)
Class C					(8,563	)					0
Administrator Class					(658,109	)					(146,995	)
Institutional Class					(244,254	)					(682,086	)
Investor Class					(2,631,470	)					(299,841	)
Total distributions to shareholders					(3,635,514	)					(1,145,517	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		960,594			26,969,959			72,640			1,537,310
Class C		402,504			11,132,444			71,559			1,555,870
Class R6		871	1		25,000	1		N/A			N/A
Administrator Class		1,890,349			52,463,495			559,215			12,076,663
Institutional Class		1,577,476			43,782,546			596,558			12,889,973
Investor Class		8,143,586			227,606,643			1,132,588			24,576,258
					361,980,087						52,636,074
Reinvestment of distributions
Class A		3,565			84,185			798			15,794
Class C		342			7,968			0			0
Administrator Class		26,960			643,292			7,136			142,719
Institutional Class		10,046			240,697			33,315			666,632
Investor Class		107,043			2,557,880			14,512			290,550
					3,534,022						1,115,695
Payment for shares redeemed
Class A		(126,510	)		(3,446,521	)		(207,476	)		(4,420,093	)
Class C		(25,007	)		(681,439	)		(45,226	)		(967,169	)
Administrator Class		(771,769	)		(21,171,155	)		(1,342,891	)		(28,774,907	)
Institutional Class		(4,876,085	)		(114,726,848	)		(969,664	)		(21,483,309	)
Investor Class		(3,546,648	)		(96,350,357	)		(6,110,752	)		(135,252,659	)
					(236,376,320	)					(190,898,137	)
Net increase (decrease) in net assets resulting from capital share transactions					129,137,789						(137,146,368	)
Total increase in net assets					285,340,822						1,039,388
Net assets
Beginning of period					515,325,368						514,285,980
End of period				$	800,666,190					$	515,325,368
Undistributed net investment income				$	1,292,360					$	1,679,670

1. For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Advantage Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
CLASS A	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	22.83		$	17.84		$	18.60		$	15.98		$	13.90		$	23.12
Net investment income		0.15	2		0.08	2		0.03			0.30			0.13	2		0.28
Net realized and unrealized gains (losses) on investments		7.60			4.94			(0.52	)		2.49			2.14			(7.34	)
Total from investment operations		7.75			5.02			(0.49	)		2.79			2.27			(7.06	)
Distributions to shareholders from
Net investment income		(0.22	)		(0.03	)		(0.27	)		(0.17	)		(0.19	)		(0.28	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.88	)
Total distributions to shareholders		(0.22	)		(0.03	)		(0.27	)		(0.17	)		(0.19	)		(2.16	)
Net asset value, end of period	$	30.36		$	22.83		$	17.84		$	18.60		$	15.98		$	13.90
Total return3		34.23	%		28.18	%		(2.82	)%		17.55	%		16.67	%		(33.17	)%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.30	%		1.29	%		1.35	%		1.35	%		1.38	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.23	%		1.25	%
Net investment income		0.54	%		0.38	%		0.14	%		1.80	%		0.94	%		0.65	%
Supplemental data
Portfolio turnover rate		87	%		87	%		78	%		84	%		106	%		158	%
Net assets, end of period (000s omitted)		$38,119			$9,545			$9,850			$10,497			$7,738			$1,273

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2010.

2. Calculated based upon average shares outstanding

3. Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Advantage Special Mid Cap Value Fund 17

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
CLASS C	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	22.38		$	17.60		$	18.40		$	15.85		$	13.83		$	23.08
Net investment income (loss)		(0.07	)2		(0.03	)		(0.13	)		0.24			0.02	2		0.14
Net realized and unrealized gains (losses) on investments		7.49			4.81			(0.49	)		2.41			2.14			(7.31	)
Total from investment operations		7.42			4.78			(0.62	)		2.65			2.16			(7.17	)
Distributions to shareholders from
Net investment income		(0.07	)		0.00			(0.18	)		(0.10	)		(0.14	)		(0.20	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.88	)
Total distributions to shareholders		(0.07	)		0.00			(0.18	)		(0.10	)		(0.14	)		(2.08	)
Net asset value, end of period	$	29.73		$	22.38		$	17.60		$	18.40		$	15.85		$	13.83
Total return3		33.23	%		27.16	%		(3.52	)%		16.76	%		15.81	%		(33.66	)%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.06	%		2.04	%		2.09	%		2.11	%		2.01	%
Net expenses		2.00	%		2.00	%		2.00	%		2.00	%		1.98	%		2.00	%
Net investment income (loss)		(0.25	)%		(0.35	)%		(0.60	)%		1.64	%		0.11	%		(0.08	)%
Supplemental data
Portfolio turnover rate		87	%		87	%		78	%		84	%		106	%		158	%
Net assets, end of period (000s omitted)		$14,913			$2,770			$1,714			$1,604			$707			$78

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2010.

