SEC Info - Wells Fargo Funds Trust - ‘N-CSR’ for 9/30/14

LOGO

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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			16
Statement of operations			17
Statement of changes in net assets			18
Financial highlights			19

Notes to financial statements			24

Report of independent registered public accounting firm			29

Other information			30

List of abbreviations			36

The views expressed and any forward-looking statements are as of September 30, 2014, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Advantage Funds

Despite macroeconomic challenges, U.S. economic numbers showed improvement.

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period.

Dear Valued Shareholder:

We are pleased to offer you this annual report for Wells Fargo Advantage Diversified Capital Builder Fund for the 12-month period that ended September 30, 2014. The period was marked by heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine and later as Islamic militants (formerly known as ISIS) gained territory in Iraq and Syria. Toward the end of the reporting period, market volatility increased as renewed fears of slowing global growth took hold, and investors began to price in expectations that the U.S. Federal Reserve (Fed) was finally looking to raise short-term interest rates.

The Federal Reserve continued to provide liquidity to the markets.

Although the geopolitical situation presented challenges, U.S. stock markets gained on positive economic data.

Geopolitical events were major obstacles throughout the reporting period. The ongoing standoff between the West (the U.S., Europe, and their allies) and Russia over Ukraine began in late 2013 and fed into stock market volatility early in 2014. The situation’s effect on the stock market faded as investors began to believe that the situation would not result in war, but as of September 2014, the situation had resulted in economic sanctions from the West against Russia. However, even as the market began to focus less on that situation, the advance of Islamic militants in Iraq and Syria led to airstrikes by the U.S. and its allies and fears of a regional war in the Middle East.

Despite macroeconomic challenges, U.S. economic numbers showed improvement. The unemployment rate continued its slow improvement, declining from 7.2% in October 2013 to 5.9% in September 2014. Gross domestic product (GDP) growth for the fourth quarter of 2013 was a solid 3.5% on an annualized basis, supporting the view of a recovering economy. Although investors received an unpleasant surprise when GDP growth for the first quarter of 2014 declined by 2.1% on an annualized basis, several commentators suggested that harsh winter weather may have dampened economic activity. Economic growth did accelerate in the second quarter of 2014, with an annualized GDP growth rate of 4.6%.

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period. However, slowing global economic growth, combined with renewed geopolitical concerns (including protests in Hong Kong), caused stock market weakness in September 2014. Despite the late-period uncertainty, large-cap stocks (measured by the S&P 500 Index¹) finished the period with a gain of 19.73%. The two best-performing sectors were information technology, which benefited from a recovering economy, and health care, which benefited from the implementation of the Affordable Care Act.

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.


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

In the bond market, high-yield bonds continued to benefit from a low default rate and investor demand for yield. As a result, the BofA Merrill Lynch High Yield Master II Index² gained 7.23% for the 12-month period. Declining interest rates helped investment-grade bonds post modest gains, with the Barclays U.S. Aggregate Bond Index³ gaining 3.96%.

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,

LOGO

President

Wells Fargo Advantage Funds

2.	The BofA Merrill Lynch High Yield Master II Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index.

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


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, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (EKBAX)	1-20-1998		12.27		11.84		5.21		19.10		13.16		5.84		1.20		1.20
Class B (EKBBX)*	9-11-1935		13.15		12.04		5.35		18.15		12.30		5.35		1.95		1.95
Class C (EKBCX)	1-22-1998		17.21		12.33		5.07		18.21		12.33		5.07		1.95		1.95
Administrator Class (EKBDX)	7-30-2010		–		–		–		19.39		13.42		6.01		1.04		0.95
Institutional Class (EKBYX)	1-26-1998		–		–		–		19.68		13.64		6.20		0.77		0.77
Diversified Capital Builder Blended Index⁴	–		–		–		–		15.97		14.59		8.47		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index⁵	–		–		–		–		7.14		10.34		8.12		–		–
Russell 1000^® Index⁶	–		–		–		–		19.01		15.90		8.46		–		–

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 a contingent deferred 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, 2014

LOGO

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

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

The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.20% for Class A, 1.95% for Class B, 1.95% for Class C, 0.95% for Administrator class, and 0.78% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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.

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.

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

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


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

MANAGER’S DISCUSSION

Fund highlights

The Fund’s Class A shares, excluding sales charges, outperformed its benchmarks, the Diversified Capital Builder Blended Index and the Russell 1000 Index, as well as the BofA Merrill Lynch High Yield U. S. Corporates, Cash Pay Index, for the 12-month period that ended September 30, 2014.

The Fund outperformed the Diversified Capital Builder Blended Index, in part, due to its above-benchmark weighting in stocks versus the 75% equity/25% fixed-income weighting of the Diversified Capital Builder Blended Index, during a period in which stocks outperformed the high-yield market. Our preference for above-average-quality high-yield bonds also modestly contributed to outperformance versus the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index.

Detractors included several real estate investment trusts (REITs), as well as some energy service companies that were especially sensitive to the decline in the price of oil toward the end of the reporting period.

The period was marked by declining U.S. Treasury yields and a slowly improving domestic economy.

Within the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index, higher-rated below investment grade bonds had a somewhat stronger correlation to the declines in U.S. Treasury yields; as Treasury rates dropped, the yields of higher-rated below investment grade bonds also declined, with resulting small increases in prices. In contrast, lower-rated high-yield issues did not participate in the rate declines. In fact, the prices of lower-rated bonds actually declined modestly as their yields increased during the period.

Our strategy of emphasizing stocks and bonds of companies that are more sensitive to improving U.S. economic conditions helped the Fund’s returns for the year. In addition, overweighting some sectors and industries that we believed were undervalued for their growth potential—such as health care, aerospace, and defense—added to relative return. Some interest-rate-sensitive parts of the market, such as utilities and master limited partnerships, also outperformed, in part, because Treasury rates continued to decline during the period.


Ten long-term largest holdings⁸ (%) as of September 30, 2014
CVS Health Corporation			4.98
Tronox Finance LLC			4.38
Covidien plc			3.36
FEI Company			2.99
Genuine Parts Company			2.96
Becton Dickinson & Company			2.88
Kinder Morgan Incorporated			2.88
Automatic Data Processing Incorporated			2.81
Amphenol Corporation Class A			2.70
AbbVie Incorporated			2.68

In the Fund’s stock portfolio, several holdings, primarily in the health care, energy, and materials sectors, were major contributors to performance. LyondellBasell Industries NV, a basic and diversified chemicals company, was a strong outperformer. In the health care sector, CVS Health Corporation, Covidien plc, Forest Laboratories Incorporated, and Allergan Incorporated, all were strong performers, in part, because all four have received far-above-market takeover bids from other health care corporations. In the energy category, Phillips 66, Marathon Petroleum Corporation, and Energy Transfer Equity LP all outperformed. (We took profits in Forest Laboratories and Marathon Petroleum and no longer hold those positions.)

Detractors included several energy-service companies,

such as Chart Industries Incorporated, Cabot Oil & Gas Corporation, and Hornbeck Offshore Services Incorporated. In addition, in the financials sector, several REITS mildly detracted from performance, including HCP Incorporated, Plum Creek Timber Company Incorporated, and Health Care REIT Incorporated. We sold out of Health Care REIT before the end of the reporting period, although we maintained exposure to the REIT industry.

Please see footnotes on page 5.


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


Portfolio allocation⁹ as of September 30, 2014

Specific to the Fund’s fixed-income portfolio, over the past year, we have gradually raised the average quality of our high-yield holdings, reflecting the better investment values of higher-quality issues that were available for just modestly lower yields compared with lower-rated issues.

yields near their historical lows, the small amount of yield forgone by positioning the Fund in better-quality high-yield securities is modest, especially when compared with the relative risk of capital losses should the high-yield market suffer a significant correction. We have maintained larger bond positions in Tronox Finance LLC, as well as utility companies AES Corporation and NRG Energy Incorporated, because we regard them as stable to improving credits.

Our outlook continues to be 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 and high-yield bond markets over the next year. The housing and automobile 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 positions of U.S. companies and offering some cost relief to consumers for utility and fuel costs. We will continue to concentrate our equity holdings in companies that we believe have proprietary technology, pharmaceutical companies that are developing new drugs, and sectors of the economy that should be 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 costs 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 for high-yield interest rates rising should the U.S. Federal Reserve attempt to raise interest rates. Yet, with the currently wide yield differentials for high yield versus investment-grade bonds, we think high-yield bonds should provide enough income to compensate for their credit risks.

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, 2014 to September 30, 2014.

Actual expenses

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

Hypothetical example for comparison purposes

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

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


	Beginning account value 4-1-2014		Ending account value 9-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,035.89	$	6.12		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Class B
Actual	$	1,000.00	$	1,032.66	$	9.94		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Class C
Actual	$	1,000.00	$	1,032.09	$	9.93		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,037.19	$	4.85		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,039.36	$	3.99		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Diversified Capital Builder Fund			9


Security name	Shares		Value


Common Stocks: 82.75%

Consumer Discretionary: 5.79%

Distributors: 2.97%
Genuine Parts Company		200,000	$	17,542,000


Hotels, Restaurants & Leisure: 1.18%
Marriott International Incorporated Class A		100,000		6,990,000


Specialty Retail: 1.64%
Group 1 Automotive Incorporated		45,000		3,271,950
The Home Depot Incorporated		70,000		6,421,800

				9,693,750


Consumer Staples: 6.30%

Food & Staples Retailing: 4.98%
CVS Health Corporation		370,000		29,448,300


Personal Products: 1.32%
Estee Lauder Companies Incorporated Class A		105,000		7,845,600


Energy: 13.49%

Energy Equipment & Services: 0.57%
Bristow Group Incorporated		50,000		3,360,000


Oil, Gas & Consumable Fuels: 12.92%
Anadarko Petroleum Corporation		30,000		3,043,200
Cabot Oil & Gas Corporation		40,000		1,307,600
ConocoPhillips Company		70,000		5,356,400
Energy Transfer Equity LP		210,000		12,954,900
EOG Resources Incorporated		150,000		14,853,000
Kinder Morgan Incorporated «		445,000		17,061,300
Marathon Oil Corporation		215,000		8,081,850
NOW Incorporated «†		20,000		608,200
Plains All American Pipeline LP		190,000		11,183,400
Range Resources Corporation		30,000		2,034,300

				76,484,150


Financials: 1.05%

Banks: 0.76%
PNC Financial Services Group Incorporated		40,000		3,423,200
Regions Financial Corporation		50,000		502,000
SunTrust Banks Incorporated		15,000		570,450

				4,495,650


REITs: 0.29%
Boston Properties Incorporated		15,000		1,736,400

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


10		Wells Fargo Advantage Diversified Capital Builder Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Health Care: 19.49%

Biotechnology: 1.94%
Amgen Incorporated		40,000	$	5,618,400
Celgene Corporation †		20,000		1,895,600
Medivation Incorporated †		40,000		3,954,800

				11,468,800


Health Care Equipment & Supplies: 6.94%
Baxter International Incorporated		20,000		1,435,400
Becton Dickinson & Company		150,000		17,071,500
CareFusion Corporation †		30,000		1,357,500
Covidien plc		230,000		19,897,300
Hologic Incorporated †		40,000		973,200
Meridian Diagnostics Incorporated «		20,000		353,800

				41,088,700


Health Care Providers & Services: 1.64%
DaVita HealthCare Partners Incorporated †		40,000		2,925,600
McKesson Corporation		35,000		6,813,450

				9,739,050


Life Sciences Tools & Services: 1.03%
Thermo Fisher Scientific Incorporated		50,000		6,085,000


Pharmaceuticals: 7.94%
AbbVie Incorporated		275,000		15,884,000
Actavis plc †		25,000		6,032,000
Allergan Incorporated		30,000		5,345,700
Mylan Laboratories Incorporated †		210,000		9,552,900
Novartis AG ADR		25,000		2,353,250
Salix Pharmaceuticals Limited †		50,000		7,812,000

				46,979,850


Industrials: 13.81%

Aerospace & Defense: 3.01%
Curtiss-Wright Corporation		15,000		988,800
General Dynamics Corporation		50,000		6,354,500
Lockheed Martin Corporation		40,000		7,311,200
United Technologies Corporation		30,000		3,168,000

				17,822,500


Building Products: 1.75%
Apogee Enterprises Incorporated		135,000		5,373,000
Lennox International Incorporated		65,000		4,996,550

				10,369,550


Construction & Engineering: 0.05%
Dycom Industries Incorporated †		10,000		307,100

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Diversified Capital Builder Fund			11


Security name	Shares		Value


Electrical Equipment: 3.55%
AMETEK Incorporated		155,000	$	7,782,550
Regal Beloit Corporation		70,000		4,497,500
Rockwell Automation Incorporated		45,000		4,944,600
Sensata Technologies Holdings NV †		85,000		3,785,050

				21,009,700


Industrial Conglomerates: 1.25%
Danaher Corporation		30,000		2,279,400
Roper Industries Incorporated		35,000		5,120,150

				7,399,550


Machinery: 4.20%
Chart Industries Incorporated «†		5,000		305,650
Donaldson Company Incorporated		40,000		1,625,200
Flowserve Corporation		105,000		7,404,600
IDEX Corporation		110,000		7,960,700
Pall Corporation		90,000		7,533,000

				24,829,150


Information Technology: 10.96%

Electronic Equipment, Instruments & Components: 5.76%
Amphenol Corporation Class A		160,000		15,977,600
FEI Company		235,000		17,723,700
Knowles Corporation †		15,000		397,500

				34,098,800


IT Services: 2.81%
Automatic Data Processing Incorporated		200,000		16,616,000


Software: 0.84%
ServiceNow Incorporated †		85,000		4,996,300


Technology Hardware, Storage & Peripherals: 1.55%
Seagate Technology plc		160,000		9,163,200


Materials: 7.69%

Chemicals: 7.69%
Celanese Corporation Series A		30,000		1,755,600
Eastman Chemical Company		55,000		4,448,950
FMC Corporation		60,000		3,431,400
LyondellBasell Industries NV Class A		100,000		10,866,000
PPG Industries Incorporated		20,000		3,934,800
Sigma-Aldrich Corporation		25,000		3,400,250
Valspar Corporation		30,000		2,369,700
Westlake Chemical Corporation		130,000		11,256,700
Westlake Chemical Partners LP †		140,000		4,060,000

				45,523,400

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


12		Wells Fargo Advantage Diversified Capital Builder Fund		Portfolio of investments—September 30, 2014


Security name						Shares		Value


Utilities: 4.17%

Electric Utilities: 2.55%
American Electric Power Company Incorporated							50,000	$	2,610,500
Edison International							50,000		2,796,000
NRG Yield Incorporated Class A							20,000		941,000
Pinnacle West Capital Corporation							160,000		8,742,400

									15,089,900


Gas Utilities: 0.08%
Atmos Energy Corporation							10,000		477,000


Multi-Utilities: 1.54%
CenterPoint Energy Incorporated							70,000		1,712,900
Sempra Energy							70,000		7,376,600

									9,089,500


Total Common Stocks (Cost $401,555,277)									489,748,900


	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 15.85%

Consumer Discretionary: 0.99%

Media: 0.16%
DISH DBS Corporation		5.00	%		3-15-2023	$	1,000,000		959,375


Specialty Retail: 0.83%
Group 1 Automotive Incorporated 144A		5.00			6-1-2022		2,250,000		2,176,875
Penske Auto Group Incorporated		5.75			10-1-2022		2,700,000		2,740,500

									4,917,375


Energy: 1.99%

Energy Equipment & Services: 0.52%
Bristow Group Incorporated		6.25			10-15-2022		2,000,000		2,075,000
Hornbeck Offshore Services Incorporated		5.88			4-1-2020		1,000,000		1,000,000

									3,075,000


Oil, Gas & Consumable Fuels: 1.47%
Antero Resources Corporation 144A		5.13			12-1-2022		1,000,000		972,500
Atlas Pipeline Partners LP		5.88			8-1-2023		650,000		635,375
Energy Transfer Equity LP		5.88			1-15-2024		2,000,000		2,045,000
NGL Energy Partners LP/NGL Energy Finance Corporation 144A		5.13			7-15-2019		2,000,000		1,965,000
Regency Energy Partners LP		5.88			3-1-2022		1,000,000		1,042,500
Sabine Pass Liquefaction LLC		5.63			4-15-2023		2,000,000		2,020,000

									8,680,375


Financials: 0.58%

REITs: 0.58%
Crown Castle International Corporation		4.88			4-15-2022		3,000,000		2,917,500

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Diversified Capital Builder Fund			13


Security name	Interest rate			Maturity date		Principal		Value


REITs (continued)
Iron Mountain Incorporated		5.75	%		8-15-2024	$	500,000	$	490,625

									3,408,125


Health Care: 1.17%

Health Care Providers & Services: 0.71%
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		1,000,000		1,036,250
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		3,000,000		3,180,000

									4,216,250


Pharmaceuticals: 0.46%
Salix Pharmaceuticals Incorporated 144A		6.00			1-15-2021		2,500,000		2,706,250


Industrials: 0.77%

Building Products: 0.21%
Dycom Investments Incorporated		7.13			1-15-2021		1,200,000		1,266,000


Commercial Services & Supplies: 0.08%
Clean Harbors Incorporated		5.13			6-1-2021		500,000		495,625


Electrical Equipment: 0.22%
General Cable Corporation		5.75			10-1-2022		1,400,000		1,302,000


Road & Rail: 0.26%
Hertz Corporation		6.25			10-15-2022		1,500,000		1,518,750


Information Technology: 1.92%

Communications Equipment: 0.96%
CommScope Incorporated 144A		5.50			6-15-2024		5,800,000		5,698,500


Electronic Equipment, Instruments & Components: 0.58%
Anixter Incorporated		5.13			10-1-2021		2,500,000		2,468,750
Belden Incorporated 144A		5.25			7-15-2024		1,000,000		957,500

									3,426,250


IT Services: 0.38%
Neustar Incorporated		4.50			1-15-2023		2,500,000		2,212,500


Materials: 6.75%

Chemicals: 6.66%
Celanese U.S. Holdings LLC		4.63			11-15-2022		1,000,000		980,000
Kraton Polymers LLC		6.75			3-1-2019		1,770,000		1,836,375
Olin Corporation		5.50			8-15-2022		5,000,000		5,150,000
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		5,835,000		5,557,838
Tronox Finance LLC «		6.38			8-15-2020		25,788,000		25,916,940

									39,441,153


Containers & Packaging: 0.09%
Silgan Holdings Incorporated		5.00			4-1-2020		500,000		502,500

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


14		Wells Fargo Advantage Diversified Capital Builder Fund		Portfolio of investments—September 30, 2014


Security name	Interest rate			Maturity date		Principal		Value


Telecommunication Services: 0.17%

Wireless Telecommunication Services: 0.17%
SBA Telecommunications Corporation		5.63	%		10-1-2019	$	1,000,000	$	1,015,000


Utilities: 1.51%

Independent Power & Renewable Electricity Producers: 1.51%
AES Corporation		5.50			3-15-2024		6,000,000		5,835,000
NRG Energy Incorporated		6.63			3-15-2023		2,500,000		2,581,250
NRG Energy Incorporated		7.88			5-15-2021		500,000		537,499

									8,953,749


Total Corporate Bonds and Notes (Cost $94,625,756)									93,794,777


Yankee Corporate Bonds and Notes: 0.67%

Energy: 0.17%

Energy Equipment & Services: 0.17%
McDermott International Incorporated 144A		8.00			5-1-2021		1,000,000		977,500


Industrials: 0.16%

Electrical Equipment: 0.16%
Sensata Technologies BV 144A		4.88			10-15-2023		1,000,000		965,000


Information Technology: 0.34%

Technology Hardware, Storage & Peripherals: 0.34%
Seagate HDD (Cayman)		4.75			6-1-2023		2,000,000		2,015,000


Total Yankee Corporate Bonds and Notes (Cost $3,965,786)									3,957,500


	Yield					Shares
Short-Term Investments: 6.08%

Investment Companies: 6.08%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07					1,860,195		1,860,195
Wells Fargo Securities Lending Cash Investments, LLC (r)(l)(u)		0.11					34,132,446		34,132,446


Total Short-Term Investments (Cost $35,992,641)									35,992,641


Total investments in securities
(Cost $536,139,460) *	105.35	%		623,493,818
Other assets and liabilities, net	(5.35	)		(31,684,871	)

Total net assets	100.00	%	$	591,808,947

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Diversified Capital Builder Fund			15

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

†	Non-income-earning security

144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

(l)	The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

(r)	The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

*	Cost for federal income tax purposes is $535,654,896 and unrealized gains (losses) consists of:


Gross unrealized gains	$	93,857,101
Gross unrealized losses		(6,018,179	)

Net unrealized gains	$	87,838,922

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


16		Wells Fargo Advantage Diversified Capital Builder Fund		Statement of assets and liabilities—September 30, 2014




Assets
Investments
In unaffiliated securities (including $33,467,825 of securities loaned), at value (cost $500,146,819)	$	587,501,177
In affiliated securities, at value (cost $35,992,641)		35,992,641

Total investments, at value (cost $536,139,460)		623,493,818
Cash		2,008,063
Receivable for investments sold		5,647,944
Receivable for Fund shares sold		133,933
Receivable for dividends and interest		1,702,232
Receivable for securities lending income		10,492
Prepaid expenses and other assets		113,252

Total assets		633,109,734


Liabilities
Payable for investments purchased		5,954,306
Payable for Fund shares redeemed		401,477
Payable upon receipt of securities loaned		34,132,446
Advisory fee payable		289,844
Distribution fees payable		32,010
Administration fees payable		138,152
Accrued expenses and other liabilities		352,552

Total liabilities		41,300,787

Total net assets	$	591,808,947


NET ASSETS CONSIST OF
Paid-in capital	$	511,560,242
Undistributed net investment income		21,748
Accumulated net realized losses on investments		(7,127,401	)
Net unrealized gains on investments		87,354,358

Total net assets	$	591,808,947


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	431,388,305
Shares outstanding – Class A¹		46,314,473
Net asset value per share – Class A		$9.31
Maximum offering price per share – Class A²		$9.88
Net assets – Class B	$	5,180,069
Shares outstanding – Class B¹		551,984
Net asset value per share – Class B		$9.38
Net assets – Class C	$	45,669,820
Shares outstanding – Class C¹		4,899,319
Net asset value per share – Class C		$9.32
Net assets – Administrator Class	$	9,410,847
Shares outstanding – Administrator Class¹		1,009,587
Net asset value per share – Administrator Class		$9.32
Net assets – Institutional Class	$	100,159,906
Shares outstanding – Institutional Class¹		10,809,365
Net asset value per share – Institutional Class		$9.27

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, 2014		Wells Fargo Advantage Diversified Capital Builder Fund			17




Investment income
Dividends	$	9,158,505
Interest		4,776,733
Securities lending income, net		62,506
Income from affiliated securities		4,598

Total investment income		14,002,342


Expenses
Advisory fee		3,612,925
Administration fees
Fund level		305,720
Class A		1,119,198
Class B		15,643
Class C		113,795
Administrator Class		8,117
Institutional Class		98,464
Shareholder servicing fees
Class A		1,076,152
Class B		15,042
Class C		109,418
Administrator Class		19,433
Distribution fees
Class B		45,125
Class C		328,254
Custody and accounting fees		42,026
Professional fees		50,896
Registration fees		91,732
Shareholder report expenses		139,353
Trustees’ fees and expenses		13,253
Other fees and expenses		19,607

Total expenses		7,224,153
Less: Fee waivers and/or expense reimbursements		(53,109	)

Net expenses		7,171,044

Net investment income		6,831,298


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		96,756,071
Net change in unrealized gains (losses) on investments		4,940,816

Net realized and unrealized gains (losses) on investments		101,696,887

Net increase in net assets resulting from operations	$	108,528,185

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


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


	Year ended September 30, 2014						Year ended September 30, 2013

Operations
Net investment income				$	6,831,298					$	10,337,226
Net realized gains on investments					96,756,071						56,902,141
Net change in unrealized gains (losses) on investments					4,940,816						20,604,806

Net increase in net assets resulting from operations					108,528,185						87,844,173


Distributions to shareholders from
Net investment income
Class A					(4,033,418	)					(6,474,175	)
Class B					(8,084	)					(62,222	)
Class C					(88,171	)					(338,328	)
Administrator Class					(103,627	)					(87,817	)
Institutional Class					(1,515,475	)					(3,162,236	)

Total distributions to shareholders					(5,748,775	)					(10,124,778	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		728,328			6,498,461			988,049			7,459,210
Class B		9,822			87,796			13,623			102,631
Class C		437,137			3,902,359			456,565			3,573,365
Administrator Class		425,317			3,836,616			680,652			5,251,900
Institutional Class		1,479,563			12,740,863			5,136,491			37,970,601

					27,066,095						54,357,707

Reinvestment of distributions
Class A		418,375			3,783,044			817,169			6,011,822
Class B		798			7,137			7,691			55,750
Class C		8,677			78,106			42,113			305,059
Administrator Class		8,642			78,753			7,966			59,321
Institutional Class		159,610			1,422,476			411,012			3,018,578

					5,369,516						9,450,530

Payment for shares redeemed
Class A		(5,460,105	)		(48,487,352	)		(7,524,370	)		(56,004,245	)
Class B		(276,744	)		(2,452,684	)		(360,469	)		(2,709,323	)
Class C		(579,714	)		(5,096,202	)		(981,014	)		(7,336,338	)
Administrator Class		(289,957	)		(2,557,101	)		(257,295	)		(1,947,957	)
Institutional Class		(9,909,257	)		(87,233,593	)		(7,089,654	)		(53,439,056	)

					(145,826,932	)					(121,436,919	)

Net decrease in net assets resulting from capital share transactions					(113,391,321	)					(57,628,682	)

Total increase (decrease) in net assets					(10,611,911	)					20,090,713


Net assets
Beginning of period					602,420,858						582,330,145

End of period				$	591,808,947					$	602,420,858

Undistributed (overdistributed) net investment income				$	21,748					$	(149,368	)

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, 2010¹
CLASS A	2014			2013			2012			2011			2010^1,2			Year ended March 31, 2010¹
Net asset value, beginning of period	$	7.89		$	6.93		$	5.65		$	6.02		$	6.02		$	4.18
Net investment income		0.09			0.12			0.15			0.10			0.07			0.05
Net realized and unrealized gains (losses) on investments		1.41			0.96			1.29			(0.36	)		0.00	³		1.85

Total from investment operations		1.50			1.08			1.44			(0.26	)		0.07			1.90
Distributions to shareholders from
Net investment income		(0.08	)		(0.12	)		(0.16	)		(0.11	)		(0.07	)		(0.06	)
Net asset value, end of period	$	9.31		$	7.89		$	6.93		$	5.65		$	6.02		$	6.02
Total return⁴		19.10	%		15.75	%		25.58	%		(4.53	)%		1.21	%		45.51	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.20	%		1.21	%		1.21	%		1.17	%		1.14	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.15	%		1.14	%
Net investment income		1.09	%		1.66	%		2.40	%		1.57	%		2.47	%		1.07	%
Supplemental data
Portfolio turnover rate		82	%		70	%		79	%		56	%		31	%		63	%
Net assets, end of period (000s omitted)		$431,388			$399,535			$390,705			$364,533			$435,454			$467,224

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.


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, 2010¹
CLASS B	2014			2013			2012			2011			2010^1,2			Year ended March 31, 2010¹
Net asset value, beginning of period	$	7.95		$	6.98		$	5.69		$	6.05		$	6.05		$	4.19
Net investment income		0.03	³		0.07	³		0.11	³		0.06	³		0.05	³		0.02	³
Net realized and unrealized gains (losses) on investments		1.41			0.96			1.28			(0.37	)		0.00	⁴		1.86

Total from investment operations		1.44			1.03			1.39			(0.31	)		0.05			1.88
Distributions to shareholders from
Net investment income		(0.01	)		(0.06	)		(0.10	)		(0.05	)		(0.05	)		(0.02	)
Net asset value, end of period	$	9.38		$	7.95		$	6.98		$	5.69		$	6.05		$	6.05
Total return⁵		18.15	%		14.87	%		24.62	%		(5.20	)%		0.83	%		45.17	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.95	%		1.96	%		1.96	%		1.92	%		1.89	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.89	%		1.89	%
Net investment income		0.34	%		0.94	%		1.65	%		0.81	%		1.72	%		0.34	%
Supplemental data
Portfolio turnover rate		82	%		70	%		79	%		56	%		31	%		63	%
Net assets, end of period (000s omitted)		$5,180			$6,502			$8,077			$10,360			$16,329			$17,992

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.


Financial highlights		Wells Fargo Advantage Diversified Capital Builder Fund			21

(For a share outstanding throughout each period)


	Year ended September 30															Year ended March 31, 2010¹
CLASS C	2014			2013			2012			2011			2010^1,2			Year ended March 31, 2010¹
Net asset value, beginning of period	$	7.90		$	6.94		$	5.66		$	6.02		$	6.03		$	4.18
Net investment income		0.03			0.07			0.10			0.05			0.05			0.02
Net realized and unrealized gains (losses) on investments		1.41			0.96			1.29			(0.35	)		(0.01	)		1.85

Total from investment operations		1.44			1.03			1.39			(0.30	)		0.04			1.87
Distributions to shareholders from
Net investment income		(0.02	)		(0.07	)		(0.11	)		(0.06	)		(0.05	)		(0.02	)
Net asset value, end of period	$	9.32		$	7.90		$	6.94		$	5.66		$	6.02		$	6.03
Total return³		18.21	%		14.86	%		24.63	%		(5.14	)%		0.67	%		44.70	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.95	%		1.96	%		1.96	%		1.92	%		1.88	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.90	%		1.88	%
Net investment income		0.34	%		0.91	%		1.65	%		0.79	%		1.72	%		0.32	%
Supplemental data
Portfolio turnover rate		82	%		70	%		79	%		56	%		31	%		63	%
Net assets, end of period (000s omitted)		$45,670			$39,758			$38,279			$35,665			$40,197			$43,558

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.


22		Wells Fargo Advantage Diversified Capital Builder Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended September 30
ADMINISTRATOR CLASS	2014			2013			2012			2011			2010¹
Net asset value, beginning of period	$	7.90		$	6.94		$	5.66		$	5.99		$	5.79
Net investment income		0.12	²		0.14	²		0.17	²		0.13	²		0.02	²
Net realized and unrealized gains (losses) on investments		1.41			0.96			1.28			(0.37	)		0.22

Total from investment operations		1.53			1.10			1.45			(0.24	)		0.24
Distributions to shareholders from
Net investment income		(0.11	)		(0.14	)		(0.17	)		(0.09	)		(0.04	)
Net asset value, end of period	$	9.32		$	7.90		$	6.94		$	5.66		$	5.99
Total return³		19.39	%		16.06	%		25.84	%		(4.25	)%		4.08	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.04	%		1.03	%		1.04	%		1.14	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.99	%
Net investment income		1.33	%		1.84	%		2.65	%		1.86	%		2.26	%
Supplemental data
Portfolio turnover rate		82	%		70	%		79	%		56	%		31	%
Net assets, end of period (000s omitted)		$9,411			$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.


Financial highlights		Wells Fargo Advantage Diversified Capital Builder Fund			23

(For a share outstanding throughout each period)


	Year ended September 30															Year ended March 31, 2010¹
INSTITUTIONAL CLASS	2014			2013			2012			2011			2010^1,2			Year ended March 31, 2010¹
Net asset value, beginning of period	$	7.85		$	6.90		$	5.62		$	5.99		$	5.99		$	4.16
Net investment income		0.13	³		0.15			0.18	³		0.14			0.08			0.06
Net realized and unrealized gains (losses) on investments		1.41			0.95			1.28			(0.37	)		0.00	⁴		1.84

Total from investment operations		1.54			1.10			1.46			(0.23	)		0.08			1.90
Distributions to shareholders from
Net investment income		(0.12	)		(0.15	)		(0.18	)		(0.14	)		(0.08	)		(0.07	)
Net asset value, end of period	$	9.27		$	7.85		$	6.90		$	5.62		$	5.99		$	5.99
Total return⁵		19.68	%		16.17	%		26.23	%		(4.08	)%		1.32	%		45.84	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.77	%		0.78	%		0.78	%		0.85	%		0.89	%
Net expenses		0.78	%		0.77	%		0.78	%		0.77	%		0.83	%		0.89	%
Net investment income		1.52	%		2.08	%		2.80	%		1.99	%		2.81	%		1.32	%
Supplemental data
Portfolio turnover rate		82	%		70	%		79	%		56	%		31	%		63	%
Net assets, end of period (000s omitted)		$100,160			$149,790			$142,256			$71,195			$86,592			$104,142

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.


24		Wells Fargo Advantage Diversified Capital Builder 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 Diversified Capital Builder Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy


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

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

Distributions to shareholders

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

Federal and other taxes

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

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

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 recognition of partnership income. At September 30, 2014, 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
$(911,407)		$911,407

As of September 30, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $7,611,964 expiring in 2018.


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

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	34,225,750	$	0	$	0	$	34,225,750
Consumer staples		37,293,900		0		0		37,293,900
Energy		79,844,150		0		0		79,844,150
Financials		6,232,050		0		0		6,232,050
Health care		115,361,400		0		0		115,361,400
Industrials		81,737,550		0		0		81,737,550
Information technology		64,874,300		0		0		64,874,300
Materials		45,523,400		0		0		45,523,400
Utilities		24,656,400		0		0		24,656,400

Corporate bond and notes		0		93,794,777		0		93,794,777

Yankee corporate bonds and notes		0		3,957,500		0		3,957,500

Short-term investments
Investment companies		1,860,195		34,132,446		0		35,992,641
Total assets	$	491,609,095	$	131,884,723	$	0	$	623,493,818

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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


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

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, 2014, the advisory fee was equivalent to an annual rate of 0.59% of the Fund’s average daily net assets.

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

Administration fees

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


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% 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. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

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 (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares.

In addition, the Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended September 30, 2014, Funds Distributor received $15,132 from the sale of Class A shares and $203 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, 2014 were $496,003,666 and $609,680,199, respectively.


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

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 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, 2014, the Fund paid $961 in commitment fees.

For the year ended September 30, 2014, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $5,748,775 and $10,124,778 of ordinary income for the years ended September 30, 2014 and September 30, 2013, respectively.

As of September 30, 2014, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Unrealized gains	Capital loss carryforward
$158,158	$87,838,922	$(7,611,964)

8. INDEMNIFICATION

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


Report of independent registered public accounting firm		Wells Fargo Advantage Diversified Capital Builder 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 Diversified Capital Builder Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2014, 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 four-year period then ended, and for each of the periods within the period from April 1, 2010 through September 30, 2010 and the year 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, 2014 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, 2014, 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.

LOGO

Boston, Massachusetts


30		Wells Fargo Advantage Diversified Capital Builder 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, 2014.

Pursuant to Section 854 of the Internal Revenue Code, $5,748,775 of income dividends paid during the fiscal year ended September 30, 2014 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2014, $2,101,752 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 monthly on the Fund’s website (wellsfargoadvantagefunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.


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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 133 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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 or longer	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. Mr. Harris is a certified public accountant.	CIGNA 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 complex (and its predecessors) from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


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


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 complex (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 or longer
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	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and 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 60 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


Other information (unaudited)		Wells Fargo Advantage Diversified Capital Builder Fund			33

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Diversified Capital Builder Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements, as it had done at the March Meeting.

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

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

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

Nature, extent and quality of services

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

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

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2013. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a


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

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than the average performance of the Universe for all periods under review except for the ten-year period. The Board also noted that the performance of the Fund was lower than its benchmark, the Diversified Capital Builder Blended Index, for all periods under review.

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

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

Investment advisory and sub-advisory fee rates

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

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

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

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

Profitability

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


Other information (unaudited)		Wells Fargo Advantage Diversified Capital Builder Fund			35

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

Economies of scale

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

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

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


36		Wells Fargo Advantage 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	— Columbian Peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

228289 11-14

A225/AR225 09-14

Wells Fargo Advantage

Diversified Income Builder Fund

LOGO

Annual Report

LOGO

Reduce clutter. Save trees.

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			35

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Advantage Funds

Despite macroeconomic challenges, U.S. economic numbers showed improvement.

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period.

Dear Valued Shareholder:

We are pleased to offer you this annual report for Wells Fargo Advantage Diversified Income Builder Fund for the 12-month period that ended September 30, 2014. The period was marked by heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine and later as Islamic militants (formerly known as ISIS) gained territory in Iraq and Syria. Toward the end of the reporting period, market volatility increased as renewed fears of slowing global growth took hold, and investors began to price in expectations that the U.S. Federal Reserve (Fed) was finally looking to raise short-term interest rates.

The Federal Reserve continued to provide liquidity to the markets.

Although the geopolitical situation presented challenges, U.S. stock markets gained on positive economic data.

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.


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

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

Sincerely,

LOGO

President

Wells Fargo Advantage Funds

2.	The BofA Merrill Lynch High Yield Master II Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index.


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, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (EKSAX)	4-14-1987		3.86		8.39		4.35		10.13		9.70		4.97		1.12		1.08
Class B (EKSBX)*	2-1-1993		4.46		8.62		4.44		9.46		8.90		4.44		1.87		1.83
Class C (EKSCX)	2-1-1993		8.47		8.91		4.22		9.47		8.91		4.22		1.87		1.83
Administrator Class (EKSDX)	7-30-2010		–		–		–		10.46		9.90		5.07		0.96		0.90
Institutional Class (EKSYX)	1-13-1997		–		–		–		10.68		10.12		5.27		0.69		0.69
Diversified Income Builder Blended Index⁴	–		–		–		–		10.04		11.81		8.31		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index⁵	–		–		–		–		7.14		10.34		8.12		–		–
Russell 1000^® Index⁶	–		–		–		–		19.01		15.90		8.46		–		–

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

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

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, 2014

LOGO

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

The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.08% for Class A, 1.83% for Class B, 1.83% for Class C, 0.90% for Administrator Class, and 0.71% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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.

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.

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

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


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

MANAGER’S DISCUSSION

Fund highlights

The Fund’s Class A shares, excluding sales charges, outperformed the Diversified Income Builder Blended Index and the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index but underperformed the Russell 1000 Index for the 12-month period that ended September 30, 2014.

Our preference for higher-quality high-yield bonds modestly contributed to outperformance versus the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index. Bonds and stocks of economically sensitive industries, health care issues, and interest-rate-sensitive sectors such as building products, hotels, and utilities added value over the period, all benefiting from strong financial liquidity and slightly declining interest rates.

