Wells Fargo Master Trust NCSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: Registrant is making a filing for 3 of its series, Wells Fargo Advantage Diversified Fixed Income Portfolio, Wells Fargo Advantage Diversified Stock Portfolio, and Wells Fargo Advantage Short-Term Investment Portfolio. Each series has a February 28 fiscal year end.

Date of reporting period: August 31, 2013

ITEM 1.

REPORT TO STOCKHOLDERS

Wells Fargo Advantage Dow Jones Target Date Funds^SM

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Semi-Annual Report

August 31, 2013

Wells Fargo Advantage Dow Jones Target Today Fund^SM

Wells Fargo Advantage Dow Jones Target 2010 Fund^SM

Wells Fargo Advantage Dow Jones Target 2015 Fund^SM

Wells Fargo Advantage Dow Jones Target 2020 Fund^SM

Wells Fargo Advantage Dow Jones Target 2025 Fund^SM

Wells Fargo Advantage Dow Jones Target 2030 Fund^SM

Wells Fargo Advantage Dow Jones Target 2035 Fund^SM

Wells Fargo Advantage Dow Jones Target 2040 Fund^SM

Wells Fargo Advantage Dow Jones Target 2045 Fund^SM

Wells Fargo Advantage Dow Jones Target 2050 Fund^SM

Wells Fargo Advantage Dow Jones Target 2055 Fund^SM

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Contents



Letter to shareholders			2

Performance highlights			4

Fund expenses			18

Portfolios of investments
Wells Fargo Advantage Dow Jones Target Today Fund			24
Wells Fargo Advantage Dow Jones Target 2010 Fund			24
Wells Fargo Advantage Dow Jones Target 2015 Fund			25
Wells Fargo Advantage Dow Jones Target 2020 Fund			25
Wells Fargo Advantage Dow Jones Target 2025 Fund			26
Wells Fargo Advantage Dow Jones Target 2030 Fund			26
Wells Fargo Advantage Dow Jones Target 2035 Fund			27
Wells Fargo Advantage Dow Jones Target 2040 Fund			27
Wells Fargo Advantage Dow Jones Target 2045 Fund			28
Wells Fargo Advantage Dow Jones Target 2050 Fund			28
Wells Fargo Advantage Dow Jones Target 2055 Fund			29

Financial statements
Statements of assets and liabilities			30
Statements of operations			32
Statement of changes in net assets
Wells Fargo Advantage Dow Jones Target Today Fund			34
Wells Fargo Advantage Dow Jones Target 2010 Fund			36
Wells Fargo Advantage Dow Jones Target 2015 Fund			38


Statement of changes in net assets (continued)
Wells Fargo Advantage Dow Jones Target 2020 Fund			39
Wells Fargo Advantage Dow Jones Target 2025 Fund			41
Wells Fargo Advantage Dow Jones Target 2030 Fund			42
Wells Fargo Advantage Dow Jones Target 2035 Fund			44
Wells Fargo Advantage Dow Jones Target 2040 Fund			45
Wells Fargo Advantage Dow Jones Target 2045 Fund			47
Wells Fargo Advantage Dow Jones Target 2050 Fund			48
Wells Fargo Advantage Dow Jones Target 2055 Fund			49

Financial highlights			50

Notes to financial statements			72

Master portfolios

Portfolio of investments
Wells Fargo Advantage Diversified Fixed Income Portfolio (Summary portfolio of investments)			78
Wells Fargo Advantage Diversified Stock Portfolio (Summary portfolio of investments)			87
Wells Fargo Advantage Short-Term Investment Portfolio			97

Financial statements
Statements of assets and liabilities			107
Statements of operations			108
Statements of changes in net assets			109
Financial highlights			112

Notes to financial statements			113

Other information			120

List of abbreviations			128

The views expressed and any forward-looking statements are as of August 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

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Wells Fargo investment history


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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $229 billion in assets under management, as of August 31, 2013.


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

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

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

†

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

Not part of the semi-annual report.


2		Wells Fargo Advantage Dow Jones Target Date Funds		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The past six months were marked by modest U.S. economic growth, accommodative monetary policies, and indications of better economic growth from the eurozone.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Dow Jones Target Date Funds^SM for the six-month period that ended August 31, 2013. The past six months were marked by modest U.S. economic growth, accommodative monetary policies, and indications of better economic growth from the eurozone. In this environment, U.S. equities advanced, while bonds generally had negative results due to interest rates moving higher.

Economic growth continued to advance modestly.

Economic news generally improved during the period. The good news from the past six months was that the U.S. economy advanced, with signs of sustainable economic growth appearing in improved housing data and labor statistics, including a steadily declining unemployment rate. The economy was held back by the effects of the federal sequester, or automatic spending cuts, and little improvement in household income expectations.

Global economic growth improved in Europe and varied elsewhere. The eurozone produced a positive gross domestic product report, a welcome change from its sustained recession. China’s economic growth appeared to stabilize. Other emerging markets, however, faced slower economic growth and financial-market fallout from the prospect of the U.S. Federal Reserve (Fed) scaling back its quantitative easing program.

All eyes were on the Fed.

Announcements following each Federal Open Market Committee (FOMC) meeting reaffirmed the Fed’s commitment to a highly accommodative monetary policy. However, Fed Chairman Ben Bernanke’s comments on June 19, 2013, after the previous day’s FOMC meeting, roiled the bond markets by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. As a result, long-term U.S. interest rates rose by more than 100 basis points (bps; 100 bps equals 1.00%), while short-term rates remained ultra low.

Financial market results were mixed.

With continued economic growth as a tailwind and fewer political uncertainties in the six-month period that ended August 31, 2013, U.S. equities, as measured by the Russell 3000^® Index¹, rose 9.4%. Meanwhile, non-U.S. equities, as measured by the Morgan Stanley Capital International All Country World Ex. USA Index (Gross)², were little changed. Given investor expectations for the Fed to scale back its quantitative easing program and a subsequent rise in interest rates, investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index³, declined 2.6%.

Our target date funds reflected the broader financial-market movements, as expected.

Our target date series is passively managed across nine equity and four fixed-income asset allocations. Longer-dated funds, for those with investors

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

The Morgan Stanley Capital International All Country World Ex. USA (MSCI ACWI Ex. USA) Index (Gross) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the United States. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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


Letter to shareholders (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			3

planning to retire further into the future, are more heavily weighted in equity allocations. These funds tended to do best over the past six months, reflecting positive equity returns. Shorter-dated funds for those investors near or in retirement experienced lower or slightly negative results due to their higher allocation to bonds, which had negative performance as the result of rising interest rates. The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed-income exposure. The principal value is not guaranteed at any time, including at the target date.

We believe our strategy offers the appropriate risk/return trade-off to help plan participants reach their retirement goals. The most important thing we can do for investors near or in retirement is to protect them from devastating losses that cannot be recouped. For investors with longer time horizons, our funds offer attractive upside potential within their investments across diverse asset classes.

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We believe our strategy offers the appropriate risk/return trade-off to help plan participants reach their retirement goals.


4		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Wells Fargo Advantage Dow Jones Target Date Funds¹

Investment objective

Each Fund’s objective is to approximate, before fees and

expenses, the total return of the appropriate Dow Jones

Target Date Index as specified in the following table:


Wells Fargo Advantage Dow Jones Target Date Funds		Corresponding Dow Jones Target Date Index
Target Today Fund		Dow Jones Target Today Index
Target 2010 Fund		Dow Jones Target 2010 Index
Target 2015 Fund		Dow Jones Target 2015 Index
Target 2020 Fund		Dow Jones Target 2020 Index
Target 2025 Fund		Dow Jones Target 2025 Index
Target 2030 Fund		Dow Jones Target 2030 Index
Target 2035 Fund		Dow Jones Target 2035 Index
Target 2040 Fund		Dow Jones Target 2040 Index
Target 2045 Fund		Dow Jones Target 2045 Index
Target 2050 Fund		Dow Jones Target 2050 Index
Target 2055 Fund		Dow Jones Target 2055 Index

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Global Index Advisors, Inc.

Portfolio managers

Rodney H. Alldredge

James P. Lauder

Paul T. Torregrosa, Ph.D.

The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date.

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). These Funds are exposed to foreign investment risk, mortgage- and asset-backed securities risk, smaller-company investment risk, and allocation methodology risk (risk that the allocation methodology of the Dow Jones Target Date Index, whose total returns the Funds seek to approximate, before fees and expenses, will not meet an investor’s goals). Consult the prospectus for additional information on these and other risks.

Please see footnotes on page 17.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			5

Target Today Fund

Average annual total returns² (%) as of August 31, 2013


		Including sales charge							Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net⁴
Class A (STWRX)	3-1-1994		(6.91	)		2.92		3.66		(1.27	)		4.15		4.27		1.08		0.81
Class B (WFOKX)*	8-1-1998		(7.01	)		3.01		3.72		(2.01	)		3.37		3.72		1.83		1.56
Class C (WFODX)	12-1-1998		(2.97	)		3.35		3.49		(1.97	)		3.35		3.49		1.83		1.56
Class R (WFRRX)	6-28-2013		–			–		–		(1.35	)		4.08		4.24		1.33		1.06
Class R4 (WOTRX)	11-30-2012		–			–		–		(0.68	)		4.68		4.80		0.75		0.45
Class R6 (WOTDX)**	6-30-2004		–			–		–		(0.68	)		4.68		4.79		0.60		0.30
Administrator Class (WFLOX)	11-8-1999		–			–		–		(1.01	)		4.33		4.52		0.92		0.65
Investor Class (WFBTX)	1-31-2007		–			–		–		(1.19	)		4.28		4.48		1.14		0.86
Dow Jones Target Today Index⁵	–		–			–		–		(0.21	)		5.17		5.38		–		–
Russell 3000^® Index⁶	–		–			–		–		20.32			7.63		7.60		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		(2.47	)		4.93		4.77		–		–

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

On June 1, 2013, Institutional Class was renamed Class R6.

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of 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 and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

Please see footnotes on page 17.


6		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2010 Fund

Average annual total returns⁸ (%) as of August 31, 2013


		Including sales charge							Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net⁴
Class A (STNRX)	3-1-1994		(5.69	)		2.62		3.97		0.10			3.85		4.59		1.08		0.83
Class B (SPTBX)*	3-1-1997		(5.60	)		2.73		4.04		(0.60	)		3.09		4.04		1.83		1.58
Class C (WFOCX)	12-1-1998		(1.68	)		3.08		3.81		(0.68	)		3.08		3.81		1.83		1.58
Class R (WFARX)	6-28-2013		–			–		–		(0.06	)		3.77		4.55		1.33		1.08
Class R4 (WFORX)	11-30-2012		–			–		–		0.50			4.38		5.09		0.75		0.47
Class R6 (WFOAX)**	6-30-2004		–			–		–		0.60			4.40		5.10		0.60		0.32
Administrator Class (WFLGX)	11-8-1999		–			–		–		0.26			4.04		4.84		0.92		0.67
Investor Class (WFCTX)	1-31-2007		–			–		–		0.15			3.99		4.80		1.14		0.88
Dow Jones Target 2010 Index⁵	–		–			–		–		1.17			4.86		6.15		–		–
Russell 3000^® Index⁶	–		–			–		–		20.32			7.63		7.60		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		(2.47	)		4.93		4.77		–		–

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

On June 1, 2013, Institutional Class was renamed Class R6.

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 17.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			7

Target 2015 Fund

Average annual total returns⁹ (%) as of August 31, 2013


		Including sales charge							Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year			5 year		Since inception		1 year			5 year		Since inception		Gross		Net⁴
Class A (WFACX)	11-30-2012		(3.45	)		2.98		2.13		2.43			4.21		3.11		1.08		0.84
Class R (WFBRX)	6-28-2013		–			–		–		2.09			3.96		2.90		1.33		1.09
Class R4 (WFSRX)	11-30-2012		–			–		–		2.85			4.55		3.42		0.75		0.48
Class R6 (WFSCX)*	6-29-2007		–			–		–		2.82			4.54		3.42		0.60		0.33
Administrator Class (WFFFX)	6-29-2007		–			–		–		2.43			4.23		3.13		0.92		0.68
Investor Class (WFQEX)	6-29-2007		–			–		–		2.25			4.14		3.07		1.14		0.89
Dow Jones Target 2015 Index⁵	–		–			–		–		3.32			4.98		3.93		–		–
Russell 3000^® Index⁶	–		–			–		–		20.32			7.63		3.95		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		(2.47	)		4.93		5.29		–		–

On June 1, 2013, Institutional Class was renamed Class R6.

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%. Performance including sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 17.


8		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2020 Fund

Average annual total returns² (%) as of August 31, 2013


		Including sales charge							Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net⁴
Class A (STTRX)	3-1-1994		(1.20	)		3.05		4.69		4.83			4.28		5.31		1.06		0.86
Class B (STPBX)*	3-1-1997		(0.97	)		3.14		4.75		4.03			3.49		4.75		1.81		1.61
Class C (WFLAX)	12-1-1998		3.13			3.51		4.53		4.13			3.51		4.53		1.81		1.61
Class R (WFURX)	6-28-2013		–			–		–		4.74			4.21		5.28		1.31		1.11
Class R4 (WFLRX)	11-30-2012		–			–		–		5.37			4.81		5.85		0.73		0.50
Class R6 (WFOBX)**	6-30-2004		–			–		–		5.39			4.82		5.85		0.58		0.35
Administrator Class (WFLPX)	11-8-1999		–			–		–		5.07			4.49		5.58		0.90		0.70
Investor Class (WFDTX)	1-31-2007		–			–		–		4.97			4.42		5.54		1.12		0.91
Dow Jones Target 2020 Index⁵	–		–			–		–		5.94			5.20		7.23		–		–
Russell 3000^® Index⁶	–		–			–		–		20.32			7.63		7.60		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		(2.47	)		4.93		4.77		–		–

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

On June 1, 2013, Institutional Class was renamed Class R6.

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 17.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			9

Target 2025 Fund

Average annual total returns¹⁰ (%) as of August 31, 2013


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year			5 year		Since inception		Gross		Net⁴
Class A (WFAYX)	11-30-2012		1.63		3.63		1.73		7.82			4.87		2.71		1.06		0.86
Class R (WFHRX)	6-28-2013		–		–		–		7.58			4.63		2.51		1.31		1.11
Class R4 (WFGRX)	11-30-2012		–		–		–		8.26			5.22		3.02		0.73		0.50
Class R6 (WFTYX)*	6-29-2007		–		–		–		8.32			5.23		3.03		0.59		0.35
Administrator Class (WFTRX)	6-29-2007		–		–		–		7.83			4.88		2.75		0.90		0.70
Investor Class (WFGYX)	6-29-2007		–		–		–		7.76			4.83		2.69		1.12		0.91
Dow Jones Target 2025 Index⁵	–		–		–		–		8.74			5.55		3.43		–		–
Russell 3000^® Index⁶	–		–		–		–		20.32			7.63		3.95		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		(2.47	)		4.93		5.29		–		–

On June 1, 2013, Institutional Class was renamed Class R6.

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 17.


10		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2030 Fund

Average annual total returns² (%) as of August 31, 2013


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net⁴
Class A (STHRX)	3-1-1994		4.12		3.76		5.36		10.45			5.00		5.99		1.07		0.87
Class B (SGPBX)*	3-1-1997		4.63		3.88		5.43		9.63			4.22		5.43		1.82		1.62
Class C (WFDMX)	12-1-1998		8.65		4.22		5.20		9.65			4.22		5.20		1.82		1.62
Class R (WFJRX)	6-28-2013		–		–		–		10.36			4.93		5.95		1.32		1.12
Class R4 (WTHRX)	11-30-2012		–		–		–		11.03			5.54		6.51		0.74		0.51
Class R6 (WFOOX)**	6-30-2004		–		–		–		11.04			5.54		6.51		0.59		0.36
Administrator Class (WFLIX)	11-8-1999		–		–		–		10.65			5.21		6.25		0.91		0.71
Investor Class (WFETX)	1-31-2007		–		–		–		10.53			5.14		6.20		1.13		0.92
Dow Jones Target 2030 Index⁵	–		–		–		–		11.48			5.84		8.23		–		–
Russell 3000^® Index⁶	–		–		–		–		20.32			7.63		7.60		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		(2.47	)		4.93		4.77		–		–

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

On June 1, 2013, Institutional Class was renamed Class R6.

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 17.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			11

Target 2035 Fund

Average annual total returns¹⁰ (%) as of August 31, 2013


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year			5 year		Since inception		Gross		Net⁴
Class A (WFQBX)	11-30-2012		6.54		4.33		1.62		13.00			5.58		2.60		1.09		0.88
Class R (WFKRX)	6-28-2013		–		–		–		12.61			5.22		2.32		1.34		1.13
Class R4 (WTTRX)	11-30-2012		–		–		–		13.39			5.91		2.90		0.76		0.52
Class R6 (WFQRX)*	6-29-2007		–		–		–		13.46			5.93		2.91		0.61		0.37
Administrator Class (WFQWX)	6-29-2007		–		–		–		13.04			5.49		2.57		0.93		0.72
Investor Class (WFQTX)	6-29-2007		–		–		–		12.91			5.43		2.52		1.15		0.93
Dow Jones Target 2035 Index⁵	–		–		–		–		13.89			6.09		3.17		–		–
Russell 3000^® Index⁶	–		–		–		–		20.32			7.63		3.95		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		(2.47	)		4.93		5.29		–		–

On June 1, 2013, Institutional Class was renamed Class R6.

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 17.


12		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2040 Fund

Average annual total returns² (%) as of August 31, 2013


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net⁴
Class A (STFRX)	3-1-1994		8.08		4.29		5.96		14.70			5.53		6.59		1.08		0.88
Class B (SLPBX)*	3-1-1997		8.76		4.38		6.02		13.76			4.72		6.02		1.83		1.63
Class C (WFOFX)	7-1-1998		12.77		4.73		5.79		13.77			4.73		5.79		1.83		1.63
Class R (WFMRX)	6-28-2013		–		–		–		14.54			5.45		6.55		1.33		1.13
Class R4 (WTFRX)	11-30-2012		–		–		–		15.11			6.03		7.11		0.75		0.52
Class R6 (WFOSX)**	6-30-2004		–		–		–		15.22			6.06		7.12		0.60		0.37
Administrator Class (WFLWX)	11-8-1999		–		–		–		14.82			5.72		6.85		0.92		0.72
Investor Class (WFFTX)	1-31-2007		–		–		–		14.71			5.65		6.80		1.14		0.93
Dow Jones Target 2040 Index⁵	–		–		–		–		15.65			6.31		8.64		–		–
Russell 3000^® Index⁶	–		–		–		–		20.32			7.63		7.60		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		(2.47	)		4.93		4.77		–		–

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

On June 1, 2013, Institutional Class was renamed Class R6.

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 17.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			13

Target 2045 Fund

Average annual total returns¹⁰ (%) as of August 31, 2013


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year			5 year		Since inception		Gross		Net⁴
Class A (WFQVX)	11-30-2012		9.09		4.79		1.83		15.70			6.03		2.82		1.12		0.88
Class R (WFNRX)	6-28-2013		–		–		–		15.39			5.76		2.56		1.37		1.13
Class R4 (WFFRX)	11-30-2012		–		–		–		16.21			6.39		3.13		0.79		0.52
Class R6 (WFQPX)*	6-29-2007		–		–		–		16.08			6.36		3.12		0.64		0.37
Administrator Class (WFQYX)	6-29-2007		–		–		–		15.71			6.05		2.83		0.96		0.72
Investor Class (WFQSX)	6-29-2007		–		–		–		15.47			5.94		2.73		1.18		0.93
Dow Jones Target 2045 Index⁵	–		–		–		–		16.56			6.48		3.33		–		–
Russell 3000^® Index⁶	–		–		–		–		20.32			7.63		3.95		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		(2.47	)		4.93		5.29		–		–

On June 1, 2013, Institutional Clas was renamed Class R6.

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 17.


14		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2050 Fund

Average annual total returns¹¹ (%) as of August 31, 2013


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year			5 year		Since inception		Gross		Net⁴
Class A (WFQAX)	11-30-2012		9.13		4.72		1.82		15.75			5.98		2.80		1.10		0.88
Class C (WFQCX)	11-30-2012		13.88		5.19		2.03		14.88			5.19		2.03		1.85		1.63
Class R (WFWRX)	6-28-2013		–		–		–		15.45			5.72		2.55		1.35		1.13
Class R4 (WQFRX)	11-30-2012		–		–		–		16.16			6.32		3.11		0.77		0.52
Class R6 (WFQFX)*	6-29-2007		–		–		–		16.25			6.34		3.12		0.62		0.37
Administrator Class (WFQDX)	6-29-2007		–		–		–		15.89			6.00		2.80		0.94		0.72
Investor Class (WFQGX)	6-29-2007		–		–		–		15.64			5.91		2.73		1.16		0.93
Dow Jones Target 2050 Index⁵	–		–		–		–		16.66			6.50		3.34		–		–
Russell 3000^® Index⁶	–		–		–		–		20.32			7.63		3.95		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		(2.47	)		4.93		5.29		–		–

On June 1, 2013, Institutional Class was renamed Class R6.

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

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

Please see footnotes on page 17.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			15

Target 2055 Fund

Average annual total returns¹⁰ (%) as of August 31, 2013


		Including sales charge				Excluding sales charge					Expense ratios³ (%)
	Inception date	1 year		Since inception		1 year			Since inception		Gross		Net⁴
Class A (WFQZX)	11-30-2012		9.08		3.97		15.77			6.85		1.60		0.88
Class R (WFYRX)	6-28-2013		–		–		15.49			6.31		1.85		1.13
Class R4 (WFVRX)	11-30-2012		–		–		16.18			7.23		1.27		0.52
Class R6 (WFQUX)*	6-30-2011		–		–		16.19			7.23		1.12		0.37
Administrator Class (WFLHX)	6-30-2011		–		–		15.84			6.90		1.44		0.72
Investor Class (WFQHX)	6-30-2011		–		–		15.68			6.81		1.66		0.93
Dow Jones Target 2055 Index⁵	–		–		–		16.66			7.37		–		–
Russell 3000^® Index⁶	–		–		–		20.32			12.58		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		(2.47	)		2.87		–		–

On June 1, 2013, Institutional Class was renamed Class R6.

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of 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.

Please see footnotes on page 17.


16		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Portfolio allocation¹² as of August 31, 2013


Target Today Fund	Target 2010 Fund	Target 2015 Fund


Target 2020 Fund	Target 2025 Fund	Target 2030 Fund


Target 2035 Fund	Target 2040 Fund	Target 2045 Fund

Please see footnotes on page 17.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			17


Target 2050 Fund		Target 2055 Fund

The Funds are gateway funds that invest in various master portfolios which in turn invest in a combination of equity, fixed income, and money market securities using an asset allocation strategy designed to replicate, before fees and expenses, the total return of the Dow Jones Target Date Indexes that have the same target year as the Funds. References to the investment activities of the Funds are intended to refer to the investment activities of the underlying master portfolios in which the Funds invest.

Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and includes the expenses applicable to Class R6. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. Historical performance shown for Investor Class shares prior to their inception reflects the performance of Administrator Class shares and has been adjusted to reflect the higher expenses applicable to Investor Class shares (except during those periods in which expenses of the Investor Class would have been lower than those of Administrator Class no such adjustment is reflected).

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

The Adviser has committed through June 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio(s) are included in the cap. Without this cap, the Fund’s returns would have been lower.

The Dow Jones Target Date Indexes (each an “index” or collectively the “indexes”) are a series of indexes designed as benchmarks for multi-asset class portfolios with risk profiles that became more conservative over time. The index weightings among the major asset classes are adjusted monthly based on a published set of index rules. The indexes with longer time horizons have higher allocations to equity securities, while the indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. You cannot invest directly in an index.

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.

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

Historical performance shown for Class R shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R6 shares at that time. If these expenses had not been included, returns would be higher. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. Historical performance shown for Investor Class shares prior to their inception reflects the performance of Administrator Class shares and has been adjusted to reflect the higher expenses applicable to Investor Class shares (except during those periods in which expenses of Investor Class would have been lower than those of Administrator Class no such adjustment is reflected).

Historical performance shown for Class R shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class R6 shares at that time. If these expenses had not been included, returns would be higher. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013 reflects Institutional Class performance and expenses. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares.

10.

Historical performance shown for Class R shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and includes the expenses applicable to Class R6. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares.

11.

Historical performance shown for Class R shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class A and Class C shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A and Class C shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and includes the expenses applicable to Class R6. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares.

12.

Each chart represents the composite of the portfolio allocations of the master portfolios in which the Fund invests and is calculated based on the total investments of the master portfolios. Portfolio holdings are subject to change and may have changed since the date specified. See Portfolio of investments or Summary portfolio of investments of each master portfolio which is also included in this report.


18		Wells Fargo Advantage Dow Jones Target Date Funds		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 March 1, 2013 to August 31, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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


Target Today Fund	Beginning account value 3-1-2013		Ending account value 8-31-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	984.30	$	4.45		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Class B
Actual	$	1,000.00	$	980.28	$	8.19		1.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.94	$	8.34		1.64	%
Class C
Actual	$	1,000.00	$	980.14	$	8.19		1.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.94	$	8.34		1.64	%
Class R
Actual	$	1,000.00	$	983.97	$	5.30		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class R4
Actual	$	1,000.00	$	986.41	$	2.25		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Class R6²
Actual	$	1,000.00	$	986.93	$	2.05		0.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.14	$	2.09		0.41	%
Administrator Class
Actual	$	1,000.00	$	985.28	$	3.65		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.53	$	3.72		0.73	%
Investor Class
Actual	$	1,000.00	$	984.01	$	4.30		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%

Please see footnotes on page 23.


Fund expenses (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			19


Target 2010 Fund	Beginning account value 3-1-2013		Ending account value 8-31-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	988.72	$	4.56		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Class B
Actual	$	1,000.00	$	985.11	$	8.36		1.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.79	$	8.49		1.67	%
Class C
Actual	$	1,000.00	$	985.16	$	8.31		1.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.84	$	8.44		1.66	%
Class R
Actual	$	1,000.00	$	987.68	$	5.41		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Class R4
Actual	$	1,000.00	$	990.32	$	2.36		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.40		0.47	%
Class R6²
Actual	$	1,000.00	$	991.07	$	2.16		0.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.04	$	2.19		0.43	%
Administrator Class
Actual	$	1,000.00	$	989.57	$	3.76		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Investor Class
Actual	$	1,000.00	$	988.81	$	4.46		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Target 2015 Fund
Class A
Actual	$	1,000.00	$	996.57	$	4.23		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Class R
Actual	$	1,000.00	$	995.35	$	5.48		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class R4
Actual	$	1,000.00	$	998.58	$	2.42		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%
Class R6²
Actual	$	1,000.00	$	998.98	$	2.12		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.09	$	2.14		0.42	%
Administrator Class
Actual	$	1,000.00	$	998.30	$	3.83		0.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.87		0.76	%
Investor Class
Actual	$	1,000.00	$	995.97	$	4.53		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%

Please see footnotes on page 23.


20		Wells Fargo Advantage Dow Jones Target Date Funds		Fund expenses (unaudited)


Target 2020 Fund	Beginning account value 3-1-2013		Ending account value 8-31-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,006.88	$	4.75		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.47	$	4.79		0.94	%
Class B
Actual	$	1,000.00	$	1,002.76	$	8.58		1.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64		1.70	%
Class C
Actual	$	1,000.00	$	1,003.45	$	8.48		1.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.74	$	8.54		1.68	%
Class R
Actual	$	1,000.00	$	1,006.55	$	5.61		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class R4
Actual	$	1,000.00	$	1,009.48	$	2.53		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Class R6²
Actual	$	1,000.00	$	1,009.48	$	2.23		0.44	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.99	$	2.24		0.44	%
Administrator Class
Actual	$	1,000.00	$	1,008.15	$	3.95		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Investor Class
Actual	$	1,000.00	$	1,007.47	$	4.60		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Target 2025 Fund
Class A
Actual	$	1,000.00	$	1,018.37	$	4.38		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class R
Actual	$	1,000.00	$	1,017.12	$	5.64		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class R4
Actual	$	1,000.00	$	1,019.53	$	2.55		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Class R6²
Actual	$	1,000.00	$	1,020.88	$	2.19		0.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.04	$	2.19		0.43	%
Administrator Class
Actual	$	1,000.00	$	1,019.17	$	3.92		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Investor Class
Actual	$	1,000.00	$	1,017.79	$	4.63		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%

Please see footnotes on page 23.


Fund expenses (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			21


Target 2030 Fund	Beginning account value 3-1-2013		Ending account value 8-31-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,028.62	$	4.86		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Class B
Actual	$	1,000.00	$	1,024.48	$	8.67		1.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64		1.70	%
Class C
Actual	$	1,000.00	$	1,024.43	$	8.62		1.69	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.69	$	8.59		1.69	%
Class R
Actual	$	1,000.00	$	1,028.29	$	5.73		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class R4
Actual	$	1,000.00	$	1,030.98	$	2.61		0.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.63	$	2.60		0.51	%
Class R6²
Actual	$	1,000.00	$	1,031.47	$	2.30		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Administrator Class
Actual	$	1,000.00	$	1,029.69	$	4.04		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Investor Class
Actual	$	1,000.00	$	1,028.76	$	4.70		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Target 2035 Fund
Class A
Actual	$	1,000.00	$	1,037.27	$	4.52		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class R
Actual	$	1,000.00	$	1,035.97	$	5.80		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,039.62	$	2.67		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6²
Actual	$	1,000.00	$	1,040.00	$	2.31		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Administrator Class
Actual	$	1,000.00	$	1,038.17	$	4.06		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Investor Class
Actual	$	1,000.00	$	1,037.65	$	4.78		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%

Please see footnotes on page 23.


22		Wells Fargo Advantage Dow Jones Target Date Funds		Fund expenses (unaudited)


Target 2040 Fund	Beginning account value 3-1-2013		Ending account value 8-31-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,044.66	$	4.95		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Class B
Actual	$	1,000.00	$	1,040.37	$	8.79		1.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.59	$	8.69		1.71	%
Class C
Actual	$	1,000.00	$	1,040.04	$	8.74		1.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.64	$	8.64		1.70	%
Class R
Actual	$	1,000.00	$	1,043.72	$	5.82		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,046.45	$	2.68		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6²
Actual	$	1,000.00	$	1,047.24	$	2.43		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.40		0.47	%
Administrator Class
Actual	$	1,000.00	$	1,045.30	$	4.07		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Investor Class
Actual	$	1,000.00	$	1,044.45	$	4.79		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Target 2045 Fund
Class A
Actual	$	1,000.00	$	1,048.53	$	4.54		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class R
Actual	$	1,000.00	$	1,047.17	$	5.83		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,050.80	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6²
Actual	$	1,000.00	$	1,050.42	$	2.38		0.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.89	$	2.35		0.46	%
Administrator Class
Actual	$	1,000.00	$	1,048.37	$	4.08		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Investor Class
Actual	$	1,000.00	$	1,046.88	$	4.80		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%

Please see footnotes on page 23.


Fund expenses (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			23


Target 2050 Fund	Beginning account value 3-1-2013		Ending account value 8-31-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,048.29	$	4.54		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class C
Actual	$	1,000.00	$	1,044.07	$	8.40		1.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.99	$	8.29		1.63	%
Class R
Actual	$	1,000.00	$	1,047.52	$	5.83		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,049.74	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6²
Actual	$	1,000.00	$	1,051.36	$	2.38		0.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.89	$	2.35		0.46	%
Administrator Class
Actual	$	1,000.00	$	1,049.73	$	4.08		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Investor Class
Actual	$	1,000.00	$	1,048.21	$	4.80		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Target 2055 Fund
Class A
Actual	$	1,000.00	$	1,048.77	$	4.54		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class R
Actual	$	1,000.00	$	1,047.45	$	5.83		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,050.43	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6²
Actual	$	1,000.00	$	1,050.46	$	2.27		0.44	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.99	$	2.24		0.44	%
Administrator Class
Actual	$	1,000.00	$	1,048.94	$	4.08		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Investor Class
Actual	$	1,000.00	$	1,048.14	$	4.80		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%

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).

2.	On June 1, 2013, Institutional Class was renamed Class R6.


24		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolios of investments—August 31, 2013 (unaudited)

TARGET TODAY FUND


Security name	Value


Investment Companies: 101.04%

Affiliated Master Portfolios: 101.04%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	592,986,315
Wells Fargo Advantage Diversified Stock Portfolio		122,566,909
Wells Fargo Advantage Short-Term Investment Portfolio		115,860,121

Total Investment Companies (Cost $802,441,959)		831,413,345


Total investments in securities
(Cost $802,441,959) *	101.04	%		831,413,345
Other assets and liabilities, net	(1.04	)		(8,586,404	)

Total net assets	100.00	%	$	822,826,941

*	Cost for federal income tax purposes is $804,442,858 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	26,970,487
Gross unrealized depreciation		0

Net unrealized appreciation	$	26,970,487

TARGET 2010 FUND


Security name	Value


Investment Companies: 99.98%

Affiliated Master Portfolios: 99.98%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	580,430,371
Wells Fargo Advantage Diversified Stock Portfolio		144,970,782
Wells Fargo Advantage Short-Term Investment Portfolio		30,497,507

Total Investment Companies (Cost $703,155,940)		755,898,660


Total investments in securities
(Cost $703,155,940) *	99.98	%		755,898,660
Other assets and liabilities, net	0.02			165,460

Total net assets	100.00	%	$	756,064,120

*	Cost for federal income tax purposes is $711,410,842 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	44,487,818
Gross unrealized depreciation		0

Net unrealized appreciation	$	44,487,818

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


Portfolios of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			25

TARGET 2015 FUND


Security name	Value

Investment Companies: 99.99%

Affiliated Master Portfolios: 99.99%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	619,656,890
Wells Fargo Advantage Diversified Stock Portfolio		258,137,688
Wells Fargo Advantage Short-Term Investment Portfolio		36,972,887

Total Investment Companies (Cost $865,208,527)		914,767,465


Total investments in securities (Cost $865,208,527) *	99.99	%		914,767,465
Other assets and liabilities, net	0.01			119,766

Total net assets	100.00	%	$	914,887,231

*	Cost for federal income tax purposes is $867,256,346 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	47,511,119
Gross unrealized depreciation		0

Net unrealized appreciation	$	47,511,119

TARGET 2020 FUND


Security name	Value

Investment Companies: 99.97%

Affiliated Master Portfolios: 99.97%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	1,461,619,672
Wells Fargo Advantage Diversified Stock Portfolio		1,093,532,657
Wells Fargo Advantage Short-Term Investment Portfolio		107,906,531

Total Investment Companies (Cost $2,450,852,041)		2,663,058,860


Total investments in securities (Cost $2,450,852,041) *	99.97	%		2,663,058,860
Other assets and liabilities, net	0.03			860,077

Total net assets	100.00	%	$	2,663,918,937

*	Cost for federal income tax purposes is $2,472,298,542 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	190,760,318
Gross unrealized depreciation		0

Net unrealized appreciation	$	190,760,318

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


26		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolios of investments—August 31, 2013 (unaudited)

TARGET 2025 FUND


Security name	Value


Investment Companies: 99.99%

Affiliated Master Portfolios: 99.99%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	896,010,478
Wells Fargo Advantage Diversified Stock Portfolio		1,156,050,056
Wells Fargo Advantage Short-Term Investment Portfolio		86,890,290

Total Investment Companies (Cost $1,915,288,322)		2,138,950,824


Total investments in securities
(Cost $1,915,288,322) *	99.99	%		2,138,950,824
Other assets and liabilities, net	0.01			139,167

Total net assets	100.00	%	$	2,139,089,991

*	Cost for federal income tax purposes is $1,923,031,110 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	215,919,714
Gross unrealized depreciation		0

Net unrealized appreciation	$	215,919,714

TARGET 2030 FUND


Security name	Value


Investment Companies: 99.90%

Affiliated Master Portfolios: 99.90%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	737,574,553
Wells Fargo Advantage Diversified Stock Portfolio		1,662,002,758
Wells Fargo Advantage Short-Term Investment Portfolio		101,861,740

Total Investment Companies (Cost $2,226,257,301)		2,501,439,051


Total investments in securities
(Cost $2,226,257,301) *	99.90	%		2,501,439,051
Other assets and liabilities, net	0.10			2,460,234

Total net assets	100.00	%	$	2,503,899,285

*	Cost for federal income tax purposes is $2,244,824,454 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	256,614,597
Gross unrealized depreciation		0

Net unrealized appreciation	$	256,614,597

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


Portfolios of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			27

TARGET 2035 FUND


Security name	Value


Investment Companies: 99.90%

Affiliated Master Portfolios: 99.90%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	206,844,980
Wells Fargo Advantage Diversified Stock Portfolio		850,241,288
Wells Fargo Advantage Short-Term Investment Portfolio		44,970,843

Total Investment Companies (Cost $955,903,992)		1,102,057,111


Total investments in securities
(Cost $955,903,992) *	99.90	%		1,102,057,111
Other assets and liabilities, net	0.10			1,077,454

Total net assets	100.00	%	$	1,103,134,565

*	Cost for federal income tax purposes is $960,904,111 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	141,153,000
Gross unrealized depreciation		0

Net unrealized appreciation	$	141,153,000

TARGET 2040 FUND


Security name	Value


Investment Companies: 99.83%

Affiliated Master Portfolios: 99.83%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	189,688,291
Wells Fargo Advantage Diversified Stock Portfolio		1,488,575,861
Wells Fargo Advantage Short Term Investment Portfolio	��	71,511,888

Total Investment Companies (Cost $1,517,836,981)		1,749,776,040


Total investments in securities
(Cost $1,517,836,981) *	99.83	%		1,749,776,040
Other assets and liabilities, net	0.17			3,006,842

Total net assets	100.00	%	$	1,752,782,882

*	Cost for federal income tax purposes is $1,531,167,772 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	218,608,268
Gross unrealized depreciation		0

Net unrealized appreciation	$	218,608,268

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


28		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolios of investments—August 31, 2013 (unaudited)

TARGET 2045 FUND


Security name	Value


Investment Companies: 99.75%

Affiliated Master Portfolios: 99.75%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	37,441,413
Wells Fargo Advantage Diversified Stock Portfolio		509,501,226
Wells Fargo Advantage Short-Term Investment Portfolio		23,325,733

Total Investment Companies (Cost $485,666,402)		570,268,372


Total investments in securities (Cost $485,666,402) *	99.75	%		570,268,372
Other assets and liabilities, net	0.25			1,415,522

Total net assets	100.00	%	$	571,683,894

*	Cost for federal income tax purposes is $488,295,570 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	81,972,802
Gross unrealized depreciation		0

Net unrealized appreciation	$	81,972,802

TARGET 2050 FUND

Security name

Value

Investment Companies: 99.68%

Affiliated Master Portfolios: 99.68%

Wells Fargo Advantage Diversified Fixed Income Portfolio

63,104,860

Wells Fargo Advantage Diversified Stock Portfolio

951,756,660

Wells Fargo Advantage Short-Term Investment Portfolio

43,286,569

Total Investment Companies (Cost $906,496,696)

1,058,148,089


Total investments in securities (Cost $906,496,696) *	99.68	%		1,058,148,089
Other assets and liabilities, net	0.32			3,350,268

Total net assets	100.00	%	$	1,061,498,357

*	Cost for federal income tax purposes is $912,753,084 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	145,395,005
Gross unrealized depreciation		0

Net unrealized appreciation	$	145,395,005

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


Portfolios of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			29

TARGET 2055 FUND


Security name	Value


Investment Companies: 99.29%

Affiliated Master Portfolios: 99.29%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	4,349,728
Wells Fargo Advantage Diversified Stock Portfolio		65,603,236
Wells Fargo Advantage Short-Term Investment Portfolio		2,983,682

Total Investment Companies (Cost $68,940,470)		72,936,646


Total investments in securities (Cost $68,940,470) *	99.29	%		72,936,646
Other assets and liabilities, net	0.71			522,625

Total net assets	100.00	%	$	73,459,271

*	Cost for federal income tax purposes is $68,730,776 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	4,205,870
Gross unrealized depreciation		0

Net unrealized appreciation	$	4,205,870

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


30		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of assets and liabilities—August 31, 2013 (unaudited)


	Target Today Fund		Target 2010 Fund			Target 2015 Fund		Target 2020 Fund

Assets
Investments in affiliated investment companies, at value (see cost below)	$	831,413,345	$	755,898,660		$	914,767,465	$	2,663,058,860
Receivable for Fund shares sold		1,347,940		1,476,079			2,046,920		7,880,495
Receivable from adviser		0		0			0		0
Prepaid expenses and other assets		50,946		55,849			83,048		91,357

Total assets		832,812,231		757,430,588			916,897,433		2,671,030,712


Liabilities
Payable for Fund shares redeemed		9,726,996		1,095,233			1,731,837		6,184,201
Advisory fee payable		31,210		41,893			60,287		250,872
Distribution fees payable		3,077		2,151			6		3,722
Due to other related parties		112,083		101,054			119,074		337,093
Shareholder servicing fees payable		86,245		88,731			83,454		283,587
Accrued expenses and other liabilities		25,679		37,406			15,544		52,300

Total liabilities		9,985,290		1,366,468			2,010,202		7,111,775

Total net assets	$	822,826,941	$	756,064,120		$	914,887,231	$	2,663,918,937


NET ASSETS CONSIST OF
Paid-in capital	$	788,055,842	$	696,495,952		$	853,195,129	$	2,405,437,061
Undistributed net investment income		2,602,142		7,925,817			2,964,881		24,475,327
Accumulated net realized gains (losses) on investments		3,197,571		(1,100,369	)		9,168,283		21,799,730
Net unrealized gains on investments		28,971,386		52,742,720			49,558,938		212,206,819

Total net assets	$	822,826,941	$	756,064,120		$	914,887,231	$	2,663,918,937


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	18,112,813	$	33,352,496		$	155,622	$	74,085,812
Shares outstanding – Class A		1,707,117		2,536,474			15,537		5,062,735
Net asset value per share – Class A		$10.61		$13.15			$10.02		$14.63
Maximum offering price per share – Class A²		$11.26		$13.95			$10.63		$15.52
Net assets – Class B	$	69,786	$	214,275			N/A	$	335,164
Shares outstanding – Class B		6,327		16,202			N/A		23,091
Net asset value per share – Class B		$11.03		$13.23			N/A		$14.51
Net assets – Class C	$	4,288,410	$	2,903,399			N/A	$	5,069,572
Shares outstanding – Class C		395,172		218,625			N/A		348,756
Net asset value per share – Class C		$10.85		$13.28			N/A		$14.54
Net assets – Class R	$	25,085	$	25,114		$	25,169	$	25,261
Shares outstanding – Class R		2,365		1,911			2,480		1,727
Net asset value per share – Class R		$10.61		$13.14			$10.15		$14.63
Net assets – Class R4	$	366,861,987	$	209,731,226		$	138,049,965	$	755,143,967
Share outstanding – Class R4		33,823,901		15,764,366			13,753,591		50,660,337
Net asset value per share – Class R4		$10.85		$13.30			$10.04		$14.91
Net assets – Class R6	$	234,313,909	$	241,734,641		$	468,841,309	$	969,750,776
Share outstanding – Class R6		21,629,850		18,160,540			46,757,778		65,048,872
Net asset value per share – Class R6		$10.83		$13.31			$10.03		$14.91
Net assets – Administrator Class	$	121,990,467	$	211,680,307		$	188,576,811	$	679,332,987
Shares outstanding – Administrator Class		11,277,015		15,936,561			18,587,280		45,759,521
Net asset value per share – Administrator Class		$10.82		$13.28			$10.15		$14.85
Net assets – Investor Class	$	77,164,484	$	56,422,662		$	119,238,355	$	180,175,398
Shares outstanding – Investor Class		7,146,003		4,259,278			11,745,436		12,152,526
Net asset value per share – Investor Class		$10.80		$13.25			$10.15		$14.83

Investments in affiliated investment companies, at cost	$	802,441,959	$	703,155,940		$	865,208,527	$	2,450,852,041

1.	Each 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.


Statements of assets and liabilities—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			31


Target 2025 Fund		Target 2030 Fund		Target 2035 Fund		Target 2040 Fund		Target 2045 Fund		Target 2050 Fund		Target 2055 Fund


$	2,138,950,824	$	2,501,439,051	$	1,102,057,111	$	1,749,776,040	$	570,268,372	$	1,058,148,089	$	72,936,646
	4,481,456		7,554,823		3,619,381		6,871,644		3,027,081		6,210,697		701,009
	0		0		0		0		0		0		8,614
	101,292		87,139		94,681		83,819		82,933		79,965		62,885

	2,143,533,572		2,509,081,013		1,105,771,173		1,756,731,503		573,378,386		1,064,438,751		73,709,154



	3,838,976		4,316,284		2,261,019		3,318,216		1,493,242		2,637,014		225,652
	194,547		257,816		110,710		191,370		49,494		107,465		0
	6		2,907		6		3,332		6		28		6
	249,666		317,172		153,132		229,346		82,616		112,967		6,974
	141,757		262,505		103,560		187,840		57,371		71,139		3,149
	18,629		25,044		8,181		18,517		11,763		11,781		14,102

	4,443,581		5,181,728		2,636,608		3,948,621		1,694,492		2,940,394		249,883

$	2,139,089,991	$	2,503,899,285	$	1,103,134,565	$	1,752,782,882	$	571,683,894	$	1,061,498,357	$	73,459,271



$	1,870,502,558	$	2,182,476,712	$	926,632,321	$	1,479,342,349	$	468,974,477	$	881,153,355	$	67,865,393
	5,380,372		5,449,334		2,455,339		2,954,442		1,245,885		1,961,301		198,731
	39,544,559		40,791,489		27,893,786		38,547,032		16,861,562		26,732,308		1,398,971
	223,662,502		275,181,750		146,153,119		231,939,059		84,601,970		151,651,393		3,996,176

$	2,139,089,991	$	2,503,899,285	$	1,103,134,565	$	1,752,782,882	$	571,683,894	$	1,061,498,357	$	73,459,271



$	562,830	$	61,770,181	$	119,203	$	105,772,361	$	22,236	$	18,021	$	18,507
	55,879		3,944,725		11,576		6,018,099		2,098		1,779		1,628
	$10.07		$15.66		$10.30		$17.58		$10.60		$10.13		$11.37
	$10.68		$16.62		$10.93		$18.65		$11.25		$10.75		$12.06
	N/A	$	332,466		N/A	$	559,059		N/A		N/A		N/A
	N/A		21,563		N/A		33,243		N/A		N/A		N/A
	N/A		$15.42		N/A		$16.82		N/A		N/A		N/A
	N/A	$	3,917,296		N/A	$	3,762,932		N/A	$	31,816		N/A
	N/A		255,527		N/A		226,233		N/A		3,146		N/A
	N/A		$15.33		N/A		$16.63		N/A		$10.11		N/A
$	25,346	$	25,431	$	25,497	$	25,557	$	25,572	$	25,585	$	25,586
	2,513		1,624		2,461		1,454		2,392		2,523		2,271
	$10.09		$15.66		$10.36		$17.58		$10.69		$10.14		$11.27
$	270,483,141	$	760,515,903	$	210,182,442	$	552,481,561	$	130,345,527	$	254,270,764	$	13,873,702
	26,800,036		47,951,475		20,390,637		30,846,984		12,276,294		25,065,667		1,217,927
	$10.09		$15.86		$10.31		$17.91		$10.62		$10.14		$11.39
$	1,365,933,418	$	899,651,325	$	532,942,277	$	600,066,049	$	252,282,630	$	598,946,835	$	51,141,054
	135,416,872		56,774,313		51,702,752		33,508,593		23,797,533		59,069,803		4,497,093
	$10.09		$15.85		$10.31		$17.91		$10.60		$10.14		$11.37
$	293,062,412	$	603,022,527	$	192,980,527	$	390,408,405	$	98,945,354	$	160,842,620	$	6,069,557
	28,990,308		38,047,112		18,671,129		21,832,347		9,281,572		15,898,752		534,014
	$10.11		$15.85		$10.34		$17.88		$10.66		$10.12		$11.37
$	209,022,844	$	174,664,156	$	166,884,619	$	99,706,958	$	90,062,575	$	47,362,716	$	2,330,865
	20,707,635		11,050,101		16,100,130		5,586,657		8,429,486		4,669,139		206,733
	$10.09		$15.81		$10.37		$17.85		$10.68		$10.14		$11.27

$	1,915,288,322	$	2,226,257,301	$	955,903,992	$	1,517,836,981	$	485,666,402	$	906,496,696	$	68,940,470

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


32		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of operations—six months ended August 31, 2013 (unaudited)


	Target Today Fund			Target 2010 Fund				Target 2015 Fund			Target 2020 Fund

Investment income
Interest allocated from affiliated Master Portfolios**	$	8,278,750		$	7,165,097			$	7,783,897		$	16,864,943
Dividends allocated from affiliated Master Portfolios*		1,584,851			1,973,454				3,593,027			13,252,431
Securities lending income allocated from affiliated Master Portfolios		55,035			68,878				124,611			449,227
Expenses allocated from affiliated Master Portfolios		(992,841	)		(900,856	)			(1,135,272	)		(3,037,855	)
Waivers allocated from affiliated Master Portfolios		36,286			37,708				55,834			171,916

Total investment income		8,962,081			8,344,281				10,422,097			27,700,662


Expenses
Advisory fee		1,108,807			992,795				1,222,698			3,000,134
Administration fees
Fund level		229,967			204,746				255,052			677,918
Class A		25,265			47,264				64			99,219
Class B		105			315				N/A			571
Class C		6,295			4,119				N/A			6,329
Class R		12	¹		12	¹			12	¹		12	¹
Class R4		86,713			47,517				29,498			167,835
Class R6²		145,142			115,037				162,785			405,993
Administrator Class		68,035			116,920				98,872			353,116
Investor Class		162,745			97,339				302,358			292,415
Shareholder servicing fees
Class A		24,293			45,446				62			95,403
Class B		101			302				N/A			549
Class C		6,053			3,960				N/A			6,085
Class R		11	¹		11	¹			11	¹		11	¹
Class R4		108,391			59,397				36,337			209,793
Administrator Class		169,886			292,099				247,181			882,439
Investor Class		126,925			75,844				236,217			228,449
Distribution fees							��
Class B		303			908				N/A			1,647
Class C		18,157			11,881				N/A			18,256
Class R		11	¹		11	¹			11	¹		11	¹
Custody and accounting fees		18,583			15,483				19,832			51,659
Professional fees		9,036			9,674				9,345			9,175
Registration fees		56,098			46,892				58,315			62,433
Shareholder report expenses		20,860			22,201				15,951			39,127
Trustees’ fees and expenses		6,354			6,110				6,607			6,607
Interest expense		0			1				32			63
Other fees and expenses		10,876			9,561				8,946			23,040

Total expenses		2,409,024			2,225,845				2,710,186			6,638,289
Less: Fee waivers and/or expense reimbursements		(920,229	)		(686,870	)			(837,412	)		(1,544,262	)

Net expenses		1,488,795			1,538,975				1,872,774			5,094,027

Net investment income		7,473,286			6,805,306				8,549,323			22,606,635


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) from securities transactions allocated from affiliated Master Portfolios		2,688,963			3,690,010				7,227,666			27,446,231
Net change in unrealized gains (losses) from securities transactions allocated from affiliated Master Portfolios		(22,704,491	)		(17,922,275	)			(16,608,122	)		(28,077,386	)

Net realized and unrealized gains (losses) on investments		(20,015,528	)		(14,232,265	)			(9,380,456	)		(631,155	)

Net increase (decrease) in net assets resulting from operations	$	(12,542,242	)	$	(7,426,959	)		$	(831,133	)	$	21,975,480


** Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$79,891			$69,280				$75,237			$162,363
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$92,086			$115,860				$211,281			$764,726

1.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Statements of operations—six months ended August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			33


Target 2025 Fund			Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund			Target 2050 Fund			Target 2055 Fund


$	11,027,888		$	8,416,344		$	2,608,485		$	2,182,264		$	510,560		$	767,083		$	46,013
	14,681,952			19,190,497			10,798,178			16,793,544			6,578,803			10,674,049			637,799
	498,698			644,390			365,798			561,421			223,146			356,471			20,818
	(2,653,051	)		(2,874,776	)		(1,428,161	)		(2,027,260	)		(768,374	)		(1,229,940	)		(72,005	)
	174,997			209,635			115,098			170,612			67,482			106,758			5,795

	23,730,484			25,586,090			12,459,398			17,680,581			6,611,617			10,674,421			638,420



	2,592,773			2,777,521			1,434,942			1,969,789			797,050			1,249,975			78,963

	580,928			624,915			305,254			432,598			162,194			261,400			15,793
	499			82,623			70			141,875			24			19			23
	N/A			535			N/A			809			N/A			N/A			N/A
	N/A			4,961			N/A			5,701			N/A			33			N/A
	12	¹		12	¹		12	¹		12	¹		12	¹		12	¹		12	¹
	57,410			166,481			42,916			120,401			26,847			54,854			2,944
	434,233			379,674			179,042			255,895	²		89,289			206,008			13,123
	145,427			305,607			94,581			195,938			47,572			79,630			2,854
	584,075			276,516			489,419			154,470			292,118			72,801			2,924

	479			79,445			67			136,419			23			18			22
	N/A			514			N/A			778			N/A			N/A			N/A
	N/A			4,770			N/A			5,482			N/A			31			N/A
	11	¹		11	¹		11	¹		11	¹		11	¹		11	¹		11	¹
	70,845			207,741			52,555			149,527			33,154			68,287			3,681
	363,568			764,017			236,453			489,845			118,929			199,076			7,135
	456,309			216,029			382,359			120,680			228,217			56,876			2,285

	N/A			1,542			N/A			2,334			N/A			N/A			N/A
	N/A			14,309			N/A			16,446			N/A			94			N/A
	11	¹		11	¹		11	¹		11	¹		11	¹		11	¹		11	¹
	44,472			47,696			23,039			33,349			12,655			20,661			1,644
	11,093			9,060			12,646			10,076			12,681			9,496			14,929
	57,958			69,635			58,613			69,873			57,168			62,083			42,547
	30,830			29,674			18,786			31,544			12,479			17,739			6,941
	6,605			6,605			6,519			6,356			6,643			6,519			6,226
	51			43			26			17			12			6			1
	22,325			21,947			14,611			18,455			8,234			10,126			4,003

	5,459,914			6,091,894			3,351,932			4,368,691			1,905,323			2,375,766			206,072
	(1,506,066	)		(1,362,503	)		(808,888	)		(946,659	)		(511,762	)		(695,226	)		(114,967	)

	3,953,848			4,729,391			2,543,044			3,422,032			1,393,561			1,680,540			91,105

	19,776,636			20,856,699			9,916,354			14,258,549			5,218,056			8,993,881			547,315



	31,615,823			41,178,672			23,766,877			36,475,746			14,560,414			23,216,536			1,309,273
	(3,307,112	)		7,996,419			15,972,650			22,465,622			13,780,234			16,019,573			649,889

	28,308,711			49,175,091			39,739,527			58,941,368			28,340,648			39,236,109			1,959,162

$	48,085,347		$	70,031,790		$	49,655,881		$	73,199,917		$	33,558,704		$	48,229,990		$	2,506,477


	$106,049			$79,866			$24,732			$20,129			$4,626			$6,839			$414
	$852,264			$1,100,945			$627,281			$960,210			$383,019			$609,675			$35,734

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


34		Wells Fargo Advantage Dow Jones Target Date Funds		Statement of changes in net assets


	Target Today Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	7,473,286					$	17,355,389
Net realized gains on investments					2,688,963						8,827,686
Net change in unrealized gains (losses) on investments					(22,704,491	)					(1,397,551	)

Net increase (decrease) in net assets resulting from operations					(12,542,242	)					24,785,524


Distributions to shareholders from
Net investment income
Class A					(105,249	)					(321,733	)
Class B					(54	)					(358	)
Class C					(8,467	)					(40,336	)
Class R4					(2,758,489	)					(61	)¹
Class R6²					(2,191,787	)					(14,527,602	)
Administrator Class					(794,157	)					(2,355,581	)
Investor Class					(580,111	)					(1,858,205	)
Net realized gains
Class A					0						(154,377	)
Class B					0						(877	)
Class C					0						(37,183	)
Class R4					0						(74	)¹
Class R6²					0						(5,283,215	)
Administrator Class					0						(1,058,581	)
Investor Class					0						(835,997	)

Total distributions to shareholders					(6,438,314	)					(26,474,180	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		41,303			444,653			63,600			692,912
Class B		917			10,247			0			0
Class C		8,950			98,896			22,951			256,259
Class R		2,365	³		25,000	³		N/A			N/A
Class R4		36,645,722			406,284,153			277,717	¹		3,076,488	¹
Class R6²		5,178,681			57,067,604			18,480,809			205,991,533
Administrator Class		1,768,907			19,434,941			7,039,787			78,017,646
Investor Class		912,754			10,064,539			2,923,608			32,433,831

					493,430,033						320,468,669

Reinvestment of distributions
Class A		9,802			102,827			42,508			466,257
Class B		5			54			108			1,220
Class C		759			8,162			6,682			74,902
Class R4		256,670			2,751,498			12	¹		135	¹
Class R6²		204,809			2,191,453			1,764,804			19,755,544
Administrator Class		74,042			792,249			304,924			3,406,458
Investor Class		54,218			579,050			241,112			2,690,763

					6,425,293						26,395,279

Payment for shares redeemed
Class A		(171,526	)		(1,837,305	)		(287,663	)		(3,131,966	)
Class B		(4,159	)		(46,860	)		(12,124	)		(136,548	)
Class C		(60,477	)		(662,231	)		(42,883	)		(477,586	)
Class R4		(3,355,811	)		(36,637,285	)		(409	)¹		(4,517	)¹
Class R6²		(44,404,974	)		(491,489,033	)		(22,790,061	)		(253,436,313	)
Administrator Class		(3,212,440	)		(35,200,490	)		(5,710,124	)		(63,462,509	)
Investor Class		(3,577,438	)		(39,135,506	)		(3,160,103	)		(35,038,740	)

					(605,008,710	)					(355,688,179	)

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


Statement of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			35


	Target Today Fund
	Six months ended August 31, 2013 (unaudited)				Year ended February 28, 2013

Capital share transactions (continued)
Net decrease in net assets resulting from capital share transactions		$	(105,153,384	)		$	(8,824,231	)

Total decrease in net assets			(124,133,940	)			(10,512,887	)


Net assets
Beginning of period			946,960,881				957,473,768

End of period		$	822,826,941			$	946,960,881

Undistributed net investment income		$	2,602,142			$	1,567,170

1.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


36		Wells Fargo Advantage Dow Jones Target Date Funds		Statement of changes in net assets


	Target 2010 Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	6,805,306					$	15,027,690
Net realized gains on investments					3,690,010						11,795,677
Net change in unrealized gains (losses) on investments					(17,922,275	)					780,597

Net increase (decrease) in net assets resulting from operations					(7,426,959	)					27,603,964


Distributions to shareholders from
Net investment income
Class A					0						(594,685	)
Class B					0						(3,387	)
Class C					0						(25,912	)
Class R4					0						(61	)¹
Class R6²					0						(10,958,809	)
Administrator Class					0						(3,973,083	)
Investor Class					0						(1,048,473	)
Net realized gains
Class A					0						(368,590	)
Class B					0						(4,217	)
Class C					0						(32,260	)
Class R4					0						(98	)¹
Class R6²					0						(5,171,202	)
Administrator Class					0						(2,392,903	)
Investor Class					0						(642,256	)

Total distributions to shareholders					0						(25,215,936	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		59,877			797,029			165,044			2,196,018
Class B		3,363			44,328			4,777			64,214
Class C		5,279			71,305			40,913			552,939
Class R		1,911	³		25,000	³		N/A			N/A
Class R4		17,176,843			231,007,279			414,199	¹		5,561,301	¹
Class R6²		3,928,106			52,879,986			12,353,408			165,606,950
Administrator Class		1,872,059			25,169,760			9,039,416			121,170,354
Investor Class		454,604			6,078,778			1,240,924			16,626,716

					316,073,465						311,778,492

Reinvestment of distributions
Class A		0			0			70,513			933,818
Class B		0			0			557			7,448
Class C		0			0			4,244			57,073
Class R4		0			0			12	¹		159	¹
Class R6²		0			0			1,201,403			16,044,625
Administrator Class		0			0			476,524			6,365,986
Investor Class		0			0			126,647			1,689,506

					0						25,098,615

Payment for shares redeemed
Class A		(264,864	)		(3,515,141	)		(486,970	)		(6,467,966	)
Class B		(12,588	)		(168,963	)		(35,838	)		(479,943	)
Class C		(29,113	)		(391,642	)		(49,943	)		(672,428	)
Class R4		(1,826,144	)		(24,355,441	)		(544	)¹		(7,286	)¹
Class R6²		(21,969,215	)		(295,633,515	)		(19,434,373	)		(260,323,913	)
Administrator Class		(3,891,497	)		(52,260,252	)		(5,820,002	)		(78,023,256	)
Investor Class		(984,391	)		(13,204,082	)		(1,202,580	)		(16,078,133	)

					(389,529,036	)					(362,052,925	)

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


Statement of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			37


	Target 2010 Fund
	Six months ended August 31, 2013 (unaudited)				Year ended February 28, 2013

Capital share transactions (continued)
Net decrease in net assets resulting from capital share transactions		$	(73,455,571	)		$	(25,175,818	)

Total decrease in net assets			(80,882,530	)			(22,787,790	)


Net assets
Beginning of period			836,946,650				859,734,440

End of period		$	756,064,120			$	836,946,650

Undistributed net investment income		$	7,925,817			$	1,120,511

1.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


38		Wells Fargo Advantage Dow Jones Target Date Funds		Statement of changes in net assets


	Target 2015 Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	8,549,323					$	15,274,893
Net realized gains on investments					7,227,666						11,526,028
Net change in unrealized gains (losses) on investments					(16,608,122	)					12,090,585

Net increase (decrease) in net assets resulting from operations					(831,133	)					38,891,506


Distributions to shareholders from
Net investment income
Class A					(306	)					(43	)¹
Class R4					(643,230	)					(379	)¹
Class R6²					(4,779,599	)					(11,309,027	)
Administrator Class					(1,369,806	)					(1,933,645	)
Investor Class					(1,300,334	)					(2,948,629	)
Net realized gains
Class A					0						(95	)¹
Class R4					0						(95	)¹
Class R6²					0						(5,605,211	)
Administrator Class					0						(1,823,104	)
Investor Class					0						(1,880,706	)

Total distributions to shareholders					(8,093,275	)					(25,500,934	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		14,503			146,157			1,272	¹		12,839	¹
Class R		2,480	³		25,000	³		N/A			N/A
Class R4		15,800,504			161,073,858			257,842	¹		2,611,252	¹
Class R6²		8,404,013			85,370,010			20,723,264			207,091,778
Administrator Class		2,252,076			23,161,953			14,585,073			148,374,875
Investor Class		2,353,909			24,210,981			6,478,844			65,397,900

					293,987,959						423,488,644

Reinvestment of distributions
Class A		31			306			14	¹		138	¹
Class R4		63,008			620,923			47	¹		474	¹
Class R6²		475,113			4,740,671			1,675,917			16,686,363
Administrator Class		135,609			1,368,602			371,603			3,752,302
Investor Class		128,530			1,298,946			478,155			4,824,212

					8,029,448						25,263,489

Payment for shares redeemed
Class A		0			0			(283	)¹		(2,861	)¹
Class R4		(2,367,795	)		(23,728,347	)		(15	)¹		(151	)¹
Class R6²		(22,754,966	)		(231,504,764	)		(15,499,959	)		(154,774,156	)
Administrator Class		(2,749,018	)		(28,213,636	)		(4,401,358	)		(44,568,964	)
Investor Class		(10,294,599	)		(106,048,774	)		(3,796,125	)		(38,492,766	)

					(389,495,521	)					(237,838,898	)

Net increase (decrease) in net assets resulting from capital share transactions					(87,478,114	)					210,913,235

Total increase (decrease) in net assets					(96,402,522	)					224,303,807


Net assets
Beginning of period					1,011,289,753						786,985,946

End of period				$	914,887,231					$	1,011,289,753

Undistributed net investment income				$	2,964,881					$	2,508,833

1.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


Statement of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			39


	Target 2020 Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	22,606,635					$	40,915,453
Net realized gains on investments					27,446,231						43,549,318
Net change in unrealized gains (losses) on investments					(28,077,386	)					46,056,595

Net increase in net assets resulting from operations					21,975,480						130,521,366


Distributions to shareholders from
Net investment income
Class A					0						(1,071,901	)
Class B					0						(3,728	)
Class C					0						(29,553	)
Class R4					0						(58	)¹
Class R6²					0						(31,070,105	)
Administrator Class					0						(8,942,278	)
Investor Class					0						(2,419,639	)
Net realized gains
Class A					0						(1,045,484	)
Class B					0						(8,767	)
Class C					0						(60,463	)
Class R4					0						(142	)¹
Class R6²					0						(23,446,472	)
Administrator Class					0						(9,447,970	)
Investor Class					0						(2,341,735	)

Total distributions to shareholders					0						(79,888,295	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		188,597			2,772,098			329,845			4,709,904
Class B		1,255			18,328			1,944			27,644
Class C		70,089			1,028,804			62,306			888,704
Class R		1,727	³		25,000	³		N/A			N/A
Class R4		53,707,459			808,719,829			1,560,865	¹		23,055,016	¹
Class R6²		15,407,427			230,596,036			37,153,071			538,265,495
Administrator Class		5,030,298			75,179,206			24,070,147			348,885,232
Investor Class		1,669,196			24,929,705			3,771,215			54,413,988

					1,143,269,006						970,245,983

Reinvestment of distributions
Class A		0			0			145,585			2,059,726
Class B		0			0			841			11,900
Class C		0			0			5,874			83,108
Class R4		0			0			14	¹		200	¹
Class R6²		0			0			3,764,300			54,077,367
Administrator Class		0			0			1,280,652			18,387,194
Investor Class		0			0			331,490			4,753,422

					0						79,372,917

Payment for shares redeemed
Class A		(267,613	)		(3,931,712	)		(594,708	)		(8,454,509	)
Class B		(19,568	)		(285,159	)		(35,385	)		(499,806	)
Class C		(32,876	)		(482,538	)		(80,463	)		(1,145,036	)
Class R4		(4,607,767	)		(68,738,626	)		(234	)¹		(3,453	)¹
Class R6²		(59,044,498	)		(888,664,197	)		(38,650,979	)		(560,787,795	)
Administrator Class		(5,993,580	)		(89,455,617	)		(11,075,310	)		(159,657,394	)
Investor Class		(1,323,463	)		(19,756,130	)		(2,309,366	)		(33,335,679	)

					(1,071,313,979	)					(763,883,672	)

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


40		Wells Fargo Advantage Dow Jones Target Date Funds		Statement of changes in net assets

Target 2020 Fund

Six months ended

August 31, 2013

(unaudited)

Year ended

February 28, 2013

Capital share transactions (continued)

Net increase in net assets resulting from capital share transactions

71,955,027

285,735,228

Total increase in net assets

93,930,507

336,368,299

Net assets

Beginning of period

2,569,988,430

2,233,620,131

End of period

2,663,918,937

2,569,988,430

Undistributed net investment income

24,475,327

1,868,692

1.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


Statement of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			41


	Target 2025 Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	19,776,636					$	34,055,743
Net realized gains on investments					31,615,823						43,556,539
Net change in unrealized gains (losses) on investments					(3,307,112	)					56,540,689

Net increase in net assets resulting from operations					48,085,347						134,152,971


Distributions to shareholders from
Net investment income
Class A					(2,329	)					(519	)¹
Class R4					(1,271,053	)					(3,908	)¹
Class R6²					(10,999,766	)					(27,866,348	)
Administrator Class					(1,680,892	)					(2,637,386	)
Investor Class					(2,089,954	)					(5,088,124	)
Net realized gains
Class A					0						(205	)¹
Class R4					0						(205	)¹
Class R6²					0						(30,643,103	)
Administrator Class					0						(5,219,644	)
Investor Class					0						(7,317,694	)

Total distributions to shareholders					(16,043,994	)					(78,777,136	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		40,106			408,956			15,879	¹		154,372	¹
Class R		2,513	³		25,000	³		N/A			N/A
Class R4		30,583,204			312,789,517			421,779	¹		4,187,953	¹
Class R6²		15,488,723			156,848,530			32,419,485			314,910,633
Administrator Class		3,611,682			36,677,231			19,516,001			190,832,143
Investor Class		5,790,081			58,696,463			12,018,876			116,455,162

					565,445,697						626,540,263

Reinvestment of distributions
Class A		238			2,329			75	¹		724	¹
Class R4		124,133			1,213,080			425	¹		4,113	¹
Class R6²		1,109,509			10,942,886			6,019,953			57,915,522
Administrator Class		170,201			1,680,892			812,740			7,857,030
Investor Class		211,679			2,089,162			1,286,918			12,401,360

					15,928,349						78,178,749

Payment for shares redeemed
Class A		(419	)		(4,310	)		0	¹		0	¹
Class R4		(4,329,484	)		(43,323,340	)		(21	)¹		(212	)¹
Class R6²		(39,521,195	)		(403,040,317	)		(27,493,757	)		(266,378,900	)
Administrator Class		(1,995,328	)		(20,228,550	)		(4,595,643	)		(44,744,611	)
Investor Class		(23,138,820	)		(238,106,287	)		(6,366,217	)		(61,820,115	)

					(704,702,804	)					(372,943,838	)

Net increase (decrease) in net assets resulting from capital share transactions					(123,328,758	)					331,775,174

Total increase (decrease) in net assets					(91,287,405	)					387,151,009


Net assets
Beginning of period					2,230,377,396						1,843,226,387

End of period				$	2,139,089,991					$	2,230,377,396

Undistributed net investment income				$	5,380,372					$	1,647,730

1.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


42		Wells Fargo Advantage Dow Jones Target Date Funds		Statement of changes in net assets


	Target 2030 Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	20,856,699					$	34,387,315
Net realized gains on investments					41,178,672						51,084,975
Net change in unrealized gains (losses) on investments					7,996,419						76,264,836

Net increase in net assets resulting from operations					70,031,790						161,737,126


Distributions to shareholders from
Net investment income
Class A					(339,048	)					(786,980	)
Class B					(730	)					(2,485	)
Class C					(8,628	)					(22,073	)
Class R4					(3,777,829	)					(2,946	)¹
Class R6²					(8,573,243	)					(25,719,210	)
Administrator Class					(3,650,401	)					(6,888,111	)
Investor Class					(975,692	)					(2,033,642	)
Net realized gains
Class A					0						(1,066,529	)
Class B					0						(8,894	)
Class C					0						(61,502	)
Class R4					0						(183	)¹
Class R6²					0						(26,266,204	)
Administrator Class					0						(9,524,962	)
Investor Class					0						(2,705,180	)

Total distributions to shareholders					(17,325,571	)					(75,088,901	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		140,041			2,202,751			302,755			4,482,710
Class B		1,657			25,539			3,825			55,090
Class C		38,528			593,529			63,992			917,870
Class R		1,624	³		25,000	³		N/A			N/A
Class R4		50,812,302			817,076,543			1,262,807	¹		19,556,680	¹
Class R6²		14,342,644			227,366,666			35,797,688			534,158,018
Administrator Class		5,294,017			84,144,901			17,426,314			259,894,518
Investor Class		1,812,605			28,755,789			3,515,921			51,926,782

					1,160,190,718						870,991,668

Reinvestment of distributions
Class A		21,541			327,048			122,797			1,788,342
Class B		49			725			785			11,303
Class C		559			8,279			5,652			80,855
Class R4		243,158			3,711,844			210	¹		3,129	¹
Class R6²		550,977			8,498,306			3,489,626			51,336,009
Administrator Class		237,446			3,650,239			1,113,138			16,412,238
Investor Class		63,463			973,272			321,639			4,730,438