2. Calculated based upon average shares outstanding

3. Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo Advantage Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout the period)

CLASS R6	Year ended September 30, 20131
Net asset value, beginning of period	$	28.69
Net investment income		0.06	2
Net realized and unrealized gains (losses) on investments		2.15
Total from investment operations		2.21
Net asset value, end of period	$	30.90
Total return3		7.70	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%
Net expenses		0.81	%
Net investment income		0.73	%
Supplemental data
Portfolio turnover rate		87	%
Net assets, end of period (000s omitted)		$27

1. For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

2. Calculated based upon average shares outstanding

3. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Advantage Special Mid Cap Value Fund 19

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
ADMINISTRATOR CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	23.09		$	18.04		$	18.80		$	16.14		$	13.99		$	23.16
Net investment income		0.20	2		0.11	2		0.06	2		0.31			0.17	2		0.13
Net realized and unrealized gains (losses) on investments		7.67			4.99			(0.54	)		2.53			2.15			(7.20	)
Total from investment operations		7.87			5.10			(0.48	)		2.84			2.32			(7.07	)
Distributions to shareholders from
Net investment income		(0.25	)		(0.05	)		(0.28	)		(0.18	)		(0.17	)		(0.22	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.88	)
Total distributions to shareholders		(0.25	)		(0.05	)		(0.28	)		(0.18	)		(0.17	)		(2.10	)
Net asset value, end of period	$	30.71		$	23.09		$	18.04		$	18.80		$	16.14		$	13.99
Total return3		34.41	%		28.30	%		(2.72	)%		17.66	%		16.83	%		(33.08	)%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.14	%		1.13	%		1.17	%		1.19	%		1.21	%
Net expenses		1.13	%		1.13	%		1.13	%		1.14	%		1.11	%		1.15	%
Net investment income		0.71	%		0.50	%		0.26	%		1.65	%		1.21	%		0.81	%
Supplemental data
Portfolio turnover rate		87	%		87	%		78	%		84	%		106	%		158	%
Net assets, end of period (000s omitted)		$117,087			$61,596			$62,122			$75,775			$95,005			$85,786

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2010.

2. Calculated based upon average shares outstanding

3. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

20 Wells Fargo Advantage Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
INSTITUTIONAL CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	23.15		$	18.10		$	18.86		$	16.19		$	14.05		$	23.26
Net investment income		0.20	2		0.16			0.10			0.33			0.21	2		0.18
Net realized and unrealized gains (losses) on investments		7.81			5.01			(0.52	)		2.56			2.14			(7.22	)
Total from investment operations		8.01			5.17			(0.42	)		2.89			2.35			(7.04	)
Distributions to shareholders from
Net investment income		(0.25	)		(0.12	)		(0.34	)		(0.22	)		(0.21	)		(0.29	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.88	)
Total distributions to shareholders		(0.25	)		(0.12	)		(0.34	)		(0.22	)		(0.21	)		(2.17	)
Net asset value, end of period	$	30.91		$	23.15		$	18.10		$	18.86		$	16.19		$	14.05
Total return3		34.90	%		28.65	%		(2.46	)%		17.97	%		17.04	%		(32.89	)%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.87	%		0.86	%		0.91	%		0.92	%		0.96	%
Net expenses		0.85	%		0.87	%		0.86	%		0.89	%		0.85	%		0.90	%
Net investment income		0.72	%		0.76	%		0.52	%		2.02	%		1.46	%		1.06	%
Supplemental data
Portfolio turnover rate		87	%		87	%		78	%		84	%		106	%		158	%
Net assets, end of period (000s omitted)		$66,056			$125,623			$104,360			$129,945			$131,036			$112,753

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2010.

2. Calculated based upon average shares outstanding

3. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Advantage Special Mid Cap Value Fund 21

(For a share outstanding throughout each period)

	Year ended September 30												Year ended October 31
INVESTOR CLASS	2013			2012			2011			20101			2009			2008
Net asset value, beginning of period	$	23.08		$	18.04		$	18.80		$	16.13		$	13.97		$	23.11
Net investment income		0.15			0.07	2		0.02			0.28			0.14	2		0.14
Net realized and unrealized gains (losses) on investments		7.67			4.99			(0.53	)		2.54			2.14			(7.23	)
Total from investment operations		7.82			5.06			(0.51	)		2.82			2.28			(7.09	)
Distributions to shareholders from
Net investment income		(0.20	)		(0.02	)		(0.25	)		(0.15	)		(0.12	)		(0.17	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.88	)
Total distributions to shareholders		(0.20	)		(0.02	)		(0.25	)		(0.15	)		(0.12	)		(2.05	)
Net asset value, end of period	$	30.70		$	23.08		$	18.04		$	18.80		$	16.13		$	13.97
Total return3		34.14	%		28.04	%		(2.88	)%		17.53	%		16.55	%		(33.19	)%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.37	%		1.36	%		1.44	%		1.48	%		1.54	%
Net expenses		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%
Net investment income		0.53	%		0.32	%		0.08	%		1.57	%		1.02	%		0.67	%
Supplemental data
Portfolio turnover rate		87	%		87	%		78	%		84	%		106	%		158	%
Net assets, end of period (000s omitted)		$564,465			$315,791			$336,239			$384,509			$362,184			$374,417

1. For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2010.

2. Calculated based upon average shares outstanding

3. Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

22 Wells Fargo Advantage Special Mid Cap Value Fund Notes to financial statements

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the Wells Fargo Advantage Special Mid Cap Value Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (normally 4 p.m. Eastern Time).