In the equity portfolio, holdings in real estate investment trusts (REITs) detracted from performance.


Ten long-term largest holdings⁸ (%) as of September 30, 2014
Tronox Finance LLC, 6.38%, 8-15-2020			4.74
Hertz Corporation, 6.25%, 10-15-2022			3.10
Kraton Polymers LLC, 6.75%, 3-1-2019			2.90
Rayonier Advanced Materials Products Incorporated, 5.50%, 6-1-2024			2.88
Hornbeck Offshore Services Incorporated, 5.88%, 4-1-2020			2.72
Penske Auto Group Incorporated, 5.75%, 10-1-2022			2.44
Atlas Pipeline Partners LP, 5.88%, 8-1-2023			2.39
Olin Corporation, 5.50%, 8-15-2022			2.38
CommScope Incorporated, 5.50%, 6-15-2024			2.19
DISH DBS Corporation, 5.00%, 3-15-2023			2.13

The period was marked by declining U.S. Treasury yields and a slowly improving domestic economy.

believed were undervalued for their growth potential—such as health care, aerospace, and defense—added to relative return. Some interest-rate-sensitive parts of the market, such as utilities and master limited partnerships, also outperformed, in part because Treasury rates continued to decline during the period. Holdings of Iron Mountain Incorporated, Tronox Finance LLC, NRG Energy Incorporated, Kraton Polymers LLC, and Seagate Technology plc contributed to relative performance.

We continue to focus our holdings on high-yield bonds of U.S.-based companies that have publicly issued common stock and that we judge to have competitive business positions and flexible balance sheets. We believe such companies should be able to withstand a slowdown in their sales and profits or a diminished access to credit, should there be a reduction in liquidity provided by financial lenders. We believe that with fixed-income yields near their historical lows, the small amount of yield forgone by positioning the Fund in better-quality high-yield securities is modest, especially when compared with the relative risk of capital losses, should the high-yield market suffer a significant correction. We have maintained larger bond positions in Tronox Finance, as well as The Hertz Corporation, Seagate Technology, DISH DBS Corporation, and Penske Auto Group Incorporated.

In the equity portfolio, positions in LyondellBasell Industries NV, Lockheed Martin Corporation, and Covidien plc contributed to relative performance as well as Phillips 66 and DISH Network, which have been sold off. In the financials sector, several REITs detracted from performance, including HCP Incorporated, Plum Creek Timber Company Incorporated, and Health Care REIT Incorporated that have all been sold off.

Please see footnotes on page 5.


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

Portfolio allocation⁹ as of September 30, 2014

LOGO

Our outlook continues to be one of cautious optimism.

businesses and consumers, improving the competitive positions of U.S. companies and offering some cost relief

to consumers for utility and fuel costs. We will continue to concentrate our equity holdings in companies that we believe have proprietary technology, pharmaceutical companies that are developing new drugs, and sectors of the economy that should be 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 costs 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 for high-yield interest rates rising should the U.S. Federal Reserve attempt to raise interest rates. Yet, with the currently wide yield differentials for high-yield versus investment-grade bonds, we think high-yield bonds should provide enough income to compensate for their credit risks.

Please see footnotes on page 5.


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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2014 to September 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 4-1-2014		Ending account value 9-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,014.30	$	5.45		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Class B
Actual	$	1,000.00	$	1,010.51	$	9.22		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Class C
Actual	$	1,000.00	$	1,012.09	$	9.23		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Administrator Class
Actual	$	1,000.00	$	1,015.16	$	4.55		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,016.19	$	3.54		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, 2014		Wells Fargo Advantage Diversified Income Builder Fund			9


Security name	Shares		Value


Common Stocks: 25.92%

Consumer Discretionary: 1.33%

Distributors: 0.84%
Genuine Parts Company		35,000	$	3,069,850


Hotels, Restaurants & Leisure: 0.19%
Marriott International Incorporated Class A		10,000		699,000


Specialty Retail: 0.30%
Group 1 Automotive Incorporated		9,000		654,390
The Home Depot Incorporated		5,000		458,700

				1,113,090


Consumer Staples: 1.93%

Food & Staples Retailing: 1.63%
CVS Health Corporation		75,000		5,969,250


Personal Products: 0.30%
Estee Lauder Companies Incorporated Class A		15,000		1,120,800


Energy: 4.61%

Energy Equipment & Services: 0.09%
Bristow Group Incorporated		5,000		336,000


Oil, Gas & Consumable Fuels: 4.52%
ConocoPhillips Company		30,000		2,295,600
Energy Transfer Equity LP		60,000		3,701,400
EOG Resources Incorporated		15,000		1,485,300
Kinder Morgan Incorporated «		100,000		3,834,000
Marathon Oil Corporation		30,000		1,127,700
Plains All American Pipeline LP		65,000		3,825,900
Range Resources Corporation		5,000		339,050

				16,608,950


Financials: 0.12%

Banks: 0.12%
PNC Financial Services Group Incorporated		5,000		427,900


Health Care: 7.14%

Biotechnology: 0.78%
Amgen Incorporated		15,000		2,106,900
Celgene Corporation †		3,000		284,340
Medivation Incorporated †		5,000		494,350

				2,885,590


Health Care Equipment & Supplies: 2.42%
Baxter International Incorporated		5,000		358,850
Becton Dickinson & Company		45,000		5,121,450

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


10		Wells Fargo Advantage Diversified Income Builder Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Health Care Equipment & Supplies (continued)
Covidien plc		35,000	$	3,027,850
Hologic Incorporated †		15,000		364,950

				8,873,100


Life Sciences Tools & Services: 0.33%
Thermo Fisher Scientific Incorporated		10,000		1,217,000


Pharmaceuticals: 3.61%
AbbVie Incorporated		80,000		4,620,800
Actavis plc †		6,000		1,447,680
Allergan Incorporated		5,000		890,950
Mylan Incorporated †		90,000		4,094,100
Novartis AG ADR		10,000		941,300
Salix Pharmaceuticals Limited †		8,000		1,249,920

				13,244,750


Industrials: 3.88%

Aerospace & Defense: 1.09%
General Dynamics Corporation		10,000		1,270,900
Lockheed Martin Corporation		12,000		2,193,360
United Technologies Corporation		5,000		528,000

				3,992,260


Building Products: 0.40%
Apogee Enterprises Incorporated		18,000		716,400
Lennox International Incorporated		10,000		768,700

				1,485,100


Electrical Equipment: 0.89%
AMETEK Incorporated		20,000		1,004,200
Regal-Beloit Corporation		8,000		514,000
Rockwell Automation Incorporated		10,000		1,098,800
Sensata Technologies Holdings NV †		15,000		667,950

				3,284,950


Industrial Conglomerates: 0.40%
Roper Industries Incorporated		10,000		1,462,900


Machinery: 1.10%
Flowserve Corporation		35,000		2,468,200
IDEX Corporation		10,000		723,700
Pall Corporation		10,000		837,000

				4,028,900


Information Technology: 3.16%

Electronic Equipment, Instruments & Components: 1.56%
Amphenol Corporation Class A		27,000		2,696,220
FEI Company		40,000		3,016,800

				5,713,020

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Diversified Income Builder Fund			11


Security name						Shares		Value


IT Services: 1.13%
Automatic Data Processing Incorporated							50,000	$	4,154,000


Technology Hardware, Storage & Peripherals: 0.47%
Seagate Technology plc							30,000		1,718,100


Materials: 2.28%

Chemicals: 2.28%
Celanese Corporation Series A							10,000		585,200
Eastman Chemical Company							15,000		1,213,350
FMC Corporation							5,000		285,950
LyondellBasell Industries NV Class A							10,000		1,086,600
PPG Industries Incorporated							5,000		983,700
Sigma-Aldrich Corporation							5,000		680,050
Westlake Chemical Corporation							35,000		3,030,650
Westlake Chemical Partners LP †							17,000		493,000

									8,358,500


Utilities: 1.47%

Electric Utilities: 0.51%
NRG Yield Incorporated Class A							5,000		235,250
Pinnacle West Capital Corporation							30,000		1,639,200

									1,874,450


Multi-Utilities: 0.96%
CenterPoint Energy Incorporated							15,000		367,050
Sempra Energy							30,000		3,161,400

									3,528,450


Total Common Stocks (Cost $82,594,503)									95,165,910


	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 67.73%

Consumer Discretionary: 7.29%

Auto Components: 1.08%
Lear Corporation		4.75	%		1-15-2023	$	4,000,000		3,950,000


Media: 2.13%
DISH DBS Corporation		5.00			3-15-2023		8,160,000		7,828,500


Specialty Retail: 4.08%
Group 1 Automotive Incorporated 144A		5.00			6-1-2022		6,250,000		6,046,875
Penske Auto Group Incorporated		5.75			10-1-2022		8,813,000		8,945,195

									14,992,070


Consumer Staples: 0.61%

Food Products: 0.61%
Post Holdings Incorporated		7.38			2-15-2022		2,250,000		2,227,500

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


12		Wells Fargo Advantage Diversified Income Builder Fund		Portfolio of investments—September 30, 2014


Security name	Interest rate			Maturity date		Principal		Value


Energy: 12.26%

Energy Equipment & Services: 5.86%
Atwood Oceanics Incorporated		6.50	%		2-1-2020	$	2,500,000	$	2,562,500
Bristow Group Incorporated		6.25			10-15-2022		5,000,000		5,187,500
Dresser-Rand Group Incorporated		6.50			5-1-2021		3,485,000		3,755,088
Hornbeck Offshore Services Incorporated		5.88			4-1-2020		10,000,000		10,000,000

									21,505,088


Oil, Gas & Consumable Fuels: 6.40%
Antero Resources Corporation 144A		5.13			12-1-2022		2,000,000		1,945,000
Atlas Pipeline Partners LP		5.88			8-1-2023		8,966,000		8,764,265
Energy Transfer Equity LP		5.88			1-15-2024		2,680,000		2,740,300
NGL Energy Partners LP / NGL Energy Finance Corporation 144A		5.13			7-15-2019		2,500,000		2,456,250
Regency Energy Partners LP		4.50			11-1-2023		1,000,000		967,500
Regency Energy Partners LP		5.88			3-1-2022		500,000		521,250
Sabine Pass Liquefaction LLC		5.63			2-1-2021		5,000,000		5,137,500
Tesoro Corporation		5.13			4-1-2024		1,000,000		970,000

									23,502,065


Financials: 2.25%

REITs: 2.25%
Crown Castle International Corporation		4.88			4-15-2022		3,000,000		2,917,500
Iron Mountain Incorporated		5.75			8-15-2024		3,927,000		3,853,369
Sabra Health Care Incorporated		5.38			6-1-2023		1,500,000		1,477,500

									8,248,369


Health Care: 7.73%

Health Care Equipment & Supplies: 2.41%
Fresenius Medical Care Holdings Incorporated 144A		5.63			7-31-2019		1,000,000		1,052,700
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		3,000,000		3,180,000
Hologic Incorporated		6.25			8-1-2020		4,500,000		4,623,750

									8,856,450


Health Care Providers & Services: 0.71%
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		2,500,000		2,590,625


Pharmaceuticals: 4.61%
Endo Finance LLC / Endo Finco Incorporated 144A		7.00			12-15-2020		7,440,000		7,774,800
Forest Laboratories Incorporated 144A		5.00			12-15-2021		3,000,000		3,207,357
Salix Pharmaceuticals Incorporated 144A		6.00			1-15-2021		5,500,000		5,953,750

									16,935,907


Industrials: 8.57%

Commercial Services & Supplies: 0.81%
Clean Harbors Incorporated		5.13			6-1-2021		3,000,000		2,973,750


Construction & Engineering: 2.01%
Dycom Investments Incorporated		7.13			1-15-2021		7,000,000		7,385,000

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Diversified Income Builder Fund			13


Security name	Interest rate			Maturity date		Principal		Value


Electrical Equipment: 1.47%
General Cable Corporation		5.75	%		10-1-2022	$	5,800,000	$	5,394,000


Machinery: 1.18%
Actuant Corporation		5.63			6-15-2022		1,165,000		1,211,600
Oshkosh Corporation		5.38			3-1-2022		3,100,000		3,115,500

									4,327,100


Road & Rail: 3.10%
The Hertz Corporation		6.25			10-15-2022		11,256,000		11,396,700


Information Technology: 5.89%

Communications Equipment: 2.19%
CommScope Incorporated 144A		5.50			6-15-2024		8,200,000		8,056,500


Electronic Equipment, Instruments & Components: 1.89%
Anixter Incorporated		5.13			10-1-2021		1,500,000		1,481,250
Belden Incorporated 144A		5.25			7-15-2024		2,000,000		1,915,000
Belden Incorporated 144A		5.50			9-1-2022		3,500,000		3,543,750

									6,940,000


IT Services: 1.81%
Neustar Incorporated «		4.50			1-15-2023		7,500,000		6,637,500


Materials: 16.80%

Chemicals: 9.26%
Celanese U.S. Holdings LLC		4.63			11-15-2022		3,000,000		2,940,000
Huntsman International LLC		4.88			11-15-2020		1,100,000		1,083,500
Kraton Polymers LLC		6.75			3-1-2019		10,250,000		10,634,375
Olin Corporation		5.50			8-15-2022		8,500,000		8,755,000
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		11,100,000		10,572,750

									33,985,625


Containers & Packaging: 2.28%
Greif Incorporated		7.75			8-1-2019		1,200,000		1,362,000
Sealed Air Corporation 144A		5.25			4-1-2023		3,650,000		3,577,000
Sealed Air Corporation 144A		6.50			12-1-2020		3,000,000		3,198,750
Silgan Holdings Incorporated		5.00			4-1-2020		250,000		251,250

									8,389,000


Metals & Mining: 5.26%
Commercial Metals Company		4.88			5-15-2023		2,000,000		1,920,000
Tronox Finance LLC «		6.38			8-15-2020		17,300,000		17,386,500

									19,306,500


Telecommunication Services: 1.74%

Wireless Telecommunication Services: 1.74%
SBA Communications Corporation		5.63			10-1-2019		3,300,000		3,349,500
SBA Telecommunications Incorporated		5.75			7-15-2020		3,000,000		3,052,500

									6,402,000

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


14		Wells Fargo Advantage Diversified Income Builder Fund		Portfolio of investments—September 30, 2014


Security name	Interest rate			Maturity date		Principal		Value


Utilities: 4.59%

Independent Power & Renewable Electricity Producers: 4.59%
AES Corporation		4.88	%		5-15-2023	$	1,000,000	$	950,000
AES Corporation		5.50			3-15-2024		3,000,000		2,917,500
AES Corporation		8.00			6-1-2020		2,550,000		2,926,124
Calpine Corporation 144A		5.88			1-15-2024		500,000		517,500
Calpine Corporation 144A		6.00			1-15-2022		1,625,000		1,710,312
NRG Energy Incorporated		6.63			3-15-2023		1,000,000		1,032,500
NRG Energy Incorporated		7.88			5-15-2021		6,338,000		6,813,350

									16,867,286


Total Corporate Bonds and Notes (Cost $249,704,541)									248,697,535


Yankee Corporate Bonds and Notes: 3.90%

Energy: 0.26%

Energy Equipment & Services: 0.26%
McDermott International Incorporated 144A		8.00			5-1-2021		1,000,000		977,500


Industrials: 1.58%

Electrical Equipment: 1.58%
Sensata Technologies BV 144A		4.88			10-15-2023		6,000,000		5,790,000


Information Technology: 2.06%

Technology Hardware, Storage & Peripherals: 2.06%
Seagate HDD (Cayman)		4.75			6-1-2023		7,500,000		7,556,250


Total Yankee Corporate Bonds and Notes (Cost $14,206,539)									14,323,750


	Yield					Shares
Short-Term Investments: 4.14%

Investment Companies: 4.14%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07					2,075,315		2,075,315
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)		0.11					13,121,160		13,121,160

Total Short-Term Investments (Cost $15,196,475)									15,196,475


Total investments in securities (Cost $361,702,058) *	101.69	%		373,383,670
Other assets and liabilities, net	(1.69	)		(6,197,549	)

Total net assets	100.00	%	$	367,186,121

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

†	Non-income-earning security

144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

(l)	The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

(r)	The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

*	Cost for federal income tax purposes is $361,562,483 and unrealized gains (losses) consists of:


Gross unrealized gains	$	17,651,616
Gross unrealized losses		(5,830,429	)

Net unrealized gains	$	11,821,187

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


Statement of assets and liabilities—September 30, 2014		Wells Fargo Advantage Diversified Income Builder Fund			15




Assets
Investments
In unaffiliated securities (including $12,900,408 of securities loaned), at value (cost $346,505,583)	$	358,187,195
In affiliated securities, at value (cost $15,196,475)		15,196,475

Total investments, at value (cost $361,702,058)		373,383,670
Receivable for investments sold		5,098,844
Receivable for Fund shares sold		884,771
Receivable for dividends and interest		4,278,255
Receivable for securities lending income		5,357
Prepaid expenses and other assets		42,707

Total assets		383,693,604


Liabilities
Dividends payable		168,021
Payable for Fund shares redeemed		755,220
Payable upon receipt of securities loaned		13,121,160
Due to custodian bank		2,008,063
Advisory fee payable		140,868
Distribution fees payable		71,512
Administration fees payable		79,493
Accrued expenses and other liabilities		163,146

Total liabilities		16,507,483

Total net assets	$	367,186,121


NET ASSETS CONSIST OF
Paid-in capital	$	335,148,486
Overdistributed net investment income		(184,553	)
Accumulated net realized gains on investments		20,540,576
Net unrealized gains on investments		11,681,612

Total net assets	$	367,186,121


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	143,061,983
Shares outstanding – Class A¹		22,447,544
Net asset value per share – Class A		$6.37
Maximum offering price per share – Class A²		$6.76
Net assets – Class B	$	3,256,290
Shares outstanding – Class B¹		508,986
Net asset value per share – Class B		$6.40
Net assets – Class C	$	111,045,490
Shares outstanding – Class C¹		17,389,804
Net asset value per share – Class C		$6.39
Net assets – Administrator Class	$	48,689,779
Shares outstanding – Administrator Class¹		7,784,624
Net asset value per share – Administrator Class		$6.25
Net assets – Institutional Class	$	61,132,579
Shares outstanding – Institutional Class¹		9,782,969
Net asset value per share – Institutional Class		$6.25

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, 2014




Investment income
Interest	$	15,413,293
Dividends		2,080,946
Securities lending income, net		56,833
Income from affiliated securities		3,521

Total investment income		17,554,593


Expenses
Advisory fee		1,877,435
Administration fees
Fund level		187,744
Class A		412,304
Class B		10,020
Class C		295,302
Administrator Class		47,005
Institutional Class		41,977
Shareholder servicing fees
Class A		396,446
Class B		9,634
Class C		283,945
Administrator Class		114,130
Distribution fees
Class B		28,903
Class C		851,834
Custody and accounting fees		27,524
Professional fees		57,199
Registration fees		67,948
Shareholder report expenses		74,716
Trustees’ fees and expenses		12,136
Other fees and expenses		12,163

Total expenses		4,808,365
Less: Fee waivers and/or expense reimbursements		(157,717	)

Net expenses		4,650,648

Net investment income		12,903,945


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		20,717,391
Net change in unrealized gains (losses) on investments		2,411,963

Net realized and unrealized gains (losses) on investments		23,129,354

Net increase in net assets resulting from operations	$	36,033,299

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, 2014						Year ended September 30, 2013

Operations
Net investment income				$	12,903,945					$	14,685,630
Net realized gains on investments					20,717,391						20,532,038
Net change in unrealized gains (losses) on investments					2,411,963						(13,113,077	)

Net increase in net assets resulting from operations					36,033,299						22,104,591


Distributions to shareholders from
Net investment income
Class A					(5,703,926	)					(6,352,476	)
Class B					(110,164	)					(183,448	)
Class C					(3,231,700	)					(3,882,646	)
Administrator Class					(1,771,560	)					(1,819,347	)
Institutional Class					(2,086,603	)					(2,466,358	)
Net realized gains
Class A					(3,535,975	)					0
Class B					(92,463	)					0
Class C					(2,482,437	)					0
Administrator Class					(1,001,962	)					0
Institutional Class					(1,121,083	)					0

Total distributions to shareholders					(21,137,873	)					(14,704,275	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,927,346			18,644,254			7,909,737			49,088,272
Class B		49,956			318,746			80,750			496,165
Class C		1,927,375			12,272,203			3,385,432			21,001,892
Administrator Class		4,175,618			26,041,091			5,802,892			35,213,664
Institutional Class		2,923,588			18,567,990			455,070			2,775,145

					75,844,284						108,575,138

Reinvestment of distributions
Class A		1,330,020			8,372,667			913,899			5,646,871
Class B		27,558			173,716			25,530			158,223
Class C		728,044			4,584,672			488,560			3,024,505
Administrator Class		350,052			2,165,734			237,824			1,442,937
Institutional Class		469,844			2,898,770			403,088			2,442,105

					18,195,559						12,714,641

Payment for shares redeemed
Class A		(7,800,503	)		(49,886,728	)		(7,031,351	)		(43,407,278	)
Class B		(309,633	)		(1,964,287	)		(436,215	)		(2,703,309	)
Class C		(3,531,538	)		(22,472,694	)		(4,725,962	)		(29,239,530	)
Administrator Class		(3,912,694	)		(24,411,797	)		(4,935,159	)		(30,055,468	)
Institutional Class		(1,899,453	)		(11,854,456	)		(2,602,628	)		(15,702,395	)

					(110,589,962	)					(121,107,980	)

Net increase (decrease) in net assets resulting from capital share transactions					(16,550,119	)					181,799

Total increase (decrease) in net assets					(1,654,693	)					7,582,115


Net assets
Beginning of period					368,840,814						361,258,699

End of period				$	367,186,121					$	368,840,814

Overdistributed net investment income				$	(184,553	)				$	(169,683	)

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


18		Wells Fargo Advantage Diversified Income Builder Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended September 30															Year ended April 30, 2010¹
CLASS A	2014			2013			2012			2011			2010^1,2			Year ended April 30, 2010¹
Net asset value, beginning of period	$	6.13		$	6.00		$	5.26		$	5.57		$	5.46		$	4.58
Net investment income		0.23			0.25			0.28			0.28			0.13			0.25
Net realized and unrealized gains (losses) on investments		0.38			0.13			0.74			(0.27	)		0.11			0.87

Total from investment operations		0.61			0.38			1.02			0.01			0.24			1.12
Distributions to shareholders from
Net investment income		(0.23	)		(0.25	)		(0.28	)		(0.32	)		(0.13	)		(0.24	)
Net realized gains		(0.14	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.37	)		(0.25	)		(0.28	)		(0.32	)		(0.13	)		(0.24	)
Net asset value, end of period	$	6.37		$	6.13		$	6.00		$	5.26		$	5.57		$	5.46
Total return³		10.13	%		6.37	%		19.86	%		(0.28	)%		4.42	%		24.93	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.12	%		1.14	%		1.13	%		1.10	%		1.07	%
Net expenses		1.08	%		1.08	%		1.08	%		1.08	%		1.05	%		1.07	%
Net investment income		3.60	%		4.03	%		4.93	%		4.86	%		5.74	%		4.96	%
Supplemental data
Portfolio turnover rate		52	%		60	%		72	%		65	%		21	%		55	%
Net assets, end of period (000s omitted)		$143,062			$159,229			$145,156			$134,340			$154,005			$146,340

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, 2010¹
CLASS B	2014			2013			2012			2011			2010^1,2			Year ended April 30, 2010¹
Net asset value, beginning of period	$	6.15		$	6.02		$	5.28		$	5.59		$	5.48		$	4.60
Net investment income		0.18	³		0.21	³		0.24	³		0.24	³		0.11	³		0.21	³
Net realized and unrealized gains (losses) on investments		0.39			0.12			0.74			(0.27	)		0.11			0.87

Total from investment operations		0.57			0.33			0.98			(0.03	)		0.22			1.08
Distributions to shareholders from
Net investment income		(0.18	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)
Net realized gains		(0.14	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.32	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)
Net asset value, end of period	$	6.40		$	6.15		$	6.02		$	5.28		$	5.59		$	5.48
Total return⁴		9.46	%		5.57	%		18.92	%		(1.01	)%		4.09	%		23.65	%
Ratios to average net assets (annualized)
Gross expenses		1.88	%		1.87	%		1.88	%		1.88	%		1.85	%		1.82	%
Net expenses		1.83	%		1.83	%		1.83	%		1.83	%		1.80	%		1.82	%
Net investment income		2.86	%		3.31	%		4.21	%		4.11	%		5.01	%		4.18	%
Supplemental data
Portfolio turnover rate		52	%		60	%		72	%		65	%		21	%		55	%
Net assets, end of period (000s omitted)		$3,256			$4,557			$6,449			$7,971			$16,089			$17,379

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, 2010¹
CLASS C	2014			2013			2012			2011			2010^1,2			Year ended April 30, 2010¹
Net asset value, beginning of period	$	6.14		$	6.01		$	5.27		$	5.58		$	5.47		$	4.60
Net investment income		0.18			0.20			0.24			0.24			0.11			0.22
Net realized and unrealized gains (losses) on investments		0.39			0.13			0.74			(0.27	)		0.11			0.85

Total from investment operations		0.57			0.33			0.98			(0.03	)		0.22			1.07
Distributions to shareholders from
Net investment income		(0.18	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)
Net realized gains		(0.14	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.32	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)
Net asset value, end of period	$	6.39		$	6.14		$	6.01		$	5.27		$	5.58		$	5.47
Total return³		9.47	%		5.58	%		18.94	%		(1.02	)%		4.09	%		23.69	%
Ratios to average net assets (annualized)
Gross expenses		1.88	%		1.87	%		1.89	%		1.88	%		1.85	%		1.82	%
Net expenses		1.83	%		1.83	%		1.83	%		1.83	%		1.80	%		1.82	%
Net investment income		2.85	%		3.29	%		4.18	%		4.12	%		5.01	%		4.22	%
Supplemental data
Portfolio turnover rate		52	%		60	%		72	%		65	%		21	%		55	%
Net assets, end of period (000s omitted)		$111,045			$112,113			$114,896			$101,140			$93,159			$93,423

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			21

(For a share outstanding throughout each period)


	Year ended September 30
ADMINISTRATOR CLASS	2014			2013			2012			2011			2010¹
Net asset value, beginning of period	$	6.01		$	5.89		$	5.16		$	5.46		$	5.33
Net investment income		0.24			0.26			0.28			0.29	²		0.06	²
Net realized and unrealized gains (losses) on investments		0.38			0.12			0.74			(0.26	)		0.12

Total from investment operations		0.62			0.38			1.02			0.03			0.18
Distributions to shareholders from
Net investment income		(0.24	)		(0.26	)		(0.29	)		(0.33	)		(0.05	)
Net realized gains		(0.14	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.38	)		(0.26	)		(0.29	)		(0.33	)		(0.05	)
Net asset value, end of period	$	6.25		$	6.01		$	5.89		$	5.16		$	5.46
Total return³		10.46	%		6.43	%		20.15	%		0.00	%		3.42	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.96	%		0.97	%		0.89	%		1.02	%
Net expenses		0.90	%		0.90	%		0.90	%		0.87	%		0.90	%
Net investment income		3.77	%		4.21	%		5.10	%		5.09	%		5.80	%
Supplemental data
Portfolio turnover rate		52	%		60	%		72	%		65	%		21	%
Net assets, end of period (000s omitted)		$48,690			$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, 2010¹
INSTITUTIONAL CLASS	2014			2013			2012			2011			2010^1,2			Year ended April 30, 2010¹
Net asset value, beginning of period	$	6.01		$	5.88		$	5.16		$	5.46		$	5.36		$	4.48
Net investment income		0.25	³		0.27	³		0.30	³		0.30			0.14			0.27
Net realized and unrealized gains (losses) on investments		0.38			0.13			0.72			(0.26	)		0.09			0.86

Total from investment operations		0.63			0.40			1.02			0.04			0.23			1.13
Distributions to shareholders from
Net investment income		(0.25	)		(0.27	)		(0.30	)		(0.34	)		(0.13	)		(0.25	)
Net realized gains		(0.14	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.39	)		(0.27	)		(0.30	)		(0.34	)		(0.13	)		(0.25	)
Net asset value, end of period	$	6.25		$	6.01		$	5.88		$	5.16		$	5.46		$	5.36
Total return⁴		10.68	%		6.83	%		20.18	%		0.18	%		4.41	%		25.68	%
Ratios to average net assets (annualized)
Gross expenses		0.70	%		0.69	%		0.71	%		0.70	%		0.76	%		0.82	%
Net expenses		0.70	%		0.69	%		0.71	%		0.69	%		0.74	%		0.82	%
Net investment income		3.98	%		4.43	%		5.32	%		5.27	%		6.10	%		5.31	%
Supplemental data
Portfolio turnover rate		52	%		60	%		72	%		65	%		21	%		55	%
Net assets, end of period (000s omitted)		$61,133			$49,807			$59,031			$61,029			$84,780			$195,418

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

Securities valuation

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

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

Security loans


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

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 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

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, dividends from certain securities, and recognition of partnership income. At September 30, 2014, 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
$(14,862)		$14,862

Class allocations


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

common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :

Common stocks
Consumer discretionary	$	4,881,940	$	0	$	0	$	4,881,940
Consumer staples		7,090,050		0		0		7,090,050
Energy		16,944,950		0		0		16,944,950
Financials		427,900		0		0		427,900
Health care		26,220,440		0		0		26,220,440
Industrials		14,254,110		0		0		14,254,110
Information technology		11,585,120		0		0		11,585,120
Materials		8,358,500		0		0		8,358,500
Utilities		5,402,900		0		0		5,402,900

Corporate bonds and notes		0		248,697,535		0		248,697,535

Yankee corporate bonds and notes		0		14,323,750		0		14,323,750

Short-term investments
Investment companies		2,075,315		13,121,160		0		15,196,475
Total assets	$	97,241,225	$	276,142,445	$	0	$	373,383,670

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadvisers, who 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, 2014, 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

Administration fees


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class B shares, 1.83% for Class C shares, 0.90% for Administrator Class shares, and 0.71% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended September 30, 2014, Funds Distributor received $32,795 from the sale of Class A shares and $1,055 and $1,255 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2014 were $191,511,843 and $220,125,013, respectively.

6. BANK BORROWINGS


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

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, 2014, the Fund paid $737 in commitment fees.

For the year ended September 30, 2014, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2014 and September 30, 2013 were as follows:


	Year ended September 30
	2014		2013
Ordinary income	$	12,903,953	$	14,408,686
Long-term capital gain		8,233,920		295,589

As of September 30, 2014, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$6,825,255	$13,575,746	$11,821,187

8. INDEMNIFICATION


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, 2014, 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 four-year period then ended, and for each of the periods within the period from May 1, 2010 through September 30 , 2010 and the year 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, 2014, 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 Diversified Income Builder Fund as of September 30, 2014, 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.

LOGO

Boston, Massachusetts


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, 6.97% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2014.

Pursuant to Section 852 of the Internal Revenue Code, $8,233,920 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2014.

Pursuant to Section 854 of the Internal Revenue Code, $1,102,846 of income dividends paid during the fiscal year ended September 30, 2014 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2014, $11,252,765 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, 2014, $263,814 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

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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. Mr. Harris is a certified public accountant.	CIGNA 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 complex (and its predecessors) from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


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


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 complex (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 or longer
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	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and 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 60 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		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Diversified Income Builder Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


Other information (unaudited)		Wells Fargo Advantage Diversified Income Builder Fund			33

Investment advisory and sub-advisory fee rates

Profitability

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


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

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Advantage Diversified Income Builder Fund			35

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Columbian Peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

228290 11-14

A226/AR226 09-14

Wells Fargo Advantage

Index Asset Allocation Fund

LOGO

Annual Report

LOGO

Reduce clutter. Save trees.

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			39

Other information			40

List of abbreviations			46

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Advantage Funds

Despite macroeconomic challenges, U.S. economic numbers showed improvement.

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period.

Dear Valued Shareholder:

We are pleased to offer you this annual report for Wells Fargo Advantage Index Asset Allocation Fund for the 12-month period that ended September 30, 2014. The period was marked by heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine and later as Islamic militants (formerly known as ISIS) gained territory in Iraq and Syria. Toward the end of the reporting period, market volatility increased as renewed fears of slowing global growth took hold, and investors began to price in expectations that the U.S. Federal Reserve (Fed) was finally looking to raise short-term interest rates.

The Federal Reserve continued to provide liquidity to the markets.

Although the geopolitical situation presented challenges, U.S. stock markets gained on positive economic data.

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.


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

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

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

Sincerely,

LOGO

President

Wells Fargo Advantage Funds

2.	The BofA Merrill Lynch High Yield Master II Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index.


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

Christian Chan, CFA

Kandarp Acharya, CFA, FRM

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


		Including sales charge						Excluding sales charge						Expense ratios¹ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net²
Class A (SFAAX)	11-13-1986		10.13		11.77		6.51		16.83		13.10		7.14		1.18		1.15
Class B (SASBX)*	1-1-1995		10.90		12.00		6.59		15.90		12.25		6.59		1.93		1.90
Class C (WFALX)	4-1-1998		14.96		12.26		6.34		15.96		12.26		6.34		1.93		1.90
Administrator Class (WFAIX)	11-8-1999		–		–		–		17.12		13.39		7.41		1.02		0.90
Index Asset Allocation Composite Index³	–		–		–		–		17.16		12.91		8.32		–		–
Barclays U.S. Treasury 20+ Year Index⁴	–		–		–		–		12.81		7.03		6.98		–		–
S&P 500 Index⁵	–		–		–		–		19.73		15.70		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 a contingent deferred 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 investment⁶ as of September 30, 2014

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

The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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.

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 U.S. Treasury 20+ Year Index (a subset of the Barclays U.S. Treasury Index, which contains public obligations of the U.S. Treasury with a remaining maturity of one year or more). You cannot invest directly in an index.

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

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

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 maximuminitial sales charge of 5.75%.

7.	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

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.


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

MANAGER’S DISCUSSION

Fund highlights

The Fund underperformed the Asset Allocation Composite Index and the S&P 500 Index benchmarks but outperformed the Barclays U.S. Treasury 20+ Year Index for the 12-month period that ended September 30, 2014.

The Fund’s tactical overweight to stocks contributed to relative performance as the S&P 500 Index outperformed long-term U.S. Treasury bonds. For the 12-month period, the S&P 500 Index rose by 19.7% while the Barclays U.S. Treasury 20+ Year Index gained 12.8%.

Better economic conditions buoyed investors during the period.

Stock markets rose sharply as strengthening economic conditions, coupled with accommodative central bank policies, bolstered investors’ confidence. The U.S. Federal Reserve pared its monthly bond purchases amid better-than-expected economic data while, at the same time, signaling that short-term rates would remain low for some time to come. The unemployment rate continued to trend lower, and consumer confidence rose to levels not seen since 2007. Overseas, the European Central Bank imposed negative rates in an attempt to spur lending and combat subdued inflation in the eurozone.

Although the equity rally was broad-based, the magnitude of returns varied quite a bit. U.S. large-cap stocks were the main beneficiaries, with the S&P 500 Index gaining 19.7% and closing out the period with its seventh consecutive quarterly gain. Returns among smaller companies, on the other hand, were more muted—the Russell 2000^® Index⁷ rose by a modest 3.9%. Meanwhile, U.S. Treasury bond prices rose as yields fell during the period.


Ten largest long-term holdings⁸ (%) as of September 30, 2014
U.S. Treasury Bond, 4.38%, 5-15-2040			2.27
U.S. Treasury Bond, 3.75%, 8-15-2041			2.24
U.S. Treasury Bond, 4.25%, 11-15-2040			2.21
U.S. Treasury Bond, 4.63%, 2-15-2040			2.15
U.S. Treasury Bond, 4.38%, 5-15-2041			2.04
Apple Incorporated			2.03
U.S. Treasury Bond, 4.38%, 11-15-2039			1.96
U.S. Treasury Bond, 4.75%, 2-15-2041			1.88
U.S. Treasury Bond, 3.88%, 8-15-2040			1.84
U.S. Treasury Bond, 3.75%, 11-15-2043			1.66


Neutral target allocation¹⁰ as of September 30, 2014
Bonds			40%
Stocks			60%

Equity sector distribution⁹ as of September 30, 2014


Current target allocation¹⁰ as of September 30, 2014
Bonds			32%
Stocks			68%

The Fund maintained an overweight toward stocks during the 12-month period.

During the period, the Fund employed a Tactical Asset Allocation (TAA) Model, which seeks to enhance returns by shifting 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. Although effective weights fluctuated during the 12-month period, the Fund maintained an overweight toward stocks throughout the period. The Fund closed out the period with a targeted allocation of 68% in stocks and 32% in 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 relative performance over the past year, as U.S. stocks 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 current portfolio managers continue to use the TAA Model but may also consider additional factors, such as monetary policy, growth prospects, valuations, and market sentiment.

Please see footnotes on page 5.