					17,169,713						74,362,314

Payment for shares redeemed
Class A		(191,802	)		(3,020,028	)		(528,296	)		(7,728,905	)
Class B		(10,872	)		(166,648	)		(34,078	)		(492,590	)
Class C		(14,595	)		(225,513	)		(54,533	)		(792,054	)
Class R4		(4,366,484	)		(69,070,877	)		(518	)¹		(7,932	)¹
Class R6²		(53,533,073	)		(859,486,405	)		(33,485,582	)		(500,183,383	)
Administrator Class		(4,448,943	)		(70,807,006	)		(8,074,933	)		(119,452,084	)
Investor Class		(1,082,885	)		(17,193,079	)		(1,926,285	)		(28,563,235	)

					(1,019,969,556	)					(657,220,183	)

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


Statement of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			43

Target 2030 Fund

Six months ended
August 31, 2013

(unaudited)

Year ended
February 28, 2013

Capital share transactions (continued)

Net increase in net assets resulting from capital share transactions

157,390,875

288,133,799

Total increase in net assets

210,097,094

374,782,024

Net assets

Beginning of period

2,293,802,191

1,919,020,167

End of period

2,503,899,285

2,293,802,191

Undistributed net investment income

5,449,334

1,918,206

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

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


44		Wells Fargo Advantage Dow Jones Target Date Funds		Statement of changes in net assets


	Target 2035 Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	9,916,354					$	14,714,535
Net realized gains on investments					23,766,877						23,276,867
Net change in unrealized gains (losses) on investments					15,972,650						48,075,170

Net increase in net assets resulting from operations					49,655,881						86,066,572


Distributions to shareholders from
Net investment income
Class A					(258	)					(51	)¹
Class R4					(943,653	)					(1,834	)¹
Class R6²					(4,340,940	)					(9,519,749	)
Administrator Class					(1,081,438	)					(1,596,356	)
Investor Class					(1,740,840	)					(3,759,388	)
Net realized gains
Class A					0						(167	)¹
Class R4					0						(166	)¹
Class R6²					0						(9,360,585	)
Administrator Class					0						(2,600,261	)
Investor Class					0						(4,764,386	)

Total distributions to shareholders					(8,107,129	)					(31,602,943	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		7,457			78,564			4,070	¹		40,227	¹
Class R		2,461	³		25,000	³		N/A			N/A
Class R4		22,939,493			239,460,281			194,054	¹		1,924,576	¹
Class R6²		11,257,922			115,803,431			23,074,176			220,013,785
Administrator Class		3,107,967			32,164,712			11,297,943			107,783,915
Investor Class		4,240,562			43,900,376			9,776,037			93,112,002

					431,432,364						422,874,505

Reinvestment of distributions
Class A		26			258			23	¹		218	¹
Class R4		89,971			887,223			210	¹		2,000	¹
Class R6²		428,852			4,268,547			1,951,996			18,400,439
Administrator Class		108,540			1,081,438			442,836			4,196,617
Investor Class		173,806			1,739,019			897,922			8,514,428

					7,976,485						31,113,702

Payment for shares redeemed
Class R4		(2,833,029	)		(28,891,996	)		(62	)¹		(608	)¹
Class R6²		(24,903,416	)		(259,447,738	)		(10,819,952	)		(102,309,649	)
Administrator Class		(1,805,312	)		(18,614,954	)		(2,565,380	)		(24,455,246	)
Investor Class		(19,178,548	)		(204,120,267	)		(5,357,439	)		(51,395,479	)

					(511,074,955	)					(178,160,982	)

Net increase (decrease) in net assets resulting from capital share transactions					(71,666,106	)					275,827,225

Total increase (decrease) in net assets					(30,117,354	)					330,290,854


Net assets
Beginning of period					1,133,251,919						802,961,065

End of period				$	1,103,134,565					$	1,133,251,919

Undistributed net investment income				$	2,455,339					$	646,114

1.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


Statement of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			45


	Target 2040 Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	14,258,549					$	22,183,515
Net realized gains on investments					36,475,746						40,115,954
Net change in unrealized gains (losses) on investments					22,465,622						70,684,763

Net increase in net assets resulting from operations					73,199,917						132,984,232


Distributions to shareholders from
Net investment income
Class A					(549,900	)					(1,293,739	)
Class B					(417	)					(3,589	)
Class C					(10,455	)					(24,991	)
Class R4					(3,834,811	)					(219	)¹
Class R6²					(4,419,704	)					(16,032,793	)
Administrator Class					(2,257,357	)					(4,105,996	)
Investor Class					(526,777	)					(1,014,788	)
Net realized gains
Class A					0						(2,102,406	)
Class B					0						(16,813	)
Class C					0						(81,315	)
Class R4					0						(208	)¹
Class R6²					0						(19,867,672	)
Administrator Class					0						(6,677,051	)
Investor Class					0						(1,625,735	)

Total distributions to shareholders					(11,599,421	)					(52,847,315	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		141,032			2,484,162			253,575			4,079,217
Class B		4,245			71,982			2,372			36,754
Class C		29,331			484,177			67,473			1,030,184
Class R		1,454	³		25,000	³		N/A			N/A
Class R4		32,397,418			589,100,795			791,914	¹		13,657,635	¹
Class R6²		9,647,575			172,087,731			25,292,999			412,799,287
Administrator Class		3,590,719			64,187,334			10,013,966			163,429,523
Investor Class		1,171,029			20,943,874			1,859,878			30,105,810

					849,385,055						625,138,410

Reinvestment of distributions
Class A		32,279			540,989			211,285			3,343,658
Class B		25			408			1,319			20,090
Class C		628			9,981			6,676			100,526
Class R4		217,001			3,704,211			26	¹		427	¹
Class R6²		257,740			4,397,040			2,189,946			35,252,143
Administrator Class		132,389			2,257,233			669,574			10,782,361
Investor Class		30,940			526,597			164,040			2,638,230

					11,436,459						52,137,435

Payment for shares redeemed
Class A		(351,338	)		(6,188,843	)		(730,016	)		(11,663,123	)
Class B		(17,175	)		(285,613	)		(59,374	)		(908,326	)
Class C		(55,826	)		(932,342	)		(59,504	)		(899,762	)
Class R4		(2,559,239	)		(45,743,915	)		(136	)¹		(2,311	)¹
Class R6²		(34,021,597	)		(618,012,091	)		(21,580,034	)		(353,638,635	)
Administrator Class		(2,839,007	)		(50,701,167	)		(5,424,860	)		(87,493,205	)
Investor Class		(662,912	)		(11,889,062	)		(926,182	)		(15,050,610	)

					(733,753,033	)					(469,655,972	)

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


46		Wells Fargo Advantage Dow Jones Target Date Funds		Statement of changes in net assets

Target 2040 Fund

Six months ended

August 31, 2013

(unaudited)

Year ended
February 28, 2013

Capital share transactions (continued)

Net increase in net assets resulting from capital share transactions

127,068,481

207,619,873

Total increase in net assets

188,668,977

287,756,790

Net assets

Beginning of period

1,564,113,905

1,276,357,115

End of period

1,752,782,882

1,564,113,905

Undistributed net investment income

2,954,442

295,314

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

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


Statement of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			47


	Target 2045 Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	5,218,056					$	7,096,558
Net realized gains on investments					14,560,414						11,755,969
Net change in unrealized gains (losses) on investments					13,780,234						31,365,707

Net increase in net assets resulting from operations					33,558,704						50,218,234


Distributions to shareholders from
Net investment income
Class A					(94	)					(50	)¹
Class R4					(628,420	)					(53	)¹
Class R6²					(2,070,962	)					(4,502,927	)
Administrator Class					(545,314	)					(715,251	)
Investor Class					(1,069,788	)					(1,818,785	)
Net realized gains
Class A					0						(131	)¹
Class R4					0						(131	)¹
Class R6²					0						(3,554,148	)
Administrator Class					0						(967,031	)
Investor Class					0						(2,107,202	)

Total distributions to shareholders					(4,314,578	)					(13,665,709	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		951			9,853			1,254	¹		12,184	¹
Class R		2,392	³		25,000	³		N/A			N/A
Class R4		13,685,521			147,175,361			122,408	¹		1,249,149	¹
Class R6²		7,083,045			74,730,545			14,952,130			143,325,379
Administrator Class		1,780,643			18,977,812			5,563,085			53,625,273
Investor Class		3,374,344			35,960,433			8,018,716			76,275,977

					276,879,004						274,487,962

Reinvestment of distributions
Class A		9			94			19	¹		181	¹
Class R4		59,490			600,908			19	¹		184	¹
Class R6²		202,417			2,057,139			838,463			7,938,593
Administrator Class		53,439			545,314			175,554			1,682,282
Investor Class		104,537			1,069,700			409,148			3,927,887

					4,273,155						13,549,127

Payment for shares redeemed
Class A		(135	)		(1,481	)		0	¹		0	¹
Class R4		(1,591,144	)		(16,707,687	)		0	¹		0	¹
Class R6²		(15,387,433	)		(164,715,324	)		(6,415,685	)		(60,996,739	)
Administrator Class		(919,164	)		(9,734,882	)		(1,540,011	)		(14,868,581	)
Investor Class		(12,409,645	)		(137,015,136	)		(3,083,641	)		(29,838,881	)

					(328,174,510	)					(105,704,201	)

Net increase (decrease) in net assets resulting from capital share transactions					(47,022,351	)					182,332,888

Total increase (decrease) in net assets					(17,778,225	)					218,885,413


Net assets
Beginning of period					589,462,119						370,576,706

End of period				$	571,683,894					$	589,462,119

Undistributed net investment income				$	1,245,885					$	342,407

1.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


48		Wells Fargo Advantage Dow Jones Target Date Funds		Statement of changes in net assets


	Target 2050 Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	8,993,881					$	14,027,188
Net realized gains on investments					23,216,536						25,488,439
Net change in unrealized gains (losses) on investments					16,019,573						46,190,819

Net increase in net assets resulting from operations					48,229,990						85,706,446


Distributions to shareholders from
Net investment income
Class A					(73	)					(51	)¹
Class C					(62	)					(44	)¹
Class R4					(1,151,427	)					(196	)¹
Class R6²					(4,941,758	)					(12,251,668	)
Administrator Class					(925,413	)					(1,533,534	)
Investor Class					(246,469	)					(448,865	)
Net realized gains
Class A					0						(219	)¹
Class C					0						(219	)¹
Class R4					0						(219	)¹
Class R6²					0						(15,938,589	)
Administrator Class					0						(2,685,304	)
Investor Class					0						(770,780	)

Total distributions to shareholders					(7,265,202	)					(33,629,688	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		625			6,360			1,117	¹		10,400	¹
Class C		1,350			13,611			1,761	¹		16,484	¹
Class R		2,523	³		25,000	³		N/A			N/A
Class R4		26,357,389			270,882,492			672,052	¹		6,542,199	¹
Class R6²		12,532,118			126,369,859			30,336,003			278,388,970
Administrator Class		3,867,452			38,996,312			8,006,587			73,473,819
Investor Class		1,152,797			11,658,133			1,471,478			13,332,753

					447,951,767						371,764,625

Reinvestment of distributions
Class A		8			73			29	¹		270	¹
Class C		6			62			29	¹		263	¹
Class R4		114,990			1,108,881			45	¹		415	¹
Class R6²		505,403			4,916,431			3,069,740			27,932,460
Administrator Class		95,461			924,655			464,152			4,218,754
Investor Class		25,346			246,179			133,355			1,215,453

					7,196,281						33,367,615

Payment for shares redeemed
Class R4		(2,078,623	)		(21,055,554	)		(186	)¹		(1,812	)¹
Class R6²		(31,540,533	)		(322,658,081	)		(26,622,210	)		(245,706,150	)
Administrator Class		(2,619,887	)		(26,465,343	)		(3,712,040	)		(34,038,494	)
Investor Class		(536,572	)		(5,490,145	)		(684,205	)		(6,315,223	)

					(375,669,123	)					(286,061,679	)

Net increase in net assets resulting from capital share transactions					79,478,925						119,070,561

Total increase in net assets					120,443,713						171,147,319


Net assets
Beginning of period					941,054,644						769,907,325

End of period				$	1,061,498,357					$	941,054,644

Undistributed net investment income				$	1,961,301					$	232,622

1.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


Statement of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			49


	Target 2055 Fund
	Six months ended August 31, 2013 (unaudited)						Year ended February 28, 2013

Operations
Net investment income				$	547,315					$	362,433
Net realized gains on investments					1,309,273						188,303
Net change in unrealized gains (losses) on investments					649,889						2,488,135

Net increase in net assets resulting from operations					2,506,477						3,038,871


Distributions to shareholders from
Net investment income
Class A					(89	)					(40	)¹
Class R4					(50,788	)					(42	)¹
Class R6²					(309,188	)					(296,520	)
Administrator Class					(30,000	)					(31,579	)
Investor Class					(9,049	)					(9,991	)

Total distributions to shareholders					(399,114	)					(338,172	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		439			4,937			1,237	¹		12,709	¹
Class R		2,271	³		25,000	³		N/A			N/A
Class R4		1,389,536			15,996,642			3,040	¹		32,517	¹
Class R6²		3,464,956			39,125,510			4,176,528			42,583,989
Administrator Class		231,578			2,625,826			401,534			4,105,795
Investor Class		131,075			1,473,349			145,817			1,485,321

					59,251,264						48,220,331

Reinvestment of distributions
Class A		8			89			4	¹		40	¹
Class R4		4,555			49,331			4	¹		42	¹
Class R6²		28,373			308,761			29,858			296,174
Administrator Class		2,758			30,000			3,158			31,579
Investor Class		837			9,031			1,020			9,939

					397,212						337,774

Payment for shares redeemed
Class A		(60	)		(682	)		0	¹		0	¹
Class R4		(179,208	)		(2,033,394	)		0	¹		0	¹
Class R6²		(2,330,851	)		(26,628,930	)		(1,761,054	)		(17,810,369	)
Administrator Class		(135,242	)		(1,552,343	)		(148,125	)		(1,495,508	)
Investor Class		(41,214	)		(466,479	)		(56,303	)		(581,384	)

					(30,681,828	)					(19,887,261	)

Net increase in net assets resulting from capital share transactions					28,966,648						28,670,844

Total increase in net assets					31,074,011						31,371,543


Net assets
Beginning of period					42,385,260						11,013,717

End of period				$	73,459,271					$	42,385,260

Undistributed net investment income				$	198,731					$	50,530

1.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

2.	On June 1, 2013, Institutional Class was renamed Class R6.

3.	For the period from June 28, 2013 (commencement of class operations) to August 31, 2013

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


50		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains

Target Today Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	10.84		0.07	⁴		(0.24	)		(0.06	)		0.00
March 1, 2012 to February 28, 2013	$	10.86		0.15	⁴		0.08			(0.17	)		(0.08	)
March 1, 2011 to February 29, 2012	$	10.56		0.18	⁴		0.39			(0.22	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.04		0.18	⁴		0.57			(0.23	)		0.00
March 1, 2009 to February 28, 2010	$	8.86		0.22	⁴		1.20			(0.24	)		0.00
March 1, 2008 to February 28, 2009	$	10.10		0.26	⁴		(1.15	)		(0.29	)		(0.06	)
Class B
March 1, 2013 to August 31, 2013 (unaudited)	$	11.26		0.04	⁴		(0.26	)		(0.01	)		0.00
March 1, 2012 to February 28, 2013	$	11.22		0.07	⁴		0.08			(0.03	)		(0.08	)
March 1, 2011 to February 29, 2012	$	10.87		0.10	⁴		0.41			(0.11	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.31		0.11	⁴		0.58			(0.13	)		0.00
March 1, 2009 to February 28, 2010	$	9.08		0.16	⁴		1.22			(0.15	)		0.00
March 1, 2008 to February 28, 2009	$	10.33		0.19	⁴		(1.17	)		(0.21	)		(0.06	)
Class C
March 1, 2013 to August 31, 2013 (unaudited)	$	11.09		0.03	⁴		(0.25	)		(0.02	)		0.00
March 1, 2012 to February 28, 2013	$	11.11		0.07			0.08			(0.09	)		(0.08	)
March 1, 2011 to February 29, 2012	$	10.78		0.10	⁴		0.41			(0.13	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.25		0.11	⁴		0.57			(0.15	)		0.00
March 1, 2009 to February 28, 2010	$	9.04		0.15	⁴		1.23			(0.17	)		0.00
March 1, 2008 to February 28, 2009	$	10.30		0.19	⁴		(1.18	)		(0.21	)		(0.06	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	10.57		0.01	⁴		0.03			0.00			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	11.08		0.09	⁴		(0.24	)		(0.08	)		0.00
November 30, 2012⁶ to February 28, 2013	$	11.24		0.05	⁴		(0.06	)		(0.07	)		(0.08	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	11.07		0.10	⁴		(0.25	)		(0.09	)		0.00
March 1, 2012 to February 28, 2013	$	11.09		0.21			0.08			(0.23	)		(0.08	)
March 1, 2011 to February 29, 2012	$	10.77		0.24			0.40			(0.27	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.24		0.24	⁴		0.58			(0.29	)		0.00
March 1, 2009 to February 28, 2010	$	9.03		0.27	⁴		1.22			(0.28	)		0.00
March 1, 2008 to February 28, 2009	$	10.29		0.32	⁴		(1.18	)		(0.34	)		(0.06	)
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	11.05		0.08			(0.24	)		(0.07	)		0.00
March 1, 2012 to February 28, 2013	$	11.07		0.17			0.08			(0.19	)		(0.08	)
March 1, 2011 to February 29, 2012	$	10.75		0.20			0.40			(0.23	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.19		0.20	⁴		0.58			(0.22	)		0.00
March 1, 2009 to February 28, 2010	$	9.03		0.25	⁴		1.21			(0.30	)		0.00
March 1, 2008 to February 28, 2009	$	10.29		0.29	⁴		(1.17	)		(0.32	)		(0.06	)
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	11.04		0.07			(0.25	)		(0.06	)		0.00
March 1, 2012 to February 28, 2013	$	11.05		0.16			0.09			(0.18	)		(0.08	)
March 1, 2011 to February 29, 2012	$	10.74		0.19			0.40			(0.23	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.21		0.20	⁴		0.58			(0.25	)		0.00
March 1, 2009 to February 28, 2010	$	9.01		0.24	⁴		1.22			(0.26	)		0.00
March 1, 2008 to February 28, 2009	$	10.28		0.28	⁴		(1.17	)		(0.32	)		(0.06	)

Please see footnotes on page 70.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			51


Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Ending net asset value per share		Net investment income¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



$	10.61		1.27	%		1.04	%		0.89	%		(1.57	)%		24	%	$	18,113
$	10.84		1.39	%		1.08	%		0.96	%		2.15	%		39	%	$	19,815
$	10.86		1.69	%		1.08	%		0.96	%		5.47	%		46	%	$	21,822
$	10.56		1.82	%		1.10	%		0.97	%		7.56	%		51	%	$	22,862
$	10.04		2.29	%		1.24	%		1.13	%		16.13	%		91	%	$	22,145
$	8.86		2.71	%		1.27	%		1.15	%		(9.06	)%		45	%	$	20,151

$	11.03		0.67	%		1.78	%		1.64	%		(1.97	)%		24	%	$	70
$	11.26		0.66	%		1.82	%		1.71	%		1.39	%		39	%	$	108
$	11.22		0.97	%		1.82	%		1.70	%		4.73	%		46	%	$	242
$	10.87		1.08	%		1.85	%		1.72	%		6.78	%		51	%	$	865
$	10.31		1.58	%		2.00	%		1.89	%		15.23	%		91	%	$	2,155
$	9.08		1.96	%		2.02	%		1.90	%		(9.73	)%		45	%	$	3,563

$	10.85		0.52	%		1.79	%		1.64	%		(1.99	)%		24	%	$	4,288
$	11.09		0.64	%		1.83	%		1.71	%		1.36	%		39	%	$	4,945
$	11.11		0.94	%		1.83	%		1.71	%		4.81	%		46	%	$	5,100
$	10.78		1.07	%		1.85	%		1.72	%		6.69	%		51	%	$	5,605
$	10.25		1.56	%		1.93	%		1.82	%		15.30	%		91	%	$	5,498
$	9.04		1.97	%		2.01	%		1.90	%		(9.80	)%		45	%	$	4,741

$	10.61		0.72	%		1.26	%		1.06	%		0.38	%		24	%	$	25

$	10.85		1.65	%		0.67	%		0.45	%		(1.36	)%		24	%	$	366,862
$	11.08		2.06	%		0.75	%		0.45	%		(0.09	)%		39	%	$	3,073

$	10.83		1.78	%		0.61	%		0.41	%		(1.31	)%		24	%	$	234,314
$	11.07		1.90	%		0.65	%		0.45	%		2.63	%		39	%	$	671,576
$	11.09		2.20	%		0.65	%		0.45	%		6.09	%		46	%	$	700,645
$	10.77		2.31	%		0.66	%		0.45	%		8.14	%		51	%	$	580,536
$	10.24		2.73	%		0.72	%		0.53	%		16.67	%		91	%	$	254,513
$	9.03		3.26	%		0.82	%		0.62	%		(8.60	)%		45	%	$	76,391

$	10.82		1.43	%		0.88	%		0.73	%		(1.47	)%		24	%	$	121,990
$	11.05		1.54	%		0.92	%		0.80	%		2.29	%		39	%	$	139,771
$	11.07		1.84	%		0.92	%		0.80	%		5.74	%		46	%	$	121,886
$	10.75		1.99	%		0.93	%		0.80	%		7.70	%		51	%	$	77,216
$	10.19		2.53	%		1.00	%		0.82	%		16.30	%		91	%	$	63,796
$	9.03		3.02	%		1.09	%		0.85	%		(8.80	)%		45	%	$	43,072

$	10.80		1.30	%		1.10	%		0.86	%		(1.60	)%		24	%	$	77,164
$	11.04		1.48	%		1.14	%		0.86	%		2.32	%		39	%	$	107,673
$	11.05		1.79	%		1.15	%		0.86	%		5.59	%		46	%	$	107,779
$	10.74		1.91	%		1.18	%		0.86	%		7.72	%		51	%	$	86,784
$	10.21		2.41	%		1.28	%		0.89	%		16.33	%		91	%	$	39,395
$	9.01		2.97	%		1.37	%		0.91	%		(8.93	)%		45	%	$	12,397

Please see footnotes on page 70.

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


52		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains

Target 2010 Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	13.30		0.09	⁴		(0.24	)		0.00			0.00
March 1, 2012 to February 28, 2013	$	13.26		0.19	⁴		0.19			(0.21	)		(0.13	)
March 1, 2011 to February 29, 2012	$	12.86		0.21	⁴		0.43			(0.24	)		0.00
March 1, 2010 to February 28, 2011	$	12.04		0.22	⁴		0.88			(0.28	)		0.00
March 1, 2009 to February 28, 2010	$	10.15		0.25	⁴		1.93			(0.29	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.71		0.31	⁴		(2.42	)		(0.35	)		(0.10	)
Class B
March 1, 2013 to August 31, 2013 (unaudited)	$	13.43		0.04	⁴		(0.24	)		0.00			0.00
March 1, 2012 to February 28, 2013	$	13.37		0.09	⁴		0.19			(0.09	)		(0.13	)
March 1, 2011 to February 29, 2012	$	12.93		0.12	⁴		0.44			(0.12	)		0.00
March 1, 2010 to February 28, 2011	$	12.10		0.12	⁴		0.88			(0.17	)		0.00
March 1, 2009 to February 28, 2010	$	10.18		0.17	⁴		1.93			(0.18	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.73		0.22	⁴		(2.42	)		(0.25	)		(0.10	)
Class C
March 1, 2013 to August 31, 2013 (unaudited)	$	13.48		0.04	⁴		(0.24	)		0.00			0.00
March 1, 2012 to February 28, 2013	$	13.44		0.09			0.19			(0.11	)		(0.13	)
March 1, 2011 to February 29, 2012	$	13.03		0.12	⁴		0.43			(0.14	)		0.00
March 1, 2010 to February 28, 2011	$	12.19		0.12	⁴		0.91			(0.19	)		0.00
March 1, 2009 to February 28, 2010	$	10.27		0.16	⁴		1.96			(0.20	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.85		0.22	⁴		(2.45	)		(0.25	)		(0.10	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	13.08		0.03			0.03			0.00			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	13.43		0.15			(0.28	)		0.00			0.00
November 30, 2012⁶ to February 28, 2013	$	13.56		0.08			0.00	⁵		(0.08	)		(0.13	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	13.43		0.13	⁴		(0.25	)		0.00			0.00
March 1, 2012 to February 28, 2013	$	13.39		0.26			0.19			(0.28	)		(0.13	)
March 1, 2011 to February 29, 2012	$	12.97		0.28			0.45			(0.31	)		0.00
March 1, 2010 to February 28, 2011	$	12.15		0.28			0.88			(0.34	)		0.00
March 1, 2009 to February 28, 2010	$	10.24		0.31	⁴		1.95			(0.35	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.81		0.37	⁴		(2.43	)		(0.41	)		(0.10	)
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	13.42		0.10	⁴		(0.24	)		0.00			0.00
March 1, 2012 to February 28, 2013	$	13.38		0.21	⁴		0.19			(0.23	)		(0.13	)
March 1, 2011 to February 29, 2012	$	12.97		0.24			0.43			(0.26	)		0.00
March 1, 2010 to February 28, 2011	$	12.14		0.24			0.89			(0.30	)		0.00
March 1, 2009 to February 28, 2010	$	10.24		0.27	⁴		1.95			(0.32	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.82		0.34	⁴		(2.44	)		(0.38	)		(0.10	)
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	13.40		0.09	⁴		(0.24	)		0.00			0.00
March 1, 2012 to February 28, 2013	$	13.36		0.20			0.19			(0.22	)		(0.13	)
March 1, 2011 to February 29, 2012	$	12.95		0.23			0.43			(0.25	)		0.00
March 1, 2010 to February 28, 2011	$	12.12		0.22	⁴		0.90			(0.29	)		0.00
March 1, 2009 to February 28, 2010	$	10.22		0.27	⁴		1.94			(0.31	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.80		0.33	⁴		(2.43	)		(0.38	)		(0.10	)

Please see footnotes on page 70.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			53


Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Ending net asset value per share		Net investment income¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



$	13.15		1.35	%		1.04	%		0.91	%		(1.13	)%		23	%	$	33,352
$	13.30		1.39	%		1.08	%		0.99	%		2.92	%		37	%	$	36,462
$	13.26		1.63	%		1.08	%		0.99	%		5.05	%		43	%	$	39,691
$	12.86		1.72	%		1.10	%		1.00	%		9.24	%		47	%	$	42,615
$	12.04		2.16	%		1.16	%		1.10	%		21.64	%		86	%	$	42,316
$	10.15		2.62	%		1.25	%		1.18	%		(16.98	)%		43	%	$	39,175

$	13.23		0.58	%		1.79	%		1.67	%		(1.49	)%		23	%	$	214
$	13.43		0.67	%		1.83	%		1.74	%		2.12	%		37	%	$	341
$	13.37		0.90	%		1.83	%		1.74	%		4.35	%		43	%	$	748
$	12.93		0.98	%		1.85	%		1.75	%		8.45	%		47	%	$	1,542
$	12.10		1.45	%		1.92	%		1.86	%		20.69	%		86	%	$	2,716
$	10.18		1.87	%		2.00	%		1.93	%		(17.58	)%		43	%	$	4,269

$	13.28		0.60	%		1.79	%		1.66	%		(1.48	)%		23	%	$	2,903
$	13.48		0.64	%		1.83	%		1.74	%		2.10	%		37	%	$	3,269
$	13.44		0.88	%		1.83	%		1.74	%		4.28	%		43	%	$	3,323
$	13.03		0.96	%		1.85	%		1.75	%		8.48	%		47	%	$	3,114
$	12.19		1.42	%		1.91	%		1.85	%		20.76	%		86	%	$	2,580
$	10.27		1.87	%		2.00	%		1.93	%		(17.59	)%		43	%	$	2,464

$	13.14		1.10	%		1.30	%		1.08	%		0.46	%		23	%	$	25

$	13.30		1.75	%		0.67	%		0.47	%		(0.97	)%		23	%	$	209,731
$	13.43		2.03	%		0.75	%		0.47	%		0.63	%		37	%	$	5,555

$	13.31		1.85	%		0.61	%		0.43	%		(0.89	)%		23	%	$	241,735
$	13.43		1.91	%		0.65	%		0.48	%		3.43	%		37	%	$	486,113
$	13.39		2.14	%		0.65	%		0.48	%		5.61	%		43	%	$	563,343
$	12.97		2.23	%		0.66	%		0.48	%		9.90	%		47	%	$	455,447
$	12.15		2.63	%		0.71	%		0.59	%		22.15	%		86	%	$	359,320
$	10.24		3.15	%		0.80	%		0.65	%		(16.47	)%		43	%	$	239,731

$	13.28		1.51	%		0.88	%		0.75	%		(1.04	)%		23	%	$	211,680
$	13.42		1.54	%		0.92	%		0.83	%		3.08	%		37	%	$	241,045
$	13.38		1.79	%		0.92	%		0.83	%		5.25	%		43	%	$	190,863
$	12.97		1.88	%		0.93	%		0.83	%		9.44	%		47	%	$	191,943
$	12.14		2.36	%		0.98	%		0.86	%		21.86	%		86	%	$	172,322
$	10.24		2.92	%		1.07	%		0.88	%		(16.73	)%		43	%	$	110,425

$	13.25		1.38	%		1.10	%		0.89	%		(1.12	)%		23	%	$	56,423
$	13.40		1.49	%		1.14	%		0.89	%		3.01	%		37	%	$	64,161
$	13.36		1.73	%		1.15	%		0.89	%		5.21	%		43	%	$	61,766
$	12.95		1.79	%		1.18	%		0.89	%		9.40	%		47	%	$	53,646
$	12.12		2.27	%		1.26	%		0.92	%		21.86	%		86	%	$	25,103
$	10.22		2.86	%		1.36	%		0.94	%		(16.78	)%		43	%	$	11,265

Please see footnotes on page 70.

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


54		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains

Target 2015 Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	10.13		0.08			(0.12	)		(0.07	)		0.00
November 30, 2012⁶ to February 28, 2013	$	10.11		0.03	⁴		0.13			(0.04	)		(0.10	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	10.08		0.02			0.05			0.00			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	10.14		0.08			(0.10	)		(0.08	)		0.00
November 30, 2012⁶ to February 28, 2013	$	10.11		0.05	⁴		0.13			(0.05	)		(0.10	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	10.13		0.11			(0.12	)		(0.09	)		0.00
March 1, 2012 to February 28, 2013	$	9.98		0.18	⁴		0.27			(0.20	)		(0.10	)
March 1, 2011 to February 29, 2012	$	9.81		0.19			0.29			(0.20	)		(0.11	)
March 1, 2010 to February 28, 2011	$	9.05		0.19			0.85			(0.23	)		(0.05	)
March 1, 2009 to February 28, 2010	$	7.23		0.21	⁴		1.77			(0.16	)		0.00
March 1, 2008 to February 28, 2009	$	9.92		0.25	⁴		(2.33	)		(0.31	)		0.00
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	10.24		0.08			(0.10	)		(0.07	)		0.00
March 1, 2012 to February 28, 2013	$	10.10		0.15	⁴		0.26			(0.17	)		(0.10	)
March 1, 2011 to February 29, 2012	$	9.92		0.17			0.29			(0.17	)		(0.11	)
March 1, 2010 to February 28, 2011	$	9.15		0.17			0.85			(0.20	)		(0.05	)
March 1, 2009 to February 28, 2010	$	7.31		0.17	⁴		1.82			(0.15	)		0.00
March 1, 2008 to February 28, 2009	$	10.04		0.24	⁴		(2.37	)		(0.30	)		0.00
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	10.26		0.07	⁴		(0.11	)		(0.07	)		0.00
March 1, 2012 to February 28, 2013	$	10.11		0.14			0.27			(0.16	)		(0.10	)
March 1, 2011 to February 29, 2012	$	9.93		0.16			0.29			(0.16	)		(0.11	)
March 1, 2010 to February 28, 2011	$	9.16		0.16	⁴		0.85			(0.19	)		(0.05	)
March 1, 2009 to February 28, 2010	$	7.32		0.15	⁴		1.83			(0.14	)		0.00
March 1, 2008 to February 28, 2009	$	10.03		0.22	⁴		(2.34	)		(0.29	)		0.00

Please see footnotes on page 70.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			55


Distributions from tax basis return of capital			Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Distributions from tax basis return of capital			Ending net asset value per share		Net investment income¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



	0.00		$	10.02		1.41	%		1.02	%		0.84	%		(0.34	)%		22	%	$	156
	0.00		$	10.13		1.28	%		1.05	%		0.84	%		1.60	%		35	%	$	10

	0.00		$	10.15		1.01	%		1.25	%		1.09	%		0.69	%		22	%	$	25

	0.00		$	10.04		1.73	%		0.67	%		0.48	%		(0.14	)%		22	%	$	138,050
	0.00		$	10.14		1.90	%		0.75	%		0.48	%		1.72	%		35	%	$	2,614

	0.00		$	10.03		1.84	%		0.59	%		0.42	%		(0.10	)%		22	%	$	468,841
	0.00		$	10.13		1.87	%		0.65	%		0.49	%		4.56	%		35	%	$	613,945
	0.00		$	9.98		2.05	%		0.65	%		0.49	%		5.06	%		40	%	$	536,453
	0.00		$	9.81		2.11	%		0.66	%		0.49	%		11.68	%		44	%	$	387,146
	0.00		$	9.05		2.43	%		0.72	%		0.54	%		27.56	%		77	%	$	235,807
	(0.30	)	$	7.23		2.91	%		1.06	%		0.66	%		(22.00	)%		41	%	$	22,002

	0.00		$	10.15		1.50	%		0.87	%		0.76	%		(0.17	)%		22	%	$	188,577
	0.00		$	10.24		1.47	%		0.92	%		0.84	%		4.06	%		35	%	$	194,125
	0.00		$	10.10		1.70	%		0.92	%		0.84	%		4.74	%		40	%	$	84,759
	0.00		$	9.92		1.76	%		0.93	%		0.84	%		11.28	%		44	%	$	61,227
	0.00		$	9.15		1.89	%		1.03	%		0.86	%		27.28	%		77	%	$	42,190
	(0.30	)	$	7.31		2.69	%		1.37	%		0.89	%		(22.21	)%		41	%	$	12,138

	0.00		$	10.15		1.36	%		1.10	%		0.90	%		(0.40	)%		22	%	$	119,238
	0.00		$	10.26		1.46	%		1.14	%		0.90	%		4.08	%		35	%	$	200,596
	0.00		$	10.11		1.65	%		1.15	%		0.90	%		4.67	%		40	%	$	165,774
	0.00		$	9.93		1.69	%		1.18	%		0.90	%		11.22	%		44	%	$	142,622
	0.00		$	9.16		1.75	%		1.31	%		0.93	%		27.19	%		77	%	$	43,004
	(0.30	)	$	7.32		2.62	%		1.60	%		0.95	%		(22.15	)%		41	%	$	8,959

Please see footnotes on page 70.

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


56		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains

Target 2020 Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	14.53		0.10			0.00	⁵		0.00			0.00
March 1, 2012 to February 28, 2013	$	14.25		0.20			0.50			(0.21	)		(0.21	)
March 1, 2011 to February 29, 2012	$	13.97		0.21			0.33			(0.22	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.54		0.20			1.46			(0.23	)		0.00
March 1, 2009 to February 28, 2010	$	9.58		0.21	⁴		2.97			(0.22	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.78		0.26	⁴		(4.04	)		(0.27	)		(0.15	)
Class B
March 1, 2013 to August 31, 2013 (unaudited)	$	14.47		0.04	⁴		0.00	⁵		0.00			0.00
March 1, 2012 to February 28, 2013	$	14.16		0.09	⁴		0.51			(0.08	)		(0.21	)
March 1, 2011 to February 29, 2012	$	13.85		0.10	⁴		0.33			(0.08	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.41		0.09	⁴		1.46			(0.11	)		0.00
March 1, 2009 to February 28, 2010	$	9.50		0.12	⁴		2.95			(0.16	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.66		0.17	⁴		(4.01	)		(0.17	)		(0.15	)
Class C
March 1, 2013 to August 31, 2013 (unaudited)	$	14.49		0.04			0.01			0.00			0.00
March 1, 2012 to February 28, 2013	$	14.20		0.09			0.51			(0.10	)		(0.21	)
March 1, 2011 to February 29, 2012	$	13.93		0.08			0.35			(0.12	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.51		0.08			1.48			(0.14	)		0.00
March 1, 2009 to February 28, 2010	$	9.58		0.12	⁴		2.98			(0.17	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.78		0.17	⁴		(4.05	)		(0.17	)		(0.15	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	14.48		0.02	⁴		0.13			0.00			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	14.77		0.13	⁴		0.01			0.00			0.00
November 30, 2012⁶to February 28, 2013	$	14.66		0.09			0.31			(0.08	)		(0.21	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	14.77		0.19			(0.05	)		0.00			0.00
March 1, 2012 to February 28, 2013	$	14.47		0.27			0.52			(0.28	)		(0.21	)
March 1, 2011 to February 29, 2012	$	14.19		0.27	⁴		0.35			(0.30	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.73		0.26			1.50			(0.30	)		0.00
March 1, 2009 to February 28, 2010	$	9.73		0.27	⁴		3.01			(0.28	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.98		0.32	⁴		(4.08	)		(0.34	)		(0.15	)
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	14.73		0.11			0.01			0.00			0.00
March 1, 2012 to February 28, 2013	$	14.44		0.21	⁴		0.52			(0.23	)		(0.21	)
March 1, 2011 to February 29, 2012	$	14.15		0.23			0.35			(0.25	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.70		0.21			1.50			(0.26	)		0.00
March 1, 2009 to February 28, 2010	$	9.71		0.23	⁴		3.01			(0.25	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.96		0.30	⁴		(4.09	)		(0.31	)		(0.15	)
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	14.72		0.10			0.01			0.00			0.00
March 1, 2012 to February 28, 2013	$	14.43		0.21			0.51			(0.22	)		(0.21	)
March 1, 2011 to February 29, 2012	$	14.14		0.22			0.35			(0.24	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.70		0.20	⁴		1.49			(0.25	)		0.00
March 1, 2009 to February 28, 2010	$	9.71		0.22	⁴		3.02			(0.25	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.96		0.29	⁴		(4.08	)		(0.31	)		(0.15	)

Please see footnotes on page 70.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			57


Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Ending net asset value per share		Net investment income (loss)¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



$	14.63		1.32	%		1.01	%		0.94	%		0.69	%		20	%	$	74,086
$	14.53		1.36	%		1.06	%		1.01	%		5.00	%		32	%	$	74,720
$	14.25		1.45	%		1.05	%		1.01	%		3.97	%		35	%	$	74,955
$	13.97		1.46	%		1.08	%		1.02	%		13.41	%		39	%	$	77,784
$	12.54		1.77	%		1.15	%		1.11	%		33.45	%		66	%	$	72,653
$	9.58		2.10	%		1.25	%		1.20	%		(27.90	)%		38	%	$	59,671

$	14.51		0.57	%		1.76	%		1.70	%		0.28	%		20	%	$	335
$	14.47		0.63	%		1.81	%		1.76	%		4.27	%		32	%	$	599
$	14.16		0.78	%		1.80	%		1.76	%		3.11	%		35	%	$	1,048
$	13.85		0.73	%		1.83	%		1.77	%		12.57	%		39	%	$	2,428
$	12.41		1.04	%		1.90	%		1.86	%		32.44	%		66	%	$	5,030
$	9.50		1.36	%		2.00	%		1.95	%		(28.43	)%		38	%	$	5,495

$	14.54		0.57	%		1.76	%		1.68	%		0.35	%		20	%	$	5,070
$	14.49		0.61	%		1.81	%		1.76	%		4.28	%		32	%	$	4,514
$	14.20		0.68	%		1.81	%		1.76	%		3.14	%		35	%	$	4,600
$	13.93		0.70	%		1.83	%		1.77	%		12.65	%		39	%	$	3,922
$	12.51		1.00	%		1.90	%		1.86	%		32.35	%		66	%	$	2,752
$	9.58		1.36	%		2.00	%		1.95	%		(28.46	)%		38	%	$	1,840

$	14.63		0.92	%		1.24	%		1.11	%		1.04	%		20	%	$	25

$	14.91		1.67	%		0.64	%		0.50	%		0.95	%		20	%	$	755,144
$	14.77		1.72	%		0.73	%		0.50	%		2.79	%		32	%	$	23,050

$	14.91		1.83	%		0.57	%		0.44	%		0.95	%		20	%	$	969,751
$	14.77		1.85	%		0.63	%		0.50	%		5.60	%		32	%	$	1,605,032
$	14.47		1.85	%		0.63	%		0.50	%		4.47	%		35	%	$	1,540,045
$	14.19		1.96	%		0.64	%		0.50	%		14.03	%		39	%	$	1,250,249
$	12.73		2.22	%		0.69	%		0.60	%		33.98	%		66	%	$	822,479
$	9.73		2.63	%		0.81	%		0.67	%		(27.46	)%		38	%	$	414,090

$	14.85		1.48	%		0.85	%		0.78	%		0.81	%		20	%	$	679,333
$	14.73		1.47	%		0.90	%		0.85	%		5.19	%		32	%	$	688,261
$	14.44		1.63	%		0.90	%		0.85	%		4.17	%		35	%	$	468,494
$	14.15		1.62	%		0.91	%		0.85	%		13.60	%		39	%	$	439,314
$	12.70		1.96	%		0.97	%		0.88	%		33.64	%		66	%	$	342,078
$	9.71		2.42	%		1.07	%		0.90	%		(27.66	)%		38	%	$	196,606

$	14.83		1.37	%		1.07	%		0.91	%		0.75	%		20	%	$	180,175
$	14.72		1.43	%		1.12	%		0.91	%		5.12	%		32	%	$	173,813
$	14.43		1.54	%		1.13	%		0.91	%		4.12	%		35	%	$	144,478
$	14.14		1.53	%		1.15	%		0.91	%		13.56	%		39	%	$	119,297
$	12.70		1.84	%		1.24	%		0.94	%		33.51	%		66	%	$	53,535
$	9.71		2.34	%		1.36	%		0.96	%		(27.70	)%		38	%	$	15,254

Please see footnotes on page 70.

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


58		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income (loss)¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains

Target 2025 Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	9.95		0.08			0.10			(0.06	)		0.00
November 30, 2012⁶ to February 28, 2013	$	9.83		0.04			0.33			(0.05	)		(0.20	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	9.95		0.02			0.12			0.00			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	9.97		0.09	⁴		0.10			(0.07	)		0.00
November 30, 2012⁶ to February 28, 2013	$	9.83		0.06			0.33			(0.05	)		(0.20	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	9.96		0.10			0.11			(0.08	)		0.00
March 1, 2012 to February 28, 2013	$	9.71		0.18			0.45			(0.18	)		(0.20	)
March 1, 2011 to February 29, 2012	$	9.79		0.17	⁴		0.16			(0.18	)		(0.23	)
March 1, 2010 to February 28, 2011	$	8.68		0.16			1.26			(0.19	)		(0.12	)
March 1, 2009 to February 28, 2010	$	6.24		0.18	⁴		2.39			(0.13	)		0.00
March 1, 2008 to February 28, 2009	$	9.49		0.20	⁴		(3.26	)		(0.19	)		0.00
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	9.98		0.08			0.11			(0.06	)		0.00
March 1, 2012 to February 28, 2013	$	9.74		0.14	⁴		0.45			(0.15	)		(0.20	)
March 1, 2011 to February 29, 2012	$	9.81		0.14	⁴		0.17			(0.15	)		(0.23	)
March 1, 2010 to February 28, 2011	$	8.69		0.13	⁴		1.26			(0.15	)		(0.12	)
March 1, 2009 to February 28, 2010	$	6.25		(0.04	)⁴		2.61			(0.13	)		0.00
March 1, 2008 to February 28, 2009	$	9.53		0.20	⁴		(3.29	)		(0.19	)		0.00
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	9.97		0.07	⁴		0.11			(0.06	)		0.00
March 1, 2012 to February 28, 2013	$	9.72		0.14			0.46			(0.15	)		(0.20	)
March 1, 2011 to February 29, 2012	$	9.80		0.14	⁴		0.15			(0.14	)		(0.23	)
March 1, 2010 to February 28, 2011	$	8.68		0.13	⁴		1.25			(0.14	)		(0.12	)
March 1, 2009 to February 28, 2010	$	6.25		(0.08	)⁴		2.64			(0.13	)		0.00
March 1, 2008 to February 28, 2009	$	9.51		0.18	⁴		(3.26	)		(0.18	)		0.00

Please see footnotes on page 70.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			59


Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Ending net asset value per share		Net investment income (loss)¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



$	10.07		1.36	%		0.99	%		0.86	%		1.84	%		18	%	$	563
$	9.95		1.01	%		1.06	%		0.86	%		3.92	%		28	%	$	159

$	10.09		0.87	%		1.21	%		1.11	%		1.41	%		18	%	$	25

$	10.09		1.65	%		0.64	%		0.50	%		1.95	%		18	%	$	270,483
$	9.97		1.51	%		0.73	%		0.50	%		4.13	%		28	%	$	4,210

$	10.09		1.84	%		0.56	%		0.43	%		2.09	%		18	%	$	1,365,933
$	9.96		1.83	%		0.63	%		0.50	%		6.74	%		28	%	$	1,577,058
$	9.71		1.83	%		0.64	%		0.50	%		3.77	%		31	%	$	1,431,120
$	9.79		1.83	%		0.64	%		0.50	%		16.75	%		33	%	$	1,290,513
$	8.68		2.07	%		0.66	%		0.53	%		41.46	%		54	%	$	1,057,514
$	6.24		2.50	%		1.07	%		0.53	%		(32.81	)%		35	%	$	26,335

$	10.11		1.48	%		0.85	%		0.77	%		1.92	%		18	%	$	293,062
$	9.98		1.42	%		0.90	%		0.85	%		6.27	%		28	%	$	271,593
$	9.74		1.47	%		0.91	%		0.85	%		3.49	%		31	%	$	111,673
$	9.81		1.46	%		0.91	%		0.85	%		16.32	%		33	%	$	69,590
$	8.69		(0.51	)%		1.01	%		0.89	%		41.33	%		54	%	$	39,111
$	6.25		2.42	%		1.35	%		0.63	%		(32.95	)%		35	%	$	9,410

$	10.09		1.34	%		1.08	%		0.91	%		1.78	%		18	%	$	209,023
$	9.97		1.41	%		1.12	%		0.91	%		6.31	%		28	%	$	377,357
$	9.72		1.42	%		1.14	%		0.91	%		3.32	%		31	%	$	300,434
$	9.80		1.39	%		1.15	%		0.91	%		16.22	%		33	%	$	256,544
$	8.68		(0.93	)%		1.29	%		0.95	%		41.19	%		54	%	$	70,228
$	6.25		2.32	%		1.60	%		0.70	%		(32.90	)%		35	%	$	9,564

Please see footnotes on page 70.

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


60		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains

Target 2030 Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	15.31		0.11			0.33			(0.09	)		0.00
March 1, 2012 to February 28, 2013	$	14.74		0.20			0.85			(0.20	)		(0.28	)
March 1, 2011 to February 29, 2012	$	14.81		0.17	⁴		0.13			(0.18	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.65		0.15	⁴		2.19			(0.18	)		0.00
March 1, 2009 to February 28, 2010	$	8.65		0.15	⁴		4.00			(0.15	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.36		0.21	⁴		(5.55	)		(0.20	)		(0.17	)
Class B
March 1, 2013 to August 31, 2013 (unaudited)	$	15.08		0.05	⁴		0.32			(0.03	)		0.00
March 1, 2012 to February 28, 2013	$	14.49		0.08	⁴		0.86			(0.07	)		(0.28	)
March 1, 2011 to February 29, 2012	$	14.53		0.07	⁴		0.12			(0.04	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.41		0.06	⁴		2.14			(0.08	)		0.00
March 1, 2009 to February 28, 2010	$	8.49		0.07	⁴		3.91			(0.06	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.09		0.11	⁴		(5.44	)		(0.10	)		(0.17	)
Class C
March 1, 2013 to August 31, 2013 (unaudited)	$	15.00		0.05			0.32			(0.04	)		0.00
March 1, 2012 to February 28, 2013	$	14.45		0.08			0.85			(0.10	)		(0.28	)
March 1, 2011 to February 29, 2012	$	14.53		0.06	⁴		0.14			(0.09	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.43		0.05	⁴		2.14			(0.09	)		0.00
March 1, 2009 to February 28, 2010	$	8.50		0.06	⁴		3.93			(0.06	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.11		0.11	⁴		(5.45	)		(0.10	)		(0.17	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	15.39		0.02			0.25			0.00			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	15.50		0.11			0.37			(0.12	)		0.00
November 30, 2012⁶ to February 28, 2013	$	15.07		0.08			0.71			(0.08	)		(0.28	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	15.49		0.15	⁴		0.33			(0.12	)		0.00
March 1, 2012 to February 28, 2013	$	14.91		0.27			0.86			(0.27	)		(0.28	)
March 1, 2011 to February 29, 2012	$	14.98		0.25	⁴		0.12			(0.25	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.79		0.23	⁴		2.21			(0.25	)		0.00
March 1, 2009 to February 28, 2010	$	8.75		0.21	⁴		4.03			(0.20	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.51		0.26	⁴		(5.58	)		(0.27	)		(0.17	)
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	15.49		0.12			0.34			(0.10	)		0.00
March 1, 2012 to February 28, 2013	$	14.91		0.21			0.88			(0.23	)		(0.28	)
March 1, 2011 to February 29, 2012	$	14.98		0.20	⁴		0.13			(0.21	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.79		0.18	⁴		2.21			(0.20	)		0.00
March 1, 2009 to February 28, 2010	$	8.74		0.17	⁴		4.06			(0.18	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.50		0.24	⁴		(5.59	)		(0.24	)		(0.17	)
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	15.46		0.11			0.33			(0.09	)		0.00
March 1, 2012 to February 28, 2013	$	14.88		0.21			0.87			(0.22	)		(0.28	)
March 1, 2011 to February 29, 2012	$	14.95		0.19	⁴		0.13			(0.20	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.77		0.17	⁴		2.21			(0.20	)		0.00
March 1, 2009 to February 28, 2010	$	8.74		0.16	⁴		4.04			(0.17	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.50		0.22	⁴		(5.58	)		(0.23	)		(0.17	)

Please see footnotes on page 70.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			61


Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Ending net asset value per share		Net investment income¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



$	15.66		1.32	%		1.01	%		0.95	%		2.86	%		16	%	$	61,770
$	15.31		1.29	%		1.06	%		1.02	%		7.28	%		25	%	$	60,857
$	14.74		1.21	%		1.06	%		1.02	%		2.27	%		26	%	$	60,087
$	14.81		1.15	%		1.09	%		1.03	%		18.71	%		28	%	$	62,209
$	12.65		1.32	%		1.16	%		1.12	%		48.17	%		43	%	$	55,735
$	8.65		1.64	%		1.28	%		1.21	%		(37.78	)%		33	%	$	45,556

$	15.42		0.60	%		1.76	%		1.70	%		2.45	%		16	%	$	332
$	15.08		0.57	%		1.81	%		1.77	%		6.54	%		25	%	$	463
$	14.49		0.50	%		1.81	%		1.77	%		1.43	%		26	%	$	872
$	14.53		0.42	%		1.84	%		1.78	%		17.88	%		28	%	$	1,962
$	12.41		0.60	%		1.92	%		1.88	%		46.98	%		43	%	$	3,173
$	8.49		0.90	%		2.03	%		1.96	%		(38.22	)%		33	%	$	3,233

$	15.33		0.57	%		1.76	%		1.69	%		2.44	%		16	%	$	3,917
$	15.00		0.53	%		1.82	%		1.77	%		6.52	%		25	%	$	3,465
$	14.45		0.45	%		1.82	%		1.77	%		1.47	%		26	%	$	3,120
$	14.53		0.38	%		1.84	%		1.78	%		17.80	%		28	%	$	2,456
$	12.43		0.58	%		1.91	%		1.87	%		47.11	%		43	%	$	1,671
$	8.50		0.89	%		2.02	%		1.96	%		(38.22	)%		33	%	$	1,261

$	15.66		0.78	%		1.23	%		1.12	%		1.75	%		16	%	$	25

$	15.86		1.61	%		0.64	%		0.51	%		3.10	%		16	%	$	760,516
$	15.50		1.35	%		0.73	%		0.51	%		5.34	%		25	%	$	19,568

$	15.85		1.85	%		0.58	%		0.45	%		3.15	%		16	%	$	899,651
$	15.49		1.80	%		0.64	%		0.51	%		7.82	%		25	%	$	1,478,163
$	14.91		1.71	%		0.64	%		0.51	%		2.78	%		26	%	$	1,335,729
$	14.98		1.65	%		0.65	%		0.51	%		19.35	%		28	%	$	1,048,222
$	12.79		1.74	%		0.71	%		0.61	%		48.76	%		43	%	$	639,598
$	8.75		2.15	%		0.83	%		0.68	%		(37.38	)%		33	%	$	265,829

$	15.85		1.48	%		0.85	%		0.79	%		2.97	%		16	%	$	603,023
$	15.49		1.43	%		0.91	%		0.86	%		7.46	%		25	%	$	572,735
$	14.91		1.37	%		0.91	%		0.86	%		2.41	%		26	%	$	395,067
$	14.98		1.30	%		0.92	%		0.86	%		18.85	%		28	%	$	373,853
$	12.79		1.49	%		0.98	%		0.89	%		48.60	%		43	%	$	254,340
$	8.74		1.93	%		1.10	%		0.91	%		(37.56	)%		33	%	$	117,363

$	15.81		1.34	%		1.07	%		0.92	%		2.88	%		16	%	$	174,664
$	15.46		1.38	%		1.13	%		0.92	%		7.41	%		25	%	$	158,551
$	14.88		1.30	%		1.14	%		0.92	%		2.36	%		26	%	$	124,145
$	14.95		1.21	%		1.17	%		0.92	%		18.84	%		28	%	$	99,234
$	12.77		1.36	%		1.25	%		0.94	%		48.33	%		43	%	$	46,963
$	8.74		1.84	%		1.39	%		0.97	%		(37.58	)%		33	%	$	13,400

Please see footnotes on page 70.

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


62		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains

Target 2035 Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	9.99		0.07			0.30			(0.06	)		0.00
November 30, 2012⁶ to February 28, 2013	$	9.60		0.02	⁴		0.58			(0.05	)		(0.16	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	10.16		0.01	⁴		0.19			0.00			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	9.99		0.08	⁴		0.31			(0.07	)		0.00
November 30, 2012⁶ to February 28, 2013	$	9.60		0.03	⁴		0.57			(0.05	)		(0.16	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	9.99		0.10			0.30			(0.08	)		0.00
March 1, 2012 to February 28, 2013	$	9.50		0.17			0.65			(0.17	)		(0.16	)
March 1, 2011 to February 29, 2012	$	9.61		0.15	⁴		0.02			(0.14	)		(0.14	)
March 1, 2010 to February 28, 2011	$	8.19		0.13			1.58			(0.16	)		(0.13	)
March 1, 2009 to February 28, 2010	$	5.36		0.11	⁴		2.82			(0.10	)		0.00
March 1, 2008 to February 28, 2009	$	9.15		0.14	⁴		(3.80	)		(0.13	)		0.00
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	10.02		0.08			0.30			(0.06	)		0.00
March 1, 2012 to February 28, 2013	$	9.53		0.13			0.66			(0.14	)		(0.16	)
March 1, 2011 to February 29, 2012	$	9.65		0.12	⁴		0.01			(0.11	)		(0.14	)
March 1, 2010 to February 28, 2011	$	8.22		0.10			1.59			(0.13	)		(0.13	)
March 1, 2009 to February 28, 2010	$	5.40		0.09	⁴		2.81			(0.08	)		0.00
March 1, 2008 to February 28, 2009	$	9.24		0.14	⁴		(3.84	)		(0.14	)		0.00
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	10.05		0.07			0.31			(0.06	)		0.00
March 1, 2012 to February 28, 2013	$	9.56		0.13			0.65			(0.13	)		(0.16	)
March 1, 2011 to February 29, 2012	$	9.67		0.11	⁴		0.02			(0.10	)		(0.14	)
March 1, 2010 to February 28, 2011	$	8.24		0.10			1.58			(0.12	)		(0.13	)
March 1, 2009 to February 28, 2010	$	5.42		0.08	⁴		2.82			(0.08	)		0.00
March 1, 2008 to February 28, 2009	$	9.24		0.12	⁴		(3.82	)		(0.12	)		0.00

Please see footnotes on page 70.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			63


Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Ending net asset value per share		Net investment income¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



$	10.30		1.36	%		1.01	%		0.88	%		3.73	%		15	%	$	119
$	9.99		1.04	%		1.07	%		0.88	%		6.36	%		22	%	$	41

$	10.36		0.72	%		1.27	%		1.13	%		1.97	%		15	%	$	25

$	10.31		1.58	%		0.66	%		0.52	%		3.96	%		15	%	$	210,182
$	9.99		1.30	%		0.75	%		0.52	%		6.38	%		22	%	$	1,940

$	10.31		1.83	%		0.59	%		0.45	%		4.00	%		15	%	$	532,942
$	9.99		1.76	%		0.66	%		0.52	%		8.86	%		22	%	$	648,345
$	9.50		1.60	%		0.66	%		0.52	%		1.96	%		22	%	$	481,784
$	9.61		1.52	%		0.68	%		0.52	%		21.21	%		24	%	$	338,577
$	8.19		1.40	%		0.75	%		0.57	%		54.85	%		34	%	$	170,172
$	5.36		1.97	%		1.31	%		0.64	%		(40.44	)%		30	%	$	16,279

$	10.34		1.46	%		0.87	%		0.79	%		3.82	%		15	%	$	192,981
$	10.02		1.36	%		0.93	%		0.87	%		8.48	%		22	%	$	172,860
$	9.53		1.26	%		0.93	%		0.87	%		1.55	%		22	%	$	77,039
$	9.65		1.17	%		0.94	%		0.87	%		20.87	%		24	%	$	50,226
$	8.22		1.20	%		1.06	%		0.89	%		53.96	%		34	%	$	25,950
$	5.40		1.83	%		1.60	%		0.83	%		(40.58	)%		30	%	$	4,101

$	10.37		1.33	%		1.10	%		0.93	%		3.77	%		15	%	$	166,885
$	10.05		1.35	%		1.15	%		0.93	%		8.38	%		22	%	$	310,066
$	9.56		1.21	%		1.16	%		0.93	%		1.60	%		22	%	$	244,138
$	9.67		1.09	%		1.19	%		0.93	%		20.74	%		24	%	$	204,364
$	8.24		1.09	%		1.34	%		0.95	%		53.70	%		34	%	$	60,611
$	5.42		1.69	%		1.82	%		0.92	%		(40.50	)%		30	%	$	7,025

Please see footnotes on page 70.

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


64		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains

Target 2040 Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	16.92		0.12			0.63			(0.09	)		0.00
March 1, 2012 to February 28, 2013	$	16.07		0.21			1.19			(0.21	)		(0.34	)
March 1, 2011 to February 29, 2012	$	16.40		0.17			(0.07	)		(0.16	)		(0.27	)
March 1, 2010 to February 28, 2011	$	13.60		0.15			2.81			(0.16	)		0.00
March 1, 2009 to February 28, 2010	$	8.73		0.12	⁴		4.87			(0.12	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	16.04		0.19	⁴		(6.92	)		(0.18	)		(0.40	)
Class B
March 1, 2013 to August 31, 2013 (unaudited)	$	16.18		0.05	⁴		0.60			(0.01	)		0.00
March 1, 2012 to February 28, 2013	$	15.36		0.09	⁴		1.13			(0.06	)		(0.34	)
March 1, 2011 to February 29, 2012	$	15.67		0.05	⁴		(0.06	)		(0.03	)		(0.27	)
March 1, 2010 to February 28, 2011	$	12.99		0.03	⁴		2.70			(0.05	)		0.00
March 1, 2009 to February 28, 2010	$	8.35		0.10	⁴		4.57			(0.03	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	15.40		0.09	⁴		(6.64	)		(0.10	)		(0.40	)
Class C
March 1, 2013 to August 31, 2013 (unaudited)	$	16.03		0.05	⁴		0.59			(0.04	)		0.00
March 1, 2012 to February 28, 2013	$	15.26		0.09	⁴		1.12			(0.10	)		(0.34	)
March 1, 2011 to February 29, 2012	$	15.60		0.04	⁴		(0.05	)		(0.06	)		(0.27	)
March 1, 2010 to February 28, 2011	$	12.95		0.03	⁴		2.69			(0.07	)		0.00
March 1, 2009 to February 28, 2010	$	8.33		0.05	⁴		4.61			(0.04	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	15.36		0.09	⁴		(6.62	)		(0.10	)		(0.40	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	17.19		0.02			0.37			0.00			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	17.24		0.08			0.71			(0.12	)		0.00
November 30, 2012⁶ to February 28, 2013	$	16.52		0.09			1.06			(0.09	)		(0.34	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	17.24		0.17	⁴		0.64			(0.14	)		0.00
March 1, 2012 to February 28, 2013	$	16.37		0.29			1.21			(0.29	)		(0.34	)
March 1, 2011 to February 29, 2012	$	16.69		0.24			(0.05	)		(0.24	)		(0.27	)
March 1, 2010 to February 28, 2011	$	13.84		0.22			2.87			(0.24	)		0.00
March 1, 2009 to February 28, 2010	$	8.88		0.18	⁴		4.95			(0.17	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	16.29		0.25	⁴		(7.02	)		(0.24	)		(0.40	)
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	17.21		0.13			0.64			(0.10	)		0.00
March 1, 2012 to February 28, 2013	$	16.34		0.22			1.22			(0.23	)		(0.34	)
March 1, 2011 to February 29, 2012	$	16.67		0.19			(0.06	)		(0.19	)		(0.27	)
March 1, 2010 to February 28, 2011	$	13.82		0.16			2.88			(0.19	)		0.00
March 1, 2009 to February 28, 2010	$	8.88		0.16	⁴		4.93			(0.15	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	16.29		0.23	⁴		(7.02	)		(0.22	)		(0.40	)
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	17.19		0.12			0.64			(0.10	)		0.00
March 1, 2012 to February 28, 2013	$	16.32		0.22			1.22			(0.23	)		(0.34	)
March 1, 2011 to February 29, 2012	$	16.65		0.18			(0.06	)		(0.18	)		(0.27	)
March 1, 2010 to February 28, 2011	$	13.81		0.16			2.86			(0.18	)		0.00
March 1, 2009 to February 28, 2010	$	8.87		0.15	⁴		4.93			(0.14	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	16.28		0.21	⁴		(7.01	)		(0.21	)		(0.40	)

Please see footnotes on page 70.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			65


Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Ending net asset value per share		Net investment income¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



$	17.58		1.31	%		1.02	%		0.96	%		4.47	%		14	%	$	105,772
$	16.92		1.25	%		1.08	%		1.03	%		8.99	%		20	%	$	104,836
$	16.07		1.06	%		1.08	%		1.03	%		0.85	%		20	%	$	103,841
$	16.40		0.95	%		1.10	%		1.04	%		21.98	%		21	%	$	113,494
$	13.60		1.03	%		1.17	%		1.12	%		57.33	%		29	%	$	100,278
$	8.73		1.39	%		1.30	%		1.22	%		(42.65	)%		29	%	$	67,928

$	16.82		0.56	%		1.78	%		1.71	%		4.04	%		14	%	$	559
$	16.18		0.54	%		1.83	%		1.78	%		8.15	%		20	%	$	747
$	15.36		0.34	%		1.83	%		1.78	%		0.12	%		20	%	$	1,564
$	15.67		0.23	%		1.86	%		1.79	%		21.08	%		21	%	$	2,863
$	12.99		0.86	%		1.93	%		1.89	%		56.01	%		29	%	$	3,876
$	8.35		0.65	%		2.05	%		1.97	%		(43.10	)%		29	%	$	3,623

$	16.63		0.56	%		1.77	%		1.70	%		4.00	%		14	%	$	3,763
$	16.03		0.50	%		1.83	%		1.78	%		8.18	%		20	%	$	4,040
$	15.26		0.30	%		1.83	%		1.78	%		0.14	%		20	%	$	3,623
$	15.60		0.19	%		1.85	%		1.79	%		21.08	%		21	%	$	3,038
$	12.95		0.41	%		1.92	%		1.87	%		56.02	%		29	%	$	2,226
$	8.33		0.65	%		2.05	%		1.97	%		(43.07	)%		29	%	$	1,362

$	17.58		0.70	%		1.24	%		1.13	%		2.21	%		14	%	$	26

$	17.91		1.55	%		0.65	%		0.52	%		4.64	%		14	%	$	552,482
$	17.24		1.12	%		0.75	%		0.52	%		7.13	%		20	%	$	13,651

$	17.91		1.86	%		0.59	%		0.47	%		4.72	%		14	%	$	600,066
$	17.24		1.76	%		0.65	%		0.52	%		9.50	%		20	%	$	993,528
$	16.37		1.55	%		0.65	%		0.52	%		1.37	%		20	%	$	846,499
$	16.69		1.44	%		0.67	%		0.52	%		22.66	%		21	%	$	654,804
$	13.84		1.42	%		0.72	%		0.62	%		58.11	%		29	%	$	377,937
$	8.88		1.88	%		0.85	%		0.69	%		(42.36	)%		29	%	$	136,386

$	17.88		1.47	%		0.86	%		0.79	%		4.53	%		14	%	$	390,408
$	17.21		1.39	%		0.92	%		0.87	%		9.14	%		20	%	$	360,567
$	16.34		1.22	%		0.92	%		0.87	%		1.00	%		20	%	$	256,378
$	16.67		1.11	%		0.94	%		0.87	%		22.21	%		21	%	$	260,524
$	13.82		1.26	%		0.99	%		0.90	%		57.54	%		29	%	$	176,917
$	8.88		1.67	%		1.12	%		0.92	%		(42.46	)%		29	%	$	72,233

$	17.85		1.33	%		1.08	%		0.93	%		4.44	%		14	%	$	99,707
$	17.19		1.33	%		1.14	%		0.93	%		9.10	%		20	%	$	86,745
$	16.32		1.14	%		1.15	%		0.93	%		0.96	%		20	%	$	64,452
$	16.65		1.01	%		1.18	%		0.93	%		22.10	%		21	%	$	48,906
$	13.81		1.16	%		1.27	%		0.96	%		57.54	%		29	%	$	20,959
$	8.87		1.58	%		1.41	%		0.98	%		(42.51	)%		29	%	$	6,970

Please see footnotes on page 70.

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


66		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains

Target 2045 Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	10.17		0.07	⁴		0.42			(0.06	)		0.00
November 30, 2012⁶ to February 28, 2013	$	9.64		0.03			0.68			(0.05	)		(0.13	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	10.45		0.01			0.23			0.00			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	10.18		0.08	⁴		0.43			(0.07	)		0.00
November 30, 2012⁶ to February 28, 2013	$	9.64		0.06			0.66			(0.05	)		(0.13	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	10.17		0.10			0.41			(0.08	)		0.00
March 1, 2012 to February 28, 2013	$	9.55		0.16			0.76			(0.17	)		(0.13	)
March 1, 2011 to February 29, 2012	$	9.62		0.14			(0.05	)		(0.12	)		(0.04	)
March 1, 2010 to February 28, 2011	$	8.08		0.13			1.70			(0.18	)		(0.11	)
March 1, 2009 to February 28, 2010	$	5.19		0.10	⁴		2.90			(0.09	)		(0.02	)
March 1, 2008 to February 28, 2009	$	9.09		0.13	⁴		(3.91	)		(0.12	)		0.00
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	10.23		0.08	⁴		0.41			(0.06	)		0.00
March 1, 2012 to February 28, 2013	$	9.59		0.12			0.77			(0.12	)		(0.13	)
March 1, 2011 to February 29, 2012	$	9.66		0.11			(0.05	)		(0.09	)		(0.04	)
March 1, 2010 to February 28, 2011	$	8.12		0.09			1.72			(0.16	)		(0.11	)
March 1, 2009 to February 28, 2010	$	5.21		0.08	⁴		2.92			(0.07	)		(0.02	)
March 1, 2008 to February 28, 2009	$	9.18		0.12	⁴		(3.94	)		(0.15	)		0.00
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	10.26		0.07	⁴		0.41			(0.06	)		0.00
March 1, 2012 to February 28, 2013	$	9.62		0.12			0.77			(0.12	)		(0.13	)
March 1, 2011 to February 29, 2012	$	9.69		0.11			(0.05	)		(0.09	)		(0.04	)
March 1, 2010 to February 28, 2011	$	8.14		0.08			1.73			(0.15	)		(0.11	)
March 1, 2009 to February 28, 2010	$	5.23		0.09	⁴		2.91			(0.07	)		(0.02	)
March 1, 2008 to February 28, 2009	$	9.17		0.11	⁴		(3.95	)		(0.10	)		0.00

Please see footnotes on page 70.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			67


Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Ending net asset value per share		Net investment income¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



$	10.60		1.33	%		1.03	%		0.88	%		4.85	%		13	%	$	22
$	10.17		1.08	%		1.10	%		0.88	%		7.41	%		19	%	$	13

$	10.69		0.64	%		1.28	%		1.13	%		2.30	%		13	%	$	26

$	10.62		1.55	%		0.68	%		0.52	%		5.08	%		13	%	$	130,346
$	10.18		1.29	%		0.78	%		0.52	%		7.55	%		19	%	$	1,246

$	10.60		1.84	%		0.61	%		0.46	%		5.04	%		13	%	$	252,283
$	10.17		1.74	%		0.69	%		0.52	%		9.85	%		19	%	$	324,476
$	9.55		1.51	%		0.67	%		0.52	%		1.16	%		19	%	$	215,067
$	9.62		1.26	%		0.70	%		0.52	%		23.08	%		20	%	$	141,871
$	8.08		1.26	%		0.95	%		0.59	%		58.02	%		27	%	$	51,776
$	5.19		1.84	%		2.02	%		0.69	%		(42.06	)%		29	%	$	8,287

$	10.66		1.46	%		0.89	%		0.79	%		4.84	%		13	%	$	98,945
$	10.23		1.35	%		0.96	%		0.87	%		9.49	%		19	%	$	85,590
$	9.59		1.18	%		0.94	%		0.87	%		0.85	%		19	%	$	39,964
$	9.66		1.02	%		0.97	%		0.87	%		22.56	%		20	%	$	27,698
$	8.12		1.11	%		1.22	%		0.89	%		57.87	%		27	%	$	14,948
$	5.21		1.62	%		2.34	%		0.92	%		(42.22	)%		29	%	$	1,656

$	10.68		1.32	%		1.12	%		0.93	%		4.69	%		13	%	$	90,063
$	10.26		1.32	%		1.18	%		0.93	%		9.39	%		19	%	$	178,137
$	9.62		1.12	%		1.17	%		0.93	%		0.80	%		19	%	$	115,546
$	9.69		0.98	%		1.21	%		0.93	%		22.58	%		20	%	$	84,881
$	8.14		1.12	%		1.51	%		0.95	%		57.49	%		27	%	$	12,352
$	5.23		1.55	%		2.58	%		0.98	%		(42.22	)%		29	%	$	1,205

Please see footnotes on page 70.