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment companies are generally fair valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market information to assess the continued appropriateness of the fair valuation methodology used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on the exchange or by an independent pricing service. Valuations received from an independent pricing service or broker quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

Notes to financial statements Wells Fargo Advantage Special Mid Cap Value Fund 23

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. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At September 30, 2013, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Undistributed net investment income	Accumulated net realized gains on investments
$(83,151)	$83,151

As of September 30, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains, in the amount of $275,651 expiring in 2017.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated any unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing, and administration fees.

24 Wells Fargo Advantage Special Mid Cap Value Fund Notes to financial statements

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 September 30, 2013, 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	$	758,400,024	$	0	$	0	$	758,400,024
Short-term investments
Investment companies		46,057,265		11,104,000		0		57,161,265
	$	804,457,289	$	11,104,000	$	0	$	815,561,289

Transfers in and transfers out are recognized at the end of the reporting period. For the year ended September 30, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.70% and declining to 0.60% as the average daily net assets of the Fund increase. For the year ended September 30, 2013, the advisory fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual

Notes to financial statements Wells Fargo Advantage Special Mid Cap Value Fund 25

fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class C		0.26	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed to waive fees and/or reimburse expenses to the extent necessary to cap expenses as follows:

	Expense ratio cap			Expiration date
Class A		1.25	%		January 31, 2014
Class C		2.00	%		January 31, 2014
Class R6		0.82	%		January 31, 2015
Administrator Class		1.14	%		January 31, 2014
Institutional Class		0.87	%		January 31, 2014
Investor Class		1.31	%		January 31, 2014

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 year ended September 30, 2013, Wells Fargo Funds Distributor, LLC received $12,333 from the sale of Class A shares and $60 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Administrator Class, and Investor Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2013 were $589,918,304 and $488,147,836, respectively.

6. CAPITAL SHARES

As a result of the transfer of assets from Funds Management, former program manager of the 529 college savings plans for the State of Wisconsin, to a new program manager, the Fund redeemed assets from its Institutional Class on October 26, 2012 with a value of $106,263,279 representing 20.72% of the Fund. This amount is reflected in the Statement of Changes in Net Assets for the year ended September 30, 2013.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption

26 Wells Fargo Advantage Special Mid Cap Value Fund Notes to financial statements

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 year ended September 30, 2013, the Fund paid $868 in commitment fees.

For the year ended September 30, 2013, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $3,635,514 and $1,145,517 of ordinary income for the years ended September 30, 2013 and September 30, 2012, respectively.

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains	Capital loss carryforward
$9,534,930	$40,353,344	$143,731,239	$(275,651)

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management has assessed the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU and determined that there are no significant changes to the financial statements.

Report of independent registered public accounting firm Wells Fargo Advantage Special Mid Cap Value Fund 27

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Special Mid Cap Value Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended, each of the periods from November 1, 2009 through September 30, 2010, and each of the years in the two-year period ended October 31, 2009. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2013 by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Special Mid Cap Value Fund as of September 30, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods noted in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

November 25, 2013

28 Wells Fargo Advantage Special Mid Cap Value Fund Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 85.22% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2013.

Pursuant to Section 854 of the Internal Revenue Code, $3,262,531 of income dividends paid during the fiscal year ended September 30, 2013 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 29

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

30 Wells Fargo Advantage Special Mid Cap Value Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

2. The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com.

List of abbreviations Wells Fargo Advantage Special Mid Cap Value Fund 31

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

219798 11-13 A234/AR234 09-13

ITEM 2. CODE OF ETHICS

(a) As of the end of the period covered by the report, Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.

	Fiscal year ended September 30, 2013		Fiscal year ended September 30, 2012
Audit fees	$	312,590	$	301,060
Audit-related fees		—		—
Tax fees (1)		41,140		40,150
All other fees		—		—
	$	353,730	$	341,210

(1) Tax fees consist of fees for tax compliance, tax advice and tax planning. Excise tax fees for fiscal year ended 2012 in the amount of $18,700 was billed on December 2012 and is included in the fiscal year ended September 30, 2013 value. Excise tax fees for fiscal year ended 2011 in the amount of $18,260 was billed on December 2011 and is included in the fiscal year ended August 31, 2012 value.

(e) The Chairman of the Audit Committees is authorized to pre-approve: (1) audit services to the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chairman, Management shall prepare a brief description of the proposed services. If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable

(h) 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) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit 10a.

(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: November 25, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: November 25, 2013
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date: November 25, 2013
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date: November 25, 2013