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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2014 to September 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 4-1-2014		Ending account value 9-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,063.25	$	5.95		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class B
Actual	$	1,000.00	$	1,058.55	$	9.80		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class C
Actual	$	1,000.00	$	1,059.25	$	9.81		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,064.25	$	4.66		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, 2014		Wells Fargo Advantage Index Asset Allocation Fund			9


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities: 0.01%
FHLMC		10.50	%		1-1-2016	$	109	$	112
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		88,639		107,627

Total Agency Securities (Cost $93,525)									107,739


						Shares

Common Stocks: 58.89%

Consumer Discretionary: 6.89%

Auto Components: 0.22%
BorgWarner Incorporated							6,088		320,290
Delphi Automotive plc							7,987		489,923
Johnson Controls Incorporated							17,760		781,440
The Goodyear Tire & Rubber Company							7,339		165,751

									1,757,404


Automobiles: 0.38%
Ford Motor Company							103,414		1,529,493
General Motors Company							35,941		1,147,956
Harley-Davidson Incorporated							5,799		337,502

									3,014,951


Distributors: 0.05%
Genuine Parts Company							4,081		357,945


Diversified Consumer Services: 0.03%
H&R Block Incorporated							7,336		227,489


Hotels, Restaurants & Leisure: 0.95%
Carnival Corporation							12,006		482,281
Chipotle Mexican Grill Incorporated †							826		550,603
Darden Restaurants Incorporated «							3,528		181,551
Marriott International Incorporated Class A							5,809		406,049
McDonald’s Corporation							26,181		2,482,221
Starbucks Corporation							20,032		1,511,615
Starwood Hotels & Resorts Worldwide Incorporated							5,082		422,873
Wyndham Worldwide Corporation							3,339		271,327
Wynn Resorts Limited							2,162		404,467
Yum! Brands Incorporated							11,723		843,822

									7,556,809


Household Durables: 0.22%
D.R. Horton Incorporated							8,842		181,438
Garmin Limited «							3,235		168,188
Harman International Industries Incorporated							1,813		177,747
Leggett & Platt Incorporated							3,660		127,807
Lennar Corporation							4,742		184,132
Mohawk Industries Incorporated †							1,648		222,183
Newell Rubbermaid Incorporated							7,302		251,262

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


10		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Household Durables (continued)
Pulte Homes Incorporated		9,021	$	159,311
Whirlpool Corporation		2,078		302,661

				1,774,729


Internet & Catalog Retail: 0.77%
Amazon.com Incorporated †		10,103		3,257,611
Expedia Incorporated		2,645		231,755
Netflix Incorporated †		1,600		721,888
The Priceline Group Incorporated †		1,398		1,619,695
TripAdvisor Incorporated †		2,971		271,609

				6,102,558


Leisure Products: 0.06%
Hasbro Incorporated		3,060		168,285
Mattel Incorporated		9,007		276,065

				444,350


Media: 2.07%
Cablevision Systems Corporation New York Group Class A «		5,781		101,225
CBS Corporation Class B		12,922		691,327
Comcast Corporation Class A		69,009		3,711,304
DIRECTV Group Incorporated †		13,390		1,158,503
Discovery Communications Incorporated Class A		3,944		149,083
Discovery Communications Incorporated Class C		7,288		271,697
Gannett Company Incorporated		6,017		178,524
Interpublic Group of Companies Incorporated		11,237		205,862
News Corporation Class A †		13,277		217,079
Omnicom Group Incorporated		6,697		461,155
Scripps Networks Interactive Incorporated		2,762		215,685
The Walt Disney Company		42,109		3,748,964
Time Warner Cable Incorporated		7,430		1,066,131
Time Warner Incorporated		22,795		1,714,412
Twenty-First Century Fox Incorporated		50,219		1,722,010
Viacom Incorporated Class B		10,150		780,941

				16,393,902


Multiline Retail: 0.40%
Dollar General Corporation †		8,091		494,441
Dollar Tree Incorporated †		5,484		307,488
Family Dollar Stores Incorporated		2,550		196,962
Kohl’s Corporation		5,455		332,919
Macy’s Incorporated		9,414		547,707
Nordstrom Incorporated		3,802		259,943
Target Corporation		16,895		1,058,979

				3,198,439


Specialty Retail: 1.25%
AutoNation Incorporated †		2,087		104,997
AutoZone Incorporated †		868		442,385

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Index Asset Allocation Fund			11


Security name	Shares		Value


Specialty Retail (continued)
Bed Bath & Beyond Incorporated †		5,384	$	354,429
Best Buy Company Incorporated		7,737		259,886
CarMax Incorporated †		5,847		271,593
GameStop Corporation Class A «		3,003		123,724
Gap Incorporated		7,307		304,629
L Brands Incorporated		6,546		438,451
Lowe’s Companies Incorporated		26,318		1,392,749
O’Reilly Automotive Incorporated †		2,767		416,046
PetSmart Incorporated		2,649		185,668
Ross Stores Incorporated		5,597		423,021
Staples Incorporated		17,179		207,866
The Home Depot Incorporated		35,888		3,292,365
Tiffany & Company		2,998		288,737
TJX Companies Incorporated		18,478		1,093,343
Tractor Supply Company		3,670		225,742
Urban Outfitters Incorporated †		2,720		99,824

				9,925,455


Textiles, Apparel & Luxury Goods: 0.49%
Coach Incorporated		7,321		260,701
Fossil Group Incorporated †		1,242		116,624
Michael Kors Holdings Limited †		5,474		390,789
Nike Incorporated Class B		18,752		1,672,678
PVH Corporation		2,196		266,045
Ralph Lauren Corporation		1,619		266,698
Under Armour Incorporated Class A †		4,435		306,459
VF Corporation		9,197		607,278

				3,887,272


Consumer Staples: 5.62%

Beverages : 1.29%
Brown-Forman Corporation Class B		4,213		380,097
Coca-Cola Enterprises Incorporated		6,022		267,136
Constellation Brands Incorporated Class A †		4,468		389,431
Dr Pepper Snapple Group Incorporated		5,205		334,734
Molson Coors Brewing Company		4,246		316,072
Monster Beverage Corporation †		3,834		351,463
PepsiCo Incorporated		40,177		3,740,077
The Coca-Cola Company		105,252		4,490,050

				10,269,060


Food & Staples Retailing: 1.31%
Costco Wholesale Corporation		11,685		1,464,364
CVS Health Corporation		30,881		2,457,819
Safeway Incorporated		6,145		210,774
Sysco Corporation		15,644		593,690
The Kroger Company		13,037		677,924
Wal-Mart Stores Incorporated		42,104		3,219,693

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


12		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Food & Staples Retailing (continued)
Walgreen Company		23,466	$	1,390,830
Whole Foods Market Incorporated		9,631		367,037

				10,382,131


Food Products: 0.94%
Archer Daniels Midland Company		17,212		879,533
Campbell Soup Company		4,770		203,822
ConAgra Foods Incorporated		11,266		372,229
General Mills Incorporated		16,333		824,000
Hormel Foods Corporation		3,580		183,976
JM Smucker Company		2,715		268,758
Kellogg Company		6,815		419,804
Keurig Green Mountain Incorporated		3,249		422,792
Kraft Foods Group Incorporated		15,838		893,263
McCormick & Company Incorporated		3,462		231,608
Mead Johnson Nutrition Company		5,390		518,626
Mondelez International Incorporated Class A		44,952		1,540,280
The Hershey Company		3,976		379,430
Tyson Foods Incorporated Class A		7,807		307,362

				7,445,483


Household Products: 1.13%
Clorox Company		3,433		329,705
Colgate-Palmolive Company		22,889		1,492,821
Kimberly-Clark Corporation		9,971		1,072,580
The Procter & Gamble Company		72,197		6,045,777

				8,940,883


Personal Products: 0.07%
Avon Products Incorporated		11,587		145,996
Estee Lauder Companies Incorporated Class A		5,998		448,171

				594,167


Tobacco: 0.88%
Altria Group Incorporated		52,888		2,429,675
Lorillard Incorporated		9,597		574,956
Philip Morris International		41,651		3,473,693
Reynolds American Incorporated		8,213		484,567
				6,962,891


Energy: 5.71%

Energy Equipment & Services: 1.07%
Baker Hughes Incorporated		11,600		754,696
Cameron International Corporation †		5,408		358,983
Diamond Offshore Drilling Incorporated «		1,790		61,343
Ensco plc Class A		6,229		257,320
FMC Technologies Incorporated †		6,263		340,144
Halliburton Company		22,677		1,462,893
Helmerich & Payne Incorporated		2,885		282,355

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Index Asset Allocation Fund			13


Security name	Shares		Value


Energy Equipment & Services (continued)
Nabors Industries Limited		7,713	$	175,548
National Oilwell Varco Incorporated		11,473		873,095
Noble Corporation plc		6,777		150,585
Schlumberger Limited		34,565		3,514,915
Transocean Limited «		9,078		290,224

				8,522,101


Oil, Gas & Consumable Fuels: 4.64%
Anadarko Petroleum Corporation		13,490		1,368,426
Apache Corporation		10,197		957,192
Cabot Oil & Gas Corporation		11,129		363,807
Chesapeake Energy Corporation		13,849		318,389
Chevron Corporation		50,634		6,041,649
Cimarex Energy Company		2,318		293,297
ConocoPhillips Company		32,786		2,508,785
CONSOL Energy Incorporated		6,135		232,271
Denbury Resources Incorporated		9,395		141,207
Devon Energy Corporation		10,255		699,186
EOG Resources Incorporated		14,595		1,445,197
EQT Corporation		4,038		369,639
Exxon Mobil Corporation		113,712		10,694,614
Hess Corporation		6,976		657,976
Kinder Morgan Incorporated «		17,542		672,560
Marathon Oil Corporation		17,981		675,906
Marathon Petroleum Corporation		7,552		639,428
Murphy Oil Corporation		4,449		253,193
Newfield Exploration Company †		3,641		134,972
Noble Energy Incorporated		9,608		656,803
Occidental Petroleum Corporation		20,787		1,998,670
ONEOK Incorporated		5,545		363,475
Phillips 66		14,902		1,211,682
Pioneer Natural Resources Company		3,816		751,638
QEP Resources Incorporated		4,416		135,924
Range Resources Corporation		4,496		304,874
Southwestern Energy Company †		9,418		329,159
Spectra Energy Corporation		17,887		702,244
Tesoro Corporation		3,419		208,491
The Williams Companies Incorporated		17,935		992,702
Valero Energy Corporation		14,075		651,250

				36,774,606


Financials: 9.60%

Banks: 3.56%
Bank of America Corporation		280,397		4,780,769
Branch Banking & Trust Corporation		19,187		713,948
Citigroup Incorporated		80,841		4,189,181
Comerica Incorporated		4,822		240,425
Fifth Third Bancorp		22,242		445,285
Huntington Bancshares Incorporated		21,784		211,958

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


14		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Banks (continued)
JPMorgan Chase & Company		100,292	$	6,041,590
KeyCorp		23,381		311,669
M&T Bank Corporation		3,519		433,858
PNC Financial Services Group Incorporated		14,416		1,233,721
Regions Financial Corporation		36,758		369,050
SunTrust Banks Incorporated		14,156		538,353
US Bancorp		48,046		2,009,764
Wells Fargo & Company (l)		126,668		6,570,269
Zions Bancorporation		5,408		157,156

				28,246,996


Capital Markets: 1.34%
Affiliated Managers Group Incorporated †		1,482		296,934
Ameriprise Financial Incorporated		4,992		615,913
Bank of New York Mellon Corporation		30,173		1,168,600
BlackRock Incorporated		3,363		1,104,140
Charles Schwab Corporation		30,584		898,864
ETRADE Financial Corporation †*		7,699		173,920
Franklin Resources Incorporated		10,505		573,678
Goldman Sachs Group Incorporated		10,925		2,005,502
Invesco Limited		11,539		455,560
Legg Mason Incorporated		2,715		138,899
Morgan Stanley		40,834		1,411,631
Northern Trust Corporation		5,904		401,649
State Street Corporation		11,293		831,278
T. Rowe Price Group Incorporated		7,014		549,898

				10,626,466


Consumer Finance: 0.54%
American Express Company		23,999		2,100,872
Capital One Financial Corporation		14,968		1,221,688
Discover Financial Services		12,314		792,898
Navient Corporation		11,185		198,086

				4,313,544


Diversified Financial Services: 1.18%
Berkshire Hathaway Incorporated Class B †		48,609		6,714,847
CME Group Incorporated		8,422		673,381
IntercontinentalExchange Group Incorporated		3,022		589,441
Leucadia National Corporation		8,450		201,448
McGraw Hill Financial Incorporated		7,221		609,813
Moody’s Corporation		4,955		468,248
The NASDAQ OMX Group Incorporated		3,150		133,623

				9,390,801


Insurance: 1.64%
ACE Limited		8,951		938,691
AFLAC Incorporated		12,077		703,485
Allstate Corporation		11,558		709,314

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Index Asset Allocation Fund			15


Security name	Shares		Value


Insurance (continued)
American International Group Incorporated		38,046	$	2,055,245
Aon plc		7,746		679,092
Assurant Incorporated		1,903		122,363
Chubb Corporation		6,414		584,187
Cincinnati Financial Corporation		3,925		184,671
Genworth Financial Incorporated †		13,240		173,444
Lincoln National Corporation		6,962		373,024
Loews Corporation		8,129		338,654
Marsh & McLennan Companies Incorporated		14,515		759,715
MetLife Incorporated		29,988		1,610,955
Principal Financial Group Incorporated		7,288		382,401
Prudential Financial Incorporated		12,266		1,078,672
The Hartford Financial Services Group Incorporated		11,940		444,765
The Progressive Corporation		14,349		362,743
The Travelers Companies Incorporated		9,040		849,218
Torchmark Corporation		3,481		182,300
UNUM Group		6,791		233,475
XL Group plc		7,080		234,844

				13,001,258


Real Estate Management & Development: 0.03%
CBRE Group Incorporated †		7,439		221,236


REITs: 1.28%
American Tower Corporation		10,562		988,920
Apartment Investment & Management Company Class A		3,896		123,971
AvalonBay Communities Incorporated		3,500		493,395
Boston Properties Incorporated		4,081		472,417
Crown Castle International Corporation		8,904		717,039
Equity Residential		9,645		593,939
Essex Property Trust Incorporated		1,691		302,266
General Growth Properties Incorporated		16,730		393,992
HCP Incorporated		12,234		485,812
Health Care REIT Incorporated		8,639		538,814
Host Hotels & Resorts Incorporated		20,183		430,503
Kimco Realty Corporation		10,958		240,090
Plum Creek Timber Company		4,723		184,244
Prologis Incorporated		13,329		502,503
Public Storage Incorporated		3,868		641,469
Simon Property Group Incorporated		8,285		1,362,220
The Macerich Company		3,750		239,363
Ventas Incorporated		7,850		486,308
Vornado Realty Trust		4,652		465,014
Weyerhaeuser Company		14,086		448,780

				10,111,059


Thrifts & Mortgage Finance: 0.03%
Hudson City Bancorp Incorporated		12,828		124,688
People’s United Financial Incorporated		8,275		119,739

				244,427

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


16		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Health Care: 8.18%

Biotechnology: 1.70%
Alexion Pharmaceuticals Incorporated †		5,275	$	874,701
Amgen Incorporated		20,254		2,844,877
Biogen Idec Incorporated †		6,296		2,082,780
Celgene Corporation †		21,316		2,020,330
Gilead Sciences Incorporated †		40,304		4,290,361
Regeneron Pharmaceuticals Incorporated †		1,965		708,422
Vertex Pharmaceuticals Incorporated †		6,348		712,944

				13,534,415


Health Care Equipment & Supplies: 1.21%
Abbott Laboratories		40,092		1,667,426
Baxter International Incorporated		14,444		1,036,646
Becton Dickinson & Company		5,115		582,138
Boston Scientific Corporation †		35,350		417,484
C.R. Bard Incorporated		1,987		283,565
CareFusion Corporation †		5,408		244,712
Covidien plc		12,045		1,042,013
DENTSPLY International Incorporated		3,778		172,277
Edwards Lifesciences Corporation †		2,829		288,982
Intuitive Surgical Incorporated †		958		442,424
Medtronic Incorporated		26,115		1,617,824
St. Jude Medical Incorporated		7,590		456,387
Stryker Corporation		7,973		643,820
Varian Medical Systems Incorporated †		2,753		220,570
Zimmer Holdings Incorporated		4,506		453,078

				9,569,346


Health Care Providers & Services: 1.27%
Aetna Incorporated		9,456		765,936
AmerisourceBergen Corporation		5,681		439,141
Cardinal Health Incorporated		8,974		672,332
Cigna Corporation		7,033		637,823
DaVita HealthCare Partners Incorporated †		4,581		335,054
Express Scripts Holding Company †		19,876		1,403,842
Humana Incorporated		4,113		535,883
Laboratory Corporation of America Holdings †		2,262		230,159
McKesson Corporation		6,173		1,201,698
Patterson Companies Incorporated		2,309		95,662
Quest Diagnostics Incorporated		3,849		233,557
Tenet Healthcare Corporation †		2,611		155,067
UnitedHealth Group Incorporated		25,907		2,234,479
Universal Health Services Incorporated Class B		2,431		254,040
WellPoint Incorporated		7,312		874,661

				10,069,334


Health Care Technology: 0.06%
Cerner Corporation †		8,091		481,981

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Index Asset Allocation Fund			17


Security name	Shares		Value


Life Sciences Tools & Services: 0.27%
Agilent Technologies Incorporated		8,894	$	506,780
PerkinElmer Incorporated		3,008		131,149
Thermo Fisher Scientific Incorporated		10,637		1,294,523
Waters Corporation †		2,238		221,831

				2,154,283


Pharmaceuticals: 3.67%
AbbVie Incorporated		42,441		2,451,392
Actavis plc †		7,047		1,700,300
Allergan Incorporated		7,925		1,412,156
Bristol-Myers Squibb Company		44,207		2,262,514
Eli Lilly & Company		26,214		1,699,978
Hospira Incorporated †		4,496		233,927
Johnson & Johnson		75,201		8,015,675
Mallinckrodt plc †		3,017		271,983
Merck & Company Incorporated		76,916		4,559,580
Mylan Laboratories Incorporated †		9,976		453,808
Perrigo Company plc		3,565		535,427
Pfizer Incorporated		169,075		4,999,548
Zoetis Incorporated		13,363		493,763

				29,090,051


Industrials: 6.07%

Aerospace & Defense: 1.55%
General Dynamics Corporation		8,468		1,076,198
Honeywell International Incorporated		20,868		1,943,228
L-3 Communications Holdings Incorporated		2,299		273,397
Lockheed Martin Corporation		7,193		1,314,737
Northrop Grumman Corporation		5,545		730,609
Precision Castparts Corporation		3,826		906,303
Raytheon Company		8,285		841,922
Rockwell Collins Incorporated		3,603		282,836
Textron Incorporated		7,444		267,910
The Boeing Company		17,868		2,276,026
United Technologies Corporation		22,687		2,395,747

				12,308,913


Air Freight & Logistics: 0.44%
C.H. Robinson Worldwide Incorporated		3,925		260,306
Expeditors International of Washington Incorporated		5,200		211,016
FedEx Corporation		7,075		1,142,259
United Parcel Service Incorporated Class B		18,757		1,843,626

				3,457,207


Airlines: 0.18%
Delta Air Lines Incorporated		22,478		812,580
Southwest Airlines Company		18,270		616,978

				1,429,558

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


18		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Building Products: 0.05%
Allegion plc		2,559	$	121,911
Masco Corporation		9,503		227,312

				349,223


Commercial Services & Supplies: 0.28%
Cintas Corporation		2,573		181,628
Iron Mountain Incorporated		4,581		149,570
Pitney Bowes Incorporated		5,408		135,146
Republic Services Incorporated		6,735		262,800
Stericycle Incorporated †		2,262		263,659
The ADT Corporation «		4,638		164,463
Tyco International Limited		11,827		527,129
Waste Management Incorporated		11,568		549,827

				2,234,222


Construction & Engineering: 0.08%
Fluor Corporation		4,199		280,451
Jacobs Engineering Group Incorporated †		3,546		173,116
Quanta Services Incorporated †		5,781		209,792

				663,359


Electrical Equipment: 0.34%
AMETEK Incorporated		6,551		328,926
Eaton Corporation plc		12,687		803,975
Emerson Electric Company		18,610		1,164,614
Rockwell Automation Incorporated		3,675		403,809

				2,701,324


Industrial Conglomerates: 1.38%
3M Company		17,278		2,447,947
Danaher Corporation		16,253		1,234,903
General Electric Company		267,544		6,854,477
Roper Industries Incorporated		2,668		390,302

				10,927,629


Machinery: 0.92%
Caterpillar Incorporated		16,740		1,657,762
Cummins Incorporated		4,562		602,093
Deere & Company «		9,555		783,414
Dover Corporation		4,439		356,585
Flowserve Corporation		3,646		257,116
Illinois Tool Works Incorporated		9,725		820,985
Ingersoll-Rand plc		7,132		401,960
Joy Global Incorporated		2,616		142,677
Paccar Incorporated		9,461		538,094
Pall Corporation		2,847		238,294
Parker Hannifin Corporation		3,968		452,947
Pentair plc		5,134		336,226

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Index Asset Allocation Fund			19


Security name	Shares		Value


Machinery (continued)
Snap-On Incorporated		1,549	$	187,553
Stanley Black & Decker Incorporated		4,165		369,810
Xylem Incorporated		4,869		172,801

				7,318,317


Professional Services: 0.11%
Dun & Bradstreet Corporation		968		113,711
Equifax Incorporated		3,245		242,531
Nielsen Holdings NV		8,110		359,516
Robert Half International Incorporated		3,665		179,585

				895,343


Road & Rail: 0.61%
CSX Corporation		26,654		854,527
Kansas City Southern		2,942		356,570
Norfolk Southern Corporation		8,251		920,812
Ryder System Incorporated		1,417		127,487
Union Pacific Corporation		23,929		2,594,382

				4,853,778


Trading Companies & Distributors: 0.13%
Fastenal Company		7,278		326,782
United Rentals Incorporated †		2,554		283,749
W.W. Grainger Incorporated		1,624		408,680

				1,019,211


Information Technology: 11.58%

Communications Equipment: 0.98%
Cisco Systems Incorporated		135,963		3,422,189
F5 Networks Incorporated †		1,974		234,393
Harris Corporation		2,791		185,322
Juniper Networks Incorporated		10,707		237,160
Motorola Solutions Incorporated		5,885		372,403
QUALCOMM Incorporated		44,688		3,341,322

				7,792,789


Electronic Equipment, Instruments & Components: 0.24%
Amphenol Corporation Class A		4,180		417,415
Corning Incorporated		34,423		665,741
FLIR Systems Incorporated		3,778		118,403
Jabil Circuit Incorporated		5,328		107,466
TE Connectivity Limited		10,911		603,269

				1,912,294


Internet Software & Services: 2.03%
Akamai Technologies Incorporated †		4,751		284,110
eBay Incorporated †		30,116		1,705,469
Facebook Incorporated Class A †		51,995		4,109,685

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


20		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Internet Software & Services (continued)
Google Incorporated Class A †		7,576	$	4,457,794
Google Incorporated Class C †		7,576		4,374,079
VeriSign Incorporated †«		2,998		165,250
Yahoo! Incorporated †		24,665		1,005,099

				16,101,486


IT Services: 1.94%
Accenture plc		16,829		1,368,534
Alliance Data Systems Corporation †		1,478		366,943
Automatic Data Processing Incorporated		12,823		1,065,335
Cognizant Technology Solutions Corporation Class A †		16,210		725,722
Computer Sciences Corporation		3,868		236,528
Fidelity National Information Services Incorporated		7,609		428,387
Fiserv Incorporated †		6,646		429,564
International Business Machines Corporation		24,736		4,695,635
MasterCard Incorporated Class A		26,243		1,939,883
Paychex Incorporated		8,715		385,203
Teradata Corporation †		4,132		173,213
Total System Services Incorporated		4,406		136,410
Visa Incorporated Class A		13,126		2,800,695
Western Union Company		14,127		226,597
Xerox Corporation		28,902		382,373

				15,361,022


Semiconductors & Semiconductor Equipment: 1.44%
Altera Corporation		8,237		294,720
Analog Devices Incorporated		8,379		414,677
Applied Materials Incorporated		32,488		702,066
Avago Technologies Limited		6,712		583,944
Broadcom Corporation Class A		14,340		579,623
First Solar Incorporated †		2,002		131,752
Intel Corporation		132,014		4,596,727
KLA-Tencor Corporation		4,411		347,499
Lam Research Corporation		4,321		322,779
Linear Technology Corporation		6,357		282,187
Microchip Technology Incorporated «		5,342		252,303
Micron Technology Incorporated †		28,553		978,226
NVIDIA Corporation		13,726		253,245
Texas Instruments Incorporated		28,463		1,357,400
Xilinx Incorporated		7,161		303,268

				11,400,416


Software: 2.25%
Adobe Systems Incorporated †		12,597		871,586
Autodesk Incorporated †		6,060		333,906
CA Incorporated		8,544		238,719
Citrix Systems Incorporated †		4,383		312,683
Electronic Arts Incorporated †		8,336		296,845
Intuit Incorporated		7,571		663,598
Microsoft Corporation		219,706		10,185,570

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Index Asset Allocation Fund			21


Security name	Shares		Value


Software (continued)
Oracle Corporation		86,712	$	3,319,335
Red Hat Incorporated †		5,040		282,996
Salesforce.com Incorporated †		15,351		883,143
Symantec Corporation		18,411		432,843

				17,821,224


Technology Hardware, Storage & Peripherals: 2.70%
Apple Incorporated		159,662		16,085,947
EMC Corporation		54,093		1,582,761
Hewlett-Packard Company		49,761		1,765,023
NetApp Incorporated		8,511		365,633
SanDisk Corporation		5,979		585,643
Seagate Technology plc		8,715		499,108
Western Digital Corporation		5,866		570,879

				21,454,994


Materials: 2.04%

Chemicals: 1.51%
Air Products & Chemicals Incorporated		5,110		665,220
Airgas Incorporated		1,790		198,064
CF Industries Holdings Incorporated		1,322		369,129
Dow Chemical Company		29,928		1,569,424
E.I. du Pont de Nemours & Company		24,405		1,751,303
Eastman Chemical Company		3,976		321,619
Ecolab Incorporated		7,189		825,513
FMC Corporation		3,551		203,082
International Flavors & Fragrances Incorporated		2,162		207,293
LyondellBasell Industries NV Class A		11,336		1,231,770
Monsanto Company		13,986		1,573,565
Mosaic Company		8,492		377,130
PPG Industries Incorporated		3,675		723,020
Praxair Incorporated		7,788		1,004,652
Sigma-Aldrich Corporation		3,173		431,560
The Sherwin-Williams Company		2,215		485,063

				11,937,407


Construction Materials: 0.05%
Martin Marietta Materials Incorporated		1,643		211,848
Vulcan Materials Company		3,490		210,203

				422,051


Containers & Packaging: 0.12%
Avery Dennison Corporation		2,498		111,536
Ball Corporation		3,688		233,340
Bemis Company Incorporated		2,664		101,285
MeadWestvaco Corporation		4,492		183,902
Owens-Illinois Incorporated †		4,397		114,542
Sealed Air Corporation		5,654		197,212

				941,817

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


22		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Metals & Mining: 0.29%
Alcoa Incorporated		31,364	$	504,647
Allegheny Technologies Incorporated		2,899		107,553
Freeport-McMoRan Copper & Gold Incorporated Class B		27,703		904,503
Newmont Mining Corporation		13,301		306,588
Nucor Corporation		8,503		461,543

				2,284,834


Paper & Forest Products: 0.07%
International Paper Company		11,387		543,615


Telecommunication Services: 1.43%

Diversified Telecommunication Services: 1.43%
AT&T Incorporated		138,278		4,872,917
CenturyLink Incorporated		15,204		621,692
Frontier Communications Corporation «		26,719		173,941
Verizon Communications Incorporated		110,528		5,525,295
Windstream Holdings Incorporated «		16,069		173,224

				11,367,069


Utilities: 1.77%

Electric Utilities: 1.00%
American Electric Power Company Incorporated		13,032		680,401
Duke Energy Corporation		18,860		1,410,162
Edison International		8,686		485,721
Entergy Corporation		4,789		370,333
Exelon Corporation		22,908		780,934
FirstEnergy Corporation		11,208		376,253
NextEra Energy Incorporated		11,634		1,092,200
Northeast Utilities		8,426		373,272
Pepco Holdings Incorporated		6,693		179,105
Pinnacle West Capital Corporation		2,942		160,751
PPL Corporation		17,712		581,662
The Southern Company		23,881		1,042,406
Xcel Energy Incorporated		13,476		409,670

				7,942,870


Gas Utilities: 0.02%
AGL Resources Incorporated		3,183		163,415


Independent Power & Renewable Electricity Producers: 0.07%
AES Corporation		17,741		251,567
NRG Energy Incorporated		9,003		274,411

				525,978


Multi-Utilities: 0.68%
Ameren Corporation		6,471		248,033
CenterPoint Energy Incorporated		11,459		280,402
CMS Energy Corporation		7,330		217,408
Consolidated Edison Incorporated		7,807		442,345

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Index Asset Allocation Fund			23


Security name						Shares		Value


Multi-Utilities (continued)
Dominion Resources Incorporated							15,535	$	1,073,313
DTE Energy Company							4,718		358,945
Integrys Energy Group Incorporated							2,129		138,002
NiSource Incorporated							8,407		344,519
PG&E Corporation							12,569		566,108
Public Service Enterprise Group Incorporated							13,490		502,346
SCANA Corporation							3,788		187,923
Sempra Energy							6,164		649,562
TECO Energy Incorporated							6,221		108,121
Wisconsin Energy Corporation							6,012		258,516

									5,375,543


Total Common Stocks (Cost $256,672,851)									467,094,730


	Interest rate			Maturity date		Principal

Non-Agency Mortgage Backed Securities: 0.00%
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA ±		0.48	%		12-25-2034	$	24,097		21,046
Terwin Mortgage Trust Series 2004-21HE Class 1A1 ±		1.11			12-25-2034		532		527

Total Non-Agency Mortgage Backed Securities (Cost $24,629)									21,573


U.S. Treasury Securities: 38.82%
U.S. Treasury Bond		2.75			8-15-2042		11,977,000		10,973,926
U.S. Treasury Bond		2.75			11-15-2042		10,660,000		9,753,900
U.S. Treasury Bond		2.88			5-15-2043		12,560,000		11,767,150
U.S. Treasury Bond		3.00			5-15-2042		8,536,000		8,242,575
U.S. Treasury Bond		3.13			11-15-2041		11,934,000		11,837,036
U.S. Treasury Bond		3.13			2-15-2042		9,800,000		9,705,058
U.S. Treasury Bond		3.13			2-15-2043		13,024,000		12,836,780
U.S. Treasury Bond		3.38			5-15-2044		8,800,000		9,086,000
U.S. Treasury Bond		3.50			2-15-2039		7,415,000		7,890,020
U.S. Treasury Bond		3.63			8-15-2043		11,845,000		12,803,711
U.S. Treasury Bond		3.63			2-15-2044		8,800,000		9,510,873
U.S. Treasury Bond		3.75			8-15-2041		15,975,000		17,737,234
U.S. Treasury Bond		3.75			11-15-2043		11,905,000		13,158,739
U.S. Treasury Bond		3.88			8-15-2040		12,868,000		14,568,995
U.S. Treasury Bond		4.25			5-15-2039		10,503,000		12,565,852
U.S. Treasury Bond		4.25			11-15-2040		14,576,000		17,509,420
U.S. Treasury Bond		4.38			2-15-2038		3,478,000		4,221,965
U.S. Treasury Bond		4.38			11-15-2039		12,725,000		15,528,470
U.S. Treasury Bond		4.38			5-15-2040		14,734,000		18,016,912
U.S. Treasury Bond		4.38			5-15-2041		13,209,000		16,203,731
U.S. Treasury Bond		4.50			2-15-2036		7,019,000		8,665,173
U.S. Treasury Bond		4.50			5-15-2038		4,558,000		5,636,250
U.S. Treasury Bond		4.50			8-15-2039		7,736,000		9,602,310
U.S. Treasury Bond		4.63			2-15-2040		13,479,000		17,071,989
U.S. Treasury Bond		4.75			2-15-2037		2,550,000		3,258,023
U.S. Treasury Bond		4.75			2-15-2041		11,532,000		14,939,349
U.S. Treasury Bond		5.00			5-15-2037		3,615,000		4,770,672

Total U.S. Treasury Securities (Cost $277,081,325)									307,862,113

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


24		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—September 30, 2014


Security name	Yield					Shares		Value


Short-Term Investments: 2.46%

Investment Companies: 1.89%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%				11,735,483	$	11,735,483
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)		0.11					3,228,200		3,228,200

									14,963,683


				Maturity date		Principal
U.S. Treasury Securities: 0.57%
U.S. Treasury Bill (z)#		0.02			12-11-2014	$	4,510,000		4,509,865


Total Short-Term Investments (Cost $19,473,550)									19,473,548


Total investments in securities (Cost $553,345,880) *	100.18	%		794,559,703
Other assets and liabilities, net	(0.18	)		(1,433,945	)

Total net assets	100.00	%	$	793,125,758

†	Non-income-earning security

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

(l)	The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

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

(u)	The rate represents the 7-day annualized yield at period end.

(r)	The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

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

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

*	Cost for federal income tax purposes is $578,261,535 and unrealized gains (losses) consists of:


Gross unrealized gains	$	245,843,342
Gross unrealized losses		(29,545,174	)

Net unrealized gains	$	216,298,168

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


Statement of assets and liabilities—September 30, 2014		Wells Fargo Advantage Index Asset Allocation Fund			25




Assets
Investments
In unaffiliated securities (including $3,134,534 of securities loaned), at value (cost $534,723,488)	$	773,025,751
In affiliated securities, at value (cost $18,622,392)		21,533,952

Total investments, at value (cost $553,345,880)		794,559,703
Principal paydown receivable		8
Receivable for Fund shares sold		326,437
Receivable for dividends and interest		3,214,508
Receivable for daily variation margin on open futures contracts		161,688
Prepaid expenses and other assets		29,630

Total assets		798,291,974


Liabilities
Payable for Fund shares redeemed		937,835
Payable upon receipt of securities loaned		3,228,200
Payable for daily variation margin on open futures contracts		135,000
Advisory fee payable		320,008
Distribution fees payable		15,058
Administration fees payable		195,510
Accrued expenses and other liabilities		334,605

Total liabilities		5,166,216

Total net assets	$	793,125,758


NET ASSETS CONSIST OF
Paid-in capital	$	591,730,926
Undistributed net investment income		249,270
Accumulated net realized losses on investments		(39,931,153	)
Net unrealized gains on investments		241,076,715

Total net assets	$	793,125,758


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	708,873,236
Shares outstanding – Class A¹		25,140,173
Net asset value per share – Class A		$28.20
Maximum offering price per share – Class A²		$29.92
Net assets – Class B	$	375,881
Shares outstanding – Class B¹		21,689
Net asset value per share – Class B		$17.33
Net assets – Class C	$	24,093,462
Shares outstanding – Class C¹		1,400,826
Net asset value per share – Class C		$17.20
Net assets – Administrator Class	$	59,783,179
Shares outstanding – Administrator Class¹		2,119,095
Net asset value per share – Administrator Class		$28.21

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, 2014




Investment income
Dividends (net of foreign withholding taxes of $172)	$	9,351,600
Interest		9,837,972
Income from affiliated securities		181,789
Securities lending income, net		13,099

Total investment income		19,384,460


Expenses
Advisory fee		4,391,129
Administration fees
Fund level		376,466
Class A		1,793,790
Class B		1,820
Class C		54,087
Administrator Class		41,511
Shareholder servicing fees
Class A		1,724,798
Class B		1,750
Class C		52,007
Administrator Class		102,529
Distribution fees
Class B		5,250
Class C		156,020
Custody and accounting fees		82,273
Professional fees		41,070
Registration fees		48,370
Shareholder report expenses		98,974
Trustees’ fees and expenses		16,027
Other fees and expenses		116,894

Total expenses		9,104,765
Less: Fee waivers and/or expense reimbursements		(388,549	)

Net expenses		8,716,216

Net investment income		10,668,244


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		7,514,426
Affiliated securities		(260,052	)
Futures transactions		6,045,253

Net realized gains on investments		13,299,627


Net change in unrealized gains (losses) on:
Unaffiliated securities		85,825,577
Affiliated securities		1,662,836
Futures transactions		4,649,433

Net change in unrealized gains (losses) on investments		92,137,846

Net realized and unrealized gains (losses) on investments		105,437,473

Net increase in net assets resulting from operations	$	116,105,717

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, 2014						Year ended September 30, 2013

Operations
Net investment income				$	10,668,244					$	9,885,514
Net realized gains on investments					13,299,627						63,746,687
Net change in unrealized gains (losses) on investments					92,137,846						4,870,014

Net increase in net assets resulting from operations					116,105,717						78,502,215


Distributions to shareholders from
Net investment income
Class A					(9,743,367	)					(9,198,118	)
Class B					(3,563	)					(8,772	)
Class C					(152,334	)					(124,004	)
Administrator Class					(724,385	)					(530,976	)

Total distributions to shareholders					(10,623,649	)					(9,861,870	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		591,267			16,074,038			518,464			12,159,310
Class B		747			12,307			16,871			232,365
Class C		330,562			5,479,355			187,338			2,697,161
Administrator Class		981,981			26,838,964			440,188			10,162,386

					48,404,664						25,251,222

Reinvestment of distributions
Class A		355,763			9,552,879			389,059			8,999,422
Class B		197			3,194			597			8,342
Class C		8,563			140,435			8,341			117,681
Administrator Class		18,586			500,182			18,155			421,051

					10,196,690						9,546,496

Payment for shares redeemed
Class A		(2,675,484	)		(71,220,899	)		(3,106,115	)		(71,606,237	)
Class B		(51,475	)		(831,865	)		(105,017	)		(1,492,465	)
Class C		(221,022	)		(3,546,915	)		(147,111	)		(2,098,824	)
Administrator Class		(291,552	)		(7,845,444	)		(397,089	)		(8,908,479	)

					(83,445,123	)					(84,106,005	)

Net decrease in net assets resulting from capital share transactions					(24,843,769	)					(49,308,287	)

Total increase in net assets					80,638,299						19,332,058


Net assets
Beginning of period					712,487,459						693,155,401

End of period				$	793,125,758					$	712,487,459

Undistributed net investment income				$	249,270					$	298,160

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


28		Wells Fargo Advantage Index Asset Allocation Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended September 30
CLASS A	2014			2013			2012			2011			2010
Net asset value, beginning of period	$	24.48		$	22.17		$	18.12		$	17.56		$	16.42
Net investment income		0.38			0.34			0.29			0.30			0.28
Net realized and unrealized gains (losses) on investments		3.72			2.31			4.05			0.56			1.14

Total from investment operations		4.10			2.65			4.34			0.86			1.42
Distributions to shareholders from
Net investment income		(0.38	)		(0.34	)		(0.29	)		(0.30	)		(0.28	)
Net asset value, end of period	$	28.20		$	24.48		$	22.17		$	18.12		$	17.56
Total return¹		16.83	%		12.02	%		24.07	%		4.84	%		8.72	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.18	%		1.17	%		1.18	%		1.26	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.14	%
Net investment income		1.42	%		1.43	%		1.39	%		1.54	%		1.64	%
Supplemental data
Portfolio turnover rate		9	%		11	%		16	%		18	%		28	%
Net assets, end of period (000s omitted)		$708,873			$657,702			$644,365			$575,248			$626,119

1.	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	2014			2013			2012			2011			2010
Net asset value, beginning of period	$	15.03		$	13.59		$	11.10		$	10.74		$	10.02
Net investment income		0.11	¹		0.10	¹		0.08	¹		0.09	¹		0.09	¹
Net realized and unrealized gains (losses) on investments		2.28			1.42			2.48			0.35			0.70

Total from investment operations		2.39			1.52			2.56			0.44			0.79
Distributions to shareholders from
Net investment income		(0.09	)		(0.08	)		(0.07	)		(0.08	)		(0.07	)
Net asset value, end of period	$	17.33		$	15.03		$	13.59		$	11.10		$	10.74
Total return²		15.90	%		11.22	%		23.08	%		4.11	%		7.90	%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.93	%		1.93	%		1.93	%		2.02	%
Net expenses		1.90	%		1.90	%		1.90	%		1.90	%		1.89	%
Net investment income		0.67	%		0.68	%		0.65	%		0.78	%		0.89	%
Supplemental data
Portfolio turnover rate		9	%		11	%		16	%		18	%		28	%
Net assets, end of period (000s omitted)		$376			$1,085			$2,171			$4,500			$8,753

1.	Calculated based upon average shares outstanding

2.	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	2014			2013			2012			2011			2010
Net asset value, beginning of period	$	14.94		$	13.53		$	11.06		$	10.72		$	10.00
Net investment income		0.11			0.10			0.08			0.09			0.09	¹
Net realized and unrealized gains (losses) on investments		2.27			1.41			2.47			0.34			0.71

Total from investment operations		2.38			1.51			2.55			0.43			0.80
Distributions to shareholders from
Net investment income		(0.12	)		(0.10	)		(0.08	)		(0.09	)		(0.08	)
Net asset value, end of period	$	17.20		$	14.94		$	13.53		$	11.06		$	10.72
Total return²		15.96	%		11.20	%		23.11	%		4.02	%		7.99	%
Ratios to average net assets (annualized)
Gross expenses		1.95	%		1.93	%		1.92	%		1.93	%		2.01	%
Net expenses		1.90	%		1.90	%		1.90	%		1.90	%		1.89	%
Net investment income		0.67	%		0.68	%		0.64	%		0.79	%		0.89	%
Supplemental data
Portfolio turnover rate		9	%		11	%		16	%		18	%		28	%
Net assets, end of period (000s omitted)		$24,093			$19,164			$16,699			$15,895			$17,839

1.	Calculated based upon average shares outstanding

2.	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	2014			2013			2012			2011			2010
Net asset value, beginning of period	$	24.49		$	22.18		$	18.14		$	17.57		$	16.44
Net investment income		0.45			0.40			0.34			0.34			0.31
Net realized and unrealized gains (losses) on investments		3.72			2.30			4.04			0.58			1.16

Total from investment operations		4.17			2.70			4.38			0.92			1.47
Distributions to shareholders from
Net investment income		(0.45	)		(0.39	)		(0.34	)		(0.35	)		(0.34	)
Net asset value, end of period	$	28.21		$	24.49		$	22.18		$	18.14		$	17.57
Total return		17.12	%		12.31	%		24.30	%		5.18	%		9.02	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.02	%		1.01	%		1.02	%		1.09	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.89	%
Net investment income		1.68	%		1.69	%		1.63	%		1.79	%		1.89	%
Supplemental data
Portfolio turnover rate		9	%		11	%		16	%		18	%		28	%
Net assets, end of period (000s omitted)		$59,783			$34,536			$29,920			$20,726			$17,630

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

Securities valuation

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

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

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

Security loans


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

Futures contracts

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes


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

differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At September 30, 2014, 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

$(93,485)

$93,485

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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


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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Agency securities	$	0	$	107,739	$	0	$	107,739

Common stocks
Consumer discretionary		54,641,303		0		0		54,641,303
Consumer staples		44,594,615		0		0		44,594,615
Energy		45,296,707		0		0		45,296,707
Financials		76,155,787		0		0		76,155,787
Health care		64,899,410		0		0		64,899,410
Industrials		48,158,084		0		0		48,158,084
Information technology		91,844,225		0		0		91,844,225
Materials		16,129,724		0		0		16,129,724
Telecommunication services		11,367,069		0		0		11,367,069
Utilities		14,007,806		0		0		14,007,806

Non-agency mortgage backed securities		0		21,573		0		21,573

U.S Treasury securities		307,862,113		0		0		307,862,113

Short-term investments
Investment companies		11,735,483		3,228,200		0		14,963,683
U.S. Treasury securities		4,509,865		0		0		4,509,865
		791,202,191		3,357,512		0		794,559,703
Futures contracts		161,688		0		0		161,688
Total assets	$	791,363,879	$	3,357,512	$	0	$	794,721,391
Liabilities
Futures contracts	$	135,000	$	0	$	0	$	135,000
Total liabilities	$	135,000	$	0	$	0	$	135,000

Futures contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date.