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


68		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains

Target 2050 Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	9.72		0.08			0.39			(0.06	)		0.00
November 30, 2012⁶ to February 28, 2013	$	9.29		0.03			0.65			(0.05	)		(0.20	)
Class C
March 1, 2013 to August 31, 2013 (unaudited)	$	9.71		0.04			0.39			(0.03	)		0.00
November 30, 2012⁶ to February 28, 2013	$	9.29		0.02			0.64			(0.04	)		(0.20	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	9.91		0.01			0.22			0.00			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	9.73		0.07			0.41			(0.07	)		0.00
November 30, 2012⁶ to February 28, 2013	$	9.29		0.05			0.64			(0.05	)		(0.20	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	9.72		0.10			0.40			(0.08	)		0.00
March 1, 2012 to February 28, 2013	$	9.20		0.16			0.72			(0.16	)		(0.20	)
March 1, 2011 to February 29, 2012	$	9.50		0.14			(0.07	)		(0.12	)		(0.25	)
March 1, 2010 to February 28, 2011	$	8.10		0.12	⁴		1.72			(0.17	)		(0.27	)
March 1, 2009 to February 28, 2010	$	5.20		0.10			2.92			(0.09	)		(0.03	)
March 1, 2008 to February 28, 2009	$	9.13		0.13	⁴		(3.94	)		(0.12	)		0.00
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	9.70		0.07			0.41			(0.06	)		0.00
March 1, 2012 to February 28, 2013	$	9.18		0.12	⁴		0.73			(0.13	)		(0.20	)
March 1, 2011 to February 29, 2012	$	9.48		0.11			(0.07	)		(0.09	)		(0.25	)
March 1, 2010 to February 28, 2011	$	8.10		0.09	⁴		1.71			(0.15	)		(0.27	)
March 1, 2009 to February 28, 2010	$	5.20		0.09			2.91			(0.07	)		(0.03	)
March 1, 2008 to February 28, 2009	$	9.14		0.12	⁴		(3.96	)		(0.10	)		0.00
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	9.73		0.07			0.40			(0.06	)		0.00
March 1, 2012 to February 28, 2013	$	9.21		0.12			0.73			(0.13	)		(0.20	)
March 1, 2011 to February 29, 2012	$	9.51		0.10			(0.06	)		(0.09	)		(0.25	)
March 1, 2010 to February 28, 2011	$	8.11		0.09	⁴		1.71			(0.13	)		(0.27	)
March 1, 2009 to February 28, 2010	$	5.21		0.07			2.93			(0.07	)		(0.03	)
March 1, 2008 to February 28, 2009	$	9.16		0.11	⁴		(3.96	)		(0.10	)		0.00

Please see footnotes on page 70.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			69


Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Ending net asset value per share		Net investment income¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



$	10.13		1.34	%		1.00	%		0.88	%		4.83	%		13	%	$	18
$	9.72		1.07	%		1.05	%		0.88	%		7.49	%		19	%	$	11

$	10.11		0.57	%		1.77	%		1.63	%		4.41	%		13	%	$	32
$	9.71		0.16	%		1.81	%		1.63	%		7.31	%		19	%	$	17

$	10.14		0.63	%		1.27	%		1.13	%		2.32	%		13	%	$	26

$	10.14		1.54	%		0.66	%		0.52	%		4.97	%		13	%	$	254,271
$	9.73		1.03	%		0.76	%		0.52	%		7.63	%		19	%	$	6,538

$	10.14		1.84	%		0.60	%		0.46	%		5.14	%		13	%	$	598,947
$	9.72		1.75	%		0.67	%		0.52	%		9.94	%		19	%	$	754,088
$	9.20		1.53	%		0.66	%		0.52	%		1.11	%		19	%	$	651,308
$	9.50		1.43	%		0.67	%		0.52	%		23.17	%		20	%	$	560,746
$	8.10		1.19	%		0.71	%		0.57	%		58.33	%		27	%	$	389,918
$	5.20		1.80	%		1.19	%		0.69	%		(42.19	)%		29	%	$	26,763

$	10.12		1.47	%		0.88	%		0.79	%		4.97	%		13	%	$	160,843
$	9.70		1.38	%		0.94	%		0.87	%		9.59	%		19	%	$	141,212
$	9.18		1.18	%		0.93	%		0.87	%		0.81	%		19	%	$	89,984
$	9.48		1.07	%		0.94	%		0.87	%		22.58	%		20	%	$	69,492
$	8.10		1.49	%		1.04	%		0.90	%		57.99	%		27	%	$	37,853
$	5.20		1.60	%		1.48	%		0.92	%		(42.36	)%		29	%	$	10,984

$	10.14		1.32	%		1.10	%		0.93	%		4.82	%		13	%	$	47,363
$	9.73		1.33	%		1.16	%		0.93	%		9.49	%		19	%	$	39,188
$	9.21		1.12	%		1.16	%		0.93	%		0.75	%		19	%	$	28,615
$	9.51		1.02	%		1.19	%		0.93	%		22.54	%		20	%	$	24,771
$	8.11		1.00	%		1.28	%		0.95	%		57.89	%		27	%	$	19,359
$	5.21		1.48	%		1.73	%		0.98	%		(42.39	)%		29	%	$	983

Please see footnotes on page 70.

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


70		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income

Target 2055 Fund
Class A
March 1, 2013 to August 31, 2013 (unaudited)	$	10.90		0.08			0.45			(0.06	)
November 30, 2012⁶ to February 28, 2013	$	10.19		0.03	⁴		0.72			(0.04	)
Class R
June 28, 2013⁶ to August 31, 2013 (unaudited)	$	11.01		0.01			0.25			0.00
Class R4
March 1, 2013 to August 31, 2013 (unaudited)	$	10.91		0.09	⁴		0.46			(0.07	)
November 30, 2012⁶ to February 28, 2013	$	10.19		0.04	⁴		0.72			(0.04	)
Class R6⁷
March 1, 2013 to August 31, 2013 (unaudited)	$	10.90		0.10			0.45			(0.08	)
March 1, 2012 to February 28, 2013	$	10.08		0.15			0.83			(0.16	)
June 30, 2011⁶ to February 29, 2012	$	10.00		0.08	⁴		0.00	⁵		0.00
Administrator Class
March 1, 2013 to August 31, 2013 (unaudited)	$	10.90		0.08			0.45			(0.06	)
March 1, 2012 to February 28, 2013	$	10.06		0.14	⁴		0.81			(0.11	)
June 30, 2011⁶ to February 29, 2012	$	10.00		0.06	⁴		0.00	⁵		0.00
Investor Class
March 1, 2013 to August 31, 2013 (unaudited)	$	10.81		0.07			0.45			(0.06	)
March 1, 2012 to February 28, 2013	$	10.05		0.13			0.80			(0.17	)
June 30, 2011⁶ to February 29, 2012	$	10.00		0.06	⁴		(0.01	)		0.00

1.	Includes net expenses allocated from affiliated Master Portfolios in which the Fund invests.

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

3.	Portfolio turnover rate represents the weighted average portfolio turnover in each respective affiliated Master Portfolio.

4.	Calculated based upon average shares outstanding

5.	Amount is less than $0.005.

6.	Commencement of class operations

7.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			71


Ending net asset value per share		Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Ending net asset value per share		Net investment income¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)



$	11.37		1.36	%		1.25	%		0.88	%		4.88	%		13	%	$	19
$	10.90		1.05	%		1.44	%		0.88	%		7.39	%		19	%	$	14

$	11.27		0.66	%		1.52	%		1.13	%		2.36	%		13	%	$	26

$	11.39		1.53	%		0.89	%		0.52	%		5.04	%		13	%	$	13,874
$	10.91		1.51	%		1.09	%		0.52	%		7.51	%		19	%	$	33

$	11.37		1.81	%		0.81	%		0.44	%		5.05	%		13	%	$	51,141
$	10.90		1.69	%		1.17	%		0.52	%		9.90	%		19	%	$	36,345
$	10.08		1.33	%		4.06	%		0.52	%		0.80	%		19	%	$	8,963

$	11.37		1.46	%		1.11	%		0.79	%		4.89	%		13	%	$	6,070
$	10.90		1.36	%		1.45	%		0.87	%		9.52	%		19	%	$	4,739
$	10.06		0.87	%		2.14	%		0.87	%		0.60	%		19	%	$	1,794

$	11.27		1.28	%		1.32	%		0.93	%		4.81	%		13	%	$	2,331
$	10.81		1.23	%		1.64	%		0.93	%		9.52	%		19	%	$	1,254
$	10.05		0.94	%		6.32	%		0.93	%		0.50	%		19	%	$	256

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


72		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: the Wells Fargo Advantage Dow Jones Target Today Fund (“Target Today Fund”), the Wells Fargo Advantage Dow Jones Target 2010 Fund (“Target 2010 Fund”), the Wells Fargo Advantage Dow Jones Target 2015 Fund (“Target 2015 Fund”), the Wells Fargo Advantage Dow Jones Target 2020 Fund (“Target 2020 Fund”), the Wells Fargo Advantage Dow Jones Target 2025 Fund (“Target 2025 Fund”), the Wells Fargo Advantage Dow Jones Target 2030 Fund (“Target 2030 Fund”), the Wells Fargo Advantage Dow Jones Target 2035 Fund (“Target 2035 Fund”), the Wells Fargo Advantage Dow Jones Target 2040 Fund (“Target 2040 Fund”), the Wells Fargo Advantage Dow Jones Target 2045 Fund (“Target 2045 Fund”), the Wells Fargo Advantage Dow Jones Target 2050 Fund (“Target 2050 Fund”), and the Wells Fargo Advantage Dow Jones Target 2055 Fund (“Target 2055 Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

The Funds each seek to achieve their investment objective by investing all investable assets in one or more separate diversified portfolios (each, a “Master Portfolio”, collectively, the “Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each Master Portfolio directly acquires portfolio securities, and a Fund investing in a Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the Master Portfolios as partnership investments and records daily its share of the Master Portfolio’s income, expense, and realized and unrealized gains and losses. The financial statements of the Master Portfolios for the six months ended August 31, 2013 are included in this report and should be read in conjunction with each Fund’s financial statements. As of August 31, 2013, the Funds own the following percentages of the Master Portfolios:


	Target Today Fund			Target 2010 Fund			Target 2015 Fund			Target 2020 Fund			Target 2025 Fund			Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund			Target 2050 Fund			Target 2055 Fund
Wells Fargo Advantage Diversified Fixed Income Portfolio		11	%		11	%		11	%		27	%		17	%		13	%		4	%		4	%		1	%		1	%		0	%*
Wells Fargo Advantage Diversified Stock Portfolio		2			2			3			13			14			20			10			18			6			11			1
Wells Fargo Advantage Short-Term Investment Portfolio		17			5			6			16			13			15			7			11			3			7			0	*

*	The amount invested is less than 1%.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Investments in the Master Portfolios are valued daily based on each Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily. Securities held in the Master Portfolios are valued as discussed in the Notes to Financial Statements of the Master Portfolios, which are included elsewhere in this report.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis in each Master Portfolio. Realized gains or losses in each Master Portfolio are reported on the basis of identified cost.

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			73

Dividend income in each Master Portfolio is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Master Portfolio is informed of the ex-dividend date.

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

Each Fund records daily its proportionate share of each Master Portfolio’s interest and dividend income and realized and unrealized gains or losses.

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

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable 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.

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

As of February 28, 2013, Target 2055 Fund had capital loss carryforwards which consist of $69,195 in short-term capital losses and $61,211 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of each 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). Each 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.

At August 31, 2013, each Fund’s investments in an affiliated Master Portfolio were designated as Level 2 inputs. Further details on the investments of the affiliated Master Portfolios can be found in the Summary Portfolio of Investments or Portfolio of Investments of each affiliated Master Portfolio which is contained elsewhere in this report.


74		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended August 31, 2013, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fees

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“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 Funds.

Funds Management is the adviser for each Fund and is entitled to receive an advisory fee for providing such advisory services, including the determination of the asset allocations of each Fund’s investments in the various Master Portfolios. Funds Management is entitled to receive an annual advisory fee starting at 0.25% and declining to 0.19% as the average daily net assets of each Fund increases. For the six months ended August 31, 2013, the advisory fee was equivalent to an annual rate for each Fund as follows:


	Advisory fee
Target Today Fund		0.24	%
Target 2010 Fund		0.24
Target 2015 Fund		0.24
Target 2020 Fund		0.22
Target 2025 Fund		0.22
Target 2030 Fund		0.22
Target 2035 Fund		0.24
Target 2040 Fund		0.23
Target 2045 Fund		0.25
Target 2050 Fund		0.24
Target 2055 Fund		0.25

Funds Management also serves as the adviser to each Master Portfolio and is entitled to receive a fee from each Master Portfolio for those services.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fees for subadvisory services are borne by Funds Management. Global Index Advisors, Incorporated is the subadviser to each Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.06% and declining to 0.04% as the average daily net assets of each Fund increase.

Administration and transfer agent fees

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


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

*	On June 1, 2013, Institutional Class was renamed Class R6. Prior to June 1, 2013, Institutional Class incurred a class level administration fee of 0.08%.


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			75

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 Funds. 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 June 30, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:


	Class A			Class B			Class C			Class R			Class R4			Class R6			Administrator Class			Investor Class
Target Today Fund		0.81	%		1.56	%		1.56	%		1.06	%		0.45	%		0.30	%		0.65	%		0.86	%
Target 2010 Fund		0.83			1.58			1.58			1.08			0.47			0.32			0.67			0.88
Target 2015 Fund		0.84			N/A			N/A			1.09			0.48			0.33			0.68			0.89
Target 2020 Fund		0.86			1.61			1.61			1.11			0.50			0.35			0.70			0.91
Target 2025 Fund		0.86			N/A			N/A			1.11			0.50			0.35			0.70			0.91
Target 2030 Fund		0.87			1.62			1.62			1.12			0.51			0.36			0.71			0.92
Target 2035 Fund		0.88			N/A			N/A			1.13			0.52			0.37			0.72			0.93
Target 2040 Fund		0.88			1.63			1.63			1.13			0.52			0.37			0.72			0.93
Target 2045 Fund		0.88			N/A			N/A			1.13			0.52			0.37			0.72			0.93
Target 2050 Fund		0.88			N/A			1.63			1.13			0.52			0.37			0.72			0.93
Target 2055 Fund		0.88			N/A			N/A			1.13			0.52			0.37			0.72			0.93

Prior to June 1, 2013, each Fund’s expenses were capped as follows:


	Class A			Class B			Class C			Class R			Class R4			Class R6			Administrator Class			Investor Class
Target Today Fund		0.96	%		1.71	%		1.71	%		1.06	%		0.45	%		0.45	%		0.80	%		0.86	%
Target 2010 Fund		0.99			1.74			1.74			1.08			0.47			0.48			0.83			0.89
Target 2015 Fund		0.84			N/A			N/A			1.09			0.48			0.49			0.84			0.90
Target 2020 Fund		1.01			1.76			1.76			1.11			0.50			0.50			0.85			0.91
Target 2025 Fund		0.86			N/A			N/A			1.11			0.50			0.50			0.85			0.91
Target 2030 Fund		1.02			1.77			1.77			1.12			0.51			0.51			0.86			0.92
Target 2035 Fund		0.88			N/A			N/A			1.13			0.52			0.52			0.87			0.93
Target 2040 Fund		1.03			1.78			1.78			1.13			0.52			0.52			0.87			0.93
Target 2045 Fund		0.88			N/A			N/A			1.13			0.52			0.52			0.87			0.93
Target 2050 Fund		0.88			N/A			1.63			1.13			0.52			0.52			0.87			0.93
Target 2055 Fund		0.88			N/A			N/A			1.13			0.52			0.52			0.87			0.93

Distribution fees

The Trust has adopted a Distribution Plan for Class B, Class C, and Class R shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B, Class C, and Class R shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares and 0.25% of Class R shares.

For the six months ended August 31, 2013, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges:



	Front-end sales charges Class A		Contingent deferred sales charges
	Front-end sales charges Class A		Class B		Class C
Target Today Fund	$	307	$	0	$	0
Target 2010 Fund		318		0		446
Target 2015 Fund		0		N/A		N/A
Target 2020 Fund		1,398		28		6
Target 2025 Fund		369		N/A		N/A


76		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)



	Front-end sales charges Class A		Contingent deferred sales charges
	Front-end sales charges Class A		Class B		Class C
Target 2030 Fund	$	763	$	13	$	0
Target 2035 Fund		0		N/A		N/A
Target 2040 Fund		2,052		679		148
Target 2045 Fund		11		N/A		N/A
Target 2050 Fund		7		N/A		0
Target 2055 Fund		0		N/A		N/A

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. Government obligations (if any) and short-term securities, for the six months ended August 31, 2013 were as follows:


	Purchases at cost*		Sales proceeds*
Target Today Fund	$	226,546,163	$	172,361,199
Target 2010 Fund		224,822,741		172,562,625
Target 2015 Fund		252,725,306		200,148,392
Target 2020 Fund		655,702,004		546,759,579
Target 2025 Fund		461,674,343		409,995,814
Target 2030 Fund		467,374,932		446,928,555
Target 2035 Fund		178,299,246		184,513,245
Target 2040 Fund		250,659,926		278,405,635
Target 2045 Fund		75,992,794		88,177,513
Target 2050 Fund		139,517,746		162,947,627
Target 2055 Fund		9,616,760		11,231,749

Each Fund seeks to achieve its investment objective by investing all of its investable assets in multiple Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage of the respective Master Portfolio by the corresponding Master Portfolio’s purchases and sales.

6. BANK BORROWINGS

Each Fund and certain funds in the Trust are party to a $25,000,000 revolving credit agreement with the Bank of New York Mellon, whereby the Funds are 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 each 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 0.15% of the unused balance is allocated to each participating fund. For the six months ended August 31, 2013, the Funds paid the following amounts in commitment fees:


	Commitment fee
Target Today Fund	$	939
Target 2010 Fund		832
Target 2015 Fund		1,004
Target 2020 Fund		2,596
Target 2025 Fund		2,970


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			77


	Commitment fee
Target 2030 Fund	$	3,107
Target 2035 Fund		1,515
Target 2040 Fund		2,123
Target 2045 Fund		794
Target 2050 Fund		1,283
Target 2055 Fund		62

During the six months ended August 31, 2013, the Funds had the following borrowing activity:


	Average borrowings outstanding		Weighted average interest rate (annualized)			Interest paid
Target 2010 Fund	$	72		1.39	%	$	1
Target 2015 Fund		2,302		1.39			32
Target 2020 Fund		4,532		1.39			63
Target 2025 Fund		3,669		1.39			51
Target 2030 Fund		3,094		1.39			43
Target 2035 Fund		1,871		1.39			26
Target 2040 Fund		1,223		1.39			17
Target 2045 Fund		863		1.39			12
Target 2050 Fund		432		1.39			6
Target 2055 Fund		72		1.39			1

For the six months ended August 31, 2013, there were no borrowings by Target Today Fund under the agreement.

7. INDEMNIFICATION

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

8. SUBSEQUENT DISTRIBUTIONS

On September 24, 2013, the Funds declared distributions from net investment income to shareholders of record on September 23, 2013. The per share amounts payable on September 25, 2013 were as follows:


Net investment income	Target Today Fund	Target 2010 Fund		Target 2015 Fund		Target 2025 Fund		Target 2030 Fund		Target 2035 Fund		Target 2040 Fund		Target 2045 Fund		Target 2050 Fund		Target 2055 Fund
Class A	$0.03584	$	0.12218	$	0.04115	$	0.0331	$	0.04563	$	0.03486	$	0.04769	$	0.03550	$	0.03000	$	0.02894
Class B	0.01266		0.02368		N/A		N/A		0.01211		N/A		0.01062		N/A		N/A		N/A
Class C	0.01266		0.04427		N/A		N/A		0.01777		N/A		0.01299		N/A		0.01053		N/A
Class R	0.03219		0.14501		0.03243		0.02837		0.04016		0.02676		0.04144		0.02628		0.02317		0.02449
Class R4	0.04572		0.16143		0.04534		0.04164		0.06007		0.04005		0.06395		0.04016		0.03581		0.03858
Class R6	0.04988		0.17931		0.04921		0.04541		0.06601		0.04389		0.07065		0.04414		0.03962		0.04298
Administrator Class	0.03999		0.13793		0.04008		0.03653		0.05204		0.03482		0.05493		0.03480		0.03071		0.03319
Investor Class	0.03252		0.12689		0.03140		0.02638		0.04372		0.02337		0.04524		0.02177		0.02511		0.02808

The final determination of the source of all distributions in the current year is subject to change and will be made after calendar year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend on each Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. These distributions are not reflected in the accompanying financial statements.


78		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2013 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website: http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/diversifiedfixedincome.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the Form N-CSRS, is also available on the SEC’s website at sec.gov.


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets


Agency Securities: 27.57%
FHLMC		0.32-6.75	%		3-1-2014 to 9-1-2043	$	249,344,290	$	259,589,580		4.82	%
FHLMC %%		2.50			9-1-2028		20,000,000		19,790,624		0.37
FHLMC		3.50			2-1-2042		14,426,276		14,363,734		0.27
FNMA		0.00-7.25			9-1-2013 to 7-1-2043		544,726,007		564,035,111		10.46
FNMA		2.50			7-1-2028		10,407,936		10,314,714		0.19
FNMA		2.50			7-1-2028		9,880,144		9,791,654		0.18
FNMA		3.00			8-1-2027		16,626,147		16,999,466		0.31
FNMA		3.00			3-1-2043		11,719,625		11,222,468		0.21
FNMA		3.50			12-1-2026		10,954,363		11,442,441		0.21
FNMA %%		3.50			9-1-2041		45,000,000		44,880,200		0.83
FNMA		3.50			9-1-2042		13,794,881		13,789,632		0.26
FNMA		3.50			7-1-2043		9,940,155		9,924,061		0.18
FNMA		4.50			2-1-2041		9,638,230		10,183,211		0.19
GNMA		3.00-7.00			11-15-2023 to 8-20-2043		288,622,252		299,938,386		5.56
GNMA		3.50			6-15-2042		12,155,381		12,270,714		0.23
GNMA		3.50			4-20-2043		20,643,208		20,847,636		0.39
GNMA		4.50			3-15-2039		14,564,283		15,525,855		0.29
Other securities									141,261,467		2.62

Total Agency Securities (Cost $1,490,967,949)									1,486,170,954		27.57


Corporate Bonds and Notes: 20.97%

Consumer Discretionary: 1.87%

Auto Components: 0.03%
Other securities									1,841,660		0.03


Automobiles: 0.04%
Other securities									2,301,793		0.04


Diversified Consumer Services: 0.05%
Other securities									2,554,072		0.05


Hotels, Restaurants & Leisure: 0.16%
Other securities									8,790,028		0.16


Household Durables: 0.03%
Other securities									1,864,821		0.03


Internet & Catalog Retail: 0.05%
Other securities									2,499,400		0.05


Leisure Equipment & Products: 0.02%
Other securities									887,371		0.02

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


Summary portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			79

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name								Value		Percent of net assets


Media: 1.13%
Other securities								$	60,883,800		1.13	%


Multiline Retail: 0.14%
Other securities									7,397,878		0.14


Specialty Retail: 0.21%
Other securities									11,266,020		0.21


Textiles, Apparel & Luxury Goods: 0.01%
Other securities									710,193		0.01


Consumer Staples: 1.89%

Beverages: 0.54%
Other securities									29,065,523		0.54


Food & Staples Retailing: 0.48%
Other securities									26,225,996		0.48


Food Products: 0.42%
Other securities									22,540,818		0.42


Household Products: 0.16%
Other securities									8,725,639		0.16


Personal Products: 0.02%
Other securities									949,085		0.02


Tobacco: 0.27%
Other securities									14,457,122		0.27


Energy: 1.71%

Energy Equipment & Services: 0.16%
Other securities									8,602,226		0.16


Oil, Gas & Consumable Fuels: 1.55%
Other securities									83,369,493		1.55


Financials: 7.41%

Capital Markets: 1.37%
Other securities									73,962,268		1.37


	Interest rate			Maturity date		Principal
Commercial Banks: 0.99%
Wachovia Bank NA (l)		4.88	%		2-1-2015	$	350,000		369,093		0.01
Wachovia Bank NA (l)		5.85			2-1-2037		1,000,000		1,112,278		0.02
Wachovia Bank NA (l)		6.60			1-15-2038		600,000		729,646		0.01
Wachovia Corporation (l)		5.50			8-1-2035		700,000		721,833		0.01
Wachovia Corporation (l)		5.63			10-15-2016		1,200,000		1,339,584		0.03
Wachovia Corporation (l)		5.75			6-15-2017		1,000,000		1,137,810		0.02

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


80		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2013 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets


Commercial Banks (continued)
Wachovia Corporation (l)		5.75	%		2-1-2018	$	1,000,000	$	1,144,296		0.02	%
Wells Fargo & Company (l)		1.25			2-13-2015		1,500,000		1,507,748		0.03
Wells Fargo & Company (l)		1.50			7-1-2015		750,000		758,414		0.01
Wells Fargo & Company (l)		1.50			1-16-2018		1,000,000		972,745		0.02
Wells Fargo & Company (l)		2.63			12-15-2016		1,000,000		1,036,968		0.02
Wells Fargo & Company (l)		3.45			2-13-2023		750,000		697,722		0.01
Wells Fargo & Company (l)		3.50			3-8-2022		1,000,000		991,392		0.02
Wells Fargo & Company (l)		3.68			6-15-2016		1,000,000		1,061,939		0.02
Wells Fargo & Company (l)		3.75			10-1-2014		1,500,000		1,551,768		0.03
Wells Fargo & Company (l)		4.60			4-1-2021		1,250,000		1,344,323		0.03
Wells Fargo & Company (l)		5.63			12-11-2017		1,500,000		1,708,895		0.03
Wells Fargo Bank NA (l)		5.95			8-26-2036		350,000		394,176		0.01
Wells Fargo Capital X (l)		5.95			12-1-2086		500,000		480,007		0.01
Other securities									34,189,323		0.63

									53,249,960		0.99


Consumer Finance: 0.87%
Other securities									46,920,667		0.87


Diversified Financial Services: 2.60%
Other securities									140,344,310		2.60


Insurance: 0.98%
Other securities									52,851,296		0.98


Real Estate Management & Development: 0.02%
Other securities									1,000,546		0.02


REITs: 0.58%
Other securities									31,071,642		0.58


Thrifts & Mortgage Finance: 0.00%
Other securities									245,414		0.00


Health Care: 1.92%

Biotechnology: 0.25%
Other securities									13,420,681		0.25


Health Care Equipment & Supplies: 0.25%
Other securities									13,567,326		0.25


Health Care Providers & Services: 0.51%
Other securities									27,614,691		0.51


Life Sciences Tools & Services: 0.07%
Other securities									3,648,844		0.07


Pharmaceuticals: 0.84%
Other securities									45,311,455		0.84

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


Summary portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			81

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets


Industrials: 1.49%

Aerospace & Defense: 0.40%
Other securities	$	21,650,612		0.40	%


Air Freight & Logistics: 0.08%
Other securities		4,270,988		0.08


Airlines: 0.09%
Other securities		4,828,617		0.09


Building Products: 0.01%
Other securities		319,486		0.01


Commercial Services & Supplies: 0.19%
Other securities		10,495,341		0.19


Construction & Engineering: 0.01%
Other securities		507,463		0.01


Electrical Equipment: 0.09%
Other securities		4,802,271		0.09


Industrial Conglomerates: 0.12%
Other securities		6,259,274		0.12


Machinery: 0.18%
Other securities		9,787,022		0.18


Professional Services: 0.01%
Other securities		605,656		0.01


Road & Rail: 0.31%
Other securities		16,714,928		0.31


Information Technology: 1.27%

Communications Equipment: 0.15%
Other securities		8,108,721		0.15


Computers & Peripherals: 0.29%
Other securities		15,435,287		0.29


Electronic Equipment, Instruments & Components: 0.06%
Other securities		3,246,637		0.06


Internet Software & Services: 0.05%
Other securities		2,668,311		0.05


IT Services: 0.22%
Other securities		11,818,410		0.22


Office Electronics: 0.05%
Other securities		2,881,126		0.05

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


82		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2013 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets


Semiconductors & Semiconductor Equipment: 0.15%
Other securities	$	7,967,680		0.15	%


Software: 0.30%
Other securities		16,271,223		0.30


Materials: 0.88%

Chemicals: 0.43%
Other securities		23,063,025		0.43


Construction Materials: 0.00%
Other securities		139,775		0.00


Containers & Packaging: 0.01%
Other securities		306,418		0.01


Metals & Mining: 0.33%
Other securities		18,021,975		0.33


Paper & Forest Products: 0.11%
Other securities		5,836,485		0.11


Telecommunication Services: 0.75%

Diversified Telecommunication Services: 0.71%
Other securities		38,308,327		0.71


Wireless Telecommunication Services: 0.04%
Other securities		1,878,387		0.04


Utilities: 1.78%

Electric Utilities: 1.39%
Other securities		74,711,446		1.39


Gas Utilities: 0.10%
Other securities		5,638,776		0.10


Independent Power Producers & Energy Traders: 0.03%
Other securities		1,486,107		0.03


Multi-Utilities: 0.25%
Other securities		13,514,162		0.25


Water Utilities: 0.01%
Other securities		862,076		0.01


Total Corporate Bonds and Notes (Cost $1,100,748,315)		1,130,548,050		20.97

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


Summary portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			83

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets


Foreign Government Bonds @: 24.76%
France Government Bond (EUR)		0.25-8.50	%		10-25-2014 to 4-25-2060		74,400,000	$	111,310,988		2.07	%
Italy Buoni Poliennali del Tesoro (EUR)		2.25-9.00			11-15-2014 to 9-1-2044		93,855,000		129,561,767		2.40
Japan Government Five Year Bond Series 66 (JPY)		0.40			9-20-2016		1,525,000,000		15,649,543		0.29
Spain Government Bond (EUR)		3.00-6.00			10-31-2014 to 7-30-2041		39,727,000		54,425,584		1.01
United Kingdom Gilt (GBP)		1.00-8.75			9-7-2014 to 7-22-2068		88,085,000		151,807,044		2.82
Other securities									871,585,335		16.17

Total Foreign Government Bonds (Cost $1,385,627,453)									1,334,340,261		24.76


U.S. Treasury Securities: 22.15%
U.S. Treasury Bond		2.75-7.50			11-15-2014 to 5-15-2043	$	113,000,000		118,200,200		2.19
U.S. Treasury Bond		4.25			11-15-2040		9,500,000		10,488,589		0.20
U.S. Treasury Note		0.13-11.25			9-30-2014 to 8-15-2013		572,620,000		596,850,617		11.08
U.S. Treasury Note		0.13			12-31-2014		15,000,000		14,980,080		0.28
U.S. Treasury Note		0.25			9-30-2014		12,000,000		12,010,776		0.22
U.S. Treasury Note		0.25			11-30-2014		20,000,000		20,010,160		0.37
U.S. Treasury Note		0.25			2-15-2015		10,000,000		9,996,090		0.19
U.S. Treasury Note		0.25			7-15-2015		15,000,000		14,961,915		0.28
U.S. Treasury Note		0.25			10-15-2015		15,000,000		14,935,545		0.28
U.S. Treasury Note		0.38			3-15-2015		20,000,000		20,023,440		0.37
U.S. Treasury Note		0.38			4-15-2015		30,000,000		30,025,770		0.56
U.S. Treasury Note		0.50			6-15-2016		10,000,000		9,943,750		0.19
U.S. Treasury Note		0.63			9-30-2017		24,000,000		23,345,616		0.43
U.S. Treasury Note		0.75			6-30-2017		15,000,000		14,746,875		0.27
U.S. Treasury Note		1.00			9-30-2016		10,000,000		10,047,660		0.19
U.S. Treasury Note		1.00			3-31-2017		12,000,000		11,962,500		0.22
U.S. Treasury Note		1.25			4-30-2019		12,000,000		11,606,256		0.22
U.S. Treasury Note		1.38			6-30-2018		10,000,000		9,903,120		0.18
U.S. Treasury Note		1.38			12-31-2018		10,000,000		9,812,500		0.18
U.S. Treasury Note		1.50			7-31-2016		15,000,000		15,314,070		0.28
U.S. Treasury Note		1.50			8-31-2018		12,000,000		11,925,000		0.22
U.S. Treasury Note		1.63			8-15-2022		14,100,000		12,915,826		0.24
U.S. Treasury Note		1.63			11-15-2022		12,500,000		11,383,788		0.21
U.S. Treasury Note		1.75			5-31-2016		10,000,000		10,284,380		0.19
U.S. Treasury Note		1.75			5-15-2023		12,500,000		11,402,350		0.21
U.S. Treasury Note		2.00			11-15-2021		16,000,000		15,378,752		0.29
U.S. Treasury Note		2.00			2-15-2023		11,000,000		10,316,801		0.19
U.S. Treasury Note		2.13			5-31-2015		15,000,000		15,459,960		0.29
U.S. Treasury Note		2.13			12-31-2015		10,000,000		10,371,090		0.19
U.S. Treasury Note		2.13			8-15-2021		10,000,000		9,750,000		0.18
U.S. Treasury Note		2.38			2-28-2015		15,000,000		15,463,470		0.29
U.S. Treasury Note		2.63			8-15-2020		12,000,000		12,327,192		0.23
U.S. Treasury Note		2.63			11-15-2020		10,000,000		10,235,160		0.19
U.S. Treasury Note		3.50			5-15-2020		10,000,000		10,870,310		0.20
U.S. Treasury Note		3.63			8-15-2019		9,500,000		10,409,179		0.19
U.S. Treasury Note		3.63			2-15-2020		13,000,000		14,247,194		0.26
U.S. Treasury Note		3.63			2-15-2021		20,000,000		21,801,560		0.40

Total U.S. Treasury Securities (Cost $1,184,675,859)									1,193,707,541		22.15

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


84		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2013 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets


Yankee Corporate Bonds and Notes: 3.64%

Consumer Discretionary: 0.03%

Media: 0.03%
Other securities	$	1,813,965		0.03	%


Consumer Staples: 0.07%

Beverages: 0.07%
Other securities		3,679,133		0.07


Energy: 0.69%

Energy Equipment & Services: 0.05%
Other securities		2,638,694		0.05


Oil, Gas & Consumable Fuels: 0.64%
Other securities		34,314,237		0.64


Financials: 1.52%

Capital Markets: 0.05%
Other securities		2,624,560		0.05


Commercial Banks: 0.91%
Other securities		49,301,174		0.91


Diversified Financial Services: 0.50%
Other securities		27,176,863		0.50


Insurance: 0.06%
Other securities		2,983,199		0.06


Real Estate Management & Development: 0.00%
Other securities		136,625		0.00


Health Care: 0.16%

Health Care Equipment & Supplies: 0.00%
Other securities		252,501		0.00


Pharmaceuticals: 0.16%
Other securities		8,585,312		0.16


Industrials: 0.14%

Aerospace & Defense: 0.01%
Other securities		745,250		0.01


Commercial Services & Supplies: 0.02%
Other securities		1,273,451		0.02


Industrial Conglomerates: 0.06%
Other securities		2,976,163		0.06

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


Summary portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			85

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets


Machinery: 0.01%
Other securities	$	538,781		0.01	%


Road & Rail: 0.04%
Other securities		1,866,112		0.04


Information Technology: 0.01%

Internet Software & Services: 0.01%
Other securities		568,058		0.01


Materials: 0.35%

Chemicals: 0.09%
Other securities		5,170,190		0.09


Metals & Mining: 0.24%
Other securities		12,835,196		0.24


Paper & Forest Products: 0.02%
Other securities		943,386		0.02


Telecommunication Services: 0.64%

Diversified Telecommunication Services: 0.38%
Other securities		20,209,887		0.38


Wireless Telecommunication Services: 0.26%
Other securities		14,102,846		0.26


Utilities: 0.03%

Electric Utilities: 0.00%
Other securities		154,207		0.00


Independent Power Producers & Energy Traders: 0.01%
Other securities		506,252		0.01


Multi-Utilities: 0.01%
Other securities		565,453		0.01


Water Utilities: 0.01%
Other securities		267,711		0.01


Total Yankee Corporate Bonds and Notes (Cost $193,801,259)		196,229,206		3.64

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


86		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2013 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Yield			Shares		Value			Percent of net assets

Short-Term Investments: 2.12%

Investment Companies: 2.12%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.09	%		111,889,955	$	111,889,955			2.08	%
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.14			2,265,033		2,265,033			0.04

Total Short-Term Investments (Cost $114,154,988)							114,154,988			2.12

Total investments in securities (Cost $5,469,975,823) *							5,455,151,000			101.21
Other assets and liabilities, net							(65,443,446	)		(1.21	)

Total net assets						$	5,389,707,554			100.00	%

%%	Security issued on a when-issued basis

(l)	Investment in an affiliate

@	Foreign bond principal is denominated in local currency.

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

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

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

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

*	Cost for federal income tax purposes is $5,471,585,589 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	132,954,722
Gross unrealized depreciation		(149,389,311	)

Net unrealized depreciation	$	(16,434,589	)

The following table shows the percent of total long-term investments by geographic location as of August 31, 2013 (unaudited):


United States	70.78	%
Japan	11.19	%
United Kingdom	3.80	%
France	2.80	%
Italy	2.51	%
Germany	2.22	%
Canada	1.59	%
Spain	1.37	%
Netherlands	1.14	%
Other	2.60	%

	100.00	%

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


Summary portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			87

DIVERSIFIED STOCK PORTFOLIO

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website: http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/diversifiedstock.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the Form N-CSRS, is also available on the SEC’s website at sec.gov.


Security name	Shares		Value		Percent of net assets


Common Stocks: 97.62%

Consumer Discretionary: 13.48%

Auto Components: 1.08%
Other securities			$	90,182,194		1.08	%


Automobiles: 1.47%
Toyota Motor Corporation		560,314		33,703,664		0.41
Other securities				88,412,796		1.06

				122,116,460		1.47


Distributors: 0.17%
Other securities				13,875,008		0.17


Diversified Consumer Services: 0.45%
Other securities				37,067,117		0.45


Hotels, Restaurants & Leisure: 2.30%
McDonald’s Corporation		233,314		22,015,509		0.27
Other securities				169,360,441		2.03

				191,375,950		2.30


Household Durables: 0.89%
Other securities				73,676,150		0.89


Internet & Catalog Retail: 0.88%
Amazon.com Incorporated †		84,727		23,806,592		0.29
Other securities				49,455,189		0.59

				73,261,781		0.88


Leisure Equipment & Products: 0.29%
Other securities				24,116,502		0.29


Media: 2.04%
Other securities				169,300,199		2.04


Multiline Retail: 0.57%
Other securities				47,178,285		0.57


Specialty Retail: 2.18%
Other securities				181,129,309		2.18


Textiles, Apparel & Luxury Goods: 1.16%
Other securities				96,086,199		1.16

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


88		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2013 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Consumer Staples: 6.94%

Beverages: 1.36%
PepsiCo Incorporated		172,663	$	13,766,421		0.17	%
The Coca-Cola Company		427,766		16,332,106		0.20
Other securities				82,646,697		0.99

				112,745,224		1.36


Food & Staples Retailing: 1.68%
Other securities				139,402,079		1.68


Food Products: 2.05%
Nestle SA		312,322		20,439,662		0.25
Other securities				149,476,412		1.80

				169,916,074		2.05


Household Products: 0.80%
Procter & Gamble Company		306,082		23,840,727		0.29
Other securities				42,560,555		0.51

				66,401,282		0.80


Personal Products: 0.41%
Other securities				33,909,536		0.41


Tobacco: 0.64%
Philip Morris International Incorporated		182,650		15,240,316		0.18
Other securities				38,238,959		0.46

				53,479,275		0.64


Energy: 7.59%

Energy Equipment & Services: 1.65%
Schlumberger Limited		309,405		25,043,241		0.30
Other securities				111,873,874		1.35

				136,917,115		1.65


Oil, Gas & Consumable Fuels: 5.94%
Chevron Corporation		216,523		26,075,865		0.31
Exxon Mobil Corporation		496,631		43,286,358		0.52
Occidental Petroleum Corporation		187,562		16,544,844		0.20
Other securities				407,349,079		4.91

				493,256,146		5.94


Financials: 20.79%

Capital Markets: 1.54%
Other securities				127,863,336		1.54

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


Summary portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			89

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Commercial Banks: 7.86%
Australia & New Zealand Banking Group Limited		515,600	$	13,536,568		0.16	%
China Construction Bank		19,871,990		14,495,335		0.18
Commonwealth Bank of Australia		302,662		19,525,930		0.24
HSBC Holdings plc		1,803,870		18,886,431		0.23
Mitsubishi UFJ Financial Group Incorporated		2,600,970		15,157,945		0.18
Wells Fargo & Company (l)		550,120		22,598,930		0.27
Westpac Banking Corporation		588,424		16,334,558		0.20
Other securities				531,845,033		6.40

				652,380,730		7.86


Consumer Finance: 0.28%
Other securities				22,967,299		0.28


Diversified Financial Services: 1.82%
Bank of America Corporation		1,203,966		17,000,000		0.21
Berkshire Hathaway Incorporated Class B †		203,700		22,655,514		0.27
Citigroup Incorporated		339,838		16,424,371		0.20
JPMorgan Chase & Company		422,077		21,327,551		0.26
Other securities				73,851,814		0.88

				151,259,250		1.82


Insurance: 3.92%
Other securities				325,225,024		3.92


Real Estate Management & Development: 1.08%
Other securities				89,971,765		1.08


REITs: 3.96%
Other securities				329,336,951		3.96


Thrifts & Mortgage Finance: 0.33%
Other securities				27,461,628		0.33


Health Care: 9.25%

Biotechnology: 1.77%
Celgene Corporation †		97,062		13,586,739		0.16
Gilead Sciences Incorporated †		355,000		21,395,850		0.26
Other securities				112,332,656		1.35

				147,315,245		1.77


Health Care Equipment & Supplies: 1.47%
Other securities				121,719,264		1.47


Health Care Providers & Services: 1.78%
Other securities				147,442,872		1.78


Health Care Technology: 0.20%
Other securities				16,996,147		0.20


Life Sciences Tools & Services: 0.67%
Other securities				55,556,268		0.67

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


90		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2013 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Pharmaceuticals: 3.36%
Johnson & Johnson		313,676	$	27,104,743		0.33	%
Merck & Company Incorporated		337,258		15,948,931		0.19
Novartis AG		262,107		19,094,405		0.23
Pfizer Incorporated		745,255		21,023,644		0.25
Roche Holding AG Genusschein		67,282		16,771,054		0.20
Other securities				179,334,480		2.16

				279,277,257		3.36


Industrials: 12.29%

Aerospace & Defense: 1.73%
United Technologies Corporation		196,859		19,705,586		0.24
Other securities				124,095,179		1.49

				143,800,765		1.73


Air Freight & Logistics: 0.60%
United Parcel Service Incorporated Class B		165,400		14,154,932		0.17
Other securities				35,805,587		0.43

				49,960,519		0.60


Airlines: 0.41%
Other securities				33,781,478		0.41


Building Products: 0.48%
Other securities				40,060,245		0.48


Commercial Services & Supplies: 0.92%
Other securities				76,195,233		0.92


Construction & Engineering: 0.58%
Other securities				48,153,891		0.58


Electrical Equipment: 0.93%
Other securities				77,220,561		0.93


Industrial Conglomerates: 1.08%
General Electric Company		1,154,807		26,722,234		0.32
Other securities				62,725,889		0.76

				89,448,123		1.08


Machinery: 2.80%
Other securities				232,839,502		2.80


Marine: 0.15%
Other securities				12,102,863		0.15


Professional Services: 0.53%
Other securities				44,360,916		0.53

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


Summary portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			91

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Road & Rail: 1.05%
Union Pacific Corporation		108,600	$	16,674,444		0.20	%
Other securities				70,823,868		0.85

				87,498,312		1.05


Trading Companies & Distributors: 0.86%
Other securities				71,158,384		0.86


Transportation Infrastructure: 0.17%
Other securities				13,867,442		0.17


Information Technology: 14.90%

Communications Equipment: 1.14%
Cisco Systems Incorporated		596,849		13,912,550		0.17
QUALCOMM Incorporated		402,197		26,657,617		0.32
Other securities				53,966,251		0.65

				94,536,418		1.14


Computers & Peripherals: 2.25%
Apple Incorporated		218,488		106,414,580		1.28
Other securities				80,169,333		0.97

				186,583,913		2.25


Electronic Equipment, Instruments & Components: 1.41%
Other securities				116,982,293		1.41


Internet Software & Services: 1.79%
eBay Incorporated †		271,908		13,592,681		0.16
Google Incorporated Class A †		62,542		52,966,820		0.64
Other securities				82,233,181		0.99

				148,792,682		1.79


IT Services: 2.75%
International Business Machines Corporation		242,646		44,227,086		0.53
MasterCard Incorporated Class A		24,290		14,721,683		0.18
Visa Incorporated		118,011		20,583,479		0.25
Other securities				148,641,130		1.79

				228,173,378		2.75


Office Electronics: 0.27%
Other securities				22,888,333		0.27


Semiconductors & Semiconductor Equipment: 2.63%
Samsung Electronics Company Limited		29,363		35,999,345		0.43
Taiwan Semiconductor Manufacturing Company Limited		4,166,298		13,812,847		0.17
Other securities				168,339,410		2.03

				218,151,602		2.63


Software: 2.66%
Microsoft Corporation		839,371		28,034,991		0.34
Oracle Corporation		855,215		27,247,150		0.33
Other securities				166,121,318		1.99

				221,403,459		2.66

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


92		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2013 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Materials: 5.82%

Chemicals: 2.75%
Other securities			$	228,293,780		2.75	%


Construction Materials: 0.44%
Other securities				36,516,497		0.44


Containers & Packaging: 0.40%
Other securities				33,051,282		0.40


Metals & Mining: 2.08%
BHP Billiton Limited		589,538		18,643,394		0.23
Other securities				153,529,705		1.85

				172,173,099		2.08


Paper & Forest Products: 0.15%
Other securities				12,757,389		0.15


Telecommunication Services: 2.62%

Diversified Telecommunication Services: 1.25%
AT&T Incorporated		600,898		20,328,379		0.25
Verizon Communications Incorporated		319,524		15,139,047		0.18
Other securities				68,373,040		0.82

				103,840,466		1.25


Wireless Telecommunication Services: 1.37%
China Mobile Limited		1,270,500		13,693,080		0.17
Vodafone Group plc		4,709,118		15,170,498		0.18
Other securities				84,547,095		1.02

				113,410,673		1.37


Utilities: 3.94%

Electric Utilities: 1.74%
Other securities				144,330,693		1.74


Gas Utilities: 0.73%
Other securities				60,859,480		0.73


Independent Power Producers & Energy Traders: 0.16%
Other securities				13,536,918		0.16


Multi-Utilities: 1.18%
Other securities				98,171,565		1.18


Water Utilities: 0.13%
Other securities				10,893,601		0.13


Total Common Stocks (Cost $6,611,785,721)				8,105,960,676		97.62

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


Summary portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			93

DIVERSIFIED STOCK PORTFOLIO


Security name	Value		Percent of net assets


Investment Companies: 0.01%
Other securities	$	560,366		0.01	%


Total Investment Companies (Cost $845,648)		560,366		0.01


Preferred Stocks: 0.61%

Consumer Discretionary: 0.07%

Automobiles: 0.06%
Other securities		4,684,338		0.06


Multiline Retail: 0.01%
Other securities		619,768		0.01


Consumer Staples: 0.10%

Beverages: 0.07%
Other securities		5,992,479		0.07


Food & Staples Retailing: 0.01%
Other securities		912,427		0.01


Household Products: 0.02%
Other securities		1,650,055		0.02


Energy: 0.10%

Oil, Gas & Consumable Fuels: 0.10%
Other securities		8,610,573		0.10


Financials: 0.18%

Capital Markets: 0.00%
Other securities		29,061		0.00


Commercial Banks: 0.18%
Other securities		14,953,253		0.18


Insurance: 0.00%
Other securities		557		0.00


Health Care: 0.00%

Life Sciences Tools & Services: 0.00%
Other securities		167		0.00


Materials: 0.12%

Chemicals: 0.01%
Other securities		1,096,245		0.01


Metals & Mining: 0.11%
Other securities		8,634,926		0.11

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


94		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2013 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Value		Percent of net assets


Telecommunication Services: 0.02%

Diversified Telecommunication Services: 0.02%
Other securities	$	1,541,460		0.02	%


Utilities: 0.02%

Electric Utilities: 0.01%
Other securities		1,107,931		0.01


Independent Power Producers & Energy Traders: 0.01%
Other securities		399,893		0.01


Multi-Utilities: 0.00%
Other securities		101,466		0.00


Total Preferred Stocks (Cost $64,554,071)		50,334,599		0.61


Rights: 0.00%

Consumer Discretionary: 0.00%

Hotels, Restaurants & Leisure: 0.00%
Other securities		0		0.00


Energy: 0.00%

Oil, Gas & Consumable Fuels: 0.00%
Other securities		0		0.00


Financials: 0.00%

Commercial Banks: 0.00%
Other securities		36,184		0.00


Industrials: 0.00%

Construction & Engineering: 0.00%
Other securities		8,649		0.00


Machinery: 0.00%
Other securities		2,782		0.00


Total Rights (Cost $18,642)		47,615		0.00


Warrants: 0.00%

Consumer Discretionary: 0.00%

Media: 0.00%
Other securities		361		0.00


Consumer Staples: 0.00%

Food Products: 0.00%
Other securities		1,775		0.00

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


Summary portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			95

DIVERSIFIED STOCK PORTFOLIO


Security name						Value			Percent of net assets


Energy: 0.00%

Energy Equipment & Services: 0.00%
Other securities						$	1,495			0.00	%


Oil, Gas & Consumable Fuels: 0.00%
Other securities							881			0.00


Financials: 0.00%

Real Estate Management & Development: 0.00%
Other securities							12,666			0.00


Industrials: 0.00%

Construction & Engineering: 0.00%
Other securities							4,873			0.00


Marine: 0.00%
Other securities							2,085			0.00


Information Technology: 0.00%

Software: 0.00%
Other securities							1,759			0.00


Materials: 0.00%

Metals & Mining: 0.00%
Other securities							111			0.00


Utilities: 0.00%

Water Utilities: 0.00%
Other securities							797			0.00


Total Warrants (Cost $49,476)							26,803			0.00


	Yield			Shares
Short-Term Investments: 4.03%

Investment Companies: 4.03%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.09	%		94,279,131		94,279,131			1.13
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.14			240,592,367		240,592,367			2.90

Total Short-Term Investments (Cost $334,871,498)							334,871,498			4.03

Total investments in securities (Cost $7,012,125,056) *							8,491,801,557			102.27
Other assets and liabilities, net							(188,862,437	)		(2.27	)

Total net assets						$	8,302,939,120			100.00	%

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


96		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2013 (unaudited)

DIVERSIFIED STOCK PORTFOLIO

†	Non-income-earning security

(l)	Investment in an affiliate

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

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

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

*	Cost for federal income tax purposes is $7,079,053,492 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,879,529,932
Gross unrealized depreciation		(466,781,867	)

Net unrealized appreciation	$	1,412,748,065

The following table shows percent of total long-term investments by geographic locations as of August 31, 2013 (unaudited):


United States	65.48	%
Japan	7.43	%
United Kingdom	3.48	%
Australia	2.34	%
South Korea	1.75	%
Canada	1.64	%
Switzerland	1.56	%
France	1.40	%
Germany	1.24	%
Taiwan	1.23	%
Hong Kong	1.11	%
China	1.01	%
Other	10.33	%

	100.00	%

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


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			97

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Certificates of Deposit: 30.56%
Abbey National Treasury Services		0.12	%		9-3-2013	$	16,000,000	$	16,000,000
ANZ Banking Group London		0.09			9-3-2013		6,000,000		6,000,000
Banco Del Estado De Chile		0.22			12-6-2013		2,000,000		1,999,940
Banco Del Estado De Chile ±		0.26			10-7-2013		1,000,000		1,000,040
Bank of Montreal		0.18			9-12-2013		2,000,000		2,000,000
Bank of Montreal		0.19			10-11-2013		7,000,000		6,999,860
Bank of Montreal		0.19			11-20-2013		1,000,000		999,890
Bank of Montreal		0.19			11-20-2013		1,000,000		999,890
Bank of Montreal		0.20			10-17-2013		1,000,000		999,990
Bank of Nova Scotia		0.17			9-17-2013		2,000,000		2,000,120
Bank of Nova Scotia		0.21			11-1-2013		2,000,000		2,000,100
Bank of Nova Scotia ±		0.24			12-16-2013		2,000,000		2,000,240
Bank of Tokyo Mitsubishi LLC		0.10			9-3-2013		7,000,000		6,999,930
Bank of Tokyo Mitsubishi LLC		0.26			9-11-2013		1,000,000		1,000,030
Barclays Bank plc ±		0.77			12-12-2013		5,000,000		5,006,450
Barclays Bank plc ±		0.88			9-30-2013		1,000,000		1,000,500
China Construction Bank		0.30			9-3-2013		4,000,000		4,000,040
China Construction Bank		0.30			9-4-2013		4,000,000		4,000,040
China Construction Bank ±		0.43			3-25-2015		4,000,000		4,000,000
Credit Agricole		0.09			9-3-2013		15,000,000		15,000,000
Credit Agricole		0.22			10-1-2013		2,000,000		2,000,020
Credit Industriel & Commercial New York		0.11			9-3-2013		10,000,000		10,000,000
Credit Industriel & Commercial New York		0.14			9-6-2013		8,000,000		8,000,000
DNB Nor Bank ASA		0.10			9-3-2013		10,000,000		10,000,000
Industrial & Commercial Bank of China (New York)		0.30			9-3-2013		2,000,000		2,000,020
Mitsubishi UFJ Trust & Banking Corporation		0.21			10-28-2013		2,000,000		2,000,060
Mitsubishi UFJ Trust & Banking Corporation		0.21			11-1-2013		1,000,000		1,000,000
Mitsubishi UFJ Trust & Banking Corporation		0.22			11-15-2013		3,000,000		3,000,060
National Australia Bank Limited ±		1.47			1-30-2014		2,000,000		2,011,200
National Australia Bank Limited ±		1.52			1-17-2014		1,000,000		1,005,070
National Bank of Kuwait		0.14			9-3-2013		2,000,000		2,000,000
Nordea Bank plc		0.18			9-17-2013		2,000,000		2,000,040
Nordea Bank plc		0.18			10-2-2013		2,000,000		2,000,040
Nordea Bank plc		0.20			11-15-2013		2,000,000		2,000,080
Nordea Bank plc		0.21			12-4-2013		2,000,000		2,000,080
Norinchukin Bank		0.11			9-6-2013		4,000,000		3,999,953
Norinchukin Bank		0.23			10-7-2013		2,000,000		2,000,080
Norinchukin Bank		0.23			10-16-2013		2,000,000		2,000,100
Norinchukin Bank		0.23			10-24-2013		1,000,000		1,000,060
Norinchukin Bank		0.23			11-5-2013		3,000,000		3,000,000
Norinchukin Bank		0.23			11-14-2013		2,000,000		2,000,000
Royal Bank of Canada ±		0.29			6-24-2014		2,000,000		1,999,700
Skandinaviska Enskilda Banken AG		0.29			12-20-2013		1,000,000		1,000,220
Skandinaviska Enskilda Banken AG ±		0.54			12-3-2013		4,000,000		4,003,520
Societe Generale (New York)		0.12			9-3-2013		10,000,000		10,000,000
Societe Generale (New York) ±		0.38			5-14-2014		2,500,000		2,500,000
Standard Chartered Bank & Trust		0.22			9-30-2013		2,000,000		2,000,160
Standard Chartered Bank & Trust		0.22			12-23-2013		1,000,000		1,000,030
Standard Chartered Bank & Trust		0.22			12-27-2013		2,000,000		2,000,060
Standard Chartered Bank & Trust		0.23			1-8-2014		1,000,000		999,850

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


98		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2013 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Certificates of Deposit (continued)
Standard Chartered Bank & Trust		0.23	%		1-13-2014	$	1,000,000	$	999,850
Sumitomo Mitsui Banking Corporation		0.16			9-13-2013		3,000,000		2,999,970
Sumitomo Mitsui Banking Corporation		0.21			11-13-2013		1,000,000		999,960
Sumitomo Mitsui Banking Corporation		0.21			11-19-2013		1,000,000		999,960
Sumitomo Mitsui Banking Corporation		0.22			10-10-2013		2,000,000		2,000,060
Sumitomo Mitsui Banking Corporation		0.22			10-17-2013		1,000,000		1,000,040
Sumitomo Mitsui Banking Corporation ±		0.22			10-21-2013		2,000,000		2,000,064
Sumitomo Mitsui Banking Corporation		0.23			9-6-2013		3,000,000		3,000,030
Svenska Handelsbanken		0.22			11-15-2013		1,000,000		1,000,030
Svenska Handelsbanken		0.24			12-20-2013		1,000,000		1,000,050
Svenska Handelsbanken		0.82			9-16-2013		1,000,000		1,000,280
Toronto-Dominion Bank		0.17			9-23-2013		3,000,000		3,000,240
Toronto-Dominion Bank		0.22			2-24-2014		2,000,000		2,000,200
Toronto-Dominion Bank		0.23			3-6-2014		2,000,000		2,000,320
Toronto-Dominion Bank ±		0.23			11-15-2013		2,000,000		2,000,440
Toronto-Dominion Bank ±		0.27			10-21-2013		2,000,000		2,000,600
Toronto-Dominion Bank		0.27			9-13-2013		1,000,000		1,000,080

Total Certificates of Deposit (Cost $203,514,598)									203,529,637


Commercial Paper: 50.38%
ABN AMRO Funding LLC 144A(z)		0.20			9-10-2013		2,000,000		1,999,920
Alpine Securitzation 144A(z)(p)		0.16			9-10-2013		1,000,000		999,960
Alpine Securitzation 144A(z)(p)		0.16			9-17-2013		4,000,000		3,999,760
Anglesea Funding plc 144A(p)(z)		0.00			12-3-2013		2,000,000		2,000,000
Anglesea Funding plc 144A(z)(p)		0.20			9-3-2013		1,000,000		999,986
Anglesea Funding plc 144A(z)(p)		0.25			9-4-2013		1,000,000		999,980
Antalis US Funding Corporation 144A(z)(p)		0.14			9-6-2013		1,000,000		999,975
Antalis US Funding Corporation 144A(z)(p)		0.25			9-5-2013		2,000,000		1,999,960
Antalis US Funding Corporation 144A(z)(p)		0.33			11-7-2013		1,000,000		999,640
ASB Finance Limited 144A(z)		0.22			9-10-2013		1,000,000		999,960
ASB Finance Limited ±144A		0.40			9-5-2013		1,000,000		1,000,010
Australia & New Zealand Banking Group ±144A		0.31			11-18-2013		1,000,000		1,000,430
Banco De Credito E Inversiones 144A(z)		0.38			10-29-2013		4,000,000		3,998,680
Banco Santander Chile 144A(z)		0.25			9-6-2013		1,000,000		999,980
Bank of Nova Scotia (z)		0.17			9-20-2013		2,000,000		1,999,960
Bank of Nova Scotia (z)		0.18			10-9-2013		2,000,000		1,999,820
Barclays Bank plc 144A(z)		0.20			9-19-2013		1,000,000		999,930
Barclays Bank plc 144A(z)		0.25			11-6-2013		1,000,000		999,670
Barclays Bank plc 144A(z)		0.25			12-2-2013		2,000,000		1,998,083
Bennington Stark Capital Company ±144A		0.40			5-9-2014		1,000,000		999,901
BNZ International Funding Limited ±144A		0.37			11-1-2013		2,000,000		2,000,540
BNZ International Funding Limited ±144A		0.37			10-2-2013		1,000,000		1,000,170
BPCE 144A(z)		0.20			10-9-2013		3,000,000		2,999,460
BPCE 144A(z)		0.21			10-4-2013		2,000,000		1,999,700
CAFCO LLC 144A(z)		0.19			9-19-2013		1,000,000		999,900
CAFCO LLC 144A(z)		0.19			9-20-2013		1,000,000		999,900
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			10-4-2013		1,000,000		999,850
Caisse Centrale Desjardins du Quebec 144A(z)		0.19			10-11-2013		1,000,000		999,810
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			9-6-2013		2,000,000		1,999,960
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			9-9-2013		1,000,000		999,970

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


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			99

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Caisse Centrale Desjardins du Quebec 144A(z)		0.20	%		11-5-2013	$	1,000,000	$	999,610
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			11-6-2013		1,000,000		999,600
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			11-7-2013		1,000,000		999,590
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			11-13-2013		1,000,000		999,540
Caisse Centrale Desjardins du Quebec 144A(z)		0.22			11-8-2013		1,000,000		999,590
Caisse Centrale Desjardins du Quebec 144A(z)		0.24			9-12-2013		1,000,000		999,950
Caisse Centrale Desjardins du Quebec 144A(z)		0.24			9-13-2013		1,000,000		999,950
Caisse Centrale Desjardins du Quebec 144A(z)		0.24			12-23-2013		1,000,000		999,180
Caisse Des Depots Et Consignations 144A(z)		0.20			11-29-2013		2,000,000		1,998,840
Charta LLC 144A(z)		0.16			10-2-2013		1,000,000		999,850
Charta LLC 144A(z)		0.17			10-11-2013		1,000,000		999,790
China International Marine Container Company (z)		0.35			9-3-2013		1,000,000		999,990
China International Marine Container Company (z)		0.35			9-6-2013		1,000,000		999,980
Ciesco LLC 144A(z)		0.19			9-19-2013		1,000,000		999,900
CNPC Finance 144A(z)		0.35			9-23-2013		1,000,000		999,900
CNPC Finance 144A(z)		0.36			9-12-2013		1,000,000		999,950
CNPC Finance 144A(z)		0.36			9-16-2013		1,000,000		999,940
CNPC Finance 144A(z)		0.36			9-6-2013		2,000,000		1,999,960
CNPC Finance 144A(z)		0.36			9-27-2013		1,000,000		999,880
CNPC Finance 144A(z)		0.38			10-8-2013		3,000,000		2,999,460
Cofco Capital Corporation (z)		0.16			9-10-2013		1,000,000		999,970
Collateralized Commercial Paper Company LLC 144A(z)		0.18			10-1-2013		2,000,000		1,999,720
Collateralized Commercial Paper Company LLC (z)		0.18			10-29-2013		1,000,000		999,680
Collateralized Commercial Paper Company LLC (z)		0.23			12-18-2013		2,000,000		1,998,680
Collateralized Commercial Paper Company LLC (z)		0.24			9-10-2013		2,000,000		1,999,940
Commonwealth Bank of Australia ±144A		0.31			11-14-2013		2,000,000		2,000,700
Commonwealth Bank of Australia ±144A		0.32			11-29-2013		1,000,000		1,000,310
Concord Minutemen Capital Company 144A(z)(p)		0.19			9-9-2013		1,000,000		999,940
Concord Minutemen Capital Company 144A(z)(p)		0.19			9-18-2013		1,000,000		999,870
Concord Minutemen Capital Company 144A(z)(p)		0.19			9-25-2013		2,000,000		1,999,640
Concord Minutemen Capital Company 144A(z)(p)		0.23			9-4-2013		2,000,000		1,999,940
CPPIB Capital Incorporated 144A(z)		0.15			9-5-2013		2,000,000		1,999,980
CPPIB Capital Incorporated 144A(z)		0.15			11-19-2013		2,000,000		1,999,080
Crown Point Capital Company 144A(z)(p)		0.19			9-24-2013		1,000,000		999,890
Crown Point Capital Company 144A(z)(p)		0.19			9-25-2013		2,000,000		1,999,780
Crown Point Capital Company 144A(z)(p)		0.22			9-18-2013		1,000,000		999,920
Crown Point Capital Company 144A(z)(p)		0.22			9-20-2013		1,000,000		999,910
DBS Bank Limited 144A(z)		0.21			11-13-2013		4,000,000		3,998,520
DBS Bank Limited 144A(z)		0.25			9-4-2013		2,000,000		1,999,980
Dexia Credit Local Societe Anonyme (z)		0.35			11-27-2013		2,000,000		1,998,420
Dexia Credit Local Societe Anonyme (z)		0.47			2-21-2014		2,000,000		1,996,140
Dexia Credit Local Societe Anonyme (z)		0.47			2-26-2014		2,000,000		1,995,900
DNB Nor Bank ASA 144A(z)		0.19			10-9-2013		2,000,000		1,999,720
DNB Nor Bank ASA 144A(z)		0.24			12-9-2013		3,000,000		2,998,350
DNB Nor Bank ASA ±144A		0.42			9-20-2013		3,000,000		3,000,540
Fortis Funding LLC 144A(z)		0.18			9-18-2013		2,000,000		1,999,860
Gotham Funding Corporation 144A(z)(p)		0.17			10-2-2013		1,000,000		999,851
Gotham Funding Corporation 144A(z)(p)		0.17			10-3-2013		1,000,000		999,850
Gotham Funding Corporation 144A(z)(p)		0.21			9-9-2013		2,000,000		1,999,920
Gotham Funding Corporation 144A(z)(p)		0.21			9-11-2013		1,000,000		999,950

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


100		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2013 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Govco LLC 144A(z)(p)		0.17	%		9-11-2013	$	2,000,000	$	1,999,860
Govco LLC 144A(z)(p)		0.17			9-24-2013		1,000,000		999,840
Hannover Funding Company LLC 144A(z)(p)		0.20			9-5-2013		1,000,000		999,980
Hannover Funding Company LLC 144A(z)(p)		0.24			11-18-2013		1,000,000		999,560
Hannover Funding Company LLC 144A(z)(p)		0.35			9-20-2013		1,000,000		999,920
Hannover Funding Company LLC 144A(z)(p)		0.35			9-24-2013		1,000,000		999,900
HSBC Bank plc ±144A		0.40			10-15-2013		2,000,000		2,000,720
HSBC Bank plc ±144A		0.40			10-1-2013		2,000,000		2,000,440
Institutional Secured Funding LLC 144A(z)(p)		0.35			9-6-2013		1,000,000		999,980
Kells Funding LLC 144A(z)(p)		0.21			10-22-2013		2,000,000		1,999,580
Kells Funding LLC 144A(z)(p)		0.22			11-7-2013		1,000,000		999,700
Kells Funding LLC 144A(z)(p)		0.22			11-18-2013		1,000,000		999,620
Kells Funding LLC 144A(z)(p)		0.22			11-25-2013		1,000,000		999,570
Kells Funding LLC 144A(z)(p)		0.22			11-25-2013		1,000,000		999,570
Kells Funding LLC 144A(z)(p)		0.23			1-27-2014		1,000,000		999,080
Legacy Capital Company 144A(z)(p)		0.22			10-8-2013		1,000,000		999,820
Legacy Capital Company 144A(z)(p)		0.22			10-15-2013		1,000,000		999,780
Legacy Capital Company 144A(z)(p)		0.23			9-11-2013		1,000,000		999,950
Lexington Parker Capital Company LLC 144A(z)(p)		0.22			9-18-2013		1,000,000		999,920
Lexington Parker Capital Company LLC 144A(z)(p)		0.22			10-8-2013		2,000,000		1,999,480
Liberty Street Funding LLC 144A(z)(p)		0.12			9-4-2013		1,000,000		999,980
Liberty Street Funding LLC 144A(z)(p)		0.16			9-9-2013		2,000,000		1,999,920
Liberty Street Funding LLC 144A(z)(p)		0.18			9-23-2013		1,000,000		999,900
Liberty Street Funding LLC 144A(z)(p)		0.19			11-15-2013		1,000,000		999,580
Liberty Street Funding LLC 144A(z)(p)		0.20			9-3-2013		1,000,000		999,990
Liberty Street Funding LLC 144A(z)(p)		0.20			9-20-2013		1,000,000		999,910
Liberty Street Funding LLC 144A(z)(p)		0.20			10-10-2013		2,000,000		1,999,620
Lloyds Bank plc (z)		0.08			9-3-2013		15,000,000		14,999,817
LMA Americas LLC 144A(z)		0.19			9-3-2013		1,000,000		999,990
LMA Americas LLC 144A(z)		0.29			10-18-2013		600,000		599,856
Macquarie Bank Limited 144A(z)		0.22			9-12-2013		2,000,000		1,999,900
Macquarie Bank Limited 144A(z)		0.25			9-16-2013		2,000,000		1,999,880
Manhattan Asset Funding LLC 144A(z)		0.19			9-5-2013		1,000,000		999,980
MetLife Short Term Funding LLC 144A(z)		0.19			9-10-2013		1,000,000		999,970
MetLife Short Term Funding LLC 144A(z)		0.19			9-17-2013		1,000,000		999,940
MetLife Short Term Funding LLC 144A(z)		0.19			11-4-2013		1,000,000		999,710
Mitsubishi UFJ Trust and Banking Corporation 144A(z)		0.14			9-12-2013		1,000,000		999,950
Mitsubishi UFJ Trust and Banking Corporation 144A(z)		0.19			9-24-2013		1,000,000		999,890
Mountcliff Funding LLC 144A(z)		0.32			9-3-2013		1,000,000		999,990
Mountcliff Funding LLC 144A(z)		0.32			10-10-2013		1,000,000		999,810
Mountcliff Funding LLC 144A(z)		0.32			10-31-2013		1,000,000		999,690
Natexis Banques Populaires (z)		0.14			9-5-2013		5,000,000		4,999,900
Natexis Banques Populaires (z)		0.27			11-1-2013		2,000,000		1,999,240
Natexis Banques Populaires (z)		0.27			11-4-2013		1,000,000		999,590
National Australia Bank Limited 144A(z)		0.17			9-10-2013		2,000,000		1,999,960
Nationwide Building Society 144A(z)		0.25			9-25-2013		1,000,000		999,880
Nederlandse Waterschapbank ±144A		0.25			2-18-2014		1,000,000		1,000,136
Nieuw Amsterdam Receivables Corporation 144A(z)		0.19			9-3-2013		2,000,000		1,999,980
Nieuw Amsterdam Receivables Corporation 144A(z)		0.19			9-4-2013		1,000,000		999,980
Nieuw Amsterdam Receivables Corporation 144A(z)		0.20			10-16-2013		2,000,000		1,999,600