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.10% as the average daily net assets of the Fund increase.


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

Administration fees


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class B shares, 1.90% for Class C shares, and 0.90% for Administrator Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended September 30, 2014, Funds Distributor received $33,651 from the sale of Class A shares and $203 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended September 30, 2014 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$42,222,034	$20,374,589	$14,467,189	$50,137,247

6. DERIVATIVE TRANSACTIONS

During the year ended September 30, 2014, 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, 2014, the Fund had long and short futures contracts outstanding as follows:


Expiration date	Counterparty	Contracts	Type	Contract value at September 30, 2014		Unrealized gains (losses)
12-18-2014	Goldman Sachs	135 Long	S&P 500 Index	$	66,335,625	$	(715,320	)
12-19-2014	Goldman Sachs	430 Short	U.S. Treasury Bonds		59,299,688		598,567
12-19-2014	Goldman Sachs	32 Long	U.S. Treasury Bonds		4,413,000		(20,355	)


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

The Fund had an average notional amount of $80,983,364 and $68,175,182 in long and short futures contracts, respectively, during the year ended September 30, 2014.

On September 30, 2014, the cumulative unrealized losses on futures contracts in the amount of $137,108 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The receivable/payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

Asset derivatives

Liability derivatives

Statement of Assets and

Liabilities location

Fair value

Statement of Assets and
Liabilities location

Fair value

Interest rate contracts

Receivable for daily variation margin on open futures contracts

161,688

Payable for daily variation margin on open futures contracts

Equity contracts

Receivable for daily variation margin on open futures contracts

Payable for daily variation

margin on open futures contracts

135,000

161,688

135,000

*	Only the current day’s variation margin as of September 30, 2014 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, 2014 was as follows for the Fund:


	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity contracts	$	15,607,294		$	191,300
Interest rate contracts		(9,562,041	)		4,458,133
	$	6,045,253		$	4,649,433

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:


Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets
Futures – variation margin	Goldman Sachs	$161,688	($	135,000	)	$	0	$	26,688
Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Futures – variation margin	Goldman Sachs	$135,000	($	135,000	)	$	0		$0


38		Wells Fargo Advantage Index Asset Allocation Fund		Notes to financial statements

7. BANK BORROWINGS

For the year ended September 30, 2014, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $10,623,649 and $9,861,870 of ordinary income for the years ended September 30, 2014 and September 30, 2013, respectively.

As of September 30, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed

ordinary

income

Undistributed

long-term

gain

Unrealized

gains

$249,270

$3,044,548

$198,101,014

9. INDEMNIFICATION


Report of independent registered public accounting firm		Wells Fargo Advantage Index Asset Allocation Fund			39

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, 2014, 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, 2014, 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 Index Asset Allocation Fund as of September 30, 2014, 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.

LOGO

Boston, Massachusetts


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

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 82.39% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2014.

Pursuant to Section 854 of the Internal Revenue Code, $9,088,231 of income dividends paid during the fiscal year ended September 30, 2014 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2014, $5,409,508 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, 2014, 50.96% of the ordinary income distributed was derived from interest on U.S. government securities.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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. Mr. Harris is a certified public accountant.	CIGNA 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 complex (and its predecessors) from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


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


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 complex (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 or longer
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	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and 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 60 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


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

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Index Asset Allocation Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

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

Nature, extent and quality of services

Fund performance and expenses


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

other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the average performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, the Index Asset Allocation Composite Index, for the one-, three- and five-year periods under review and was lower than its benchmark for the 10-year period under review.

Investment advisory and sub-advisory fee rates

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

Profitability

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


Other information (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			45

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


46		Wells Fargo Advantage Index Asset Allocation Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Columbian Peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

228291 11-14

A227/AR227 09-14

Wells Fargo Advantage

C&B Mid Cap Value Fund

LOGO

Annual Report

LOGO

Reduce clutter. Save trees.

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			32

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Advantage Funds

Despite macroeconomic challenges, U.S. economic numbers showed improvement.

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, 2014. The period was marked by heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine and later as Islamic militants (formerly known as ISIS) gained territory in Iraq and Syria. Toward the end of the reporting period, market volatility increased as renewed fears of slowing global growth took hold, and investors began to price in expectations that the U.S. Federal Reserve (Fed) was finally looking to raise short-term interest rates. Although mid-cap stocks (measured by the Russell Midcap^® Index¹) ended the period with a double-digit gain, small-cap stocks (measured by the Russell 2000^® Index²) ended with a low single-digit return.

Major central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate near zero. In January 2014, the FOMC began to reduce (or taper) its bond-buying program by $10 billion per month and continued the taper throughout the reporting period. Some anticipated this action would lead to higher interest rates, however, interest rates followed a downward trend throughout the end of the reporting period, despite short-term volatility. European markets continued to benefit from the European Central Bank’s (ECB’s) actions. In June 2014, the ECB announced a variety of measures aimed at encouraging lending, including cutting its key rate and imposing for the first time a negative interest rate on bank deposits held at the central bank. In September 2014, the ECB cut its key rate to a historic low—to 0.05%—and pushed the deposit rate for banks to -0.20%.

Although the geopolitical situation presented challenges, U.S. stock markets gained on positive economic data.

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.

2.	The Russell 2000^®Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.


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

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period. However, slowing global economic growth, combined with renewed geopolitical concerns (including protests in Hong Kong), caused stock market weakness in September 2014. Although the Russell Midcap Index ended the period with a 15.83% gain, small-cap stocks were hit harder by the late-period uncertainty; the Russell 2000 Index ended with a relatively modest 3.93% return. Value stocks outperformed growth stocks in both the small-cap and the mid-cap space.

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

Sincerely,

LOGO

President

Wells Fargo Advantage Funds

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period.


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

Edward W. O’Connor, CFA

Mehul Trivedi, CFA

Michael M. Meyer, CFA

R. James O’Neil, CFA

Steve Lyons, CFA

William Weber, CFA

Average annual total returns¹ (%) as of September 30, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (CBMAX)	7-26-2004		0.64		13.65		7.61		6.78		15.01		8.25		1.39		1.21
Class B (CBMBX)*	7-26-2004		1.00		13.90		7.69		6.00		14.14		7.69		2.14		1.96
Class C (CBMCX)	7-26-2004		4.98		14.14		7.44		5.98		14.14		7.44		2.14		1.96
Administrator Class (CBMIX)	7-26-2004		–		–		–		6.82		15.06		8.37		1.23		1.16
Institutional Class (CBMSX)	7-26-2004		–		–		–		7.09		15.36		8.64		0.96		0.91
Investor Class (CBMDX)	2-18-1998		–		–		–		6.72		14.95		8.26		1.45		1.26
Russell Midcap^® Value Index⁴	–		–		–		–		17.46		17.24		10.17		–		–

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 a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			5

Growth of $10,000 investment⁵ as of September 30, 2014

LOGO

1.	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.

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

The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.20% for Class A, 1.95% for Class B, 1.95% for Class C, 1.15% for Administrator Class, 0.90% for Institutional Class, and 1.25% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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

The Fund underperformed the Russell Midcap Value Index for the 12-month period that ended September 30, 2014, primarily because of negative stock selection.

Stock selection detracted from relative performance, largely because of holdings in the financials, industrials, and information technology (IT) sectors.

Sector allocation was a modest detractor to relative performance.

Stock selection was the primary detractor to relative performance during the continued market rally.

Stock selection was negative during the period, driven by a mix of macroeconomic, investment style, and company-specific factors. For example, the financials sector’s most significant detractor, Stewart Information Services Corporation, lagged in part because of a reaction to housing data during the period. Although title insurer Stewart is exposed to housing weakness, we believe the market overreacted to short-term news flow and underappreciated the company’s long-term competitive position. In addition, the drag from the Fund’s holding in security provider Brink’s Company was due in large part to the currency turmoil in Venezuela; the company faced reduced revenue from its Venezuelan operations. Our bias toward high-quality companies and smaller-capitalization stocks also hindered performance in a period in which lower-quality and larger-capitalization stocks tended to outperform.

Sector weightings were a slight detractor to relative performance. Unfavorable positioning included overweights to the consumer discretionary, industrials, and materials sectors and underweights to the consumer staples and telecommunication services sectors. A modest allocation to cash also detracted during a stock market rally. These detractors were partially offset by overweights to health care and IT, as well as underweights to financials, utilities, and energy.


Ten largest equity holdings⁶ (%) as of September 30, 2014
Schweitzer-Mauduit International Incorporated			3.65
RenaissanceRe Holdings Limited			3.52
Crown Holdings Incorporated			3.35
Teleflex Incorporated			2.90
TCF Financial Corporation			2.82
Laboratory Corporation of America Holdings			2.78
First Cash Financial Services Incorporated			2.77
G&K Services Incorporated Class A			2.74
The Progressive Corporation			2.70
Helen of Troy Limited			2.68

Among individual stocks, contributors included medical distributor Cardinal Health Incorporated, packaging and containers supplier Ball Corporation, software application provider Rovi Corporation, medical devices provider Teleflex Incorporated, and branded basic family apparel manufacturer Gildan Activewear Incorporated. Detractors included premier specialty company Schweitzer-Mauduit International Incorporated, security and protection service provider Brink’s Company, money transfer firm Western Union Company, insurance provider Stewart Information Services Corporation, and metals service center Reliance Steel & Aluminum Company.

The Fund’s relative underperformance during the period is a source of frustration for both our portfolio

management team and our clients. However, we have seen similar patterns reverse in the past. Most recently, from the second half of 2007 through the first half of 2008, our portfolio significantly lagged the benchmark as investors flocked to commodity-driven investments and highly levered financial stocks, only to notably outperform in the four quarters that followed. The lesson is not that underperformance always leads to outperformance but rather that it is important to distinguish between underperformance driven by changes in the intrinsic value of the portfolio’s holdings—which tends to be permanent—and underperformance driven by shifting investor preferences or external macroeconomic factors—which tends to be temporary. We believe the Fund’s current portfolio struggles fall in the latter category, a byproduct of holding a concentrated portfolio constructed differently than the index and not a sign of a broken process.

Please see footnotes on page 5.


Performance highlights (unaudited)		WellsFargo Advantage C&B Mid Cap Value Fund			7

Sector distribution⁷ as of September 30, 2014

LOGO

We continued to follow our investment process, and the increased market volatility allowed us to uncover a number of attractive opportunities.

During the 12-month period, we found opportunities in areas where we believe that valuations were attractive relative to our view of long-term fundamentals. Purchases included rental and leasing services provider Aercap Holdings NV, bank holding company Commerce Bancshares Incorporated, insurance provider Endurance Specialty Holdings Limited, insurer specialist FNF Group, pawn store operator First Cash Financial Services Incorporated, diversified industrial company Graco Incorporated, communication equipment company

Knowles Corporation, clinical laboratory company Laboratory Corporation of America Holdings, money transfer and payment services Moneygram International Incorporated, specialty retailer PetSmart Incorporated, insurance company The Progressive Corporation, engineering and construction company Tetra Tech Incorporated, recreational vehicle manufacturer Winnebago Industries Incorporated, and fuel logistics company World Fuel Services Corporation.

To make room for these investments, several positions were trimmed and others eliminated after they reached our valuation targets. Personal products manufacturer Avon Products Incorporated was sold due to our declining confidence in its competitive position and management’s ability to orchestrate a turnaround. Electric power production and retail electricity distributor Entergy Corporation was sold due to a combination of fundamental and valuation reasons. Industrial services provider Harsco Corporation was sold due to a combination of difficulties in a number of its businesses and management instability. Health care services provider Quest Diagnostics Incorporated was sold in favor of an investment that we found more attractive.

Looking ahead, we remain cautiously optimistic about the economy.

Based on earnings results and what we are hearing from company managements, it seems growth, while tepid, is fairly broad-based and consistent. As for stocks, after a historic bull run and an extended period of near-record-low volatility, we would not be surprised to see a more turbulent environment, especially as the U.S. Federal Reserve pulls back on its extraordinary monetary stimulus and moves closer to raising interest rates. We remain poised as always to take advantage of the opportunities that volatility presents to buy undervalued stocks. The recent period has, without question, been frustrating. However, we believe the inescapable math of equity returns will ultimately win out and that owning companies we believe can consistently compound their intrinsic value at attractive valuations should provide favorable absolute and relative returns.

Please see footnotes on page 5.


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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2014 to September 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 4-1-2014		Ending account value 9-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	978.69	$	5.95		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Class B
Actual	$	1,000.00	$	975.19	$	9.66		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Class C
Actual	$	1,000.00	$	975.11	$	9.66		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Administrator Class
Actual	$	1,000.00	$	978.92	$	5.70		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Institutional Class
Actual	$	1,000.00	$	980.38	$	4.47		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Investor Class
Actual	$	1,000.00	$	978.41	$	6.20		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, 2014		Wells Fargo Advantage C&B Mid Cap Value Fund			9


Security name	Shares		Value

Common Stocks: 97.43%

Consumer Discretionary: 13.21%

Automobiles: 1.97%
Winnebago Industries Incorporated †		175,805	$	3,827,275


Household Durables: 2.68%
Helen of Troy Limited †		99,100		5,204,732


Leisure Products: 2.68%
Hasbro Incorporated		94,300		5,186,029


Media: 2.51%
Omnicom Group Incorporated		70,600		4,861,516


Specialty Retail: 1.30%
PetSmart Incorporated		35,900		2,516,231


Textiles, Apparel & Luxury Goods: 2.07%
Gildan Activewear Incorporated		73,400		4,016,448


Energy: 4.99%

Oil, Gas & Consumable Fuels: 4.99%
Noble Energy Incorporated		75,700		5,174,852
World Fuel Services Corporation		112,635		4,496,389

				9,671,241


Financials: 26.37%

Banks: 7.33%
City National Corporation		49,200		3,722,964
Commerce Bancshares Incorporated		112,500		5,022,562
TCF Financial Corporation		352,000		5,466,560

				14,212,086


Consumer Finance: 2.77%
First Cash Financial Services Incorporated †		95,900		5,368,482


Insurance: 16.27%
Endurance Specialty Holdings Limited		89,900		4,960,682
FNF Group		145,300		4,030,622
RenaissanceRe Holdings Limited		68,200		6,819,318
Stewart Information Services Corporation		124,900		3,665,815
The Progressive Corporation		207,000		5,232,960
Torchmark Corporation		53,800		2,817,506
Willis Group Holdings plc		97,000		4,015,800

				31,542,703


Health Care: 10.64%

Health Care Equipment & Supplies: 2.90%
Teleflex Incorporated		53,500		5,619,640

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, 2014


Security name	Shares		Value

Health Care Providers & Services: 7.74%
Cardinal Health Incorporated		64,000	$	4,794,880
Laboratory Corporation of America Holdings †		53,000		5,392,750
MEDNAX Incorporated †		87,900		4,818,678

				15,006,308


Industrials: 17.70%

Building Products: 2.23%
Quanex Building Products Corporation		238,500		4,314,465


Commercial Services & Supplies: 9.20%
Brink’s Company		172,820		4,154,593
G&K Services Incorporated Class A		95,800		5,305,404
Steelcase Incorporated		276,800		4,481,392
Tetra Tech Incorporated		156,300		3,904,374

				17,845,763


Machinery: 4.63%
Graco Incorporated		27,000		1,970,460
Kennametal Incorporated		76,100		3,143,691
Parker Hannifin Corporation		33,900		3,869,685

				8,983,836


Trading Companies & Distributors: 1.64%
Aercap Holdings NV †		77,800		3,182,020


Information Technology: 9.06%

Electronic Equipment, Instruments & Components: 1.83%
Knowles Corporation †		134,220		3,556,830


IT Services: 3.87%
Moneygram International Incorporated †		288,542		3,618,317
Western Union Company		242,200		3,884,888

				7,503,205


Semiconductors & Semiconductor Equipment: 2.41%
Entegris Incorporated †		382,600		4,399,900
Teradyne Incorporated		13,600		263,704

				4,663,604


Software: 0.95%
Rovi Corporation †		93,248		1,841,182


Materials: 15.46%

Containers & Packaging: 9.31%
Ball Corporation		57,000		3,606,390
Bemis Company Incorporated		106,000		4,030,120
Crown Holdings Incorporated †		145,800		6,491,016
Rock-Tenn Company Class A		82,400		3,920,592

				18,048,118

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage C&B Mid Cap Value Fund			11


Security name	Yield			Shares		Value

Metals & Mining: 2.51%
Reliance Steel & Aluminum Company					71,200	$	4,870,080


Paper & Forest Products: 3.64%
Schweitzer-Mauduit International Incorporated					171,100		7,068,141


Total Common Stocks (Cost $157,261,378)							188,909,935


Short-Term Investments: 1.88%

Investment Companies: 1.88%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		3,644,947		3,644,947


Total Short-Term Investments (Cost $3,644,947)							3,644,947


Total investments in securities
(Cost $160,906,325) *	99.31	%		192,554,882
Other assets and liabilities, net	0.69			1,344,698

Total net assets	100.00	%	$	193,899,580

†	Non-income-earning security

(l)	The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

*	Cost for federal income tax purposes is $162,197,125 and unrealized gains (losses) consists of:


Gross unrealized gains	$	34,075,371
Gross unrealized losses		(3,717,614	)

Net unrealized gains	$	30,357,757

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, 2014




Assets
Investments
In unaffiliated securities, at value (cost $157,261,378)	$	188,909,935
In affiliated securities, at value (cost $3,644,947)		3,644,947

Total investments, at value (cost $160,906,325)		192,554,882
Receivable for investments sold		4,460,749
Receivable for Fund shares sold		128,805
Receivable for dividends		90,779
Receivable for securities lending income		295
Prepaid expenses and other assets		29,076

Total assets		197,264,586


Liabilities
Payable for investments purchased		2,989,611
Payable for Fund shares redeemed		143,223
Advisory fee payable		93,313
Distribution fees payable		4,964
Administration fees payable		50,484
Accrued expenses and other liabilities		83,411

Total liabilities		3,365,006

Total net assets	$	193,899,580


NET ASSETS CONSIST OF
Paid-in capital	$	265,321,628
Undistributed net investment income		326,326
Accumulated net realized losses on investments		(103,396,931	)
Net unrealized gains on investments		31,648,557

Total net assets	$	193,899,580


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	21,465,227
Shares outstanding – Class A¹		849,906
Net asset value per share – Class A		$25.26
Maximum offering price per share – Class A²		$26.80
Net assets – Class B	$	169,734
Shares outstanding – Class B¹		6,967
Net asset value per share – Class B		$24.36
Net assets – Class C	$	7,531,378
Shares outstanding – Class C¹		310,102
Net asset value per share – Class C		$24.29
Net assets – Administrator Class	$	12,830,261
Shares outstanding – Administrator Class¹		502,389
Net asset value per share – Administrator Class		$25.54
Net assets – Institutional Class	$	33,881,474
Shares outstanding – Institutional Class¹		1,329,372
Net asset value per share –Institutional Class		$25.49
Net assets – Investor Class	$	118,021,506
Shares outstanding – Investor Class¹		4,650,933
Net asset value per share – Investor Class		$25.38

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, 2014		Wells Fargo Advantage C&B Mid Cap Value Fund			13




Investment income
Dividends (net of foreign withholding taxes of $5,544)	$	2,914,895
Securities lending income, net		17,432
Income from affiliated securities		5,923

Total investment income		2,938,250


Expenses
Advisory fee		1,437,754
Administration fees
Fund level		102,697
Class A		56,407
Class B		1,066
Class C		21,354
Administrator Class		16,641
Institutional Class		26,596
Investor Class		400,604
Shareholder servicing fees
Class A		54,238
Class B		1,025
Class C		20,533
Administrator Class		41,083
Investor Class		312,703
Distribution fees
Class B		3,076
Class C		61,598
Custody and accounting fees		17,086
Professional fees		40,642
Registration fees		63,647
Shareholder report expenses		40,237
Trustees’ fees and expenses		17,796
Other fees and expenses		10,367

Total expenses		2,747,150
Less: Fee waivers and/or expense reimbursements		(263,234	)

Net expenses		2,483,916

Net investment income		454,334


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		24,479,648
Net change in unrealized gains (losses) on investments		(11,793,931	)

Net realized and unrealized gains (losses) on investments		12,685,717

Net increase in net assets resulting from operations	$	13,140,051

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, 2014						Year ended September 30, 2013

Operations
Net investment income				$	454,334					$	758,965
Net realized gains on investments					24,479,648						18,170,015
Net change in unrealized gains (losses) on investments					(11,793,931	)					25,090,042

Net increase in net assets resulting from operations					13,140,051						44,019,022


Distributions to shareholders from
Net investment income
Class A					(73,341	)					(132,553	)
Class C					0						(13,953	)
Administrator Class					(81,051	)					(101,884	)
Institutional Class					(190,145	)					(312,656	)
Investor Class					(348,778	)					(847,059	)

Total distributions to shareholders					(693,315	)					(1,408,105	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		174,168			4,405,613			303,719			6,415,657
Class B		4,480			107,700			4,051			82,765
Class C		54,969			1,340,346			89,156			1,888,157
Administrator Class		372,293			9,355,473			388,577			8,634,156
Institutional Class		683,926			17,392,989			560,697			12,333,031
Investor Class		829,732			21,063,218			1,513,378			31,608,850

					53,665,339						60,962,616

Reinvestment of distributions
Class A		2,955			72,492			7,079			130,811
Class C		0			0			737			13,225
Administrator Class		2,703			67,052			4,229			79,000
Institutional Class		6,054			149,526			12,902			239,840
Investor Class		14,029			345,955			45,126			837,994

					635,025						1,300,870

Payment for shares redeemed
Class A		(147,227	)		(3,752,688	)		(229,803	)		(4,796,079	)
Class B		(28,005	)		(679,757	)		(49,544	)		(956,387	)
Class C		(76,355	)		(1,890,511	)		(56,966	)		(1,132,291	)
Administrator Class		(685,800	)		(17,215,898	)		(157,009	)		(3,226,640	)
Institutional Class		(388,999	)		(10,000,809	)		(904,655	)		(17,984,016	)
Investor Class		(1,258,667	)		(32,039,199	)		(1,475,570	)		(30,924,923	)

					(65,578,862	)					(59,020,336	)

Net increase (decrease) in net assets resulting from capital share transactions					(11,278,498	)					3,243,150

Total increase in net assets					1,168,238						45,854,067


Net assets
Beginning of period					192,731,342						146,877,275

End of period				$	193,899,580					$	192,731,342

Undistributed net investment income				$	326,326					$	565,307

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, 2009
CLASS A	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	23.74		$	18.22		$	14.06		$	14.16		$	12.33		$	11.29
Net investment income		0.06			0.10	²		0.16			0.06			0.09	²		0.11	²
Net realized and unrealized gains (losses) on investments		1.55			5.60			4.10			(0.06	)		1.81			1.10

Total from investment operations		1.61			5.70			4.26			0.00			1.90			1.21
Distributions to shareholders from
Net investment income		(0.09	)		(0.18	)		(0.10	)		(0.10	)		(0.07	)		(0.17	)
Net asset value, end of period	$	25.26		$	23.74		$	18.22		$	14.06		$	14.16		$	12.33
Total return³		6.78	%		31.59	%		30.42	%		(0.10	)%		15.44	%		11.05	%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.38	%		1.38	%		1.35	%		1.40	%		1.45	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income		0.24	%		0.49	%		0.97	%		0.48	%		0.70	%		1.06	%
Supplemental data
Portfolio turnover rate		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$21,465			$19,468			$13,466			$11,174			$14,136			$16,830

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, 2009
CLASS B	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	22.99		$	17.61		$	13.60		$	13.72		$	11.96		$	10.90
Net investment income (loss)		(0.14	)²		(0.05	)²		0.02	²		(0.04	)²		(0.01	)²		0.04	²
Net realized and unrealized gains (losses) on investments		1.51			5.43			3.99			(0.08	)		1.77			1.07

Total from investment operations		1.37			5.38			4.01			(0.12	)		1.76			1.11
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.05	)
Net asset value, end of period	$	24.36		$	22.99		$	17.61		$	13.60		$	13.72		$	11.96
Total return³		6.00	%		30.55	%		29.49	%		(0.87	)%		14.72	%		10.27	%
Ratios to average net assets (annualized)
Gross expenses		2.10	%		2.13	%		2.12	%		2.10	%		2.15	%		2.21	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income (loss)		(0.56	)%		(0.26	)%		0.14	%		(0.28	)%		(0.05	)%		0.34	%
Supplemental data
Portfolio turnover rate		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$170			$701			$1,338			$2,622			$3,826			$4,177

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, 2009
CLASS C	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	22.92		$	17.60		$	13.59		$	13.71		$	11.96		$	10.91
Net investment income (loss)		(0.13	)²		(0.05	)²		0.03	²		(0.04	)²		(0.00	)^2,3		0.03	²
Net realized and unrealized gains (losses) on investments		1.50			5.42			3.98			(0.08	)		1.75			1.08

Total from investment operations		1.37			5.37			4.01			(0.12	)		1.75			1.11
Distributions to shareholders from
Net investment income		0.00			(0.05	)		0.00			0.00			0.00			(0.06	)
Net asset value, end of period	$	24.29		$	22.92		$	17.60		$	13.59		$	13.71		$	11.96
Total return⁴		5.98	%		30.58	%		29.51	%		(0.88	)%		14.63	%		10.24	%
Ratios to average net assets (annualized)
Gross expenses		2.10	%		2.13	%		2.13	%		2.10	%		2.15	%		2.20	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income (loss)		(0.52	)%		(0.26	)%		0.21	%		(0.27	)%		(0.04	)%		0.31	%
Supplemental data
Portfolio turnover rate		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$7,531			$7,598			$5,254			$4,611			$6,137			$6,105

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, 2009
ADMINISTRATOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	24.01		$	18.42		$	14.22		$	14.32		$	12.47		$	11.39
Net investment income		0.07	²		0.11	²		0.17	²		0.09	²		0.10	²		0.12	²
Net realized and unrealized gains (losses) on investments		1.56			5.67			4.14			(0.07	)		1.82			1.11

Total from investment operations		1.63			5.78			4.31			0.02			1.92			1.23
Distributions to shareholders from
Net investment income		(0.10	)		(0.19	)		(0.11	)		(0.12	)		(0.07	)		(0.15	)
Net asset value, end of period	$	25.54		$	24.01		$	18.42		$	14.22		$	14.32		$	12.47
Total return³		6.82	%		31.65	%		30.44	%		0.01	%		15.47	%		11.13	%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.21	%		1.21	%		1.18	%		1.22	%		1.28	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		0.26	%		0.53	%		1.00	%		0.55	%		0.78	%		1.11	%
Supplemental data
Portfolio turnover rate		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$12,830			$19,525			$10,636			$10,299			$9,582			$13,237

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, 2009
INSTITUTIONAL CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	23.95		$	18.38		$	14.19		$	14.29		$	12.44		$	11.43
Net investment income		0.14			0.17	²		0.23			0.13			0.13	²		0.15	²
Net realized and unrealized gains (losses) on investments		1.55			5.64			4.11			(0.08	)		1.82			1.10

Total from investment operations		1.69			5.81			4.34			0.05			1.95			1.25
Distributions to shareholders from
Net investment income		(0.15	)		(0.24	)		(0.15	)		(0.15	)		(0.10	)		(0.24	)
Net asset value, end of period	$	25.49		$	23.95		$	18.38		$	14.19		$	14.29		$	12.44
Total return³		7.09	%		31.98	%		30.80	%		0.21	%		15.78	%		11.45	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.95	%		0.95	%		0.92	%		0.96	%		1.02	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.54	%		0.82	%		1.31	%		0.76	%		1.02	%		1.41	%
Supplemental data
Portfolio turnover rate		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$33,881			$24,628			$24,983			$22,704			$34,910			$31,421

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, 2009
INVESTOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	23.85		$	18.30		$	14.12		$	14.22		$	12.37		$	11.34
Net investment income		0.05			0.10			0.16			0.07			0.08	²		0.11	²
Net realized and unrealized gains (losses) on investments		1.55			5.62			4.11			(0.09	)		1.83			1.10

Total from investment operations		1.60			5.72			4.27			(0.02	)		1.91			1.21
Distributions to shareholders from
Net investment income		(0.07	)		(0.17	)		(0.09	)		(0.08	)		(0.06	)		(0.18	)
Net asset value, end of period	$	25.38		$	23.85		$	18.30		$	14.12		$	14.22		$	12.37
Total return³		6.72	%		31.55	%		30.34	%		(0.19	)%		15.39	%		11.09	%
Ratios to average net assets (annualized)
Gross expenses		1.41	%		1.44	%		1.45	%		1.42	%		1.49	%		1.56	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		0.18	%		0.44	%		0.91	%		0.42	%		0.64	%		1.01	%
Supplemental data
Portfolio turnover rate		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$118,022			$120,811			$91,201			$80,622			$120,364			$163,708

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 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

Securities valuation

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

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

Security loans


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

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

As of September 30, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $102,106,131 with $18,815,810 expiring in 2016; $64,071,649 expiring in 2017; and $19,218,672 expiring in 2018.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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


Notes to financial statements		Wells Fargo Advantage C&B Mid Cap Value Fund			23

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :

Common stocks
Consumer discretionary	$	25,612,231	$	0	$	0	$	25,612,231
Energy		9,671,241		0		0		9,671,241
Financials		51,123,271		0		0		51,123,271
Health care		20,625,948		0		0		20,625,948
Industrials		34,326,084		0		0		34,326,084
Information technology		17,564,821		0		0		17,564,821
Materials		29,986,339		0		0		29,986,339

Short-term investments
Investment companies		3,644,947		0		0		3,644,947
Total assets	$	192,554,882	$	0	$	0	$	192,554,882

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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, 2014, the advisory fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Cooke & Bieler, L.P. is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

Administration fees


	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, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class B shares, 1.95% for Class C shares, 1.15% for Administrator Class shares, 0.90% for Institutional Class shares, and 1.25% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

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.

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, 2014 were $108,587,284 and $114,745,269, respectively.

6. BANK BORROWINGS

For the year ended September 30, 2014, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $693,315 and $1,408,105 of ordinary income for the years ended September 30, 2014 and September 30, 2013, respectively.

As of September 30, 2014, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Unrealized gains	Capital loss carryforward
$326,326	$30,357,757	$(102,106,131)

8. INDEMNIFICATION


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, 2014, 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 four-year period then ended, the period from November 1, 2009 through September 30, 2010, and the year 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, 2014, 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 C&B Mid Cap Value Fund as of September 30, 2014, 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.

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Boston, Massachusetts


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

TAX INFORMATION

Pursuant to Section 854 of the Internal Revenue Code, $693,315 of income dividends paid during the fiscal year ended September 30, 2014 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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. Mr. Harris is a certified public accountant.	CIGNA 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 complex (and its predecessors) from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


28		Wells Fargo Advantage 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 or longer	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 complex (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 or longer
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	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and 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 60 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


Other information (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			29

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage C&B Mid Cap Value Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Cooke & Bieler, L.P. (the “Sub-Adviser”) for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At each of the March Meeting and the May Meeting, the Board received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.

Nature, extent and quality of services

Fund performance and expenses


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

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the average performance of the Universe for the one-, three-, and five-year periods under review, and lower than the average performance of the Universe for the ten-year period under review. The Board also noted that the performance of the Fund was higher than its benchmark, the Russell Midcap^® Value Index, for the one- and three-year periods under review, and lower than the benchmark for the five- and ten-year periods under review.

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

Investment advisory and sub-advisory fee rates

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


Other information (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			31

Profitability

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

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

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

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

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

Conclusion


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

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Columbian Peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

228292 11-14

A228/AR228 09-14

Wells Fargo Advantage Common Stock Fund

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Annual Report

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Reduce clutter. Save trees.

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			36

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Common Stock Fund		Letter to sh areholders (unaudited)

LOGO

President

Wells Fargo Advantage Funds

Despite macroeconomic challenges, U.S. economic numbers showed improvement.

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, 2014. The period was marked by heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine and later as Islamic militants (formerly known as ISIS) gained territory in Iraq and Syria. Toward the end of the reporting period, market volatility increased as renewed fears of slowing global growth took hold, and investors began to price in expectations that the U.S. Federal Reserve (Fed) was finally looking to raise short-term interest rates. Although mid-cap stocks (measured by the Russell Midcap^® Index¹) ended the period with a double-digit gain, small-cap stocks (measured by the Russell 2000^® Index²) ended with a low single-digit return.

Major central banks continued to provide stimulus.

Although the geopolitical situation presented challenges, U.S. stock markets gained on positive economic data.

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.

2.	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.


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

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period. However, slowing global economic growth, combined with renewed geopolitical concerns (including protests in Hong Kong), caused stock market weakness in September 2014. Although the Russell Midcap Index ended the period with a 15.83% gain, small-cap stocks were hit harder by the late-period uncertainty; the Russell 2000 Index ended with a relatively modest 3.93% return. Value stocks outperformed growth stocks in both the small-cap and the mid-cap space.

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

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

Sincerely,

LOGO

President

Wells Fargo Advantage Funds

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period.


4		Wells Fargo Advantage Common Stock Fund		Perfo rmance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Ann M. Miletti

Average annual total returns¹ (%) as of September 30, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (SCSAX)	11-30-2000		3.93		13.30		10.08		10.26		14.64		10.73		1.32		1.28
Class B (SCSKX)*	11-30-2000		4.42		13.53		10.15		9.42		13.77		10.15		2.07		2.03
Class C (STSAX)	11-30-2000		8.42		13.77		9.90		9.42		13.77		9.90		2.07		2.03
Class R6 (SCSRX)	6-28-2013		–		–		–		10.76		15.03		10.92		0.84		0.84
Administrator Class (SCSDX)	7-30-2010		–		–		–		10.41		14.79		10.81		1.16		1.12
Institutional Class (SCNSX)	7-30-2010		–		–		–		10.72		15.01		10.91		0.89		0.89
Investor Class (STCSX)	12-29-1989		–		–		–		10.23		14.59		10.72		1.38		1.31
Russell 2500™ Index⁴	–		–		–		–		8.97		15.99		9.45		–		–

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 a contingent deferred 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, 2014

LOGO

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.

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.02% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.26% for Class A, 2.01% for Class B, 2.01% for Class C, 0.85% for Class R6, 1.10% for Administrator Class, 0.90% for Institutional Class, and 1.29% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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 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.

7.	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.

8.	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

The Fund outperformed its benchmark, the Russell 2500 Index, for the 12-month period that ended September 30, 2014.

Positive results from holdings in the information technology (IT), consumer discretionary, materials, and industrials sectors were the primary drivers of performance.

Results from holdings in the financials and energy sectors detracted the most from performance. Also, a moderate allocation to cash hindered relative results.

The Russell 2500 Index and the U.S. equity market overall generally rose over the 12-month reporting period. The equity market (measured by the Russell 3000^® Index⁶) benefited from a variety of factors, including the continuation of quantitative easing and maintenance of very low interest rates by the U.S. Federal Reserve, growth in gross domestic product, improving employment data, and generally improving economic conditions. In these favorable circumstances, investors continued to seek the potentially higher returns of the equity markets. Different from the previous 12-month reporting period, when many companies experienced increasing valuations due to multiple expansion, in the most recent reporting period, many companies benefited from improving fundamentals, with growth in revenues and earnings. In this environment, and with the expectation of tighter U.S. monetary policy to come, we continue to look for well-positioned companies (those with good business models, strong management teams, and healthy cash flows) that are trading at attractive discounts to their private market valuations (PMVs). (The PMV represents the expected price an investor would pay for the entire company as a stand-alone private entity.)


Ten largest equity holdings⁷ (%) as of September 30, 2014
TIBCO Software Incorporated			1.54
Royal Caribbean Cruises Limited			1.54
Red Hat Incorporated			1.54
Diebold Incorporated			1.52
ON Semiconductor Corporation			1.50
CareFusion Corporation			1.47
Steelcase Incorporated			1.45
Bill Barrett Corporation			1.43
Chemtura Corporation			1.41
Republic Services Incorporated			1.40

Favorable stock selection in multiple sectors drove outperformance relative to the benchmark.

Stock selection was positive in a variety of sectors during the period, especially within the IT, consumer discretionary, materials, and industrials sectors. Within IT, a number of companies in the semiconductor subsector benefited from increased spending worldwide on smartphones and the related infrastructure build-out. Skyworks Solutions Incorporated (a designer and manufacturer of semiconductor products), was up 135% for the period. Integrated Device Technology Incorporated (a manufacturer of low-power, high-performance, mixed-signal semiconductor solutions for communications and computing), was up 69% for the period.

In the consumer discretionary sector, Royal Caribbean Cruises Limited rose 79% and Harman International Industries Incorporated, climbed 50% for the period. Harman benefited from accelerating growth in car infotainment along with gains in market share. In the materials sector, the metals and mining subsectors delivered the largest gains, as represented by Steel Dynamics Incorporated, and Royal Gold Incorporated, which each returned over 35% for the period.

Stock selection within the financials and energy sectors dampened Fund performance.

Stock selection within the financials and energy sectors detracted the most from performance. Campus Crest Communities Incorporated (a real estate investment trust that develops residence life–focused student housing properties), fell 36% for the period. Forest Oil Corporation (a natural gas and liquid exploration and production company), which we no longer hold, also detracted during the period.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Common Stock Fund			7

Sector distribution⁸ as of September 30, 2014

LOGO

Our methodology includes buying stocks that are selling at a discount (typically 50% to 60%) compared with their estimated PMVs and selling stocks as they approach or exceed 80% of their PMVs.

Our disciplined investment process enables us to be keenly aware of both price and enterprise value on a company-by-company basis. Through our proprietary database of company acquisitions across industries, sectors, and time frames, we are able to maintain a steady foundation for assessing the PMVs of companies versus the public stock prices for those same companies. Our task is to exploit those discrepancies for the benefit of Fund shareholders by purchasing stocks when we believe they are selling at a

discount to their PMVs. An improving economy and favorable investor sentiment helped broadly lift stock prices and keep multiples high over the 12-month period. With the possibility of rising interest rates over the near term, we believe equity investors will be more discerning going forward. In our view, companies with attractive stock prices relative to their PMVs will be brought to the forefront by our process, potentially allowing us to add value through our unique bottom-up research.

Please see footnotes on page 5.


8		Wells Fargo Advantage Common Stock Fund		Fund exp enses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2014 to September 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 4-1-2014		Ending account value 9-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	988.04	$	6.28		1.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.38		1.26	%
Class B
Actual	$	1,000.00	$	984.08	$	10.00		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.99	$	10.15		2.01	%
Class C
Actual	$	1,000.00	$	984.54	$	10.00		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.99	$	10.15		2.01	%
Class R6
Actual	$	1,000.00	$	990.20	$	3.99		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.05		0.80	%
Administrator Class
Actual	$	1,000.00	$	988.92	$	5.43		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Institutional Class
Actual	$	1,000.00	$	990.20	$	4.24		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Investor Class
Actual	$	1,000.00	$	987.94	$	6.43		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).


Por tfolio of investments—September 30, 2014		Wells Fargo Advantage Common Stock Fund			9


Security name	Shares		Value

Common Stocks: 92.41%

Consumer Discretionary: 13.61%

Diversified Consumer Services: 1.37%
Apollo Group Incorporated †		882,980	$	22,206,947


Hotels, Restaurants & Leisure: 1.54%
Royal Caribbean Cruises Limited		371,056		24,968,358


Household Durables: 3.22%
Harman International Industries Incorporated		196,641		19,278,684
MDC Holdings Incorporated «		712,621		18,043,564
Mohawk Industries Incorporated †		111,526		15,035,935

				52,358,183


Media: 2.05%
Interpublic Group of Companies Incorporated		1,102,116		20,190,765
Scripps Networks Interactive Incorporated		168,718		13,175,189

				33,365,954


Specialty Retail: 5.43%
Ann Incorporated †		386,091		15,879,923
Express Incorporated †		1,284,964		20,058,288
Tractor Supply Company		165,285		10,166,680
Urban Outfitters Incorporated †		585,696		21,495,043
Vitamin Shoppe Incorporated †		464,912		20,637,444

				88,237,378


Consumer Staples: 1.96%

Food & Staples Retailing: 1.03%
The Fresh Market Incorporated †«		479,987		16,765,946


Household Products: 0.93%
Church & Dwight Company Incorporated		215,887		15,146,632


Energy: 8.35%

Energy Equipment & Services: 3.46%
Cameron International Corporation †		328,298		21,792,421
Helmerich & Payne Incorporated		174,997		17,126,956
Noble Corporation plc		778,989		17,309,136

				56,228,513


Oil, Gas & Consumable Fuels: 4.89%
Bill Barrett Corporation †«		1,052,369		23,194,213
QEP Resources Incorporated		591,000		18,190,980
SM Energy Company		271,023		21,139,794
Southwestern Energy Company †		486,744		17,011,703

				79,536,690

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


10		Wells Fargo Advantage Common Stock Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value

Financials: 15.05%

Banks: 5.79%
First Horizon National Corporation		1,830,875	$	22,483,145
MB Financial Incorporated		527,811		14,609,808
National Bank Holdings Corporation Class A		1,001,036		19,139,808
TCF Financial Corporation		1,333,621		20,711,134
Zions Bancorporation		590,695		17,165,597

				94,109,492


Capital Markets: 2.61%
ETRADE Financial Corporation †*		420,143		9,491,030
Evercore Partners Incorporated Class A		265,692		12,487,524
Waddell & Reed Financial Incorporated		395,676		20,452,492

				42,431,046


Insurance: 4.80%
Arch Capital Group Limited †		360,704		19,737,723
CNO Financial Group Incorporated		1,331,165		22,576,558
Reinsurance Group of America Incorporated		257,646		20,645,174
RenaissanceRe Holdings Limited		150,882		15,086,691

				78,046,146


REITs: 1.85%
Campus Crest Communities Incorporated		1,965,787		12,581,037
Hersha Hospitality Trust		2,743,501		17,476,101

				30,057,138


Health Care: 10.47%

Health Care Equipment & Supplies: 6.79%
CareFusion Corporation †		528,915		23,933,404
DENTSPLY International Incorporated		414,034		18,879,950
Haemonetics Corporation †		105,281		3,676,413
HeartWare International Incorporated †		116,649		9,055,462
Hologic Incorporated †		743,818		18,097,092
Thoratec Corporation †		765,965		20,474,244
Varian Medical Systems Incorporated †		202,493		16,223,739

				110,340,304


Health Care Providers & Services: 1.05%
Universal Health Services Incorporated Class B		163,201		17,054,505


Life Sciences Tools & Services: 2.63%
Parexel International Corporation †		348,763		22,003,458
PerkinElmer Incorporated		474,365		20,682,314

				42,685,772

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Common Stock Fund			11


Security name	Shares		Value

Industrials: 17.30%

Aerospace & Defense: 1.26%
B/E Aerospace Incorporated †		243,390	$	20,430,157


Airlines: 1.11%
United Continental Holdings Incorporated †		384,815		18,005,494


Commercial Services & Supplies: 2.85%
Republic Services Incorporated		581,440		22,687,789
Steelcase Incorporated		1,458,299		23,609,861

				46,297,650


Electrical Equipment: 2.10%
Babcock & Wilcox Company		748,143		20,716,080
Sensata Technologies Holdings NV †		302,611		13,475,268

				34,191,348


Machinery: 4.38%
Actuant Corporation Class A		639,829		19,527,581
Allison Transmission Holdings Incorporated		707,660		20,161,233
SPX Corporation		142,787		13,411,983
Wabash National Corporation †		1,362,849		18,153,149

				71,253,946


Road & Rail: 2.92%
Avis Budget Group Incorporated †		235,634		12,933,950
Con-way Incorporated		357,500		16,981,250
Ryder System Incorporated		195,519		17,590,844

				47,506,044


Trading Companies & Distributors: 2.68%
GATX Corporation		358,661		20,935,043
MRC Global Incorporated †		967,531		22,562,823

				43,497,866


Information Technology: 18.68%

Communications Equipment: 1.19%
Riverbed Technology Incorporated †		1,039,754		19,282,238


Electronic Equipment, Instruments & Components: 1.15%
Trimble Navigation Limited †		612,008		18,666,244


IT Services: 5.49%
Amdocs Limited		449,880		20,640,494
CoreLogic Incorporated †		725,258		19,632,734
Gartner Incorporated †		256,351		18,834,108
Global Payments Incorporated		291,059		20,339,203
Sabre Corporation		543,936		9,744,613

				89,191,152

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


12		Wells Fargo Advantage Common Stock Fund		Portfolio of investments—September 30, 2014


Security name				Shares		Value

Semiconductors & Semiconductor Equipment: 5.07%
Integrated Device Technology Incorporated †					1,095,652	$	17,475,649
ON Semiconductor Corporation †					2,729,979		24,406,012
Skyworks Solutions Incorporated					379,156		22,010,006
Xilinx Incorporated					436,367		18,480,142

							82,371,809


Software: 4.27%
Nuance Communications Incorporated †					1,264,394		19,490,634
Red Hat Incorporated †					444,566		24,962,381
TIBCO Software Incorporated †					1,058,616		25,015,096

							69,468,111


Technology Hardware, Storage & Peripherals: 1.51%
Diebold Incorporated					697,744		24,644,318


Materials: 6.99%

Chemicals: 3.62%
Chemtura Corporation †					979,671		22,855,724
Huntsman Corporation					712,478		18,517,303
International Flavors & Fragrances Incorporated					181,782		17,429,258

							58,802,285


Containers & Packaging: 1.15%
Crown Holdings Incorporated †					420,678		18,728,585


Metals & Mining: 2.22%
Royal Gold Incorporated					206,422		13,405,045
Steel Dynamics Incorporated					999,085		22,589,313

							35,994,358


Total Common Stocks (Cost $1,100,767,164)							1,501,870,609


Exchange-Traded Funds: 2.15%
iShares Core S&P Small-Cap 600 Index ETF «							19,870,610
SPDR S&P Biotech ETF «							15,085,886

Total Exchange-Traded Funds (Cost $30,496,719)							34,956,496


	Yield
Short-Term Investments: 8.62%

Investment Companies: 8.62%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		79,329,316		79,329,316
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)		0.11			60,780,661		60,780,661

Total Short-Term Investments (Cost $140,109,977)							140,109,977


Total investments in securities
(Cost $1,271,373,860) *	103.18	%		1,676,937,082
Other assets and liabilities, net	(3.18	)		(51,704,359	)

Total net assets	100.00	%	$	1,625,232,723

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Common Stock Fund			13

†	Non-income-earning security

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

(l)	The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

(r)	The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

*	Cost for federal income tax purposes is $1,273,752,239 and unrealized gains (losses) consists of:


Gross unrealized gains	$	447,733,172
Gross unrealized losses		(44,548,329	)

Net unrealized gains	$	403,184,843

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


14		Wells Fargo Advantage Common Stock Fund		Statement of assets a nd liabilities—September 30, 2014




Assets
Investments
In unaffiliated securities (including $58,503,439 of securities loaned), at value (cost $1,131,263,883)	$	1,536,827,105
In affiliated securities, at value (cost $140,109,977)		140,109,977

Total investments, at value (cost $1,271,373,860)		1,676,937,082
Receivable for investments sold		12,459,742
Receivable for Fund shares sold		4,391,688
Receivable for dividends		1,271,010
Receivable for securities lending income		37,303
Prepaid expenses and other assets		11,127

Total assets		1,695,107,952


Liabilities
Payable for investments purchased		5,456,971
Payable for Fund shares redeemed		580,638
Payable upon receipt of securities loaned		60,780,661
Due to custodian bank		1,283,730
Advisory fee payable		917,719
Distribution fees payable		19,576
Administration fees payable		420,012
Accrued expenses and other liabilities		415,922

Total liabilities		69,875,229

Total net assets	$	1,625,232,723


NET ASSETS CONSIST OF
Paid-in capital	$	1,073,484,134
Accumulated net investment loss		(4,912	)
Accumulated net realized gains on investments		146,190,279
Net unrealized gains on investments		405,563,222

Total net assets	$	1,625,232,723


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	277,517,037
Shares outstanding – Class A¹		11,195,642
Net asset value per share – Class A		$24.79
Maximum offering price per share – Class A²		$26.30
Net assets – Class B	$	295,522
Shares outstanding – Class B¹		14,058
Net asset value per share – Class B		$21.02
Net assets – Class C	$	30,245,225
Shares outstanding – Class C¹		1,438,978
Net asset value per share – Class C		$21.02
Net assets – Class R6	$	95,213,287
Shares outstanding – Class R6¹		3,767,307
Net asset value per share – Class R6		$25.27
Net assets – Administrator Class	$	45,363,576
Shares outstanding – Administrator Class¹		1,815,730
Net asset value per share – Administrator Class		$24.98
Net assets – Institutional Class	$	223,525,048
Shares outstanding – Institutional Class¹		8,852,019
Net asset value per share – Institutional Class		$25.25
Net assets – Investor Class	$	953,073,028
Shares outstanding – Investor Class¹		37,533,886
Net asset value per share – Investor Class		$25.39

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 Septem ber 30, 2014		Wells Fargo Advantage Common Stock Fund			15




Investment income
Dividends	$	16,044,534
Securities lending income, net		314,139
Income from affiliated securities		61,411

Total investment income		16,420,084


Expenses
Advisory fee		11,431,021
Administration fees
Fund level		821,617
Class A		769,246
Class B		1,105
Class C		80,822
Class R6		21,074
Administrator Class		38,573
Institutional Class		181,275
Investor Class		3,137,427
Shareholder servicing fees
Class A		739,660
Class B		1,062
Class C		77,713
Administrator Class		91,586
Investor Class		2,441,445
Distribution fees
Class B		3,187
Class C		233,140
Custody and accounting fees		93,256
Professional fees		53,089
Registration fees		129,038
Shareholder report expenses		119,830
Trustees’ fees and expenses		19,509
Other fees and expenses		29,839

Total expenses		20,514,514
Less: Fee waivers and/or expense reimbursements		(587,790	)

Net expenses		19,926,724

Net investment loss		(3,506,640	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		180,261,128
Net change in unrealized gains (losses) on investments		(21,569,457	)

Net realized and unrealized gains (losses) on investments		158,691,671

Net increase in net assets resulting from operations	$	155,185,031

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


16		Wells Fargo Advantage Common Stock Fund		Stateme nt of changes in net assets


	Year ended September 30, 2014						Year ended September 30, 2013

Operations
Net investment loss				$	(3,506,640	)				$	(666,102	)
Net realized gains on investments					180,261,128						117,997,624
Net change in unrealized gains (losses) on investments					(21,569,457	)					149,327,962

Net increase in net assets resulting from operations					155,185,031						266,659,484


Distributions to shareholders from
Net realized gains
Class A					(23,563,784	)					(13,823,125	)
Class B					(48,358	)					(57,305	)
Class C					(2,863,640	)					(1,510,913	)
Class R6					(6,412,457	)					0	¹
Administrator Class					(3,093,791	)					(1,251,051	)
Institutional Class					(16,364,757	)					(5,818,339	)
Investor Class					(76,153,892	)					(52,786,969	)

Total distributions to shareholders					(128,500,679	)					(75,247,702	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,906,863			47,333,361			4,088,174			92,543,363
Class B		1,604			34,770			10,719			205,215
Class C		151,598			3,204,286			242,683			4,690,188
Class R6		4,157,524			108,751,854			1,095	¹		25,000	¹
Administrator Class		960,741			24,486,805			181,228			4,033,653
Institutional Class		2,110,163			53,200,949			4,296,040			102,846,537
Investor Class		1,403,415			35,757,343			1,942,947			43,455,018

					272,769,368						247,798,974

Reinvestment of distributions
Class A		981,487			23,202,372			684,430			13,606,469
Class B		2,398			48,358			3,181			55,087
Class C		119,275			2,405,786			74,744			1,294,562
Class R6		266,963			6,412,457			0	¹		0	¹
Administrator Class		117,649			2,800,043			53,320			1,064,264
Institutional Class		681,502			16,362,862			289,758			5,818,339
Investor Class		3,036,465			73,573,529			2,491,340			50,646,693

					124,805,407						72,485,414

Payment for shares redeemed
Class A		(3,669,323	)		(91,720,868	)		(3,382,341	)		(73,687,682	)
Class B		(14,528	)		(305,818	)		(32,493	)		(619,581	)
Class C		(224,248	)		(4,766,078	)		(174,662	)		(3,372,620	)
Class R6		(658,275	)		(16,801,202	)		0	¹		0	¹
Administrator Class		(274,181	)		(6,849,148	)		(276,639	)		(6,110,535	)
Institutional Class		(1,910,120	)		(49,279,081	)		(748,705	)		(17,134,530	)
Investor Class		(4,259,222	)		(108,394,726	)		(4,870,132	)		(108,947,839	)

					(278,116,921	)					(209,872,787	)

Net asset value of shares issued in acquisition
Class A		0			0			783,005			16,935,166
Class C		0			0			173,937			3,272,447
Administrator Class		0			0			139,880			3,039,645
Institutional Class		0			0			78,436			1,715,157

					0						24,962,415

Net increase in net assets resulting from capital share transactions					119,457,854						135,374,016

Total increase in net assets					146,142,206						326,785,798


Net assets
Beginning of period					1,479,090,517						1,152,304,719

End of period				$	1,625,232,723					$	1,479,090,517

Accumulated net investment loss				$	(4,912	)				$	(5,379	)

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

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


Financi al highlights		Wells Fargo Advantage Common Stock Fund			17

(For a share outstanding throughout each period)


	Year ended September 30															Year ended October 31, 2009
CLASS A	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	24.45		$	21.18		$	17.15		$	18.20		$	15.10		$	12.26
Net investment income (loss)		(0.07	)		(0.02	)		(0.04	)		(0.06	)		(0.04	)		0.02	²
Net realized and unrealized gains (losses) on investments		2.48			4.72			5.33			(0.74	)		3.16			2.82

Total from investment operations		2.41			4.70			5.29			(0.80	)		3.12			2.84
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)		0.00
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00

Total distributions to shareholders		(2.07	)		(1.43	)		(1.26	)		(0.25	)		(0.02	)		0.00
Net asset value, end of period	$	24.79		$	24.45		$	21.18		$	17.15		$	18.20		$	15.10
Total return³		10.26	%		23.72	%		31.90	%		(4.61	)%		20.80	%		23.08	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.30	%		1.31	%		1.30	%		1.33	%		1.37	%
Net expenses		1.26	%		1.26	%		1.26	%		1.26	%		1.26	%		1.26	%
Net investment income (loss)		(0.27	)%		(0.05	)%		(0.16	)%		(0.24	)%		(0.25	)%		0.19	%
Supplemental data
Portfolio turnover rate		38	%		40	%		30	%		41	%		47	%		58	%
Net assets, end of period (000s omitted)		$277,517			$292,806			$207,668			$153,921			$123,495			$112,900

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 Common Stock Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended September 30															Year ended October 31, 2009
CLASS B	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	21.18		$	18.67		$	15.35		$	16.44		$	13.71		$	11.23
Net investment loss		(0.22	)²		(0.15	)²		(0.17	)²		(0.20	)²		(0.14	)²		(0.06	)²
Net realized and unrealized gains (losses) on investments		2.13			4.09			4.75			(0.64	)		2.87			2.54

Total from investment operations		1.91			3.94			4.58			(0.84	)		2.73			2.48
Distributions to shareholders from
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00
Net asset value, end of period	$	21.02		$	21.18		$	18.67		$	15.35		$	16.44		$	13.71
Total return³		9.42	%		22.78	%		30.87	%		(5.29	)%		19.91	%		22.08	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.05	%		2.05	%		2.05	%		2.08	%		2.12	%
Net expenses		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%
Net investment loss		(1.03	)%		(0.78	)%		(0.96	)%		(1.13	)%		(1.02	)%		(0.51	)%
Supplemental data
Portfolio turnover rate		38	%		40	%		30	%		41	%		47	%		58	%
Net assets, end of period (000s omitted)		$296			$521			$806			$1,655			$11,302			$12,487

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 Common Stock Fund			19

(For a share outstanding throughout each period)


	Year ended September 30															Year ended October 31, 2009
CLASS C	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	21.18		$	18.67		$	15.35		$	16.44		$	13.71		$	11.23
Net investment loss		(0.22	)²		(0.16	)²		(0.16	)²		(0.18	)²		(0.14	)²		(0.06	)²
Net realized and unrealized gains (losses) on investments		2.13			4.10			4.74			(0.66	)		2.87			2.54

Total from investment operations		1.91			3.94			4.58			(0.84	)		2.73			2.48
Distributions to shareholders from
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00
Net asset value, end of period	$	21.02		$	21.18		$	18.67		$	15.35		$	16.44		$	13.71
Total return³		9.42	%		22.78	%		30.95	%		(5.35	)%		20.00	%		21.99	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.05	%		2.06	%		2.05	%		2.08	%		2.12	%
Net expenses		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%
Net investment loss		(1.01	)%		(0.81	)%		(0.92	)%		(1.01	)%		(1.01	)%		(0.56	)%
Supplemental data
Portfolio turnover rate		38	%		40	%		30	%		41	%		47	%		58	%
Net assets, end of period (000s omitted)		$30,245			$29,483			$20,080			$17,887			$17,976			$11,750

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.


20		Wells Fargo Advantage Common Stock Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended September 30
CLASS R6	2014			2013¹
Net asset value, beginning of period	$	24.78		$	22.83
Net investment income		0.07	²		0.01
Net realized and unrealized gains (losses) on investments		2.49			1.94

Total from investment operations		2.56			1.95
Distributions to shareholders from
Net realized gains		(2.07	)		0.00
Net asset value, end of period	$	25.27		$	24.78
Total return³		10.76	%		8.54	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.81	%
Net expenses		0.80	%		0.81	%
Net investment income		0.27	%		0.18	%
Supplemental data
Portfolio turnover rate		38	%		40	%
Net assets, end of period (000s omitted)		$95,213			$27

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

2.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Common Stock Fund			21

(For a share outstanding throughout each period)


	Year ended September 30
ADMINISTRATOR CLASS	2014			2013			2012			2011			2010¹
Net asset value, beginning of period	$	24.59		$	21.26		$	17.18		$	18.20		$	17.49
Net investment income (loss)		(0.02	)²		0.01			0.01			(0.01	)²		0.01	²
Net realized and unrealized gains (losses) on investments		2.48			4.75			5.33			(0.76	)		0.70

Total from investment operations		2.46			4.76			5.34			(0.77	)		0.71
Distributions to shareholders from
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00
Net asset value, end of period	$	24.98		$	24.59		$	21.26		$	17.18		$	18.20
Total return³		10.41	%		23.92	%		32.15	%		(4.44	)%		4.06	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.11	%		1.10	%		1.10	%		1.18	%
Net expenses		1.09	%		1.09	%		1.07	%		1.09	%		1.07	%
Net investment income (loss)		(0.07	)%		0.11	%		0.01	%		(0.05	)%		0.19	%
Supplemental data
Portfolio turnover rate		38	%		40	%		30	%		41	%		47	%
Net assets, end of period (000s omitted)		$45,364			$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	2014			2013			2012			2011			2010¹
Net asset value, beginning of period	$	24.77		$	21.37		$	17.23		$	18.21		$	17.49
Net investment income		0.03			0.07	²		0.06	²		0.01			0.02	²
Net realized and unrealized gains (losses) on investments		2.52			4.76			5.34			(0.74	)		0.70

Total from investment operations		2.55			4.83			5.40			(0.73	)		0.72
Distributions to shareholders from
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00
Net asset value, end of period	$	25.25		$	24.77		$	21.37		$	17.23		$	18.21
Total return³		10.72	%		24.14	%		32.42	%		(4.22	)%		4.12	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.87	%		0.88	%		0.87	%		0.94	%
Net expenses		0.85	%		0.87	%		0.88	%		0.87	%		0.89	%
Net investment income		0.14	%		0.33	%		0.28	%		0.29	%		0.60	%
Supplemental data
Portfolio turnover rate		38	%		40	%		30	%		41	%		47	%
Net assets, end of period (000s omitted)		$223,525			$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, 2009
INVESTOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	25.00		$	21.64		$	17.50		$	18.57		$	15.41		$	12.53
Net investment income (loss)		(0.08	)		(0.02	)		(0.04	)		(0.06	)		(0.05	)²		0.02	²
Net realized and unrealized gains (losses) on investments		2.54			4.81			5.44			(0.76	)		3.23			2.86

Total from investment operations		2.46			4.79			5.40			(0.82	)		3.18			2.88
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)		0.00
Net realized gains		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00

Total distributions to shareholders		(2.07	)		(1.43	)		(1.26	)		(0.25	)		(0.02	)		0.00
Net asset value, end of period	$	25.39		$	25.00		$	21.64		$	17.50		$	18.57		$	15.41
Total return³		10.23	%		23.63	%		31.89	%		(4.62	)%		20.73	%		22.91	%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.35	%		1.37	%		1.36	%		1.43	%		1.47	%
Net expenses		1.29	%		1.29	%		1.29	%		1.29	%		1.29	%		1.29	%
Net investment income (loss)		(0.29	)%		(0.08	)%		(0.20	)%		(0.29	)%		(0.30	)%		0.17	%
Supplemental data
Portfolio turnover rate		38	%		40	%		30	%		41	%		47	%		58	%
Net assets, end of period (000s omitted)		$953,073			$933,930			$817,678			$723,711			$761,497			$657,333

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.


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

Securities valuation

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

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

Security loans


Notes to financial statements		Wells Fargo Advantage Common Stock Fund			25

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

Federal and other taxes

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 net operating losses. At September 30, 2014, 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

$3,507,107

$(3,507,107)

As of September 30, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $1,382,918 with $691,459 expiring in 2015 and $691,459 expiring in 2016.

Class allocations

3. FAIR VALUATION MEASUREMENTS


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:

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	221,136,820	$	0	$	0	$	221,136,820
Consumer staples		31,912,578		0		0		31,912,578
Energy		135,765,203		0		0		135,765,203
Financials		244,643,822		0		0		244,643,822
Health care		170,080,581		0		0		170,080,581
Industrials		281,182,505		0		0		281,182,505
Information technology		303,623,872		0		0		303,623,872
Materials		113,525,228		0		0		113,525,228

Exchange-traded funds		34,956,496		0		0		34,956,496

Short-term investments
Investment companies		79,329,316		60,780,661		0		140,109,977
Total assets	$	1,616,156,421	$	60,780,661	$	0	$	1,676,937,082

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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, 2014, the advisory fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

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

Administration fees


Notes to financial statements		Wells Fargo Advantage Common Stock Fund			27

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


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.26% for Class A shares, 2.01% for Class B shares, 2.01% for Class C shares, 0.85% for Class R6 shares, 1.10% for Administrator Class shares, 0.90% for Institutional Class shares, and 1.29% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended September 30, 2014, Funds Distributor received $8,231 from the sale of Class A shares and $72 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2014 were $684,671,398 and $584,600,110, 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 Wells Fargo Advantage Common Stock 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 shares, respectively. The investment portfolio of 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 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


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

issued by the Fund were recorded at fair value; however, the cost basis of the investments received from 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.

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 (losses) on investments	$	269,502,866
Net increase in net assets resulting from operations	$	277,229,701

7. BANK BORROWINGS

For the year ended September 30, 2014, 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, 2014 and September 30, 2013 were as follows:


	Year ended September 30
	2014	2013
Ordinary income	$4,937,404	$14,125,901
Long-term capital gain	123,563,275	61,121,801

As of September 30, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed

ordinary

income

Undistributed

long-term

gain

Unrealized

gains

Capital loss

carryforward

$8,684,768

$141,266,808

$403,184,843

$(1,382,918)

9. INDEMNIFICATION


Report of independent re gistered 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, 2014, 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 four-year period then ended, and for each of the periods within the period from November 1, 2009 through September 30, 2010, and the year 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.

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, 2014, 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.

LOGO

Boston, Massachusetts


30		Wells Fargo Advantage Common Stock Fund		Other informatio n (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $123,563,275 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2014.

Pursuant to Section 854 of the Internal Revenue Code, $4,937,404 of income dividends paid during the fiscal year ended September 30, 2014 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2014, $4,937,404 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

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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. Mr. Harris is a certified public accountant.	CIGNA 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 complex (and its predecessors) from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


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


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 complex (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 or longer
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	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and 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 60 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


Other information (unaudited)		Wells Fargo Advantage Common Stock Fund			33

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Common Stock Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


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

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than or in range of the average performance of the Universe for the three-, five-, and ten-year periods under review, and lower than the average performance of the Universe for the one-year period under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, Russell 2500™ Index, for the five- and ten-year periods under review, and lower than its benchmark for the one- and three-year periods under review.

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

Investment advisory and sub-advisory fee rates

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


Other information (unaudited)		Wells Fargo Advantage Common Stock Fund			35

Profitability

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

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


36		Wells Fargo Advantage Common Stock Fund		List of abbrev iations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Columbian Peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

228293 11-14

A229/AR229 09-14

Wells Fargo Advantage Discovery Fund^SM

LOGO

Annual Report

LOGO

Reduce clutter. Save trees.

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			35

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Advantage Funds

Despite macroeconomic challenges, U.S. economic numbers showed improvement.

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, 2014. The period was marked by heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine and later as Islamic militants (formerly known as ISIS) gained territory in Iraq and Syria. Toward the end of the reporting period, market volatility increased as renewed fears of slowing global growth took hold, and investors began to price in expectations that the U.S. Federal Reserve (Fed) was finally looking to raise short-term interest rates. Although mid-cap stocks (measured by the Russell Midcap^® Index¹) ended the period with a double-digit gain, small-cap stocks (measured by the Russell 2000^® Index²) ended with a low single-digit return.

Major central banks continued to provide stimulus.

Although the geopolitical situation presented challenges, U.S. stock markets gained on positive economic data.

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.

2.	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.


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

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period. However, slowing global economic growth, combined with renewed geopolitical concerns (including protests in Hong Kong), caused stock market weakness in September 2014. Although the Russell Midcap Index ended the period with a 15.83% gain, small-cap stocks were hit harder by the late-period uncertainty; the Russell 2000 Index ended with a relatively modest 3.93% return. Value stocks outperformed growth stocks in both the small-cap and the mid-cap space.

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

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

Sincerely,

LOGO

President

Wells Fargo Advantage Funds

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the 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, 2014


		Including sales charge							Excluding sales charge						Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (WFDAX)	7-31-2007		(2.77	)		16.56		10.37		3.15		17.95		11.02		1.28		1.23
Class C (WDSCX)	7-31-2007		1.33			17.07		10.20		2.33		17.07		10.20		2.03		1.98
Class R6 (WFDRX)	6-28-2013		–			–		–		3.60		18.42		11.42		0.80		0.80
Administrator Class (WFDDX)	4-8-2005		–			–		–		3.25		18.10		11.19		1.12		1.12
Institutional Class (WFDSX)	8-31-2006		–			–		–		3.51		18.40		11.41		0.85		0.85
Investor Class (STDIX)	12-31-1987		–			–		–		3.04		17.87		10.96		1.34		1.29
Russell 2500™ Growth Index⁴	–		–			–		–		8.05		16.85		10.10		–		–

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 a contingent deferred 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 see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Discovery Fund			5

Growth of $10,000 investment⁵ as of September 30, 2014

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. 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.

The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.22% for Class A, 1.97% for Class C, 0.84% for Class R6, 1.15% for Administrator Class, 0.89% for Institutional Class, and 1.28% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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

The Fund underperformed the benchmark, the Russell 2500 Growth Index, for the 12-month period that ended September 30, 2014.

Challenging stock selection in the information technology (IT) and industrials sectors more than offset effective stock selection in the health care and telecommunication services sectors.

Despite the U.S. economy’s gradual recovery, macroeconomic and geopolitical uncertainties caused a significant rotation away from higher-growth U.S. companies we pursue and toward companies with higher dividend yields but slower growth prospects.

Although mixed U.S. economic data worried investors at times during the period, the data overall pointed to a continuing U.S. economic recovery. Most other countries could not match the pace of U.S. economic improvement, and many continued to face slowing growth. As a result, U.S. equities remained a more attractive investment to us. In recent years, frequent periods of heightened macroeconomic or geopolitical concerns—combined with the resultant investor risk aversion—have tended to cause disconnects between U.S. stock fundamentals and stock prices. Nevertheless, we have continued to adhere to our disciplined investment process through all market environments and to invest the Fund in companies that, in our view, either dominate their respective markets, establish new markets through innovation, or are undergoing dynamic change. Our investment style tends to lead to a portfolio that varies from the benchmark in both its composition and return. Under certain market conditions, this investment style can go out of favor, which was the case for much of the reporting period.


Ten largest equity holdings⁶ (%) as of September 30, 2014
SBA Communications Corporation Class A			2.43
Old Dominion Freight Line Incorporated			2.12
Constellation Brands Incorporated Class A			2.10
IHS Incorporated Class A			2.09
Wabtec Corporation			2.08
LKQ Corporation			1.93
Jazz Pharmaceuticals plc			1.85
Cooper Companies Incorporated			1.79
Vantiv Incorporated Class A			1.72
Domino’s Pizza Incorporated			1.60

Fund performance was held back primarily by stock selection in the IT sector.

The IT sector has been home to some of the most innovative U.S. companies; unfortunately, these types of firms tended to have premium valuation multiples that suffered the most in March–April 2014, during the peak of the rotation away from high-growth stocks. Holdings in the internet software and services industry were particularly challenged, especially ChannelAdvisor Corporation, which we no longer hold. This company, which helps small businesses aggregate products on multiple online channels, exceeded guidance on all metrics; however, its share price declined as stocks with high valuations struggled in April 2014. Guidewire Software Incorporated, which sells software to the

insurance industry under a subscription model, also saw its share price decline, despite reporting strong results and raising guidance.

Stock holdings within the industrials sector were challenged despite several attractive themes.

We maintained an overweight to industrials based on attractive themes observed in the sector. However, despite strong performance from firms such as United Rentals Incorporated, and Old Dominion Freight Line Incorporated, economic concerns and some company-specific issues proved too tough to overcome. The share price of railroad company Kansas City Southern (KSU) declined following news of potential legislation in Mexico that could threaten KSU’s exclusivity agreements within that country and potentially its competitive position in its Mexican rail operations. The situation represented a compromise to our investment thesis. Consistent with our process, we sold the position.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Discovery Fund			7

Sector distribution⁷ as of September 30, 2014

Selection in health care and telecommunication services aided performance.

Although languishing at times during the period, investor attention ultimately returned to the biotechnology industry. Shares of Puma Biotechnology Incorporated soared following the company’s announcement that the phase III clinical trial results of its product neratinib—for the extended adjuvant treatment of breast cancer—resulted in a 33% improvement in disease-free survival versus a placebo. In telecommunication services, SBA Communications Corporation, an owner of cellular towers, delivered strong results. SBA’s growth continued to be driven by the spending required to support the secular growth of smartphone proliferation and mobile video and data consumption, as well as ongoing 4G deployment.

Our outlook for growth stocks remains strong despite some near-term volatility.

In the current environment, we take solace in several factors. First, in our experience, dislocations between stock fundamentals and stock prices rarely have lasted long, and stock prices eventually have followed the trajectory of earnings. Second, if investors look beyond the next few months, the outlook for U.S. corporate earnings growth in our view remains positive. Although the level of growth may not be uniform (companies with high foreign exposure may be most vulnerable), we believe the Fund’s holdings, which are primarily domestic, will likely power through the current malaise. It is plausible that U.S. economic growth will be driven by investment demand rather than consumer demand. Corporations have deferred spending to the point that buildings, equipment, and technology are now severely aged. Signs of increased capital spending have been building, and we expect to receive more positive guidance. Finally, innovation—in our view, the key arbiter of future growth—is alive and well. We continue to see breakthroughs in industries such as biotechnology, e-commerce and social media platforms, and cloud computing, among others. The Fund holds positions in leading-edge companies that we believe are capable of producing robust, organic earnings growth over time for the benefit of Fund shareholders.

Please see footnotes on page 5.