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


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			101

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Nieuw Amsterdam Receivables Corporation 144A(z)		0.20	%		11-5-2013	$	1,000,000	$	999,690
Nordea Bank AB 144A(z)		0.21			9-13-2013		1,000,000		999,970
Nordea Bank AB 144A(z)		0.23			12-17-2013		2,000,000		1,998,860
Nordea Bank AB 144A(z)		0.26			2-3-2014		3,000,000		2,997,270
NRW Bank 144A(z)		0.17			11-4-2013		1,000,000		999,680
NV Bank Nederlandse Gemeenten 144A(z)		0.20			12-2-2013		4,000,000		3,997,760
NV Bank Nederlandse Gemeenten 144A(z)		0.20			12-5-2013		3,000,000		2,998,260
NV Bank Nederlandse Gemeenten 144A(z)		0.22			1-27-2014		4,000,000		3,995,320
Old Line Funding LLC (z)(p)		0.20			9-3-2013		2,000,000		2,000,000
Old Line Funding LLC (z)(p)		0.20			9-9-2013		1,000,000		999,990
Old Line Funding LLC 144A(z)(p)		0.20			9-13-2013		1,000,000		999,980
Old Line Funding LLC 144A(z)(p)		0.20			9-19-2013		1,000,000		999,980
Old Line Funding LLC 144A(z)(p)		0.23			2-20-2014		1,000,000		999,160
Old Line Funding LLC 144A(z)(p)		0.24			1-24-2014		1,000,000		999,400
Old Line Funding LLC 144A(z)(p)		0.26			9-5-2013		1,000,000		999,990
Oversea-Chinese Banking Corporation Limited (z)		0.20			9-3-2013		2,000,000		1,999,980
Oversea-Chinese Banking Corporation Limited (z)		0.22			10-21-2013		500,000		499,855
Oversea-Chinese Banking Corporation Limited (z)		0.25			3-3-2014		2,000,000		1,997,300
PSP Capital Incorporated 144A(z)		0.15			9-4-2013		1,000,000		999,980
Regency Markets No. 1 LLC 144A(z)(p)		0.15			9-5-2013		2,000,000		1,999,960
Regency Markets No. 1 LLC 144A(z)(p)		0.15			9-13-2013		2,000,000		1,999,900
Regency Markets No. 1 LLC 144A(z)(p)		0.15			9-16-2013		2,000,000		1,999,860
Regency Markets No. 1 LLC 144A(z)(p)		0.15			9-20-2013		2,000,000		1,999,820
Regency Markets No. 1 LLC 144A(z)(p)		0.16			9-23-2013		4,000,000		3,999,600
Ridgefield Funding Company ±144A(p)		0.28			5-9-2014		2,000,000		1,999,883
Ridgefield Funding Company ±144A(p)		0.29			11-7-2013		1,000,000		1,000,000
SBAB Bank AB 144A(z)		0.29			9-12-2013		3,000,000		2,999,850
SBAB Bank AB 144A(z)		0.30			9-17-2013		1,000,000		999,930
SBAB Bank AB 144A(z)		0.30			9-26-2013		1,000,000		999,890
Sinochem Capital Company Limited (z)		0.16			10-3-2013		3,000,000		2,999,646
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-5-2013		1,000,000		999,980
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-9-2013		1,000,000		999,970
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-12-2013		1,000,000		999,950
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-13-2013		2,000,000		1,999,900
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-16-2013		2,000,000		1,999,880
Skandinaviska Enskilda Banken AG 144A(z)		0.26			12-17-2013		8,000,000		7,994,960
Sumitomo Mitsui Banking Corporation 144A(z)		0.21			11-13-2013		1,000,000		999,560
Sumitomo Mitsui Banking Corporation 144A(z)		0.23			9-5-2013		2,000,000		1,999,960
Sumitomo Trust & Banking Company 144A(z)		0.16			9-4-2013		3,000,000		2,999,940
Sumitomo Trust & Banking Company 144A(z)		0.16			9-18-2013		2,000,000		1,999,880
Sumitomo Trust & Banking Company 144A(z)		0.16			9-20-2013		2,000,000		1,999,860
Sumitomo Trust & Banking Company 144A(z)		0.16			9-26-2013		2,000,000		1,999,760
Suncorp Group Limited 144A(z)		0.37			11-4-2013		1,000,000		999,620
Suncorp Group Limited 144A(z)		0.37			9-12-2013		1,000,000		999,950
Suncorp Group Limited 144A(z)		0.37			9-18-2013		1,000,000		999,930
Suncorp Group Limited 144A(z)		0.37			9-19-2013		1,000,000		999,920
Svenska Handelsbanken 144A(z)		0.22			12-20-2013		3,000,000		2,998,050
Sydney Capital Corporation 144A(z)(p)		0.25			9-12-2013		2,000,000		1,999,920
Sydney Capital Corporation 144A(z)(p)		0.26			9-16-2013		1,000,000		999,950
Thunder Bay Funding LLC 144A(z)(p)		0.20			10-3-2013		1,000,000		999,840

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


102		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2013 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Toyota Credit Canada Incorporated (z)		0.19	%		9-18-2013	$	1,000,000	$	999,980
Toyota Motor Credit Corporation (z)		0.20			10-23-2013		1,000,000		999,830
United Overseas Bank Limited 144A(z)		0.18			9-10-2013		2,000,000		1,999,940
United Overseas Bank Limited 144A(z)		0.19			9-18-2013		2,000,000		1,999,880
United Overseas Bank Limited 144A(z)		0.19			11-22-2013		2,000,000		1,999,060
United Overseas Bank Limited 144A(z)		0.22			11-14-2013		1,000,000		999,600
United Overseas Bank Limited 144A(z)		0.23			11-12-2013		1,000,000		999,610
UOB Funding LLC (z)		0.17			11-8-2013		1,000,000		999,741
UOB Funding LLC (z)		0.19			12-20-2013		1,000,000		999,472
UOB Funding LLC (z)		0.21			9-18-2013		1,000,000		999,960
Victory Receivables 144A(z)(p)		0.18			9-5-2013		4,000,000		3,999,920
Victory Receivables 144A(z)(p)		0.18			9-6-2013		1,000,000		999,970
Victory Receivables 144A(z)(p)		0.18			9-18-2013		1,000,000		999,920
Victory Receivables 144A(z)(p)		0.21			9-4-2013		3,000,000		2,999,940
Victory Receivables 144A(z)(p)		0.21			9-10-2013		512,000		511,980
Victory Receivables 144A(z)(p)		0.21			9-11-2013		1,000,000		999,950
Westpac Banking Corporation ±144A		0.32			11-8-2013		2,000,000		2,000,560
Westpac Banking Corporation ±144A		0.32			1-16-2014		2,000,000		2,000,760
Westpac Securities NZ Limited 144A(z)		0.20			9-23-2013		2,000,000		1,999,960
Westpac Securities NZ Limited 144A(z)		0.22			9-9-2013		2,000,000		2,000,000
Westpac Securities NZ Limited 144A(z)		0.22			9-10-2013		1,000,000		1,000,000
Westpac Securities NZ Limited ±144A		0.26			11-19-2013		3,000,000		3,000,000
Westpac Securities NZ Limited ±144A		0.36			10-25-2013		2,000,000		2,000,400

Total Commercial Paper (Cost $335,535,676)									335,547,052


Corporate Bonds and Notes: 0.88%

Financials: 0.68%

Consumer Finance: 0.30%
Toyota Motor Credit Corporation ±		0.27			12-9-2013		2,000,000		1,999,900


Diversified Financial Services: 0.38%
Australia & New Zealand Banking Group ±144A		1.27			12-20-2013		1,000,000		1,002,680
GBG LLC Custody Receipts 144Aø		0.10			9-1-2027		179,000		179,000
LTF Real Estate LLC 144Aø		0.25			6-1-2033		375,000		375,000
Overseas Private Investment Corporation ø(i)		0.14			7-9-2026		1,000,000		1,000,000

									2,556,680


Health Care: 0.20%

Health Care Providers & Services: 0.20%
ACTS Retirement Life Communities Incorporated ø		0.17			11-15-2029		344,000		344,000
Providence Health & Services ø		0.19			10-1-2042		1,000,000		1,000,000

									1,344,000


Total Corporate Bonds and Notes (Cost $5,901,012)									5,900,580

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


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			103

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Municipal Obligations: 6.23%

Alabama: 0.15%
Birmingham AL Special Care Facilities Finance Authority Ascension Health Series C (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144Aø		0.09	%		11-15-2046	$	1,000,000	$	1,000,000


California: 0.52%
California (Tax Revenue)		0.15			11-6-2013		1,000,000		1,000,000
San Bernardino County CA Flood Control District (Miscellaneous Revenue, Bank of America NA LOC) ø		0.07			8-1-2037		500,000		500,000
San Francisco CA City & County RDA Notre Dame Apartments Series G (Housing Revenue, Citibank NA LOC) ø		0.09			12-1-2033		930,000		930,000
San Jose CA Financing Authority Hayes Mansion Series D (Miscellaneous Revenue, U.S. Bank NA LOC) ø		0.16			6-1-2025		1,000,000		1,000,000

									3,430,000


Colorado: 0.48%
Colorado HFA Class I Series A-1 (Housing Revenue, FHLB SPA) ø		0.15			10-1-2033		945,000		945,000
Colorado HFA Class I Series B-2 (Housing Revenue, Royal Bank of Canada SPA) ø		0.07			5-1-2038		1,000,000		1,000,000
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA) ø		0.12			5-1-2050		250,000		250,000
Colorado Southern Ute Indian Tribe Reservation Series 2001 (IDR) ø		0.07			11-1-2031		1,000,000		1,000,000

									3,195,000


Florida: 0.15%
Miami-Dade County FL Building Better Community Program (GO, U.S. Bank NA LOC, U.S. Bank NA LIQ) ø		0.07			1-1-2015		1,000,000		1,000,000


Illinois: 0.45%
Cook County IL Various Projects Series D (Tax Revenue) ø		0.16			11-1-2030		1,000,000		1,000,000
Illinois Housing Development Authority Homeowners Mortgage Revenue Bonds 2005 Sub Series A-3 (Housing Revenue, FHLB SPA) ø		0.07			8-1-2035		1,000,000		1,000,000
Springfield IL PUTTER Series 1314 (Utilities Revenue, BHAC/MBIA Insured, JPMorgan Chase & Company LIQ) ø		0.09			3-1-2014		1,000,000		1,000,000

									3,000,000


Maryland: 0.29%
Baltimore MD Package Systems Facilities (Transportation Revenue, Bank of America NA LOC) ø		0.16			7-1-2032		955,000		955,000
Maryland CDA Series G (Housing Revenue, State Street Bank & Trust Company SPA) ø		0.09			9-1-2040		500,000		500,000
Maryland Health & HEFAR Series D (Miscellaneous Revenue, Bank of America NA LOC) ø		0.13			1-1-2029		490,000		490,000

									1,945,000


Massachusetts: 0.05%
Massachusetts Development Finance Agency Babson College Series B (Education Revenue, Citizens Bank LOC) ø		0.09			10-1-2031		315,000		315,000


Michigan: 0.80%
Michigan Higher Education Student Loan Royal Bank of Canada Municipal Products Incorporated Series L-28 (Education Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) ø		0.11			9-1-2033		1,000,000		1,000,000
Michigan Housing Development Authority Series A (Housing Revenue, JPMorgan Chase & Company SPA) ø		0.08			10-1-2037		990,000		990,000
Puttable Floating Option Taxable Notes Series TNP-1005 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.45			10-1-2046		3,355,000		3,355,000

									5,345,000

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


104		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2013 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name		Interest rate			Maturity date		Principal		Value


New Jersey: 0.15%
Salem County NJ PCFA Atlantic City Electric Company Project Series A (Utilities Revenue, JPMorgan Chase & Company LOC) ø			0.09	%		4-15-2014	$	1,000,000	$	1,000,000


New York: 0.42%
New York Mortgage Agency Homeowner ROC RR-II-R-11703 (Housing Revenue, Citibank NA LIQ) 144Aø			0.21			10-1-2031		690,000		690,000
Puttable Floating Option Taxable Notes Series TNP-1006 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø			0.44			11-1-2039		700,000		700,000
Puttable Floating Option Taxable Notes Series TNP-39 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø			0.44			7-27-2014		400,000		400,000
Westchester County NY Healthcare Corporation Series D (Health Revenue, TD Bank NA LOC) ø			0.12			11-1-2034		1,000,000		1,000,000

										2,790,000


Ohio: 0.17%
Ohio HFA Residential Management Taxable Series I (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA) ø			0.15			9-1-2039		194,000		194,000
Ohio HFA Residential Mortgage Backed Series E (Housing Revenue, GNMA/FNMA Insured, JPMorgan Chase & Company SPA) ø			0.09			9-1-2038		970,000		970,000

										1,164,000


Oregon: 0.15%
Oregon State Department PFOTER (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø			0.43			5-1-2035		1,000,000		1,000,000


Pennsylvania : 0.29%
Montgomery County PA IDA Series 3238 (Health Revenue, FHA Insured) 144Aø			0.11			8-1-2030		1,000,000		1,000,000
Philadelphia PA Airport Refunding Bonds Series C-2 (Airport Revenue, Royal Bank of Canada LOC) ø			0.07			6-15-2025		915,000		915,000

										1,915,000


South Carolina: 0.31%
South Carolina Public Service Authority (Miscellaneous Revenue, Citibank NA LIQ) 144Aø			0.16			1-1-2050		1,000,000		1,000,000
York County SC Electric Membership Corporation Project Series B (Utilities Revenue)			0.25			9-3-2013		550,000		550,006
York County SC PCR Series B1 (Utilities Revenue)			0.25			9-3-2013		500,000		500,005

										2,050,011
	��

Tennessee: 0.33%
Montgomery County TN Public Building Authority Tennessee County Loan Pool (Miscellaneous Revenue, Bank of America NA LOC) ø			0.12			7-1-2034		1,840,000		1,840,000
Montgomery County TN Public Building Authority Tennessee County Loan Pool (Miscellaneous Revenue, Bank of America NA LOC) ø			0.12			2-1-2036		380,000		380,000

										2,220,000


Texas: 1.04%
Austin TX Airport Systems Series 3 (Airport Revenue, State Street Bank & Trust Company LOC, AGM Insured) ø			0.08			11-15-2025		1,000,000		1,000,000
Bexar County TX Health Facilities Development (Health Revenue, JPMorgan Chase & Company LOC) ø			0.08			12-1-2032		1,875,000		1,875,000

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


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			105

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Texas (continued)
Pasadena TX Independent School District Series B (GO, AGM Insured, JPMorgan Chase & Company SPA) ø		0.22	%		2-1-2035	$	1,000,000	$	1,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Miscellaneous Revenue, Morgan Stanley Bank LIQ) ø		0.36			12-15-2026		701,530		701,530
Texas Taxable Product Development Program Series A (Miscellaneous Revenue, National Australia Bank SPA) ø		0.10			6-1-2045		100,000		100,000
Texas Veterans Bond Series B (Miscellaneous Revenue, Sumitomo Mitsui Banking SPA) ø		0.07			12-1-2042		2,000,000		2,000,000
Texas Veterans Housing Assistance Program Fund II Series C-2 (GO, State Street Bank & Trust Company SPA) ø		0.07			12-1-2033		250,000		250,000

									6,926,530


Utah: 0.11%
Utah Board of Regents Student Loan Series A (Education Revenue, Royal Bank of Canada LOC) ø		0.08			11-1-2045		749,000		749,000


Wisconsin: 0.37%
Wisconsin Housing & EDA Series F (Housing Revenue, JPMorgan Chase & Company SPA) ø		0.13			5-1-2030		475,000		475,000
Wisconsin PFA Housing Project (Housing Revenue, Bank of America NA LOC) ø		0.24			1-1-2042		1,000,000		1,000,000
Wisconsin Public Power PUTTER Series 1232 (Utilities Revenue, BHAC/Ambac Insured, JPMorgan Chase & Company LIQ) ø		0.09			1-1-2015		1,000,000		1,000,000

									2,475,000


Total Municipal Obligations (Cost $41,519,530)									41,519,541


Repurchase Agreements ^^: 7.83%
Bank of Nova Scotia, dated 8-30-2013, maturity value $13,000,087 (1)		0.06			9-3-2013		13,000,000		13,000,000
Goldman Sachs & Company, dated 8-1-2013, maturity value $6,002,035 (2)§(i)±¢		0.21			10-1-2013		6,000,000		6,000,000
GX Clarke & Company, dated 8-30-2013, maturity value $2,000,040 (3)		0.18			9-3-2013		2,000,000		2,000,000
JPMorgan Securities, dated 8-1-2013, maturity value $1,000,147 (4) §±¢		0.16			9-3-2013		1,000,000		1,000,000
JPMorgan Securities, dated 8-1-2013, maturity value $10,002,842 (5) §±¢		0.31			9-3-2013		10,000,000		10,000,000
Societe Generale NY, dated 8-30-2013, maturity value $20,120,649 (6)		0.07			9-3-2013		20,120,493		20,120,493

Total Repurchase Agreements (Cost $52,120,493)									52,120,493


U.S. Treasury Securities: 5.00%
U.S. Treasury Bill (z)		0.01			9-5-2013		2,000,000		1,999,998
U.S. Treasury Bill (z)		0.01			9-12-2013		1,000,000		999,997
U.S. Treasury Bill (z)		0.02			9-26-2013		1,000,000		999,987
U.S. Treasury Bill (z)		0.02			11-29-2013		3,000,000		2,999,820
U.S. Treasury Bill (z)		0.02			12-12-2013		3,000,000		2,999,811
U.S. Treasury Bill (z)		0.03			12-5-2013		3,000,000		2,999,787
U.S. Treasury Bill (z)		0.03			12-19-2013		2,000,000		1,999,822
U.S. Treasury Note		0.25			11-30-2013		2,000,000		2,000,860
U.S. Treasury Note		0.25			3-31-2014		2,000,000		2,001,796
U.S. Treasury Note		0.25			6-30-2014		1,000,000		1,000,938
U.S. Treasury Note		0.75			12-15-2013		2,000,000		2,003,828
U.S. Treasury Note		1.25			4-15-2014		2,000,000		2,014,140

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


106		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2013 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities (continued)
U.S. Treasury Note		2.63	%		6-30-2014	$	1,000,000	$	1,020,430
U.S. Treasury Note		4.75			5-15-2014		8,000,000		8,258,128

Total U.S. Treasury Securities (Cost $33,294,544)									33,299,342


Total investments in securities (Cost $671,885,853) *	100.88	%		671,916,645
Other assets and liabilities, net	(0.88	)		(5,848,854	)

Total net assets	100.00	%	$	666,067,791

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

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

(z)	Zero coupon security. Rate represents yield to maturity at time of purchase.

(p)	Asset-backed commercial paper

§	Security is subject to a demand feature which reduces the effective maturity.

ø	Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.

(i)	Illiquid security

^^	Collateralized by:

(1) U.S. government securities, 2.50% to 3.50%, 11-1-2027 to 9-1-2043, fair value including accrued interest is $13,390,000.

(2) U.S. government securities, 0.00% to 2.13%, 9-6-2013 to 2-15-2043, fair value including accrued interest is $6,120,000.

(3) U.S. government securities, 0.00% to 11.25%, 8-31-2013 to 8-15-2043, fair value including accrued interest is $2,040,056.

(4) U.S. government securities, 0.00%, 11-20-2013 to 1-31-2014, fair value is $1,020,047.

(5) U.S. government securities, 0.00% to 0.39%, 9-3-2013 to 5-23-2014, fair value including accrued interest is $10,200,029.

(6) U.S. government securities, 1.68% to 2.79%, 3-1-2032 to 2-1-2043, fair value including accrued interest is $20,724,108.

¢	Represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

*	Cost for federal income tax purposes is $671,885,853 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	37,801
Gross unrealized depreciation		(7,009	)

Net unrealized appreciation	$	30,792

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


Statements of assets and liabilities —August 31, 2013 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			107


	Diversified Fixed Income Portfolio		Diversified Stock Portfolio		Short-Term Investment Portfolio

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	5,321,935,375	$	8,134,331,129	$	671,916,645
In affiliated securities, at value (see cost below)		133,215,625		357,470,428		0

Total investments, at value (see cost below)		5,455,151,000		8,491,801,557		671,916,645
Segregated cash		0		6,518,900		0
Foreign currency, at value (see cost below)		5,096,136		32,493,069		0
Receivable for investments sold		10,020,031		285,139		126,549
Principal paydown receivable		77,482		0		0
Receivable for dividends and interest		40,577,921		14,684,382		216,980
Receivable for securities lending income		1,181		252,148		0
Prepaid expenses and other assets		0		0		243

Total assets		5,510,923,751		8,546,035,195		672,260,417


Liabilities
Payable for investments purchased		118,119,033		19,656		6,119,852
Payable upon receipt of securities loaned		2,265,033		240,592,367		0
Payable for daily variation margin on open futures contracts		0		1,225,690		0
Advisory fee payable		760,131		1,093,052		60,392
Accrued expenses and other liabilities		72,000		165,310		12,382

Total liabilities		121,216,197		243,096,075		6,192,626

Total net assets	$	5,389,707,554	$	8,302,939,120	$	666,067,791


Investments in unaffiliated securities, at cost	$	5,337,651,724	$	6,661,538,199	$	671,885,853

Investments in affiliated securities, at cost	$	132,324,099	$	350,586,857	$	0

Total investments, at cost	$	5,469,975,823	$	7,012,125,056	$	671,885,853

Securities on loan, at value	$	2,218,669	$	232,079,757	$	0

Foreign currency, at cost	$	5,110,008	$	34,317,223	$	0

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


108		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of operations —six months ended August 31, 2013 (unaudited)


	Diversified Fixed Income Portfolio			Diversified Stock Portfolio			Short-Term Investment Portfolio

Investment income
Interest**	$	64,249,457		$	16,061		$	714,218
Income from affiliated securities		513,387			428,722			0
Securities lending income, net		10,358			3,358,134			0
Dividends*		0			99,419,043			0

Total investment income		64,773,202			103,221,960			714,218


Expenses
Advisory fee		5,738,957			9,752,338			317,224
Custody and accounting fees		200,540			833,188			30,595
Professional fees		28,949			25,644			19,962
Shareholder report expenses		6,527			10,712			6,141
Trustees’ fees and expenses		6,607			6,607			6,337
Other fees and expenses		36,330			86,400			7,332

Total expenses		6,017,910			10,714,889			387,591
Less: Fee waivers and/or expense reimbursements		(145,072	)		(1,007,049	)		0

Net expenses		5,872,838			9,707,840			387,591

Net investment income		58,900,364			93,514,120			326,627


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(7,985,301	)		198,494,176			10,496
Affiliated securities		24,055			1,013,774			0
Futures transactions		0			21,680,059			0

Net realized gain (losses) on investments		(7,961,246	)		221,188,009			10,496


Net change in unrealized gains (losses) on:
Unaffiliated securities		(203,125,319	)		192,087,660			(26,951	)
Affiliated securities		(815,381	)		2,823,931			0
Futures transactions		0			(2,678,942	)		0

Net change in unrealized gains (losses) on investments		(203,940,700	)		192,232,649			(26,951	)

Net realized and unrealized gains (losses) on investments		(211,901,946	)		413,420,658			(16,455	)

Net increase (decrease) in net assets resulting from operations	$	(153,001,582	)	$	506,934,778		$	310,172


** Net of foreign interest withholding taxes in the amount of		$629,425			$0			$0
* Net of foreign dividend withholding taxes in the amount of		$0			$5,753,081			$0

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			109


	Diversified Fixed Income Portfolio
	Six months ended August 31, 2013 (unaudited)			Year ended February 28, 2013

Operations
Net investment income	$	58,900,364		$	109,678,188
Net realized gains (losses) on investments		(7,961,246	)		23,396,008
Net change in unrealized gains (losses) on investments		(203,940,700	)		(68,670,076	)

Net increase (decrease) in net assets resulting from operations		(153,001,582	)		64,404,120


Capital share transactions
Contributions		715,153,121			1,398,744,816
Withdrawals		(494,814,834	)		(738,178,695	)

Net increase in net assets resulting from capital share transactions		220,338,287			660,566,121

Total increase in net assets		67,336,705			724,970,241


Net assets
Beginning of period		5,322,370,849			4,597,400,608

End of period	$	5,389,707,554		$	5,322,370,849

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


110		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Diversified Stock Portfolio
	Six months ended August 31, 2013 (unaudited)		Year ended February 28, 2013

Operations
Net investment income	$	93,514,120	$	151,194,748
Net realized gains on investments		221,188,009		247,659,473
Net change in unrealized gains (losses) on investments		192,232,649		457,755,675

Net increase in net assets resulting from operations		506,934,778		856,609,896


Capital share transactions
Contributions		648,514,936		1,942,191,142
Withdrawals		(1,142,534,880)		(1,276,247,856)

Net increase (decrease) in net assets resulting from capital share transactions		(494,019,944)		665,943,286

Total increase in net assets		12,914,834		1,522,553,182


Net assets
Beginning of period		8,290,024,286		6,767,471,104

End of period	$	8,302,939,120	$	8,290,024,286

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			111


	Short-Term Investment Portfolio
	Six months ended August 31, 2013 (unaudited)			Year ended February 28, 2013

Operations
Net investment income	$	326,627		$	728,835
Net realized gains on investments		10,496			59,783
Net change in unrealized gains (losses) on investments		(26,951	)		54,744

Net increase in net assets resulting from operations		310,172			843,362


Capital share transactions
Contributions		161,387,146			243,994,698
Withdrawals		(70,446,797	)		(142,471,626	)

Net increase in net assets resulting from capital share transactions		90,940,349			101,523,072

Total increase in net assets		91,250,521			102,366,434


Net assets
Beginning of period		574,817,270			472,450,836

End of period	$	666,067,791		$	574,817,270

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


112		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Ratio to average net assets (annualized)
	Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

Diversified Fixed Income Portfolio
March 1, 2013 to August 31, 2013 (unaudited)		2.13	%		0.22	%		0.21	%		(2.76	)%		26	%
March 1, 2012 to February 28, 2013		2.24	%		0.27	%		0.26	%		1.50	%		43	%
March 1, 2011 to February 29, 2012		2.66	%		0.27	%		0.26	%		7.41	%		52	%
March 1, 2010 to February 28, 2011		2.84	%		0.28	%		0.26	%		5.58	%		57	%
March 1, 2009 to February 28, 2010		3.47	%		0.31	%		0.28	%		10.44	%		113	%
March 1, 2008 to February 28, 2009		4.18	%		0.35	%		0.35	%		0.00	%		51	%

Diversified Stock Portfolio
March 1, 2013 to August 31, 2013 (unaudited)		2.13	%		0.24	%		0.22	%		6.05	%		12	%
March 1, 2012 to February 28, 2013		2.06	%		0.33	%		0.28	%		11.12	%		18	%
March 1, 2011 to February 29, 2012		1.79	%		0.33	%		0.28	%		0.86	%		17	%
March 1, 2010 to February 28, 2011		1.65	%		0.34	%		0.28	%		25.76	%		18	%
March 1, 2009 to February 28, 2010		1.66	%		0.38	%		0.31	%		66.83	%		22	%
March 1, 2008 to February 28, 2009		2.02	%		0.43	%		0.42	%		(46.36	)%		29	%

Short-Term Investment Portfolio
March 1, 2013 to August 31, 2013 (unaudited)		0.10	%		0.12	%		0.12	%		0.00	%		N/A
March 1, 2012 to February 28, 2013		0.14	%		0.12	%		0.12	%		0.00	%		N/A
March 1, 2011 to February 29, 2012		0.13	%		0.12	%		0.12	%		0.00	%		N/A
March 1, 2010 to February 28, 2011		0.20	%		0.14	%		0.14	%		0.00	%		N/A
March 1, 2009 to February 28, 2010		0.24	%		0.17	%		0.16	%		0.45	%		N/A
March 1, 2008 to February 28, 2009		2.32	%		0.19	%		0.18	%		0.92	%		N/A

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

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			113

1. ORGANIZATION

Wells Fargo Master 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 following funds: the Wells Fargo Advantage Diversified Fixed Income Portfolio (“Diversified Fixed Income Portfolio”), the Wells Fargo Advantage Diversified Stock Portfolio (“Diversified Stock Portfolio”), and the Wells Fargo Advantage Short-Term Investment Portfolio (“Short-Term Investment Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”).

The Portfolios, which are master portfolios in a master/feeder structure, offer their shares to multiple feeder funds and other master portfolios rather than directly to the public.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolios are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On August 31, 2013, fair value pricing was used in pricing foreign securities.

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

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

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

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


114		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)

fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

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

Foreign currency translation

The accounting records of the Portfolios are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Repurchase agreements

The Portfolios may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other portfolios advised by Funds Management. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to a Portfolio in the event that such Portfolio is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which a Portfolio seeks to assert its rights.

Security loans

The Portfolios may lend their 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 Portfolios continue to receive interest or dividends on the securities loaned. The Portfolios receive 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 Portfolios on the next business day. In a securities lending transaction, the net asset value of the Portfolios 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 Portfolios fluctuate from time to time. In the event of default or bankruptcy by the borrower, the Portfolios 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 Portfolios have the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolios lend their securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Wells Fargo Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			115

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 Statements of Operations.

When-issued transactions

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

Futures contracts

Each Portfolio may be subject to equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Portfolio 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 Portfolio and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices when available. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset or liability and in the Statements 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 Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Mortgage dollar roll transactions

The Portfolios may engage in mortgage dollar roll transactions through TBA mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA), and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, a Portfolio foregoes principal and interest paid on the securities. A Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolios account for TBA dollar roll transactions as purchases and sales.

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Portfolio is informed of the ex-dividend date.

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

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal


116		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)

income tax purposes. All interest, dividends, gains and losses of a Portfolio are deemed to have been “passed through” to the interestholders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.

Each Portfolio’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 each Portfolio’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.

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 each Portfolio’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). Each Portfolio’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 Portfolio’s own assumptions in determining the fair value of investments)

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

As of August 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Diversified Fixed Income Portfolio

Agency securities	$	0	$	1,486,170,954	$	0	$	1,486,170,954

Corporate bonds and notes		0		1,130,548,050		0		1,130,548,050

Foreign government bonds		0		1,334,340,261		0		1,334,340,261

U.S. Treasury securities		1,193,707,541		0		0		1,193,707,541

Yankee corporate bonds and notes		0		196,229,206		0		196,229,206

Short-term investments
Investment companies		111,889,955		2,265,033		0		114,154,988
	$	1,305,597,496	$	4,149,553,504	$	0	$	5,455,151,000
Diversified Stock Portfolio

Equity securities
Common stocks	$	5,763,348,435	$	2,342,608,528	$	3,713	$	8,105,960,676
Investment companies		439,553		120,813		0		560,366
Preferred stocks		41,712,756		8,621,843		0		50,334,599
Rights		0		47,615		0		47,615
Warrants		0		26,803		0		26,803

Short-term investments
Investment companies		94,279,131		240,592,367		0		334,871,498
	$	5,899,779,875	$	2,592,017,969	$	3,713	$	8,491,801,557


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			117


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Short-Term Investment Portfolio

Certificate of deposit	$	0	$	203,529,637	$	0	$	203,529,637

Commercial paper		0		335,547,052		0		335,547,052

Corporate bonds and notes		0		5,900,580		0		5,900,580

Municipal obligations		0		41,519,541		0		41,519,541

Repurchase agreements		0		52,120,493		0		52,120,493

U.S. Treasury securities		33,299,342		0		0		33,299,342
	$	33,299,342	$	638,617,303	$	0	$	671,916,645

As of August 31, 2013, the inputs used in valuing Diversified Stock Portfolio’s other financial instruments were as follows:

Futures contracts+

Quoted prices

(Level 1)

Other significant
observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Total

Diversified Stock Portfolio

(2,297,198

)

(2,297,198

)

+	Futures contracts are presented at the unrealized losses on the instruments.

Transfers in and transfers out are recognized at the end of the reporting period.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fees

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadvisers, who are responsible for day-to-day portfolio management of the Portfolios. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the average daily net assets of Short-Term Investment Portfolio. For Diversified Fixed Income Portfolio and Diversified Stock Portfolio, Funds Management is entitled to receive an annual advisory fee which is calculated based on the average daily net assets of each Portfolio as follows:


	Effective June 1, 2013						Prior to June 1, 2013						Effective rate for the six months ended August 31, 2013
	starting at			declining to			starting at			declining to			Effective rate for the six months ended August 31, 2013
Diversified Fixed Income Portfolio		0.20	%		0.10	%		0.30	%		0.24	%		0.21	%
Diversified Stock Portfolio		0.20			0.10			0.35			0.29			0.22

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Portfolios. The fees related to subadvisory services are borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to Short-Term Investment Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of Short-Term Investment Portfolio increase. SSgA Funds Management Incorporated is the subadviser to both Diversified Fixed Income Portfolio and Diversified Stock Portfolio and is entitled to receive an annual subadvisory fee starting at 0.07% and declining to 0.025% as the average daily net assets of each Portfolio increase. Prior to June 1, 2013, Diversified Fixed Income Portfolio and Diversified Stock Portfolio each paid an annual subadvisory fee which started at 0.10% and declined to 0.05% as the average daily net assets of each Portfolio increased.


118		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2013 were as follows:


	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Diversified Fixed Income Portfolio	$	1,532,637,254	$	389,499,695	$	1,190,373,675	$	204,622,425
Diversified Stock Portfolio		0		1,020,795,013		0		1,279,035,832

6. DERIVATIVE TRANSACTIONS

During the six months ended August 31, 2013, Diversified Stock Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

At August 31, 2013, Diversified Stock Portfolio had futures contracts outstanding as follows:


Expiration date	Contracts	Type	Contract value at August 31, 2013		Unrealized losses
9-20-2013	687 Long	MSCI EAFE Index	$	58,109,895	$	(880,635	)
9-20-2013	182 Long	Russell 2000 Index		18,383,820		(416,942	)
9-20-2013	262 Long	S&P 500 E-Mini Index		21,370,030		(474,019	)
9-20-2013	150 Long	S&P Midcap 400 Index		17,743,500		(525,602	)

Diversified Stock Portfolio had an average notional amount of $177,475,847 in long futures contracts during the six months ended August 31, 2013. As of August 31, 2013, Diversified Stock Portfolio had segregated $6,518,900 as cash collateral for open futures contracts.

The payable for daily variation margin on open futures contracts reflected in the Statements 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 Statements of Operations.

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

As of August 31, 2013, the Diversified Stock Portfolio has transactions subject to an enforceable master netting agreements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

Description

Gross amounts of liabilities

in the Statements of Assets

and Liabilities

Collateral

Net amount

(not less than $0)

Futures – variation margin

$1,225,690

$6,518,900


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			119

7. INDEMNIFICATION


120		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information is publicly available on the website on a monthly, seven-day or more delayed basis. Each Fund and Portfolio 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, each 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 Dow Jones Target Date Funds			121

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees


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


122		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. from 1996 to 2013. Vice President and Assistant General Counsel of Wells Fargo Bank, N.A. since 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

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

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


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			123

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Advantage Dow Jones Target Today Fund, Wells Fargo Advantage Dow Jones Target 2010 Fund, Wells Fargo Advantage Dow Jones Target 2015 Fund, Wells Fargo Advantage Dow Jones Target 2020 Fund, Wells Fargo Advantage Dow Jones Target 2025 Fund, Wells Fargo Advantage Dow Jones Target 2030 Fund, Wells Fargo Advantage Dow Jones Target 2035 Fund, Wells Fargo Advantage Dow Jones Target 2040 Fund, Wells Fargo Advantage Dow Jones Target 2045 Fund, Wells Fargo Advantage Dow Jones Target 2050 Fund, Wells Fargo Advantage Dow Jones Target 2055 Fund, Wells Fargo Advantage Diversified Fixed Income Portfolio, Wells Fargo Advantage Diversified Stock Portfolio, Wells Fargo Advantage Short-Term Investment Portfolio

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Wells Fargo Funds Trust (“Funds Trust”) and Wells Fargo Master Trust (“Master Trust”) (collectively, the “Trusts”), 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 Trusts, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trusts’ investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Funds Trust Board reviewed an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the Wells Fargo Advantage Dow Jones Target Today Fund, the Wells Fargo Advantage Dow Jones Target 2010 Fund, the Wells Fargo Advantage Dow Jones Target 2015 Fund, the Wells Fargo Advantage Dow Jones Target 2020 Fund, the Wells Fargo Advantage Dow Jones Target 2025 Fund, the Wells Fargo Advantage Dow Jones Target 2030 Fund, the Wells Fargo Advantage Dow Jones Target 2035 Fund, the Wells Fargo Advantage Dow Jones Target 2040 Fund, the Wells Fargo Advantage Dow Jones Target 2045 Fund, the Wells Fargo Advantage Dow Jones Target 2050 Fund, and the Wells Fargo Advantage Dow Jones Target 2055 Fund (individually, the “Target [Date] Fund” and collectively, the “Target Date Funds”). The Master Trust Board reviewed an investment advisory agreement with Funds Management for each of the Wells Fargo Advantage Diversified Fixed Income Portfolio, the Wells Fargo Advantage Diversified Stock Portfolio, and the Wells Fargo Advantage Short-Term Investment Portfolio (the “Master Portfolios”). The Target Date Funds and the Master Portfolios are collectively referred to as the “Funds.”

The Funds Trust Board also reviewed an investment sub-advisory agreement with Global Index Advisors, Inc. (“GIA”) for the Target Date Funds. The Master Trust Board also reviewed: an investment sub-advisory agreement with (i) SSgA Funds Management, Inc. (“SSgA”) for the Wells Fargo Advantage Diversified Fixed Income Portfolio and the Wells Fargo Advantage Diversified Stock Portfolio; and (ii) Wells Capital Management Incorporated (“WellsCap”) for the Wells Fargo Advantage Short-Term Investment Portfolio. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with WellsCap, GIA, and SSgA (collectively, the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

The Target Date Funds are gateway blended funds that invest all of their assets in the Master Portfolios.

At the Meeting, the Boards considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Boards in the discharge of their 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 Boards, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Boards’ annual contract renewal process earlier in 2013. 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 Boards considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Boards reviewed reports of Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards 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.


124		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

After their deliberations, the Boards unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Funds and their shareholders, and that the compensation payable to Funds Management and the Sub-Advisers is reasonable. The Boards considered the continuation of the Advisory Agreements for the Funds as part of their consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Boards in reaching their determinations.

Nature, extent and quality of services

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

The Boards evaluated the ability of Funds Management and the Sub-Advisers, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Boards further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Boards took into account the administrative and other services provided to the Funds by Funds Management and its affiliates and Funds Management’s oversight of the Funds’ various service providers.

Fund performance and expenses

The Boards considered the performance results for each of the Funds over various time periods ended December 31, 2012. The Boards 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 Funds (each, a “Universe”), and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Boards received a description of the methodology used by Lipper to select the mutual funds in the performance Universe.

The Funds Trust Board noted that the performance of the Target Date Funds (Administrator Class) was higher than or in range of the median performance of each Target Date Fund’s respective Universe for all periods under review, except for the one-year period for each Target Date Fund and the three-year period for the Target Today Fund, the Target 2010 Fund, the Target 2015 Fund, the Target 2020 Fund and the Target 2025 Fund.

The Funds Trust Board also noted that the performance of the Target Date Funds was higher than or in range of each Target Date Fund’s respective benchmark index for all periods under review, except for: the one- and three-year periods for each Target Date Fund; the five-year period for the Target Today Fund, the Target 2010 Fund, the Target 2015 Fund, the Target 2020 Fund, and the Target 2030 Fund; and the ten-year period for the Target Today Fund, the Target 2010 Fund, the Target 2020 Fund and the Target 2030 Fund. The benchmark index for each Target Date Fund is the Dow Jones Global Target [Date] Index corresponding to the date in the name of the relevant Target Date Fund.

The Funds Trust Board noted that the underperformance of the Target Date Funds relative to the respective Universe and benchmark for the periods noted above warranted further discussion. As part of its further review, the Funds Trust Board received information concerning, and discussed factors contributing to, the underperformance for those periods. Funds Management advised the Funds Trust Board that the nearer-dated Target Date Funds have some of the more conservative glidepaths in the industry, and as a result had a lower allocation to equities compared to funds in each respective Target Date Fund’s Universe. Thus, the Funds Trust Board was advised that underperformance of the nearer-dated Target Date Funds relative to their respective Universes was to be expected during periods in which the equity markets posted strong gains. The Funds Trust Board also noted that the Lipper classification for the Target Today Fund was changed, resulting in a change in the Target Today Fund’s Universe. The Funds Trust Board noted that the Target Date Funds’ underperformance relative to their benchmarks was largely attributable to fees charged to the Target Date Funds (which are not charged to a benchmark index).

The Master Trust Board took note of the performance of the Master Portfolios. The Master Trust Board noted that the performance of the Diversified Stock Portfolio was higher than or in range of the median performance of its Universe and the benchmark, the Dow Jones CMAC, for all periods under review.

The Master Trust Board noted that the performance of the Diversified Fixed Income Portfolio was lower than the median performance of its Universe and the benchmark, the Dow Jones Bond CMAC, for all periods under review. The Master


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			125

Trust Board was apprised that the underperformance of the Diversified Fixed Income Portfolio relative to its Universe and benchmark was largely attributable to fees, sector allocation and the narrow performance range of the Universe.

The Master Trust Board also noted that the performance of the Short-Term Investment Portfolio was lower than the median performance of its Universe and benchmark, the Barclays U.S. T-Bill 1-3 Month Index, for all periods under review. The Master Trust Board was apprised that the underperformance of the Short-Term Investment Portfolio relative to its Universe and benchmark was largely attributable to fees and the fact that it is managed using a money market strategy which is different than the ultra-short bond funds in its Universe.

The Funds Trust Board received and considered information regarding the Target Date Funds’ net operating expense ratios and their various components, including actual management fees assessed at both the Target Date Fund level and the Master Portfolio level (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 Funds Trust Board also 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 each Target Date Fund (the “Groups”). The Funds Trust Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Funds Trust Board noted that the net operating expense ratios of each Target Date Fund were in range of or lower than the median net operating expense ratios of each Target Date Fund’s respective expense Groups. The Funds Trust Board further noted that in August 2012 Funds Management had agreed to operating expense cap reductions with respect to each Target Date Fund’s Administrator Class and Class R6 shares, as well as operating expense cap reductions for the Class A shares of the Target Today Fund, the Target 2010 Fund, the Target 2020 Fund, the Target 2030 Fund and the Target 2040 Fund, and operating expense cap reductions for the Investor Class shares of the Target 2010 Fund and the Target 2015 Fund.

With respect to the Master Portfolios, the Master Trust Board reviewed the fee rates that are payable to Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to an expense Group.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

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

Among other information reviewed by the Funds Trust Board was a comparison of the Management Rates of each Target Date Fund, which do not include the advisory fees paid at the Master Portfolio level, with those of other funds in the expense Groups at a common asset level. The Funds Trust Board noted that the Management Rates of each Target Date Fund were in range of or lower than the median rate for the Target Date Fund’s respective expense Groups for all classes.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rates of each Master Portfolio with those of other funds in each Master Portfolio’s respective expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rates of each Master Portfolio were in range of or lower than the median rate for the Master Portfolio’s respective expense Group.

The Boards also received and considered information about the portions of the total advisory fees that were retained by Funds Management after payment of the fees to the Sub-Advisors for sub-advisory services. With respect to the Target Date Funds, the Wells Fargo Advantage Diversified Fixed Income Portfolio and the Wells Fargo Advantage Diversified Stock Portfolio, the Boards 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 respective Fund. In assessing the reasonableness of these amounts, the Boards received and evaluated extensive information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisors, and about Funds Management’s on-going oversight services. With respect to WellsCap, in recognition of the


126		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to each Target Date Fund through affiliated entities, the Funds Trust Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and WellsCap. With respect to GIA and SSgA, the Boards considered that the Sub-Advisory Agreement Rates paid to GIA and SSgA had been negotiated by Funds Management on an arm’s-length basis.

The Boards also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients. In this regard, the Boards 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 their consideration of the factors and information they deemed relevant, including those described here, the Boards 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 Boards received and considered an analysis of the profitability of Funds Management, as well as an analysis of the profitability of Wells Fargo as a whole, from providing services to the Funds. Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Funds and the fund family as a whole. Among other things, the Boards 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 their review, the Boards did not deem the profits reported by Funds Management to be at a level that would prevent them from approving the continuation of the Advisory Agreements. The Master Trust Board also received separate profitability information with respect to SSgA, which is not affiliated with Funds Management. The Master Trust Board did not deem the profits reported by SSgA to be at a level that would prevent it from approving the continuation of the sub-advisory agreement.

The Master Trust Board did not consider separate profitability information with respect to WellsCap, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management. The Funds Trust Board did not consider profitability with respect to GIA to be a significant factor in its analysis, as the sub-advisory fees paid to GIA had been negotiated by Funds Management on an arm’s-length basis.

Economies of scale

With respect to possible economies of scale, the Boards reviewed the breakpoints in each Fund’s advisory fee and administration fee structure (except Short-Term Investment Portfolio), which operate generally to reduce the Funds’ expense ratios as the Funds grow in size. They considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Boards also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Funds. The Boards acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Boards concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Funds.

Other benefits to Funds Management and the Sub-Adviser

The Boards received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including WellsCap, and GIA and SSgA as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds and benefits potentially derived from an increase in Funds Management’s and each Sub-Adviser’s business as a result of their relationship with the Funds (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including WellsCap, or GIA or SSgA, or to operate other products and services that follow investment strategies similar to those of the Funds).

The Boards considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Boards noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Boards also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Funds.


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			127

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards did not find that any ancillary benefits received by Funds Management and its affiliates, including WellsCap, or GIA or SSgA were unreasonable.

Conclusion

After considering the above-described factors and based on their deliberations and their evaluation of the information described above, the Boards unanimously approved the continuation of the Advisory Agreements for an additional one-year period.


128		Wells Fargo Advantage Dow Jones Target Date Funds		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Certificate of participation

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Industrial development revenue

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SKK	— Slovakian koruna

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

219227 10-13

SOFLD/SAR101 08-13

ITEM 2.

CODE OF ETHICS

Not applicable.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6.

INVESTMENTS

Except as noted below, the schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form. The schedules of investments for Wells Fargo Advantage Diversified Fixed Income Portfolio and Wells Fargo Advantage Diversified Stock Portfolio are filed under this Item.


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			1


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities: 27.57%
FFCB		0.39	%		12-17-2015	$	1,000,000	$	995,731
FFCB		0.48			1-4-2016		1,000,000		997,193
FFCB		1.50			11-16-2015		2,220,000		2,268,254
FHLB		0.38			8-28-2015		5,000,000		4,993,725
FHLB		0.80			6-24-2016		3,000,000		2,978,409
FHLB		1.00			11-9-2017		500,000		486,230
FHLB		1.20			11-21-2018		1,000,000		958,713
FHLB		2.75			12-12-2014		500,000		515,859
FHLB		2.75			3-13-2015		3,000,000		3,108,768
FHLB		3.00			10-1-2042		9,714,440		9,277,074
FHLB		3.00			11-1-2042		4,821,281		4,604,216
FHLB		3.00			1-1-2043		9,636,293		9,202,445
FHLB		3.00			4-1-2043		9,753,702		9,314,568
FHLB		3.50			5-1-2014		20,218		21,073
FHLB		3.50			8-1-2020		357,324		375,318
FHLB		3.50			9-1-2020		61,214		64,296
FHLB		3.50			10-1-2020		498,170		523,256
FHLB		3.50			11-1-2020		823,223		864,678
FHLB		3.50			11-1-2020		436,301		458,271
FHLB		3.50			11-1-2020		585,970		611,370
FHLB		3.50			12-1-2020		405,833		426,269
FHLB		3.50			1-1-2021		26,377		27,705
FHLB		3.50			4-1-2021		24,740		25,987
FHLB		3.50			4-1-2021		531,000		557,740
FHLB		3.50			12-1-2025		6,135,098		6,421,716
FHLB		3.50			12-1-2042		3,717,134		3,701,019
FHLB		4.00			6-1-2024		44,747		47,021
FHLB		4.00			7-1-2025		633,298		666,026
FHLB		4.00			4-1-2026		3,283,931		3,458,539
FHLB		4.00			11-1-2040		5,386,822		5,547,146
FHLB		4.00			1-1-2041		8,282,899		8,524,674
FHLB		4.00			2-1-2041		3,711,868		3,824,922
FHLB		4.00			4-1-2041		5,956,904		6,141,988
FHLB		4.50			6-1-2014		40,029		42,061
FHLB		4.50			3-1-2023		95,826		100,822
FHLB		4.50			3-1-2023		38,826		40,850
FHLB		4.50			11-1-2023		89,873		94,558
FHLB		4.50			2-1-2024		108,980		114,661
FHLB		4.50			5-1-2024		119,415		125,697
FHLB		4.50			9-1-2024		44,785		47,141
FHLB		4.50			9-1-2024		82,660		87,008
FHLB		4.50			12-1-2024		151,182		159,134
FHLB		4.50			5-1-2034		182,234		192,075
FHLB		4.50			3-1-2039		1,001,692		1,053,032
FHLB		4.50			3-1-2039		129,465		136,174
FHLB		4.50			5-1-2039		216,765		227,875
FHLB		4.50			10-1-2039		172,925		181,788
FHLB		4.50			10-1-2039		132,411		139,198
FHLB		4.50			9-1-2040		126,224		132,760
FHLB		4.50			1-1-2041		494,559		520,394


2		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLB		4.50	%		2-1-2041	$	1,188,135	$	1,252,096
FHLB		4.50			2-1-2041		8,002,037		8,499,071
FHLB		4.50			4-1-2041		3,720,303		3,920,580
FHLB		4.75			12-16-2016		1,000,000		1,120,428
FHLB		4.88			9-8-2017		1,000,000		1,136,868
FHLB		5.00			11-17-2017		2,000,000		2,275,950
FHLB		5.00			7-1-2025		1,590,934		1,716,771
FHLB		5.00			1-1-2032		2,691		2,887
FHLB		5.00			12-1-2034		9,403		10,097
FHLB		5.00			8-1-2035		745,170		797,298
FHLB		5.00			11-1-2035		824,951		882,661
FHLB		5.00			12-1-2035		17,360		18,574
FHLB		5.00			1-1-2036		31,946		34,161
FHLB		5.00			6-1-2036		881,059		942,694
FHLB		5.00			3-1-2037		8,629		9,220
FHLB		5.00			7-1-2037		24,253		25,913
FHLB		5.00			3-1-2038		794,822		849,243
FHLB		5.00			5-1-2038		38,027		40,631
FHLB		5.00			6-1-2038		10,038		10,725
FHLB		5.00			9-1-2038		787,236		841,137
FHLB		5.00			5-1-2039		43,341		46,309
FHLB		5.00			1-1-2040		2,527,405		2,725,711
FHLB		5.38			5-18-2016		3,250,000		3,653,572
FHLB		5.38			9-30-2022		100,000		117,038
FHLB		5.50			12-1-2035		1,198,595		1,300,387
FHLB		5.50			7-15-2036		600,000		712,043
FHLB		5.50			5-1-2038		398,603		429,421
FHLB		5.50			6-1-2038		111,981		120,639
FHLB		5.50			11-1-2038		296,140		320,891
FHLB		6.00			1-1-2032		22,142		24,106
FHLB		6.00			4-1-2033		43,798		48,299
FHLB		6.00			7-1-2036		63,898		69,518
FHLB		6.00			9-1-2036		422,566		459,732
FHLB		6.00			11-1-2036		570,507		620,685
FHLB		6.00			11-1-2036		40,916		44,493
FHLB		6.00			5-1-2037		283,216		307,973
FHLB		6.00			6-1-2037		303,628		330,169
FHLB		6.00			8-1-2037		580,651		631,407
FHLB		6.00			9-1-2037		205,010		222,931
FHLB		6.00			9-1-2037		4,248		4,619
FHLB		6.00			10-1-2037		34,407		37,415
FHLB		6.00			10-1-2037		32,622		35,474
FHLB		6.00			11-1-2037		140,894		153,210
FHLB		6.00			11-1-2037		86,128		93,657
FHLB		6.00			12-1-2037		101,388		110,250
FHLB		6.00			12-1-2037		96,033		104,427
FHLB		6.00			12-1-2037		231,559		251,801
FHLB		6.00			6-1-2038		167,936		183,587
FHLB		6.00			7-1-2038		110,687		120,363
FHLB		6.00			8-1-2039		681,645		742,066


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			3


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLB		6.00	%		12-1-2039	$	127,745	$	138,912
FHLB		6.00			5-1-2040		2,277,508		2,476,592
FHLMC		0.32			4-29-2015		1,500,000		1,497,549
FHLMC		0.42			6-19-2015		1,000,000		999,035
FHLMC		0.50			4-17-2015		4,000,000		4,008,340
FHLMC		0.55			2-13-2015		200,000		200,351
FHLMC		0.55			2-27-2015		200,000		199,828
FHLMC %%		0.55			9-4-2015		1,000,000		999,187
FHLMC		0.63			12-29-2014		2,500,000		2,510,633
FHLMC		0.65			1-30-2015		200,000		200,391
FHLMC		0.70			9-27-2016		250,000		247,352
FHLMC		0.75			11-25-2014		1,000,000		1,006,116
FHLMC		0.75			1-12-2018		2,000,000		1,928,630
FHLMC		0.80			1-13-2015		200,000		200,364
FHLMC		0.85			2-24-2016		300,000		300,461
FHLMC		0.85			7-29-2016		150,000		149,356
FHLMC		0.88			3-7-2018		2,000,000		1,929,044
FHLMC		1.00			6-30-2015		500,000		501,270
FHLMC		1.00			2-24-2016		200,000		200,726
FHLMC		1.00			9-27-2017		250,000		244,602
FHLMC		1.00			9-29-2017		2,000,000		1,963,390
FHLMC		1.05			4-30-2018		300,000		289,922
FHLMC		1.25			8-1-2019		2,000,000		1,890,342
FHLMC		1.25			10-2-2019		5,000,000		4,685,010
FHLMC		1.55			5-8-2020		250,000		234,489
FHLMC		1.75			9-10-2015		1,000,000		1,025,485
FHLMC		2.00			8-25-2016		1,000,000		1,031,853
FHLMC		2.00			7-30-2019		100,000		97,889
FHLMC		2.25			1-23-2017		200,000		201,637
FHLMC		2.38			1-13-2022		2,580,000		2,469,181
FHLMC ±		2.38			6-1-2038		824,896		873,816
FHLMC		2.50			4-17-2023		1,000,000		932,238
FHLMC %%		2.50			9-1-2028		20,000,000		19,790,624
FHLMC		2.63			6-13-2023		500,000		470,967
FHLMC		2.88			2-9-2015		4,750,000		4,921,917
FHLMC		3.00			9-1-2021		961,241		990,981
FHLMC		3.00			4-1-2022		830,943		856,548
FHLMC		3.00			9-1-2026		167,338		170,944
FHLMC		3.00			10-1-2026		3,443,321		3,517,534
FHLMC		3.00			11-1-2026		353,399		361,016
FHLMC		3.00			11-1-2026		57,368		58,605
FHLMC		3.00			11-1-2026		949,689		970,157
FHLMC		3.00			12-1-2026		6,935,005		7,084,474
FHLMC		3.00			12-1-2026		26,216		26,781
FHLMC		3.00			12-1-2026		1,912,759		1,953,984
FHLMC		3.00			1-1-2027		3,414,692		3,488,288
FHLMC		3.00			3-1-2027		716,299		732,626
FHLMC		3.00			8-1-2027		2,324,903		2,375,011
FHLMC		3.00			4-1-2028		80,888		82,622
FHLMC		3.00			3-1-2043		5,877,530		5,612,910


4		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC %%		3.00	%		9-1-2043	$	7,500,000	$	7,149,317
FHLMC ±		3.15			10-1-2036		144,940		153,029
FHLMC		3.50			2-1-2042		14,426,276		14,363,734
FHLMC		3.50			10-1-2042		748,760		745,572
FHLMC		3.50			10-1-2042		7,434,153		7,401,924
FHLMC		3.50			7-1-2043		5,991,035		5,965,062
FHLMC		3.50			8-1-2043		9,241,240		9,201,176
FHLMC		3.75			3-27-2019		2,900,000		3,149,426
FHLMC		4.00			3-1-2014		97,457		102,314
FHLMC		4.00			5-1-2023		79,992		84,038
FHLMC		4.00			2-1-2024		185,200		194,567
FHLMC		4.00			5-1-2024		102,860		108,087
FHLMC		4.00			5-1-2024		189,699		199,246
FHLMC		4.00			8-1-2024		251,785		264,580
FHLMC		4.00			1-1-2025		410,256		431,103
FHLMC		4.00			2-1-2025		378,975		398,560
FHLMC		4.00			3-1-2025		2,366,264		2,488,550
FHLMC		4.00			5-1-2025		1,032,379		1,085,731
FHLMC		4.00			6-1-2025		223,806		235,372
FHLMC		4.00			6-1-2025		811,599		853,542
FHLMC		4.00			7-1-2025		24,937		26,226
FHLMC		4.00			8-1-2025		143,570		150,990
FHLMC		4.00			10-1-2025		73,131		76,910
FHLMC		4.00			3-1-2026		534,018		562,412
FHLMC		4.00			4-1-2026		698,351		735,483
FHLMC		4.00			5-1-2026		552,962		582,364
FHLMC		4.00			5-1-2029		437,972		454,343
FHLMC		4.00			9-1-2031		470,247		488,535
FHLMC		4.00			10-1-2033		17,883		18,497
FHLMC		4.00			8-1-2036		6,941		7,150
FHLMC		4.00			4-1-2039		759,971		784,685
FHLMC		4.00			5-1-2039		328,968		338,513
FHLMC		4.00			6-1-2039		296,400		305,000
FHLMC		4.00			2-1-2040		444,414		457,309
FHLMC		4.00			9-1-2040		2,354,305		2,423,026
FHLMC		4.00			10-1-2040		477,061		490,987
FHLMC		4.00			10-1-2040		10,680		10,992
FHLMC		4.00			10-1-2040		1,999,894		2,062,251
FHLMC		4.00			11-1-2040		277,379		285,476
FHLMC		4.00			12-1-2040		123,201		126,797
FHLMC		4.00			12-1-2040		6,090,782		6,268,569
FHLMC		4.00			4-1-2041		32,044		32,987
FHLMC		4.00			6-1-2041		493,323		507,845
FHLMC		4.00			6-1-2041		11,953		12,305
FHLMC		4.00			10-1-2041		359,100		369,898
FHLMC		4.00			10-1-2041		55,666		57,304
FHLMC		4.00			11-1-2041		371,325		382,255
FHLMC		4.00			11-1-2041		79,379		81,716
FHLMC		4.00			11-1-2041		46,549		47,919
FHLMC		4.00			11-1-2041		31,733		32,667


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			5


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		4.00	%		11-1-2041	$	432,913	$	445,656
FHLMC		4.00			1-1-2042		3,225,888		3,320,845
FHLMC		4.00			1-1-2042		143,392		147,613
FHLMC		4.00			2-1-2042		65,590		67,520
FHLMC		4.38			7-17-2015		2,750,000		2,951,493
FHLMC		4.50			4-1-2018		62,366		65,628
FHLMC		4.50			8-1-2018		908,446		955,816
FHLMC		4.50			10-1-2018		185,625		195,334
FHLMC		4.50			5-1-2023		1,024,565		1,077,974
FHLMC		4.50			4-1-2024		117,486		126,283
FHLMC		4.50			8-1-2024		763,912		811,408
FHLMC		4.50			11-1-2024		243,940		259,225
FHLMC		4.50			2-1-2025		875,834		930,628
FHLMC		4.50			8-1-2035		70,095		73,777
FHLMC		4.50			9-1-2035		99,962		105,214
FHLMC		4.50			1-1-2037		93,639		98,345
FHLMC		4.50			10-1-2038		477,450		501,448
FHLMC		4.50			2-1-2039		48,972		51,482
FHLMC		4.50			5-1-2039		82,338		86,558
FHLMC		4.50			6-1-2039		2,998,436		3,152,113
FHLMC		4.50			9-1-2039		1,879,606		1,975,941
FHLMC		4.50			10-1-2039		279,112		293,417
FHLMC		4.50			10-1-2039		350,544		368,510
FHLMC		4.50			1-1-2040		2,823,952		2,989,149
FHLMC		4.50			2-1-2040		8,714,900		9,204,852
FHLMC		4.50			3-1-2040		3,843,142		4,082,627
FHLMC		4.50			8-1-2040		1,834,847		1,930,776
FHLMC		4.50			9-1-2040		436,306		459,117
FHLMC		4.50			9-1-2040		3,465,001		3,669,050
FHLMC		4.50			2-1-2041		103,400		108,966
FHLMC		4.50			4-1-2041		4,692,336		4,944,940
FHLMC		4.50			7-1-2041		235,772		248,464
FHLMC		4.50			10-1-2041		1,815,688		1,908,747
FHLMC		4.75			11-17-2015		2,000,000		2,184,002
FHLMC		4.88			6-13-2018		1,700,000		1,942,796
FHLMC		5.00			1-1-2022		917,608		990,356
FHLMC		5.00			7-1-2022		1,479		1,596
FHLMC		5.00			7-1-2022		31,447		33,941
FHLMC		5.00			7-1-2022		39,289		42,396
FHLMC		5.00			7-1-2022		39,283		42,390
FHLMC		5.00			9-1-2022		54,279		58,572
FHLMC		5.00			6-1-2023		49,696		53,627
FHLMC		5.00			6-1-2023		7,613		8,216
FHLMC		5.00			6-1-2023		17,839		19,250
FHLMC		5.00			10-1-2023		2,824		3,047
FHLMC		5.00			4-1-2024		3,713		3,975
FHLMC		5.00			8-1-2024		24,136		25,842
FHLMC		5.00			10-1-2024		432,822		463,414
FHLMC		5.00			10-1-2024		438,002		468,960
FHLMC		5.00			5-1-2025		697,806		753,006


6		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		5.00	%		8-1-2033	$	1,978,369	$	2,153,281
FHLMC		5.00			11-1-2033		166,331		179,015
FHLMC		5.00			3-1-2034		147,254		158,124
FHLMC		5.00			7-1-2035		851,397		910,957
FHLMC		5.00			8-1-2035		236,492		253,036
FHLMC		5.00			9-1-2035		891,052		972,750
FHLMC		5.00			4-1-2036		97,930		104,781
FHLMC		5.00			12-1-2036		85,664		91,529
FHLMC		5.00			2-1-2037		120,248		128,481
FHLMC		5.00			3-1-2039		595,393		641,471
FHLMC		5.00			8-1-2039		1,283,804		1,397,051
FHLMC		5.00			8-1-2039		7,020,881		7,565,230
FHLMC		5.00			9-1-2039		2,127,112		2,291,968
FHLMC		5.00			12-1-2039		2,616,765		2,855,346
FHLMC		5.00			6-1-2040		5,613,592		6,116,943
FHLMC		5.00			6-1-2040		5,422,390		5,907,624
FHLMC		5.13			11-17-2017		1,000,000		1,144,771
FHLMC		5.25			4-18-2016		650,000		726,148
FHLMC ±		5.45			4-1-2037		76,587		80,392
FHLMC		5.50			7-18-2016		650,000		735,476
FHLMC		5.50			12-1-2016		26,023		27,450
FHLMC		5.50			8-1-2017		1,613		1,713
FHLMC		5.50			8-23-2017		3,000,000		3,464,958
FHLMC		5.50			9-1-2017		32,262		34,017
FHLMC		5.50			10-1-2017		2,208		2,345
FHLMC		5.50			11-1-2017		31,571		33,282
FHLMC		5.50			11-1-2017		163,926		172,588
FHLMC		5.50			12-1-2017		931,710		982,304
FHLMC		5.50			3-1-2018		42,112		44,412
FHLMC		5.50			2-1-2019		440,876		465,048
FHLMC		5.50			6-1-2019		35,477		38,040
FHLMC		5.50			1-1-2022		36,575		39,509
FHLMC		5.50			5-1-2022		57,840		62,504
FHLMC		5.50			11-1-2023		160,667		173,642
FHLMC		5.50			12-1-2024		839,609		900,187
FHLMC		5.50			12-1-2033		325,648		351,418
FHLMC		5.50			12-1-2034		317,376		344,330
FHLMC		5.50			1-1-2035		871,110		940,270
FHLMC		5.50			6-1-2035		585,315		633,212
FHLMC		5.50			1-1-2036		193,154		208,490
FHLMC		5.50			1-1-2036		61,922		66,709	��
FHLMC		5.50			2-1-2036		214,625		231,665
FHLMC		5.50			12-1-2036		293,642		316,346
FHLMC		5.50			2-1-2037		301,263		324,556
FHLMC		5.50			3-1-2037		271,430		292,416
FHLMC		5.50			4-1-2037		60,752		65,450
FHLMC		5.50			1-1-2038		710,778		765,732
FHLMC		5.50			2-1-2038		819,011		882,333
FHLMC		5.50			4-1-2038		784,692		845,621
FHLMC		5.50			5-1-2038		1,896,330		2,042,946


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			7


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		5.50	%		5-1-2038	$	586,782	$	632,149
FHLMC		5.50			5-1-2038		2,712,625		2,922,353
FHLMC		5.50			5-1-2038		106,066		114,267
FHLMC		5.50			6-1-2038		14,658		15,792
FHLMC		5.50			7-1-2038		392,601		422,955
FHLMC		5.50			7-1-2038		498,150		536,665
FHLMC		5.50			8-1-2038		695,430		749,197
FHLMC		5.50			8-1-2038		140,734		151,615
FHLMC		5.50			9-1-2038		129,115		139,098
FHLMC		5.50			9-1-2038		239,340		257,845
FHLMC		5.50			1-1-2039		312,681		336,857
FHLMC		5.50			8-1-2039		1,220,412		1,314,769
FHLMC		5.50			11-1-2039		1,704,389		1,841,493
FHLMC		5.50			3-1-2040		3,715,451		4,002,713
FHLMC		5.50			4-1-2040		2,234,345		2,407,095
FHLMC ±		5.83			8-1-2038		231,512		248,327
FHLMC		6.00			6-1-2021		1,131		1,224
FHLMC		6.00			3-1-2022		69,124		75,063
FHLMC		6.00			5-1-2022		5,674		6,215
FHLMC		6.00			7-1-2022		143,533		156,145
FHLMC		6.00			8-1-2022		9,076		9,904
FHLMC		6.00			9-1-2022		160,367		174,992
FHLMC		6.00			3-1-2023		324,882		356,173
FHLMC		6.00			9-1-2023		134,072		146,811
FHLMC		6.00			11-1-2033		531,351		587,020
FHLMC		6.00			7-1-2034		370,835		409,144
FHLMC		6.00			1-1-2036		69,404		76,597
FHLMC		6.00			2-1-2036		681,951		741,930
FHLMC		6.00			11-1-2036		179,133		194,791
FHLMC		6.00			11-1-2036		379,950		413,162
FHLMC		6.00			12-1-2036		68,926		74,988
FHLMC		6.00			2-1-2037		4,706		5,119
FHLMC		6.00			3-1-2037		40,949		44,528
FHLMC		6.00			3-1-2037		264,859		288,155
FHLMC		6.00			4-1-2037		3,245		3,529
FHLMC		6.00			8-1-2037		79,409		86,351
FHLMC		6.00			8-1-2037		113,546		123,471
FHLMC		6.00			8-1-2037		192,500		209,327
FHLMC		6.00			8-1-2037		37,094		40,336
FHLMC		6.00			8-1-2037		197,131		215,603
FHLMC		6.00			9-1-2037		10,488		11,405
FHLMC		6.00			9-1-2037		48,939		53,217
FHLMC		6.00			10-1-2037		92,024		100,068
FHLMC		6.00			10-1-2037		62,024		67,446
FHLMC		6.00			10-1-2037		1,278,959		1,390,757
FHLMC		6.00			11-1-2037		40,003		43,500
FHLMC		6.00			11-1-2037		164,544		179,074
FHLMC		6.00			12-1-2037		821,884		893,727
FHLMC		6.00			12-1-2037		110,086		119,709
FHLMC		6.00			1-1-2038		53,832		58,538


8		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		6.00	%		2-1-2038	$	38,469	$	41,832
FHLMC		6.00			2-1-2038		125,882		136,886
FHLMC		6.00			5-1-2038		104,384		114,071
FHLMC		6.00			6-1-2038		61,364		66,728
FHLMC		6.00			6-1-2038		87,423		95,065
FHLMC		6.00			6-1-2038		69,662		75,751
FHLMC		6.00			7-1-2038		167,930		182,610
FHLMC		6.00			7-1-2038		911,864		991,573
FHLMC		6.00			8-1-2038		81,809		88,961
FHLMC		6.00			8-1-2038		172,009		187,045
FHLMC		6.00			9-1-2038		107,554		116,956
FHLMC		6.00			9-1-2038		96,465		104,898
FHLMC		6.00			9-1-2038		127,934		139,117
FHLMC		6.00			10-1-2038		92,061		100,108
FHLMC		6.00			11-1-2038		79,091		86,005
FHLMC		6.00			12-1-2038		2,594		2,821
FHLMC		6.00			3-1-2039		50,044		54,418
FHLMC		6.00			4-1-2039		168,672		183,623
FHLMC		6.00			6-1-2039		7,260		7,895
FHLMC		6.00			8-1-2039		204,611		222,747
FHLMC		6.00			9-1-2039		218,273		237,620
FHLMC		6.00			10-1-2039		6,776		7,376
FHLMC		6.25			7-15-2032		500,000		649,698
FHLMC		6.50			6-1-2036		83,604		93,411
FHLMC		6.50			10-1-2037		123,717		138,355
FHLMC		6.50			12-1-2037		222,173		247,401
FHLMC		6.50			3-1-2038		71,413		79,904
FHLMC		6.50			3-1-2038		231,083		250,721
FHLMC		6.50			1-1-2039		47,596		53,228
FHLMC		6.50			4-1-2039		386,571		432,310
FHLMC		6.50			4-1-2039		570,985		638,543
FHLMC		6.75			3-15-2031		1,000,000		1,352,066
FICO		9.65			11-2-2018		500,000		684,394
FNMA ¤		0.00			6-1-2017		300,000		282,747
FNMA ¤		0.00			10-9-2019		200,000		166,941
FNMA		0.38			3-16-2015		2,500,000		2,500,575
FNMA		0.38			12-21-2015		2,000,000		1,990,150
FNMA		0.50			5-27-2015		2,500,000		2,503,568
FNMA		0.50			7-2-2015		2,500,000		2,502,690
FNMA		0.50			8-20-2015		750,000		749,679
FNMA		0.50			11-27-2015		1,250,000		1,246,705
FNMA		0.50			3-30-2016		2,000,000		1,989,680
FNMA		0.52			5-20-2016		500,000		495,508
FNMA		0.55			2-26-2016		250,000		249,028
FNMA		0.55			5-6-2016		500,000		497,244
FNMA		0.63			8-26-2016		1,000,000		991,794
FNMA		0.75			12-19-2014		2,000,000		2,011,796
FNMA		0.80			2-13-2015		500,000		501,429
FNMA		0.88			10-26-2017		250,000		243,330
FNMA		0.88			12-20-2017		2,000,000		1,940,724


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			9


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		0.88	%		2-8-2018	$	1,000,000	$	967,587
FNMA		0.88			5-21-2018		2,000,000		1,918,582
FNMA		0.90			11-7-2017		250,000		243,342
FNMA		0.95			8-23-2017		1,000,000		979,275
FNMA		1.00			5-21-2018		100,000		96,538
FNMA		1.00			5-21-2018		100,000		95,458
FNMA		1.05			11-15-2017		1,000,000		978,637
FNMA		1.10			4-17-2018		300,000		290,927
FNMA		1.13			4-27-2017		1,000,000		995,851
FNMA		1.25			9-28-2016		1,000,000		1,008,905
FNMA		1.38			11-15-2016		2,000,000		2,021,124
FNMA		1.55			10-29-2019		1,000,000		949,311
FNMA		1.63			10-26-2015		1,000,000		1,023,223
FNMA		1.70			10-4-2019		125,000		119,651
FNMA		1.75			1-30-2019		200,000		195,403
FNMA		1.88			10-15-2015		200,000		205,249
FNMA		2.20			10-25-2022		150,000		137,426
FNMA		2.25			10-17-2022		1,000,000		923,181
FNMA		2.38			7-28-2015		1,500,000		1,554,413
FNMA		2.38			4-11-2016		1,000,000		1,042,122
FNMA		2.50			10-1-2027		3,916,483		3,881,981
FNMA		2.50			3-1-2028		4,582,649		4,545,838
FNMA		2.50			4-1-2028		7,226,863		7,162,106
FNMA		2.50			7-1-2028		10,407,936		10,314,714
FNMA		2.50			7-1-2028		9,880,144		9,791,654
FNMA ±		2.55			3-1-2036		60,552		63,941
FNMA ±		2.57			4-1-2036		131,579		140,674
FNMA ±		2.61			3-1-2037		118,617		125,621
FNMA		2.63			11-20-2014		700,000		720,343
FNMA ±		2.64			2-1-2042		3,994,017		4,103,317
FNMA ±		2.66			4-1-2038		111,070		117,521
FNMA ±		2.72			10-1-2037		464,966		496,349
FNMA ±		2.74			6-1-2035		193,486		205,740
FNMA ±		2.97			3-1-2041		2,858,736		2,969,472
FNMA		3.00			10-1-2021		8,822,111		9,128,196
FNMA		3.00			8-1-2026		314,188		321,087
FNMA		3.00			9-1-2026		190,838		194,974
FNMA		3.00			11-1-2026		2,943,169		3,008,012
FNMA		3.00			11-1-2026		279,439		285,701
FNMA		3.00			2-1-2027		187,295		191,475
FNMA		3.00			2-1-2027		1,723,411		1,761,837
FNMA		3.00			4-1-2027		324,993		332,241
FNMA		3.00			5-1-2027		386,642		395,259
FNMA		3.00			6-1-2027		254,876		260,584
FNMA		3.00			7-1-2027		449,297		459,312
FNMA		3.00			7-1-2027		597,975		611,392
FNMA		3.00			8-1-2027		2,908,767		2,973,997
FNMA		3.00			8-1-2027		3,063,802		3,132,439
FNMA		3.00			8-1-2027		16,626,147		16,999,466
FNMA		3.00			9-1-2027		2,246,387		2,296,776