8		Wells Fargo Advantage Discovery Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2014 to September 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 4-1-2014		Ending account value 9-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	968.57	$	6.02		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.17		1.22	%
Class C
Actual	$	1,000.00	$	964.74	$	9.70		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.19	$	9.95		1.97	%
Class R6
Actual	$	1,000.00	$	970.70	$	3.80		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.21	$	3.90		0.77	%
Administrator Class
Actual	$	1,000.00	$	968.87	$	5.33		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Institutional Class
Actual	$	1,000.00	$	970.39	$	4.05		0.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.96	$	4.15		0.82	%
Investor Class
Actual	$	1,000.00	$	968.06	$	6.32		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, 2014		Wells Fargo Advantage Discovery Fund			9


Security name	Shares		Value

Common Stocks: 99.42%

Consumer Discretionary: 18.78%

Auto Components: 1.21%
Gentherm Incorporated †		957,600	$	40,439,446


Distributors: 1.93%
LKQ Corporation †		2,422,647		64,418,184


Diversified Consumer Services: 1.13%
Bright Horizons Family Solutions Incorporated †		901,300		37,908,678


Hotels, Restaurants & Leisure: 3.14%
Domino’s Pizza Incorporated		694,000		53,410,240
Extended Stay America Incorporated		899,615		21,356,860
Krispy Kreme Doughnuts Incorporated †		1,752,300		30,069,468

				104,836,568


Internet & Catalog Retail: 1.74%
HomeAway Incorporated †		905,300		32,138,150
Vipshop Holdings Limited †«		136,800		25,856,568

				57,994,718


Leisure Products: 1.51%
Polaris Industries Incorporated		336,800		50,449,272


Media: 1.47%
Cinemark Holdings Incorporated		1,440,400		49,031,216


Specialty Retail: 3.43%
Advance Auto Parts Incorporated		308,578		40,207,713
Lithia Motors Incorporated Class A		478,800		36,240,372
Restoration Hardware Holdings Incorporated «†		480,729		38,241,992

				114,690,077


Textiles, Apparel & Luxury Goods: 3.22%
Carter’s Incorporated		535,600		41,460,002
Kate Spade & Company †		1,009,900		26,489,677
Under Armour Incorporated Class A †		575,345		39,756,340

				107,706,019


Consumer Staples: 2.10%

Beverages: 2.10%
Constellation Brands Incorporated Class A †		806,700		70,311,972


Energy: 4.69%

Energy Equipment & Services: 1.01%
Nabors Industries Limited		1,476,600		33,607,416


Oil, Gas & Consumable Fuels: 3.68%
Delek US Holdings Incorporated		941,500		31,182,480

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


10		Wells Fargo Advantage Discovery Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Diamondback Energy Incorporated †		545,200	$	40,770,056
Rice Energy Incorporated †		732,300		19,479,180
Sanchez Energy Corporation †«		1,205,446		31,655,012

				123,086,728


Financials: 7.18%

Banks: 2.74%
First Republic Bank		935,900		46,214,742
Texas Capital Bancshares Incorporated †		787,783		45,439,323

				91,654,065


Capital Markets: 2.95%
Affiliated Managers Group Incorporated †		241,400		48,366,904
SEI Investments Company		1,382,100		49,976,736

				98,343,640


Insurance: 0.33%
eHealth Incorporated †		458,400		11,061,192


REITs: 1.16%
CBS Outdoor Americas Incorporated		1,299,614		38,910,443


Health Care: 19.57%

Biotechnology: 7.35%
Alkermes plc †		975,700		41,828,259
Alnylam Pharmaceuticals Incorporated †		458,700		35,824,470
BioMarin Pharmaceutical Incorporated †		521,408		37,624,801
Cepheid Incorporated †		1,011,857		44,552,064
Novavax Incorporated «†		4,168,267		17,381,673
NPS Pharmaceuticals Incorporated †		572,446		14,883,596
Puma Biotechnology Incorporated †		223,800		53,391,966

				245,486,829


Health Care Equipment & Supplies: 4.11%
Cooper Companies Incorporated		384,200		59,839,150
DexCom Incorporated †		688,000		27,513,120
Wright Medical Group Incorporated †		1,654,911		50,143,803

				137,496,073


Health Care Providers & Services: 3.61%
Envision Healthcare Holdings Incorporated †		1,429,946		49,590,527
MEDNAX Incorporated †		675,900		37,052,838
VCA Antech Incorporated †		861,000		33,863,130

				120,506,495


Health Care Technology: 1.25%
athenahealth Incorporated †		317,800		41,851,082

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Discovery Fund			11


Security name	Shares		Value

Pharmaceuticals: 3.25%
GW Pharmaceuticals plc «†		174,400	$	14,100,240
Jazz Pharmaceuticals plc †		384,180		61,683,941
Salix Pharmaceuticals Limited †		211,300		33,013,512

				108,797,693


Industrials: 23.07%

Aerospace & Defense: 2.08%
B/E Aerospace Incorporated †		396,400		33,273,816
DigitalGlobe Incorporated †		1,270,639		36,213,212

				69,487,028


Airlines: 2.45%
Copa Holdings SA Class A		291,700		31,296,493
Spirit Airlines Incorporated †		730,200		50,486,028

				81,782,521


Construction & Engineering: 1.54%
Quanta Services Incorporated †		1,415,500		51,368,495


Electrical Equipment: 2.66%
Acuity Brands Incorporated		386,200		45,459,602
Sensata Technologies Holdings NV †		976,900		43,501,357

				88,960,959


Industrial Conglomerates: 1.42%
Carlisle Companies Incorporated		591,400		47,536,732


Machinery: 5.37%
Graco Incorporated		394,699		28,805,133
Proto Labs Incorporated †		547,200		37,756,800
Snap-On Incorporated		358,100		43,358,748
Wabtec Corporation		859,000		69,613,360

				179,534,041


Professional Services: 3.06%
IHS Incorporated Class A †		557,988		69,854,518
Towers Watson & Company Class A		326,700		32,506,650

				102,361,168


Road & Rail: 3.25%
Old Dominion Freight Line Incorporated †		1,003,900		70,915,496
Swift Transportation Company †		1,796,882		37,698,584

				108,614,080


Trading Companies & Distributors: 1.24%
United Rentals Incorporated †		372,100		41,340,310

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


12		Wells Fargo Advantage Discovery Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value

Information Technology: 20.03%

Electronic Equipment, Instruments & Components: 3.33%
Cognex Corporation †		1,140,700	$	45,935,989
FEI Company		494,900		37,325,358
FLIR Systems Incorporated		897,200		28,118,248

				111,379,595


Internet Software & Services: 5.46%
Alibaba Group Holding Limited ADR †		64,715		5,749,928
Cornerstone OnDemand Incorporated †		1,166,300		40,132,383
CoStar Group Incorporated †		305,751		47,556,511
Shutterstock Incorporated †«		635,258		45,344,716
Yelp Incorporated †		641,334		43,771,046

				182,554,584


IT Services: 2.77%
Euronet Worldwide Incorporated †		732,300		34,996,617
Vantiv Incorporated Class A †		1,859,690		57,464,421

				92,461,038


Semiconductors & Semiconductor Equipment: 0.17%
Veeco Instruments Incorporated †		159,400		5,571,030


Software: 6.42%
Aspen Technology Incorporated †		654,410		24,684,345
Fleetmatics Group plc †		1,185,734		36,164,887
Guidewire Software Incorporated †		1,178,100		52,236,954
ServiceNow Incorporated †		888,619		52,233,025
Tableau Software Incorporated Class A †		676,730		49,164,435

				214,483,646


Technology Hardware, Storage & Peripherals: 1.88%
Nimble Storage Incorporated «†		1,308,400		33,979,148
Stratasys Limited «†		238,575		28,815,089

				62,794,237


Materials: 1.57%

Chemicals: 1.57%
W.R. Grace & Company †		577,300		52,499,662


Telecommunication Services: 2.43%

Wireless Telecommunication Services: 2.43%
SBA Communications Corporation Class A †		731,103		81,079,323


Total Common Stocks (Cost $2,898,619,857)				3,322,396,255

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Discovery Fund			13


Security name	Yield			Shares		Value

Short-Term Investments: 4.65%

Investment Companies: 4.65%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		38,689,783	$	38,689,783
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)		0.11			116,554,684		116,554,684

Total Short-Term Investments (Cost $155,244,467)							155,244,467


Total investments in securities
(Cost $3,053,864,324) *	104.07	%		3,477,640,722
Other assets and liabilities, net	(4.07	)		(135,905,956	)

Total net assets	100.00	%	$	3,341,734,766

†	Non-income-earning security

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

(l)	The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

(r)	The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

*	Cost for federal income tax purposes is $3,063,642,722 and unrealized gains (losses) consists of:


Gross unrealized gains	$	536,874,642
Gross unrealized losses		(122,876,642	)

Net unrealized gains	$	413,998,000

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


14		Wells Fargo Advantage Discovery Fund		Statement of assets and liabilities—September 30, 2014




Assets
Investments
In unaffiliated securities (including $110,977,035 of securities loaned), at value (cost $2,898,619,857)	$	3,322,396,255
In affiliated securities, at value (cost $155,244,467)		155,244,467

Total investments, at value (cost $3,053,864,324)		3,477,640,722
Receivable for investments sold		48,591,162
Receivable for Fund shares sold		26,944,831
Receivable for dividends		71,075
Receivable for securities lending income		47,045
Prepaid expenses and other assets		105,637

Total assets		3,553,400,472


Liabilities
Payable for investments purchased		68,758,371
Payable for Fund shares redeemed		23,416,823
Payable upon receipt of securities loaned		116,554,684
Advisory fee payable		1,857,692
Distribution fees payable		54,778
Administration fees payable		564,861
Accrued expenses and other liabilities		458,497

Total liabilities		211,665,706

Total net assets	$	3,341,734,766


NET ASSETS CONSIST OF
Paid-in capital	$	2,701,074,539
Accumulated net investment loss		(12,579,383	)
Accumulated net realized gains on investments		229,463,212
Net unrealized gains on investments		423,776,398

Total net assets	$	3,341,734,766


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	335,221,081
Shares outstanding – Class A¹		10,360,773
Net asset value per share – Class A		$32.35
Maximum offering price per share – Class A²		$34.32
Net assets – Class C	$	84,584,572
Shares outstanding – Class C¹		2,784,856
Net asset value per share – Class C		$30.37
Net assets – Class R6	$	221,042,520
Share outstanding – Class R6¹		6,542,705
Net asset value per share – Class R6		$33.78
Net assets – Administrator Class	$	687,537,470
Shares outstanding – Administrator Class¹		20,838,519
Net asset value per share – Administrator Class		$32.99
Net assets – Institutional Class	$	1,396,602,681
Shares outstanding – Institutional Class¹		41,369,226
Net asset value per share – Institutional Class		$33.76
Net assets – Investor Class	$	616,746,442
Shares outstanding – Investor Class¹		19,192,782
Net asset value per share – Investor Class		$32.13

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, 2014		Wells Fargo Advantage Discovery Fund			15




Investment income
Dividends	$	7,854,563
Securities lending income, net		764,785
Income from affiliated securities		68,069

Total investment income		8,687,417


Expenses
Advisory fee		21,036,227
Administration fees
Fund level		1,582,898
Class A		884,110
Class C		201,120
Class R6		17,810
Administrator Class		761,175
Institutional Class		980,994
Investor Class		2,245,171
Shareholder servicing fees
Class A		850,106
Class C		193,385
Administrator Class		1,889,402
Investor Class		1,742,015
Distribution fees
Class C		580,154
Custody and accounting fees		175,786
Professional fees		44,136
Registration fees		229,939
Shareholder report expenses		148,435
Trustees’ fees and expenses		18,372
Other fees and expenses		52,720

Total expenses		33,633,955
Less: Fee waivers and/or expense reimbursements		(271,585	)

Net expenses		33,362,370

Net investment loss		(24,674,953	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		251,309,104
Net change in unrealized gains (losses) on investments		(163,265,630	)

Net realized and unrealized gains (losses) on investments		88,043,474

Net increase in net assets resulting from operations	$	63,368,521

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, 2014						Year ended September 30, 2013

Operations
Net investment loss				$	(24,674,953	)				$	(2,264,194	)
Net realized gains on investments					251,309,104						181,434,058
Net change in unrealized gains (losses) on investments					(163,265,630	)					386,543,615

Net increase in net assets resulting from operations					63,368,521						565,713,479


Distributions to shareholders from
Net realized gains
Class A					(18,511,657	)					(6,761,646	)
Class C					(3,908,122	)					(1,392,037	)
Class R6					(229,375	)					0	¹
Administrator Class					(43,636,565	)					(24,686,836	)
Institutional Class					(67,126,218	)					(28,226,790	)
Investor Class					(44,953,612	)					(24,433,293	)

Total distributions to shareholders					(178,365,549	)					(85,500,602	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		7,194,353			239,880,930			4,037,415			117,887,246
Class C		1,622,065			51,372,776			1,053,288			28,650,204
Class R6		6,927,824			238,614,217			806	¹		25,000	¹
Administrator Class		9,555,255			322,630,260			5,174,693			152,595,324
Institutional Class		21,122,614			729,415,487			13,433,827			400,277,818
Investor Class		6,373,102			212,464,614			5,287,128			153,807,243

					1,794,378,284						853,242,835

Reinvestment of distributions
Class A		538,849			17,583,098			260,885			6,496,028
Class C		96,590			2,976,900			37,954			902,541
Class R6		6,756			229,375			0	¹		0	¹
Administrator Class		1,265,085			42,051,507			938,841			23,752,678
Institutional Class		1,949,307			66,159,461			989,632			25,463,243
Investor Class		1,369,482			44,412,550			959,644			23,770,378

					173,412,891						80,384,868

Payment for shares redeemed
Class A		(4,521,227	)		(147,714,590	)		(1,421,433	)		(40,935,431	)
Class C		(467,017	)		(14,485,281	)		(209,586	)		(5,699,453	)
Class R6		(392,681	)		(13,289,526	)		0	¹		0	¹
Administrator Class		(9,001,522	)		(300,190,618	)		(4,626,667	)		(134,703,373	)
Institutional Class		(10,163,663	)		(348,731,781	)		(4,879,615	)		(146,084,276	)
Investor Class		(7,579,456	)		(245,701,164	)		(4,368,620	)		(121,256,319	)

					(1,070,112,960	)					(448,678,852	)

Net increase in net assets resulting from capital share transactions					897,678,215						484,948,851

Total increase in net assets					782,681,187						965,161,728


Net assets
Beginning of period					2,559,053,579						1,593,891,851

End of period				$	3,341,734,766					$	2,559,053,579

Accumulated net investment loss				$	(12,579,383	)				$	(555	)

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

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


Financial highlights		Wells Fargo Advantage Discovery Fund			17

(For a share outstanding throughout each period)


	Year ended September 30															Year ended October 31, 2009
CLASS A	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	33.50		$	26.89		$	21.20		$	20.71		$	15.69		$	14.52
Net investment loss		(0.30	)		(0.08	)²		(0.14	)²		(0.21	)²		(0.18	)		(0.09	)²
Net realized and unrealized gains (losses) on investments		1.36			8.14			6.82			0.70			5.20			1.26

Total from investment operations		1.06			8.06			6.68			0.49			5.02			1.17
Distributions to shareholders from
Net realized gains		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00
Net asset value, end of period	$	32.35		$	33.50		$	26.89		$	21.20		$	20.71		$	15.69
Total return³		3.15	%		31.86	%		32.05	%		2.37	%		31.99	%		8.06	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.27	%		1.29	%		1.34	%		1.37	%		1.43	%
Net expenses		1.22	%		1.22	%		1.22	%		1.30	%		1.33	%		1.33	%
Net investment loss		(0.95	)%		(0.29	)%		(0.53	)%		(0.86	)%		(0.97	)%		(0.68	)%
Supplemental data
Portfolio turnover rate		84	%		86	%		104	%		111	%		93	%		221	%
Net assets, end of period (000s omitted)		$335,221			$239,506			$114,882			$41,507			$7,442			$3,750

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, 2009
CLASS C	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	31.81		$	25.79		$	20.51		$	20.19		$	15.41		$	14.36
Net investment loss		(0.35	)		(0.30	)²		(0.31	)²		(0.38	)²		(0.29	)		(0.20	)²
Net realized and unrealized gains (losses) on investments		1.12			7.77			6.58			0.70			5.07			1.25

Total from investment operations		0.77			7.47			6.27			0.32			4.78			1.05
Distributions to shareholders from
Net realized gains		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00
Net asset value, end of period	$	30.37		$	31.81		$	25.79		$	20.51		$	20.19		$	15.41
Total return³		2.33	%		30.89	%		31.10	%		1.59	%		31.10	%		7.24	%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.02	%		2.04	%		2.09	%		2.13	%		2.18	%
Net expenses		1.97	%		1.97	%		1.97	%		2.07	%		2.08	%		2.08	%
Net investment loss		(1.70	)%		(1.08	)%		(1.28	)%		(1.62	)%		(1.73	)%		(1.47	)%
Supplemental data
Portfolio turnover rate		84	%		86	%		104	%		111	%		93	%		221	%
Net assets, end of period (000s omitted)		$84,585			$48,768			$16,803			$5,205			$3,043			$2,334

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 each period)


	Year ended September 30
CLASS R6	2014			2013¹
Net asset value, beginning of period	$	34.73		$	31.03
Net investment income (loss)		(0.17	)		0.02	²
Net realized and unrealized gains (losses) on investments		1.43			3.68

Total from investment operations		1.26			3.70
Distributions to shareholders from
Net realized gains		(2.21	)		0.00
Net asset value, end of period	$	33.78		$	34.73
Total return³		3.60	%		11.96	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%
Net expenses		0.77	%		0.77	%
Net investment income (loss)		(0.45	)%		0.30	%
Supplemental data
Portfolio turnover rate		84	%		86	%
Net assets, end of period (000s omitted)		$221,043			$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, 2009
ADMINISTRATOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	34.08		$	27.30		$	21.50		$	20.96		$	15.86		$	14.65
Net investment loss		(0.27	)²		(0.04	)		(0.12	)²		(0.20	)		(0.13	)		(0.07	)²
Net realized and unrealized gains (losses) on investments		1.39			8.27			6.91			0.74			5.23			1.28

Total from investment operations		1.12			8.23			6.79			0.54			5.10			1.21
Distributions to shareholders from
Net realized gains		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00
Net asset value, end of period	$	32.99		$	34.08		$	27.30		$	21.50		$	20.96		$	15.86
Total return³		3.25	%		32.01	%		32.12	%		2.58	%		32.16	%		8.26	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.10	%		1.13	%		1.17	%		1.20	%		1.25	%
Net expenses		1.08	%		1.10	%		1.13	%		1.15	%		1.15	%		1.15	%
Net investment loss		(0.81	)%		(0.13	)%		(0.45	)%		(0.70	)%		(0.81	)%		(0.52	)%
Supplemental data
Portfolio turnover rate		84	%		86	%		104	%		111	%		93	%		221	%
Net assets, end of period (000s omitted)		$687,537			$648,228			$478,673			$203,820			$122,451			$103,576

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, 2009
INSTITUTIONAL CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	34.74		$	27.73		$	21.76		$	21.17		$	15.99		$	14.73
Net investment income (loss)		(0.20	)		0.01			(0.07	)		(0.14	)		(0.11	)		(0.05	)²
Net realized and unrealized gains (losses) on investments		1.43			8.45			7.03			0.73			5.29			1.31

Total from investment operations		1.23			8.46			6.96			0.59			5.18			1.26
Distributions to shareholders from
Net realized gains		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00
Net asset value, end of period	$	33.76		$	34.74		$	27.73		$	21.76		$	21.17		$	15.99
Total return³		3.51	%		32.36	%		32.53	%		2.79	%		32.48	%		8.49	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.84	%		0.86	%		0.91	%		0.93	%		0.96	%
Net expenses		0.82	%		0.84	%		0.86	%		0.90	%		0.93	%		0.95	%
Net investment income (loss)		(0.54	)%		0.11	%		(0.19	)%		(0.45	)%		(0.58	)%		(0.37	)%
Supplemental data
Portfolio turnover rate		84	%		86	%		104	%		111	%		93	%		221	%
Net assets, end of period (000s omitted)		$1,396,603			$988,615			$524,506			$274,039			$112,874			$68,395

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, 2009
INVESTOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	33.31		$	26.76		$	21.12		$	20.64		$	15.65		$	14.49
Net investment loss		(0.33	)²		(0.09	)²		(0.15	)²		(0.24	)		(0.14	)		(0.10	)²
Net realized and unrealized gains (losses) on investments		1.36			8.09			6.78			0.72			5.13			1.26

Total from investment operations		1.03			8.00			6.63			0.48			4.99			1.16
Distributions to shareholders from
Net realized gains		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00
Net asset value, end of period	$	32.13		$	33.31		$	26.76		$	21.12		$	20.64		$	15.65
Total return³		3.04	%		31.78	%		31.93	%		2.33	%		31.89	%		8.01	%
Ratios to average net assets (annualized)
Gross expenses		1.30	%		1.32	%		1.36	%		1.40	%		1.47	%		1.53	%
Net expenses		1.28	%		1.28	%		1.29	%		1.37	%		1.38	%		1.38	%
Net investment loss		(1.01	)%		(0.30	)%		(0.61	)%		(0.93	)%		(1.03	)%		(0.74	)%
Supplemental data
Portfolio turnover rate		84	%		86	%		104	%		111	%		93	%		221	%
Net assets, end of period (000s omitted)		$616,746			$633,908			$459,028			$279,715			$267,466			$180,898

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

Securities valuation

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

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

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

Security loans


24		Wells Fargo Advantage Discovery Fund		Notes to financial statements

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes

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, 2014, 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

$12,096,125

$(12,096,125)

As of September 30, 2014, the Fund had a qualified late-year ordinary loss of $12,578,876 which will be recognized on the first day of the following fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities


Notes to financial statements		Wells Fargo Advantage Discovery Fund			25

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	627,474,178	$	0	$	0	$	627,474,178
Consumer staples		70,311,972		0		0		70,311,972
Energy		156,694,144		0		0		156,694,144
Financials		239,969,340		0		0		239,969,340
Health care		654,138,172		0		0		654,138,172
Industrials		770,985,334		0		0		770,985,334
Information technology		669,244,130		0		0		669,244,130
Materials		52,499,662		0		0		52,499,662
Telecommunication services		81,079,323		0		0		81,079,323

Short-term investments
Investment companies		38,689,783		116,554,684		0		155,244,467
Total assets	$	3,361,086,038	$	116,554,684	$	0	$	3,477,640,722

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.


26		Wells Fargo Advantage Discovery Fund		Notes to financial statements

Administration fees


	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 through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class C shares, 0.84% for Class R6 shares, 1.15% for Administrator Class shares, 0.89% for Institutional Class shares, and 1.28% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

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 (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended September 30, 2014, Funds Distributor received $93,121 from the sale of Class A shares and $999 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, 2014 were $3,322,316,476 and $2,561,282,279, respectively.

6. BANK BORROWINGS

For the year ended September 30, 2014, there were no borrowings by the Fund under the agreement.


Notes to financial statements		Wells Fargo Advantage Discovery Fund			27

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2014 and September 30, 2013 were as follows:


	Year ended September 30
	2014	2013
Ordinary income	$62,752,815	$ 0
Long-term capital gain	115,612,734	85,500,602

As of September 30, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed

ordinary

income

Undistributed

long-term

gain

Unrealized

gains

Late-year

ordinary losses

deferred

$82,707

$239,158,899

$413,998,000

$(12,578,876)

8. INDEMNIFICATION


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, 2014, 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 four-year period then ended, the period from November 1, 2009 through September 30, 2010, and the year 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.

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, 2014, 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.

LOGO

Boston, Massachusetts


Other information (unaudited)		Wells Fargo Advantage Discovery Fund			29

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 20.69% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2014.

Pursuant to Section 852 of the Internal Revenue Code, $115,612,734 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2014.

Pursuant to Section 854 of the Internal Revenue Code, $13,781,004 of income dividends paid during the fiscal year ended September 30, 2014 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2014, $62,752,815 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

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) 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

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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. Mr. Harris is a certified public accountant.	CIGNA 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 complex (and its predecessors) from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Advantage Discovery Fund			31


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 complex (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 or longer
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	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and 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 60 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		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Discovery Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


Other information (unaudited)		Wells Fargo Advantage Discovery Fund			33

Investment advisory and sub-advisory fee rates

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

Profitability

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


34		Wells Fargo Advantage Discovery Fund		Other information (unaudited)

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

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Advantage Discovery Fund			35

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Columbian Peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and

principal

securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

228294 11-14

A230/AR230 09-14

Wells Fargo Advantage Enterprise Fund^SM

LOGO

Annual Report

LOGO

Reduce clutter. Save trees.

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			35

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Advantage Funds

Despite macroeconomic challenges, U.S. economic numbers showed improvement.

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, 2014. The period was marked by heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine and later as Islamic militants (formerly known as ISIS) gained territory in Iraq and Syria. Toward the end of the reporting period, market volatility increased as renewed fears of slowing global growth took hold, and investors began to price in expectations that the U.S. Federal Reserve (Fed) was finally looking to raise short-term interest rates. Although mid-cap stocks (measured by the Russell Midcap^® Index¹) ended the period with a double-digit gain, small-cap stocks (measured by the Russell 2000^® Index²) ended with a low single-digit return.

Major central banks continued to provide stimulus.

Although the geopolitical situation presented challenges, U.S. stock markets gained on positive economic data.

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.

2.	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.


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

2014 declined by 2.1% on an annualized basis, several commentators suggested that harsh winter weather may have dampened economic activity. Economic growth did accelerate in the second quarter of 2014, with an annualized GDP growth rate of 4.6%.

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period. However, slowing global economic growth, combined with renewed geopolitical concerns (including protests in Hong Kong), caused stock market weakness in September 2014. Although the Russell Midcap Index ended the period with a 15.83% gain, small-cap stocks were hit harder by the late-period uncertainty; the Russell 2000 Index ended with a relatively modest 3.93% return. Value stocks outperformed growth stocks in both the small-cap and the mid-cap space.

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

Sincerely,

LOGO

President

Wells Fargo Advantage Funds

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the 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, 2014


		Including sales charge							Excluding sales charge						Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (SENAX)	2-24-2000		(0.78	)		14.08		8.52		5.27		15.44		9.16		1.30		1.18
Class B (WENBX)*	8-26-2011		(0.54	)		14.34		8.89		4.46		14.58		8.89		2.05		1.93
Class C (WENCX)	3-31-2008		3.49			14.58		8.37		4.49		14.58		8.37		2.05		1.93
Administrator Class (SEPKX)	8-30-2002		–			–		–		5.33		15.56		9.37		1.14		1.10
Institutional Class (WFEIX)	6-30-2003		–			–		–		5.61		15.86		9.65		0.87		0.85
Investor Class (SENTX)	9-30-1998		–			–		–		5.21		15.35		9.04		1.36		1.24
Russell Midcap^® Growth Index⁴	–		–			–		–		14.43		17.12		10.24		–		–

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

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Enterprise Fund			5

Growth of $10,000 investment⁵ as of September 30, 2014

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. 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.

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

The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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

The Fund underperformed the benchmark, the Russell Midcap Growth Index, for the 12-month period that ended September 30, 2014.

Challenging stock selection in the consumer discretionary and information technology (IT) sectors more than offset the benefits of effective stock selection in the health care sector and an overweight allocation to the telecommunication services sectors.


Ten largest equity holdings⁶ (%) as of September 30, 2014
SBA Communications Corporation Class A			2.99
Constellation Brands Incorporated Class A			2.63
Netflix Incorporated			2.37
IHS Incorporated Class A			2.36
McGraw Hill Financial Incorporated			2.16
Affiliated Managers Group Incorporated			2.02
Old Dominion Freight Line Incorporated			1.97
Wabtec Corporation			1.82
Chipotle Mexican Grill Incorporated			1.78
LKQ Corporation			1.74

Fund performance was held back primarily by stock selection in the consumer discretionary sector.

Escalating geopolitical tensions and slowing economies abroad, coupled with slow job growth and meager wage inflation in the U.S., caused consumer confidence to fluctuate during the period despite an improving U.S. economy. This wavering confidence took a toll on the performance of consumer-related sectors. Isolated operational issues also weighed on returns. The share price of consumer electronics retailer Best Buy Company Incorporated declined when holiday sales proved to be weaker than expected given a highly promotional environment. We owned Best Buy as a developing situation, expecting new management’s supply-chain improvements to drive improving margins. While this

played out in the second half of 2013, the highly promotional pricing environment and declining store traffic from online competition proved to be too much to overcome. With our operational improvement thesis being overshadowed by the challenge of an increasingly competitive environment, we sold the position.

Software and internet services companies struggled as investors pursued yield and short-duration returns.

The IT sector has been home to some of the most innovative U.S. companies. Unfortunately, these types of firms had premium valuation multiples that suffered the most in March–April 2014, during the peak of the rotation away from high-growth stocks. Weakness was particularly obvious within the cloud-based software industry. Despite reporting revenue growth substantially better than expectations, Tableau Software Incorporated declined as investors shed high-valuation holdings.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Enterprise Fund			7

Sector distribution⁷ as of September 30, 2014

Selection in health care and an overweight allocation to telecommunication services aided performance.

Although languishing at times during the period, investor attention ultimately returned to the biotechnology industry. The share price of Alexion Pharmaceuticals Incorporated rose as the company reported better-than-expected sales results. (The position in Alexion was sold when the stock reached its price target.) Firms with high earnings visibility also garnered attention. Longtime portfolio holding SBA Communications Corporation, a cellular tower owner, was a prime example. SBA’s growth continued to be driven by the spending required to support the secular growth of smartphone proliferation and mobile video and data consumption, as well as by ongoing 4G deployment.

Our outlook for growth stocks remains strong despite some near-term volatility.

Please see footnotes on page 5.


8		Wells Fargo Advantage Enterprise Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2014 to September 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 4-1-2014		Ending account value 9-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	981.97	$	5.86		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class B
Actual	$	1,000.00	$	978.29	$	9.57		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.39	$	9.75		1.93	%
Class C
Actual	$	1,000.00	$	978.29	$	9.57		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.39	$	9.75		1.93	%
Administrator Class
Actual	$	1,000.00	$	982.35	$	5.42		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Institutional Class
Actual	$	1,000.00	$	983.53	$	4.23		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Investor Class
Actual	$	1,000.00	$	981.70	$	6.16		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, 2014		Wells Fargo Advantage Enterprise Fund			9


Security name	Shares		Value


Common Stocks: 98.97%

Consumer Discretionary: 21.87%

Auto Components: 2.30%
BorgWarner Incorporated		194,900	$	10,253,689
Delphi Automotive plc		114,285		7,010,242

				17,263,931


Distributors: 1.74%
LKQ Corporation †		491,300		13,063,667


Hotels, Restaurants & Leisure: 4.33%
Chipotle Mexican Grill Incorporated †		20,020		13,345,132
Domino’s Pizza Incorporated		136,100		10,474,256
MGM Resorts International †		379,900		8,654,122

				32,473,510


Internet & Catalog Retail: 3.17%
Netflix Incorporated †		39,300		17,731,374
Vipshop Holdings Limited †«		31,700		5,991,617

				23,722,991


Leisure Products: 1.33%
Polaris Industries Incorporated		66,300		9,931,077


Media: 3.48%
Cinemark Holdings Incorporated		306,600		10,436,664
Liberty Global plc Class A		66,630		2,834,440
Liberty Global plc Class C †		311,342		12,769,692

				26,040,796


Specialty Retail: 2.76%
Advance Auto Parts Incorporated		83,529		10,883,829
AutoNation Incorporated †		194,000		9,760,140

				20,643,969


Textiles, Apparel & Luxury Goods: 2.76%
Carter’s Incorporated		110,900		8,584,605
Under Armour Incorporated Class A †		174,860		12,082,826

				20,667,431


Consumer Staples: 3.86%

Beverages: 3.86%
Brown-Forman Corporation Class B		102,300		9,229,506
Constellation Brands Incorporated Class A †		225,700		19,672,012

				28,901,518

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


10		Wells Fargo Advantage Enterprise Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Energy: 5.98%

Energy Equipment & Services: 1.76%
Core Laboratories NV		38,600	$	5,649,110
Nabors Industries Limited		330,600		7,524,456

				13,173,566


Oil, Gas & Consumable Fuels: 4.22%
Antero Resources Corporation †		155,263		8,522,386
Concho Resources Incorporated †		83,800		10,507,682
Memorial Resource Development Corporation †		158,100		4,286,091
Pioneer Natural Resources Company		42,135		8,299,331

				31,615,490


Financials: 10.51%

Banks: 2.18%
First Republic Bank		157,000		7,752,660
Texas Capital Bancshares Incorporated †		148,535		8,567,499

				16,320,159


Capital Markets: 3.41%
Affiliated Managers Group Incorporated †		75,400		15,107,144
SEI Investments Company		287,700		10,403,232

				25,510,376


Diversified Financial Services: 3.75%
IntercontinentalExchange Group Incorporated		61,105		11,918,530
McGraw Hill Financial Incorporated		191,441		16,167,192

				28,085,722


REITs: 1.17%
CBS Outdoor Americas Incorporated		293,660		8,792,180


Health Care: 14.46%

Biotechnology: 5.61%
Alkermes plc †		196,500		8,423,955
BioMarin Pharmaceutical Incorporated †		152,493		11,003,895
Puma Biotechnology Incorporated †		17,450		4,163,047
Regeneron Pharmaceuticals Incorporated †		22,000		7,931,440
Vertex Pharmaceuticals Incorporated †		93,500		10,500,985

				42,023,322


Health Care Equipment & Supplies: 1.54%
Cooper Companies Incorporated		74,000		11,525,500


Health Care Providers & Services: 3.95%
Cardinal Health Incorporated		131,200		9,829,504
DaVita HealthCare Partners Incorporated †		141,425		10,343,825
Envision Healthcare Holdings Incorporated †		272,434		9,448,011

				29,621,340

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Enterprise Fund			11


Security name	Shares		Value


Pharmaceuticals: 3.36%
Jazz Pharmaceuticals plc †		61,300	$	9,842,328
Perrigo Company plc		63,700		9,567,103
Salix Pharmaceuticals Limited †		36,600		5,718,384

				25,127,815


Industrials: 18.27%

Aerospace & Defense: 1.20%
B/E Aerospace Incorporated †		107,600		9,031,944


Airlines: 1.16%
Delta Air Lines Incorporated		239,600		8,661,540


Construction & Engineering: 1.13%
Quanta Services Incorporated †		233,200		8,462,828


Industrial Conglomerates: 1.42%
Carlisle Companies Incorporated		132,833		10,677,117


Machinery: 3.94%
Cummins Incorporated		63,221		8,343,908
Proto Labs Incorporated †		108,623		7,494,987
Wabtec Corporation		168,600		13,663,344

				29,502,239


Professional Services: 4.83%
IHS Incorporated Class A †		141,247		17,682,712
Towers Watson & Company Class A		72,750		7,238,625
Verisk Analytics Incorporated Class A †		184,900		11,258,561

				36,179,898


Road & Rail: 3.02%
Old Dominion Freight Line Incorporated †		208,500		14,728,440
Swift Transportation Company †		376,486		7,898,676

				22,627,116


Trading Companies & Distributors: 1.57%
United Rentals Incorporated †		105,700		11,743,270


Information Technology: 19.60%

Communications Equipment: 1.09%
Palo Alto Networks Incorporated †		82,991		8,141,417


Electronic Equipment, Instruments & Components: 4.41%
Cognex Corporation †		220,800		8,891,616
FEI Company		94,400		7,119,648
FLIR Systems Incorporated		181,100		5,675,674
TE Connectivity Limited		205,100		11,339,979

				33,026,917

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


12		Wells Fargo Advantage Enterprise Fund		Portfolio of investments—September 30, 2014


Security name				Shares		Value


Internet Software & Services: 4.07%
Alibaba Group Holding Limited ADR †					14,376	$	1,277,308
Cornerstone OnDemand Incorporated †					233,400		8,031,294
CoStar Group Incorporated †					52,263		8,128,987
Twitter Incorporated †					115,200		5,942,016
Yelp Incorporated †					104,415		7,126,324

							30,505,929


IT Services: 3.22%
Alliance Data Systems Corporation †					51,050		12,674,184
Vantiv Incorporated Class A †					370,481		11,447,863

							24,122,047


Semiconductors & Semiconductor Equipment: 1.64%
Micron Technology Incorporated †					359,000		12,299,340


Software: 3.91%
Guidewire Software Incorporated †					203,500		9,023,190
ServiceNow Incorporated †					198,950		11,694,281
Tableau Software Incorporated Class A †					117,400		8,529,110

							29,246,581


Technology Hardware, Storage & Peripherals: 1.26%
Western Digital Corporation					97,100		9,449,772


Materials: 1.43%

Chemicals: 1.43%
W.R. Grace & Company †					117,600		10,694,544


Telecommunication Services: 2.99%

Wireless Telecommunication Services: 2.99%
SBA Communications Corporation Class A †					201,780		22,377,400


Total Common Stocks (Cost $631,768,705)							741,254,259


	Yield
Short-Term Investments: 1.22%

Investment Companies: 1.22%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		3,048,337		3,048,337
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)		0.11			6,060,000		6,060,000

Total Short-Term Investments (Cost $9,108,337)							9,108,337


Total investments in securities
(Cost $640,877,042) *	100.19	%		750,362,596
Other assets and liabilities, net	(0.19	)		(1,425,359	)

Total net assets	100.00	%	$	748,937,237

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Enterprise Fund			13

†	Non-income-earning security

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

(l)	The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

(r)	The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

*	Cost for federal income tax purposes is $641,365,537 and unrealized gains (losses) consists of:


Gross unrealized gains	$	126,240,980
Gross unrealized losses		(17,243,921	)

Net unrealized gains	$	108,997,059

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


14		Wells Fargo Advantage Enterprise Fund		Statement of assets and liabilities—September 30, 2014




Assets
Investments
In unaffiliated securities (including $5,727,003 of securities loaned), at value (cost $631,768,705)	$	741,254,259
In affiliated securities, at value (cost $9,108,337)		9,108,337

Total investments, at value (cost $640,877,042)		750,362,596
Receivable for investments sold		18,436,752
Receivable for Fund shares sold		108,661
Receivable for dividends		92,532
Receivable for securities lending income		1,729
Prepaid expenses and other assets		121,416

Total assets		769,123,686


Liabilities
Payable for investments purchased		12,739,758
Payable for Fund shares redeemed		573,442
Payable upon receipt of securities loaned		6,060,000
Advisory fee payable		377,401
Distribution fees payable		7,146
Administration fees payable		189,105
Accrued expenses and other liabilities		239,597

Total liabilities		20,186,449

Total net assets	$	748,937,237


NET ASSETS CONSIST OF
Paid-in capital	$	563,450,426
Accumulated net investment loss		(4,115,510	)
Accumulated net realized gains on investments		80,116,767
Net unrealized gains on investments		109,485,554

Total net assets	$	748,937,237


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	417,970,561
Shares outstanding – Class A¹		8,720,171
Net asset value per share – Class A		$47.93
Maximum offering price per share – Class A²		$50.85
Net assets – Class B	$	1,607,079
Shares outstanding – Class B¹		35,667
Net asset value per share – Class B		$45.06
Net assets – Class C	$	9,657,637
Shares outstanding – Class C¹		214,303
Net asset value per share – Class C		$45.07
Net assets – Administrator Class	$	44,760,311
Shares outstanding – Administrator Class¹		903,520
Net asset value per share – Administrator Class		$49.54
Net assets – Institutional Class	$	76,789,558
Shares outstanding – Institutional Class¹		1,512,607
Net asset value per share – Institutional Class		$50.77
Net assets – Investor Class	$	198,152,091
Shares outstanding – Investor Class¹		4,196,985
Net asset value per share – Investor Class		$47.21

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, 2014		Wells Fargo Advantage Enterprise Fund			15




Investment income
Dividends	$	2,312,160
Securities lending income, net		36,161
Income from affiliated securities		5,380

Total investment income		2,353,701


Expenses
Advisory fee		5,254,357
Administration fees
Fund level		379,952
Class A		1,134,026
Class B		5,710
Class C		24,496
Administrator Class		22,648
Institutional Class		65,878
Investor Class		662,810
Shareholder servicing fees
Class A		1,090,409
Class B		5,491
Class C		23,553
Administrator Class		53,527
Investor Class		517,577
Distribution fees
Class B		16,472
Class C		70,661
Custody and accounting fees		49,780
Professional fees		43,545
Registration fees		105,248
Shareholder report expenses		88,049
Trustees’ fees and expenses		12,370
Other fees and expenses		26,450

Total expenses		9,653,009
Less: Fee waivers and/or expense reimbursements		(765,915	)

Net expenses		8,887,094

Net investment loss		(6,533,393	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		112,335,438
Net change in unrealized gains (losses) on investments		(67,208,817	)

Net realized and unrealized gains (losses) on investments		45,126,621

Net increase in net assets resulting from operations	$	38,593,228

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, 2014						Year ended September 30, 2013

Operations
Net investment income (loss)				$	(6,533,393	)				$	219,386
Net realized gains on investments					112,335,438						79,776,259
Net change in unrealized gains (losses) on investments					(67,208,817	)					100,132,214

Net increase in net assets resulting from operations					38,593,228						180,127,859


Distributions to shareholders from
Net realized gains
Class A					(35,681,689	)					0
Class B					(211,712	)					0
Class C					(778,785	)					0
Administrator Class					(1,012,394	)					0
Institutional Class					(6,714,365	)					0
Investor Class					(17,198,764	)					0

Total distributions to shareholders					(61,597,709	)					0


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		287,962			13,896,895			149,004			6,471,674
Class B		1,507			69,241			335			14,052
Class C		50,976			2,361,005			18,231			745,453
Administrator Class		880,332			44,626,697			91,119			4,080,344
Institutional Class		355,524			18,623,743			164,971			7,509,243
Investor Class		204,862			9,916,261			241,679			10,267,120

					89,493,842						29,087,886

Reinvestment of distributions
Class A		689,941			32,861,871			0			0
Class B		4,480			201,822			0			0
Class C		16,106			725,586			0			0
Administrator Class		15,743			774,411			0			0
Institutional Class		79,143			3,981,687			0			0
Investor Class		356,862			16,751,082			0			0

					55,296,459						0

Payment for shares redeemed
Class A		(894,749	)		(43,816,066	)		(1,045,012	)		(42,859,422	)
Class B		(28,086	)		(1,302,951	)		(32,158	)		(1,256,936	)
Class C		(32,725	)		(1,502,681	)		(46,210	)		(1,814,005	)
Administrator Class		(189,422	)		(9,521,181	)		(68,527	)		(2,895,843	)
Institutional Class		(478,070	)		(24,984,493	)		(975,053	)		(40,667,919	)
Investor Class		(509,391	)		(24,457,262	)		(644,034	)		(26,031,917	)

					(105,584,634	)					(115,526,042	)

Net increase (decrease) in net assets resulting from capital share transactions					39,205,667						(86,438,156	)

Total increase in net assets					16,201,186						93,689,703


Net assets
Beginning of period					732,736,051						639,046,348

End of period				$	748,937,237					$	732,736,051

Accumulated net investment loss				$	(4,115,510	)				$	(31,112	)

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, 2009
CLASS A	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	49.54		$	37.67		$	29.10		$	30.21		$	24.24		$	21.77
Net investment income (loss)		(0.43	)²		0.01	²		(0.18	)		(0.17	)²		(0.22	)²		(0.14	)²
Net realized and unrealized gains (losses) on investments		3.00			11.86			8.75			(0.94	)		6.19			2.61

Total from investment operations		2.57			11.87			8.57			(1.11	)		5.97			2.47
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	47.93		$	49.54		$	37.67		$	29.10		$	30.21		$	24.24
Total return³		5.27	%		31.55	%		29.46	%		(3.71	)%		24.63	%		11.35	%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.30	%		1.29	%		1.34	%		1.38	%		1.44	%
Net expenses		1.18	%		1.18	%		1.18	%		1.18	%		1.34	%		1.36	%
Net investment income (loss)		(0.87	)%		0.01	%		(0.49	)%		(0.51	)%		(0.85	)%		(0.64	)%
Supplemental data
Portfolio turnover rate		98	%		91	%		102	%		104	%		108	%		203	%
Net assets, end of period (000s omitted)		$417,971			$427,860			$359,068			$307,735			$878			$824

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 Enterprise Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended September 30
CLASS B	2014			2013			2012			2011¹
Net asset value, beginning of period	$	47.14		$	36.11		$	28.10		$	29.17
Net investment loss		(0.76	)²		(0.27	)²		(0.42	)²		(0.04	)²
Net realized and unrealized gains (losses) on investments		2.86			11.30			8.43			(1.03	)

Total from investment operations		2.10			11.03			8.01			(1.07	)
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00
Net asset value, end of period	$	45.06		$	47.14		$	36.11		$	28.10
Total return³		4.46	%		30.55	%		28.51	%		(3.67	)%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.05	%		2.04	%		2.09	%
Net expenses		1.93	%		1.93	%		1.93	%		1.93	%
Net investment loss		(1.63	)%		(0.68	)%		(1.25	)%		(1.26	)%
Supplemental data
Portfolio turnover rate		98	%		91	%		102	%		104	%
Net assets, end of period (000s omitted)		$1,607			$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 each period)


	Year ended September 30															Year ended October 31, 2009
CLASS C	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	47.14		$	36.11		$	28.10		$	29.39		$	23.75		$	21.49
Net investment loss		(0.75	)²		(0.29	)²		(0.42	)²		(0.44	)²		(0.39	)²		(0.31	)²
Net realized and unrealized gains (losses) on investments		2.86			11.32			8.43			(0.85	)		6.03			2.57

Total from investment operations		2.11			11.03			8.01			(1.29	)		5.64			2.26
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	45.07		$	47.14		$	36.11		$	28.10		$	29.39		$	23.75
Total return³		4.49	%		30.55	%		28.51	%		(4.39	)%		23.80	%		10.52	%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.05	%		2.04	%		2.09	%		2.13	%		2.19	%
Net expenses		1.93	%		1.93	%		1.93	%		1.97	%		2.09	%		2.11	%
Net investment loss		(1.62	)%		(0.72	)%		(1.24	)%		(1.35	)%		(1.60	)%		(1.43	)%
Supplemental data
Portfolio turnover rate		98	%		91	%		102	%		104	%		108	%		203	%
Net assets, end of period (000s omitted)		$9,658			$8,483			$7,508			$6,428			$174			$268

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.


20		Wells Fargo Advantage Enterprise Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended September 30															Year ended October 31, 2009
ADMINISTRATOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	51.03		$	38.77		$	29.93		$	31.03		$	24.86		$	22.27
Net investment income (loss)		(0.37	)²		0.02	²		(0.16	)²		(0.24	)		(0.17	)²		(0.09	)²
Net realized and unrealized gains (losses) on investments		3.06			12.24			9.00			(0.86	)		6.34			2.68

Total from investment operations		2.69			12.26			8.84			(1.10	)		6.17			2.59
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	49.54		$	51.03		$	38.77		$	29.93		$	31.03		$	24.86
Total return³		5.33	%		31.62	%		29.54	%		(3.54	)%		24.87	%		11.59	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.13	%		1.12	%		1.17	%		1.21	%		1.26	%
Net expenses		1.09	%		1.11	%		1.12	%		1.15	%		1.15	%		1.15	%
Net investment income (loss)		(0.74	)%		0.05	%		(0.46	)%		(0.62	)%		(0.66	)%		(0.44	)%
Supplemental data
Portfolio turnover rate		98	%		91	%		102	%		104	%		108	%		203	%
Net assets, end of period (000s omitted)		$44,760			$10,046			$6,757			$22,811			$16,760			$16,000

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, 2009
INSTITUTIONAL CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	52.07		$	39.46		$	30.38		$	31.42		$	25.11		$	22.44
Net investment income (loss)		(0.28	)²		0.18	²		(0.06	)²		(0.13	)²		(0.11	)²		(0.04	)²
Net realized and unrealized gains (losses) on investments		3.16			12.43			9.14			(0.91	)		6.42			2.71

Total from investment operations		2.88			12.61			9.08			(1.04	)		6.31			2.67
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	50.77		$	52.07		$	39.46		$	30.38		$	31.42		$	25.11
Total return³		5.61	%		31.96	%		29.89	%		(3.31	)%		25.13	%		11.90	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.87	%		0.86	%		0.90	%		0.94	%		0.99	%
Net expenses		0.85	%		0.85	%		0.85	%		0.89	%		0.90	%		0.90	%
Net investment income (loss)		(0.54	)%		0.41	%		(0.17	)%		(0.37	)%		(0.41	)%		(0.18	)%
Supplemental data
Portfolio turnover rate		98	%		91	%		102	%		104	%		108	%		203	%
Net assets, end of period (000s omitted)		$76,790			$81,021			$93,367			$121,618			$106,931			$113,467

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, 2009
INVESTOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	48.88		$	37.19		$	28.75		$	29.87		$	23.99		$	21.56
Net investment loss		(0.45	)		(0.02	)²		(0.19	)²		(0.29	)²		(0.24	)²		(0.16	)²
Net realized and unrealized gains (losses) on investments		2.96			11.71			8.63			(0.83	)		6.12			2.59

Total from investment operations		2.51			11.69			8.44			(1.12	)		5.88			2.43
Distributions to shareholders from
Net realized gains		(4.18	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	47.21		$	48.88		$	37.19		$	28.75		$	29.87		$	23.99
Total return³		5.21	%		31.43	%		29.36	%		(3.75	)%		24.56	%		11.22	%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.36	%		1.36	%		1.40	%		1.48	%		1.54	%
Net expenses		1.24	%		1.24	%		1.25	%		1.36	%		1.43	%		1.46	%
Net investment loss		(0.93	)%		(0.05	)%		(0.56	)%		(0.84	)%		(0.94	)%		(0.74	)%
Supplemental data
Portfolio turnover rate		98	%		91	%		102	%		104	%		108	%		203	%
Net assets, end of period (000s omitted)		$198,152			$202,602			$169,111			$144,883			$134,528			$117,725

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

Securities valuation

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

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

Security loans


24		Wells Fargo Advantage Enterprise Fund		Notes to financial statements

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes

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 net operating losses. At September 30, 2014, 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
$2,448,995		$(2,448,995)

As of September 30, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $9,861,236 with $7,310,342 expiring in 2016 and $2,550,894 expiring in 2019.

As of September 30, 2014, the Fund had a qualified late-year ordinary loss of $4,087,097 which will be recognized on the first day of the following fiscal year.

Class allocations


Notes to financial statements		Wells Fargo Advantage Enterprise Fund			25

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	163,807,372	$	0	$	0	$	163,807,372
Consumer staples		28,901,518		0		0		28,901,518
Energy		44,789,056		0		0		44,789,056
Financials		78,708,437		0		0		78,708,437
Health care		108,297,977		0		0		108,297,977
Industrials		136,885,952		0		0		136,885,952
Information technology		146,792,003		0		0		146,792,003
Materials		10,694,544		0		0		10,694,544
Telecommunication services		22,377,400		0		0		22,377,400

Short-term investments
Investment companies		3,048,337		6,060,000		0		9,108,337
Total assets	$	744,302,596	$	6,060,000	$	0	$	750,362,596

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.18% 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. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended September 30, 2014, Funds Distributor received $9,513 from the sale of Class A shares and $155 in contingent deferred sales charges from redemptions of Class B shares.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2014 were $741,079,800 and $779,660,671, respectively.

6. BANK BORROWINGS

For the year ended September 30, 2014, there were no borrowings by the Fund under the agreement.


Notes to financial statements		Wells Fargo Advantage Enterprise Fund			27

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid for the year ended September 30, 2014 was $9,333,410 of ordinary income and $52,264,299 of long-term capital gain. For the year ended September 30, 2013, the Fund did not pay any distributions to shareholders.

As of September 30, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed
long-term
gain

Unrealized
gains

Late-year

ordinary losses

deferred

Capital loss
carryforward

$90,466,498

$108,997,059

$(4,087,097)

$(9,861,236)

8. INDEMNIFICATION


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, 2014, 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 four-year period then ended, the period from November 1, 2009 through September 30, 2010, and the year 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, 2014, 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, 2014, 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.

LOGO

Boston, Massachusetts


Other information (unaudited)		Wells Fargo Advantage Enterprise Fund			29

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 81.83% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2014.

Pursuant to Section 852 of the Internal Revenue Code, $52,264,299 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2014.

Pursuant to Section 854 of the Internal Revenue Code, $7,745,493 of income dividends paid during the fiscal year ended September 30, 2014 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2014, $9,333,410 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

PORTFOLIO HOLDINGS INFORMATION


30		Wells Fargo Advantage Enterprise Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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. Mr. Harris is a certified public accountant.	CIGNA 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 complex (and its predecessors) from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Advantage Enterprise Fund			31


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 complex (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 or longer
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	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and 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 60 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		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Enterprise Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


Other information (unaudited)		Wells Fargo Advantage Enterprise Fund			33

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the average performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, Russell Midcap^® Growth Index, for the one-, three-, and ten-year periods under review and lower than its benchmark for the five-year period under review.

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

Investment advisory and sub-advisory fee rates

Profitability

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


34		Wells Fargo Advantage Enterprise Fund		Other information (unaudited)

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Advantage Enterprise Fund			35

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Columbian Peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

228295 11-14

A231/AR231 09-14

Wells Fargo Advantage Opportunity Fund^SM

LOGO

Annual Report

LOGO

Reduce clutter. Save trees.

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			35

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Advantage Funds

Despite macroeconomic challenges, U.S. economic numbers showed improvement.

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, 2014. The period was marked by heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine and later as Islamic militants (formerly known as ISIS) gained territory in Iraq and Syria. Toward the end of the reporting period, market volatility increased as renewed fears of slowing global growth took hold, and investors began to price in expectations that the U.S. Federal Reserve (Fed) was finally looking to raise short-term interest rates. Although mid-cap stocks (measured by the Russell Midcap^® Index¹) ended the period with a double-digit gain, small-cap stocks (measured by the Russell 2000^® Index²) ended with a low single-digit return.

Major central banks continued to provide stimulus.

Although the geopolitical situation presented challenges, U.S. stock markets gained on positive economic data.

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.

2.	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.


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

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period. However, slowing global economic growth, combined with renewed geopolitical concerns (including protests in Hong Kong), caused stock market weakness in September 2014. Although the Russell Midcap Index ended the period with a 15.83% gain, small-cap stocks were hit harder by the late-period uncertainty; the Russell 2000 Index ended with a relatively modest 3.93% return. Value stocks outperformed growth stocks in both the small-cap and the mid-cap space.

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

Sincerely,

LOGO

President

Wells Fargo Advantage Funds

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the 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 manager

Ann M. Miletti

Average annual total returns¹ (%) as of September 30, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (SOPVX)	2-24-2000		7.77		11.77		7.28		14.35		13.10		7.92		1.27		1.23
Class B (SOPBX)*	8-26-2011		8.48		12.01		7.39		13.48		12.27		7.39		2.02		1.98
Class C (WFOPX)	3-31-2008		12.48		12.27		7.13		13.48		12.27		7.13		2.02		1.98
Administrator Class (WOFDX)	8-30-2002		–		–		–		14.60		13.37		8.18		1.11		1.01
Institutional Class (WOFNX)	7-30-2010		–		–		–		14.89		13.59		8.28		0.84		0.76
Investor Class (SOPFX)	12-31-1985		–		–		–		14.27		13.03		7.87		1.33		1.29
Russell 3000^® Index⁴	–		–		–		–		17.76		15.78		8.44		–		–

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 a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Opportunity Fund			5

Growth of $10,000 investment⁵ as of September 30, 2014

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. 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.

The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.22% for Class A, 1.97% for Class B, 1.97% for Class C, 1.00% for Administrator Class, 0.75% for Institutional Class, and 1.28% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5.	The chart compares the performance of Class A shares for the most recent ten years with the 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%.

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 Opportunity Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

The Fund underperformed its benchmark, the Russell 3000 Index, for the 12-month period that ended September 30, 2014.

Stock selection in the consumer discretionary and information technology (IT) sectors detracted the most from performance. Also, a moderate allocation to cash hindered relative results.

Stock selection added value in a variety of sectors, including financials, consumer staples, and industrials.

The Russell 3000 Index and the U.S. equity market overall generally rose over the 12-month reporting period. The equity market (measured by the Russell 3000 Index) benefited from a variety of factors, including the continuation of quantitative easing and maintenance of very low interest rates by the U.S. Federal Reserve, growth in gross domestic product, improving employment data, and generally improving economic conditions. In these favorable circumstances, investors continued to seek the potentially higher returns of the equity markets. Different from the previous 12-month reporting period, when many companies experienced increasing valuations due to multiple expansion, in the most recent reporting period many companies benefited from improving fundamentals, with growth in revenues and earnings. In this environment, and with the expectation of tighter U.S. monetary policy to come, we continue to look for well-positioned companies—those with good business models, strong management teams, and healthy cash flows—trading at attractive discounts to their private market valuations (PMVs). (The PMV represents the expected price an investor would pay for the entire company as a standalone private entity.)


Ten largest equity holdings⁶ (%) as of September 30, 2014
Agilent Technologies Incorporated			1.72
Citrix Systems Incorporated			1.70
PNC Financial Services Group Incorporated			1.68
ACE Limited			1.58
American International Group Incorporated			1.56
NetApp Incorporated			1.54
Check Point Software Technologies Limited			1.53
Red Hat Incorporated			1.53
Invesco Limited			1.51
TD Ameritrade Holding Corporation			1.50

Stock selection within the consumer discretionary and IT sectors held back Fund performance.

In the consumer discretionary sector, lagging results were notable within the diversified consumer services and specialty retail subsectors. For-profit education holdings suffered from the pressure of increased regulatory scrutiny and competition, which caused Apollo Group Incorporated, and K12 Incorporated to detract from returns during the period. Dick’s Sporting Goods Incorporated, declined 17% due to a slowdown in golf-and hunting-related spending. Decreasing mall traffic over the past few years hindered companies such as Express Incorporated, which we no longer hold.

Within the IT sector, Teradata Corporation (a provider of software, hardware, consulting, and support for analytic data platforms) was a notable detractor. The company’s stock declined 24% for the period. Teradata Corporation and other legacy enterprise IT vendors suffered from a slowdown in large-scale capital purchases of IT infrastructure and applications as customers focused on migrating to cloud-based platforms.

An average 4% allocation to cash also detracted from results over the period. Our cash allocation is transitional and does not reflect our view of the market.

Fund performance benefited from positive stock selection in multiple sectors.

Stock selection in sectors such as financials, consumer staples, and industrials added value during the period. Within the financials sector, holdings within the real estate investment trusts (REITs) and capital markets subsectors performed well. American Tower Corporation (a REIT that owns wireless and broadcast communications real estate) was helped by the growth in mobile communications and rose 28% for the period. In the capital markets subsector, TD Ameritrade Holding Corporation climbed 32%, aided by an increase in short-term interest rates; Invesco Limited also performed well and was up 27% in the same period.

In the consumer staples sector, food and staples retailer Kroger Company (up 31% for the period) was helped by increased consumer cash flow. In the industrials sector, airlines benefited from positive earnings revisions and multiple expansion; Delta Air Lines Incorporated, and United Continental Holdings Incorporated, each rose over 50% for the period.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Opportunity Fund			7

Sector distribution⁷ as of September 30, 2014

Our methodology includes buying stocks that are selling at a discount (typically 50% to 60%) compared with their estimated PMVs and selling stocks as they approach or exceed 80% of their PMVs.

by purchasing stocks when we believe they are selling at a discount to their PMVs. An improving economy and favorable investor sentiment helped broadly lift stock prices and kept multiples high over the 12-month period. With the possibility of rising interest rates over the near term, we believe equity investors will be more discerning going forward. In our view, companies with attractive stock prices relative to their PMVs will be brought to the forefront by our process, potentially allowing us to add value through our unique bottom-up research.

Please see footnotes on page 5.


8		Wells Fargo Advantage Opportunity Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2014 to September 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 4-1-2014		Ending account value 9-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,018.71	$	6.17		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.17		1.22	%
Class B
Actual	$	1,000.00	$	1,014.77	$	9.95		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.19	$	9.95		1.97	%
Class C
Actual	$	1,000.00	$	1,014.98	$	9.95		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.19	$	9.95		1.97	%
Administrator Class
Actual	$	1,000.00	$	1,019.70	$	5.06		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,021.07	$	3.80		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Investor Class
Actual	$	1,000.00	$	1,018.31	$	6.48		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, 2014		Wells Fargo Advantage Opportunity Fund			9


Security name	Shares		Value


Common Stocks: 97.23%

Consumer Discretionary: 16.85%

Auto Components: 2.50%
Dana Holding Corporation		1,115,152	$	21,377,464
Johnson Controls Incorporated		605,963		26,662,372

				48,039,836


Diversified Consumer Services: 1.36%
Apollo Group Incorporated Class A †		1,038,500		26,118,275


Hotels, Restaurants & Leisure: 1.43%
Carnival Corporation		684,763		27,506,930


Household Durables: 1.18%
Harman International Industries Incorporated		231,276		22,674,299


Media: 4.25%
Comcast Corporation Class A		482,554		25,816,639
Discovery Communications Incorporated Class C †		438,994		16,365,696
Liberty Global plc Class A		229,405		9,758,889
Liberty Global plc Class C †		229,405		9,409,046
Omnicom Group Incorporated		295,390		20,340,555

				81,690,825


Multiline Retail: 4.05%
Macy’s Incorporated		430,983		25,074,591
Nordstrom Incorporated		387,254		26,476,556
Target Corporation		421,760		26,435,917

				77,987,064


Specialty Retail: 2.08%
Chico’s FAS Incorporated		1,334,475		19,710,196
Dick’s Sporting Goods Incorporated		462,367		20,288,664

				39,998,860


Consumer Staples: 4.59%

Food & Staples Retailing: 1.31%
The Kroger Company		483,519		25,142,988


Food Products: 2.35%
General Mills Incorporated		392,517		19,802,483
Mead Johnson Nutrition Company		263,165		25,321,736

				45,124,219


Household Products: 0.93%
Church & Dwight Company Incorporated		255,025		17,892,554

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


10		Wells Fargo Advantage Opportunity Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Energy: 8.44%

Energy Equipment & Services: 4.81%
Halliburton Company		330,630	$	21,328,941
National Oilwell Varco Incorporated		309,491		23,552,265
Superior Energy Services Incorporated		726,365		23,875,618
Weatherford International Limited plc †		1,138,929		23,689,723

				92,446,547


Oil, Gas & Consumable Fuels: 3.63%
Denbury Resources Incorporated		1,591,485		23,920,020
Newfield Exploration Company †		591,638		21,932,021
Range Resources Corporation		352,105		23,876,240

				69,728,281


Financials: 13.38%

Banks: 4.01%
Fifth Third Bancorp		951,578		19,050,592
PNC Financial Services Group Incorporated		376,741		32,241,495
Regions Financial Corporation		2,575,145		25,854,456

				77,146,543


Capital Markets: 3.01%
Invesco Limited		734,025		28,979,307
TD Ameritrade Holding Corporation		864,532		28,849,433

				57,828,740


Insurance: 5.13%
ACE Limited		289,892		30,400,974
American International Group Incorporated		554,300		29,943,286
First American Financial Corporation		756,160		20,507,059
RenaissanceRe Holdings Limited		177,998		17,798,020

				98,649,339


REITs: 1.23%
American Tower Corporation		252,673		23,657,773


Health Care: 14.74%

Health Care Equipment & Supplies: 4.77%
C.R. Bard Incorporated		158,020		22,551,034
Covidien plc		277,081		23,970,277
Medtronic Incorporated		331,011		20,506,131
Zimmer Holdings Incorporated		245,385		24,673,462

				91,700,904


Health Care Providers & Services: 0.61%
Patterson Companies Incorporated		282,294		11,695,440

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Opportunity Fund			11


Security name	Shares		Value


Life Sciences Tools & Services: 5.71%
Agilent Technologies Incorporated		581,840	$	33,153,243
Bio-Rad Laboratories Incorporated Class A †		213,608		24,223,147
Covance Incorporated †		305,124		24,013,259
Thermo Fisher Scientific Incorporated		233,298		28,392,367

				109,782,016


Pharmaceuticals: 3.65%
Merck & Company Incorporated		269,684		15,986,868
Novartis AG ADR		280,098		26,365,625
Zoetis Incorporated		750,540		27,732,453

				70,084,946


Industrials: 11.96%

Aerospace & Defense: 1.38%
B/E Aerospace Incorporated †		315,610		26,492,303


Airlines: 1.91%
Delta Air Lines Incorporated		530,086		19,162,609
United Continental Holdings Incorporated †		376,963		17,638,099

				36,800,708


Commercial Services & Supplies: 2.62%
Republic Services Incorporated		690,423		26,940,305
Tyco International Limited		523,901		23,350,268

				50,290,573


Electrical Equipment: 2.36%
Babcock & Wilcox Company		877,313		24,292,797
Regal-Beloit Corporation		328,584		21,111,522

				45,404,319


Machinery: 0.66%
Joy Global Incorporated		233,413		12,730,345


Road & Rail: 3.03%
Canadian Pacific Railway Limited		78,552		16,297,183
Hertz Global Holdings Incorporated †		913,920		23,204,429
J.B. Hunt Transport Services Incorporated		253,631		18,781,376

				58,282,988


Information Technology: 20.39%

Communications Equipment: 1.17%
Riverbed Technology Incorporated †		1,213,859		22,511,015


Electronic Equipment, Instruments & Components: 1.32%
Amphenol Corporation Class A		253,371		25,301,628

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


12		Wells Fargo Advantage Opportunity Fund		Portfolio of investments—September 30, 2014


Security name	Shares		Value


Internet Software & Services: 1.28%
Google Incorporated Class C †		42,512	$	24,544,728


IT Services: 2.55%
Global Payments Incorporated		342,971		23,966,813
Teradata Corporation †		599,579		25,134,352

				49,101,165


Semiconductors & Semiconductor Equipment: 4.80%
Altera Corporation		711,881		25,471,102
ARM Holdings plc		1,149,883		16,889,045
Avago Technologies Limited		288,416		25,092,192
ON Semiconductor Corporation †		2,783,863		24,887,735

				92,340,074


Software: 6.62%
Autodesk Incorporated †		417,186		22,986,949
Check Point Software Technologies Limited †		425,779		29,480,938
Citrix Systems Incorporated †		456,867		32,592,892
Red Hat Incorporated †		524,778		29,466,285
Salesforce.com Incorporated †		220,671		12,695,203

				127,222,267


Technology Hardware, Storage & Peripherals: 2.65%
Apple Incorporated		212,246		21,383,785
NetApp Incorporated		687,460		29,533,282

				50,917,067


Materials: 6.88%

Chemicals: 3.96%
Cytec Industries Incorporated		496,102		23,460,664
Huntsman Corporation		974,484		25,326,839
Praxair Incorporated		212,576		27,422,304

				76,209,807


Containers & Packaging: 2.10%
Crown Holdings Incorporated †		485,973		21,635,518
Owens-Illinois Incorporated †		719,925		18,754,044

				40,389,562


Metals & Mining: 0.82%
Royal Gold Incorporated		241,909		15,709,570


Total Common Stocks (Cost $1,274,151,800)				1,869,144,498

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Opportunity Fund			13


Security name	Yield			Shares		Value


Short-Term Investments: 2.96%

Investment Companies: 2.96%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		56,851,838	$	56,851,838


Total Short-Term Investments (Cost $56,851,838)							56,851,838


Total investments in securities
(Cost $1,331,003,638) *	100.19	%		1,925,996,336
Other assets and liabilities, net	(0.19	)		(3,715,158	)

Total net assets	100.00	%	$	1,922,281,178

†	Non-income-earning security

(l)	The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

*	Cost for federal income tax purposes is $1,339,780,400 and unrealized gains (losses) consists of:


Gross unrealized gains	$	624,413,801
Gross unrealized losses		(38,197,865	)

Net unrealized gains	$	586,215,936

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


14		Wells Fargo Advantage Opportunity Fund		Statement of assets and liabilities—September 30, 2014




Assets
Investments
In unaffiliated securities, at value (cost $1,274,151,800)	$	1,869,144,498
In affiliated securities, at value (cost $56,851,838)		56,851,838

Total investments, at value (cost $1,331,003,638)		1,925,996,336
Receivable for Fund shares sold		264,165
Receivable for dividends		1,833,321
Receivable for securities lending income		1,520
Prepaid expenses and other assets		31,799

Total assets		1,928,127,141


Liabilities
Payable for investments purchased		2,045,189
Payable for Fund shares redeemed		1,482,258
Advisory fee payable		1,020,143
Distribution fees payable		31,466
Administration fees payable		525,949
Shareholder servicing fees payable		401,835
Accrued expenses and other liabilities		339,123

Total liabilities		5,845,963

Total net assets	$	1,922,281,178


NET ASSETS CONSIST OF
Paid-in capital	$	1,140,006,702
Accumulated net investment loss		(130,577	)
Accumulated net realized gains on investments		187,413,258
Net unrealized gains on investments		594,991,795

Total net assets	$	1,922,281,178


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	442,840,471
Shares outstanding – Class A¹		8,935,358
Net asset value per share – Class A		$49.56
Maximum offering price per share – Class A²		$52.58
Net assets – Class B	$	6,315,558
Shares outstanding – Class B¹		131,320
Net asset value per share – Class B		$48.09
Net assets – Class C	$	42,939,857
Shares outstanding – Class C¹		892,755
Net asset value per share – Class C		$48.10
Net assets – Administrator Class	$	253,120,534
Shares outstanding – Administrator Class¹		4,842,519
Net asset value per share – Administrator Class		$52.27
Net assets – Institutional Class	$	29,334,540
Shares outstanding – Institutional Class¹		555,368
Net asset value per share – Institutional Class		$52.82
Net assets – Investor Class	$	1,147,730,218
Shares outstanding – Investor Class¹		22,673,874
Net asset value per share – Investor Class		$50.62

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 operati ons—year ended September 30, 2014		Wells Fargo Advantage Opportunity Fund			15




Investment income
Dividends (net of foreign withholding taxes of $14,932)	$	21,044,370
Income from affiliated securities		60,314
Securities lending income, net		59,187

Total investment income		21,163,871


Expenses
Advisory fee		13,002,075
Administration fees
Fund level		971,342
Class A		1,177,256
Class B		20,407
Class C		115,638
Administrator Class		260,337
Institutional Class		16,348
Investor Class		3,701,749
Shareholder servicing fees
Class A		1,131,977
Class B		19,622
Class C		111,190
Administrator Class		648,193
Investor Class		2,891,336
Distribution fees
Class B		58,866
Class C		333,570
Custody and accounting fees		103,365
Professional fees		52,691
Registration fees		64,401
Shareholder report expenses		258,117
Trustees’ fees and expenses		12,779
Other fees and expenses		43,098

Total expenses		24,994,357
Less: Fee waivers and/or expense reimbursements		(875,880	)

Net expenses		24,118,477

Net investment loss		(2,954,606	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		205,518,589
Net change in unrealized gains (losses) on investments		54,060,891

Net realized and unrealized gains (losses) on investments		259,579,480

Net increase in net assets resulting from operations	$	256,624,874

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


16		Wells Fargo Advantage Opportunity Fund		Statement of changes in net assets


	Year ended September 30, 2014						Year ended September 30, 2013

Operations
Net investment loss				$	(2,954,606	)				$	(1,865,747	)
Net realized gains on investments					205,518,589						139,619,473
Net change in unrealized gains (losses) on investments					54,060,891						235,180,602

Net increase in net assets resulting from operations					256,624,874						372,934,328


Distributions to shareholders from
Net realized gains
Class A					(27,911,632	)					(15,147,786	)
Class B					(558,187	)					(421,069	)
Class C					(2,837,875	)					(1,614,183	)
Administrator Class					(15,349,123	)					(9,579,443	)
Institutional Class					(975,990	)					(391,050	)
Investor Class					(69,491,598	)					(37,346,841	)

Total distributions to shareholders					(117,124,405	)					(64,500,372	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		201,825			9,694,873			235,315			9,687,192
Class B		386			19,149			104			4,380
Class C		17,900			841,189			22,875			945,978
Administrator Class		178,209			9,063,496			497,680			21,794,009
Institutional Class		353,517			18,588,366			206,493			9,173,483
Investor Class		445,121			22,019,130			597,045			25,598,485

					60,226,203						67,203,527

Reinvestment of distributions
Class A		590,219			27,067,521			384,883			14,610,008
Class B		12,223			547,196			11,044			412,946
Class C		57,486			2,574,239			39,312			1,469,891
Administrator Class		297,637			14,369,886			226,421			8,997,967
Institutional Class		20,045			975,990			9,786			391,050
Investor Class		1,444,831			67,704,787			933,138			36,155,454

					113,239,619						62,037,316

Payment for shares redeemed
Class A		(1,183,365	)		(57,478,700	)		(1,548,105	)		(64,953,639	)
Class B		(80,536	)		(3,797,215	)		(116,982	)		(4,816,605	)
Class C		(137,010	)		(6,485,555	)		(217,628	)		(8,965,668	)
Administrator Class		(730,685	)		(37,488,128	)		(5,334,566	)		(223,466,216	)
Institutional Class		(105,359	)		(5,489,013	)		(193,044	)		(8,727,131	)
Investor Class		(2,334,126	)		(115,474,402	)		(3,698,713	)		(157,919,895	)

					(226,213,013	)					(468,849,154	)

Net decrease in net assets resulting from capital share transactions					(52,747,191	)					(339,608,311	)

Total increase (decrease) in net assets					86,753,278						(31,174,355	)


Net assets
Beginning of period					1,835,527,900						1,866,702,255

End of period				$	1,922,281,178					$	1,835,527,900

Accumulated net investment loss				$	(130,577	)				$	(1,422,787	)

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															Year ended October 31, 2009
CLASS A	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	46.23		$	38.99		$	32.08		$	34.08		$	28.81		$	23.24
Net investment income (loss)		(0.07	)		(0.04	)		(0.03	)		0.06	²		(0.03	)²		0.07	²
Net realized and unrealized gains (losses) on investments		6.46			8.80			6.94			(2.06	)		5.37			5.50

Total from investment operations		6.39			8.76			6.91			(2.00	)		5.34			5.57
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.07	)		0.00
Net realized gains		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(3.06	)		(1.52	)		0.00			0.00			(0.07	)		0.00
Net asset value, end of period	$	49.56		$	46.23		$	38.99		$	32.08		$	34.08		$	28.81
Total return³		14.35	%		23.31	%		21.54	%		(5.87	)%		18.55	%		23.97	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.26	%		1.25	%		1.27	%		1.31	%		1.35	%
Net expenses		1.22	%		1.23	%		1.25	%		1.25	%		1.29	%		1.29	%
Net investment income (loss)		(0.13	)%		(0.08	)%		(0.08	)%		0.15	%		(0.11	)%		0.28	%
Supplemental data
Portfolio turnover rate		32	%		26	%		41	%		31	%		42	%		55	%
Net assets, end of period (000s omitted)		$442,840			$431,201			$399,828			$394,194			$22,437			$21,108

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 Opportunity Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended September 30
CLASS B	2014			2013			2012			2011¹
Net asset value, beginning of period	$	45.27		$	38.49		$	31.91		$	33.61
Net investment loss		(0.43	)²		(0.35	)²		(0.31	)²		(0.01	)
Net realized and unrealized gains (losses) on investments		6.31			8.65			6.89			(1.69	)

Total from investment operations		5.88			8.30			6.58			(1.70	)
Distributions to shareholders from
Net realized gains		(3.06	)		(1.52	)		0.00			0.00
Net asset value, end of period	$	48.09		$	45.27		$	38.49		$	31.91
Total return³		13.48	%		22.39	%		20.62	%		(5.06	)%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.01	%		2.00	%		2.02	%
Net expenses		1.97	%		1.98	%		2.00	%		2.00	%
Net investment loss		(0.90	)%		(0.83	)%		(0.83	)%		(0.45	)%
Supplemental data
Portfolio turnover rate		32	%		26	%		41	%		31	%
Net assets, end of period (000s omitted)		$6,316			$9,020			$11,743			$16,154

1.	For the period from August 26, 2011 (commencement of class operations) to September 30, 2011

2.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Opportunity Fund			19

(For a share outstanding throughout each period)


	Year ended September 30															Year ended October 31, 2009
CLASS C	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	45.27		$	38.49		$	31.91		$	34.15		$	29.12		$	23.66
Net investment loss		(0.42	)²		(0.35	)²		(0.31	)²		(0.18	)²		(0.25	)²		(0.17	)²
Net realized and unrealized gains (losses) on investments		6.31			8.65			6.89			(2.06	)		5.41			5.63

Total from investment operations		5.89			8.30			6.58			(2.24	)		5.16			5.46
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.13	)		0.00
Net realized gains		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(3.06	)		(1.52	)		0.00			0.00			(0.13	)		0.00
Net asset value, end of period	$	48.10		$	45.27		$	38.49		$	31.91		$	34.15		$	29.12
Total return³		13.48	%		22.41	%		20.62	%		(6.56	)%		17.76	%		23.08	%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.01	%		2.00	%		2.02	%		2.07	%		2.08	%
Net expenses		1.97	%		1.98	%		2.00	%		2.00	%		2.04	%		2.04	%
Net investment loss		(0.88	)%		(0.83	)%		(0.83	)%		(0.50	)%		(0.87	)%		(0.63	)%
Supplemental data
Portfolio turnover rate		32	%		26	%		41	%		31	%		42	%		55	%
Net assets, end of period (000s omitted)		$42,940			$43,209			$42,720			$45,096			$277			$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.