10		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		3.00	%		9-1-2027	$	2,166,290	$	2,214,873
FNMA		3.00			9-1-2027		9,373,265		9,589,241
FNMA		3.00			9-1-2027		3,458,835		3,536,424
FNMA		3.00			10-1-2027		4,128,939		4,224,167
FNMA		3.00			9-1-2042		2,721,958		2,606,490
FNMA		3.00			9-1-2042		44,304		42,425
FNMA		3.00			9-1-2042		716,567		686,169
FNMA		3.00			9-1-2042		639,575		612,444
FNMA		3.00			10-1-2042		5,242,784		5,020,380
FNMA		3.00			10-1-2042		1,391,918		1,332,871
FNMA		3.00			10-1-2042		4,960,192		4,749,776
FNMA		3.00			11-1-2042		9,579,572		9,173,197
FNMA		3.00			12-1-2042		9,672,517		9,262,200
FNMA		3.00			1-1-2043		9,670,991		9,260,739
FNMA		3.00			2-1-2043		9,874,949		9,456,044
FNMA		3.00			3-1-2043		11,719,625		11,222,468
FNMA		3.00			4-1-2043		9,884,676		9,465,359
FNMA		3.00			5-1-2043		9,931,970		9,510,647
FNMA		3.00			6-1-2043		4,977,946		4,766,777
FNMA		3.00			7-1-2043		9,977,940		9,554,667
FNMA ±		3.03			3-1-2041		5,425,622		5,644,904
FNMA		3.40			9-27-2032		250,000		213,617
FNMA ±		3.47			10-1-2040		3,089,865		3,232,882
FNMA		3.50			11-1-2025		2,957,088		3,088,652
FNMA		3.50			12-1-2025		7,300,986		7,642,598
FNMA		3.50			12-1-2026		10,954,363		11,442,441
FNMA		3.50			1-1-2036		28,884		28,837
FNMA		3.50			10-1-2040		1,789,972		1,787,089
FNMA		3.50			12-1-2040		241,476		241,085
FNMA		3.50			1-1-2041		1,434,619		1,432,520
FNMA		3.50			1-1-2041		47,895		47,818
FNMA		3.50			1-1-2041		131,264		131,052
FNMA		3.50			1-1-2041		52,526		52,441
FNMA		3.50			1-1-2041		454,065		453,331
FNMA		3.50			2-1-2041		3,352,369		3,346,941
FNMA		3.50			2-1-2041		603,641		602,665
FNMA		3.50			2-1-2041		646,464		645,614
FNMA		3.50			2-1-2041		74,059		73,940
FNMA %%		3.50			9-1-2041		45,000,000		44,880,200
FNMA		3.50			9-1-2042		13,794,881		13,789,632
FNMA		3.50			9-1-2042		9,056,200		9,041,537
FNMA		3.50			10-1-2042		7,098,221		7,086,728
FNMA		3.50			7-1-2043		9,940,155		9,924,061
FNMA		4.00			6-1-2019		497,998		524,891
FNMA		4.00			2-1-2024		14,036		14,812
FNMA		4.00			3-1-2024		739,261		779,599
FNMA		4.00			4-1-2024		1,307,889		1,378,486
FNMA		4.00			5-1-2024		50,424		53,208
FNMA		4.00			6-1-2024		443,335		467,642
FNMA		4.00			6-1-2024		288,688		304,285


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			11


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.00	%		6-1-2024	$	148,588	$	156,656
FNMA		4.00			9-1-2024		114,802		121,122
FNMA		4.00			10-1-2024		104,807		110,532
FNMA		4.00			2-1-2025		688,049		726,041
FNMA		4.00			3-1-2025		2,857,500		3,029,233
FNMA		4.00			3-1-2025		124,586		131,384
FNMA		4.00			7-1-2025		1,913,317		2,016,415
FNMA		4.00			5-1-2026		2,014,769		2,124,697
FNMA		4.00			2-1-2039		98,534		101,680
FNMA		4.00			2-1-2039		448,662		462,736
FNMA		4.00			3-1-2039		91,268		94,124
FNMA		4.00			8-1-2039		422,593		435,866
FNMA		4.00			8-1-2039		1,581,304		1,631,099
FNMA		4.00			8-1-2039		670,804		691,855
FNMA		4.00			8-1-2039		4,098,135		4,239,666
FNMA		4.00			11-1-2039		36,183		37,327
FNMA		4.00			1-1-2040		419,318		432,480
FNMA		4.00			1-1-2040		376,604		388,490
FNMA		4.00			3-1-2040		17,663		18,220
FNMA		4.00			3-1-2040		604,304		623,312
FNMA		4.00			4-1-2040		2,381,599		2,456,527
FNMA		4.00			8-1-2040		102,131		105,331
FNMA		4.00			8-1-2040		1,920,805		1,979,977
FNMA		4.00			8-1-2040		919,519		948,644
FNMA		4.00			8-1-2040		534,370		551,332
FNMA		4.00			9-1-2040		27,063		27,926
FNMA		4.00			9-1-2040		24,004		24,765
FNMA		4.00			9-1-2040		123,107		126,970
FNMA		4.00			10-1-2040		55,729		57,514
FNMA		4.00			10-1-2040		62,139		64,107
FNMA		4.00			10-1-2040		302,471		312,064
FNMA		4.00			10-1-2040		790,654		815,779
FNMA		4.00			11-1-2040		512,339		528,518
FNMA		4.00			11-1-2040		445,662		459,794
FNMA		4.00			11-1-2040		235,338		242,838
FNMA		4.00			11-1-2040		350,859		361,921
FNMA		4.00			11-1-2040		56,448		58,224
FNMA		4.00			11-1-2040		35,790		36,924
FNMA		4.00			11-1-2040		93,614		96,562
FNMA		4.00			11-1-2040		4,114,499		4,291,907
FNMA		4.00			12-1-2040		17,998		18,571
FNMA		4.00			12-1-2040		35,140		36,250
FNMA		4.00			12-1-2040		138,200		142,588
FNMA		4.00			12-1-2040		471,664		486,651
FNMA		4.00			12-1-2040		193,702		199,863
FNMA		4.00			12-1-2040		101,164		104,385
FNMA		4.00			12-1-2040		534,459		551,432
FNMA		4.00			12-1-2040		1,147,656		1,184,163
FNMA		4.00			12-1-2040		3,621,096		3,745,938
FNMA		4.00			1-1-2041		12,928		13,338


12		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.00	%		1-1-2041	$	102,312	$	105,580
FNMA		4.00			1-1-2041		5,577,451		5,754,120
FNMA		4.00			2-1-2041		455,910		470,374
FNMA		4.00			2-1-2041		255,221		263,313
FNMA		4.00			2-1-2041		6,056,063		6,250,051
FNMA		4.00			3-1-2041		149,791		154,536
FNMA		4.00			3-1-2041		2,908,989		3,002,892
FNMA		4.00			4-1-2041		378,139		390,134
FNMA		4.00			5-1-2041		6,245,748		6,443,579
FNMA		4.00			7-1-2041		24,695		25,472
FNMA		4.00			7-1-2041		165,265		170,524
FNMA		4.00			8-1-2041		29,543		30,485
FNMA		4.00			8-1-2041		451,063		465,357
FNMA		4.00			10-1-2041		1,913,935		1,974,992
FNMA		4.00			10-1-2041		1,894,980		1,955,255
FNMA		4.00			10-1-2041		323,468		333,715
FNMA		4.00			10-1-2041		160,248		165,325
FNMA		4.00			11-1-2041		464,230		479,003
FNMA		4.00			11-1-2041		1,531,121		1,579,757
FNMA		4.00			12-1-2041		488,726		504,298
FNMA		4.00			12-1-2041		299,814		309,405
FNMA		4.00			12-1-2041		343,510		354,459
FNMA		4.00			1-1-2042		21,177		21,849
FNMA		4.00			1-1-2042		118,200		121,955
FNMA		4.00			2-1-2042		167,538		174,119
FNMA		4.00			2-1-2042		22,279		22,996
FNMA		4.00			2-1-2042		160,345		165,460
FNMA		4.00			2-1-2042		5,956,037		6,145,593
FNMA		4.00			4-1-2042		2,077,504		2,143,771
FNMA		4.00			7-1-2042		84,256		86,898
FNMA		4.38			10-15-2015		1,000,000		1,080,933
FNMA		4.50			9-1-2013		25		25
FNMA		4.50			11-1-2014		2,899		3,063
FNMA		4.50			5-1-2015		13,276		14,025
FNMA		4.50			3-1-2018		45,280		47,909
FNMA		4.50			4-1-2018		198,315		209,727
FNMA		4.50			12-1-2018		25,274		26,738
FNMA		4.50			5-1-2019		22,562		23,856
FNMA		4.50			1-1-2020		45,726		48,399
FNMA		4.50			8-1-2020		28,718		30,418
FNMA		4.50			10-1-2020		74,530		78,939
FNMA		4.50			10-1-2020		36,179		38,270
FNMA		4.50			12-1-2020		110,148		116,743
FNMA		4.50			1-1-2021		62,570		66,328
FNMA		4.50			3-1-2022		73,402		77,625
FNMA		4.50			3-1-2022		619,209		655,017
FNMA		4.50			5-1-2022		18,084		19,628
FNMA		4.50			11-1-2022		117,224		124,174
FNMA		4.50			2-1-2023		545,165		577,364
FNMA		4.50			3-1-2023		9,575		10,143


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			13


Security name	Interest rate			Maturity date			Principal		Value


Agency Securities (continued)
FNMA		4.50	%		3-1-2023		$	42,174	$	44,585
FNMA		4.50			3-1-2023			252,954		268,118
FNMA		4.50			5-1-2023			160,097		169,306
FNMA		4.50			5-1-2023			68,799		72,881
FNMA		4.50			5-1-2023			34,999		37,078
FNMA		4.50			5-1-2023			26,325		27,841
FNMA		4.50			6-1-2023			315,409		333,474
FNMA		4.50			12-1-2023			146,101		154,742
FNMA		4.50			3-1-2024			30,267		32,023
FNMA		4.50			5-1-2024			31,606		33,977
FNMA		4.50			5-1-2024			455,817		482,577
FNMA		4.50			7-1-2024			1,695,486		1,794,082
FNMA		4.50			8-1-2024			12,317		13,038
FNMA		4.50			8-1-2024			204,978		216,895
FNMA		4.50			8-1-2024			132,577		140,266
FNMA		4.50			1-1-2025			1,908,701		2,019,330
FNMA		4.50			3-1-2025			2,104,153		2,226,048
FNMA		4.50			3-1-2025			132,677		140,504
FNMA		4.50			4-1-2025			57,448		61,761
FNMA		4.50			4-1-2025	��		236,832		250,583
FNMA		4.50			10-1-2025			332,824		357,360
FNMA		4.50			2-1-2026			294,982		316,397
FNMA		4.50			2-1-2026			55,395		59,447
FNMA		4.50			4-1-2026			952,275		1,007,526
FNMA		4.50			5-1-2026			78,863		83,432
FNMA		4.50			6-1-2026			36,073		38,181
FNMA		4.50			4-1-2028			62,734		66,368
FNMA		4.50			4-1-2028			30,067		32,108
FNMA		4.50			4-1-2028			79,039		84,812
FNMA		4.50			3-1-2029			75,240		80,220
FNMA		4.50			5-1-2029			6,874,036		7,281,432
FNMA		4.50			10-1-2029			455,033		482,193
FNMA		4.50			9-1-2033			412,727		437,297
FNMA		4.50			4-1-2035			91,393		96,411
FNMA		4.50			5-1-2035			27,802		29,391
FNMA		4.50			7-1-2035			5,401		5,693
FNMA		4.50			8-1-2035			16,721		17,627
FNMA		4.50			9-1-2035			45,853		48,405
FNMA		4.50			9-1-2035			3,268,508		3,450,089
FNMA		4.50			9-1-2035			554,197		584,222
FNMA		4.50			10-1-2035			141,881		149,588
FNMA		4.50			3-1-2038			838,444		883,860
FNMA		4.50			2-1-2039			39,424		41,559
FNMA		4.50			2-1-2039			86,916		91,624
FNMA		4.50			2-1-2039			450,154		474,615
FNMA		4.50			2-1-2039			22,755		23,997
FNMA		4.50			3-1-2039			1,829,643		1,929,264
FNMA		4.50			3-1-2039			2,262,839		2,385,412
FNMA		4.50			4-1-2039			657,154		692,750
FNMA		4.50			4-1-2039			13,263		13,982


14		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.50	%		4-1-2039	$	2,031,290	$	2,142,088
FNMA		4.50			4-1-2039		1,940,342		2,046,289
FNMA		4.50			5-1-2039		843,827		896,141
FNMA		4.50			5-1-2039		2,263,033		2,402,539
FNMA		4.50			6-1-2039		1,334,305		1,406,581
FNMA		4.50			9-1-2039		2,007,951		2,131,689
FNMA		4.50			12-1-2039		229,603		242,134
FNMA		4.50			2-1-2040		3,251,486		3,429,710
FNMA		4.50			2-1-2040		4,267,373		4,531,670
FNMA		4.50			3-1-2040		3,264,834		3,477,005
FNMA		4.50			5-1-2040		1,340,305		1,420,110
FNMA		4.50			5-1-2040		2,923,959		3,103,526
FNMA		4.50			6-1-2040		1,150,541		1,214,798
FNMA		4.50			8-1-2040		336,087		354,636
FNMA		4.50			8-1-2040		3,298,748		3,478,681
FNMA		4.50			9-1-2040		41,742		44,028
FNMA		4.50			10-1-2040		3,167,349		3,346,130
FNMA		4.50			10-1-2040		526,000		555,300
FNMA		4.50			11-1-2040		2,317,062		2,445,323
FNMA		4.50			2-1-2041		9,638,230		10,183,211
FNMA		4.50			2-1-2041		7,396,865		7,817,470
FNMA		4.50			4-1-2041		2,236,616		2,391,340
FNMA		4.50			5-1-2041		14,360		15,225
FNMA		4.63			10-15-2014		1,000,000		1,048,954
FNMA		4.88			12-15-2016		950,000		1,066,157
FNMA		5.00			12-1-2014		190,811		202,160
FNMA		5.00			4-15-2015		3,000,000		3,222,669
FNMA		5.00			8-1-2015		281,505		298,249
FNMA		5.00			11-1-2015		304,204		322,375
FNMA		5.00			2-13-2017		500,000		564,345
FNMA		5.00			5-11-2017		1,200,000		1,358,756
FNMA		5.00			12-1-2017		576,688		613,204
FNMA		5.00			6-1-2018		360,726		382,797
FNMA		5.00			10-1-2018		229,090		243,345
FNMA		5.00			11-1-2018		81,682		86,782
FNMA		5.00			6-1-2019		172,051		184,201
FNMA		5.00			9-1-2019		513,088		545,766
FNMA		5.00			10-1-2019		229,964		246,209
FNMA		5.00			11-1-2019		212,491		225,900
FNMA		5.00			6-1-2020		99,350		106,157
FNMA		5.00			5-1-2023		761,289		816,190
FNMA		5.00			5-1-2023		102,713		109,541
FNMA		5.00			6-1-2023		116,840		125,338
FNMA		5.00			6-1-2023		311,556		334,027
FNMA		5.00			4-1-2024		184,326		197,642
FNMA		5.00			9-1-2024		169,871		184,792
FNMA		5.00			3-1-2025		2,005,303		2,149,161
FNMA		5.00			4-1-2034		284,389		311,636
FNMA		5.00			4-1-2034		718,660		773,234
FNMA		5.00			4-1-2035		2,680,077		2,882,452


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			15


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		5.00	%		6-1-2035	$	974,855	$	1,047,698
FNMA		5.00			7-1-2035		70,584		75,742
FNMA		5.00			7-1-2035		40,799		43,803
FNMA		5.00			7-1-2035		101,433		108,997
FNMA		5.00			8-1-2035		117,320		126,431
FNMA		5.00			10-1-2035		3,499,090		3,769,951
FNMA		5.00			11-1-2035		934,439		1,002,724
FNMA		5.00			12-1-2035		11,030		11,847
FNMA		5.00			2-1-2036		4,297,290		4,620,234
FNMA		5.00			7-1-2036		95,794		102,794
FNMA		5.00			11-1-2036		368,887		395,844
FNMA		5.00			11-1-2036		308,454		330,994
FNMA		5.00			5-1-2037		291,977		313,313
FNMA		5.00			5-1-2037		73,944		79,348
FNMA		5.00			5-1-2037		79,213		85,001
FNMA		5.00			6-1-2037		84,053		90,195
FNMA		5.00			8-1-2037		690,284		740,727
FNMA		5.00			2-1-2038		2,206,458		2,371,094
FNMA		5.00			3-1-2038		1,557,699		1,671,529
FNMA		5.00			4-1-2038		83,989		90,126
FNMA		5.00			5-1-2038		484,077		519,451
FNMA		5.00			5-1-2038		274,972		295,066
FNMA		5.00			5-1-2038		178,909		192,007
FNMA		5.00			7-1-2038		11,907		12,777
FNMA		5.00			7-1-2038		12,133		13,020
FNMA		5.00			11-1-2038		307,979		330,485
FNMA		5.00			11-1-2038		164,506		176,527
FNMA		5.00			11-1-2038		12,339		13,241
FNMA		5.00			4-1-2039		426,336		457,997
FNMA		5.00			4-1-2039		578,807		621,104
FNMA		5.00			6-1-2039		1,016,697		1,090,993
FNMA		5.00			7-1-2039		766,195		822,185
FNMA		5.00			8-1-2039		6,107,780		6,566,457
FNMA		5.00			10-1-2039		1,176,997		1,264,165
FNMA		5.00			7-1-2040		8,611,877		9,396,836
FNMA		5.00			4-1-2041		3,546,438		3,836,170
FNMA		5.00			8-1-2041		502,031		543,201
FNMA		5.38			7-15-2016		1,000,000		1,127,722
FNMA		5.38			6-12-2017		1,500,000		1,720,575
FNMA		5.45			10-18-2021		200,000		224,797
FNMA ±		5.49			1-1-2037		33,086		35,507
FNMA		5.50			4-1-2014		11,162		11,759
FNMA		5.50			7-1-2014		85,012		89,560
FNMA		5.50			12-1-2014		3,948		4,159
FNMA		5.50			2-1-2015		24,143		25,434
FNMA		5.50			2-1-2016		12,129		12,791
FNMA		5.50			6-1-2016		258,062		272,213
FNMA		5.50			8-1-2016		38,571		40,698
FNMA		5.50			11-1-2016		275,685		290,875
FNMA		5.50			11-1-2016		12,115		12,783


16		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		5.50	%		1-1-2017	$	158,923	$	167,737
FNMA		5.50			2-1-2017		108,513		114,501
FNMA		5.50			2-1-2017		5,946		6,276
FNMA		5.50			4-1-2017		135,582		143,057
FNMA		5.50			6-1-2017		261,528		276,078
FNMA		5.50			7-1-2017		242,796		256,091
FNMA		5.50			8-1-2017		61,997		65,455
FNMA		5.50			10-1-2017		238,823		252,163
FNMA		5.50			3-1-2018		87,349		92,263
FNMA		5.50			4-1-2018		91,955		97,126
FNMA		5.50			12-1-2018		1,048,139		1,110,095
FNMA		5.50			5-1-2021		243,765		260,649
FNMA		5.50			12-1-2021		54,994		58,055
FNMA		5.50			5-1-2023		279,458		302,615
FNMA		5.50			8-1-2023		5,658		6,126
FNMA		5.50			9-1-2023		81,181		86,180
FNMA		5.50			10-1-2023		7,308		7,718
FNMA		5.50			10-1-2023		223,221		241,665
FNMA		5.50			11-1-2023		59,668		64,608
FNMA		5.50			11-1-2023		13,479		14,594
FNMA		5.50			2-1-2024		27,143		29,151
FNMA		5.50			6-1-2024		274,765		297,306
FNMA		5.50			7-1-2024		470,269		496,166
FNMA		5.50			5-1-2025		375,142		397,224
FNMA		5.50			8-1-2025		145,035		158,767
FNMA		5.50			7-1-2033		212,394		231,068
FNMA		5.50			9-1-2033		606,878		661,808
FNMA		5.50			11-1-2033		256,742		280,512
FNMA		5.50			7-1-2034		321,286		351,274
FNMA		5.50			9-1-2034		112,240		122,680
FNMA		5.50			10-1-2034		101,103		110,490
FNMA		5.50			12-1-2034		502,910		549,030
FNMA		5.50			1-1-2035		409,521		444,228
FNMA		5.50			1-1-2035		3,045,567		3,329,008
FNMA		5.50			8-1-2035		71,348		77,912
FNMA		5.50			8-1-2035		352,127		383,627
FNMA		5.50			8-1-2035		851,938		929,012
FNMA		5.50			9-1-2035		464,059		504,363
FNMA		5.50			12-1-2035		1,039,435		1,127,845
FNMA		5.50			1-1-2036		2,242,702		2,440,557
FNMA		5.50			2-1-2036		575,322		623,741
FNMA		5.50			4-1-2036		1,924,369		2,086,576
FNMA		5.50			4-1-2036		648,259		706,690
FNMA		5.50			4-1-2036		3,562,408		3,872,135
FNMA		5.50			9-1-2036		64,213		69,618
FNMA		5.50			2-1-2037		315,981		348,332
FNMA		5.50			3-1-2037		120,001		130,101
FNMA		5.50			5-1-2037		283,371		307,220
FNMA		5.50			6-1-2037		380,441		413,099
FNMA		5.50			2-1-2038		129,833		140,760


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			17


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		5.50	%		2-1-2038	$	124,505	$	134,983
FNMA		5.50			2-1-2038		1,092,619		1,184,575
FNMA		5.50			4-1-2038		1,733,384		1,879,268
FNMA		5.50			5-1-2038		1,812,843		1,965,413
FNMA		5.50			6-1-2038		2,025,985		2,196,494
FNMA		5.50			7-1-2038		1,944,814		2,108,491
FNMA		5.50			9-1-2038		444,402		481,804
FNMA		5.50			11-1-2038		914,677		991,658
FNMA		5.50			1-1-2039		727,543		788,773
FNMA		5.50			2-1-2039		3,298,740		3,591,186
FNMA		5.50			5-1-2039		692,648		750,942
FNMA		5.50			6-1-2039		1,497,915		1,623,981
FNMA %%		5.50			9-1-2041		3,750,000		4,072,266
FNMA ±		5.55			12-1-2036		18,716		20,035
FNMA		5.63			7-15-2037		150,000		183,076
FNMA		6.00			1-1-2014		15,464		15,550
FNMA		6.00			1-1-2014		3,658		3,970
FNMA		6.00			4-1-2014		8,998		9,316
FNMA		6.00			7-1-2016		12,085		12,671
FNMA		6.00			9-1-2016		6,453		6,785
FNMA		6.00			11-1-2017		10,913		11,044
FNMA		6.00			11-1-2017		279,368		298,971
FNMA		6.00			1-1-2018		77,405		82,997
FNMA		6.00			1-1-2018		139,086		148,759
FNMA		6.00			5-1-2021		221,984		241,926
FNMA		6.00			5-1-2021		199,117		219,867
FNMA		6.00			9-1-2021		98,011		108,583
FNMA		6.00			8-1-2022		85,298		93,805
FNMA		6.00			10-1-2022		206,809		227,596
FNMA		6.00			2-1-2023		32,245		34,275
FNMA		6.00			7-1-2023		286,853		320,489
FNMA		6.00			10-1-2023		109,629		122,788
FNMA		6.00			11-1-2023		71,333		78,195
FNMA		6.00			12-1-2023		121,605		127,991
FNMA		6.00			9-1-2024		11,509		12,556
FNMA		6.00			11-1-2033		50,306		55,671
FNMA		6.00			8-1-2034		190,696		211,127
FNMA		6.00			9-1-2034		174,641		193,381
FNMA		6.00			10-1-2034		189,587		210,066
FNMA		6.00			11-1-2034		226,283		247,504
FNMA		6.00			3-1-2035		97,659		108,169
FNMA		6.00			1-1-2036		713,023		779,201
FNMA		6.00			3-1-2036		45,016		49,274
FNMA		6.00			4-18-2036		500,000		553,222
FNMA		6.00			9-1-2036		7,849		8,602
FNMA		6.00			9-1-2036		183,648		200,577
FNMA		6.00			9-1-2036		156,590		171,025
FNMA		6.00			11-1-2036		1,776,197		1,941,962
FNMA		6.00			1-1-2037		973,244		1,064,547
FNMA		6.00			2-1-2037		4,073		4,450


18		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		6.00	%		2-1-2037	$	2,750,790	$	3,013,807
FNMA		6.00			3-1-2037		490,934		536,190
FNMA		6.00			4-1-2037		15,681		17,127
FNMA		6.00			5-1-2037		971,671		1,062,063
FNMA		6.00			5-1-2037		12,496		13,648
FNMA		6.00			6-1-2037		17,763		19,414
FNMA		6.00			7-1-2037		1,620,136		1,769,488
FNMA		6.00			8-1-2037		9,460		10,332
FNMA		6.00			8-1-2037		1,320,939		1,442,709
FNMA		6.00			8-1-2037		274,782		304,302
FNMA		6.00			8-1-2037		80,736		88,179
FNMA		6.00			9-1-2037		8,407		9,182
FNMA		6.00			9-1-2037		66,322		72,436
FNMA		6.00			9-1-2037		670,232		732,017
FNMA		6.00			9-1-2037		44,824		48,956
FNMA		6.00			9-1-2037		85,700		93,600
FNMA		6.00			9-1-2037		139,173		152,610
FNMA		6.00			9-1-2037		110,554		120,745
FNMA		6.00			9-1-2037		85,008		92,844
FNMA		6.00			9-1-2037		88,222		96,354
FNMA		6.00			10-1-2037		644,132		705,714
FNMA		6.00			10-1-2037		954,254		1,042,221
FNMA		6.00			10-1-2037		71,450		78,036
FNMA		6.00			10-1-2037		184,481		201,488
FNMA		6.00			10-1-2037		6,851		7,482
FNMA		6.00			10-1-2037		2,961		3,234
FNMA		6.00			10-1-2037		2,270,514		2,479,821
FNMA		6.00			11-1-2037		10,774		11,767
FNMA		6.00			11-1-2037		13,741		15,029
FNMA		6.00			11-1-2037		53,855		58,820
FNMA		6.00			11-1-2037		31,755		34,682
FNMA		6.00			11-1-2037		65,397		71,440
FNMA		6.00			12-1-2037		43,849		47,891
FNMA		6.00			1-1-2038		61,798		67,495
FNMA		6.00			1-1-2038		44,026		48,084
FNMA		6.00			1-1-2038		596,688		652,554
FNMA		6.00			2-1-2038		1,075		1,174
FNMA		6.00			2-1-2038		156,036		170,434
FNMA		6.00			2-1-2038		31,200		34,076
FNMA		6.00			2-1-2038		171,742		188,125
FNMA		6.00			5-1-2038		9,560		10,441
FNMA		6.00			6-1-2038		45,971		50,209
FNMA		6.00			7-1-2038		12,765		13,961
FNMA		6.00			7-1-2038		444,552		485,532
FNMA		6.00			7-1-2038		141,796		154,868
FNMA		6.00			7-1-2038		259,440		283,357
FNMA		6.00			7-1-2038		13,905		15,188
FNMA		6.00			8-1-2038		1,932		2,111
FNMA		6.00			8-1-2038		89,124		97,339
FNMA		6.00			8-1-2038		37,709		41,185


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			19


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		6.00	%		8-1-2038	$	11,022	$	12,039
FNMA		6.00			8-1-2038		83,014		90,824
FNMA		6.00			8-1-2038		63,176		69,000
FNMA		6.00			9-1-2038		18,589		20,420
FNMA		6.00			9-1-2038		4,766		5,206
FNMA		6.00			9-1-2038		18,796		20,529
FNMA		6.00			9-1-2038		36,936		40,349
FNMA		6.00			9-1-2038		78,783		86,046
FNMA		6.00			9-1-2038		79,572		86,907
FNMA		6.00			9-1-2038		75,169		82,098
FNMA		6.00			9-1-2038		4,587		5,010
FNMA		6.00			9-1-2038		129,751		141,712
FNMA		6.00			9-1-2038		53,935		59,681
FNMA		6.00			9-1-2038		59,158		64,612
FNMA		6.00			9-1-2038		37,531		40,990
FNMA		6.00			9-1-2038		100,458		109,718
FNMA		6.00			10-1-2038		111,936		122,476
FNMA		6.00			10-1-2038		69,727		76,155
FNMA		6.00			10-1-2038		26,508		28,951
FNMA		6.00			10-1-2038		45,160		49,413
FNMA		6.00			11-1-2038		10,798		11,809
FNMA		6.00			11-1-2038		64,719		70,686
FNMA		6.00			11-1-2038		746,675		815,507
FNMA		6.00			11-1-2038		45,388		49,595
FNMA		6.00			11-1-2038		47,787		52,192
FNMA		6.00			11-1-2038		32,953		36,004
FNMA		6.00			12-1-2038		100,940		110,245
FNMA		6.00			12-1-2038		85,110		92,956
FNMA		6.00			12-1-2038		126,226		139,829
FNMA		6.00			1-1-2039		45,277		49,450
FNMA		6.00			1-1-2039		93,500		102,172
FNMA		6.00			2-1-2039		106,545		116,367
FNMA		6.00			3-1-2039		15,116		16,569
FNMA		6.00			4-1-2039		125,325		136,878
FNMA		6.00			9-1-2039		3,820		4,172
FNMA		6.00			9-1-2039		262,863		287,095
FNMA		6.00			10-1-2039		4,160,709		4,544,263
FNMA		6.00			4-1-2040		5,123,462		5,595,766
FNMA		6.00			6-1-2040		31,854		34,790
FNMA		6.21			8-6-2038		200,000		257,361
FNMA		6.25			5-15-2029		500,000		639,121
FNMA		6.50			8-1-2015		2,956		2,991
FNMA		6.50			6-1-2036		46,493		50,273
FNMA		6.50			7-1-2036		320,139		353,719
FNMA		6.50			9-1-2036		146,173		161,505
FNMA		6.50			9-1-2036		13,396		14,468
FNMA		6.50			12-1-2036		455,625		509,840
FNMA		6.50			4-1-2037		45,221		50,346
FNMA		6.50			5-1-2037		2,493		2,679
FNMA		6.50			5-1-2037		89,350		95,884


20		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		6.50	%		6-1-2037	$	180,410	$	202,400
FNMA		6.50			6-1-2037		332,325		367,239
FNMA		6.50			8-1-2037		68,727		75,771
FNMA		6.50			9-1-2037		881,187		972,023
FNMA		6.50			9-1-2037		5,002		5,523
FNMA		6.50			10-1-2037		95,856		106,341
FNMA		6.50			10-1-2037		61,786		66,217
FNMA		6.50			10-1-2037		1,790,963		1,978,212
FNMA		6.50			11-1-2037		127,840		140,706
FNMA		6.50			11-1-2037		480,806		530,327
FNMA		6.50			11-1-2037		12,601		13,622
FNMA		6.50			1-1-2038		73,812		82,358
FNMA		6.50			3-1-2038		16,306		17,983
FNMA		6.50			7-1-2038		13,088		13,998
FNMA		6.50			9-1-2038		56,526		61,167
FNMA		6.50			9-1-2038		117,080		126,105
FNMA		6.50			9-1-2038		25,331		27,966
FNMA		6.50			9-1-2038		6,560		7,071
FNMA		6.50			10-1-2038		99,618		109,872
FNMA		6.50			1-1-2039		999,792		1,103,425
FNMA		6.50			2-1-2039		139,865		160,675
FNMA		6.50			10-1-2039		751,003		827,463
FNMA		6.63			11-15-2030		1,300,000		1,727,479
FNMA		7.00			8-1-2037		53,889		60,138
FNMA		7.00			10-1-2038		4,384		4,996
FNMA		7.13			1-15-2030		500,000		693,080
FNMA		7.25			5-15-2030		1,300,000		1,819,175
GNMA		3.00			9-15-2042		4,434,452		4,292,528
GNMA		3.00			9-15-2042		356,526		345,116
GNMA		3.00			9-20-2042		9,455,315		9,161,305
GNMA		3.00			11-15-2042		9,597,351		9,290,189
GNMA		3.00			11-20-2042		4,778,011		4,629,537
GNMA		3.00			1-20-2043		9,710,232		9,407,037
GNMA		3.00			2-20-2043		9,823,261		9,522,987
GNMA		3.00			3-20-2043		7,363,309		7,132,002
GNMA		3.00			3-20-2043		2,962,000		2,871,313
GNMA		3.00			4-20-2043		1,973,830		1,911,703
GNMA		3.00			8-20-2043		5,000,000		4,842,622
GNMA		3.50			12-15-2040		604,139		611,364
GNMA		3.50			1-15-2041		579,091		584,586
GNMA		3.50			10-15-2041		3,719,994		3,755,289
GNMA		3.50			2-15-2042		7,881,609		7,956,391
GNMA		3.50			3-20-2042		2,457,269		2,481,603
GNMA		3.50			4-20-2042		1,664,965		1,681,453
GNMA		3.50			5-15-2042		4,098,983		4,137,874
GNMA		3.50			5-15-2042		2,057,345		2,076,866
GNMA		3.50			6-15-2042		12,155,381		12,270,714
GNMA		3.50			6-20-2042		2,624,038		2,650,023
GNMA		3.50			7-15-2042		3,902,657		3,939,686
GNMA		3.50			10-20-2042		4,584,861		4,630,264


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			21


Security name	Interest rate			Maturity date			Principal		Value


Agency Securities (continued)
GNMA		3.50	%		3-20-2043		$	4,925,284	$	4,974,059
GNMA		3.50			4-15-2043			9,178,482		9,265,569
GNMA		3.50			4-20-2043			20,643,208		20,847,636
GNMA		4.00			6-15-2039			411,485		429,326
GNMA		4.00			7-15-2039			142,765		148,955
GNMA		4.00			7-15-2039			559,520		583,779
GNMA		4.00			8-15-2040			5,627,724		5,892,711
GNMA		4.00			9-15-2040			8,057,875		8,431,624
GNMA		4.00			10-15-2040			2,344,831		2,467,447
GNMA		4.00			12-15-2040			3,946,461		4,173,653
GNMA		4.00			1-15-2041			1,607,205		1,699,402
GNMA		4.00			1-15-2041			3,936,799		4,161,887
GNMA		4.00			7-15-2041			1,417,071		1,474,300
GNMA		4.00			10-20-2041			2,324,768		2,429,391
GNMA		4.00			11-20-2041			6,395,043		6,666,783
GNMA		4.00			2-20-2042			1,578,528		1,645,550
GNMA		4.00			4-20-2042			6,872,205		7,163,298
GNMA		4.00			3-20-2043			1,909,178		1,990,377
GNMA		4.50			3-15-2037			66,819		71,062
GNMA		4.50			3-15-2038			74,255		78,939
GNMA		4.50			3-15-2039			667,658		709,795
GNMA		4.50			3-15-2039			14,564,283		15,525,855
GNMA		4.50			4-15-2039			884,624		943,029
GNMA		4.50			5-15-2039			1,350,132		1,450,220
GNMA		4.50			6-15-2039			984,023		1,048,991
GNMA		4.50			6-15-2039			482,704		514,573
GNMA		4.50			7-15-2039			975,528		1,039,935
GNMA		4.50			7-15-2039			1,843,384		1,965,089
GNMA		4.50			9-15-2039			880,265		938,383
GNMA		4.50			9-15-2039			2,817,947		2,995,748
GNMA		4.50			10-15-2039			1,395,787		1,487,941
GNMA		4.50			12-15-2039			1,300,637		1,397,451
GNMA		4.50			1-15-2040			1,807,224		1,928,323
GNMA		4.50			4-15-2040			210,044		224,777
GNMA		4.50			5-15-2040			3,602,819		3,868,301
GNMA		4.50			5-15-2040			56,131		59,843
GNMA		4.50			5-15-2040			2,680,365		2,903,245
GNMA		4.50			6-15-2040			197,065		209,408
GNMA		4.50			6-15-2040			985,957		1,055,114
GNMA		4.50			6-15-2040			1,646,007		1,766,722
GNMA		4.50			7-15-2040			4,473,024		4,786,774
GNMA		4.50			9-15-2040			153,193		163,938
GNMA		4.50			9-15-2040			605,929		648,430
GNMA		4.50			9-15-2040	��		651,570		697,272
GNMA		4.50			10-15-2040			94,852		101,505
GNMA		4.50			10-15-2040			92,137		97,908
GNMA		4.50			11-15-2040			55,704		59,611
GNMA		4.50			11-15-2040			3,000,024		3,210,454
GNMA		4.50			12-15-2040			105,678		112,197
GNMA		4.50			2-15-2041			1,837,903		1,974,661


22		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		4.50	%		3-15-2041	$	101,779	$	108,122
GNMA		4.50			3-15-2041		187,067		198,971
GNMA		4.50			4-15-2041		253,667		269,809
GNMA		4.50			4-15-2041		2,146,745		2,283,351
GNMA		4.50			4-15-2041		327,171		347,282
GNMA		4.50			5-15-2041		56,068		59,636
GNMA		4.50			6-15-2041		2,682,314		2,853,000
GNMA		4.50			6-15-2041		176,321		187,541
GNMA		4.50			6-15-2041		280,443		298,289
GNMA		4.50			7-15-2041		218,192		232,077
GNMA		4.50			7-15-2041		3,320,188		3,531,465
GNMA		4.50			10-15-2041		341,902		363,658
GNMA		4.50			10-15-2041		134,642		143,209
GNMA		4.50			10-15-2041		177,361		188,647
GNMA		4.50			11-20-2041		1,879,660		2,001,018
GNMA		5.00			3-15-2035		564,284		611,168
GNMA		5.00			5-15-2038		2,930,220		3,156,020
GNMA		5.00			8-15-2038		15,523		16,729
GNMA		5.00			12-15-2038		954,005		1,028,661
GNMA		5.00			3-15-2039		1,327,277		1,435,542
GNMA		5.00			3-15-2039		167,017		180,640
GNMA		5.00			3-15-2039		2,132,477		2,306,421
GNMA		5.00			5-15-2039		483,933		523,407
GNMA		5.00			6-15-2039		2,734,584		2,957,642
GNMA		5.00			7-15-2039		66,109		71,318
GNMA		5.00			9-15-2039		6,779,100		7,401,925
GNMA		5.00			11-15-2039		1,703,138		1,859,777
GNMA		5.00			1-15-2040		2,847,803		3,110,355
GNMA		5.00			2-15-2040		1,700,412		1,856,986
GNMA		5.00			3-15-2040		5,170,886		5,630,255
GNMA		5.00			5-15-2040		2,326,952		2,513,299
GNMA		5.00			7-15-2040		6,278		6,836
GNMA		5.00			7-15-2040		1,903,229		2,058,730
GNMA		5.00			12-15-2040		1,607,166		1,735,871
GNMA		5.00			9-15-2041		239,731		258,982
GNMA		5.00			10-15-2041		973,548		1,051,727
GNMA		5.00			5-20-2042		3,267,669		3,597,851
GNMA		5.50			9-15-2034		317,546		347,702
GNMA		5.50			11-15-2035		433,710		474,064
GNMA		5.50			12-15-2035		428,114		467,948
GNMA		5.50			2-15-2036		197,764		215,150
GNMA		5.50			3-15-2036		306,105		340,762
GNMA		5.50			5-15-2036		6,383		6,944
GNMA		5.50			5-15-2036		73,019		80,929
GNMA		5.50			2-15-2037		155,023		168,654
GNMA		5.50			6-15-2037		7,192		7,825
GNMA		5.50			8-15-2037		125,050		136,046
GNMA		5.50			2-15-2038		432,172		470,402
GNMA		5.50			2-15-2038		746,946		813,861
GNMA		5.50			3-15-2038		132,833		144,476


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			23


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		5.50	%		3-15-2038	$	22,704	$	24,710
GNMA		5.50			4-15-2038		228,105		248,098
GNMA		5.50			5-15-2038		361,461		393,143
GNMA		5.50			5-15-2038		785,671		854,534
GNMA		5.50			6-15-2038		45,699		49,705
GNMA		5.50			6-15-2038		84,472		91,932
GNMA		5.50			6-15-2038		370,200		402,648
GNMA		5.50			7-15-2038		606,090		659,213
GNMA		5.50			8-15-2038		59,828		65,072
GNMA		5.50			8-15-2038		529,885		576,328
GNMA		5.50			8-15-2038		2,416,555		2,635,062
GNMA		5.50			9-15-2038		123,212		134,093
GNMA		5.50			9-15-2038		136,552		148,613
GNMA		5.50			9-15-2038		1,874,570		2,040,184
GNMA		5.50			10-15-2038		821,671		894,449
GNMA		5.50			10-15-2038		132,997		144,653
GNMA		5.50			11-15-2038		64,926		70,658
GNMA		5.50			11-15-2038		138,763		150,925
GNMA		5.50			11-15-2038		531,145		577,189
GNMA		5.50			11-15-2038		470,684		511,938
GNMA		5.50			12-15-2038		553,564		602,083
GNMA		5.50			12-15-2038		88,819		96,667
GNMA		5.50			12-15-2038		518,643		564,101
GNMA		5.50			1-15-2039		183,367		199,425
GNMA		5.50			1-15-2039		120,894		131,481
GNMA		5.50			7-15-2039		46,262		50,313
GNMA		5.50			7-15-2039		284,645		309,754
GNMA		5.50			8-15-2039		110,716		120,412
GNMA		5.50			10-15-2039		1,905,252		2,073,278
GNMA		5.50			2-15-2040		113,958		123,892
GNMA		5.50			2-15-2040		54,725		59,517
GNMA		5.50			3-15-2040		113,124		123,055
GNMA		5.50			3-15-2040		891,716		970,056
GNMA		5.50			3-15-2040		92,059		100,084
GNMA		5.50			3-15-2040		279,197		303,537
GNMA		5.50			7-15-2040		47,166		51,278
GNMA		5.50			12-15-2040		142,706		155,245
GNMA		5.50			2-15-2041		146,744		159,499
GNMA		5.50			4-15-2041		597,262		650,035
GNMA		6.00			12-15-2031		22,592		25,199
GNMA		6.00			6-15-2036		471,681		527,154
GNMA		6.00			8-15-2036		14,430		15,881
GNMA		6.00			1-15-2037		1,057,124		1,163,114
GNMA		6.00			5-15-2037		12,165		13,414
GNMA		6.00			5-15-2037		64,392		70,848
GNMA		6.00			5-15-2037		272,671		300,010
GNMA		6.00			6-15-2037		111,549		122,733
GNMA		6.00			6-15-2037		32,959		36,281
GNMA		6.00			7-15-2037		71,297		78,445
GNMA		6.00			8-15-2037		12,549		13,807


24		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		6.00	%		8-15-2037	$	124,590	$	137,071
GNMA		6.00			8-15-2037		450,916		496,309
GNMA		6.00			1-15-2038		4,682		5,153
GNMA		6.00			1-15-2038		491,115		540,512
GNMA		6.00			2-15-2038		10,735		11,815
GNMA		6.00			7-15-2038		758,084		834,377
GNMA		6.00			8-15-2038		897,076		987,304
GNMA		6.00			8-15-2038		388,347		427,407
GNMA		6.00			8-15-2038		340,700		375,002
GNMA		6.00			9-15-2038		827,356		909,809
GNMA		6.00			9-15-2038		11,141		12,262
GNMA		6.00			9-15-2038		5,200		5,723
GNMA		6.00			9-15-2038		6,786		7,469
GNMA		6.00			9-15-2038		344,214		378,823
GNMA		6.00			10-15-2038		468,469		515,588
GNMA		6.00			10-15-2038		73,712		81,126
GNMA		6.00			10-15-2038		84,147		92,610
GNMA		6.00			10-15-2038		199,152		219,182
GNMA		6.00			10-15-2038		72,523		79,817
GNMA		6.00			10-15-2038		441,765		486,563
GNMA		6.00			10-15-2038		33,289		36,638
GNMA		6.00			11-15-2038		120,542		132,666
GNMA		6.00			11-15-2038		349,057		384,166
GNMA		6.00			12-15-2038		10,907		12,021
GNMA		6.00			12-15-2038		627,532		690,650
GNMA		6.00			1-15-2039		6,045		6,653
GNMA		6.00			1-15-2039		233,674		257,179
GNMA		6.00			2-15-2039		5,661		6,231
GNMA		6.00			2-15-2039		465,182		517,733
GNMA		6.00			6-15-2039		14,928		16,415
GNMA		6.00			8-15-2039		8,690		9,564
GNMA		6.00			8-15-2039		42,794		47,676
GNMA		6.00			10-15-2039		62,589		68,837
GNMA		6.00			11-15-2039		6,054		6,664
GNMA		6.00			12-15-2039		585,953		644,893
GNMA		6.00			3-15-2040		2,174		2,391
GNMA		6.00			3-15-2040		7,143		7,862
GNMA		6.00			12-15-2040		444,785		488,919
GNMA		6.00			6-15-2041		1,660,158		1,819,979
GNMA		6.00			6-15-2041		219,029		240,135
GNMA		6.00			6-15-2041		1,124,940		1,233,261
GNMA		6.50			11-15-2023		735		807
GNMA		6.50			12-15-2023		863		946
GNMA		6.50			10-15-2031		176,880		198,087
GNMA		6.50			3-15-2034		213,111		231,639
GNMA		6.50			9-15-2036		143,674		163,739
GNMA		6.50			9-15-2036		69,902		76,836
GNMA		6.50			10-15-2036		108,920		117,873
GNMA		6.50			12-15-2036		26,092		27,745
GNMA		6.50			2-15-2037		28,989		31,316


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			25


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		6.50	%		12-15-2037	$	73,095	$	82,682
GNMA		6.50			1-15-2038		319,330		358,425
GNMA		6.50			4-15-2038		50,055		56,183
GNMA		6.50			5-15-2038		63,928		71,246
GNMA		6.50			5-15-2038		14,679		16,476
GNMA		6.50			7-15-2038		7,269		7,406
GNMA		6.50			8-15-2038		25,580		28,712
GNMA		6.50			8-15-2038		79,533		89,270
GNMA		6.50			8-15-2038		161,141		180,869
GNMA		6.50			9-15-2038		166,958		183,636
GNMA		6.50			9-15-2038		287,007		321,846
GNMA		6.50			10-15-2038		120,925		135,730
GNMA		6.50			10-15-2038		1,805,090		2,026,086
GNMA		6.50			10-15-2038		189,739		214,284
GNMA		6.50			11-15-2038		68,352		76,720
GNMA		6.50			11-15-2038		3,748		4,181
GNMA		6.50			12-15-2038		259,511		291,283
GNMA		6.50			2-15-2039		2,647		2,971
GNMA		6.50			5-15-2040		282,061		318,146
GNMA		6.50			7-15-2040		216,930		244,244
GNMA		6.50			7-15-2040		975,960		1,110,891
GNMA		7.00			3-15-2037		17,725		19,443
TVA		3.50			12-15-2042		150,000		119,337
TVA		3.88			2-15-2021		1,320,000		1,397,044
TVA		4.50			4-1-2018		200,000		222,596
TVA		5.25			9-15-2039		400,000		433,583
TVA		5.50			7-18-2017		650,000		749,352
TVA		6.15			1-15-2038		400,000		486,355
TVA Series A		4.65			6-15-2035		200,000		203,340
TVA Series A		4.88			1-15-2048		200,000		201,218
TVA Series C		5.88			4-1-2036		300,000		354,119

Total Agency Securities (Cost $1,490,967,949)									1,486,170,954


Corporate Bonds and Notes: 20.97%

Consumer Discretionary: 1.87%

Auto Components: 0.03%
BorgWarner Incorporated		4.63			9-15-2020		100,000		104,678
Johnson Controls Incorporated		3.75			12-1-2021		500,000		495,487
Johnson Controls Incorporated		4.25			3-1-2021		120,000		123,109
Johnson Controls Incorporated		5.00			3-30-2020		100,000		108,255
Johnson Controls Incorporated		5.50			1-15-2016		250,000		273,258
Johnson Controls Incorporated		5.70			3-1-2041		240,000		248,911
Turlock Corporation 144A		1.50			11-2-2017		500,000		487,962

									1,841,660


Automobiles: 0.04%
Ford Motor Company		4.75			1-15-2043		1,000,000		879,686


26		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Automobiles (continued)
Ford Motor Company		6.63	%		10-1-2028	$	200,000	$	221,138
Ford Motor Company		7.45			7-16-2031		1,000,000		1,200,969

									2,301,793


Diversified Consumer Services: 0.05%
Cornell University		5.45			2-1-2019		100,000		115,343
Dartmouth College		4.75			6-1-2019		75,000		83,959
President & Fellows of Harvard College		4.88			10-15-2040		300,000		315,552
Princeton University		5.70			3-1-2039		500,000		581,459
Stanford University		4.75			5-1-2019		500,000		562,975
University of Pennsylvania		4.67			9-1-2112		500,000		443,973
Vanderbilt University		5.25			4-1-2019		250,000		283,497
Yale University		2.90			10-15-2014		163,000		167,314

									2,554,072


Hotels, Restaurants & Leisure: 0.16%
Brinker International Incorporated		3.88			5-15-2023		150,000		139,796
Carnival Corporation		1.88			12-15-2017		200,000		194,103
Darden Restaurants Incorporated		3.35			11-1-2022		500,000		455,164
Darden Restaurants Incorporated		6.20			10-15-2017		105,000		116,794
Darden Restaurants Incorporated		6.80			10-15-2037		20,000		21,157
Hyatt Hotels Corporation		3.38			7-15-2023		160,000		147,476
Hyatt Hotels Corporation		3.88			8-15-2016		100,000		106,005
International Game Technology		5.50			6-15-2020		250,000		255,241
Marriott International Incorporated		3.00			3-1-2019		200,000		200,413
Marriott International Incorporated		5.81			11-10-2015		425,000		465,703
McDonald’s Corporation		2.63			1-15-2022		1,000,000		949,007
McDonald’s Corporation		3.50			7-15-2020		200,000		207,306
McDonald’s Corporation		3.63			5-20-2021		100,000		103,029
McDonald’s Corporation		3.70			2-15-2042		500,000		433,415
McDonald’s Corporation		5.35			3-1-2018		400,000		455,272
McDonald’s Corporation		5.80			10-15-2017		100,000		115,318
McDonald’s Corporation		6.30			10-15-2037		300,000		372,395
McDonald’s Corporation		6.30			3-1-2038		600,000		745,035
Starbucks Corporation		6.25			8-15-2017		500,000		574,923
Starwood Hotels & Resort Company		3.13			2-15-2023		226,000		204,439
Wyndham Worldwide Corporation		2.95			3-1-2017		1,000,000		1,012,404
Wyndham Worldwide Corporation		4.25			3-1-2022		500,000		487,525
Yum! Brands Incorporated		5.30			9-15-2019		250,000		278,462
Yum! Brands Incorporated		6.25			3-15-2018		600,000		691,098
Yum! Brands Incorporated		6.88			11-15-2037		50,000		58,548

									8,790,028


Household Durables: 0.03%
Leggett & Platt Incorporated		3.40			8-15-2022		100,000		94,956
MDC Holdings Incorporated		5.38			7-1-2015		65,000		67,915
Mohawk Industries Incorporated		3.85			2-1-2023		100,000		94,115
Mohawk Industries Incorporated		6.38			1-15-2016		500,000		546,845
Newell Rubbermaid Incorporated		4.00			6-15-2022		100,000		98,551


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			27


Security name		Interest rate			Maturity date		Principal		Value


Household Durables (continued)
Newell Rubbermaid Incorporated			4.70	%		8-15-2020	$	200,000	$	211,162
Newell Rubbermaid Incorporated			6.25			4-15-2018		165,000		188,250
Tupperware Brands Corporation			4.75			6-1-2021		250,000		251,115
Whirlpool Corporation			4.70			6-1-2022		200,000		206,819
Whirlpool Corporation			4.85			6-15-2021		100,000		105,093

										1,864,821


Internet & Catalog Retail: 0.05%
Amazon.com Incorporated			0.65			11-27-2015		500,000		497,821
Amazon.com Incorporated			1.20			11-29-2017		350,000		338,442
Amazon.com Incorporated			2.50			11-29-2022		500,000		450,550
Expedia Incorporated			5.95			8-15-2020		600,000		623,152
QVC Incorporated			4.38			3-15-2023		300,000		279,905
QVC Incorporated			5.13			7-2-2022		200,000		198,538
QVC Incorporated			5.95			3-15-2043		125,000		110,992

										2,499,400


Leisure Equipment & Products: 0.02%
Hasbro Incorporated			6.35			3-15-2040		155,000		168,959
Mattel Incorporated			1.70			3-15-2018		125,000		121,542
Mattel Incorporated			2.50			11-1-2016		280,000		287,500
Mattel Incorporated			3.15			3-15-2023		100,000		93,862
Mattel Incorporated			4.35			10-1-2020		100,000		104,781
Mattel Incorporated			6.20			10-1-2040		100,000		110,727

										887,371


Media: 1.13%
CBS Corporation			1.95			7-1-2017		200,000		198,119
CBS Corporation			4.63			5-15-2018		180,000		195,526
CBS Corporation			4.85			7-1-2042		200,000		175,345
CBS Corporation			7.88			7-30-2030		600,000		730,139
CBS Corporation			8.88			5-15-2019		500,000		634,437
Comcast Corporation			3.13			7-15-2022		500,000		482,901
Comcast Corporation			4.65			7-15-2042		548,000		521,392
Comcast Corporation			4.95			6-15-2016		350,000		385,287
Comcast Corporation			5.15			3-1-2020		500,000		563,636
Comcast Corporation			5.70			5-15-2018		500,000		579,383
Comcast Corporation			5.70			7-1-2019		1,000,000		1,160,144
Comcast Corporation			5.85			11-15-2015		500,000		552,869
Comcast Corporation			5.88			2-15-2018		75,000		86,754
Comcast Corporation			5.90			3-15-2016		975,000		1,090,693
Comcast Corporation			6.30			11-15-2017		500,000		587,006
Comcast Corporation	��		6.40			3-1-2040		500,000		594,028
Comcast Corporation			6.45			3-15-2037		900,000		1,068,398
Comcast Corporation			6.50			11-15-2035		550,000		660,799
Comcast Corporation			6.55			7-1-2039		650,000		777,197
Comcast Corporation			6.95			8-15-2037		400,000		501,108
Cox Communications Incorporated			5.45			12-15-2014		58,000		61,125
DIRECTV Holdings LLC			2.40			3-15-2017		1,000,000		992,376


28		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Media (continued)
DIRECTV Holdings LLC		3.55	%		3-15-2015	$	285,000	$	294,854
DIRECTV Holdings LLC		3.80			3-15-2022		500,000		465,392
DIRECTV Holdings LLC		4.60			2-15-2021		350,000		350,682
DIRECTV Holdings LLC		4.75			10-1-2014		500,000		520,120
DIRECTV Holdings LLC		5.00			3-1-2021		700,000		714,081
DIRECTV Holdings LLC		5.15			3-15-2042		500,000		428,483
DIRECTV Holdings LLC		5.20			3-15-2020		330,000		348,119
DIRECTV Holdings LLC		5.88			10-1-2019		1,000,000		1,107,113
DIRECTV Holdings LLC		6.00			8-15-2040		400,000		380,144
DIRECTV Holdings LLC		6.35			3-15-2040		145,000		143,018
DIRECTV Holdings LLC		6.38			3-1-2041		500,000		497,867
Discovery Communications LLC		3.30			5-15-2022		250,000		235,514
Discovery Communications LLC		3.70			6-1-2015		250,000		261,747
Discovery Communications LLC		4.38			6-15-2021		300,000		311,334
Discovery Communications LLC		4.95			5-15-2042		250,000		231,330
Discovery Communications LLC		5.05			6-1-2020		750,000		814,594
Discovery Communications LLC		5.63			8-15-2019		250,000		285,225
Discovery Communications LLC		6.35			6-1-2040		250,000		274,769
Interpublic Group of Companies		4.00			3-15-2022		1,000,000		956,123
McGraw-Hill Company Incorporated		5.90			11-15-2017		250,000		268,595
NBCUniversal Media LLC		2.88			4-1-2016		500,000		522,116
NBCUniversal Media LLC		2.88			1-15-2023		500,000		469,174
NBCUniversal Media LLC		3.65			4-30-2015		300,000		314,222
NBCUniversal Media LLC		4.38			4-1-2021		1,500,000		1,601,177
NBCUniversal Media LLC		4.45			1-15-2043		500,000		460,896
NBCUniversal Media LLC		5.95			4-1-2041		500,000		564,284
NBCUniversal Media LLC		6.40			4-30-2040		1,000,000		1,190,178
News America Incorporated		3.00			9-15-2022		375,000		345,245
News America Incorporated		4.50			2-15-2021		500,000		521,893
News America Incorporated		5.30			12-15-2014		180,000		190,256
News America Incorporated		6.15			2-15-2041		735,000		805,772
News America Incorporated		6.40			12-15-2035		750,000		825,948
News America Incorporated		6.65			11-15-2037		600,000		688,271
News America Incorporated		6.90			3-1-2019		1,300,000		1,549,919
News America Incorporated		6.90			8-15-2039		500,000		580,137
News America Incorporated		8.15			10-17-2036		250,000		313,476
Omnicom Group Incorporated		3.63			5-1-2022		250,000		240,908
Omnicom Group Incorporated		4.45			8-15-2020		90,000		93,716
Omnicom Group Incorporated		5.90			4-15-2016		500,000		557,273
Omnicom Group Incorporated		6.25			7-15-2019		650,000		749,243
TCI Communications Incorporated		7.13			2-15-2028		350,000		437,064
TCI Communications Incorporated		8.75			8-1-2015		500,000		572,975
Thompson Reuters Corporation		5.85			4-15-2040		134,000		142,097
Thompson Reuters Corporation		6.50			7-15-2018		500,000		584,811
Time Warner Cable Incorporated		3.50			2-1-2015		250,000		255,956
Time Warner Cable Incorporated		4.00			9-1-2021		250,000		234,508
Time Warner Cable Incorporated		4.00			1-15-2022		300,000		299,810
Time Warner Cable Incorporated		4.13			2-15-2021		500,000		474,310
Time Warner Cable Incorporated		4.50			9-15-2042		100,000		77,369
Time Warner Cable Incorporated		4.70			1-15-2021		250,000		265,005


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			29


Security name	Interest rate			Maturity date		Principal		Value


Media (continued)
Time Warner Cable Incorporated		4.88	%		3-15-2020	$	500,000	$	538,947
Time Warner Cable Incorporated		5.00			2-1-2020		535,000		538,517
Time Warner Cable Incorporated		5.50			9-1-2041		300,000		255,156
Time Warner Cable Incorporated		5.85			5-1-2017		500,000		543,767
Time Warner Cable Incorporated		6.20			3-15-2040		300,000		326,107
Time Warner Cable Incorporated		6.55			5-1-2037		500,000		480,342
Time Warner Cable Incorporated		6.63			5-15-2029		800,000		911,169
Time Warner Cable Incorporated		6.75			7-1-2018		750,000		834,804
Time Warner Cable Incorporated		6.75			6-15-2039		500,000		490,472
Time Warner Cable Incorporated		7.30			7-1-2038		800,000		829,099
Time Warner Cable Incorporated		7.63			4-15-2031		825,000		1,033,148
Time Warner Cable Incorporated		8.25			4-1-2019		650,000		758,555
Time Warner Cable Incorporated		8.38			3-15-2023		250,000		287,152
Time Warner Cable Incorporated		8.75			2-14-2019		204,000		241,562
Time Warner Cable Incorporated		9.15			2-1-2023		250,000		328,657
Time Warner Entertainment Company LP		8.38			7-15-2033		300,000		333,899
Time Warner Incorporated		3.15			7-15-2015		400,000		416,285
Time Warner Incorporated		3.40			6-15-2022		100,000		95,317
Time Warner Incorporated		4.75			3-29-2021		500,000		531,700
Time Warner Incorporated		4.90			6-15-2042		51,000		48,015
Time Warner Incorporated		5.88			11-15-2016		1,500,000		1,696,106
Time Warner Incorporated		5.88			11-15-2040		250,000		223,799
Time Warner Incorporated		6.10			7-15-2040		400,000		429,436
Time Warner Incorporated		6.25			3-29-2041		500,000		545,490
Time Warner Incorporated		6.50			11-15-2036		252,000		280,588
Time Warner Incorporated		7.57			2-1-2024		250,000		304,384
Time Warner Incorporated		7.70			5-1-2032		700,000		882,154
Viacom Incorporated		1.25			2-27-2015		100,000		100,252
Viacom Incorporated		2.50			12-15-2016		1,000,000		1,019,754
Viacom Incorporated		3.25			3-15-2023		200,000		182,570
Viacom Incorporated		3.50			4-1-2017		100,000		103,926
Viacom Incorporated		4.25			9-1-2023		1,000,000		987,277
Viacom Incorporated		4.38			9-15-2014		150,000		155,292
Viacom Incorporated		4.38			3-15-2043		552,000		450,912
Viacom Incorporated		4.50			3-1-2021		500,000		516,745
Viacom Incorporated		4.88			6-15-2043		175,000		153,997
Viacom Incorporated		5.50			5-15-2033		200,000		194,866
Viacom Incorporated		5.63			9-15-2019		150,000		168,593
Viacom Incorporated		5.85			9-1-2043		125,000		126,435
Viacom Incorporated		6.13			10-5-2017		250,000		284,574
Viacom Incorporated		6.88			4-30-2036		340,000		377,089
Walt Disney Company		0.45			12-1-2015		1,000,000		994,724
Walt Disney Company		0.88			12-1-2014		350,000		352,235
Walt Disney Company		1.35			8-16-2016		500,000		503,973
Walt Disney Company		2.35			12-1-2022		500,000		455,733
Walt Disney Company		2.55			2-15-2022		250,000		235,421
Walt Disney Company		2.75			8-16-2021		500,000		485,056
Walt Disney Company		4.13			12-1-2041		250,000		234,393
Walt Disney Company		4.38			8-16-2041		250,000		243,959


30		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Media (continued)
Walt Disney Company		5.50	%		3-15-2019	$	500,000	$	573,165
Walt Disney Company		5.63			9-15-2016		250,000		283,393
Walt Disney Company		7.00			3-1-2032		75,000		99,064

									60,883,800


Multiline Retail: 0.14%
Dollar General Corporation		3.25			4-15-2023		350,000		317,988
Kohl’s Corporation		3.25			2-1-2023		150,000		137,606
Kohl’s Corporation		6.00			1-15-2033		65,000		65,828
Kohl’s Corporation		6.25			12-15-2017		500,000		569,982
Macy’s Retail Holdings Incorporated		3.88			1-15-2022		200,000		197,413
Macy’s Retail Holdings Incorporated		5.90			12-1-2016		356,000		401,528
Macy’s Retail Holdings Incorporated		6.70			7-15-2034		500,000		564,600
Macy’s Retail Holdings Incorporated		6.90			4-1-2029		500,000		569,845
Nordstrom Incorporated		4.00			10-15-2021		250,000		260,125
Nordstrom Incorporated		4.75			5-1-2020		135,000		147,632
Nordstrom Incorporated		6.25			1-15-2018		500,000		575,711
Target Corporation		2.90			1-15-2022		250,000		242,233
Target Corporation		4.00			7-1-2042		200,000		179,227
Target Corporation		5.38			5-1-2017		350,000		395,957
Target Corporation		5.88			7-15-2016		300,000		339,095
Target Corporation		6.00			1-15-2018		500,000		581,579
Target Corporation		6.35			11-1-2032		300,000		365,996
Target Corporation		6.50			10-15-2037		400,000		494,640
Target Corporation		7.00			1-15-2038		768,000		990,893

									7,397,878


Specialty Retail: 0.21%
Advance Auto Parts Incorporated		4.50			1-15-2022		100,000		96,954
AutoZone Incorporated		2.88			1-15-2023		250,000		226,776
AutoZone Incorporated		3.13			7-15-2023		150,000		137,545
AutoZone Incorporated		4.00			11-15-2020		200,000		202,760
AutoZone Incorporated		5.50			11-15-2015		275,000		300,606
AutoZone Incorporated		5.75			1-15-2015		150,000		159,822
Family Dollar Stores Incorporated		5.00			2-1-2021		100,000		102,303
Gap Incorporated		5.95			4-12-2021		700,000		775,227
Home Depot Incorporated		2.70			4-1-2023		375,000		349,074
Home Depot Incorporated		3.95			9-15-2020		400,000		428,146
Home Depot Incorporated		4.20			4-1-2043		400,000		370,124
Home Depot Incorporated		4.40			4-1-2021		500,000		545,379
Home Depot Incorporated		5.40			3-1-2016		1,180,000		1,305,915
Home Depot Incorporated		5.40			9-15-2040		200,000		220,706
Home Depot Incorporated		5.88			12-16-2036		1,000,000		1,146,862
Home Depot Incorporated		5.95			4-1-2041		500,000		592,703
Lowe’s Companies Incorporated		3.12			4-15-2022		200,000		194,265
Lowe’s Companies Incorporated		3.75			4-15-2021		150,000		154,319
Lowe’s Companies Incorporated		4.63			4-15-2020		400,000		435,490
Lowe’s Companies Incorporated		4.65			4-15-2042		500,000		485,486
Lowe’s Companies Incorporated		5.00			10-15-2015		600,000		652,144


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			31


Security name	Interest rate			Maturity date		Principal		Value


Specialty Retail (continued)
Lowe’s Companies Incorporated		5.40	%		10-15-2016	$	500,000	$	562,702
Lowe’s Companies Incorporated		5.80			10-15-2036		250,000		276,547
Lowe’s Companies Incorporated		5.80			4-15-2040		110,000		122,549
Lowe’s Companies Incorporated		6.50			3-15-2029		75,000		87,420
Lowe’s Companies Incorporated		6.65			9-15-2037		350,000		426,974
O’Reilly Automotive Incorporated		3.80			9-1-2022		150,000		145,782
O’Reilly Automotive Incorporated		4.88			1-14-2021		45,000		47,051
O’Reilly Automotive Incorporated		4.63			9-15-2021		150,000		154,414
Staples Incorporated		4.38			1-12-2023		200,000		191,774
TJX Companies Incorporated		4.20			8-15-2015		250,000		265,777
TJX Companies Incorporated		6.95			4-15-2019		85,000		102,424

									11,266,020


Textiles, Apparel & Luxury Goods: 0.01%
Nike Incorporated		2.25			5-1-2023		100,000		90,767
Nike Incorporated		3.63			5-1-2043		100,000		85,921
VF Corporation		3.50			9-1-2021		250,000		247,790
VF Corporation		5.95			11-1-2017		100,000		114,351
VF Corporation		6.45			11-1-2037		150,000		171,364

									710,193


Consumer Staples: 1.89%

Beverages: 0.54%
Anheuser-Busch Companies Incorporated		3.75			7-15-2042		360,000		313,541
Anheuser-Busch Companies Incorporated		5.50			1-15-2018		200,000		228,572
Anheuser-Busch Companies Incorporated		5.60			3-1-2017		50,000		56,420
Anheuser-Busch Companies Incorporated		5.75			4-1-2036		250,000		280,354
Anheuser-Busch InBev Worldwide Incorporated		0.80			7-15-2015		700,000		700,931
Anheuser-Busch InBev Worldwide Incorporated		0.80			1-15-2016		250,000		248,805
Anheuser-Busch InBev Worldwide Incorporated		1.38			7-15-2017		500,000		493,809
Anheuser-Busch InBev Worldwide Incorporated		2.50			7-15-2022		1,250,000		1,146,585
Anheuser-Busch Inbev Worldwide Incorporated		2.63			1-17-2023		500,000		461,955
Anheuser-Busch InBev Worldwide Incorporated		2.88			2-15-2016		45,000		46,893
Anheuser-Busch InBev Worldwide Incorporated		3.63			4-15-2015		300,000		313,895
Anheuser-Busch InBev Worldwide Incorporated		4.00			1-17-2043		300,000		271,680
Anheuser-Busch InBev Worldwide Incorporated		4.13			1-15-2015		625,000		653,875
Anheuser-Busch InBev Worldwide Incorporated		4.38			2-15-2021		30,000		32,157
Anheuser-Busch InBev Worldwide Incorporated		5.00			4-15-2020		1,000,000		1,119,199
Anheuser-Busch InBev Worldwide Incorporated		5.38			11-15-2014		1,000,000		1,055,650
Anheuser-Busch InBev Worldwide Incorporated		5.38			1-15-2020		900,000		1,026,916
Anheuser-Busch InBev Worldwide Incorporated		6.38			1-15-2040		750,000		929,714
Anheuser-Busch InBev Worldwide Incorporated		7.75			1-15-2019		1,500,000		1,874,156
Anheuser-Busch InBev Worldwide Incorporated		8.20			1-15-2039		500,000		736,293
Beam Incorporated		1.75			6-15-2018		250,000		243,171
Beam Incorporated		1.88			5-15-2017		250,000		249,265
Brown-Forman Corporation		2.25			1-15-2023		250,000		223,775
Brown-Forman Corporation		2.50			1-15-2016		100,000		102,957
Brown-Forman Corporation		3.75			1-15-2043		100,000		85,118
Coca-Cola Company		0.75			3-13-2015		350,000		351,124


32		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Beverages (continued)
Coca-Cola Company		1.15	%		4-1-2018	$	500,000	$	484,558
Coca-Cola Company		1.50			11-15-2015		500,000		509,378
Coca-Cola Company		1.65			3-14-2018		1,100,000		1,090,132
Coca-Cola Company		1.80			9-1-2016		660,000		673,638
Coca-Cola Company		2.50			4-1-2023		350,000		325,573
Coca-Cola Company		3.15			11-15-2020		1,010,000		1,025,710
Coca-Cola Company		3.30			9-1-2021		70,000		70,645
Coca-Cola Enterprises Incorporated		2.00			8-19-2016		100,000		101,279
Coca-Cola Enterprises Incorporated		3.50			9-15-2020		500,000		497,579
Coca-Cola Enterprises Incorporated		4.50			9-1-2021		100,000		105,288
Diageo Investment Corporation		2.88			5-11-2022		600,000		567,858
Diageo Investment Corporation		4.25			5-11-2042		250,000		230,217
Diageo Investment Corporation		7.45			4-15-2035		150,000		199,701
Dr Pepper Snapple Group Incorporated		2.90			1-15-2016		500,000		517,646
Dr Pepper Snapple Group Incorporated		3.20			11-15-2021		250,000		242,977
Dr Pepper Snapple Group Incorporated		7.45			5-1-2038		100,000		127,941
Fortune Brands Incorporated		5.38			1-15-2016		36,000		39,201
Molson Coors Brewing Company		5.00			5-1-2042		500,000		486,014
PepsiCo Incorporated		0.70			8-13-2015		350,000		350,082
PepsiCo Incorporated		0.70			2-26-2016		150,000		148,810
PepsiCo Incorporated		0.75			3-5-2015		300,000		300,144
PepsiCo Incorporated		1.25			8-13-2017		400,000		390,510
PepsiCo Incorporated		2.25			1-7-2019		350,000		346,038
PepsiCo Incorporated		2.50			5-10-2016		400,000		413,830
PepsiCo Incorporated		2.75			3-5-2022		370,000		347,706
PepsiCo Incorporated		2.75			3-1-2023		475,000		438,142
PepsiCo Incorporated		3.00			8-25-2021		250,000		242,923
PepsiCo Incorporated		3.10			1-15-2015		700,000		723,317
PepsiCo Incorporated		3.13			11-1-2020		1,000,000		1,002,307
PepsiCo Incorporated		3.60			8-13-2042		250,000		207,147
PepsiCo Incorporated		4.00			3-5-2042		250,000		222,381
PepsiCo Incorporated		4.50			1-15-2020		200,000		217,631
PepsiCo Incorporated		4.88			11-1-2040		325,000		326,291
PepsiCo Incorporated		5.00			6-1-2018		1,000,000		1,122,560
PepsiCo Incorporated		5.50			1-15-2040		300,000		328,908
PepsiCo Incorporated		7.90			11-1-2018		500,000		632,376
PepsiCo Incorporated Series B		7.00			3-1-2029		600,000		762,275

									29,065,523


Food & Staples Retailing: 0.48%
Costco Wholesale Corporation		1.13			12-15-2017		1,000,000		969,197
Costco Wholesale Corporation		1.70			12-15-2019		500,000		478,647
Costco Wholesale Corporation		5.50			3-15-2017		400,000		453,188
CVS Caremark Corporation		2.75			12-1-2022		500,000		460,935
CVS Caremark Corporation		3.25			5-18-2015		250,000		259,826
CVS Caremark Corporation		4.75			5-18-2020		250,000		274,807
CVS Caremark Corporation		4.88			9-15-2014		225,000		234,632
CVS Caremark Corporation		5.75			6-1-2017		400,000		455,663
CVS Caremark Corporation		5.75			5-15-2041		300,000		333,605
CVS Caremark Corporation		6.13			8-15-2016		250,000		284,380


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			33


Security name	Interest rate			Maturity date		Principal		Value


Food & Staples Retailing (continued)
CVS Caremark Corporation		6.13	%		9-15-2039	$	700,000	$	809,639
CVS Caremark Corporation		6.25			6-1-2027		515,000		610,743
Delhaize America Incorporated		9.00			4-15-2031		500,000		598,085
Kroger Company		2.20			1-15-2017		200,000		201,373
Kroger Company		3.40			4-15-2022		250,000		241,308
Kroger Company		3.85			8-1-2023		250,000		244,378
Kroger Company		3.90			10-1-2015		150,000		158,302
Kroger Company		4.95			1-15-2015		100,000		105,105
Kroger Company		5.00			4-15-2042		250,000		241,210
Kroger Company		5.15			8-1-2043		150,000		146,016
Kroger Company		6.15			1-15-2020		800,000		916,563
Kroger Company		6.90			4-15-2038		300,000		355,425
Kroger Company		7.50			4-1-2031		75,000		92,355
Safeway Incorporated «		4.75			12-1-2021		500,000		505,116
Safeway Incorporated		5.00			8-15-2019		750,000		791,036
Safeway Incorporated		7.25			2-1-2031		75,000		80,090
Sysco Corporation		0.55			6-12-2015		100,000		99,933
Sysco Corporation		5.25			2-12-2018		300,000		338,364
Sysco Corporation		6.63			3-17-2039		200,000		248,654
Wal-Mart Stores Incorporated		1.13			4-11-2018		500,000		483,489
Wal-Mart Stores Incorporated		1.50			10-25-2015		250,000		254,410
Wal-Mart Stores Incorporated		2.25			7-8-2015		1,250,000		1,286,600
Wal-Mart Stores Incorporated		2.55			4-11-2023		750,000		688,937
Wal-Mart Stores Incorporated		2.88			4-1-2015		150,000		155,361
Wal-Mart Stores Incorporated		3.25			10-25-2020		750,000		763,964
Wal-Mart Stores Incorporated		3.63			7-8-2020		1,100,000		1,149,944
Wal-Mart Stores Incorporated		4.00			4-11-2043		400,000		357,343
Wal-Mart Stores Incorporated		4.25			4-15-2021		500,000		537,707
Wal-Mart Stores Incorporated		4.88			7-8-2040		850,000		874,064
Wal-Mart Stores Incorporated		5.00			10-25-2040		500,000		522,988
Wal-Mart Stores Incorporated		5.25			9-1-2035		825,000		888,181
Wal-Mart Stores Incorporated		5.63			4-15-2041		1,000,000		1,137,433
Wal-Mart Stores Incorporated		5.80			2-15-2018		700,000		815,569
Wal-Mart Stores Incorporated		5.88			4-5-2027		100,000		121,279
Wal-Mart Stores Incorporated		6.20			4-15-2038		1,000,000		1,211,024
Wal-Mart Stores Incorporated		6.50			8-15-2037		1,000,000		1,250,643
Wal-Mart Stores Incorporated		7.55			2-15-2030		500,000		675,981
Walgreen Company		1.80			9-15-2017		400,000		396,495
Walgreen Company		3.10			9-15-2022		1,000,000		935,362
Walgreen Company		4.40			9-15-2042		500,000		450,197
Walgreen Company		5.25			1-15-2019		250,000		280,450

									26,225,996


Food Products: 0.42%
Archer-Daniels-Midland Company		4.02			4-16-2043		840,000		734,266
Archer-Daniels-Midland Company		4.48			3-1-2021		535,000		568,212
Archer-Daniels-Midland Company		4.54			3-26-2042		250,000		238,329
Archer-Daniels-Midland Company		5.38			9-15-2035		350,000		371,358
Archer-Daniels-Midland Company		5.45			3-15-2018		100,000		114,083


34		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Food Products (continued)
Campbell Soup Company		2.50	%		8-2-2022	$	121,000	$	108,536
Campbell Soup Company		4.50			2-15-2019		285,000		305,470
ConAgra Foods Incorporated		1.35			9-10-2015		350,000		351,823
ConAgra Foods Incorporated		1.90			1-25-2018		125,000		122,627
ConAgra Foods Incorporated		2.10			3-15-2018		100,000		98,265
ConAgra Foods Incorporated		3.20			1-25-2023		500,000		466,010
ConAgra Foods Incorporated		3.25			9-15-2022		500,000		474,423
ConAgra Foods Incorporated		4.65			1-25-2043		350,000		319,283
ConAgra Foods Incorporated 144A		6.63			8-15-2039		200,000		231,253
ConAgra Foods Incorporated		7.00			4-15-2019		500,000		591,011
ConAgra Foods Incorporated		8.25			9-15-2030		120,000		152,480
General Mills Incorporated		0.88			1-29-2016		80,000		79,339
General Mills Incorporated		5.20			3-17-2015		500,000		533,954
General Mills Incorporated		5.40			6-15-2040		345,000		373,901
General Mills Incorporated		5.65			2-15-2019		1,000,000		1,150,735
General Mills Incorporated		5.70			2-15-2017		100,000		112,406
Hershey Company		2.63			5-1-2023		100,000		93,441
Hershey Company		4.13			12-1-2020		500,000		536,392
Hormel Foods Corporation		4.13			4-15-2021		100,000		102,271
Ingredion Incorporated		1.80			9-25-2017		150,000		146,612
Ingredion Incorporated		4.63			11-1-2020		300,000		314,821
J.M. Smucker Company		3.50			10-15-2021		300,000		294,203
Kellogg Company		1.13			5-15-2015		350,000		351,863
Kellogg Company		1.88			11-17-2016		500,000		506,219
Kellogg Company		3.25			5-21-2018		65,000		67,926
Kellogg Company		4.00			12-15-2020		350,000		365,759
Kellogg Company		4.15			11-15-2019		300,000		323,273
Kellogg Company		4.45			5-30-2016		300,000		323,838
Kellogg Company Series B		7.45			4-1-2031		350,000		446,685
Kraft Foods Group Incorporated		1.63			6-4-2015		400,000		405,588
Kraft Foods Group Incorporated		3.50			6-6-2022		850,000		829,370
Kraft Foods Group Incorporated		4.13			2-9-2016		1,500,000		1,595,538
Kraft Foods Group Incorporated		5.00			6-4-2042		750,000		732,267
Kraft Foods Group Incorporated		5.38			2-10-2020		1,250,000		1,394,670
Kraft Foods Group Incorporated		6.13			8-23-2018		500,000		577,897
Kraft Foods Group Incorporated		6.13			8-23-2018		500,000		583,202
Kraft Foods Group Incorporated		6.50			8-11-2017		250,000		289,291
Kraft Foods Group Incorporated		6.50			11-1-2031		384,000		440,292
Kraft Foods Group Incorporated		6.50			2-9-2040		700,000		822,231
Kraft Foods Group Incorporated		6.50			2-9-2040		500,000		591,321
Kraft Foods Group Incorporated		6.88			2-1-2038		600,000		722,153
Kraft Foods Group Incorporated		6.88			1-26-2039		100,000		120,750
Kraft Foods Group Incorporated		7.00			8-11-2037		360,000		440,293
McCormick & Company		3.50			9-1-2023		179,000		177,380
McCormick & Company		3.90			7-15-2021		75,000		77,352
Mead Johnson Nutrition Company		3.50			11-1-2014		200,000		204,940
Mead Johnson Nutrition Company		4.90			11-1-2019		250,000		273,747
Mead Johnson Nutrition Company		5.90			11-1-2039		100,000		110,272


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			35


Security name	Interest rate			Maturity date		Principal		Value


Food Products (continued)
Sara Lee Corporation		4.10	%		9-15-2020	$	266,000	$	267,963
Tyson Foods Incorporated		4.50			6-15-2022		500,000		513,234

									22,540,818


Household Products: 0.16%
Church & Dwight Company Incorporated		2.88			10-1-2022		107,000		99,319
Clorox Company		3.05			9-15-2022		161,000		151,274
Clorox Company		5.00			1-15-2015		300,000		316,650
Clorox Company		5.95			10-15-2017		90,000		102,595
Colgate-Palmolive Company		1.95			2-1-2023		500,000		443,977
Colgate-Palmolive Company		2.30			5-3-2022		500,000		465,160
Colgate-Palmolive Company		2.95			11-1-2020		200,000		201,044
Colgate-Palmolive Company		5.20			11-7-2016		100,000		111,996
Colgate-Palmolive Company Series F		3.15			8-5-2015		340,000		356,912
Kimberly-Clark Corporation		2.40			6-1-2023		150,000		137,197
Kimberly-Clark Corporation		3.63			8-1-2020		750,000		780,052
Kimberly-Clark Corporation		5.30			3-1-2041		245,000		272,088
Kimberly-Clark Corporation		6.13			8-1-2017		200,000		232,005
Kimberly-Clark Corporation		6.63			8-1-2037		200,000		257,034
Kimberly-Clark Corporation		7.50			11-1-2018		100,000		124,272
Procter & Gamble Company		1.45			8-15-2016		1,000,000		1,013,742
Procter & Gamble Company		1.80			11-15-2015		400,000		409,671
Procter & Gamble Company		3.50			2-15-2015		1,000,000		1,041,232
Procter & Gamble Company		4.70			2-15-2019		500,000		561,683
Procter & Gamble Company		4.85			12-15-2015		500,000		545,756
Procter & Gamble Company		5.50			2-1-2034		350,000		404,677
Procter & Gamble Company		5.55			3-5-2037		500,000		579,009
Procter & Gamble Company		5.80			8-15-2034		100,000		118,294

									8,725,639


Personal Products: 0.02%
Avon Products Incorporated		4.20			7-15-2018		350,000		358,999
Avon Products Incorporated		4.60			3-15-2020		118,000		120,843
Avon Products Incorporated		5.00			3-15-2023		250,000		248,716
Estee Lauder Companies Incorporated		6.00			5-15-2037		200,000		220,527

									949,085


Tobacco: 0.27%
Altria Group Incorporated		2.85			8-9-2022		750,000		675,334
Altria Group Incorporated		4.13			9-11-2015		500,000		531,243
Altria Group Incorporated		4.25			8-9-2042		500,000		409,493
Altria Group Incorporated		4.50			5-2-2043		250,000		212,073
Altria Group Incorporated		4.75			5-5-2021		500,000		528,638
Altria Group Incorporated		9.25			8-6-2019		1,000,000		1,310,755
Altria Group Incorporated		9.70			11-10-2018		355,000		464,571
Altria Group Incorporated		9.95			11-10-2038		700,000		1,031,295
Altria Group Incorporated		10.20			2-6-2039		500,000		756,126
Lorillard Tobacco Company		2.30			8-21-2017		100,000		98,294


36		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Tobacco (continued)
Lorillard Tobacco Company		3.50	%		8-4-2016	$	45,000	$	46,933
Lorillard Tobacco Company		3.75			5-20-2023		500,000		439,015
Lorillard Tobacco Company		6.88			5-1-2020		250,000		282,601
Lorillard Tobacco Company		8.13			6-23-2019		155,000		186,389
Lorillard Tobacco Company		8.13			5-1-2040		250,000		283,121
Philip Morris International Incorporated		1.63			3-20-2017		500,000		498,586
Philip Morris International Incorporated		2.50			5-16-2016		500,000		518,341
Philip Morris International Incorporated		2.50			8-22-2022		250,000		227,137
Philip Morris International Incorporated		2.63			3-6-2023		175,000		159,536
Philip Morris International Incorporated		3.88			8-21-2042		250,000		214,430
Philip Morris International Incorporated		4.13			3-4-2043		300,000		264,434
Philip Morris International Incorporated		4.38			11-15-2041		500,000		457,362
Philip Morris International Incorporated		4.50			3-26-2020		750,000		815,191
Philip Morris International Incorporated		4.50			3-20-2042		500,000		466,653
Philip Morris International Incorporated		5.65			5-16-2018		1,000,000		1,150,832
Philip Morris International Incorporated		6.38			5-16-2038		600,000		711,613
Reynolds American Incorporated		4.75			11-1-2042		250,000		217,425
Reynolds American Incorporated		7.25			6-15-2037		200,000		229,248
Reynolds American Incorporated		7.63			6-1-2016		1,000,000		1,156,541
UST Incorporated		5.75			3-1-2018		100,000		113,912

									14,457,122


Energy: 1.71%

Energy Equipment & Services: 0.16%
Baker Hughes Incorporated		5.13			9-15-2040		500,000		531,679
Baker Hughes Incorporated		6.88			1-15-2029		250,000		319,581
Baker Hughes Incorporated		7.50			11-15-2018		375,000		467,493
Cameron International Corporation		4.50			6-1-2021		200,000		212,632
Cameron International Corporation		5.95			6-1-2041		100,000		113,050
Cameron International Corporation		7.00			7-15-2038		100,000		124,814
Diamond Offshore Drilling Incorporated		5.70			10-15-2039		300,000		342,954
Diamond Offshore Drilling Incorporated		5.88			5-1-2019		365,000		425,232
FMC Technologies Incorporated		3.45			10-1-2022		100,000		94,908
Halliburton Company		2.00			8-1-2018		500,000		494,278
Halliburton Company		3.25			11-15-2021		200,000		197,886
Halliburton Company		3.50			8-1-2023		500,000		492,233
Halliburton Company		4.50			11-15-2041		250,000		240,776
Halliburton Company		4.75			8-1-2043		250,000		248,485
Halliburton Company		6.15			9-15-2019		350,000		416,591
Halliburton Company		7.45			9-15-2039		650,000		870,116
National Oilwell Varco Incorporated		2.60			12-1-2022		1,000,000		922,084
National Oilwell Varco Incorporated		3.95			12-1-2042		400,000		354,408
Petrohawk Energy Corporation		6.25			6-1-2019		1,250,000		1,373,438
Rowan Companies Incorporated		7.88			8-1-2019		300,000		359,588

									8,602,226



Oil, Gas & Consumable Fuels: 1.55%
Amerada Hess Corporation		7.13			3-15-2033		500,000		593,955
Anadarko Petroleum Corporation		5.95			9-15-2016		600,000		672,572


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			37


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Anadarko Petroleum Corporation		6.20	%		3-15-2040	$	300,000	$	338,306
Anadarko Petroleum Corporation		6.38			9-15-2017		500,000		577,998
Anadarko Petroleum Corporation		6.45			9-15-2036		850,000		988,109
Anadarko Petroleum Corporation		8.70			3-15-2019		450,000		575,593
Apache Corporation		3.25			4-15-2022		500,000		486,102
Apache Corporation		3.63			2-1-2021		500,000		506,369
Apache Corporation		4.25			1-15-2044		250,000		221,282
Apache Corporation		4.75			4-15-2043		1,000,000		960,322
Apache Corporation		5.10			9-1-2040		575,000		575,992
Apache Corporation		5.25			2-1-2042		100,000		102,110
Apache Corporation		5.63			1-15-2017		380,000		427,354
Apache Corporation		6.00			1-15-2037		500,000		562,603
BJ Services Company		6.00			6-1-2018		150,000		173,990
Boardwalk Pipelines LP		3.38			2-1-2023		100,000		90,669
Boardwalk Pipelines LP		5.75			9-15-2019		150,000		165,135
Boardwalk Pipelines LP		5.88			11-15-2016		100,000		111,518
Buckeye Partners LP		4.15			7-1-2023		250,000		239,669
Buckeye Partners LP		4.88			2-1-2021		560,000		572,074
Buckeye Partners LP		5.50			8-15-2019		150,000		164,055
Buckeye Partners LP		6.05			1-15-2018		100,000		111,048
Chevron Corporation		1.10			12-5-2017		1,000,000		971,336
Chevron Corporation		1.72			6-24-2018		2,000,000		1,968,170
Chevron Corporation		2.36			12-5-2022		750,000		681,038
Chevron Corporation		4.95			3-3-2019		500,000		566,985
ConocoPhillips Company		1.05			12-15-2017		250,000		240,931
ConocoPhillips Company		2.40			12-15-2022		500,000		454,560
ConocoPhillips Company		4.60			1-15-2015		500,000		526,101
ConocoPhillips Company		5.20			5-15-2018		250,000		282,583
ConocoPhillips Company		5.75			2-1-2019		1,250,000		1,446,818
ConocoPhillips Company		5.90			10-15-2032		250,000		290,032
ConocoPhillips Company		5.90			5-15-2038		100,000		116,799
ConocoPhillips Company		6.00			1-15-2020		750,000		885,170
ConocoPhillips Company		6.50			2-1-2039		1,200,000		1,510,363
ConocoPhillips Company		6.95			4-15-2029		800,000		1,019,306
DCP Midstream Operating Company		3.88			3-15-2023		400,000		364,839
Devon Energy Corporation		2.40			7-15-2016		200,000		204,739
Devon Energy Corporation		3.25			5-15-2022		500,000		473,432
Devon Energy Corporation		4.00			7-15-2021		200,000		203,570
Devon Energy Corporation		4.75			5-15-2042		500,000		458,396
Devon Energy Corporation		5.60			7-15-2041		200,000		206,597
Devon Energy Corporation		6.30			1-15-2019		600,000		690,695
Devon Energy Corporation		7.95			4-15-2032		500,000		652,823
El Paso Natural Gas Company		5.95			4-15-2017		150,000		168,545
El Paso Natural Gas Company		8.38			6-15-2032		650,000		849,843
El Paso Pipeline Partners Operating LLC		4.70			11-1-2042		100,000		87,937
Enbridge Energy Partners LP		5.20			3-15-2020		380,000		407,581
Enbridge Energy Partners LP		5.50			9-15-2040		200,000		198,380
Enbridge Energy Partners LP		5.88			12-15-2016		65,000		73,115
Enbridge Energy Partners LP		6.50			4-15-2018		200,000		231,256
Enbridge Energy Partners LP		7.50			4-15-2038		270,000		322,582


38		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Enbridge Energy Partners LP		9.88	%		3-1-2019	$	125,000	$	162,753
Energen Corporation		4.63			9-1-2021		100,000		97,951
Energy Transfer Partners LP		3.60			2-1-2023		300,000		277,979
Energy Transfer Partners LP		4.65			6-1-2021		100,000		102,420
Energy Transfer Partners LP		5.15			2-1-2043		200,000		183,374
Energy Transfer Partners LP		5.20			2-1-2022		500,000		525,823
Energy Transfer Partners LP		6.05			6-1-2041		300,000		304,915
Energy Transfer Partners LP		6.13			2-15-2017		55,000		61,434
Energy Transfer Partners LP		6.50			2-1-2042		500,000		536,602
Energy Transfer Partners LP		6.63			10-15-2036		230,000		246,682
Energy Transfer Partners LP		6.70			7-1-2018		100,000		116,405
Energy Transfer Partners LP		7.50			7-1-2038		100,000		116,658
Energy Transfer Partners LP 144A		8.25			11-15-2029		125,000		152,462
Energy Transfer Partners LP		9.00			4-15-2019		1,000,000		1,254,294
Eni Lasmo plc		7.30			11-15-2027		200,000		243,404
Enterprise Products Operating LLC		1.25			8-13-2015		249,000		250,107
Enterprise Products Operating LLC		3.20			2-1-2016		100,000		104,763
Enterprise Products Operating LLC		3.35			3-15-2023		850,000		805,385
Enterprise Products Operating LLC		4.45			2-15-2043		250,000		224,029
Enterprise Products Operating LLC		4.85			3-15-2044		400,000		380,558
Enterprise Products Operating LLC		5.20			9-1-2020		500,000		555,618
Enterprise Products Operating LLC		5.25			1-31-2020		700,000		776,969
Enterprise Products Operating LLC		5.70			2-15-2042		200,000		212,041
Enterprise Products Operating LLC		5.95			2-1-2041		100,000		109,516
Enterprise Products Operating LLC		6.13			10-15-2039		1,000,000		1,114,637
Enterprise Products Operating LLC		6.30			9-15-2017		400,000		460,751
Enterprise Products Operating LLC		6.65			4-15-2018		250,000		295,181
Enterprise Products Operating LLC		7.55			4-15-2038		100,000		128,133
Enterprise Products Operating LLC Series D		6.88			3-1-2033		400,000		481,569
Enterprise Products Operating LLC Series G		5.60			10-15-2014		565,000		594,107
EOG Resources Incorporated		2.63			3-15-2023		450,000		410,485
EOG Resources Incorporated		2.95			6-1-2015		500,000		519,161
EOG Resources Incorporated		4.10			2-1-2021		200,000		209,514
EOG Resources Incorporated		4.40			6-1-2020		300,000		322,438
EOG Resources Incorporated		5.63			6-1-2019		75,000		86,554
EOG Resources Incorporated		6.88			10-1-2018		400,000		484,834
EQT Corporation		4.88			11-15-2021		300,000		306,415
EQT Corporation		8.13			6-1-2019		325,000		390,200
Equitable Resources Incorporated		6.50			4-1-2018		100,000		111,865
Gulf South Pipeline Company LP		4.00			6-15-2022		200,000		195,378
Hess Corporation		5.60			2-15-2041		300,000		306,871
Hess Corporation		6.00			1-15-2040		350,000		372,246
Hess Corporation		7.30			8-15-2031		384,000		463,764
Hess Corporation		7.88			10-1-2029		280,000		349,026
Hess Corporation		8.13			2-15-2019		500,000		621,918
Kerr-McGee Corporation		6.95			7-1-2024		200,000		235,422
Kinder Morgan Energy Partners LP		3.45			2-15-2023		250,000		233,303
Kinder Morgan Energy Partners LP		3.50			3-1-2016		500,000		527,164
Kinder Morgan Energy Partners LP		3.50			9-1-2023		250,000		232,000
Kinder Morgan Energy Partners LP		5.00			8-15-2042		250,000		231,375


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			39


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Energy Partners LP		5.00	%		3-1-2043	$	225,000	$	209,041
Kinder Morgan Energy Partners LP		5.13			11-15-2014		500,000		524,802
Kinder Morgan Energy Partners LP		5.30			9-15-2020		125,000		136,239
Kinder Morgan Energy Partners LP		5.80			3-1-2021		1,000,000		1,110,136
Kinder Morgan Energy Partners LP		5.80			3-15-2035		100,000		103,396
Kinder Morgan Energy Partners LP		5.95			2-15-2018		500,000		571,729
Kinder Morgan Energy Partners LP		6.38			3-1-2041		500,000		549,679
Kinder Morgan Energy Partners LP		6.50			9-1-2039		750,000		832,123
Kinder Morgan Energy Partners LP		6.95			1-15-2038		500,000		586,268
Magellan Midstream Partners LP		6.40			7-15-2018		100,000		116,957
Magellan Midstream Partners LP		6.55			7-15-2019		575,000		680,293
Marathon Oil Corporation		2.80			11-1-2022		600,000		551,828
Marathon Oil Corporation		6.00			10-1-2017		625,000		714,979
Marathon Oil Corporation		6.60			10-1-2037		450,000		531,895
Marathon Petroleum Corporation		3.50			3-1-2016		555,000		582,082
Marathon Petroleum Corporation		5.13			3-1-2021		35,000		37,460
Marathon Petroleum Corporation		6.50			3-1-2041		545,000		597,654
MidAmerican Energy Holdings Company		6.50			9-15-2037		500,000		591,031
Murphy Oil Corporation		2.50			12-1-2017		500,000		492,899
Murphy Oil Corporation		5.13			12-1-2042		250,000		215,757
Murphy Oil Corporation		7.05			5-1-2029		200,000		216,057
Nabors Industries Incorporated		5.00			9-15-2020		300,000		305,897
Nabors Industries Incorporated		6.15			2-15-2018		500,000		553,273
Nabors Industries Incorporated		9.25			1-15-2019		500,000		614,443
Nextera Energy Capital		4.50			6-1-2021		200,000		210,144
Noble Energy Incorporated		4.15			12-15-2021		500,000		510,223
Noble Energy Incorporated		6.00			3-1-2041		565,000		638,080
Noble Energy Incorporated		8.25			3-1-2019		350,000		434,193
Northwest Pipeline Corporation		6.05			6-15-2018		170,000		195,956
Occidental Petroleum Corporation		1.50			2-15-2018		250,000		242,757
Occidental Petroleum Corporation		1.75			2-15-2017		500,000		499,540
Occidental Petroleum Corporation		2.50			2-1-2016		100,000		103,253
Occidental Petroleum Corporation		2.70			2-15-2023		500,000		452,659
Occidental Petroleum Corporation		3.13			2-15-2022		500,000		474,820
Occidental Petroleum Corporation		4.10			2-1-2021		460,000		473,965
Occidental Petroleum Corporation		4.13			6-1-2016		400,000		431,140
ONEOK Partners LP		4.25			2-1-2022		130,000		121,012
ONEOK Partners LP		6.13			2-1-2041		500,000		512,536
ONEOK Partners LP		6.15			10-1-2016		200,000		224,957
ONEOK Partners LP		6.85			10-15-2037		500,000		551,166
ONEOK Partners LP		8.63			3-1-2019		350,000		438,720
Phillips 66		1.95			3-5-2015		350,000		355,212
Phillips 66		2.95			5-1-2017		1,000,000		1,029,473
Phillips 66		4.30			4-1-2022		1,000,000		1,008,658
Phillips 66		5.88			5-1-2042		750,000		796,107
Pioneer Natural Resources Company		3.95			7-15-2022		1,000,000		985,372
Plains All American Pipeline LP		3.65			6-1-2022		500,000		493,772
Plains All American Pipeline LP		3.85			10-15-2023		500,000		492,600
Plains All American Pipeline LP		5.00			2-1-2021		200,000		216,857
Plains All American Pipeline LP		5.15			6-1-2042		500,000		506,072


40		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline LP		6.50	%		5-1-2018	$	150,000	$	176,082
Plains All American Pipeline LP		6.65			1-15-2037		200,000		238,694
Plains All American Pipeline LP		8.75			5-1-2019		400,000		514,285
Rowan Companies Incorporated		5.40			12-1-2042		150,000		135,214
Southern Natural Gas Company		4.40			6-15-2021		1,000,000		1,037,065
Southern Natural Gas Company 144A		5.90			4-1-2017		500,000		563,992
SouthWestern Energy Company		4.10			3-15-2022		1,000,000		980,351
Spectra Energy Capital LLC		3.30			3-15-2023		200,000		177,577
Spectra Energy Capital LLC		4.60			6-15-2021		100,000		102,169
Spectra Energy Capital LLC		7.50			9-15-2038		100,000		117,730
Spectra Energy Capital LLC		8.00			10-1-2019		100,000		120,310
Sunoco Logistics Partner LP		3.45			1-15-2023		200,000		184,405
Sunoco Logistics Partner LP		4.95			1-15-2043		150,000		135,260
Sunoco Logistics Partner LP		6.85			2-15-2040		250,000		280,934
TC Pipelines LP		4.65			6-15-2021		300,000		303,445
Tennessee Gas Pipeline Company		7.00			10-15-2028		250,000		300,241
Texas Eastern Transmission LP		7.00			7-15-2032		325,000		388,256
Total Capital International SA		1.50			2-17-2017		500,000		498,298
TransCanada PipeLines Limited		4.88			1-15-2015		65,000		68,516
TransCanada PipeLines Limited		5.60			3-31-2034		100,000		107,945
TransCanada PipeLines Limited		6.20			10-15-2037		585,000		678,323
TransCanada PipeLines Limited		7.63			1-15-2039		500,000		668,126
Transcontinental Gas Pipe Line Corporation		6.05			6-15-2018		105,000		122,056
Transocean Incorporated		6.00			3-15-2018		600,000		667,408
Transocean Incorporated		6.50			11-15-2020		300,000		331,106
Transocean Incorporated		6.80			3-15-2038		450,000		478,596
Transocean Incorporated		7.50			4-15-2031		220,000		243,837
Valero Energy Corporation		4.50			2-1-2015		65,000		68,066
Valero Energy Corporation		6.13			6-15-2017		500,000		568,071
Valero Energy Corporation		6.13			2-1-2020		65,000		74,318
Valero Energy Corporation		6.63			6-15-2037		500,000		544,739
Valero Energy Corporation		7.50			4-15-2032		300,000		353,453
Valero Energy Corporation		9.38			3-15-2019		250,000		322,541
Weatherford International Limited		6.00			3-15-2018		100,000		111,235
Weatherford International Limited		6.50			8-1-2036		300,000		299,688
Weatherford International Limited		7.00			3-15-2038		50,000		52,928
Western Gas Partners		4.00			7-1-2022		400,000		389,152
Williams Companies Incorporated		3.70			1-15-2023		500,000		448,439
Williams Companies Incorporated		7.88			9-1-2021		200,000		237,367
Williams Companies Incorporated		8.75			3-15-2032		275,000		340,461
Williams Partners LP		3.35			8-15-2022		250,000		227,318
Williams Partners LP		3.80			2-15-2015		600,000		623,520
Williams Partners LP		4.13			11-15-2020		300,000		301,035
Williams Partners LP		5.25			3-15-2020		640,000		683,341
Williams Partners LP		6.30			4-15-2040		390,000		409,265
XTO Energy Incorporated		6.50			12-15-2018		500,000		611,373

									83,369,493


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			41


Security name	Interest rate			Maturity date		Principal		Value


Financials: 7.41%

Capital Markets: 1.37%
AGL Capital Corporation		4.40	%		6-1-2043	$	200,000	$	184,467
Ameriprise Financial Incorporated		5.30			3-15-2020		300,000		340,087
Ameriprise Financial Incorporated		5.65			11-15-2015		400,000		439,458
Ameriprise Financial Incorporated		7.30			6-28-2019		65,000		80,560
Bank of New York Mellon Corporation		0.70			3-4-2016		200,000		198,057
Bank of New York Mellon Corporation		1.20			2-20-2015		45,000		45,303
Bank of New York Mellon Corporation		1.35			3-6-2018		350,000		338,960
Bank of New York Mellon Corporation		1.70			11-24-2014		500,000		506,760
Bank of New York Mellon Corporation		2.30			7-28-2016		500,000		514,957
Bank of New York Mellon Corporation		2.50			1-15-2016		500,000		515,730
Bank of New York Mellon Corporation		3.55			9-23-2021		600,000		605,885
Bank of New York Mellon Corporation		4.15			2-1-2021		100,000		105,016
Bank of New York Mellon Corporation		5.45			5-15-2019		1,000,000		1,141,513
Bear Stearns Companies Incorporated		5.30			10-30-2015		180,000		195,162
Bear Stearns Companies Incorporated		5.55			1-22-2017		1,025,000		1,126,204
Bear Stearns Companies Incorporated		5.70			11-15-2014		750,000		793,703
Bear Stearns Companies Incorporated		6.40			10-2-2017		620,000		714,735
Bear Stearns Companies Incorporated		7.25			2-1-2018		1,500,000		1,781,123
Berkshire Hathaway Finance Corporation		2.00			8-15-2018		250,000		247,349
Berkshire Hathaway Finance Corporation		3.20			2-11-2015		500,000		518,760
Berkshire Hathaway Finance Corporation		4.25			1-15-2021		500,000		532,201
Berkshire Hathaway Finance Corporation		4.85			1-15-2015		500,000		528,986
Berkshire Hathaway Finance Corporation		5.40			5-15-2018		350,000		400,396
Berkshire Hathaway Finance Corporation		5.75			1-15-2040		250,000		278,142
BlackRock Incorporated		3.38			6-1-2022		500,000		492,038
BlackRock Incorporated		3.50			12-10-2014		550,000		570,065
BlackRock Incorporated		4.25			5-24-2021		500,000		527,981
BlackRock Incorporated		5.00			12-10-2019		250,000		280,967
BlackRock Incorporated		6.25			9-15-2017		350,000		407,617
Charles Schwab Corporation		2.20			7-25-2018		150,000		148,913
Charles Schwab Corporation		3.23			9-1-2022		425,000		405,026
Charles Schwab Corporation		4.45			7-22-2020		200,000		215,472
Credit Suisse USA Incorporated		4.88			1-15-2015		1,000,000		1,056,621
Credit Suisse USA Incorporated		5.38			3-2-2016		500,000		548,173
Eaton Vance Corporation		3.63			6-15-2023		100,000		95,592
Eaton Vance Corporation		6.50			10-2-2017		30,000		34,398
Franklin Resources Incorporated		2.80			9-15-2022		300,000		279,910
Franklin Resources Incorporated		4.63			5-20-2020		250,000		270,897
Goldman Sachs Group Incorporated		1.60			11-23-2015		1,000,000		1,006,138
Goldman Sachs Group Incorporated		2.38			1-22-2018		750,000		735,488
Goldman Sachs Group Incorporated		3.30			5-3-2015		1,000,000		1,034,797
Goldman Sachs Group Incorporated		3.63			2-7-2016		2,000,000		2,094,106
Goldman Sachs Group Incorporated		3.63			1-22-2023		500,000		471,256
Goldman Sachs Group Incorporated		3.70			8-1-2015		1,000,000		1,044,674
Goldman Sachs Group Incorporated		5.25			7-27-2021		1,100,000		1,173,191
Goldman Sachs Group Incorporated		5.35			1-15-2016		425,000		461,410
Goldman Sachs Group Incorporated		5.38			3-15-2020		1,500,000		1,629,252
Goldman Sachs Group Incorporated		5.75			10-1-2016		500,000		555,824


42		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Capital Markets (continued)
Goldman Sachs Group Incorporated		5.75	%		1-24-2022	$	1,500,000	$	1,644,134
Goldman Sachs Group Incorporated		5.95			1-18-2018		2,000,000		2,234,846
Goldman Sachs Group Incorporated		5.95			1-15-2027		1,070,000		1,098,888
Goldman Sachs Group Incorporated		6.00			6-15-2020		1,000,000		1,120,259
Goldman Sachs Group Incorporated		6.13			2-15-2033		1,000,000		1,085,551
Goldman Sachs Group Incorporated		6.15			4-1-2018		1,750,000		1,976,053
Goldman Sachs Group Incorporated		6.25			9-1-2017		1,250,000		1,410,804
Goldman Sachs Group Incorporated		6.25			2-1-2041		500,000		555,162
Goldman Sachs Group Incorporated		6.35			2-15-2034		950,000		905,791
Goldman Sachs Group Incorporated		6.45			5-1-2036		1,000,000		1,003,671
Goldman Sachs Group Incorporated		6.75			10-1-2037		1,925,000		1,978,731
Goldman Sachs Group Incorporated		7.50			2-15-2019		1,300,000		1,548,775
Jefferies Group Incorporated		3.88			11-9-2015		500,000		519,019
Jefferies Group Incorporated		6.25			1-15-2036		150,000		144,495
Jefferies Group Incorporated		6.45			6-8-2027		150,000		152,250
Jefferies Group Incorporated		6.50			1-20-2043		250,000		250,363
Jefferies Group Incorporated		6.88			4-15-2021		150,000		166,742
Jefferies Group Incorporated		8.50			7-15-2019		700,000		848,144
Lazard Group LLC		6.85			6-15-2017		500,000		563,899
Merrill Lynch & Company Incorporated		5.70			5-2-2017		700,000		760,748
Morgan Stanley		1.75			2-25-2016		500,000		499,694
Morgan Stanley		2.13			4-25-2018		943,000		909,185
Morgan Stanley		3.75			2-25-2023		1,175,000		1,113,860
Morgan Stanley		4.10			1-26-2015		500,000		518,269
Morgan Stanley		4.10			5-22-2023		750,000		686,128
Morgan Stanley		4.20			11-20-2014		1,000,000		1,037,614
Morgan Stanley		4.75			3-22-2017		1,000,000		1,071,776
Morgan Stanley		4.88			11-1-2022		906,000		892,579
Morgan Stanley		5.38			10-15-2015		525,000		565,085
Morgan Stanley		5.45			1-9-2017		1,000,000		1,087,421
Morgan Stanley		5.50			1-26-2020		1,000,000		1,092,754
Morgan Stanley		5.50			7-24-2020		500,000		545,725
Morgan Stanley		5.50			7-28-2021		570,000		618,208
Morgan Stanley		5.55			4-27-2017		850,000		934,831
Morgan Stanley		5.63			9-23-2019		2,000,000		2,198,126
Morgan Stanley		5.75			10-18-2016		1,500,000		1,663,224
Morgan Stanley		5.75			1-25-2021		1,250,000		1,377,895
Morgan Stanley		6.00			4-28-2015		1,500,000		1,608,932
Morgan Stanley		6.25			8-9-2026		300,000		328,525
Morgan Stanley		6.38			7-24-2042		1,000,000		1,105,923
Morgan Stanley		6.63			4-1-2018		2,500,000		2,861,720
Morgan Stanley		7.25			4-1-2032		470,000		566,274
Morgan Stanley		7.30			5-13-2019		400,000		472,839
Northern Trust Corporation		3.45			11-4-2020		500,000		507,982
Raymond James Financial Incorporated		4.25			4-15-2016		100,000		105,367
Raymond James Financial Incorporated		8.60			8-15-2019		100,000		124,437
TD Ameritrade Holding Corporation		5.60			12-1-2019		200,000		230,020
Vesey Street Investment Trust I		4.40			9-1-2016		1,500,000		1,596,230

									73,962,268


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			43


Security name	Interest rate			Maturity date		Principal		Value


Commercial Banks: 0.99%
Australia & New Zealand Banking Group Limited		1.45	%		5-15-2018	$	250,000	$	240,402
Australia & New Zealand Banking Group Limited		1.88			10-6-2017		250,000		247,631
Bank One Corporation		7.63			10-15-2026		240,000		294,330
Bank One Corporation		8.00			4-29-2027		550,000		706,782
Branch Banking & Trust Corporation		2.15			3-22-2017		500,000		501,705
Branch Banking & Trust Corporation		3.20			3-15-2016		100,000		104,451
Branch Banking & Trust Corporation		3.95			4-29-2016		350,000		373,650
Branch Banking & Trust Corporation		3.95			3-22-2022		500,000		494,331
Branch Banking & Trust Corporation		5.20			12-23-2015		500,000		543,823
Branch Banking & Trust Corporation		5.63			9-15-2016		100,000		111,612
Branch Banking & Trust Corporation		6.85			4-30-2019		500,000		601,757
Capital One Bank USA NA		3.38			2-15-2023		500,000		464,092
Comerica Bank		5.75			11-21-2016		500,000		563,754
Comerica Incorporated		3.00			9-16-2015		100,000		103,973
Commonwealth Bank of Australia (New York)		1.25			9-18-2015		500,000		504,354
Commonwealth Bank of Australia (New York)		1.90			9-18-2017		250,000		248,481
Compass Bank		6.40			10-1-2017		250,000		267,747
Fifth Third Bancorp		3.63			1-25-2016		500,000		525,494
Fifth Third Bancorp		5.45			1-15-2017		500,000		547,970
Fifth Third Bancorp		8.25			3-1-2038		750,000		966,494
First Horizon National Corporation		5.38			12-15-2015		500,000		538,679
HSBC Bank USA NA		4.88			8-24-2020		800,000		851,790
HSBC Bank USA NA		5.00			9-27-2020		500,000		527,385
HSBC Bank USA NA		5.63			8-15-2035		225,000		229,761
HSBC Bank USA NA		7.00			1-15-2039		500,000		595,827
HSBC Finance Capital Trust IX ±		5.91			11-30-2035		200,000		202,750
HSBC Holdings plc		6.10			1-14-2042		500,000		588,109
HSBC Holdings plc		6.50			5-2-2036		1,000,000		1,124,610
HSBC Holdings plc		6.50			9-15-2037		850,000		959,105
HSBC USA Incorporated		1.63			1-16-2018		1,000,000		968,565
HSBC USA Incorporated		2.38			2-13-2015		500,000		511,331
Huntington Bancshares Incorporated		2.60			8-2-2018		250,000		247,067
Huntington Bancshares Incorporated		7.00			12-15-2020		25,000		29,300
KeyBank NA		1.65			2-1-2018		400,000		388,711
KeyBank NA		4.95			9-15-2015		250,000		267,485
KeyBank NA		5.45			3-3-2016		500,000		547,336
KeyCorp		5.10			3-24-2021		500,000		547,182
Manufacturers & Traders Trust Company		6.63			12-4-2017		500,000		583,967
MUFG Capital Finance 1 Limited ±		6.35			12-31-2049		1,000,000		1,097,500
National Australia Bank Limited		1.30			7-25-2016		250,000		249,467
National Australia Bank Limited		1.60			8-7-2015		500,000		507,635
National Australia Bank Limited		2.75			3-9-2017		1,000,000		1,023,679
National Australia Bank Limited		3.00			1-20-2023		350,000		322,116
PNC Bank NA		2.70			11-1-2022		350,000		314,183
PNC Bank NA		2.95			1-30-2023		300,000		273,553
PNC Bank NA		3.80			7-25-2023		300,000		291,107
PNC Bank NA		6.00			12-7-2017		500,000		573,310
PNC Bank NA		6.88			4-1-2018		175,000		207,652
Regions Financial Corporation		2.00			5-15-2018		300,000		286,597
Regions Financial Corporation		5.75			6-15-2015		200,000		214,493


44		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Commercial Banks (continued)
Sovereign Bank		8.75	%		5-30-2018	$	250,000	$	298,159
Sumitomo Mitsui Banking Corporation		1.45			7-19-2016		250,000		250,382
Sumitomo Mitsui Banking Corporation		1.50			1-18-2018		500,000		482,697
Sumitomo Mitsui Banking Corporation		3.20			7-18-2022		1,000,000		946,581
Sumitomo Mitsui Banking Corporation		3.95			7-19-2023		250,000		247,604
SunTrust Bank Incorporated		3.60			4-15-2016		250,000		263,554
SunTrust Bank Incorporated		5.00			9-1-2015		34,000		36,228
SunTrust Bank Incorporated		6.00			9-11-2017		750,000		852,563
SunTrust Bank Incorporated		7.25			3-15-2018		500,000		593,351
SVB Financial Group		5.38			9-15-2020		160,000		174,297
Svenska Handelsbanken AB		3.13			7-12-2016		500,000		521,731
Union Bank NA		2.13			6-16-2017		250,000		248,532
Union Bank NA		5.95			5-11-2016		450,000		499,001
UnionBanCal Corporation		3.50			6-18-2022		200,000		193,099
US Bancorp NA		2.45			7-27-2015		500,000		516,170
US Bancorp NA		2.95			7-15-2022		575,000		536,096
US Bancorp NA		3.44			2-1-2016		500,000		520,977
US Bancorp NA		4.13			5-24-2021		1,000,000		1,048,929
US Bank NA ±		3.78			4-29-2020		1,000,000		1,043,545
US Bank NA		4.95			10-30-2014		275,000		288,727
Wachovia Bank NA (l)		4.88			2-1-2015		350,000		369,093
Wachovia Bank NA (l)		5.85			2-1-2037		1,000,000		1,112,278
Wachovia Bank NA (l)		6.60			1-15-2038		600,000		729,646
Wachovia Corporation (l)		5.50			8-1-2035		700,000		721,833
Wachovia Corporation (l)		5.63			10-15-2016		1,200,000		1,339,584
Wachovia Corporation (l)		5.75			6-15-2017		1,000,000		1,137,810
Wachovia Corporation (l)		5.75			2-1-2018		1,000,000		1,144,296
Wells Fargo & Company (l)		1.25			2-13-2015		1,500,000		1,507,748
Wells Fargo & Company (l)		1.50			7-1-2015		750,000		758,414
Wells Fargo & Company (l)		1.50			1-16-2018		1,000,000		972,745
Wells Fargo & Company (l)		2.63			12-15-2016		1,000,000		1,036,968
Wells Fargo & Company (l)		3.45			2-13-2023		750,000		697,722
Wells Fargo & Company (l)		3.50			3-8-2022		1,000,000		991,392
Wells Fargo & Company (l)		3.68			6-15-2016		1,000,000		1,061,939
Wells Fargo & Company (l)		3.75			10-1-2014		1,500,000		1,551,768
Wells Fargo & Company (l)		4.60			4-1-2021		1,250,000		1,344,323
Wells Fargo & Company (l)		5.63			12-11-2017		1,500,000		1,708,895
Wells Fargo Bank NA (l)		5.95			8-26-2036		350,000		394,176
Wells Fargo Capital X (l)		5.95			12-1-2086		500,000		480,007
Westpac Banking Corporation		3.00			12-9-2015		1,000,000		1,045,792
Zions Bancorporation		4.50			6-13-2023		100,000		98,223

									53,249,960


Consumer Finance: 0.87%
Ahold Finance USA LLC		6.88			5-1-2029		300,000		357,350
American Express Centurion Bank		6.00			9-13-2017		500,000		573,634
American Express Company		1.55			5-22-2018		375,000		362,539
American Express Company		2.65			12-2-2022		575,000		524,764
American Express Company		4.05			12-3-2042		405,000		353,586
American Express Company		5.50			9-12-2016		500,000		557,014


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			45


Security name	Interest rate			Maturity date		Principal		Value


Consumer Finance (continued)
American Express Company ±		6.80	%		9-1-2066	$	200,000	$	213,600
American Express Company		7.00			3-19-2018		800,000		956,682
American Express Company		8.13			5-20-2019		500,000		643,261
American Express Credit Corporation		1.75			6-12-2015		1,078,000		1,095,231
American Express Credit Corporation		2.13			7-27-2018		200,000		198,501
American Express Credit Corporation		2.38			3-24-2017		750,000		768,487
American Express Credit Corporation		2.75			9-15-2015		1,000,000		1,036,109
American Express Credit Corporation		2.80			9-19-2016		500,000		521,432
American Express Credit Corporation		5.30			12-2-2015		500,000		545,340
Anadarko Finance Company Series B		7.50			5-1-2031		325,000		405,090
Barrick Gold Finance Company LLC		4.40			5-30-2021		600,000		559,597
Barrick Gold Finance Company LLC		5.70			5-30-2041		300,000		254,179
Bunge Limited Finance Corporation		4.10			3-15-2016		100,000		105,213
Bunge Limited Finance Corporation		5.10			7-15-2015		300,000		319,813
Bunge Limited Finance Corporation		8.50			6-15-2019		500,000		607,586
Capital One Bank USA NA		8.80			7-15-2019		750,000		953,572
Capital One Financial Corporation		1.00			11-6-2015		300,000		297,903
Capital One Financial Corporation		2.15			3-23-2015		500,000		507,907
Capital One Financial Corporation		3.15			7-15-2016		260,000		270,590
Capital One Financial Corporation		4.75			7-15-2021		450,000		472,601
Capital One Financial Corporation		6.15			9-1-2016		500,000		555,213
Capital One Financial Corporation		6.75			9-15-2017		283,000		329,665
Caterpillar Financial Services Corporation		1.10			5-29-2015		500,000		503,371
Caterpillar Financial Services Corporation		2.65			4-1-2016		100,000		103,803
Caterpillar Financial Services Corporation		5.50			3-15-2016		275,000		303,083
Caterpillar Financial Services Corporation		7.15			2-15-2019		250,000		306,148
Caterpillar Financial Services Corporation Series F		4.75			2-17-2015		415,000		439,902
Daimler Finance North America LLC		8.50			1-18-2031		425,000		612,791
Devon Financing Corporation LLC		7.88			9-30-2031		620,000		796,631
Discover Financial Services		3.85			11-21-2022		550,000		517,764
Discover Financial Services		5.20			4-27-2022		600,000		619,850
Ford Motor Credit Company LLC		1.70			5-9-2016		400,000		394,768
Ford Motor Credit Company LLC		3.00			6-12-2017		5,200,000		5,233,561
Ford Motor Credit Company LLC		3.88			1-15-2015		2,000,000		2,059,406
Ford Motor Credit Company LLC		4.25			9-20-2022		773,000		751,573
Ford Motor Credit Company LLC		5.88			8-2-2021		2,000,000		2,170,342
Ford Motor Credit Company LLC		7.00			4-15-2015		500,000		540,867
Ford Motor Credit Company LLC		8.70			10-1-2014		250,000		269,104
HSBC Finance Corporation		5.00			6-30-2015		1,825,000		1,939,258
HSBC Finance Corporation		6.68			1-15-2021		1,179,000		1,328,847
John Deere Capital Corporation		0.75			1-22-2016		500,000		497,003
John Deere Capital Corporation		0.88			4-17-2015		200,000		200,890
John Deere Capital Corporation		0.95			6-29-2015		200,000		201,126
John Deere Capital Corporation		1.25			12-2-2014		250,000		252,418
John Deere Capital Corporation		1.30			3-12-2018		550,000		533,033
John Deere Capital Corporation		1.40			3-15-2017		500,000		495,265
John Deere Capital Corporation		2.25			6-7-2016		200,000		206,360
John Deere Capital Corporation		2.80			1-27-2023		500,000		469,169
John Deere Capital Corporation		2.95			3-9-2015		250,000		258,794
John Deere Capital Corporation		3.90			7-12-2021		300,000		312,386


46		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Consumer Finance (continued)
John Deere Capital Corporation		5.50	%		4-13-2017	$	100,000	$	112,124
John Deere Capital Corporation		5.75			9-10-2018		500,000		579,257
National City Corporation		4.90			1-15-2015		360,000		379,898
National City Corporation		6.88			5-15-2019		500,000		589,868
PACCAR Financial Corporation		0.70			11-16-2015		250,000		248,980
PACCAR Financial Corporation		0.75			8-14-2015		300,000		300,475
PACCAR Financial Corporation		1.15			8-16-2016		350,000		349,541
Reed Elsevier Capital Incorporated		3.13			10-15-2022		500,000		458,627
Reed Elsevier Capital Incorporated		8.63			1-15-2019		500,000		628,202
Toyota Motor Credit Corporation		0.80			5-17-2016		300,000		298,362
Toyota Motor Credit Corporation		0.88			7-17-2015		500,000		502,197
Toyota Motor Credit Corporation		1.00			2-17-2015		550,000		553,906
Toyota Motor Credit Corporation		1.25			11-17-2014		400,000		403,498
Toyota Motor Credit Corporation		1.25			10-5-2017		650,000		634,286
Toyota Motor Credit Corporation		2.00			9-15-2016		500,000		511,177
Toyota Motor Credit Corporation		2.05			1-12-2017		750,000		759,063
Toyota Motor Credit Corporation		2.80			1-11-2016		500,000		520,666
Toyota Motor Credit Corporation		3.20			6-17-2015		1,000,000		1,044,808
Toyota Motor Credit Corporation		3.30			1-12-2022		500,000		490,365
Toyota Motor Credit Corporation		3.40			9-15-2021		350,000		349,792
Toyota Motor Credit Corporation		4.50			6-17-2020		500,000		541,603

									46,920,667


Diversified Financial Services: 2.60%
ABB Finance (USA) Incorporated		1.63			5-8-2017		100,000		99,177
ABB Finance (USA) Incorporated		2.88			5-8-2022		1,100,000		1,044,281
ABB Finance (USA) Incorporated		4.38			5-8-2042		37,000		34,627
AmeriTech Funding Corporation		6.45			1-15-2018		300,000		343,618
Bank of America Corporation		1.50			10-9-2015		1,000,000		1,001,892
Bank of America Corporation		2.00			1-11-2018		750,000		727,148
Bank of America Corporation		3.30			1-11-2023		1,600,000		1,475,677
Bank of America Corporation		3.63			3-17-2016		2,000,000		2,094,278
Bank of America Corporation		3.70			9-1-2015		500,000		521,998
Bank of America Corporation		3.75			7-12-2016		2,000,000		2,108,780
Bank of America Corporation		4.50			4-1-2015		1,000,000		1,048,545
Bank of America Corporation		4.75			8-1-2015		1,750,000		1,857,182
Bank of America Corporation		5.25			12-1-2015		500,000		538,958
Bank of America Corporation		5.49			3-15-2019		250,000		269,752
Bank of America Corporation		5.63			10-14-2016		100,000		110,661
Bank of America Corporation		5.63			7-1-2020		1,500,000		1,648,092
Bank of America Corporation		5.70			1-24-2022		2,000,000		2,202,922
Bank of America Corporation		5.75			12-1-2017		1,500,000		1,676,427
Bank of America Corporation		5.88			1-5-2021		500,000		556,412
Bank of America Corporation		5.88			2-7-2042		500,000		553,124
Bank of America Corporation		6.00			9-1-2017		1,000,000		1,122,083
Bank of America Corporation		6.00			10-15-2036		800,000		900,780
Bank of America Corporation		6.50			8-1-2016		1,850,000		2,085,192
Bank of America Corporation		7.63			6-1-2019		2,500,000		3,004,753
BHP Billiton Finance USA Limited		1.13			11-21-2014		150,000		151,152


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			47


Security name	Interest rate			Maturity date		Principal		Value


Diversified Financial Services (continued)
BHP Billiton Finance USA Limited		3.25	%		11-21-2021	$	500,000	$	485,265
BHP Billiton Finance USA Limited		4.13			2-24-2042		650,000		591,837
BHP Billiton Finance USA Limited		5.25			12-15-2015		150,000		164,362
Block Financial LLC		5.50			11-1-2022		200,000		201,237
Boeing Capital Corporation		2.13			8-15-2016		200,000		205,899
Boeing Capital Corporation		4.70			10-27-2019		500,000		557,826
Citigroup Incorporated		1.25			1-15-2016		750,000		743,329
Citigroup Incorporated		1.75			5-1-2018		100,000		96,049
Citigroup Incorporated		2.25			8-7-2015		500,000		508,816
Citigroup Incorporated		2.65			3-2-2015		1,500,000		1,533,903
Citigroup Incorporated		3.38			3-1-2023		632,000		594,452
Citigroup Incorporated		3.50			5-15-2023		500,000		449,755
Citigroup Incorporated		3.95			6-15-2016		1,000,000		1,059,847
Citigroup Incorporated		4.05			7-30-2022		400,000		384,107
Citigroup Incorporated		4.50			1-14-2022		1,500,000		1,557,267
Citigroup Incorporated		4.59			12-15-2015		700,000		747,744
Citigroup Incorporated		4.75			5-19-2015		1,500,000		1,588,614
Citigroup Incorporated		5.00			9-15-2014		900,000		935,036
Citigroup Incorporated		5.38			8-9-2020		500,000		553,381
Citigroup Incorporated		5.50			10-15-2014		1,000,000		1,049,270
Citigroup Incorporated		5.50			2-15-2017		1,000,000		1,084,367
Citigroup Incorporated		5.88			2-22-2033		500,000		490,722
Citigroup Incorporated		5.88			5-29-2037		500,000		543,643
Citigroup Incorporated		5.88			1-30-2042		500,000		553,104
Citigroup Incorporated		6.00			8-15-2017		100,000		113,077
Citigroup Incorporated		6.00			10-31-2033		725,000		721,735
Citigroup Incorporated		6.13			11-21-2017		1,000,000		1,144,959
Citigroup Incorporated		6.13			5-15-2018		3,000,000		3,437,565
Citigroup Incorporated		6.13			8-25-2036		500,000		499,186
Citigroup Incorporated		6.38			8-12-2014		1,500,000		1,580,118
Citigroup Incorporated		6.88			3-5-2038		1,300,000		1,614,761
Citigroup Incorporated		8.13			7-15-2039		855,000		1,171,872
Citigroup Incorporated		8.50			5-22-2019		900,000		1,139,273
Credit Suisse New York		4.38			8-5-2020		1,000,000		1,064,162
Credit Suisse New York		5.40			1-14-2020		1,500,000		1,625,688
Deutsche Bank Financial LLC		5.38			3-2-2015		300,000		315,907
Fidelity National Information Services Incorporated		5.00			3-15-2022		300,000		307,914
General Electric Capital Corporation		1.50			7-12-2016		500,000		501,595
General Electric Capital Corporation		1.63			7-2-2015		1,750,000		1,771,702
General Electric Capital Corporation		2.30			4-27-2017		2,000,000		2,025,364
General Electric Capital Corporation		3.10			1-9-2023		1,000,000		922,367
General Electric Capital Corporation		3.15			9-7-2022		2,000,000		1,854,064
General Electric Capital Corporation		3.35			10-17-2016		2,000,000		2,106,262
General Electric Capital Corporation		3.50			6-29-2015		500,000		523,005
General Electric Capital Corporation		3.75			11-14-2014		500,000		518,197
General Electric Capital Corporation		4.38			9-16-2020		2,000,000		2,108,414
General Electric Capital Corporation		4.63			1-7-2021		500,000		528,200
General Electric Capital Corporation		4.65			10-17-2021		1,275,000		1,341,078
General Electric Capital Corporation		4.88			3-4-2015		1,000,000		1,059,171
General Electric Capital Corporation		5.00			1-8-2016		1,000,000		1,084,675


48		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Diversified Financial Services (continued)
General Electric Capital Corporation		5.30	%		2-11-2021	$	845,000	$	911,156
General Electric Capital Corporation		5.50			1-8-2020		1,000,000		1,121,363
General Electric Capital Corporation		5.63			9-15-2017		1,500,000		1,695,272
General Electric Capital Corporation		5.63			5-1-2018		2,000,000		2,278,888
General Electric Capital Corporation		5.88			1-14-2038		2,500,000		2,699,448
General Electric Capital Corporation		6.00			8-7-2019		850,000		978,063
General Electric Capital Corporation		6.15			8-7-2037		650,000		726,460
General Electric Capital Corporation ±		6.38			11-15-2067		1,000,000		1,055,000
General Electric Capital Corporation		6.75			3-15-2032		2,100,000		2,507,014
General Electric Capital Corporation		6.88			1-10-2039		1,500,000		1,810,967
ING US Incorporated		2.90			2-15-2018		400,000		395,100
ING US Incorporated		5.50			7-15-2022		500,000		533,601
JPMorgan Chase & Company		1.10			10-15-2015		825,000		824,348
JPMorgan Chase & Company		1.13			2-26-2016		250,000		249,315
JPMorgan Chase & Company		1.63			5-15-2018		1,750,000		1,673,714
JPMorgan Chase & Company		1.80			1-25-2018		500,000		486,599
JPMorgan Chase & Company		1.88			3-20-2015		600,000		607,754
JPMorgan Chase & Company		2.00			8-15-2017		1,500,000		1,489,415
JPMorgan Chase & Company		2.60			1-15-2016		1,500,000		1,542,519
JPMorgan Chase & Company		3.20			1-25-2023		1,000,000		928,315
JPMorgan Chase & Company		3.25			9-23-2022		1,500,000		1,401,314
JPMorgan Chase & Company		3.38			5-1-2023		1,000,000		906,160
JPMorgan Chase & Company		3.40			6-24-2015		500,000		520,669
JPMorgan Chase & Company		3.45			3-1-2016		2,500,000		2,625,845
JPMorgan Chase & Company		3.70			1-20-2015		600,000		622,081
JPMorgan Chase & Company		4.35			8-15-2021		2,000,000		2,073,614
JPMorgan Chase & Company		4.40			7-22-2020		1,500,000		1,571,724
JPMorgan Chase & Company		4.63			5-10-2021		1,500,000		1,583,901
JPMorgan Chase & Company		5.25			5-1-2015		1,100,000		1,170,584
JPMorgan Chase & Company		5.60			7-15-2041		1,100,000		1,188,465
JPMorgan Chase & Company		5.63			8-16-2043		200,000		199,046
JPMorgan Chase & Company		6.00			10-1-2017		1,250,000		1,417,971
JPMorgan Chase & Company		6.00			1-15-2018		1,000,000		1,142,945
JPMorgan Chase & Company		6.30			4-23-2019		1,500,000		1,740,609
JPMorgan Chase & Company		6.40			5-15-2038		1,350,000		1,595,167
Mellon Funding Corporation		5.00			12-1-2014		200,000		210,185
Mellon Funding Corporation		5.50			11-15-2018		200,000		226,160
Merrill Lynch & Company Incorporated		6.05			5-16-2016		1,500,000		1,639,827
Merrill Lynch & Company Incorporated		6.11			1-29-2037		600,000		608,341
Merrill Lynch & Company Incorporated		6.40			8-28-2017		500,000		569,514
Merrill Lynch & Company Incorporated		6.88			4-25-2018		1,690,000		1,962,996
Merrill Lynch & Company Incorporated		7.75			5-14-2038		750,000		899,323
Moody’s Corporation		4.50			9-1-2022		250,000		246,756
Moody’s Corporation		4.88			2-15-2024		350,000		345,945
Murray Street Investment Trust I		4.65			3-9-2017		1,000,000		1,060,060
NASDAQ OMX Group Incorporated		4.00			1-15-2015		200,000		206,722
NASDAQ OMX Group Incorporated		5.25			1-16-2018		60,000		64,269
NASDAQ OMX Group Incorporated		5.55			1-15-2020		500,000		525,110
National Rural Utilities Cooperative Finance Corporation		1.00			2-2-2015		675,000		678,421
National Rural Utilities Cooperative Finance Corporation		3.05			3-1-2016		100,000		104,761


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			49


Security name	Interest rate			Maturity date		Principal		Value


Diversified Financial Services (continued)
National Rural Utilities Cooperative Finance Corporation		4.02	%		11-1-2032	$	200,000	$	191,848
National Rural Utilities Cooperative Finance Corporation		5.45			4-10-2017		250,000		281,293
National Rural Utilities Cooperative Finance Corporation		10.38			11-1-2018		700,000		960,657
National Rural Utilities Cooperative Finance Corporation Series C		8.00			3-1-2032		300,000		408,294
NCUA Guaranteed Notes		3.45			6-12-2021		200,000		206,716
ORIX Corporation		5.00			1-12-2016		500,000		532,208
PC Financial Partnership		5.00			11-15-2014		250,000		261,571
PNC Funding Corporation		2.70			9-19-2016		1,000,000		1,035,293
PNC Funding Corporation		3.63			2-8-2015		1,100,000		1,143,493
PNC Funding Corporation		5.13			2-8-2020		150,000		165,926
PNC Funding Corporation		5.25			11-15-2015		250,000		271,644
PNC Funding Corporation		5.63			2-1-2017		350,000		387,689
PNC Funding Corporation		6.70			6-10-2019		500,000		595,545
Private Export Funding Corporation		1.38			2-15-2017		375,000		375,302
Private Export Funding Corporation		2.05			11-15-2022		250,000		224,778
Private Export Funding Corporation		2.45			7-15-2024		300,000		266,753
Private Export Funding Corporation		4.30			12-15-2021		100,000		109,128
Private Export Funding Corporation		4.95			11-15-2015		250,000		273,371
Santander Holdings USA		4.63			4-19-2016		500,000		525,206
TECO Finance Incorporated		4.00			3-15-2016		130,000		137,681
TECO Finance Incorporated		5.15			3-15-2020		65,000		70,506
TECO Finance Incorporated		6.57			11-1-2017		250,000		287,188
UBS AG Stamford Connecticut		5.88			7-15-2016		430,000		475,145
UBS Preferred Funding Trust V Series 1 ±«		6.24			5-29-2049		500,000		526,250
Unilever Capital Corporation		0.45			7-30-2015		200,000		198,966
Unilever Capital Corporation		0.85			8-2-2017		500,000		481,459
Unilever Capital Corporation		2.75			2-10-2016		300,000		312,167
Unilever Capital Corporation		4.25			2-10-2021		300,000		321,122
Unilever Capital Corporation		4.80			2-15-2019		350,000		391,640
Unilever Capital Corporation		5.90			11-15-2032		300,000		365,021

									140,344,310


Insurance: 0.98%
ACE INA Holdings Incorporated		2.60			11-23-2015		500,000		518,299
ACE INA Holdings Incorporated		5.60			5-15-2015		350,000		377,856
ACE INA Holdings Incorporated		5.90			6-15-2019		500,000		587,744
Aegon Funding Corporation		5.75			12-15-2020		75,000		83,923
AFLAC Incorporated		3.45			8-15-2015		150,000		157,243
AFLAC Incorporated		3.63			6-15-2023		500,000		481,453
AFLAC Incorporated		6.90			12-17-2039		250,000		310,998
AFLAC Incorporated		8.50			5-15-2019		250,000		319,844
Alleghany Corporation		5.63			9-15-2020		100,000		109,048
Allied World Assurance		5.50			11-15-2020		300,000		323,239
Allstate Corporation		5.55			5-9-2035		830,000		920,625
Allstate Corporation ±		6.13			5-15-2067		300,000		313,500
Allstate Corporation ±		6.50			5-15-2067		200,000		212,000
Allstate Corporation		7.45			5-16-2019		650,000		815,603
American International Group Incorporated		3.00			3-20-2015		500,000		514,265
American International Group Incorporated		3.80			3-22-2017		1,000,000		1,057,193


50		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Insurance (continued)
American International Group Incorporated		4.25	%		9-15-2014	$	500,000	$	516,742
American International Group Incorporated		4.88			9-15-2016		500,000		545,178
American International Group Incorporated		4.88			6-1-2022		1,000,000		1,064,818
American International Group Incorporated		5.05			10-1-2015		250,000		269,918
American International Group Incorporated		5.45			5-18-2017		700,000		776,299
American International Group Incorporated		5.85			1-16-2018		850,000		957,718
American International Group Incorporated		6.25			5-1-2036		400,000		453,865
American International Group Incorporated		6.40			12-15-2020		1,000,000		1,165,381
American International Group Incorporated		6.82			11-15-2037		746,000		878,108
American International Group Incorporated ±		8.18			5-15-2068		500,000		586,250
American International Group Incorporated		8.25			8-15-2018		750,000		926,651
AON Corporation		3.13			5-27-2016		350,000		364,994
AON Corporation		3.50			9-30-2015		100,000		104,775
AON Corporation		5.00			9-30-2020		550,000		598,442
AON Corporation		6.25			9-30-2040		100,000		113,756
Assurant Incorporated		6.75			2-15-2034		375,000		401,502
AXIS Specialty Finance LLC		5.88			6-1-2020		200,000		219,736
Berkshire Hathaway Financial Incorporated		1.30			5-15-2018		200,000		193,251
Berkshire Hathaway Financial Incorporated		1.55			2-9-2018		300,000		293,586
Berkshire Hathaway Financial Incorporated		1.60			5-15-2017		500,000		500,755
Berkshire Hathaway Financial Incorporated		1.90			1-31-2017		1,275,000		1,289,408
Berkshire Hathaway Financial Incorporated		2.20			8-15-2016		300,000		309,752
Berkshire Hathaway Financial Incorporated		3.00			2-11-2023		100,000		95,557
Berkshire Hathaway Financial Incorporated		3.40			1-31-2022		250,000		249,480
Berkshire Hathaway Financial Incorporated		4.30			5-15-2043		300,000		271,619
Berkshire Hathaway Financial Incorporated		4.40			5-15-2042		500,000		462,529
Berkshire Hathaway Financial Incorporated		4.50			2-11-2043		400,000		374,709
CHUBB Corporation		5.75			5-15-2018		250,000		288,313
CHUBB Corporation		6.00			5-11-2037		280,000		333,082
CHUBB Corporation ±		6.38			3-29-2067		350,000		378,875
CHUBB Corporation		6.50			5-15-2038		350,000		439,170
Cincinnati Financial Corporation		6.92			5-15-2028		75,000		87,722
CNA Financial Corporation		5.85			12-15-2014		365,000		386,990
CNA Financial Corporation		5.88			8-15-2020		500,000		564,471
CNA Financial Corporation		6.50			8-15-2016		50,000		56,409
CNA Financial Corporation		7.35			11-15-2019		295,000		355,774
Endurance Specialty Holdings Limited		7.00			7-15-2034		200,000		213,975
Fidelity National Financial Incorporated		5.50			9-1-2022		100,000		103,742
GE Global Insurance Holdings		7.00			2-15-2026		430,000		521,534
Genworth Financial Incorporated		4.95			10-1-2015		100,000		109,015
Genworth Financial Incorporated		6.52			5-22-2018		500,000		557,874
Genworth Financial Incorporated		7.20			2-15-2021		500,000		567,531
Genworth Financial Incorporated		8.63			12-15-2016		500,000		593,767
Hartford Financial Services Group Incorporated		4.30			4-15-2043		43,000		38,324
Hartford Financial Services Group Incorporated		5.13			4-15-2022		240,000		260,800
Hartford Financial Services Group Incorporated		5.50			10-15-2016		250,000		276,217
Hartford Financial Services Group Incorporated		5.50			3-30-2020		250,000		278,826
Hartford Financial Services Group Incorporated		5.95			10-15-2036		75,000		82,853
Hartford Financial Services Group Incorporated		6.10			10-1-2041		250,000		285,524
Hartford Financial Services Group Incorporated		6.30			3-15-2018		250,000		285,393