20		Wells Fargo Advantage Opportunity Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended September 30															Year ended October 31, 2009
ADMINISTRATOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	48.50		$	40.74		$	33.44		$	35.44		$	29.95		$	24.10
Net investment income		0.08			0.06	²		0.09			0.07	²		0.04	²		0.13	²
Net realized and unrealized gains (losses) on investments		6.75			9.22			7.21			(2.07	)		5.59			5.72

Total from investment operations		6.83			9.28			7.30			(2.00	)		5.63			5.85
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.14	)		0.00
Net realized gains		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(3.06	)		(1.52	)		0.00			0.00			(0.14	)		0.00
Net asset value, end of period	$	52.27		$	48.50		$	40.74		$	33.44		$	35.44		$	29.95
Total return³		14.60	%		23.59	%		21.83	%		(5.64	)%		18.84	%		24.27	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.09	%		1.09	%		1.14	%		1.17	%
Net expenses		1.00	%		1.00	%		1.00	%		1.03	%		1.04	%		1.04	%
Net investment income		0.09	%		0.13	%		0.17	%		0.17	%		0.13	%		0.51	%
Supplemental data
Portfolio turnover rate		32	%		26	%		41	%		31	%		42	%		55	%
Net assets, end of period (000s omitted)		$253,121			$247,230			$395,493			$360,968			$190,054			$124,175

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 Opportunity Fund			21

(For a share outstanding throughout each period)


	Year ended September 30
INSTITUTIONAL CLASS	2014			2013			2012			2011			2010¹
Net asset value, beginning of period	$	48.86		$	40.93		$	33.52		$	35.45		$	33.36
Net investment income		0.19	²		0.17			0.21			0.24	²		0.02	²
Net realized and unrealized gains (losses) on investments		6.83			9.28			7.20			(2.17	)		2.07

Total from investment operations		7.02			9.45			7.41			(1.93	)		2.09
Distributions to shareholders from
Net realized gains		(3.06	)		(1.52	)		0.00			0.00			0.00
Net asset value, end of period	$	52.82		$	48.86		$	40.93		$	33.52		$	35.45
Total return³		14.89	%		23.91	%		22.11	%		(5.44	)%		6.26	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.83	%		0.82	%		0.83	%		0.81	%
Net expenses		0.75	%		0.75	%		0.75	%		0.78	%		0.81	%
Net investment income		0.36	%		0.41	%		0.39	%		0.61	%		0.36	%
Supplemental data
Portfolio turnover rate		32	%		26	%		41	%		31	%		42	%
Net assets, end of period (000s omitted)		$29,335			$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.


22		Wells Fargo Advantage Opportunity Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended September 30															Year ended October 31, 2009
INVESTOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	47.19		$	39.79		$	32.76		$	34.82		$	29.44		$	23.76
Net investment income (loss)		(0.10	)		(0.08	)		(0.07	)		(0.07	)		(0.05	)²		0.05	²
Net realized and unrealized gains (losses) on investments		6.59			9.00			7.10			(1.99	)		5.49			5.63

Total from investment operations		6.49			8.92			7.03			(2.06	)		5.44			5.68
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.06	)		0.00
Net realized gains		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(3.06	)		(1.52	)		0.00			0.00			(0.06	)		0.00
Net asset value, end of period	$	50.62		$	47.19		$	39.79		$	32.76		$	34.82		$	29.44
Total return³		14.27	%		23.24	%		21.46	%		(5.92	)%		18.48	%		23.91	%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.41	%		1.46	%
Net expenses		1.28	%		1.29	%		1.32	%		1.32	%		1.35	%		1.35	%
Net investment income (loss)		(0.19	)%		(0.14	)%		(0.15	)%		(0.15	)%		(0.17	)%		0.21	%
Supplemental data
Portfolio turnover rate		32	%		26	%		41	%		31	%		42	%		55	%
Net assets, end of period (000s omitted)		$1,147,730			$1,090,838			$1,006,114			$941,172			$1,115,250			$1,030,766

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On September 30, 2014, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source


24		Wells Fargo Advantage Opportunity Fund		Notes to financial statements

at a time each business day specified by the Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Security loans

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes


Notes to financial statements		Wells Fargo Advantage Opportunity Fund			25

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, 2014, 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
$4,246,816		$(4,246,816)

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	324,016,089	$	0	$	0	$	324,016,089
Consumer staples		88,159,761		0		0		88,159,761
Energy		162,174,828		0		0		162,174,828
Financials		257,282,395		0		0		257,282,395
Health care		283,263,306		0		0		283,263,306
Industrials		230,001,236		0		0		230,001,236
Information technology		391,937,944		0		0		391,937,944
Materials		132,308,939		0		0		132,308,939

Short-term investments
Investment companies		56,851,838		0		0		56,851,838
Total assets	$	1,925,996,336	$	0	$	0	$	1,925,996,336

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


26		Wells Fargo Advantage Opportunity Fund		Notes to financial statements

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

Administration fees


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class B shares, 1.97% for Class C shares, 1.00% for Administrator Class shares, 0.75% for Institutional Class shares, and 1.28% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended September 30, 2014, Funds Distributor received $9,618 from the sale of Class A shares and $250 and $87 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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


Notes to financial statements		Wells Fargo Advantage Opportunity Fund			27

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, 2014 were $590,420,875 and $647,774,478, 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

For the year ended September 30, 2014, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $117,124,405 and $64,500,372 of long-term capital gain for the years ended September 30, 2014 and September 30, 2013, respectively.

As of September 30, 2014, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$15,991,033	$180,532,510	$585,881,510

9. INDEMNIFICATION


28		Wells Fargo Advantage Opportunity 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 Opportunity Fund (the “Fund”), one of the Funds constituting the Wells Fargo Funds Trust, as of September 30, 2014, 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 four-year period then ended, and for each of the periods within the period from November 1, 2009 through September 30, 2010, and the year 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.

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, 2014, 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.

LOGO

Boston, Massachusetts


Other information (unaudited)		Wells Fargo Advantage Opportunity Fund			29

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $117,124,405 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2014.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


30		Wells Fargo Advantage Opportunity Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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. Mr. Harris is a certified public accountant.	CIGNA 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 complex (and its predecessors) from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Advantage Opportunity Fund			31


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 complex (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 or longer
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	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and 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 60 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 Opportunity Fund		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Opportunity Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


Other information (unaudited)		Wells Fargo Advantage Opportunity Fund			33

other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the average performance of the Universe for the five- and ten-year periods under review, and lower than the average performance of the Universe for the one- and three-year periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, the Russell 3000^® Index, for the five- and ten-year periods under review, and lower than its benchmark for the one- and three-year periods under review.

The Board received an analysis of, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and its benchmark for the one- and three- year periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance. The Board also noted that the Fund changed its investment strategies in 2013 from investing principally in equity securities of medium-capitalization companies to investing principally in equity securities of companies of all market capitalizations. The Board was satisfied with the explanation of factors contributing to underperformance and with the steps being taken by Funds Management and the Sub-Adviser to address the Fund’s investment performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all classes other than the Investor Class. Funds Management noted that the expense Group for the Investor Class changed from the expense Group used in 2013, and had it remained the same, the Fund’s net operating expense ratio for the Investor Class would have been in range of the median net operating expense ratio of its expense Group. The Board also noted favorably an agreed-upon reduction of 0.03% in the net operating expense ratio cap of the Fund’s Investor Class.

Investment advisory and sub-advisory fee rates

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund’s Administrator and Institutional share classes were in range of the average rates for their respective expense Groups, although the Management Rates of the Fund’s Investor Class and Class A were higher than their respective expense Groups. The Board viewed favorably the fact that net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all classes other than the Investor Class. The Board also noted favorably the agreed-upon reduction of 0.03% in the net operating expense ratio cap of the Fund’s Investor Class.


34		Wells Fargo Advantage Opportunity Fund		Other information (unaudited)

of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Profitability

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

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Advantage Opportunity Fund			35

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Columbian Peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

228296 11-14

A232/AR232 09-14

Wells Fargo Advantage

Special Mid Cap Value Fund

LOGO

Annual Report

LOGO

Reduce clutter. Save trees.

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			34

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Special Mid Cap Value Fund		Letter to shareholders (unaudited)

LOGO

President

Wells Fargo Advantage Funds

Despite macroeconomic challenges, U.S. economic numbers showed improvement.

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, 2014. The period was marked by heightened geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine and later as Islamic militants (formerly known as ISIS) gained territory in Iraq and Syria. Toward the end of the reporting period, market volatility increased as renewed fears of slowing global growth took hold, and investors began to price in expectations that the U.S. Federal Reserve (Fed) was finally looking to raise short-term interest rates. Although mid-cap stocks (measured by the Russell Midcap^® Index¹) ended the period with a double-digit gain, small-cap stocks (measured by the Russell 2000^® Index²) ended with a low single-digit return.

Major central banks continued to provide stimulus.

Although the geopolitical situation presented challenges, U.S. stock markets gained on positive economic data.

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.

2.	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			3

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the period. However, slowing global economic growth, combined with renewed geopolitical concerns (including protests in Hong Kong), caused stock market weakness in September 2014. Although the Russell Midcap Index ended the period with a 15.83% gain, small-cap stocks were hit harder by the late-period uncertainty; the Russell 2000 Index ended with a relatively modest 3.93% return. Value stocks outperformed growth stocks in both the small-cap and the mid-cap space.

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

Sincerely,

LOGO

President

Wells Fargo Advantage Funds

Investors’ positive outlook for the U.S. economy contributed to a solid domestic stock market for most of the 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, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (WFPAX)	7-31-2007		9.05		15.62		8.92		15.70		16.99		9.57		1.30		1.26
Class C (WFPCX)	7-31-2007		13.86		16.12		8.77		14.86		16.12		8.77		2.05		2.01
Class R6 (WFPRX)	6-28-2013		–		–		–		16.29		17.49		9.99		0.82		0.82
Administrator Class (WFMDX)	4-8-2005		–		–		–		15.89		17.14		9.70		1.14		1.14
Institutional Class (WFMIX)	4-8-2005		–		–		–		16.17		17.47		9.98		0.87		0.87
Investor Class (SMCDX)	12-31-1998		–		–		–		15.67		16.92		9.52		1.36		1.32
Russell Midcap^® Value Index⁴	–		–		–		–		17.46		17.24		10.17		–		–

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

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

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, 2014

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.

The Adviser has committed through January 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.25% for Class A, 2.00% for Class C, 0.82% for Class R6, 1.14% for Administrator Class, 0.87% for Institutional Class, and 1.31% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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

The Fund underperformed its benchmark, the Russell Midcap Value Index, for the 12-month period that ended September 30, 2014.

Disappointing stock selection and sector allocation in industrials, poor retail stock selection in the consumer discretionary sector, and the Fund’s cash position were some of the most notable causes of underperformance. These detractors were partially offset by favorable stock selection and sector allocation in the information technology (IT), consumer staples, and energy sectors.

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.

The micro matters more than it used to, but the macro still dominates the headlines.

The past year has been full of mixed economic data and political unrest. The first half of the 12-month period was dominated by the conflict in Ukraine, which continued to make headlines through September 2014, even though its effect on the market lessened. Later in the period, the news flow was dominated by Islamic militants (formerly known as ISIS) in Syria and Iraq and the rapid spread of Ebola. On the economic front, news was dominated by the tapering (or reduction) of the U.S. Federal Reserve’s (Fed’s) bond-buying program known as quantitative easing and the uncertainty of how investors would react once the lifeline was removed. Throw in a harsh winter that negatively affected retail shopping demand and one would think it was a dismal year for the stock market. Yet despite all the turmoil, the equity market, as measured by the Russell Midcap Value Index, ended the 12-month period with a double-digit gain.


Ten largest equity holdings⁶ (%) as of September 30, 2014
Church & Dwight Company Incorporated			3.17
Molson Coors Brewing Company			3.07
Republic Services Incorporated			2.91
Northern Trust Corporation			2.83
Cigna Corporation			2.81
Synopsys Incorporated			2.74
Symantec Corporation			2.67
DST Systems Incorporated			2.67
Ensco plc Class A			2.64
Brown & Brown Incorporated			2.60

Our stock selection process led to modest changes to the portfolio’s sector weightings during the period. We remained overweight the industrials and IT sectors because both groups offer an eclectic group of companies that, in our view, create unique investment opportunities. We increased the Fund’s consumer staples overweight and decreased the health care overweight. We remained heavily underweight utilities because our bottom-up stock analysis led us to conclude they were overvalued, offering low potential returns relative to expected risk. In the financials sector, we added to both the bank and insurance company positions, reducing the Fund’s underweight relative to the benchmark. Regions Financial Corporation is a new regional bank position, and ProAssurance Corporation, Loews Corporation, and FNF Group are all new insurance positions.

The consumer staples and energy sectors aided relative performance, but the industrials sector and the Fund’s cash position detracted.

An overweight to and stock selection in the consumer staples sector, as well as stock selection in the energy sector, aided relative performance. Consumer staples outperformance was led by Molson Coors Brewing Company, which beat analysts’ expectations over several quarters due to better-than-expected volume and margin growth. We also believe that the potential value creation from speculated merger scenarios is finding its way into Molson’s stock price. In the energy sector, good stock selection was led by onshore service companies Patterson Companies Incorporated, and C&J Energy Services Incorporated, which we no longer hold, but was partially offset by offshore service company Ensco plc. Our onshore stocks benefited from planned increases in spending on North American shale drilling. Patterson Companies Incorporated and C&J Energy Services used their balance sheet flexibility to build equipment and take advantage of the pending growth. Ensco was pressured by falling prices for its offshore drilling rigs due to softening global demand for offshore exploration work.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			7

Stock selection in specialty retail in the consumer discretionary sector detracted from performance. Guess? Incorporated and Ascena Retail Group Incorporated, both suffered from weak overall consumer spending as well as a highly competitive promotional environment that pressured margins. In financials, our insurance positions detracted from performance as the group underperformed in a strong market. The majority of our insurance investments are in the property and casualty group, which tends to behave more defensively than the overall market and therefore lagged during the market rally of the past 12 months. We are comfortable with the Fund’s positioning in the insurance industry.

Sector distribution⁷ as of September 30, 2014

We will continue to do what we always strive to do—protect our investors from risk that they are not compensated for taking.

We believe that our investment process, which is based on fundamental analysis, allows us to capitalize on the market’s mispricing of stocks and build a portfolio designed to compensate the Fund’s shareholders for assuming the risk of company ownership. Although the market can and will fluctuate according to the latest economic data points, we believe that the long-term value of a stock will be determined by the fundamentals of the underlying business. It is those fundamentals that are ultimately controlled by companies’ management teams and that are constantly analyzed by our team.

We further believe that the merits of this approach will become clearer as the Fed continues to remove liquidity from the market. We will continue to allow our well-defined, repeatable process to guide us through potential 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)

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, 2014 to September 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 4-1-2014		Ending account value 9-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,016.49	$	6.32		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class C
Actual	$	1,000.00	$	1,012.73	$	10.09		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Class R6
Actual	$	1,000.00	$	1,019.23	$	4.05		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.05		0.80	%
Administrator Class
Actual	$	1,000.00	$	1,017.50	$	5.66		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.67		1.12	%
Institutional Class
Actual	$	1,000.00	$	1,018.61	$	4.30		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Investor Class
Actual	$	1,000.00	$	1,016.26	$	6.62		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, 2014		Wells Fargo Advantage Special Mid Cap Value Fund			9


Security name	Shares		Value


Common Stocks: 94.82%

Consumer Discretionary: 7.71%

Auto Components: 1.67%
Lear Corporation		205,500	$	17,757,255


Diversified Consumer Services: 1.09%
Apollo Group Incorporated Class A †		458,100		11,521,215


Specialty Retail: 4.95%
Advance Auto Parts Incorporated		89,200		11,622,760
Ascena Retail Group Incorporated †		762,200		10,137,260
GameStop Corporation Class A «		498,700		20,546,440
Guess? Incorporated		465,200		10,220,444

				52,526,904


Consumer Staples: 8.13%

Beverages: 3.07%
Molson Coors Brewing Company		437,100		32,537,724


Food Products: 1.89%
TreeHouse Foods Incorporated †		249,800		20,108,900


Household Products: 3.17%
Church & Dwight Company Incorporated		478,900		33,599,624


Energy: 4.52%

Energy Equipment & Services: 2.63%
Ensco plc Class A «		677,126		27,972,075


Oil, Gas & Consumable Fuels: 1.89%
Cimarex Energy Company		63,810		8,073,879
Southwestern Energy Company †		341,800		11,945,910

				20,019,789


Financials: 22.89%

Banks: 3.99%
Hancock Holding Company		39,300		1,259,565
PacWest Bancorp		387,807		15,989,283
Regions Financial Corporation		2,501,300		25,113,052

				42,361,900


Capital Markets: 2.83%
Northern Trust Corporation		441,600		30,042,048


Consumer Finance: 1.57%
Ally Financial Incorporated †		719,561		16,650,642


Insurance: 13.07%
Allstate Corporation		377,400		23,161,038

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, 2014


Security name	Shares		Value


Insurance (continued)
Arch Capital Group Limited †		264,100	$	14,451,552
Brown & Brown Incorporated		859,200		27,623,280
FNF Group		522,000		14,480,280
Loews Corporation		589,800		24,571,068
ProAssurance Corporation		539,400		23,771,358
Validus Holdings Limited		269,569		10,550,931

				138,609,507


REITs: 1.43%
Host Hotels & Resorts Incorporated		710,700		15,159,231


Health Care: 10.81%

Health Care Equipment & Supplies: 3.83%
C.R. Bard Incorporated		139,700		19,936,587
CareFusion Corporation †		456,700		20,665,675

				40,602,262


Health Care Providers & Services: 5.88%
Cigna Corporation		328,775		29,816,605
Patterson Companies Incorporated		439,300		18,200,199
Quest Diagnostics Incorporated		236,500		14,350,820

				62,367,624


Life Sciences Tools & Services: 1.10%
Covance Incorporated †		149,200		11,742,040


Industrials: 16.79%

Air Freight & Logistics: 1.28%
Expeditors International of Washington Incorporated		334,600		13,578,068


Commercial Services & Supplies: 3.96%
Clean Harbors Incorporated †		207,000		11,161,440
Republic Services Incorporated		791,400		30,880,428

				42,041,868


Construction & Engineering: 2.40%
EMCOR Group Incorporated		637,209		25,462,872


Electrical Equipment: 1.15%
Regal-Beloit Corporation		190,600		12,246,050


Machinery: 2.63%
Joy Global Incorporated		180,100		9,822,654
The Timken Company		425,300		18,028,467

				27,851,121


Professional Services: 1.63%
Towers Watson & Company Class A		173,700		17,283,150

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


Portfolio of investments—September 30, 2014		Wells Fargo Advantage Special Mid Cap Value Fund			11


Security name	Shares		Value


Road & Rail: 1.32%
Ryder System Incorporated		155,400	$	13,981,338


Transportation Infrastructure: 2.42%
Macquarie Infrastructure Company LLC		384,406		25,639,880


Information Technology: 18.03%

Electronic Equipment, Instruments & Components: 3.48%
Avnet Incorporated		504,300		20,928,450
Knowles Corporation †		603,800		16,000,700

				36,929,150


IT Services: 5.56%
Broadridge Financial Solutions Incorporated		471,715		19,637,495
CoreLogic Incorporated †		407,100		11,020,197
DST Systems Incorporated		338,020		28,366,638

				59,024,330


Semiconductors & Semiconductor Equipment: 2.34%
Lam Research Corporation		331,500		24,763,050


Software: 6.65%
Check Point Software Technologies Limited †«		189,800		13,141,752
Symantec Corporation		1,206,800		28,371,868
Synopsys Incorporated †		732,500		29,076,588

				70,590,208


Materials: 4.18%

Chemicals: 2.89%
Agrium Incorporated «		167,000		14,863,000
FMC Corporation		275,400		15,750,126

				30,613,126


Paper & Forest Products: 1.29%
International Paper Company		287,200		13,710,928


Utilities: 1.76%

Multi-Utilities: 1.76%
Ameren Corporation		428,800		16,435,904
SCANA Corporation		46,200		2,291,981

				18,727,885


Total Common Stocks (Cost $853,207,737)				1,006,021,764

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, 2014


Security name	Yield			Shares		Value

Short-Term Investments: 8.17%

Investment Companies: 8.17%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		52,025,444	$	52,025,444
Wells Fargo Securities Lending Cash Investment, LLC (l)(u)(r)		0.11			34,620,375		34,620,375

Total Short-Term Investments (Cost $86,645,819)							86,645,819


Total investments in securities
(Cost $939,853,556) *	102.99	%		1,092,667,583
Other assets and liabilities, net	(2.99	)		(31,747,209	)

Total net assets	100.00	%	$	1,060,920,374

†	Non-income-earning security

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

(l)	The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

(r)	The investment is a non-registered investment vehicle purchased with cash collateral received from securities on loan.

*	Cost for federal income tax purposes is $939,810,799 and unrealized gains (losses) consists of:


Gross unrealized gains	$	177,419,820
Gross unrealized losses		(24,563,036	)

Net unrealized gains	$	152,856,784

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


Statement of assets and liabilities—September 30, 2014		Wells Fargo Advantage Special Mid Cap Value Fund			13




Assets
Investments
In unaffiliated securities (including $33,395,193 of securities loaned), at value (cost $853,207,737)	$	1,006,021,764
In affiliated securities, at value (cost $86,645,819)		86,645,819

Total investments, at value (cost $939,853,556)		1,092,667,583
Receivable for Fund shares sold		6,647,470
Receivable for dividends		1,337,060
Receivable for securities lending income		10,035
Prepaid expenses and other assets		80,925

Total assets		1,100,743,073


Liabilities
Payable for investments purchased		2,819,144
Payable for Fund shares redeemed		1,262,803
Payable upon receipt of securities loaned		34,620,375
Advisory fee payable		597,133
Distribution fees payable		18,030
Administration fees payable		252,672
Accrued expenses and other liabilities		252,542

Total liabilities		39,822,699

Total net assets	$	1,060,920,374


NET ASSETS CONSIST OF
Paid-in capital	$	802,694,548
Undistributed net investment income		2,342,269
Accumulated net realized gains on investments		103,069,530
Net unrealized gains on investments		152,814,027

Total net assets	$	1,060,920,374


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	110,218,847
Shares outstanding – Class A¹		3,372,295
Net asset value per share – Class A		$32.68
Maximum offering price per share – Class A²		$34.67
Net assets – Class C	$	29,216,952
Shares outstanding – Class C¹		918,113
Net asset value per share – Class C		$31.82
Net assets – Class R6	$	4,013,169
Share outstanding – Class R6¹		120,201
Net asset value per share – Class R6		$33.39
Net assets – Administrator Class	$	187,968,452
Shares outstanding – Administrator Class¹		5,672,272
Net asset value per share – Administrator Class		$33.14
Net assets – Institutional Class	$	174,989,345
Shares outstanding – Institutional Class¹		5,242,052
Net asset value per share – Institutional Class		$33.38
Net assets – Investor Class	$	554,513,609
Shares outstanding – Investor Class¹		16,741,542
Net asset value per share – Investor Class		$33.12

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, 2014




Investment income
Dividends (net of foreign withholding taxes of $68,018)	$	14,705,632
Securities lending income, net		53,307
Income from affiliated securities		33,155

Total investment income		14,792,094


Expenses
Advisory fee		6,429,328
Administration fees
Fund level		467,286
Class A		196,422
Class C		57,281
Class R6		232
Administrator Class		147,030
Institutional Class		84,393
Investor Class		1,867,836
Shareholder servicing fees
Class A		188,867
Class C		55,078
Administrator Class		363,250
Investor Class		1,458,400
Distribution fees
Class C		165,234
Custody and accounting fees		53,567
Professional fees		44,636
Registration fees		105,872
Shareholder report expenses		67,879
Trustees’ fees and expenses		12,516
Other fees and expenses		18,644

Total expenses		11,783,751
Less: Fee waivers and/or expense reimbursements		(205,498	)

Net expenses		11,578,253

Net investment income		3,213,841


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		113,573,174
Net change in unrealized gains (losses) on investments		8,254,196

Net realized and unrealized gains (losses) on investments		121,827,370

Net increase in net assets resulting from operations	$	125,041,211

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, 2014						Year ended September 30, 2013

Operations
Net investment income				$	3,213,841					$	3,331,355
Net realized gains on investments					113,573,174						70,990,815
Net change in unrealized gains (losses) on investments					8,254,196						85,516,377

Net increase in net assets resulting from operations					125,041,211						159,838,547


Distributions to shareholders from
Net investment income
Class A					(153,521	)					(93,118	)
Class C					0						(8,563	)
Class R6					(162	)					0	¹
Administrator Class					(401,318	)					(658,109	)
Institutional Class					(404,780	)					(244,254	)
Investor Class					(867,730	)					(2,631,470	)
Net realized gains
Class A					(3,308,750	)					0
Class C					(1,219,837	)					0
Class R6					(1,896	)					0	¹
Administrator Class					(8,600,693	)					0
Institutional Class					(5,036,509	)					0
Investor Class					(40,164,061	)					0

Total distributions to shareholders					(60,159,257	)					(3,635,514	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,877,231			92,744,955			960,594			26,969,959
Class C		471,148			14,868,700			402,504			11,132,444
Class R6		132,701			4,514,252			871	¹		25,000	¹
Administrator Class		3,236,966			106,014,219			1,890,349			52,463,495
Institutional Class		4,004,579			132,390,867			1,577,476			43,782,546
Investor Class		4,602,000			149,483,779			8,143,586			227,606,643

					500,016,772						361,980,087

Reinvestment of distributions
Class A		98,387			2,992,506			3,565			84,185
Class C		37,117			1,103,131			342			7,968
Class R6		66			2,058			0	¹		0	¹
Administrator Class		286,133			8,814,496			26,960			643,292
Institutional Class		175,401			5,441,063			10,046			240,697
Investor Class		1,317,664			40,576,456			107,043			2,557,880

					58,929,710						3,534,022

Payment for shares redeemed
Class A		(859,046	)		(28,107,230	)		(126,510	)		(3,446,521	)
Class C		(91,752	)		(2,901,821	)		(25,007	)		(681,439	)
Class R6		(13,437	)		(451,461	)		0	¹		0	¹
Administrator Class		(1,663,467	)		(53,560,740	)		(771,769	)		(21,171,155	)
Institutional Class		(1,075,224	)		(34,962,383	)		(4,876,085	)		(114,726,848	)
Investor Class		(7,561,660	)		(243,590,617	)		(3,546,648	)		(96,350,357	)

					(363,574,252	)					(236,376,320	)

Net increase in net assets resulting from capital share transactions					195,372,230						129,137,789

Total increase in net assets					260,254,184						285,340,822


Net assets
Beginning of period					800,666,190						515,325,368

End of period				$	1,060,920,374					$	800,666,190

Undistributed net investment income				$	2,342,269					$	1,292,360

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

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


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, 2009
CLASS A	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	30.36		$	22.83		$	17.84		$	18.60		$	15.98		$	13.90
Net investment income		0.12	²		0.15	²		0.08	²		0.03			0.30			0.13	²
Net realized and unrealized gains (losses) on investments		4.47			7.60			4.94			(0.52	)		2.49			2.14

Total from investment operations		4.59			7.75			5.02			(0.49	)		2.79			2.27
Distributions to shareholders from
Net investment income		(0.09	)		(0.22	)		(0.03	)		(0.27	)		(0.17	)		(0.19	)
Net realized gains		(2.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(2.27	)		(0.22	)		(0.03	)		(0.27	)		(0.17	)		(0.19	)
Net asset value, end of period	$	32.68		$	30.36		$	22.83		$	17.84		$	18.60		$	15.98
Total return³		15.70	%		34.23	%		28.18	%		(2.82	)%		17.55	%		16.67	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.29	%		1.30	%		1.29	%		1.35	%		1.35	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.23	%
Net investment income		0.38	%		0.54	%		0.38	%		0.14	%		1.80	%		0.94	%
Supplemental data
Portfolio turnover rate		58	%		87	%		87	%		78	%		84	%		106	%
Net assets, end of period (000s omitted)		$110,219			$38,119			$9,545			$9,850			$10,497			$7,738

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, 2009
CLASS C	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	29.73		$	22.38		$	17.60		$	18.40		$	15.85		$	13.83
Net investment income (loss)		(0.04	)		(0.07	)²		(0.03	)		(0.13	)		0.24			0.02	²
Net realized and unrealized gains (losses) on investments		4.31			7.49			4.81			(0.49	)		2.41			2.14

Total from investment operations		4.27			7.42			4.78			(0.62	)		2.65			2.16
Distributions to shareholders from
Net investment income		0.00			(0.07	)		0.00			(0.18	)		(0.10	)		(0.14	)
Net realized gains		(2.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(2.18	)		(0.07	)		0.00			(0.18	)		(0.10	)		(0.14	)
Net asset value, end of period	$	31.82		$	29.73		$	22.38		$	17.60		$	18.40		$	15.85
Total return³		14.86	%		33.23	%		27.16	%		(3.52	)%		16.76	%		15.81	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.04	%		2.06	%		2.04	%		2.09	%		2.11	%
Net expenses		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%		1.98	%
Net investment income (loss)		(0.38	)%		(0.25	)%		(0.35	)%		(0.60	)%		1.64	%		0.11	%
Supplemental data
Portfolio turnover rate		58	%		87	%		87	%		78	%		84	%		106	%
Net assets, end of period (000s omitted)		$29,217			$14,913			$2,770			$1,714			$1,604			$707

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 each period)


	Year ended September 30
CLASS R6	2014			2013¹
Net asset value, beginning of period	$	30.90		$	28.69
Net investment income		0.41	²		0.06	²
Net realized and unrealized gains (losses) on investments		4.43			2.15

Total from investment operations		4.84			2.21
Distributions to shareholders from
Net investment income		(0.17	)		0.00
Net realized gains		(2.18	)		0.00

Total distributions to shareholders		(2.35	)		0.00
Net asset value, end of period	$	33.39		$	30.90
Total return³		16.29	%		7.70	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.81	%
Net expenses		0.80	%		0.81	%
Net investment income		1.22	%		0.73	%
Supplemental data
Portfolio turnover rate		58	%		87	%
Net assets, end of period (000s omitted)		$4,013			$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, 2009
ADMINISTRATOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	30.71		$	23.09		$	18.04		$	18.80		$	16.14		$	13.99
Net investment income		0.15			0.20	²		0.11	²		0.06	²		0.31			0.17	²
Net realized and unrealized gains (losses) on investments		4.55			7.67			4.99			(0.54	)		2.53			2.15

Total from investment operations		4.70			7.87			5.10			(0.48	)		2.84			2.32
Distributions to shareholders from
Net investment income		(0.09	)		(0.25	)		(0.05	)		(0.28	)		(0.18	)		(0.17	)
Net realized gains		(2.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(2.27	)		(0.25	)		(0.05	)		(0.28	)		(0.18	)		(0.17	)
Net asset value, end of period	$	33.14		$	30.71		$	23.09		$	18.04		$	18.80		$	16.14
Total return³		15.89	%		34.41	%		28.30	%		(2.72	)%		17.66	%		16.83	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.13	%		1.14	%		1.13	%		1.17	%		1.19	%
Net expenses		1.12	%		1.13	%		1.13	%		1.13	%		1.14	%		1.11	%
Net investment income		0.48	%		0.71	%		0.50	%		0.26	%		1.65	%		1.21	%
Supplemental data
Portfolio turnover rate		58	%		87	%		87	%		78	%		84	%		106	%
Net assets, end of period (000s omitted)		$187,968			$117,087			$61,596			$62,122			$75,775			$95,005

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, 2009
INSTITUTIONAL CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	30.91		$	23.15		$	18.10		$	18.86		$	16.19		$	14.05
Net investment income		0.24			0.20	²		0.16			0.10			0.33			0.21	²
Net realized and unrealized gains (losses) on investments		4.57			7.81			5.01			(0.52	)		2.56			2.14

Total from investment operations		4.81			8.01			5.17			(0.42	)		2.89			2.35
Distributions to shareholders from
Net investment income		(0.16	)		(0.25	)		(0.12	)		(0.34	)		(0.22	)		(0.21	)
Net realized gains		(2.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(2.34	)		(0.25	)		(0.12	)		(0.34	)		(0.22	)		(0.21	)
Net asset value, end of period	$	33.38		$	30.91		$	23.15		$	18.10		$	18.86		$	16.19
Total return³		16.17	%		34.90	%		28.65	%		(2.46	)%		17.97	%		17.04	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.87	%		0.86	%		0.91	%		0.92	%
Net expenses		0.85	%		0.85	%		0.87	%		0.86	%		0.89	%		0.85	%
Net investment income		0.81	%		0.72	%		0.76	%		0.52	%		2.02	%		1.46	%
Supplemental data
Portfolio turnover rate		58	%		87	%		87	%		78	%		84	%		106	%
Net assets, end of period (000s omitted)		$174,989			$66,056			$125,623			$104,360			$129,945			$131,036

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, 2009
INVESTOR CLASS	2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period	$	30.70		$	23.08		$	18.04		$	18.80		$	16.13		$	13.97
Net investment income		0.08			0.15			0.07	²		0.02			0.28			0.14	²
Net realized and unrealized gains (losses) on investments		4.56			7.67			4.99			(0.53	)		2.54			2.14

Total from investment operations		4.64			7.82			5.06			(0.51	)		2.82			2.28
Distributions to shareholders from
Net investment income		(0.04	)		(0.20	)		(0.02	)		(0.25	)		(0.15	)		(0.12	)
Net realized gains		(2.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(2.22	)		(0.20	)		(0.02	)		(0.25	)		(0.15	)		(0.12	)
Net asset value, end of period	$	33.12		$	30.70		$	23.08		$	18.04		$	18.80		$	16.13
Total return³		15.67	%		34.14	%		28.04	%		(2.88	)%		17.53	%		16.55	%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.35	%		1.37	%		1.36	%		1.44	%		1.48	%
Net expenses		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%
Net investment income		0.24	%		0.53	%		0.32	%		0.08	%		1.57	%		1.02	%
Supplemental data
Portfolio turnover rate		58	%		87	%		87	%		78	%		84	%		106	%
Net assets, end of period (000s omitted)		$554,514			$564,465			$315,791			$336,239			$384,509			$362,184

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

Securities valuation

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

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

Security loans


Notes to financial statements		Wells Fargo Advantage Special Mid Cap Value Fund			23

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

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 require 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, 2014, 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

$(336,421)

$336,421

As of September 30, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $200,313 expiring in 2017.

Class allocations

3. FAIR VALUATION MEASUREMENTS


24		Wells Fargo Advantage Special Mid Cap Value Fund		Notes to financial statements

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	81,805,374	$	0	$	0	$	81,805,374
Consumer staples		86,246,248		0		0		86,246,248
Energy		47,991,864		0		0		47,991,864
Financials		242,823,328		0		0		242,823,328
Health care		114,711,926		0		0		114,711,926
Industrials		178,084,347		0		0		178,084,347
Information technology		191,306,738		0		0		191,306,738
Materials		44,324,054		0		0		44,324,054
Utilities		18,727,885		0		0		18,727,885

Short-term investments
Investment companies		52,025,444		34,620,375		0		86,645,819
Total assets	$	1,058,047,208	$	34,620,375	$	0	$	1,092,667,583

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

Administration fees


Notes to financial statements		Wells Fargo Advantage Special Mid Cap Value Fund			25


	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 through January 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A shares, 2.00% for Class C shares, 0.82% for Class R6 shares, 1.14% for Administrator Class shares, 0.87% for Institutional Class shares, and 1.31% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended September 30, 2014, Funds Distributor received $29,220 from the sale of Class A shares and $492 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2014 were $647,213,700 and $517,916,414, 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


26		Wells Fargo Advantage Special Mid Cap Value Fund		Notes to financial statements

For the year ended September 30, 2014, 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, 2014 and September 30, 2013 were as follows:


	Year ended September 30
	2014	2013
Ordinary income	$18,393,127	$3,635,514
Long-term capital gain	41,766,130	0

As of September 30, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed

ordinary

income

Undistributed

long-term

gain

Unrealized

gains

Capital loss

carryforward

$40,358,402

$65,210,942

$152,856,784

$(200,313)

9. INDEMNIFICATION


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, 2014, 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 four-year period then ended, the period from November 1, 2009 through September 30, 2010, and the year 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.

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, 2014, 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.

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Boston, Massachusetts


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, 48.81% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2014.

Pursuant to Section 852 of the Internal Revenue Code, $41,766,130 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2014.

Pursuant to Section 854 of the Internal Revenue Code, $10,063,786 of income dividends paid during the fiscal year ended September 30, 2014 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2014, $16,565,616 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

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			29

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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. Mr. Harris is a certified public accountant.	CIGNA 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 complex (and its predecessors) from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


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 or longer	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 complex (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 or longer
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	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and 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 60 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


Other information (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			31

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at in-person meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Special Mid Cap Value Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


32		Wells Fargo Advantage Special Mid Cap Value Fund		Other information (unaudited)

other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the average performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, Russell Midcap^® Value Index, for all periods under review.

Investment advisory and sub-advisory fee rates

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

Profitability

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


Other information (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			33

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


34		Wells Fargo Advantage Special Mid Cap Value Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Columbian Peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266