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			51


Security name	Interest rate			Maturity date		Principal		Value


Insurance (continued)
Hartford Financial Services Group Incorporated		6.63	%		3-30-2040	$	500,000	$	598,847
Infinity Property & Casualty Corporation		5.00			9-19-2022		100,000		97,108
Lincoln National Corporation		4.00			9-1-2023		250,000		247,385
Lincoln National Corporation		4.85			6-24-2021		80,000		85,297
Lincoln National Corporation		6.15			4-7-2036		500,000		570,048
Lincoln National Corporation		6.25			2-15-2020		300,000		346,877
Lincoln National Corporation ±		7.00			5-17-2066		350,000		355,250
Lincoln National Corporation		8.75			7-1-2019		220,000		282,383
Loews Corporation		2.63			5-15-2023		150,000		135,376
Loews Corporation		4.13			5-15-2043		200,000		170,643
Loews Corporation		5.25			3-15-2016		200,000		218,402
Markel Corporation		3.63			3-30-2023		150,000		141,350
Markel Corporation		5.00			3-30-2043		100,000		94,006
Markel Corporation		5.35			6-1-2021		100,000		107,947
Markel Corporation		7.13			9-30-2019		100,000		119,317
Marsh & McLennan Companies Incorporated		4.80			7-15-2021		300,000		321,132
Marsh & McLennan Companies Incorporated		5.75			9-15-2015		500,000		544,934
Marsh & McLennan Companies Incorporated		9.25			4-15-2019		300,000		386,153
MetLife Incorporated		4.13			8-13-2042		300,000		264,734
MetLife Incorporated		4.75			2-8-2021		750,000		814,472
MetLife Incorporated		5.70			6-15-2035		400,000		440,349
MetLife Incorporated		5.88			2-6-2041		700,000		792,190
MetLife Incorporated		6.38			6-15-2034		280,000		333,919
MetLife Incorporated		6.40			12-15-2066		800,000		804,000
MetLife Incorporated		6.50			12-15-2032		200,000		241,345
MetLife Incorporated		6.75			6-1-2016		500,000		572,268
MetLife Incorporated Series A		6.82			8-15-2018		750,000		903,276
OneBeacon US Holdings Incorporated		4.60			11-9-2022		100,000		98,171
PartnerRe Finance B LLC		5.50			6-1-2020		250,000		271,507
Principal Financial Group Incorporated		3.30			9-15-2022		250,000		241,479
Principal Financial Group Incorporated		4.63			9-15-2042		250,000		236,152
Progressive Corporation		3.75			8-23-2021		1,000,000		1,013,179
Progressive Corporation		6.25			12-1-2032		75,000		89,735
Progressive Corporation ±		6.70			6-15-2067		500,000		536,250
Protective Life Corporation		7.38			10-15-2019		500,000		597,914
Prudential Financial Incorporated		3.00			5-12-2016		1,000,000		1,039,189
Prudential Financial Incorporated		3.88			1-14-2015		100,000		104,107
Prudential Financial Incorporated		4.50			11-16-2021		250,000		263,505
Prudential Financial Incorporated		4.75			9-17-2015		1,000,000		1,075,546
Prudential Financial Incorporated		5.10			9-20-2014		500,000		523,523
Prudential Financial Incorporated ±		5.20			3-15-2044		250,000		225,000
Prudential Financial Incorporated		5.38			6-21-2020		500,000		560,129
Prudential Financial Incorporated		5.70			12-14-2036		538,000		571,152
Prudential Financial Incorporated ±		5.88			9-15-2042		500,000		487,500
Prudential Financial Incorporated		6.20			1-15-2015		30,000		32,100
Prudential Financial Incorporated		6.20			11-15-2040		250,000		285,030
Prudential Financial Incorporated		6.63			12-1-2037		65,000		77,692
Prudential Financial Incorporated		7.38			6-15-2019		355,000		434,534
Prudential Financial Incorporated ±		8.88			6-15-2038		200,000		241,000
Prudential Financial Incorporated Series B		5.75			7-15-2033		500,000		544,316


52		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Insurance (continued)
Prudential Financial Incorporated Series C		5.40	%		6-13-2035	$	180,000	$	188,538
Reinsurance Group of America Incorporated		5.00			6-1-2021		60,000		63,635
Reinsurance Group of America Incorporated		6.45			11-15-2019		350,000		403,084
StanCorp Financial Group Incorporated		5.00			8-15-2022		100,000		98,032
Torchmark Corporation		3.80			9-15-2022		350,000		343,736
Transatlantic Holdings Incorporated		5.75			12-14-2015		475,000		516,760
Transatlantic Holdings Incorporated		8.00			11-30-2039		100,000		124,878
Travelers Companies Incorporated		5.35			11-1-2040		350,000		388,231
Travelers Companies Incorporated		5.50			12-1-2015		180,000		198,361
Travelers Companies Incorporated		5.75			12-15-2017		250,000		287,939
Travelers Companies Incorporated		5.90			6-2-2019		500,000		588,694
Travelers Companies Incorporated		6.25			6-15-2037		365,000		442,000
Travelers Property Casualty Corporation		6.38			3-15-2033		600,000		725,933
Unitrin Incorporated		6.00			5-15-2017		100,000		108,488
Unum Group		7.13			9-30-2016		115,000		131,184
WR Berkley Corporation		5.38			9-15-2020		200,000		217,359
WR Berkley Corporation		6.25			2-15-2037		100,000		109,279
XL Capital Limited		6.25			5-15-2027		100,000		110,409
XL Capital Limited		6.38			11-15-2024		100,000		113,245

									52,851,296


Real Estate Management & Development: 0.02%
AMB Property LP		6.63			12-1-2019		500,000		585,101
Jones Lang LaSalle Incorporated		4.40			11-15-2022		100,000		96,483
Regency Centers LP		4.80			4-15-2021		200,000		208,423
Regency Centers LP		5.88			6-15-2017		100,000		110,539

									1,000,546


REITs: 0.58%
American Campus Communities Incorporated		3.75			4-15-2023		100,000		93,612
American Tower Corporation		3.50			1-31-2023		150,000		134,655
American Tower Corporation		4.50			1-15-2018		500,000		528,174
American Tower Corporation		4.63			4-1-2015		100,000		104,458
American Tower Corporation		5.05			9-1-2020		500,000		517,289
American Tower Corporation		5.90			11-1-2021		565,000		604,983
American Tower Corporation		7.00			10-15-2017		350,000		397,837
AvalonBay Communities Incorporated		2.95			9-15-2022		350,000		319,921
AvalonBay Communities Incorporated		5.70			3-15-2017		150,000		167,144
AvalonBay Communities Incorporated		6.10			3-15-2020		100,000		114,751
BioMed Realty Trust Incorporated		3.85			4-15-2016		150,000		156,729
Boston Properties LP		3.13			9-1-2023		150,000		136,628
Boston Properties LP		3.80			2-1-2024		300,000		286,804
Boston Properties LP		3.85			2-1-2023		400,000		387,737
Boston Properties LP		4.13			5-15-2021		300,000		305,667
Boston Properties LP		5.00			6-1-2015		100,000		106,809
Boston Properties LP		5.63			4-15-2015		250,000		268,272
Boston Properties LP		5.63			11-15-2020		500,000		558,994
Boston Properties LP		5.88			10-15-2019		500,000		570,484
Brandywine Operating Partnership LP		3.95			2-15-2023		350,000		327,399


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			53


Security name	Interest rate			Maturity date		Principal		Value


REITs (continued)
BRE Properties Incorporated		3.38	%		1-15-2023	$	500,000	$	458,891
BRE Properties Incorporated		5.20			3-15-2021		65,000		69,554
Camden Property Trust		2.95			12-15-2022		150,000		135,619
Camden Property Trust		4.63			6-15-2021		150,000		156,963
Camden Property Trust		4.88			6-15-2023		100,000		103,991
Commonwealth REIT		5.88			9-15-2020		100,000		100,549
Corporate Office Properties LP		3.60			5-15-2023		100,000		91,300
DDR Corporation		3.38			5-15-2023		250,000		225,735
DDR Corporation		4.63			7-15-2022		250,000		250,286
Digital Realty Trust LP		3.63			10-1-2022		200,000		181,382
Digital Realty Trust LP		5.25			3-15-2021		100,000		102,951
Digital Realty Trust LP		5.88			2-1-2020		300,000		323,960
Duke Realty LP		3.63			4-15-2023		125,000		114,167
Duke Realty LP		5.95			2-15-2017		350,000		387,684
Duke Realty LP		7.38			2-15-2015		500,000		541,528
Entertainment Properties Trust		5.75			8-15-2022		150,000		150,218
EPR Properties Company		5.25			7-15-2023		113,000		108,541
Equity One Incorporated		3.75			11-15-2022		250,000		232,804
ERP Operating LP		5.25			9-15-2014		480,000		501,627
ERP Operating LP		5.75			6-15-2017		750,000		839,997
ERP Operation LP		4.63			12-15-2021		1,000,000		1,044,049
Essex Portfolio LP		3.25			5-1-2023		100,000		90,524
Federal Realty Investment Trust		2.75			6-1-2023		100,000		88,514
Federal Realty Investment Trust		3.00			8-1-2022		100,000		91,871
HCP Incorporated		3.15			8-1-2022		100,000		91,157
HCP Incorporated		3.75			2-1-2016		355,000		372,290
HCP Incorporated		3.75			2-1-2019		100,000		102,321
HCP Incorporated		5.38			2-1-2021		65,000		70,269
HCP Incorporated		5.63			5-1-2017		100,000		110,932
HCP Incorporated		6.00			1-30-2017		200,000		223,542
HCP Incorporated		6.70			1-30-2018		500,000		579,609
HCP Incorporated		6.75			2-1-2041		65,000		75,526
Health Care REIT Incorporated		3.63			3-15-2016		300,000		313,960
Health Care REIT Incorporated		4.13			4-1-2019		250,000		259,737
Health Care REIT Incorporated		4.70			9-15-2017		500,000		540,349
Health Care REIT Incorporated		4.95			1-15-2021		250,000		262,103
Health Care REIT Incorporated		5.25			1-15-2022		100,000		106,042
Health Care REIT Incorporated		5.75			1-15-2021		250,000		269,408
Health Care REIT Incorporated		6.13			4-15-2020		250,000		281,224
Health Care REIT Incorporated		6.50			1-17-2017		60,000		66,904
Health Care REIT Incorporated		6.50			3-15-2041		200,000		216,572
Healthcare Realty Trust Incorporated		3.75			4-15-2023		125,000		115,452
Highwoods Realty Limited		5.85			3-15-2017		300,000		327,811
Hospitality Properties Trust		5.63			3-15-2017		75,000		80,794
Host Hotels & Resorts Company		3.75			10-15-2023		100,000		91,297
Host Hotels & Resorts Company		4.75			3-1-2023		250,000		248,145
Host Hotels & Resorts Company		6.00			10-1-2021		500,000		539,824
Kilroy Realty Corporation		3.80			1-15-2023		250,000		230,808
Kilroy Realty Corporation		4.80			7-15-2018		150,000		158,990
Kilroy Realty Corporation		5.00			11-3-2015		100,000		107,329


54		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


REITs (continued)
Kimco Realty Corporation		5.70	%		5-1-2017	$	500,000	$	557,444
Kimco Realty Corporation		6.88			10-1-2019		100,000		119,295
Liberty Property LP		4.75			10-1-2020		250,000		260,672
Liberty Property LP		5.50			12-15-2016		75,000		82,594
Liberty Property LP		6.63			10-1-2017		150,000		170,955
Mack-Cali Realty Corporation		2.50			12-15-2017		100,000		97,503
Mack-Cali Realty Corporation		3.15			5-15-2023		100,000		86,981
Mack-Cali Realty Corporation		7.75			8-15-2019		150,000		179,427
National Retail Properties Incorporated		3.30			4-15-2023		100,000		90,146
National Retail Properties Incorporated		3.80			10-15-2022		100,000		94,393
National Retail Properties Incorporated		6.88			10-15-2017		100,000		115,475
Omega Healthcare Investors Incorporated		6.75			10-15-2022		250,000		265,625
ProLogis Trust		6.25			3-15-2017		100,000		112,379
ProLogis Trust		6.63			5-15-2018		100,000		115,959
ProLogis Trust		6.88			3-15-2020		531,000		621,014
Realty Income Corporation		2.00			1-31-2018		150,000		145,317
Realty Income Corporation		4.65			8-1-2023		300,000		302,818
Realty Income Corporation		5.75			1-15-2021		300,000		327,783
Realty Income Corporation		5.95			9-15-2016		100,000		111,625
Senior Housing Properties Trust		4.30			1-15-2016		100,000		103,355
Simon Property Group LP		2.15			9-15-2017		500,000		502,039
Simon Property Group LP		3.38			3-15-2022		500,000		486,832
Simon Property Group LP		4.13			12-1-2021		300,000		310,249
Simon Property Group LP		4.20			2-1-2015		90,000		93,526
Simon Property Group LP		4.38			3-1-2021		500,000		527,505
Simon Property Group LP		4.75			3-15-2042		250,000		237,345
Simon Property Group LP		5.10			6-15-2015		750,000		806,004
Simon Property Group LP		5.25			12-1-2016		50,000		55,659
Simon Property Group LP		5.65			2-1-2020		200,000		223,296
Simon Property Group LP		5.75			12-1-2015		125,000		136,972
Simon Property Group LP		5.88			3-1-2017		250,000		281,101
Simon Property Group LP		6.13			5-30-2018		100,000		116,541
Simon Property Group LP		6.75			2-1-2040		350,000		426,937
Simon Property Group LP		10.35			4-1-2019		600,000		818,157
Tanger Properties LP		6.15			11-15-2015		250,000		277,249
UDR Incorporated		4.25			6-1-2018		150,000		158,168
UDR Incorporated		4.63			1-10-2022		100,000		102,350
Ventas Realty LP		2.70			4-1-2020		200,000		187,593
Ventas Realty LP		3.13			11-30-2015		100,000		104,487
Ventas Realty LP		4.25			3-1-2022		1,000,000		995,879
Ventas Realty LP		4.75			6-1-2021		150,000		156,148
Vornado Realty Trust		4.25			4-1-2015		250,000		259,680
Washington REIT		3.95			10-15-2022		150,000		141,113
Weingarten Realty Investors		3.38			10-15-2022		150,000		136,676
Weingarten Realty Investors		3.50			4-15-2023		125,000		114,607
Weyerhaeuser Company		6.88			12-15-2033		150,000		169,875
Weyerhaeuser Company		7.38			10-1-2019		100,000		120,074
Weyerhaeuser Company		7.38			3-15-2032		700,000		841,373

									31,071,642


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			55


Security name	Interest rate			Maturity date		Principal		Value


Thrifts & Mortgage Finance: 0.00%
Astoria Financial Corporation		5.00	%		6-19-2017	$	100,000	$	104,751
People’s United Financial Incorporated		3.65			12-6-2022		150,000		140,663

									245,414


Health Care: 1.92%

Biotechnology: 0.25%
Amgen Incorporated		1.88			11-15-2014		750,000		761,471
Amgen Incorporated		2.30			6-15-2016		600,000		616,389
Amgen Incorporated		3.63			5-15-2022		1,000,000		977,793
Amgen Incorporated		3.88			11-15-2021		500,000		500,898
Amgen Incorporated		4.10			6-15-2021		100,000		102,221
Amgen Incorporated		4.50			3-15-2020		65,000		69,121
Amgen Incorporated		4.85			11-18-2014		400,000		420,152
Amgen Incorporated		4.95			10-1-2041		500,000		469,838
Amgen Incorporated		5.15			11-15-2041		350,000		338,944
Amgen Incorporated		5.65			6-15-2042		1,100,000		1,131,743
Amgen Incorporated		5.70			2-1-2019		1,000,000		1,140,869
Amgen Incorporated		5.75			3-15-2040		80,000		83,712
Amgen Incorporated		5.85			6-1-2017		350,000		396,844
Amgen Incorporated		6.15			6-1-2018		250,000		289,831
Amgen Incorporated		6.38			6-1-2037		500,000		561,986
Amgen Incorporated		6.40			2-1-2039		250,000		279,179
Biogen Idec Incorporated		6.88			3-1-2018		500,000		586,362
Celgene Corporation		2.30			8-15-2018		286,000		284,042
Celgene Corporation		2.45			10-15-2015		200,000		205,458
Celgene Corporation		3.25			8-15-2022		500,000		468,851
Celgene Corporation		3.95			10-15-2020		200,000		203,365
Celgene Corporation		4.00			8-15-2023		250,000		246,391
Celgene Corporation		5.25			8-15-2043		150,000		146,928
Genzyme Corporation		3.63			6-15-2015		750,000		788,441
Genzyme Corporation		5.00			6-15-2020		200,000		222,305
Gilead Sciences Incorporated		2.40			12-1-2014		300,000		305,837
Gilead Sciences Incorporated		4.40			12-1-2021		800,000		848,166
Gilead Sciences Incorporated		4.50			4-1-2021		500,000		533,393
Gilead Sciences Incorporated		5.65			12-1-2041		400,000		440,151

									13,420,681


Health Care Equipment & Supplies: 0.25%
Baxter International Incorporated		1.85			6-15-2018		500,000		494,619
Baxter International Incorporated		2.40			8-15-2022		250,000		228,520
Baxter International Incorporated		3.20			6-15-2023		500,000		481,282
Baxter International Incorporated		3.65			8-15-2042		250,000		211,919
Baxter International Incorporated		4.25			3-15-2020		100,000		107,186
Baxter International Incorporated		4.63			3-15-2015		250,000		265,052
Baxter International Incorporated		5.38			6-1-2018		500,000		566,054
Baxter International Incorporated		5.90			9-1-2016		350,000		398,316
Baxter International Incorporated		6.25			12-1-2037		250,000		303,289
Becton Dickinson & Company		1.75			11-8-2016		500,000		505,018
Becton Dickinson & Company		3.13			11-8-2021		300,000		293,969


56		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Health Care Equipment & Supplies (continued)
Becton Dickinson & Company		3.25	%		11-12-2020	$	350,000	$	353,385
Becton Dickinson & Company		6.00			5-15-2039		200,000		232,322
Boston Scientific Corporation		4.50			1-15-2015		750,000		788,137
Boston Scientific Corporation		6.00			1-15-2020		350,000		398,887
Boston Scientific Corporation		6.40			6-15-2016		350,000		391,645
Boston Scientific Corporation		7.38			1-15-2040		300,000		366,287
C.R. Bard Incorporated		1.38			1-15-2018		100,000		96,556
C.R. Bard Incorporated		2.88			1-15-2016		100,000		103,542
C.R. Bard Incorporated		4.40			1-15-2021		168,000		176,523
CareFusion Corporation		6.38			8-1-2019		500,000		567,299
Dentsply International		2.75			8-15-2016		55,000		55,739
Medtronic Incorporated		1.38			4-1-2018		400,000		387,971
Medtronic Incorporated		2.75			4-1-2023		500,000		463,588
Medtronic Incorporated		3.00			3-15-2015		750,000		775,727
Medtronic Incorporated		4.00			4-1-2043		300,000		267,142
Medtronic Incorporated		4.45			3-15-2020		1,000,000		1,084,855
Medtronic Incorporated		4.50			3-15-2042		200,000		194,111
Medtronic Incorporated		5.55			3-15-2040		300,000		334,610
St. Jude Medical Incorporated		2.50			1-15-2016		250,000		255,627
St. Jude Medical Incorporated		3.25			4-15-2023		500,000		469,220
St. Jude Medical Incorporated		4.75			4-15-2043		300,000		281,499
Stryker Corporation		1.30			4-1-2018		225,000		216,736
Stryker Corporation		2.00			9-30-2016		350,000		358,142
Stryker Corporation		3.00			1-15-2015		150,000		154,607
Stryker Corporation		4.10			4-1-2043		250,000		226,596
Stryker Corporation		4.38			1-15-2020		150,000		162,325
Zimmer Holdings Incorporated		4.63			11-30-2019		250,000		271,345
Zimmer Holdings Incorporated		5.75			11-30-2039		250,000		277,679

									13,567,326


Health Care Providers & Services: 0.51%
Aetna Incorporated		2.75			11-15-2022		500,000		454,882
Aetna Incorporated		3.95			9-1-2020		200,000		206,434
Aetna Incorporated		4.13			6-1-2021		200,000		205,959
Aetna Incorporated		4.13			11-15-2042		250,000		217,338
Aetna Incorporated		6.00			6-15-2016		300,000		337,415
Aetna Incorporated		6.63			6-15-2036		650,000		778,803
AmerisourceBergen Corporation		3.50			11-15-2021		300,000		297,279
AmerisourceBergen Corporation		4.88			11-15-2019		250,000		277,688
Cardinal Health Incorporated		1.70			3-15-2018		157,000		151,932
Cardinal Health Incorporated		3.20			6-15-2022		250,000		235,159
Cardinal Health Incorporated		3.20			3-15-2023		225,000		207,840
Cardinal Health Incorporated		5.80			10-15-2016		350,000		394,828
Catholic Health Initiatives		4.35			11-1-2042		250,000		223,294
CIGNA Corporation		4.00			2-15-2022		250,000		252,821
CIGNA Corporation		4.38			12-15-2020		500,000		523,991
CIGNA Corporation		4.50			3-15-2021		100,000		105,493
CIGNA Corporation		5.13			6-15-2020		215,000		234,438
CIGNA Corporation		5.38			2-15-2042		350,000		369,738


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			57


Security name	Interest rate			Maturity date		Principal		Value


Health Care Providers & Services (continued)
CIGNA Corporation		5.88	%		3-15-2041	$	330,000	$	369,285
CIGNA Corporation		6.15			11-15-2036		50,000		57,326
Coventry Health Care Incorporated		5.45			6-15-2021		580,000		639,025
Express Scripts Holding Company		2.10			2-12-2015		400,000		406,384
Express Scripts Holding Company		2.75			11-21-2014		1,000,000		1,022,375
Express Scripts Holding Company		3.13			5-15-2016		400,000		416,176
Express Scripts Holding Company		3.50			11-15-2016		1,100,000		1,161,102
Express Scripts Holding Company		3.90			2-15-2022		500,000		500,762
Express Scripts Holding Company		4.75			11-15-2021		750,000		794,394
Express Scripts Holding Company		6.13			11-15-2041		250,000		286,508
Howard Hughes Medical Institute		3.50			9-1-2023		475,000		467,545
Humana Incorporated		7.20			6-15-2018		500,000		592,610
Kaiser Foundation Hospitals		4.88			4-1-2042		250,000		243,850
Laboratory Corporation of America Holdings		2.20			8-23-2017		67,000		66,226
Laboratory Corporation of America Holdings		3.75			8-23-2022		56,000		53,774
Laboratory Corporation of America Holdings		4.63			11-15-2020		500,000		519,394
Laboratory Corporation of America Holdings		5.63			12-15-2015		200,000		217,987
Mayo Clinic Rochester		4.00			11-15-2047		100,000		83,877
McKesson Corporation		1.40			3-15-2018		250,000		241,031
McKesson Corporation		2.85			3-15-2023		200,000		186,018
McKesson Corporation		3.25			3-1-2016		500,000		525,118
McKesson Corporation		6.00			3-1-2041		250,000		289,694
McKesson Corporation		7.50			2-15-2019		500,000		616,258
Medco Health Solutions Incorporated		2.75			9-15-2015		200,000		206,037
Medco Health Solutions Incorporated		4.13			9-15-2020		500,000		513,713
Novant Health Incorporated		4.37			11-1-2043		100,000		86,920
Quest Diagnostics Incorporated		4.70			4-1-2021		160,000		168,550
Quest Diagnostics Incorporated		4.75			1-30-2020		590,000		625,756
Quest Diagnostics Incorporated		5.75			1-30-2040		190,000		189,014
Quest Diagnostics Incorporated		6.40			7-1-2017		400,000		450,942
Quest Diagnostics Incorporated		6.95			7-1-2037		100,000		113,079
UnitedHealth Group Incorporated		1.63			3-15-2019		250,000		238,801
UnitedHealth Group Incorporated		2.88			3-15-2022		1,000,000		940,238
UnitedHealth Group Incorporated		2.88			3-15-2023		500,000		462,995
UnitedHealth Group Incorporated		3.95			10-15-2042		500,000		431,019
UnitedHealth Group Incorporated		4.25			3-15-2043		250,000		225,201
UnitedHealth Group Incorporated		5.80			3-15-2036		250,000		277,275
UnitedHealth Group Incorporated		5.95			2-15-2041		500,000		571,458
UnitedHealth Group Incorporated		6.00			2-15-2018		1,000,000		1,161,995
UnitedHealth Group Incorporated		6.63			11-15-2037		150,000		184,265
UnitedHealth Group Incorporated		6.88			2-15-2038		500,000		628,257
WellPoint Incorporated		1.25			9-10-2015		250,000		251,204
WellPoint Incorporated		1.88			1-15-2018		500,000		489,033
WellPoint Incorporated		2.30			7-15-2018		150,000		148,041
WellPoint Incorporated		2.38			2-15-2017		250,000		251,629
WellPoint Incorporated		3.13			5-15-2022		500,000		469,932
WellPoint Incorporated		3.30			1-15-2023		250,000		234,602
WellPoint Incorporated		4.63			5-15-2042		500,000		459,573
WellPoint Incorporated		4.65			1-15-2043		250,000		230,171


58		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Health Care Providers & Services (continued)
WellPoint Incorporated		5.25	%		1-15-2016	$	100,000	$	109,018
WellPoint Incorporated		5.80			8-15-2040		27,000		29,382
WellPoint Incorporated		5.85			1-15-2036		725,000		781,985
WellPoint Incorporated		5.88			6-15-2017		750,000		847,978
WellPoint Incorporated		7.00			2-15-2019		500,000		604,577

									27,614,691


Life Sciences Tools & Services: 0.07%
Life Technologies Corporation		3.50			1-15-2016		225,000		233,348
Life Technologies Corporation		4.40			3-1-2015		300,000		312,817
Life Technologies Corporation		5.00			1-15-2021		150,000		157,733
Life Technologies Corporation		6.00			3-1-2020		250,000		279,410
Thermo Fisher Scientific Incorporated		2.25			8-15-2016		185,000		187,507
Thermo Fisher Scientific Incorporated		3.15			1-15-2023		500,000		456,837
Thermo Fisher Scientific Incorporated		3.20			5-1-2015		500,000		516,440
Thermo Fisher Scientific Incorporated		3.20			3-1-2016		40,000		41,481
Thermo Fisher Scientific Incorporated		3.60			8-15-2021		400,000		388,441
Thermo Fisher Scientific Incorporated		4.50			3-1-2021		1,040,000		1,074,830

									3,648,844


Pharmaceuticals: 0.84%
Abbott Laboratories		4.13			5-27-2020		250,000		269,882
Abbott Laboratories		5.13			4-1-2019		139,000		157,808
Abbott Laboratories		5.30			5-27-2040		250,000		274,369
Abbott Laboratories		6.00			4-1-2039		150,000		179,894
Abbott Laboratories		6.15			11-30-2037		237,000		288,019
AbbVie Incorporated		1.20			11-6-2015		1,300,000		1,303,670
AbbVie Incorporated		1.75			11-6-2017		2,000,000		1,969,214
AbbVie Incorporated		2.00			11-6-2018		300,000		292,229
AbbVie Incorporated		2.90			11-6-2022		2,000,000		1,858,958
AbbVie Incorporated		4.40			11-6-2042		1,000,000		928,892
Allergan Incorporated		1.35			3-15-2018		50,000		48,204
Allergan Incorporated		2.80			3-15-2023		225,000		210,097
Allergan Incorporated		3.38			9-15-2020		500,000		501,446
Bristol-Myers Squibb Company		2.00			8-1-2022		250,000		222,255
Bristol-Myers Squibb Company		3.25			8-1-2042		250,000		200,145
Bristol-Myers Squibb Company		5.45			5-1-2018		500,000		576,604
Bristol-Myers Squibb Company		5.88			11-15-2036		582,000		671,768
Bristol-Myers Squibb Company		6.13			5-1-2038		13,000		15,541
Eli Lilly & Company		5.20			3-15-2017		500,000		559,535
Eli Lilly & Company		5.50			3-15-2027		400,000		455,536
Eli Lilly & Company		5.95			11-15-2037		500,000		581,878
Genentech Incorporated		4.75			7-15-2015		500,000		535,657
GlaxoSmithKline Capital Incorporated		0.70			3-18-2016		500,000		497,182
GlaxoSmithKline Capital Incorporated		0.75			5-8-2015		1,000,000		1,001,531
GlaxoSmithKline Capital Incorporated		2.80			3-18-2023		200,000		186,897
GlaxoSmithKline Capital Incorporated		2.85			5-8-2022		1,000,000		951,816
GlaxoSmithKline Capital Incorporated		5.38			4-15-2034		300,000		329,122
GlaxoSmithKline Capital Incorporated		5.65			5-15-2018		1,650,000		1,899,528


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			59


Security name	Interest rate			Maturity date		Principal		Value


Pharmaceuticals (continued)
GlaxoSmithKline Capital Incorporated		6.38	%		5-15-2038	$	1,000,000	$	1,238,378
Johnson & Johnson		2.15			5-15-2016		500,000		517,475
Johnson & Johnson		4.50			9-1-2040		300,000		305,277
Johnson & Johnson		4.85			5-15-2041		200,000		213,709
Johnson & Johnson		4.95			5-15-2033		180,000		198,003
Johnson & Johnson		5.15			7-15-2018		500,000		573,661
Johnson & Johnson		5.55			8-15-2017		250,000		285,667
Johnson & Johnson		5.85			7-15-2038		500,000		598,823
Johnson & Johnson		6.73			11-15-2023		300,000		383,103
Merck & Company Incorporated		0.70			5-18-2016		400,000		397,068
Merck & Company Incorporated		1.30			5-18-2018		333,000		322,182
Merck & Company Incorporated		2.40			9-15-2022		500,000		458,162
Merck & Company Incorporated		2.80			5-18-2023		650,000		605,258
Merck & Company Incorporated		3.60			9-15-2042		250,000		210,940
Merck & Company Incorporated		3.88			1-15-2021		350,000		364,711
Merck & Company Incorporated		4.15			5-18-2043		500,000		464,638
Merck & Company Incorporated		4.75			3-1-2015		425,000		451,184
Merck & Company Incorporated		5.00			6-30-2019		250,000		282,236
Merck & Company Incorporated		5.75			11-15-2036		400,000		461,506
Merck & Company Incorporated		5.85			6-30-2039		150,000		174,930
Merck & Company Incorporated		5.95			12-1-2028		65,000		76,666
Merck & Company Incorporated		6.00			9-15-2017		1,000,000		1,157,929
Merck & Company Incorporated		6.30			1-1-2026		250,000		299,057
Merck & Company Incorporated		6.40			3-1-2028		500,000		611,232
Merck Sharp & Dohme Corporation		4.00			6-30-2015		350,000		370,922
Mylan Incorporated 144A		2.60			6-24-2018		250,000		247,124
Novartis Capital Corporation		2.40			9-21-2022		500,000		459,562
Novartis Capital Corporation		2.90			4-24-2015		850,000		882,376
Novartis Capital Corporation		3.70			9-21-2042		250,000		217,093
Novartis Capital Corporation		4.40			4-24-2020		500,000		544,384
Perrigo Company		2.95			5-15-2023		225,000		214,565
Pfizer Incorporated		4.30			6-15-2043		300,000		283,227
Pfizer Incorporated		5.35			3-15-2015		1,200,000		1,283,353
Pfizer Incorporated		5.45			4-1-2017		500,000		566,431
Pfizer Incorporated		6.00			2-15-2036		625,000		735,166
Pfizer Incorporated		6.20			3-15-2019		2,000,000		2,389,216
Pfizer Incorporated		6.50			2-1-2034		500,000		615,890
Pfizer Incorporated		7.20			3-15-2039		750,000		1,019,003
Pharmacia Corporation		6.60			12-1-2028		500,000		611,215
Sanofi-Aventis US LLC		1.20			9-30-2014		400,000		403,506
Schering-Plough Corporation		6.50			12-1-2033		570,000		722,286
Schering-Plough Corporation		6.55			9-15-2037		475,000		603,294
Teva Pharmaceutical Finance LLC		2.25			3-18-2020		250,000		234,701
Teva Pharmaceutical Finance LLC		3.65			11-10-2021		500,000		492,384
Teva Pharmaceutical Finance LLC		6.15			2-1-2036		400,000		461,662
Watson Pharmaceuticals Incorporated		1.88			10-1-2017		500,000		491,636
Watson Pharmaceuticals Incorporated		3.25			10-1-2022		750,000		695,167
Watson Pharmaceuticals Incorporated		4.63			10-1-2042		500,000		446,276
Watson Pharmaceuticals Incorporated		6.13			8-15-2019		130,000		149,995


60		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Pharmaceuticals (continued)
Wyeth LLC		5.50	%		2-15-2016	$	430,000	$	477,434
Wyeth LLC		5.95			4-1-2037		850,000		1,002,011
Zoetis Incorporated 144A		1.15			2-1-2016		40,000		40,011
Zoetis Incorporated 144A		3.25			2-1-2023		600,000		563,720
Zoetis Incorporated 144A		4.70			2-1-2043		500,000		468,373

									45,311,455


Industrials: 1.49%

Aerospace & Defense: 0.40%
Boeing Company		0.95			5-15-2018		150,000		142,601
Boeing Company		4.88			2-15-2020		140,000		157,560
Boeing Company		5.88			2-15-2040		30,000		36,139
Boeing Company		6.00			3-15-2019		300,000		352,918
Boeing Company		6.13			2-15-2033		180,000		215,331
Boeing Company		6.88			3-15-2039		800,000		1,073,481
General Dynamics Corporation		1.00			11-15-2017		500,000		481,788
General Dynamics Corporation		1.38			1-15-2015		200,000		202,131
General Dynamics Corporation		2.25			7-15-2016		200,000		206,028
General Dynamics Corporation		2.25			11-15-2022		500,000		446,514
General Dynamics Corporation		3.88			7-15-2021		200,000		206,888
Honeywell International Incorporated		4.25			3-1-2021		50,000		53,961
Honeywell International Incorporated		5.00			2-15-2019		750,000		846,605
Honeywell International Incorporated		5.30			3-1-2018		100,000		113,697
Honeywell International Incorporated		5.38			3-1-2041		365,000		410,224
Honeywell International Incorporated		5.70			3-15-2037		250,000		286,988
L-3 Communications Corporation		3.95			11-15-2016		500,000		529,611
L-3 Communications Corporation		4.95			2-15-2021		500,000		524,453
L-3 Communications Corporation		5.20			10-15-2019		500,000		534,808
Lockheed Martin Corporation		3.35			9-15-2021		250,000		246,904
Lockheed Martin Corporation		4.07			12-15-2042		542,000		476,377
Lockheed Martin Corporation		4.25			11-15-2019		1,000,000		1,075,560
Lockheed Martin Corporation Series B		6.15			9-1-2036		175,000		202,365
Northrop Grumman Corporation		1.75			6-1-2018		300,000		291,211
Northrop Grumman Corporation		3.25			8-1-2023		350,000		329,257
Northrop Grumman Corporation		3.50			3-15-2021		300,000		300,818
Northrop Grumman Corporation		4.75			6-1-2043		500,000		474,927
Northrop Grumman Corporation		5.05			8-1-2019		85,000		94,570
Northrop Grumman Corporation		5.05			11-15-2040		100,000		99,434
Northrop Grumman Corporation		7.75			2-15-2031		300,000		387,503
Precision Castparts Corporation		1.25			1-15-2018		500,000		483,237
Precision Castparts Corporation		2.50			1-15-2023		250,000		227,960
Precision Castparts Corporation		3.90			1-15-2043		200,000		178,506
Raytheon Company		2.50			12-15-2022		350,000		316,529
Raytheon Company		4.40			2-15-2020		600,000		641,676
Raytheon Company		4.70			12-15-2041		500,000		491,656
Raytheon Company		7.20			8-15-2027		120,000		148,356
Rockwell Collins Incorporated		5.25			7-15-2019		50,000		56,268
Textron Incorporated		4.63			9-21-2016		100,000		107,637


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			61


Security name	Interest rate			Maturity date		Principal		Value


Aerospace & Defense (continued)
Textron Incorporated		7.25	%		10-1-2019	$	350,000	$	408,973
United Technologies Corporation		1.80			6-1-2017		533,000		535,350
United Technologies Corporation		3.10			6-1-2022		839,000		815,841
United Technologies Corporation		4.50			4-15-2020		500,000		549,429
United Technologies Corporation		4.50			6-1-2042		1,533,000		1,501,859
United Technologies Corporation		4.88			5-1-2015		850,000		909,358
United Technologies Corporation		5.38			12-15-2017		500,000		570,437
United Technologies Corporation		5.70			4-15-2040		500,000		578,966
United Technologies Corporation		6.05			6-1-2036		400,000		476,280
United Technologies Corporation		6.13			2-1-2019		565,000		667,704
United Technologies Corporation		6.13			7-15-2038		500,000		606,463
United Technologies Corporation		7.50			9-15-2029		430,000		577,475

									21,650,612


Air Freight & Logistics: 0.08%
FedEx Corporation		2.63			8-1-2022		482,000		438,226
FedEx Corporation		3.88			8-1-2042		200,000		164,779
FedEx Corporation		8.00			1-15-2019		400,000		497,499
United Parcel Service Incorporated		1.13			10-1-2017		250,000		244,100
United Parcel Service Incorporated		2.45			10-1-2022		400,000		369,701
United Parcel Service Incorporated		3.13			1-15-2021		900,000		899,778
United Parcel Service Incorporated		5.13			4-1-2019		500,000		567,933
United Parcel Service Incorporated		5.50			1-15-2018		100,000		113,927
United Parcel Service Incorporated		6.20			1-15-2038		795,000		975,045

									4,270,988


Airlines: 0.09%
American Airlines Incorporated 144A		4.00			1-15-2027		600,000		553,500
American Airlines Incorporated 144A		4.95			7-15-2024		650,000		643,500
American Airlines Incorporated		10.38			1-2-2021		156,895		158,856
Continental Airlines Incorporated		4.75			7-12-2022		446,048		470,580
Continental Airlines Incorporated		7.25			5-10-2021		170,272		192,407
Continental Airlines Incorporated		9.00			1-8-2018		120,422		136,679
Continental Airlines Incorporated Series A		5.98			10-19-2023		372,830		397,064
Delta Air Lines Incorporated		4.95			11-23-2020		164,263		175,762
Delta Air Lines Incorporated		6.82			2-10-2024		77,366		87,424
Delta Air Lines Incorporated		7.75			6-17-2021		321,401		376,842
Hawaiian Airlines Incorporated		3.90			1-15-2026		40,000		36,600
Northwest Airlines Incorporated		7.03			5-1-2021		170,798		186,170
Southwest Airlines Company		5.25			10-1-2014		500,000		521,024
United Airlines Incorporated		4.30			2-15-2027		333,000		327,173
United Airlines Incorporated		10.40			5-1-2018		164,350		184,286
US Airways Group Incorporated		3.95			5-15-2027		150,000		139,500
US Airways Group Incorporated		4.63			12-3-2026		250,000		241,250

									4,828,617


Building Products: 0.01%
Owens Corning Incorporated		4.20			12-15-2022		213,000		205,700
Owens Corning Incorporated		6.50			12-1-2016		102,000		113,786

									319,486


62		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Commercial Services & Supplies: 0.19%
ADT Corporation		3.50	%		7-15-2022	$	1,000,000	$	834,419
Avery Dennison Corporation		5.38			4-15-2020		350,000		361,699
Black & Decker Corporation		3.40			12-1-2021		400,000		389,353
Cintas Corporation No. 2		2.85			6-1-2016		200,000		207,077
Cintas Corporation No. 2		3.25			6-1-2022		100,000		96,094
Cintas Corporation No. 2		4.30			6-1-2021		60,000		62,489
Cintas Corporation No. 2		6.13			12-1-2017		200,000		228,048
Cintas Corporation No. 2		6.15			8-15-2036		50,000		57,510
Cooper US Incorporated		2.38			1-15-2016		200,000		205,664
Cooper US Incorporated		3.88			12-15-2020		200,000		204,794
Cooper US Incorporated		6.10			7-1-2017		100,000		113,207
CRH America Incorporated		6.00			9-30-2016		850,000		954,899
CRH America Incorporated		8.13			7-15-2018		200,000		241,925
Equifax Incorporated		3.30			12-15-2022		231,000		214,672
Equifax Incorporated		4.45			12-1-2014		100,000		103,948
Equifax Incorporated		7.00			7-1-2037		50,000		57,207
Pitney Bowes Incorporated		4.75			1-15-2016		250,000		264,433
Pitney Bowes Incorporated		5.25			1-15-2037		500,000		523,003
Pitney Bowes Incorporated		5.75			9-15-2017		100,000		108,197
Republic Services Incorporated		3.55			6-1-2022		1,000,000		967,157
Republic Services Incorporated		3.80			5-15-2018		100,000		105,551
Republic Services Incorporated		4.75			5-15-2023		300,000		311,596
Republic Services Incorporated		5.25			11-15-2021		50,000		54,224
Republic Services Incorporated		5.50			9-15-2019		125,000		140,373
Republic Services Incorporated		5.70			5-15-2041		550,000		587,706
Republic Services Incorporated		6.20			3-1-2040		250,000		285,413
Waste Management Incorporated		4.60			3-1-2021		200,000		211,969
Waste Management Incorporated		4.75			6-30-2020		500,000		535,459
Waste Management Incorporated		6.10			3-15-2018		326,000		374,925
Waste Management Incorporated		6.13			11-30-2039		500,000		568,255
Waste Management Incorporated		7.38			3-11-2019		500,000		599,551
Waste Management Incorporated		7.75			5-15-2032		400,000		524,524

									10,495,341


Construction & Engineering: 0.01%
URS Corporation 144A		4.35			4-1-2017		500,000		507,463


Electrical Equipment: 0.09%
Eaton Corporation 144A		0.95			11-2-2015		500,000		499,064
Eaton Corporation 144A		2.75			11-2-2022		1,000,000		917,322
Eaton Corporation		5.60			5-15-2018		500,000		565,687
Eaton Corporation		6.95			3-20-2019		200,000		237,721
Emerson Electric Company		4.13			4-15-2015		300,000		314,757
Emerson Electric Company		4.25			11-15-2020		200,000		210,651
Emerson Electric Company		4.75			10-15-2015		100,000		107,884
Emerson Electric Company		4.88			10-15-2019		200,000		224,858
Emerson Electric Company		5.25			10-15-2018		50,000		56,538
Emerson Electric Company		5.25			11-15-2039		500,000		538,139
Emerson Electric Company		5.38			10-15-2017		200,000		228,142


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			63


Security name	Interest rate			Maturity date		Principal		Value


Electrical Equipment (continued)
Emerson Electric Company		6.13	%		4-15-2039	$	100,000	$	119,604
Hubbell Incorporated		3.63			11-15-2022		200,000		196,103
Rockwell Automation Incorporated		6.25			12-1-2037		300,000		355,240
Roper Industries Incorporated		6.25			9-1-2019		200,000		230,561

									4,802,271


Industrial Conglomerates: 0.12%
3M Company		1.00			6-26-2017		250,000		243,052
3M Company		2.00			6-26-2022		725,000		668,784
3M Company		5.70			3-15-2037		325,000		378,216
Danaher Corporation		2.30			6-23-2016		100,000		102,669
Danaher Corporation		3.90			6-23-2021		100,000		104,127
Danaher Corporation		5.40			3-1-2019		450,000		513,135
GATX Corporation		3.50			7-15-2016		245,000		254,990
GATX Corporation		4.85			6-1-2021		100,000		102,073
General Electric Company		0.85			10-9-2015		700,000		699,740
General Electric Company		2.70			10-9-2022		1,000,000		930,823
General Electric Company		4.13			10-9-2042		500,000		454,046
General Electric Company		5.25			12-6-2017		1,600,000		1,807,619

									6,259,274


Machinery: 0.18%
Caterpillar Incorporated		0.95			6-26-2015		200,000		200,760
Caterpillar Incorporated		1.50			6-26-2017		1,000,000		986,540
Caterpillar Incorporated		2.60			6-26-2022		200,000		185,322
Caterpillar Incorporated		3.80			8-15-2042		500,000		430,276
Caterpillar Incorporated		3.90			5-27-2021		1,000,000		1,035,175
Caterpillar Incorporated		5.20			5-27-2041		555,000		592,554
Caterpillar Incorporated		6.05			8-15-2036		900,000		1,029,698
Deere & Company		2.60			6-8-2022		500,000		467,792
Deere & Company		3.90			6-9-2042		500,000		443,135
Deere & Company		4.38			10-16-2019		400,000		442,087
Deere & Company		5.38			10-16-2029		300,000		341,028
Dover Corporation		4.30			3-1-2021		500,000		531,966
Dover Corporation		5.38			10-15-2035		200,000		217,327
Dover Corporation		5.45			3-15-2018		100,000		113,574
Dover Corporation		6.60			3-15-2038		60,000		75,387
Harsco Corporation		2.70			10-15-2015		100,000		100,330
IDEX Corporation		4.50			12-15-2020		100,000		102,626
Illinois Tool Works Incorporated		3.38			9-15-2021		120,000		120,710
Illinois Tool Works Incorporated		3.90			9-1-2042		200,000		172,313
Illinois Tool Works Incorporated		4.88			9-15-2041		295,000		296,641
Illinois Tool Works Incorporated		6.25			4-1-2019		155,000		184,278
Joy Global Incorporated		6.00			11-15-2016		500,000		559,509
Kennametal Incorporated		2.65			11-1-2019		150,000		142,131
Kennametal Incorporated		3.88			2-15-2022		98,000		93,678
Parker Hannifin Corporation		3.50			9-15-2022		100,000		99,018
Parker Hannifin Corporation		5.50			5-15-2018		135,000		152,079
Parker Hannifin Corporation		6.25			5-15-2038		60,000		72,323
Snap-on Incorporated		6.13			9-1-2021		150,000		171,080


64		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Machinery (continued)
Stanley Black & Decker Incorporated		2.90	%		11-1-2022	$	350,000	$	328,194
Wabtec Corporation		4.38			8-15-2023		100,000		99,491

									9,787,022


Professional Services: 0.01%
Dun & Bradstreet Corporation		2.88			11-15-2015		115,000		118,178
Dun & Bradstreet Corporation		4.38			12-1-2022		250,000		242,159
Verisk Analytics Incorporated		4.13			9-12-2022		250,000		245,319

									605,656


Road & Rail: 0.31%
BNSF Railway Company		5.75			5-1-2040		550,000		598,514
Burlington Northern Santa Fe LLC		3.00			3-15-2023		300,000		278,945
Burlington Northern Santa Fe LLC		3.05			3-15-2022		1,000,000		950,823
Burlington Northern Santa Fe LLC		3.60			9-1-2020		200,000		205,373
Burlington Northern Santa Fe LLC		4.40			3-15-2042		1,000,000		906,764
Burlington Northern Santa Fe LLC		4.45			3-15-2043		300,000		270,905
Burlington Northern Santa Fe LLC		4.70			10-1-2019		125,000		138,414
Burlington Northern Santa Fe LLC		4.88			1-15-2015		500,000		526,557
Burlington Northern Santa Fe LLC		4.95			9-15-2041		200,000		194,441
Burlington Northern Santa Fe LLC		5.65			5-1-2017		360,000		405,985
Burlington Northern Santa Fe LLC		6.15			5-1-2037		650,000		733,619
Canadian National Railway Company		6.38			11-15-2037		550,000		676,939
Con-Way Incorporated		7.25			1-15-2018		350,000		394,226
CSX Corporation		3.70			10-30-2020		250,000		257,792
CSX Corporation		4.10			3-15-2044		400,000		344,602
CSX Corporation		4.25			6-1-2021		200,000		210,105
CSX Corporation		4.75			5-30-2042		230,000		219,978
CSX Corporation		5.60			5-1-2017		100,000		111,178
CSX Corporation		6.00			10-1-2036		300,000		335,570
CSX Corporation		6.15			5-1-2037		320,000		364,013
CSX Corporation		6.22			4-30-2040		200,000		231,523
CSX Corporation		6.25			4-1-2015		700,000		757,663
CSX Corporation		7.38			2-1-2019		500,000		609,572
Kansas City Southern Railway 144A		4.30			5-15-2043		200,000		175,973
Norfolk Southern Corporation		2.90			2-15-2023		886,000		822,184
Norfolk Southern Corporation		3.00			4-1-2022		500,000		476,310
Norfolk Southern Corporation		3.95			10-1-2042		120,000		102,788
Norfolk Southern Corporation		4.84			10-1-2041		685,000		669,427
Norfolk Southern Corporation		5.59			5-17-2025		53,000		59,084
Norfolk Southern Corporation		5.75			4-1-2018		1,100,000		1,261,340
Norfolk Southern Corporation		5.90			6-15-2019		65,000		75,536
Ryder System Incorporated		2.50			3-1-2017		200,000		200,277
Ryder System Incorporated		3.15			3-2-2015		115,000		118,275
Ryder System Incorporated		3.50			6-1-2017		200,000		206,675
Ryder System Incorporated		5.85			11-1-2016		250,000		277,216
Union Pacific Corporation		4.00			2-1-2021		500,000		526,905
Union Pacific Corporation		4.16			7-15-2022		437,000		455,788


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			65


Security name	Interest rate			Maturity date		Principal		Value


Road & Rail (continued)
Union Pacific Corporation		4.30	%		6-15-2042	$	250,000	$	233,619
Union Pacific Corporation 144A		4.82			2-1-2044		947,000		950,455
Union Pacific Corporation		4.88			1-15-2015		360,000		379,575

									16,714,928


Information Technology: 1.27%

Communications Equipment: 0.15%
Cisco Systems Incorporated		2.90			11-17-2014		100,000		102,870
Cisco Systems Incorporated		3.15			3-14-2017		1,000,000		1,051,595
Cisco Systems Incorporated		4.45			1-15-2020		950,000		1,037,923
Cisco Systems Incorporated		4.95			2-15-2019		800,000		901,888
Cisco Systems Incorporated		5.50			2-22-2016		775,000		860,361
Cisco Systems Incorporated		5.50			1-15-2040		700,000		777,501
Cisco Systems Incorporated		5.90			2-15-2039		800,000		933,933
Harris Corporation		4.40			12-15-2020		300,000		307,908
Harris Corporation		5.95			12-1-2017		400,000		442,295
Juniper Networks Incorporated		3.10			3-15-2016		250,000		257,211
Motorola Incorporated		3.50			3-1-2023		550,000		506,760
Motorola Incorporated		6.00			11-15-2017		700,000		784,864
Motorola Incorporated		7.50			5-15-2025		120,000		143,612

									8,108,721


Computers & Peripherals: 0.29%
Apple Incorporated		0.45			5-3-2016		500,000		494,678
Apple Incorporated		1.00			5-3-2018		1,500,000		1,431,120
Apple Incorporated		2.40			5-3-2023		2,150,000		1,937,967
Apple Incorporated		3.85			5-4-2043		1,200,000		1,020,911
Dell Incorporated		5.88			6-15-2019		550,000		555,768
Dell Incorporated		6.50			4-15-2038		100,000		89,571
Dell Incorporated		7.10			4-15-2028		450,000		432,655
EMC Corporation		1.88			6-1-2018		950,000		937,113
EMC Corporation		3.38			6-1-2023		850,000		820,227
Hewlett-Packard Company		2.13			9-13-2015		500,000		507,124
Hewlett-Packard Company		2.60			9-15-2017		1,000,000		1,001,609
Hewlett-Packard Company		2.65			6-1-2016		1,000,000		1,021,379
Hewlett-Packard Company		3.00			9-15-2016		500,000		514,686
Hewlett-Packard Company		3.75			12-1-2020		250,000		240,631
Hewlett-Packard Company		4.05			9-15-2022		250,000		238,181
Hewlett-Packard Company		4.30			6-1-2021		500,000		481,511
Hewlett-Packard Company		4.38			9-15-2021		500,000		479,269
Hewlett-Packard Company «		4.65			12-9-2021		500,000		488,953
Hewlett-Packard Company		5.40			3-1-2017		500,000		547,147
Hewlett-Packard Company		5.50			3-1-2018		500,000		555,736
Hewlett-Packard Company		6.00			9-15-2041		475,000		433,848
IBM Corporation		1.63			5-15-2020		500,000		463,239
Lexmark International Incorporated		6.65			6-1-2018		250,000		272,047
NetApp Incorporated		2.00			12-15-2017		250,000		243,390
NetApp Incorporated		3.25			12-15-2022		250,000		226,527

									15,435,287


66		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Electronic Equipment, Instruments & Components: 0.06%
Agilent Technologies Incorporated		3.88	%		7-15-2023	$	150,000	$	144,576
Agilent Technologies Incorporated		5.50			9-14-2015		500,000		541,438
Agilent Technologies Incorporated		6.50			11-1-2017		260,000		297,615
Amphenol Corporation		4.00			2-1-2022		300,000		295,602
Amphenol Corporation		4.75			11-15-2014		150,000		156,719
Arrow Electronics Incorporated		5.13			3-1-2021		300,000		308,381
Arrow Electronics Incorporated		6.00			4-1-2020		100,000		107,986
Avnet Incorporated		5.88			6-15-2020		100,000		105,390
Avnet Incorporated		6.63			9-15-2016		300,000		336,563
Corning Incorporated		1.45			11-15-2017		400,000		391,068
Corning Incorporated		4.25			8-15-2020		250,000		270,689
Corning Incorporated		5.75			8-15-2040		150,000		165,644
Corning Incorporated		6.63			5-15-2019		20,000		24,061
Tech Data Corporation		3.75			9-21-2017		100,000		100,905

									3,246,637


Internet Software & Services: 0.05%
eBay Incorporated		0.70			7-15-2015		100,000		100,022
eBay Incorporated		1.35			7-15-2017		400,000		393,937
eBay Incorporated		1.63			10-15-2015		400,000		406,996
eBay Incorporated		2.60			7-15-2022		350,000		322,672
eBay Incorporated		3.25			10-15-2020		200,000		201,738
eBay Incorporated		4.00			7-15-2042		250,000		209,063
Google Incorporated		2.13			5-19-2016		500,000		516,668
Google Incorporated		3.63			5-19-2021		500,000		517,215

									2,668,311


IT Services: 0.22%
Broadridge Financial Solutions Incorporated		3.95			9-1-2020		100,000		99,886
Computer Sciences Corporation		2.50			9-15-2015		111,000		113,124
Computer Sciences Corporation		4.45			9-15-2022		200,000		195,944
Computer Sciences Corporation		6.50			3-15-2018		425,000		479,138
Fiserv Incorporated		3.50			10-1-2022		400,000		373,916
Fiserv Incorporated		4.75			6-15-2021		500,000		513,764
Fiserv Incorporated		6.80			11-20-2017		100,000		115,953
IBM Corporation		0.45			5-6-2016		400,000		394,997
IBM Corporation		0.55			2-6-2015		1,000,000		1,000,454
IBM Corporation		0.75			5-11-2015		400,000		401,353
IBM Corporation		1.25			2-8-2018		500,000		486,110
IBM Corporation		1.88			5-15-2019		500,000		487,206
IBM Corporation		1.88			8-1-2022		400,000		352,939
IBM Corporation		1.95			7-22-2016		725,000		744,394
IBM Corporation		4.00			6-20-2042		500,000		455,475
IBM Corporation		5.60			11-30-2039		900,000		1,033,522
IBM Corporation		5.70			9-14-2017		1,000,000		1,148,348
IBM Corporation		5.88			11-29-2032		250,000		293,978
IBM Corporation		7.00			10-30-2025		300,000		383,979
IBM Corporation		7.63			10-15-2018		500,000		629,122
SAIC Incorporated		4.45			12-1-2020		500,000		509,669


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			67


Security name	Interest rate			Maturity date		Principal		Value


IT Services (continued)
SAIC Incorporated		5.95	%		12-1-2040	$	100,000	$	99,747
Total System Services Incorporated		2.38			6-1-2018		205,000		198,072
Total System Services Incorporated		3.75			6-1-2023		150,000		137,101
Western Union Company		2.88			12-10-2017		250,000		250,667
Western Union Company		5.25			4-1-2020		80,000		84,423
Western Union Company		5.93			10-1-2016		425,000		472,434
Western Union Company		6.20			11-17-2036		175,000		169,995
Western Union Company		6.20			6-21-2040		200,000		192,700

									11,818,410


Office Electronics: 0.05%
Xerox Corporation		2.95			3-15-2017		1,000,000		1,019,937
Xerox Corporation		4.25			2-15-2015		500,000		521,492
Xerox Corporation		5.63			12-15-2019		200,000		220,701
Xerox Corporation		6.35			5-15-2018		150,000		170,733
Xerox Corporation		6.40			3-15-2016		500,000		555,070
Xerox Corporation		6.75			2-1-2017		250,000		284,582
Xerox Corporation		6.75			12-15-2039		100,000		108,611

									2,881,126


Semiconductors & Semiconductor Equipment: 0.15%
Analog Devices Incorporated		2.88			6-1-2023		150,000		138,114
Applied Materials Incorporated		2.65			6-15-2016		500,000		515,921
Applied Materials Incorporated		4.30			6-15-2021		300,000		311,676
Applied Materials Incorporated		5.85			6-15-2041		200,000		208,483
Broadcom Corporation		2.38			11-1-2015		200,000		205,901
Broadcom Corporation		2.50			8-15-2022		250,000		223,985
Intel Corporation		1.35			12-15-2017		1,150,000		1,124,699
Intel Corporation		1.95			10-1-2016		600,000		614,898
Intel Corporation		2.70			12-15-2022		550,000		505,963
Intel Corporation		3.30			10-1-2021		847,000		837,605
Intel Corporation		4.00			12-15-2032		500,000		465,646
Intel Corporation		4.25			12-15-2042		250,000		222,790
Intel Corporation		4.80			10-1-2041		643,000		627,656
KLA Tencor Corporation		6.90			5-1-2018		300,000		347,535
Maxim Integrated Product Incorporated		3.38			3-15-2023		200,000		185,536
National Semiconductor Corporation		3.95			4-15-2015		350,000		367,739
Texas Instruments Incorporated		0.45			8-3-2015		100,000		99,738
Texas Instruments Incorporated		1.00			5-1-2018		200,000		190,827
Texas Instruments Incorporated		1.65			8-3-2019		250,000		238,953
Texas Instruments Incorporated		2.25			5-1-2023		250,000		223,273
Texas Instruments Incorporated		2.38			5-16-2016		300,000		310,742

									7,967,680


Software: 0.30%
Adobe Systems Incorporated		3.25			2-1-2015		100,000		103,235
Adobe Systems Incorporated		4.75			2-1-2020		325,000		348,152
Autodesk Incorporated		1.95			12-15-2017		250,000		242,789
Autodesk Incorporated		3.60			12-15-2022		250,000		234,008


68		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Software (continued)
BMC Software Incorporated		4.25	%		2-15-2022	$	45,000	$	43,820
BMC Software Incorporated		4.50			12-1-2022		200,000		199,562
CA Incorporated		5.38			12-1-2019		500,000		548,947
CA Incorporated		6.13			12-1-2014		500,000		529,300
Fidelity National Information Services Incorporated		2.00			4-15-2018		114,000		109,230
Fidelity National Information Services Incorporated		3.50			4-15-2023		131,000		118,209
Intuit Incorporated		5.75			3-15-2017		200,000		221,762
Microsoft Corporation		1.63			9-25-2015		1,000,000		1,022,194
Microsoft Corporation		2.38			5-1-2023		1,000,000		904,755
Microsoft Corporation		3.00			10-1-2020		400,000		405,393
Microsoft Corporation		3.50			11-15-2042		500,000		409,455
Microsoft Corporation		3.75			5-1-2043		47,000		40,309
Microsoft Corporation		4.00			2-8-2021		500,000		532,077
Microsoft Corporation		4.20			6-1-2019		375,000		412,294
Microsoft Corporation		4.50			10-1-2040		500,000		483,409
Microsoft Corporation		5.20			6-1-2039		110,000		117,502
Microsoft Corporation		5.30			2-8-2041		500,000		543,669
Oracle Corporation		1.20			10-15-2017		1,350,000		1,312,918
Oracle Corporation		2.38			1-15-2019		600,000		596,621
Oracle Corporation		2.50			10-15-2022		800,000		731,065
Oracle Corporation		3.63			7-15-2023		400,000		395,949
Oracle Corporation		3.88			7-15-2020		350,000		369,779
Oracle Corporation		5.00			7-8-2019		600,000		679,030
Oracle Corporation		5.25			1-15-2016		850,000		934,805
Oracle Corporation		5.38			7-15-2040		1,350,000		1,473,281
Oracle Corporation		5.75			4-15-2018		1,000,000		1,156,847
Oracle Corporation		6.13			7-8-2039		200,000		239,385
Oracle Corporation		6.50			4-15-2038		250,000		310,632
Symantec Corporation		3.95			6-15-2022		200,000		193,659
Symantec Corporation		4.20			9-15-2020		300,000		307,181

									16,271,223


Materials: 0.88%

Chemicals: 0.43%
Air Products & Chemicals Incorporated		1.20			10-15-2017		132,000		127,559
Air Products & Chemicals Incorporated		2.00			8-2-2016		55,000		55,913
Air Products & Chemicals Incorporated		3.00			11-3-2021		250,000		239,837
Air Products & Chemicals Incorporated		4.38			8-21-2019		150,000		161,966
Airgas Incorporated		2.90			11-15-2022		500,000		456,987
Albemarle Corporation		4.50			12-15-2020		300,000		308,831
Cabot Corporation		5.00			10-1-2016		100,000		108,972
CF Industries Incorporated		3.45			6-1-2023		437,000		405,087
CF Industries Incorporated		4.95			6-1-2043		425,000		388,716
CF Industries Incorporated		6.88			5-1-2018		500,000		582,215
Dow Chemical Company		2.50			2-15-2016		125,000		129,039
Dow Chemical Company		3.00			11-15-2022		500,000		459,346
Dow Chemical Company		4.13			11-15-2021		500,000		507,330
Dow Chemical Company		4.25			11-15-2020		575,000		597,428


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			69


Security name	Interest rate			Maturity date		Principal		Value


Chemicals (continued)
Dow Chemical Company		4.38	%		11-15-2042	$	500,000	$	437,812
Dow Chemical Company		5.25			11-15-2041		250,000		248,591
Dow Chemical Company		5.70			5-15-2018		250,000		286,320
Dow Chemical Company		7.38			11-1-2029		600,000		765,296
Dow Chemical Company		8.55			5-15-2019		1,655,000		2,102,820
Dow Chemical Company		9.40			5-15-2039		385,000		562,869
E.I. du Pont de Nemours & Company		2.75			4-1-2016		500,000		520,536
E.I. du Pont de Nemours & Company		2.80			2-15-2023		500,000		463,324
E.I. du Pont de Nemours & Company		3.25			1-15-2015		700,000		725,223
E.I. du Pont de Nemours & Company		3.63			1-15-2021		500,000		508,288
E.I. du Pont de Nemours & Company		4.15			2-15-2043		300,000		271,253
E.I. du Pont de Nemours & Company		4.50			8-15-2019		400,000		438,657
E.I. du Pont de Nemours & Company		4.63			1-15-2020		200,000		218,706
E.I. du Pont de Nemours & Company		4.90			1-15-2041		300,000		305,072
E.I. du Pont de Nemours & Company		5.25			12-15-2016		250,000		280,936
E.I. du Pont de Nemours & Company		5.60			12-15-2036		25,000		27,382
E.I. du Pont de Nemours & Company		6.00			7-15-2018		625,000		734,612
E.I. du Pont de Nemours & Company		6.50			1-15-2028		250,000		296,639
Eastman Chemical Company		2.40			6-1-2017		400,000		401,596
Eastman Chemical Company		3.60			8-15-2022		400,000		386,354
Eastman Chemical Company		4.50			1-15-2021		500,000		521,996
Eastman Chemical Company		4.80			9-1-2042		200,000		189,862
Ecolab Incorporated		1.00			8-9-2015		94,000		93,932
Ecolab Incorporated		2.38			12-8-2014		250,000		254,736
Ecolab Incorporated		3.00			12-8-2016		500,000		522,531
Ecolab Incorporated		4.35			12-8-2021		500,000		521,531
Ecolab Incorporated		5.50			12-8-2041		300,000		320,736
FMC Corporation		3.95			2-1-2022		125,000		123,864
International Flavors & Fragrances Incorporated		3.20			5-1-2023		100,000		93,270
Lubrizol Corporation		5.50			10-1-2014		65,000		68,407
Lubrizol Corporation		8.88			2-1-2019		250,000		326,305
Monsanto Company		2.75			4-15-2016		200,000		208,179
Monsanto Company		3.60			7-15-2042		150,000		126,412
Monsanto Company		5.13			4-15-2018		500,000		566,423
Monsanto Company		5.50			8-15-2025		100,000		113,334
Mosaic Company		3.75			11-15-2021		115,000		110,831
NewMarket Corporation		4.10			12-15-2022		50,000		47,659
PPG Industries Incorporated		1.90			1-15-2016		50,000		50,654
PPG Industries Incorporated		3.60			11-15-2020		100,000		100,955
PPG Industries Incorporated		5.50			11-15-2040		150,000		158,804
PPG Industries Incorporated		6.65			3-15-2018		300,000		350,774
PPG Industries Incorporated		7.70			3-15-2038		250,000		328,147
Praxair Incorporated		1.05			11-7-2017		438,000		423,002
Praxair Incorporated		1.25			11-7-2018		100,000		95,107
Praxair Incorporated		2.20			8-15-2022		500,000		451,222
Praxair Incorporated		2.45			2-15-2022		200,000		185,477
Praxair Incorporated		2.70			2-21-2023		150,000		140,077
Praxair Incorporated		3.55			11-7-2042		150,000		125,302
Praxair Incorporated		4.05			3-15-2021		200,000		209,538


70		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Chemicals (continued)
Praxair Incorporated		5.20	%		3-15-2017	$	50,000	$	55,772
Praxair Incorporated		5.25			11-15-2014		200,000		211,204
Praxair Incorporated		5.38			11-1-2016		75,000		84,181
RPM International Incorporated		6.13			10-15-2019		200,000		226,797
RPM International Incorporated		6.50			2-15-2018		250,000		280,533
Sherwin-Williams Company		1.35			12-15-2017		250,000		242,289
Sherwin-Williams Company		3.13			12-15-2014		250,000		257,477
Sherwin-Williams Company		4.00			12-15-2042		132,000		117,031
Valspar Corporation		4.20			1-15-2022		100,000		99,797
Valspar Corporation		7.25			6-15-2019		100,000		119,701
Westlake Chemical Corporation		3.60			7-15-2022		29,000		27,664

									23,063,025


Construction Materials: 0.00%
Martin Marietta Materials Incorporated		6.60			4-15-2018		125,000		139,775


Containers & Packaging: 0.01%
Bemis Company Incorporated		6.80			8-1-2019		10,000		11,655
Packaging Corporation of America		3.90			6-15-2022		200,000		193,787
Sonoco Products Company		4.38			11-1-2021		100,000		100,976

									306,418


Metals & Mining: 0.33%
Alcoa Incorporated		5.40			4-15-2021		500,000		492,976
Alcoa Incorporated		5.55			2-1-2017		25,000		26,542
Alcoa Incorporated		5.72			2-23-2019		350,000		358,931
Alcoa Incorporated		5.87			2-23-2022		500,000		493,169
Alcoa Incorporated		5.90			2-1-2027		300,000		284,588
Alcoa Incorporated «		5.95			2-1-2037		258,000		234,765
Alcoa Incorporated		6.15			8-15-2020		500,000		520,624
Alcoa Incorporated		6.75			7-15-2018		50,000		53,937
Alcoa Incorporated		6.75			1-15-2028		200,000		198,556
Allegheny Technologies Incorporated		5.88			8-15-2023		250,000		241,859
Allegheny Technologies Incorporated		5.95			1-15-2021		50,000		51,409
Allegheny Technologies Incorporated		9.38			6-1-2019		150,000		177,382
Barrick Gold Corporation		2.90			5-30-2016		400,000		402,030
Barrick Gold Corporation		6.95			4-1-2019		300,000		331,386
Barrick North America Finance LLC		6.80			9-15-2018		250,000		278,492
Carpenter Technology Corporation		4.45			3-1-2023		80,000		77,421
Cliffs Natural Resources «		3.95			1-15-2018		250,000		244,332
Cliffs Natural Resources «		4.80			10-1-2020		255,000		237,167
Cliffs Natural Resources		6.25			10-1-2040		420,000		351,597
Freeport-McMoRan Copper & Gold Incorporated		1.40			2-13-2015		200,000		200,119
Freeport-McMoRan Copper & Gold Incorporated 144A		2.38			3-15-2018		2,500,000		2,333,268
Freeport-McMoRan Copper & Gold Incorporated		3.55			3-1-2022		2,000,000		1,781,098
Freeport-McMoRan Copper & Gold Incorporated 144A		3.88			3-15-2023		750,000		667,814
Freeport-McMoRan Copper & Gold Incorporated 144A		5.45			3-15-2043		850,000		729,681
Newmont Mining Corporation		3.50			3-15-2022		600,000		525,589
Newmont Mining Corporation		4.88			3-15-2042		500,000		386,232


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			71


Security name	Interest rate			Maturity date		Principal		Value


Metals & Mining (continued)
Newmont Mining Corporation		5.13	%		10-1-2019	$	475,000	$	496,828
Newmont Mining Corporation		6.25			10-1-2039		475,000		449,452
Nucor Corporation		4.00			8-1-2023		189,000		183,887
Nucor Corporation		5.20			8-1-2043		200,000		191,851
Nucor Corporation		5.75			12-1-2017		500,000		566,943
Nucor Corporation		5.85			6-1-2018		150,000		171,758
Nucor Corporation		6.40			12-1-2037		200,000		226,011
Reliance Steel & Aluminum Company		4.50			4-15-2023		150,000		142,910
Rio Tinto Alcan Incorporated		5.00			6-1-2015		180,000		191,450
Rio Tinto Alcan Incorporated		6.13			12-15-2033		600,000		678,073
Rio Tinto Finance (USA) Limited		1.63			8-21-2017		500,000		487,707
Rio Tinto Finance (USA) Limited		2.25			9-20-2016		200,000		203,096
Rio Tinto Finance (USA) Limited		7.13			7-15-2028		500,000		607,589
Southern Copper Corporation		5.25			11-8-2042		500,000		383,790
Southern Copper Corporation		5.38			4-16-2020		90,000		94,500
Southern Copper Corporation		6.75			4-16-2040		440,000		406,504
Southern Copper Corporation		7.50			7-27-2035		600,000		605,860
Teck Resources Limited Company		3.15			1-15-2017		250,000		252,802

									18,021,975


Paper & Forest Products: 0.11%
Domtar Corporation		4.40			4-1-2022		500,000		476,978
Georgia-Pacific LLC		7.25			6-1-2028		325,000		391,898
Georgia-Pacific LLC		8.00			1-15-2024		200,000		255,940
Georgia-Pacific LLC		8.88			5-15-2031		500,000		685,205
International Paper Company		4.75			2-15-2022		75,000		78,693
International Paper Company		5.30			4-1-2015		430,000		457,527
International Paper Company		6.00			11-15-2041		535,000		577,718
International Paper Company		7.30			11-15-2039		250,000		306,485
International Paper Company		7.50			8-15-2021		450,000		552,888
International Paper Company		7.95			6-15-2018		1,000,000		1,233,404
MeadWestvaco Corporation		7.95			2-15-2031		50,000		57,679
Plum Creek Timberlands LP		3.25			3-15-2023		275,000		248,631
Plum Creek Timberlands LP		4.70			3-15-2021		500,000		513,439

									5,836,485


Telecommunication Services: 0.75%

Diversified Telecommunication Services: 0.71%
Alltel Corporation		7.00			3-15-2016		250,000		282,810
Alltel Corporation		7.88			7-1-2032		350,000		457,569
AT&T Incorporated		0.80			12-1-2015		500,000		498,476
AT&T Incorporated		0.88			2-13-2015		500,000		500,765
AT&T Incorporated		0.90			2-12-2016		250,000		248,228
AT&T Incorporated		1.60			2-15-2017		500,000		496,214
AT&T Incorporated		1.70			6-1-2017		1,000,000		992,533
AT&T Incorporated		2.40			8-15-2016		620,000		637,180
AT&T Incorporated		2.50			8-15-2015		500,000		515,014
AT&T Incorporated		2.63			12-1-2022		1,000,000		890,444


72		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Diversified Telecommunication Services (continued)
AT&T Incorporated		2.95	%		5-15-2016	$	1,150,000	$	1,198,657
AT&T Incorporated		3.00			2-15-2022		1,500,000		1,405,866
AT&T Incorporated		3.88			8-15-2021		45,000		45,449
AT&T Incorporated		4.30			12-15-2042		500,000		427,466
AT&T Incorporated		4.35			6-15-2045		1,000,000		849,526
AT&T Incorporated		4.45			5-15-2021		650,000		686,886
AT&T Incorporated		5.35			9-1-2040		2,372,000		2,349,205
AT&T Incorporated		5.50			2-1-2018		1,000,000		1,133,877
AT&T Incorporated		5.55			8-15-2041		60,000		61,130
AT&T Incorporated		5.60			5-15-2018		500,000		572,586
AT&T Incorporated		5.80			2-15-2019		800,000		916,158
AT&T Incorporated		6.15			9-15-2034		500,000		540,322
AT&T Incorporated		6.30			1-15-2038		1,500,000		1,664,594
AT&T Incorporated		6.50			9-1-2037		970,000		1,098,630
AT&T Incorporated		6.55			2-15-2039		800,000		914,516
AT&T Incorporated		8.00			11-15-2031		536,000		740,251
BellSouth Corporation		5.20			9-15-2014		825,000		863,344
Embarq Corporation		8.00			6-1-2036		1,500,000		1,534,163
France Telecom		5.38			1-13-2042		500,000		491,877
Qwest Corporation		6.88			9-15-2033		300,000		291,646
SBC Communications		5.10			9-15-2014		575,000		601,806
SBC Communications		5.63			6-15-2016		350,000		389,884
Verizon Communications Incorporated		2.00			11-1-2016		500,000		506,507
Verizon Communications Incorporated		2.45			11-1-2022		600,000		526,798
Verizon Communications Incorporated		3.00			4-1-2016		500,000		520,457
Verizon Communications Incorporated		3.50			11-1-2021		1,000,000		977,144
Verizon Communications Incorporated		4.60			4-1-2021		1,000,000		1,053,641
Verizon Communications Incorporated		4.75			11-1-2041		500,000		456,024
Verizon Communications Incorporated		4.90			9-15-2015		325,000		350,462
Verizon Communications Incorporated		5.50			2-15-2018		1,000,000		1,127,340
Verizon Communications Incorporated		6.00			4-1-2041		500,000		536,130
Verizon Communications Incorporated		6.10			4-15-2018		500,000		576,564
Verizon Communications Incorporated		6.25			4-1-2037		250,000		274,656
Verizon Communications Incorporated		6.35			4-1-2019		1,000,000		1,164,698
Verizon Communications Incorporated		6.40			2-15-2038		1,000,000		1,120,428
Verizon Communications Incorporated		6.90			4-15-2038		500,000		592,375
Verizon Communications Incorporated		7.35			4-1-2039		850,000		1,052,475
Verizon Communications Incorporated		8.75			11-1-2018		258,000		329,242
Verizon Global Funding Corporation		5.85			9-15-2035		600,000		629,121
Verizon Global Funding Corporation		7.75			12-1-2030		850,000		1,080,189
Verizon Wireless Capital LLC		8.50			11-15-2018		900,000		1,137,004

									38,308,327


Wireless Telecommunication Services: 0.04%
CC Holdings GS V LLC		2.38			12-15-2017		100,000		97,894
CC Holdings GS V LLC		3.85			4-15-2023		500,000		462,677
Embarq Corporation		7.08			6-1-2016		1,000,000		1,124,042
US Cellular Corporation		6.70			12-15-2033		200,000		193,774

									1,878,387


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			73


Security name	Interest rate			Maturity date		Principal		Value


Utilities: 1.78%

Electric Utilities: 1.39%
Alabama Power Company		0.55	%		10-15-2015	$	31,000	$	30,852
Alabama Power Company		5.50			3-15-2041		65,000		72,571
Alabama Power Company		6.00			3-1-2039		500,000		588,661
Alabama Power Company		6.13			5-15-2038		105,000		123,498
Ameren Corporation		5.40			2-1-2016		75,000		82,155
Ameren Illinois		6.13			11-15-2017		100,000		114,958
Appalachian Power Company		5.80			10-1-2035		315,000		333,720
Appalachian Power Company		6.38			4-1-2036		300,000		340,514
Appalachian Power Company		7.00			4-1-2038		600,000		726,184
Appalachian Power Company		7.95			1-15-2020		250,000		313,286
Arizona Public Service Company		4.50			4-1-2042		100,000		95,536
Arizona Public Service Company		8.75			3-1-2019		500,000		639,324
Atlantic City Electric Company		7.75			11-15-2018		65,000		81,136
Baltimore Gas & Electric Company		3.50			11-15-2021		500,000		500,746
Baltimore Gas & Electric Company		5.90			10-1-2016		350,000		396,344
Carolina Power & Light Company		2.80			5-15-2022		250,000		237,905
Carolina Power & Light Company		5.25			12-15-2015		180,000		198,353
Carolina Power & Light Company		5.30			1-15-2019		500,000		571,234
CenterPoint Energy Houston		2.25			8-1-2022		300,000		274,148
CenterPoint Energy Houston		3.55			8-1-2042		250,000		211,506
CenterPoint Energy Houston Series K		6.95			3-15-2033		250,000		323,709
Cleco Power LLC		6.00			12-1-2040		300,000		323,779
Cleveland Electric Illuminating Company		5.70			4-1-2017		364,000		396,950
Cleveland Electric Illuminating Company		5.95			12-15-2036		500,000		508,940
Columbus Southern Power Company		6.05			5-1-2018		200,000		229,992
Commonwealth Edison Company		3.80			10-1-2042		100,000		86,692
Commonwealth Edison Company		4.70			4-15-2015		250,000		265,210
Commonwealth Edison Company		5.80			3-15-2018		500,000		578,624
Commonwealth Edison Company		5.90			3-15-2036		250,000		292,639
Commonwealth Edison Company Series 100		5.88			2-1-2033		65,000		74,397
Connecticut Light & Power Company		5.65			5-1-2018		100,000		115,052
Connecticut Light & Power Company		6.35			6-1-2036		200,000		242,976
Consolidated Edison Company of New York Incorporated		6.65			4-1-2019		500,000		607,075
Consolidated Edison Company of New York Incorporated		7.13			12-1-2018		200,000		246,833
Consolidated Edison Company of New York Incorporated Series 06-C		5.50			9-15-2016		100,000		112,667
Consolidated Edison Company of New York Incorporated Series 06-D		5.30			12-1-2016		50,000		56,194
Consolidated Edison Company of New York Incorporated Series 06-E		5.70			12-1-2036		250,000		285,558
Consolidated Edison Company of New York Incorporated Series 07-A		6.30			8-15-2037		250,000		305,547
Consolidated Edison Company of New York Incorporated Series 08-A		5.85			4-1-2018		100,000		116,229
Consolidated Edison Company of New York Incorporated Series 08-B		6.75			4-1-2038		300,000		384,476
Consolidated Edison Company of New York Incorporated Series 09-C		5.50			12-1-2039		600,000		674,036
Consolidated Edison Company of New York Incorporated Series 12-A		4.20			3-15-2042		250,000		234,647
Consumers Energy Company		5.65			9-15-2018		150,000		174,599
Consumers Energy Company		6.70			9-15-2019		500,000		615,016
Delmarva Power & Light Company		4.00			6-1-2042		200,000		183,405
Detroit Edison Company		2.65			6-15-2022		200,000		188,716
Detroit Edison Company		3.45			10-1-2020		500,000		516,543	��
DTE Electric Company		3.65			3-15-2024		150,000		150,408


74		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Duke Energy Carolinas LLC		1.75	%		12-15-2016	$	750,000	$	763,085
Duke Energy Carolinas LLC		4.00			9-30-2042		250,000		225,776
Duke Energy Carolinas LLC		4.25			12-15-2041		500,000		469,572
Duke Energy Carolinas LLC		6.10			6-1-2037		250,000		290,322
Duke Energy Carolinas LLC Series C		7.00			11-15-2018		100,000		122,293
Duke Energy Corporation		3.35			4-1-2015		750,000		778,525
Duke Energy Corporation		3.95			9-15-2014		300,000		309,920
Duke Energy Corporation		6.45			10-15-2032		375,000		450,329
Duke Energy Indiana Incorporated		3.75			7-15-2020		500,000		521,242
Duke Energy Indiana Incorporated		4.90			7-15-2043		150,000		153,849
Duke Energy Indiana Incorporated		6.35			8-15-2038		750,000		919,469
Duke Energy Indiana Incorporated		6.45			4-1-2039		65,000		80,275
Duke Energy Ohio Incorporated		5.45			4-1-2019		250,000		283,851
Duke Energy Progress Incorporated		3.00			9-15-2021		250,000		245,121
Duke Energy Progress Incorporated		4.10			3-15-2043		150,000		137,314
Entergy Corporation		3.63			9-15-2015		200,000		206,798
Entergy Corporation		4.70			1-15-2017		250,000		266,473
Entergy Corporation		5.13			9-15-2020		250,000		258,129
Entergy Gulf States Louisiana LLC		5.59			10-1-2024		120,000		133,986
Entergy Gulf States Louisiana LLC		6.00			5-1-2018		100,000		114,778
Entergy Louisiana LLC		1.88			12-15-2014		130,000		131,626
Entergy Louisiana LLC		4.05			9-1-2023		400,000		403,319
Entergy Louisiana LLC		5.40			11-1-2024		250,000		279,362
Entergy Texas Incorporated		7.13			2-1-2019		200,000		235,334
Exelon Corporation		4.90			6-15-2015		375,000		399,067
Exelon Corporation		5.63			6-15-2035		365,000		375,972
Exelon Generation Company LLC		4.25			6-15-2022		225,000		220,172
Exelon Generation Company LLC		5.20			10-1-2019		500,000		546,192
Exelon Generation Company LLC		5.60			6-15-2042		605,000		584,975
Exelon Generation Company LLC		6.25			10-1-2039		500,000		522,565
FirstEnergy Corporation		4.25			3-15-2023		300,000		271,883
FirstEnergy Solutions		6.80			8-15-2039		164,000		164,227
Florida Power & Light Company		4.05			6-1-2042		250,000		232,397
Florida Power & Light Company		4.13			2-1-2042		300,000		280,313
Florida Power & Light Company		5.25			2-1-2041		200,000		219,525
Florida Power & Light Company		5.63			4-1-2034		250,000		282,831
Florida Power & Light Company		5.65			2-1-2037		380,000		437,512
Florida Power & Light Company		5.69			3-1-2040		585,000		680,262
Florida Power & Light Company		5.85			5-1-2037		100,000		118,091
Florida Power & Light Company		5.95			2-1-2038		320,000		383,574
Florida Power & Light Company		5.96			4-1-2039		250,000		300,030
Florida Power & Light Company		6.20			6-1-2036		500,000		612,997
Florida Power Corporation		5.65			6-15-2018		300,000		345,104
Florida Power Corporation		5.65			4-1-2040		125,000		142,120
Florida Power Corporation		5.80			9-15-2017		200,000		229,623
Florida Power Corporation		6.40			6-15-2038		500,000		611,991
FPL Group Capital Incorporated		6.00			3-1-2019		750,000		861,140
Georgia Power Company		4.25			12-1-2019		375,000		406,863
Georgia Power Company		4.30			3-15-2042		1,000,000		908,580
Georgia Power Company		4.30			3-15-2043		350,000		316,989


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			75


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Georgia Power Company		5.40	%		6-1-2018	$	200,000	$	227,124
Georgia Power Company		5.40			6-1-2040		250,000		268,963
Georgia Power Company		5.95			2-1-2039		250,000		286,380
Georgia Power Company Series B		5.70			6-1-2017		100,000		113,426
Great Plains Energy Incorporated		4.85			6-1-2021		50,000		53,149
Iberdrola International BV		6.75			7-15-2036		500,000		527,756
Indiana Michigan Power Company		3.20			3-15-2023		100,000		93,876
Indiana Michigan Power Company		7.00			3-15-2019		500,000		595,626
Interstate Power & Light Company		6.25			7-15-2039		30,000		35,710
Jersey Central Power & Light Company		5.63			5-1-2016		100,000		109,585
Jersey Central Power & Light Company		7.35			2-1-2019		250,000		296,239
Kansas City Power & Light Company		3.15			3-15-2023		200,000		187,876
Kansas City Power & Light Company		6.38			3-1-2018		250,000		289,080
Kansas City Power & Light Company		7.15			4-1-2019		200,000		245,083
Kentucky Utilities Company		3.25			11-1-2020		500,000		509,004
Kentucky Utilities Company		5.13			11-1-2040		500,000		546,340
LG&E & KU Energy LLC		2.13			11-15-2015		100,000		102,133
LG&E & KU Energy LLC		3.75			11-15-2020		100,000		100,508
MidAmerican Energy Holdings Company		5.30			3-15-2018		250,000		284,061
MidAmerican Energy Holdings Company		5.80			10-15-2036		75,000		85,539
MidAmerican Energy Holdings Company		5.95			5-15-2037		300,000		334,010
MidAmerican Energy Holdings Company		6.75			12-30-2031		150,000		186,669
Nevada Power Company		5.45			5-15-2041		120,000		134,089
Nevada Power Company		6.75			7-1-2037		200,000		253,709
Nevada Power Company		7.13			3-15-2019		300,000		369,342
Nevada Power Company Series O		6.50			5-15-2018		550,000		652,009
NiSource Finance Corporation		4.80			2-15-2044		350,000		315,500
NiSource Finance Corporation		5.25			9-15-2017		180,000		199,381
NiSource Finance Corporation		5.45			9-15-2020		415,000		456,119
NiSource Finance Corporation		6.13			3-1-2022		100,000		112,272
NiSource Finance Corporation		6.40			3-15-2018		1,000,000		1,153,114
NiSource Finance Corporation		6.80			1-15-2019		90,000		105,321
Northeast Utilities		1.45			5-1-2018		350,000		336,820
Northeast Utilities		2.80			5-1-2023		175,000		160,582
Northern States Power Company Minnesota		1.95			8-15-2015		150,000		153,768
Northern States Power Company Minnesota		2.15			8-15-2022		250,000		226,461
Northern States Power Company Minnesota		3.40			8-15-2042		250,000		205,454
Northern States Power Company Minnesota		5.25			3-1-2018		500,000		569,259
Northern States Power Company Minnesota		5.35			11-1-2039		40,000		44,941
Northern States Power Company Minnesota		6.20			7-1-2037		300,000		372,116
NSTAR Electric Company		2.38			10-15-2022		200,000		183,333
NSTAR Electric Company		5.50			3-15-2040		100,000		113,075
Oglethorpe Power Corporation		5.38			11-1-2040		300,000		308,095
Oglethorpe Power Corporation		5.95			11-1-2039		150,000		167,402
Ohio Edison Company		6.88			7-15-2036		250,000		287,669
Ohio Edison Company		8.25			10-15-2038		200,000		285,400
Ohio Power Company		5.38			10-1-2021		65,000		73,123
Ohio Power Company		6.00			6-1-2016		250,000		278,817
Ohio Power Company		6.60			2-15-2033		194,000		229,403
Ohio Power Company		6.60			3-1-2033		150,000		177,415


76		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Oklahoma Gas & Electric Company		5.25	%		5-15-2041	$	100,000	$	108,167
Oklahoma Gas & Electric Company		5.85			6-1-2040		100,000		114,259
Oncor Electric Delivery Company LLC		4.10			6-1-2022		500,000		513,725
Oncor Electric Delivery Company LLC		4.55			12-1-2041		200,000		194,162
Oncor Electric Delivery Company LLC		5.25			9-30-2040		250,000		264,268
Oncor Electric Delivery Company LLC		6.80			9-1-2018		500,000		596,175
Oncor Electric Delivery Company LLC		7.00			5-1-2032		175,000		218,643
Oncor Electric Delivery Company LLC		7.50			9-1-2038		200,000		264,681
PacifiCorp		4.10			2-1-2042		100,000		92,141
PacifiCorp		5.65			7-15-2018		600,000		697,096
PacifiCorp		5.75			4-1-2037		250,000		288,798
PacifiCorp		6.00			1-15-2039		500,000		603,429
PacifiCorp		6.25			10-15-2037		720,000		884,940
PECO Energy Company		2.38			9-15-2022		1,000,000		926,176
PECO Energy Company		5.00			10-1-2014		500,000		522,165
Pepco Holdings Incorporated		2.70			10-1-2015		350,000		358,985
Portland General Electric Company		6.10			4-15-2019		250,000		296,873
Potomac Electric Power		6.50			11-15-2037		200,000		252,768
PPL Capital Funding Incorporated		1.90			6-1-2018		100,000		97,168
PPL Capital Funding Incorporated		3.40			6-1-2023		500,000		467,570
PPL Capital Funding Incorporated		4.20			6-15-2022		200,000		201,035
PPL Capital Funding Incorporated		4.70			6-1-2043		125,000		112,822
PPL Electric Utilities		4.75			7-15-2043		150,000		153,917
PPL Electric Utilities		5.20			7-15-2041		200,000		217,463
PPL Electric Utilities		6.25			5-15-2039		45,000		55,044
PPL Energy Supply LLC		6.20			5-15-2016		500,000		550,984
Progress Energy Incorporated		3.15			4-1-2022		500,000		477,166
Progress Energy Incorporated		4.10			5-15-2042		250,000		229,134
Progress Energy Incorporated		4.40			1-15-2021		750,000		790,035
Progress Energy Incorporated		4.55			4-1-2020		75,000		81,753
Progress Energy Incorporated		6.00			12-1-2039		300,000		334,673
Progress Energy Incorporated		6.30			4-1-2038		50,000		60,439
Progress Energy Incorporated		7.00			10-30-2031		500,000		605,659
Progress Energy Incorporated		7.75			3-1-2031		300,000		386,025
PSEG Power LLC		4.15			9-15-2021		250,000		252,578
PSEG Power LLC		5.13			4-15-2020		280,000		304,768
PSEG Power LLC		8.63			4-15-2031		75,000		102,700
Public Service Company of Colorado		2.50			3-15-2023		250,000		229,348
Public Service Company of Colorado		3.20			11-15-2020		300,000		303,297
Public Service Company of Colorado		3.95			3-15-2043		125,000		113,483
Public Service Company of Colorado		5.13			6-1-2019		50,000		56,953
Public Service Company of Colorado		6.25			9-1-2037		500,000		626,032
Public Service Company of Oklahoma		4.40			2-1-2021		100,000		105,567
Public Service Company of Oklahoma		5.15			12-1-2019		40,000		44,985
Public Service Electric & Gas Company		2.38			5-15-2023		200,000		181,657
Public Service Electric & Gas Company		3.65			9-1-2042		250,000		216,208
Public Service Electric & Gas Company		3.80			1-1-2043		200,000		179,475
Public Service Electric & Gas Company		3.95			5-1-2042		100,000		90,618
Public Service Electric & Gas Company		5.30			5-1-2018		1,000,000		1,138,450
Public Service Electric & Gas Company		5.80			5-1-2037		100,000		116,576


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			77


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Puget Sound Energy Incorporated		5.76	%		10-1-2039	$	400,000	$	460,628
Puget Sound Energy Incorporated		5.80			3-15-2040		50,000		57,932
Puget Sound Energy Incorporated		6.27			3-15-2037		330,000		398,762
South Carolina Electric & Gas Company		4.35			2-1-2042		600,000		564,716
South Carolina Electric & Gas Company		6.50			11-1-2018		525,000		629,973
Southern California Edison Company		3.88			6-1-2021		270,000		284,701
Southern California Edison Company		3.90			3-15-2043		150,000		134,963
Southern California Edison Company		4.05			3-15-2042		500,000		462,672
Southern California Edison Company		5.50			8-15-2018		500,000		576,704
Southern California Edison Company		5.50			3-15-2040		700,000		800,876
Southern California Edison Company		6.00			1-15-2034		100,000		119,288
Southern California Edison Company		6.05			3-15-2039		350,000		424,681
Southern California Edison Company Series 05-A		5.00			1-15-2016		100,000		109,002
Southern California Edison Company Series 05-E		5.35			7-15-2035		180,000		199,586
Southern Company		2.38			9-15-2015		200,000		205,760
Southern Company		2.45			9-1-2018		180,000		180,019
Southwestern Electric Power Company		6.20			3-15-2040		50,000		56,307
Southwestern Electric Power Company Series E		5.55			1-15-2017		100,000		109,238
Southwestern Public Service Company		6.00			10-1-2036		100,000		113,030
System Energy Resources		4.10			4-1-2023		150,000		146,759
Tampa Electric Company		2.60			9-15-2022		200,000		186,487
Tampa Electric Company		6.10			5-15-2018		100,000		117,459
Tampa Electric Company		6.15			5-15-2037		75,000		88,072
Toleda Edison Company		6.15			5-15-2037		50,000		55,059
TXU Electric Delivery Company		7.25			1-15-2033		75,000		96,451
Union Electric Company		3.90			9-15-2042		250,000		222,919
Union Electric Company		6.40			6-15-2017		500,000		579,893
Union Electric Company		8.45			3-15-2039		80,000		122,096
Virginia Electric & Power Company		4.00			1-15-2043		325,000		295,786
Virginia Electric & Power Company		5.00			6-30-2019		200,000		226,366
Virginia Electric & Power Company		8.88			11-15-2038		300,000		469,157
Virginia Electric & Power Company Series A		5.40			1-15-2016		600,000		660,178
Virginia Electric & Power Company Series A		6.00			5-15-2037		605,000		717,780
Virginia Electric & Power Company Series B		3.45			9-1-2022		1,000,000		1,001,655
Virginia Electric & Power Company Series B		6.00			1-15-2036		100,000		118,824
Westar Energy Incorporated		4.10			4-1-2043		300,000		275,057
Westar Energy Incorporated		8.63			12-1-2018		250,000		321,787
Wisconsin Electric Power Company		1.70			6-15-2018		150,000		147,233
Wisconsin Electric Power Company		4.25			12-15-2019		350,000		386,708
Wisconsin Electric Power Company		5.63			5-15-2033		100,000		113,343
Wisconsin Electric Power Company		5.70			12-1-2036		150,000		172,497
Wisconsin Power & Light Company		5.00			7-15-2019		50,000		56,490
Wisconsin Power & Light Company		6.38			8-15-2037		250,000		302,110

									74,711,446


Gas Utilities: 0.10%
AGL Capital Corporation		5.88			3-15-2041		570,000		636,032
Atmos Energy Corporation		4.15			1-15-2043		161,000		145,588
Atmos Energy Corporation		4.95			10-15-2014		100,000		104,481


78		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Gas Utilities (continued)
Atmos Energy Corporation		5.50	%		6-15-2041	$	60,000	$	65,542
Atmos Energy Corporation		6.35			6-15-2017		50,000		57,426
Atmos Energy Corporation		8.50			3-15-2019		250,000		319,153
CenterPoint Energy Incorporated		5.95			2-1-2017		250,000		282,018
CenterPoint Energy Resources Corporation		4.50			1-15-2021		65,000		70,154
CenterPoint Energy Resources Corporation		5.85			1-15-2041		110,000		126,046
CenterPoint Energy Resources Corporation		6.00			5-15-2018		100,000		116,093
CenterPoint Energy Resources Corporation		6.13			11-1-2017		150,000		173,787
CenterPoint Energy Resources Corporation		6.63			11-1-2037		50,000		60,611
Consolidated Natural Gas Company Series A		5.00			12-1-2014		300,000		315,047
KeySpan Corporation		5.80			4-1-2035		125,000		132,386
National Fuel Gas Company		3.75			3-1-2023		312,000		298,077
ONEOK Incorporated		5.20			6-15-2015		65,000		69,039
ONEOK Incorporated		6.00			6-15-2035		200,000		184,739
Panhandle Eastern Pipe Line Company LP		6.20			11-1-2017		400,000		456,229
Piedmont Natural Gas Company		4.65			8-1-2043		50,000		50,013
Questar Corporation		2.75			2-1-2016		200,000		206,916
Sempra Energy		6.00			10-15-2039		300,000		333,221
Sempra Energy		6.50			6-1-2016		1,090,000		1,238,031
Southern California Gas Company		5.13			11-15-2040		100,000		109,940
Southern California Gas Company		5.75			11-15-2035		75,000		88,207

									5,638,776


Independent Power Producers & Energy Traders: 0.03%
Constellation Energy Group Incorporated		5.15			12-1-2020		100,000		107,953
Southern Power Company		5.15			9-15-2041		500,000		497,192
Southern Power Company		5.25			7-15-2043		120,000		120,749
Southern Power Company Series D		4.88			7-15-2015		500,000		535,268
Transalta Corporation		6.65			5-15-2018		200,000		224,945

									1,486,107


Multi-Utilities: 0.25%
Alliant Energy Corporation		4.00			10-15-2014		100,000		103,433
Avista Corporation		5.13			4-1-2022		55,000		61,575
CMS Energy Corporation		4.70			3-31-2043		125,000		115,113
CMS Energy Corporation		5.05			3-15-2022		350,000		375,586
Consumers Energy Company		3.38			8-15-2023		500,000		493,602
Consumers Energy Company		3.95			5-15-2043		200,000		180,005
Dominion Resources Incorporated		2.25			9-1-2015		100,000		102,500
Dominion Resources Incorporated		4.05			9-15-2042		250,000		219,439
Dominion Resources Incorporated		4.45			3-15-2021		100,000		106,795
Dominion Resources Incorporated		4.90			8-1-2041		60,000		60,196
Dominion Resources Incorporated		5.95			6-15-2035		225,000		260,096
Dominion Resources Incorporated		6.40			6-15-2018		750,000		884,343
Dominion Resources Incorporated		7.00			6-15-2038		500,000		637,903
Dominion Resources Incorporated Series A		5.60			11-15-2016		50,000		55,747
Dominion Resources Incorporated Series C		5.15			7-15-2015		350,000		377,132
DTE Energy Company		6.35			6-1-2016		350,000		395,824
Integrys Energy Group		4.17			11-1-2020		200,000		206,765


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			79


Security name	Interest rate			Maturity date		Principal		Value


Multi-Utilities (continued)
Louisville Gas & Electric Company		5.13	%		11-15-2040	$	125,000	$	136,386
MidAmerican Energy Holdings		6.13			4-1-2036		700,000		793,666
Northern States Power Company of Minnesota		2.60			5-15-2023		150,000		138,646
NSTAR Global Services Incorporated		4.50			11-15-2019		100,000		109,856
Pacific Gas & Electric Company		3.75			8-15-2042		200,000		165,476
Pacific Gas & Electric Company		4.25			5-15-2021		500,000		525,827
Pacific Gas & Electric Company		5.40			1-15-2040		700,000		733,538
Pacific Gas & Electric Company		5.80			3-1-2037		500,000		549,916
Pacific Gas & Electric Company		6.05			3-1-2034		1,100,000		1,244,251
Pacific Gas & Electric Company		6.35			2-15-2038		100,000		117,067
Pacific Gas & Electric Company		8.25			10-15-2018		1,000,000		1,271,617
Puget Sound Power & Light Company		4.43			11-15-2041		500,000		479,450
San Diego Gas & Electric Company		3.00			8-15-2021		750,000		745,875
San Diego Gas & Electric Company		5.35			5-15-2035		100,000		112,163
San Diego Gas & Electric Company		6.00			6-1-2039		530,000		646,897
Scana Corporation		4.75			5-15-2021		250,000		258,474
Wisconsin Energy Corporation ±		6.25			5-15-2067		125,000		129,688
Xcel Energy Incorporated		0.75			5-9-2016		200,000		197,502
Xcel Energy Incorporated		4.70			5-15-2020		250,000		274,029
Xcel Energy Incorporated		4.80			9-15-2041		250,000		247,784

									13,514,162


Water Utilities: 0.01%
American Water Capital Corporation		6.09			10-15-2017		750,000		862,076


Total Corporate Bonds and Notes (Cost $1,100,748,315)								$	1,130,548,050


Foreign Government Bonds @: 24.76%
Australian Government Bond Series 119 (AUD)		6.25			4-15-2015		1,000,000		943,711
Australian Government Bond Series 122 (AUD)		5.25			3-15-2019		1,700,000		1,660,808
Australian Government Bond Series 124 (AUD)		5.75			5-15-2021		2,250,000		2,277,973
Australian Government Bond Series 126 (AUD)		4.50			4-15-2020		1,500,000		1,411,695
Australian Government Bond Series 128 (AUD)		5.75			7-15-2022		850,000		864,199
Australian Government Bond Series 128 (AUD)		5.75			7-15-2022		300,000		305,011
Australian Government Bond Series 130 (AUD)		4.75			6-15-2016		1,200,000		1,126,483
Australian Government Bond Series 131 (AUD)		4.50			10-21-2014		1,300,000		1,184,534
Australian Government Bond Series 132 (AUD)		5.50			1-21-2018		1,500,000		1,466,207
Australian Government Bond Series 133 (AUD)		5.50			4-21-2023		1,250,000		1,254,103
Australian Government Bond Series 134 (AUD)		4.75			10-21-2015		1,750,000		1,627,633
Australian Government Bond Series 135 (AUD)		4.25			7-21-2017		1,050,000		978,309
Australian Government Bond Series 136 (AUD)		4.75			4-21-2027		700,000		654,692
Australian Government Bond Series 137 (AUD)		2.75			4-21-2024		1,750,000		1,389,883
Australian Government Bond Series 138 (AUD)		3.25			4-21-2029		250,000		193,731
Australian Government Bond Series 217 (AUD)		6.00			2-15-2017		1,500,000		1,472,562
Belgium (Kingdom) (EUR)		1.25			6-22-2018		750,000		982,316
Belgium (Kingdom) (EUR)		2.25			6-22-2023		800,000		1,012,722
Belgium (Kingdom) (EUR)		2.75			3-28-2016		1,050,000		1,463,433
Belgium (Kingdom) (EUR)		3.25			9-28-2016		1,200,000		1,704,151
Belgium (Kingdom) (EUR)		3.50			6-28-2017		1,275,000		1,834,114
Belgium (Kingdom) (EUR)		3.75			9-28-2015		1,075,000		1,517,500


80		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Belgium (Kingdom) (EUR)		3.75	%		9-28-2020		2,050,000	$	3,006,873
Belgium (Kingdom) (EUR)		4.00			3-28-2018		1,250,000		1,847,161
Belgium (Kingdom) (EUR)		4.00			3-28-2022		1,100,000		1,626,586
Belgium (Kingdom) (EUR)		4.00			3-28-2032		1,000,000		1,411,167
Belgium (Kingdom) (EUR)		4.25			9-28-2021		1,350,000		2,036,571
Belgium (Kingdom) (EUR)		4.25			9-28-2022		1,700,000		2,549,854
Belgium (Kingdom) (EUR)		4.25			3-28-2041		1,150,000		1,677,778
Belgium (Kingdom) (EUR)		4.50			3-28-2026		550,000		833,254
Belgium (Kingdom) (EUR)		8.00			3-28-2015		700,000		1,035,529
Belgium Government Bond Series 31 (EUR)		5.50			3-28-2028		1,485,000		2,474,874
Belgium Government Bond Series 40 (EUR)		5.50			9-28-2017		700,000		1,083,347
Belgium Government Bond Series 43 (EUR)		4.25			9-28-2014		1,000,000		1,378,084
Belgium Government Bond Series 44 (EUR)		5.00			3-28-2035		1,480,000		2,378,312
Belgium Government Bond Series 49 (EUR) 144A		4.00			3-28-2017		1,050,000		1,533,233
Belgium Government Bond Series 55 (EUR)		4.00			3-28-2019		1,200,000		1,781,848
Belgium Government Bond Series 56 (EUR)		3.50			3-28-2015		800,000		1,109,446
Bonos y Obligaciones del Estado (EUR)		2.75			3-31-2015		1,000,000		1,340,238
Bonos y Obligaciones del Estado (EUR)		3.30			7-30-2016		850,000		1,146,607
Bonos y Obligaciones del Estado (EUR)		3.75			10-31-2015		1,700,000		2,316,456
Bonos y Obligaciones del Estado (EUR)		4.10			7-30-2018		1,500,000		2,051,663
Bonos y Obligaciones del Estado (EUR) 144A		4.40			10-31-2023		800,000		1,046,112
Bonos y Obligaciones del Estado (EUR)		4.50			1-31-2018		1,800,000		2,500,916
Bonos y Obligaciones del Estado (EUR) 144A		5.40			1-31-2023		1,250,000		1,764,403
Bundesobligation Series 155 (EUR)		2.50			10-10-2014		1,200,000		1,627,187
Bundesobligation Series 156 (EUR)		2.50			2-27-2015		2,000,000		2,734,573
Bundesobligation Series 157 (EUR)		2.25			4-10-2015		1,750,000		2,388,981
Bundesobligation Series 158 (EUR)		1.75			10-9-2015		1,600,000		2,181,695
Bundesobligation Series 159 (EUR)		2.00			2-26-2016		1,950,000		2,686,440
Bundesobligation Series 161 (EUR)		1.25			10-14-2016		1,850,000		2,508,502
Bundesobligation Series 162 (EUR)		0.75			2-24-2017		1,250,000		1,666,188
Bundesobligation Series 163 (EUR)		0.50			4-7-2017		1,400,000		1,847,923
Bundesobligation Series 164 (EUR)		0.50			10-13-2017		2,500,000		3,284,135
Bundesobligation Series 165 (EUR)		0.50			2-23-2018		500,000		652,914
Bundesobligation Series 166 (EUR)		0.25			4-13-2018		600,000		772,697
Bundesrepublik Deutschland (EUR) ¤		0.00			9-12-2014		2,000,000		2,639,890
Bundesrepublik Deutschland (EUR) ¤		0.00			12-12-2014		1,250,000		1,648,957
Bundesrepublik Deutschland (EUR) ¤		0.00			6-12-2015		600,000		790,105
Bundesrepublik Deutschland (EUR)		1.50			9-4-2022		3,500,000		4,545,342
Bundesrepublik Deutschland (EUR)		1.50			2-15-2023		500,000		643,503
Bundesrepublik Deutschland (EUR)		1.50			5-15-2023		600,000		768,487
Bundesrepublik Deutschland (EUR)		1.75			7-4-2022		2,250,000		2,993,785
Bundesrepublik Deutschland (EUR)		2.00			1-4-2022		1,500,000		2,049,958
Bundesrepublik Deutschland (EUR)		2.25			9-4-2020		1,000,000		1,408,218
Bundesrepublik Deutschland (EUR)		2.50			1-4-2021		1,950,000		2,784,426
Bundesrepublik Deutschland (EUR)		2.50			7-4-2044		1,500,000		1,921,534
Bundesrepublik Deutschland (EUR)		2.75			4-8-2016		1,300,000		1,826,371
Bundesrepublik Deutschland (EUR)		3.00			7-4-2020		1,700,000		2,505,637
Bundesrepublik Deutschland (EUR)		3.25			7-4-2021		1,000,000		1,498,619
Bundesrepublik Deutschland (EUR)		3.25			7-4-2042		1,050,000		1,562,420
Bundesrepublik Deutschland (EUR)		3.50			7-4-2019		2,000,000		3,009,133


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			81


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Bundesrepublik Deutschland (EUR)		4.75	%		7-4-2040		1,550,000	$	2,878,952
Bundesrepublik Deutschland (EUR)		6.50			7-4-2027		1,000,000		1,989,030
Bundesrepublik Deutschland Series 00 (EUR)		5.50			1-4-2031		1,200,000		2,248,742
Bundesrepublik Deutschland Series 00 (EUR)		6.25			1-4-2030		1,150,000		2,294,133
Bundesrepublik Deutschland Series 03 (EUR)		4.75			7-4-2034		1,800,000		3,201,323
Bundesrepublik Deutschland Series 04 (EUR)		3.75			1-4-2015		2,300,000		3,186,191
Bundesrepublik Deutschland Series 05 (EUR)		3.25			7-4-2015		2,300,000		3,208,929
Bundesrepublik Deutschland Series 05 (EUR)		3.50			1-4-2016		1,900,000		2,700,826
Bundesrepublik Deutschland Series 05 (EUR)		4.00			1-4-2037		2,050,000		3,355,841
Bundesrepublik Deutschland Series 06 (EUR)		4.00			7-4-2016		2,200,000		3,205,662
Bundesrepublik Deutschland Series 08 (EUR)		4.25			7-4-2018		3,000,000		4,608,065
Bundesrepublik Deutschland Series 09 (EUR)		3.75			1-4-2019		1,900,000		2,876,229
Bundesrepublik Deutschland Series 161 (EUR)		2.25			9-4-2021		2,650,000		3,703,794
Bundesrepublik Deutschland Series 94 (EUR)		6.25			1-4-2024		855,000		1,593,767
Bundesrepublik Deutschland Series 98 (EUR)		4.75			7-4-2028		1,300,000		2,231,183
Bundesrepublik Deutschland Series 98 (EUR)		5.63			1-4-2028		1,400,000		2,594,875
Canadian Government Bond (CAD)		1.00			11-1-2014		1,500,000		1,422,102
Canadian Government Bond (CAD)		1.00			2-1-2015		1,350,000		1,278,713
Canadian Government Bond (CAD)		1.25			2-1-2016		500,000		474,053
Canadian Government Bond (CAD)		1.25			3-1-2018		950,000		877,593
Canadian Government Bond (CAD)		1.25			9-1-2018		300,000		275,363
Canadian Government Bond (CAD)		1.50			8-1-2015		2,000,000		1,909,807
Canadian Government Bond (CAD)		1.50			3-1-2017		500,000		473,474
Canadian Government Bond (CAD)		1.50			9-1-2017		2,500,000		2,350,494
Canadian Government Bond (CAD)		1.50			6-1-2023		1,050,000		901,866
Canadian Government Bond (CAD)		2.00			12-1-2014		1,000,000		959,461
Canadian Government Bond (CAD)		2.00			6-1-2016		500,000		482,783
Canadian Government Bond (CAD)		2.50			6-1-2015		700,000		679,704
Canadian Government Bond (CAD)		2.75			9-1-2016		1,500,000		1,477,699
Canadian Government Bond (CAD)		2.75			6-1-2022		1,200,000		1,159,886
Canadian Government Bond (CAD)		3.00			12-1-2015		950,000		936,182
Canadian Government Bond (CAD)		3.25			6-1-2021		2,000,000		2,015,038
Canadian Government Bond (CAD)		3.50			6-1-2020		500,000		511,882
Canadian Government Bond (CAD)		3.50			12-1-2045		1,200,000		1,238,838
Canadian Government Bond (CAD)		3.75			6-1-2019		1,600,000		1,654,716
Canadian Government Bond (CAD)		4.00			6-1-2016		1,300,000		1,321,475
Canadian Government Bond (CAD)		4.00			6-1-2017		500,000		515,243
Canadian Government Bond (CAD)		4.00			6-1-2041		1,550,000		1,725,852
Canadian Government Bond (CAD)		4.25			6-1-2018		1,000,000		1,050,242
Canadian Government Bond (CAD)		4.50			6-1-2015		1,150,000		1,154,203
Canadian Government Bond (CAD)		5.00			6-1-2037		1,250,000		1,571,276
Canadian Government Bond (CAD)		5.75			6-1-2029		1,150,000		1,482,553
Canadian Government Bond (CAD)		5.75			6-1-2033		1,250,000		1,666,002
Canadian Government Bond (CAD)		8.00			6-1-2023		195,000		271,543
Canadian Government Bond (CAD)		8.00			6-1-2027		593,000		894,077
Canadian Government Bond (CAD)		9.00			6-1-2025		200,000		309,783
Denmark Government Bond (DKK)		1.50			11-15-2023		7,500,000		1,261,874
Denmark Government Bond (DKK)		2.50			11-15-2016		4,350,000		818,215
Denmark Government Bond (DKK)		3.00			11-15-2021		4,500,000		875,675


82		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Denmark Government Bond (DKK)		4.00	%		11-15-2015		9,975,000	$	1,908,633
Denmark Government Bond (DKK)		4.00			11-15-2017		5,000,000		1,001,641
Denmark Government Bond (DKK)		4.00			11-15-2019		10,400,000		2,138,977
Denmark Government Bond (DKK)		4.50			11-15-2039		10,700,000		2,565,797
Denmark Government Bond (DKK)		7.00			11-10-2024		2,000,000		532,577
France Government Bond (EUR)		0.25			11-25-2015		275,000		361,868
France Government Bond (EUR)		1.00			5-25-2018		1,000,000		1,309,536
France Government Bond (EUR)		1.75			5-25-2023		1,000,000		1,241,082
France Government Bond (EUR)		2.25			10-25-2022		1,200,000		1,572,341
France Government Bond (EUR)		2.50			10-25-2020		2,600,000		3,592,710
France Government Bond (EUR)		2.75			10-25-2027		2,250,000		2,890,410
France Government Bond (EUR)		3.00			10-25-2015		3,275,000		4,568,197
France Government Bond (EUR)		3.00			4-25-2022		2,250,000		3,155,704
France Government Bond (EUR)		3.25			4-25-2016		2,300,000		3,255,955
France Government Bond (EUR)		3.25			10-25-2021		4,000,000		5,750,763
France Government Bond (EUR)		3.25			5-25-2045		150,000		188,329
France Government Bond (EUR)		3.50			4-25-2015		2,250,000		3,128,048
France Government Bond (EUR)		3.50			4-25-2020		3,400,000		5,002,358
France Government Bond (EUR)		3.50			4-25-2026		2,650,000		3,743,420
France Government Bond (EUR)		3.75			4-25-2017		2,900,000		4,225,262
France Government Bond (EUR)		3.75			10-25-2019		2,800,000		4,176,631
France Government Bond (EUR)		3.75			4-25-2021		3,250,000		4,841,913
France Government Bond (EUR)		4.00			10-25-2014		2,000,000		2,756,697
France Government Bond (EUR)		4.00			4-25-2018		2,750,000		4,101,132
France Government Bond (EUR)		4.00			10-25-2038		2,000,000		2,905,906
France Government Bond (EUR)		4.00			4-25-2055		1,150,000		1,650,367
France Government Bond (EUR)		4.00			4-25-2060		1,000,000		1,435,872
France Government Bond (EUR)		4.25			10-25-2017		2,750,000		4,107,900
France Government Bond (EUR)		4.25			10-25-2018		3,150,000		4,774,355
France Government Bond (EUR)		4.25	��		4-25-2019		2,950,000		4,492,353
France Government Bond (EUR)		4.25			10-25-2023		2,750,000		4,185,097
France Government Bond (EUR)		4.50			4-25-2041		2,450,000		3,842,326
France Government Bond (EUR)		4.75			4-25-2035		2,150,000		3,457,595
France Government Bond (EUR)		5.00			10-25-2016		2,550,000		3,818,863
France Government Bond (EUR)		5.50			4-25-2029		2,150,000		3,695,461
France Government Bond (EUR)		5.75			10-25-2032		2,000,000		3,594,338
France Government Bond (EUR)		6.00			10-25-2025		1,600,000		2,819,492
France Government Bond (EUR)		8.25			4-25-2022		1,000,000		1,954,879
France Government Bond (EUR)		8.50			10-25-2019		1,400,000		2,606,365
France Government Bond (EUR)		8.50			4-25-2023		1,050,000		2,107,463
French Treasury Note (EUR)		0.75			9-25-2014		900,000		1,196,233
French Treasury Note (EUR)		1.00			7-25-2017		1,500,000		1,984,838
French Treasury Note (EUR)		1.75			2-25-2017		2,400,000		3,271,255
French Treasury Note (EUR)		2.00			7-12-2015		2,450,000		3,335,928
French Treasury Note (EUR)		2.25			2-25-2016		3,750,000		5,172,257
French Treasury Note (EUR)		2.50			1-15-2015		2,850,000		3,881,587
French Treasury Note (EUR)		2.50			7-25-2016		2,150,000		2,993,002
Germany Government Bond (EUR)		3.25			1-4-2020		2,550,000		3,802,302
Germany Government Bond (EUR)		3.75			1-4-2017		2,200,000		3,225,725


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			83


Security name	Interest rate			Maturity date			Principal		Value


Foreign Government Bonds @ (continued)
Germany Government Bond (EUR)		4.00	%		1-4-2018			1,500,000	$	2,262,321
Germany Government Bond (EUR)		4.25			7-4-2017			2,250,000		3,387,058
Germany Government Bond (EUR)		4.25			7-4-2039			1,300,000		2,237,482
Italy Buoni Poliennali del Tesoro (EUR)		2.25			5-15-2016			800,000		1,055,861
Italy Buoni Poliennali del Tesoro (EUR)		2.50			3-1-2015			3,500,000		4,682,672
Italy Buoni Poliennali del Tesoro (EUR)		2.75			12-1-2015			350,000		469,438
Italy Buoni Poliennali del Tesoro (EUR)		3.00			4-15-2015	��		1,200,000		1,617,262
Italy Buoni Poliennali del Tesoro (EUR)		3.00			6-15-2015			1,350,000		1,819,020
Italy Buoni Poliennali del Tesoro (EUR)		3.00			11-1-2015			1,250,000		1,686,947
Italy Buoni Poliennali del Tesoro (EUR)		3.50			11-1-2017			2,250,000		3,024,563
Italy Buoni Poliennali del Tesoro (EUR)		3.50			6-1-2018			750,000		1,002,240
Italy Buoni Poliennali del Tesoro (EUR)		3.75			8-1-2015			3,300,000		4,504,500
Italy Buoni Poliennali del Tesoro (EUR)		3.75			4-15-2016			2,600,000		3,567,384
Italy Buoni Poliennali del Tesoro (EUR)		3.75			8-1-2016			1,750,000		2,399,482
Italy Buoni Poliennali del Tesoro (EUR)		3.75			3-1-2021			1,700,000		2,251,074
Italy Buoni Poliennali del Tesoro (EUR)		3.75			8-1-2021			1,900,000		2,515,479
Italy Buoni Poliennali del Tesoro (EUR)		4.00			2-1-2017			2,000,000		2,754,583
Italy Buoni Poliennali del Tesoro (EUR)		4.00			9-1-2020			2,000,000		2,691,408
Italy Buoni Poliennali del Tesoro (EUR)		4.00			2-1-2037			2,000,000		2,367,043
Italy Buoni Poliennali del Tesoro (EUR)		4.25			2-1-2015			1,650,000		2,264,458
Italy Buoni Poliennali del Tesoro (EUR)		4.25			2-1-2019			2,050,000		2,818,841
Italy Buoni Poliennali del Tesoro (EUR)		4.25			9-1-2019			2,050,000		2,815,319
Italy Buoni Poliennali del Tesoro (EUR)		4.25			3-1-2020			2,350,000		3,208,061
Italy Buoni Poliennali del Tesoro (EUR)		4.50			7-15-2015			1,000,000		1,382,829
Italy Buoni Poliennali del Tesoro (EUR)		4.50			2-1-2018			2,750,000		3,839,562
Italy Buoni Poliennali del Tesoro (EUR)		4.50			8-1-2018			2,500,000		3,487,504
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2019			2,750,000		3,820,989
Italy Buoni Poliennali del Tesoro (EUR)		4.50			2-1-2020			1,800,000		2,489,307
Italy Buoni Poliennali del Tesoro (EUR)		4.50			5-1-2023			1,925,000		2,578,523
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2026			4,300,000		5,705,827
Italy Buoni Poliennali del Tesoro (EUR)		4.75			9-15-2016			2,500,000		3,515,919
Italy Buoni Poliennali del Tesoro (EUR)		4.75			5-1-2017			250,000		351,361
Italy Buoni Poliennali del Tesoro (EUR)		4.75			6-1-2017			4,000,000		5,619,740
Italy Buoni Poliennali del Tesoro (EUR)		4.75			9-1-2021			2,450,000		3,409,982
Italy Buoni Poliennali del Tesoro (EUR)		4.75			8-1-2023			2,250,000		3,092,364
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75			9-1-2028			950,000		1,260,886
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75			9-1-2044			700,000		880,155
Italy Buoni Poliennali del Tesoro (EUR)		5.00			3-1-2022			2,200,000		3,088,147
Italy Buoni Poliennali del Tesoro (EUR) 144A		5.00			3-1-2025			1,550,000		2,138,899
Italy Buoni Poliennali del Tesoro (EUR)		5.00			8-1-2034			1,850,000		2,466,911
Italy Buoni Poliennali del Tesoro (EUR)		5.00			8-1-2039			1,700,000		2,254,022
Italy Buoni Poliennali del Tesoro (EUR)		5.00			9-1-2040			2,200,000		2,900,012
Italy Buoni Poliennali del Tesoro (EUR)		5.25			8-1-2017			2,700,000		3,866,064
Italy Buoni Poliennali del Tesoro (EUR)		5.25			11-1-2029			2,850,000		3,954,284
Italy Buoni Poliennali del Tesoro (EUR)		5.50			9-1-2022			1,000,000		1,436,898
Italy Buoni Poliennali del Tesoro (EUR)		5.50			11-1-2022			2,000,000		2,870,835
Italy Buoni Poliennali del Tesoro (EUR)		5.75			2-1-2033			1,450,000		2,117,115
Italy Buoni Poliennali del Tesoro (EUR)		6.00			11-15-2014			1,250,000		1,742,518
Italy Buoni Poliennali del Tesoro (EUR)		6.00			5-1-2031			2,450,000		3,668,702


84		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Italy Buoni Poliennali del Tesoro (EUR)		6.50	%		11-1-2027		2,050,000	$	3,204,831
Italy Buoni Poliennali del Tesoro (EUR)		7.25			11-1-2026		950,000		1,579,629
Italy Buoni Poliennali del Tesoro (EUR)		9.00			11-1-2023		730,000		1,322,317
Italy Certificati di Credito del Tesoro (EUR) ¤		0.00			9-30-2014		2,000,000		2,606,584
Japan Government Five Year Bond Series 102 (JPY)		0.30			12-20-2016		240,000,000		2,455,145
Japan Government Five Year Bond Series 103 (JPY)		0.30			3-20-2017		400,000,000		4,091,097
Japan Government Five Year Bond Series 105 (JPY)		0.20			6-20-2017		900,000,000		9,167,708
Japan Government Five Year Bond Series 106 (JPY)		0.20			9-20-2017		700,000,000		7,126,048
Japan Government Five Year Bond Series 107 (JPY)		0.20			12-20-2017		500,000,000		5,086,419
Japan Government Five Year Bond Series 110 (JPY)		0.30			3-20-2018		300,000,000		3,063,263
Japan Government Five Year Bond Series 66 (JPY)		0.40			9-20-2016		1,525,000,000		15,649,543
Japan Government Five Year Bond Series 85 (JPY)		0.70			9-20-2014		350,000,000		3,586,729
Japan Government Five Year Bond Series 86 (JPY)		0.60			9-20-2014		150,000,000		1,535,576
Japan Government Five Year Bond Series 87 (JPY)		0.50			12-20-2014		895,000,000		9,161,433
Japan Government Five Year Bond Series 88 (JPY)		0.50			3-20-2015		819,000,000		8,391,378
Japan Government Five Year Bond Series 89 (JPY)		0.40			6-20-2015		667,000,000		6,828,162
Japan Government Five Year Bond Series 90 (JPY)		0.30			6-20-2015		300,000,000		3,065,665
Japan Government Five Year Bond Series 91 (JPY)		0.40			9-20-2015		415,000,000		4,251,141
Japan Government Five Year Bond Series 93 (JPY)		0.50			12-20-2015		660,000,000		6,779,733
Japan Government Five Year Bond Series 94 (JPY)		0.60			12-20-2015		660,000,000		6,795,120
Japan Government Five Year Bond Series 96 (JPY)		0.50			3-20-2016		500,000,000		5,139,904
Japan Government Five Year Bond Series 97 (JPY)		0.40			6-20-2016		590,000,000		6,052,468
Japan Government Forty Year Bond Series 1 (JPY)		2.40			3-20-2048		136,500,000		1,596,158
Japan Government Forty Year Bond Series 2 (JPY)		2.20			3-20-2049		41,000,000		458,001
Japan Government Forty Year Bond Series 3 (JPY)		2.20			3-20-2050		223,000,000		2,490,323
Japan Government Forty Year Bond Series 5 (JPY)		2.00			3-20-2052		270,000,000		2,861,335
Japan Government Forty Year Bond Series 6 (JPY)		1.90			3-20-2053		90,000,000		926,759
Japan Government Ten Year Bond Series 264 (JPY)		1.50			9-20-2014		351,500,000		3,631,972
Japan Government Ten Year Bond Series 265 (JPY)		1.50			12-20-2014		498,000,000		5,163,172
Japan Government Ten Year Bond Series 269 (JPY)		1.30			3-20-2015		547,000,000		5,673,229
Japan Government Ten Year Bond Series 270 (JPY)		1.30			6-20-2015		682,000,000		7,093,668
Japan Government Ten Year Bond Series 273 (JPY)		1.50			9-20-2015		505,000,000		5,288,533
Japan Government Ten Year Bond Series 276 (JPY)		1.60			12-20-2015		662,000,000		6,970,057
Japan Government Ten Year Bond Series 277 (JPY)		1.60			3-20-2016		428,000,000		4,521,491
Japan Government Ten Year Bond Series 279 (JPY)		2.00			3-20-2016		350,000,000		3,733,680
Japan Government Ten Year Bond Series 280 (JPY)		1.90			6-20-2016		400,000,000		4,273,659
Japan Government Ten Year Bond Series 281 (JPY)		2.00			6-20-2016		335,000,000		3,588,695
Japan Government Ten Year Bond Series 282 (JPY)		1.70			9-20-2016		495,000,000		5,278,646
Japan Government Ten Year Bond Series 284 (JPY)		1.70			12-20-2016		630,000,000		6,739,649
Japan Government Ten Year Bond Series 285 (JPY)		1.70			3-20-2017		700,000,000		7,511,841
Japan Government Ten Year Bond Series 286 (JPY)		1.80			6-20-2017		325,000,000		3,510,606
Japan Government Ten Year Bond Series 288 (JPY)		1.70			9-20-2017		700,000,000		7,556,421
Japan Government Ten Year Bond Series 289 (JPY)		1.50			12-20-2017		440,000,000		4,724,866
Japan Government Ten Year Bond Series 290 (JPY)		1.40			3-20-2018		475,000,000		5,090,494
Japan Government Ten Year Bond Series 291 (JPY)		1.30			3-20-2018		175,000,000		1,867,396
Japan Government Ten Year Bond Series 292 (JPY)		1.70			3-20-2018		400,000,000		4,341,926
Japan Government Ten Year Bond Series 293 (JPY)		1.80			6-20-2018		300,000,000		3,279,574
Japan Government Ten Year Bond Series 294 (JPY)		1.70			6-20-2018		300,000,000		3,264,969
Japan Government Ten Year Bond Series 296 (JPY)		1.50			9-20-2018		630,000,000		6,809,448
Japan Government Ten Year Bond Series 297 (JPY)		1.40			12-20-2018		525,000,000		5,657,039


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			85


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Japan Government Ten Year Bond Series 298 (JPY)		1.30	%		12-20-2018		550,000,000	$	5,897,024
Japan Government Ten Year Bond Series 299 (JPY)		1.30			3-20-2019		500,000,000		5,368,147
Japan Government Ten Year Bond Series 301 (JPY)		1.50			6-20-2019		620,000,000		6,736,988
Japan Government Ten Year Bond Series 302 (JPY)		1.40			6-20-2019		350,000,000		3,782,702
Japan Government Ten Year Bond Series 303 (JPY)		1.40			9-20-2019		470,000,000		5,085,636
Japan Government Ten Year Bond Series 304 (JPY)		1.30			9-20-2019		500,000,000		5,379,829
Japan Government Ten Year Bond Series 305 (JPY)		1.30			12-20-2019		525,000,000		5,650,334
Japan Government Ten Year Bond Series 306 (JPY)		1.40			3-20-2020		450,000,000		4,873,273
Japan Government Ten Year Bond Series 307 (JPY)		1.30			3-20-2020		350,000,000		3,767,338
Japan Government Ten Year Bond Series 308 (JPY)		1.30			6-20-2020		758,000,000		8,158,453
Japan Government Ten Year Bond Series 309 (JPY)		1.10			6-20-2020		150,000,000		1,594,052
Japan Government Ten Year Bond Series 311 (JPY)		0.80			9-20-2020		202,000,000		2,102,629
Japan Government Ten Year Bond Series 312 (JPY)		1.20			12-20-2020		200,000,000		2,137,298
Japan Government Ten Year Bond Series 313 (JPY)		1.30			3-20-2021		517,000,000		5,560,879
Japan Government Ten Year Bond Series 315 (JPY)		1.20			6-20-2021		865,000,000		9,232,334
Japan Government Ten Year Bond Series 317 (JPY)		1.10			9-20-2021		200,000,000		2,117,234
Japan Government Ten Year Bond Series 318 (JPY)		1.00			9-20-2021		450,000,000		4,727,835
Japan Government Ten Year Bond Series 320 (JPY)		1.00			12-20-2021		725,000,000		7,612,157
Japan Government Ten Year Bond Series 321 (JPY)		1.00			3-20-2022		600,000,000		6,295,230
Japan Government Ten Year Bond Series 322 (JPY)		0.90			3-20-2022		400,000,000		4,162,994
Japan Government Ten Year Bond Series 324 (JPY)		0.80			6-20-2022		500,000,000		5,154,698
Japan Government Ten Year Bond Series 325 (JPY)		0.80			9-20-2022		850,000,000		8,751,083
Japan Government Ten Year Bond Series 326 (JPY)		0.70			12-20-2022		600,000,000		6,114,317
Japan Government Ten Year Bond Series 327 (JPY)		0.80			12-20-2022		550,000,000		5,655,116
Japan Government Ten Year Bond Series 328 (JPY)		0.60			3-20-2023		450,000,000		4,536,198
Japan Government Thirty Year Bond Series 11 (JPY)		1.70			6-20-2033		247,000,000		2,538,235
Japan Government Thirty Year Bond Series 14 (JPY)		2.40			3-20-2034		125,000,000		1,436,138
Japan Government Thirty Year Bond Series 15 (JPY)		2.50			6-20-2034		245,000,000		2,860,345
Japan Government Thirty Year Bond Series 16 (JPY)		2.50			9-20-2034		100,000,000		1,168,396
Japan Government Thirty Year Bond Series 17 (JPY)		2.40			12-20-2034		110,000,000		1,266,149
Japan Government Thirty Year Bond Series 18 (JPY)		2.30			3-20-2035		590,500,000		6,692,494
Japan Government Thirty Year Bond Series 22 (JPY)		2.50			3-20-2036		250,000,000		2,932,943
Japan Government Thirty Year Bond Series 23 (JPY)		2.50			6-20-2036		225,000,000		2,641,253
Japan Government Thirty Year Bond Series 25 (JPY)		2.30			12-20-2036		190,000,000		2,158,850
Japan Government Thirty Year Bond Series 26 (JPY)		2.40			3-20-2037		110,000,000		1,271,922
Japan Government Thirty Year Bond Series 27 (JPY)		2.50			9-20-2037		140,000,000		1,648,172
Japan Government Thirty Year Bond Series 28 (JPY)		2.50			3-20-2038		325,000,000		3,830,111
Japan Government Thirty Year Bond Series 29 (JPY)		2.40			9-20-2038		120,000,000		1,390,773
Japan Government Thirty Year Bond Series 3 (JPY)		2.30			5-20-2030		100,000,000		1,151,696
Japan Government Thirty Year Bond Series 30 (JPY)		2.30			3-20-2039		210,000,000		2,391,451
Japan Government Thirty Year Bond Series 31 (JPY)		2.20			9-20-2039		135,000,000		1,509,148
Japan Government Thirty Year Bond Series 32 (JPY)		2.30			3-20-2040		590,000,000		6,723,032
Japan Government Thirty Year Bond Series 34 (JPY)		2.20			3-20-2041		445,000,000		4,974,179
Japan Government Thirty Year Bond Series 36 (JPY)		2.00			3-20-2042		360,000,000		3,858,924
Japan Government Thirty Year Bond Series 37 (JPY)		1.90			9-20-2042		250,000,000		2,620,095
Japan Government Thirty Year Bond Series 38 (JPY)		1.80			3-20-2043		100,000,000		1,023,569
Japan Government Thirty Year Bond Series 4 (JPY)		2.90			11-20-2030		40,000,000		495,846
Japan Government Twenty Year Bond Series 100 (JPY)		2.20			3-20-2028		250,000,000		2,892,318
Japan Government Twenty Year Bond Series 102 (JPY)		2.40			6-20-2028		210,000,000		2,483,135
Japan Government Twenty Year Bond Series 105 (JPY)		2.10			9-20-2028		200,000,000		2,277,784


86		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Japan Government Twenty Year Bond Series 108 (JPY)		1.90	%		12-20-2028		322,000,000	$	3,568,731
Japan Government Twenty Year Bond Series 110 (JPY)		2.10			3-20-2029		680,000,000		7,712,032
Japan Government Twenty Year Bond Series 112 (JPY)		2.10			6-20-2029		173,000,000		1,957,465
Japan Government Twenty Year Bond Series 113 (JPY)		2.10			9-20-2029		350,000,000		3,950,738
Japan Government Twenty Year Bond Series 115 (JPY)		2.20			12-20-2029		160,000,000		1,825,501
Japan Government Twenty Year Bond Series 116 (JPY)		2.20			3-20-2030		100,000,000		1,138,400
Japan Government Twenty Year Bond Series 117 (JPY)		2.10			3-20-2030		200,000,000		2,246,814
Japan Government Twenty Year Bond Series 118 (JPY)		2.00			6-20-2030		70,000,000		773,723
Japan Government Twenty Year Bond Series 120 (JPY)		1.60			6-20-2030		326,500,000		3,410,873
Japan Government Twenty Year Bond Series 121 (JPY)		1.90			9-20-2030		135,000,000		1,467,431
Japan Government Twenty Year Bond Series 123 (JPY)		2.10			12-20-2030		240,000,000		2,676,778
Japan Government Twenty Year Bond Series 125 (JPY)		2.20			3-20-2031		100,000,000		1,128,644
Japan Government Twenty Year Bond Series 126 (JPY)		2.00			3-20-2031		160,000,000		1,755,711
Japan Government Twenty Year Bond Series 127 (JPY)		1.90			3-20-2031		155,000,000		1,676,564
Japan Government Twenty Year Bond Series 128 (JPY)		1.90			6-20-2031		615,000,000		6,634,609
Japan Government Twenty Year Bond Series 130 (JPY)		1.80			9-20-2031		125,000,000		1,325,000
Japan Government Twenty Year Bond Series 133 (JPY)		1.80			12-20-2031		390,000,000		4,123,700
Japan Government Twenty Year Bond Series 134 (JPY)		1.80			3-20-2032		100,000,000		1,054,685
Japan Government Twenty Year Bond Series 139 (JPY)		1.60			6-20-2032		300,000,000		3,056,789
Japan Government Twenty Year Bond Series 140 (JPY)		1.70			9-20-2032		500,000,000		5,163,579
Japan Government Twenty Year Bond Series 141 (JPY)		1.70			12-20-2032		300,000,000		3,093,173
Japan Government Twenty Year Bond Series 30 (JPY)		3.70			9-21-2015		100,000,000		1,093,060
Japan Government Twenty Year Bond Series 37 (JPY)		3.10			9-20-2017		250,000,000		2,842,181
Japan Government Twenty Year Bond Series 41 (JPY)		1.50			3-20-2019		395,000,000		4,285,021
Japan Government Twenty Year Bond Series 45 (JPY)		2.40			3-20-2020		430,000,000		4,939,090
Japan Government Twenty Year Bond Series 48 (JPY)		2.50			12-21-2020		100,000,000		1,163,343
Japan Government Twenty Year Bond Series 50 (JPY)		1.90			3-22-2021		629,000,000		7,049,451
Japan Government Twenty Year Bond Series 52 (JPY)		2.10			9-21-2021		408,000,000		4,645,116
Japan Government Twenty Year Bond Series 55 (JPY)		2.00			3-21-2022		300,000,000		3,401,349
Japan Government Twenty Year Bond Series 58 (JPY)		1.90			9-20-2022		260,000,000		2,931,924
Japan Government Twenty Year Bond Series 59 (JPY)		1.70			12-20-2022		100,000,000		1,110,560
Japan Government Twenty Year Bond Series 60 (JPY)		1.40			12-20-2022		100,000,000		1,083,107
Japan Government Twenty Year Bond Series 62 (JPY)		0.80			6-20-2023		257,000,000		2,634,990
Japan Government Twenty Year Bond Series 64 (JPY)		1.90			9-20-2023		428,500,000		4,850,017
Japan Government Twenty Year Bond Series 65 (JPY)		1.90			12-20-2023		250,000,000		2,831,219
Japan Government Twenty Year Bond Series 67 (JPY)		1.90			3-20-2024		173,000,000		1,960,169
Japan Government Twenty Year Bond Series 70 (JPY)		2.40			6-20-2024		488,000,000		5,787,630
Japan Government Twenty Year Bond Series 73 (JPY)		2.00			12-20-2024		298,500,000		3,416,280
Japan Government Twenty Year Bond Series 76 (JPY)		1.90			3-20-2025		100,000,000		1,133,302
Japan Government Twenty Year Bond Series 82 (JPY)		2.10			9-20-2025		255,000,000		2,946,435
Japan Government Twenty Year Bond Series 86 (JPY)		2.30			3-20-2026		230,000,000		2,710,109
Japan Government Twenty Year Bond Series 88 (JPY)		2.30			6-20-2026		375,000,000		4,417,044
Japan Government Twenty Year Bond Series 90 (JPY)		2.20			9-20-2026		250,000,000		2,912,296
Japan Government Twenty Year Bond Series 92 (JPY)		2.10			12-20-2026		230,000,000		2,648,196
Japan Government Twenty Year Bond Series 93 (JPY)		2.00			3-20-2027		420,000,000		4,777,075
Japan Government Twenty Year Bond Series 95 (JPY)		2.30			6-20-2027		165,000,000		1,938,431
Japan Government Twenty Year Bond Series 97 (JPY)		2.20			9-20-2027		200,000,000		2,320,849
Japan Government Twenty Year Bond Series 99 (JPY)		2.10			12-20-2027		200,000,000		2,290,662
Japan Government Twenty Year Bond Series143 (JPY)		1.60			3-20-2033		250,000,000		2,531,013
Japan Government Two Year Bond Series 320 (JPY)		0.10			9-15-2014		100,000,000		1,018,408


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			87


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Japan Government Two Year Bond Series 321 (JPY)		0.10	%		10-15-2014		600,000,000	$	6,110,369
Japan Government Two Year Bond Series 322 (JPY)		0.10			11-15-2014		100,000,000		1,018,380
Japan Government Two Year Bond Series 324 (JPY)		0.10			1-15-2015		600,000,000		6,110,076
Japan Government Two Year Bond Series 325 (JPY)		0.10			2-15-2015		500,000,000		5,091,638
Netherlands Government Bond (EUR) 144A		0.01			4-15-2016		550,000		717,545
Netherlands Government Bond (EUR) 144A		0.75			4-15-2015		1,600,000		2,131,041
Netherlands Government Bond (EUR) 144A		1.25			1-15-2018		1,000,000		1,332,739
Netherlands Government Bond (EUR) 144A		1.25			1-15-2019		500,000		657,825
Netherlands Government Bond (EUR) 144A		1.75			7-15-2023		850,000		1,070,490
Netherlands Government Bond (EUR) 144A		2.25			7-15-2022		1,700,000		2,276,827
Netherlands Government Bond (EUR) 144A		2.50			1-15-2017		1,150,000		1,607,611
Netherlands Government Bond (EUR) 144A		2.50			1-15-2033		1,150,000		1,446,572
Netherlands Government Bond (EUR) 144A		2.75			1-15-2015		1,200,000		1,640,228
Netherlands Government Bond (EUR) 144A		3.25			7-15-2015		1,375,000		1,916,255
Netherlands Government Bond (EUR) 144A		3.25			7-15-2021		1,500,000		2,179,731
Netherlands Government Bond (EUR) 144A		3.50			7-15-2020		1,400,000		2,071,644
Netherlands Government Bond (EUR) 144A		3.75			1-15-2023		850,000		1,276,095
Netherlands Government Bond (EUR) 144A		3.75			1-15-2042		1,400,000		2,171,154
Netherlands Government Bond (EUR) 144A		4.00			7-15-2016		1,450,000		2,102,857
Netherlands Government Bond (EUR) 144A		4.00			7-15-2018		1,750,000		2,622,028
Netherlands Government Bond (EUR) 144A		4.00			7-15-2019		1,450,000		2,194,461
Netherlands Government Bond (EUR) 144A		4.00			1-15-2037		1,053,000		1,666,474
Netherlands Government Bond (EUR) 144A		4.50			7-15-2017		1,600,000		2,403,301
Netherlands Government Bond (EUR) 144A		5.50			1-15-2028		1,010,000		1,786,986
Netherlands Government Bond (EUR) 144A		7.50			1-15-2023		335,000		643,439
Spain Government Bond (EUR)		3.00			4-30-2015		1,900,000		2,552,870
Spain Government Bond (EUR)		3.15			1-31-2016		2,000,000		2,691,831
Spain Government Bond (EUR)		3.25			4-30-2016		1,800,000		2,427,346
Spain Government Bond (EUR)		3.30			10-31-2014		2,250,000		3,034,971
Spain Government Bond (EUR)		3.80			1-31-2017		1,400,000		1,907,670
Spain Government Bond (EUR)		4.00			7-30-2015		1,800,000		2,460,925
Spain Government Bond (EUR)		4.00			4-30-2020		1,275,000		1,689,485
Spain Government Bond (EUR)		4.20			1-31-2037		1,500,000		1,738,829
Spain Government Bond (EUR)		4.25			10-31-2016		2,600,000		3,595,665
Spain Government Bond (EUR)		4.30			10-31-2019		2,050,000		2,784,378
Spain Government Bond (EUR)		4.40			1-31-2015		1,852,000		2,542,324
Spain Government Bond (EUR)		4.60			7-30-2019		1,700,000		2,357,590
Spain Government Bond (EUR)		4.65			7-30-2025		1,400,000		1,839,565
Spain Government Bond (EUR)		4.70			7-30-2041		1,100,000		1,365,786
Spain Government Bond (EUR)		4.80			1-31-2024		1,400,000		1,882,061
Spain Government Bond (EUR)		4.85			10-31-2020		1,700,000		2,355,101
Spain Government Bond (EUR)		4.90			7-30-2040		1,250,000		1,601,374
Spain Government Bond (EUR)		5.50			7-30-2017		2,100,000		3,028,310
Spain Government Bond (EUR)		5.50			4-30-2021		2,050,000		2,953,769
Spain Government Bond (EUR)		5.75			7-30-2032		1,450,000		2,086,568
Spain Government Bond (EUR)		5.85			1-31-2022		1,750,000		2,555,394
Spain Government Bond (EUR)		5.90			7-30-2026		2,150,000		3,134,795
Spain Government Bond (EUR)		6.00			1-31-2029		1,250,000		1,838,977
Sweden Government Bond Series 1047 (SEK)		5.00			12-1-2020		7,590,000		1,359,737
Sweden Government Bond Series 1049 (SEK)		4.50			8-12-2015		6,050,000		969,194


88		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Sweden Government Bond Series 1050 (SEK)		3.00	%		7-12-2016		3,800,000	$	597,727
Sweden Government Bond Series 1051 (SEK)		3.75			8-12-2017		6,000,000		976,622
Sweden Government Bond Series 1052 (SEK)		4.25			3-12-2019		6,000,000		1,013,337
Sweden Government Bond Series 1053 (SEK)		3.50			3-30-2039		4,250,000		687,100
Sweden Government Bond Series 1054 (SEK)		3.50			6-1-2022		2,000,000		329,401
Sweden Government Bond Series 1056 (SEK)		2.25			6-1-2032		1,000,000		137,385
Sweden Government Bond Series 1057 (SEK)		1.50			11-13-2023		8,000,000		1,105,359
United Kingdom Gilt (GBP)		1.00			9-7-2017		5,250,000		8,064,006
United Kingdom Gilt (GBP)		1.25			7-22-2018		1,700,000		2,596,575
United Kingdom Gilt (GBP)		1.75			1-22-2017		2,300,000		3,658,195
United Kingdom Gilt (GBP)		1.75			9-7-2022		4,000,000		5,782,366
United Kingdom Gilt (GBP)		2.00			1-22-2016		2,950,000		4,721,108
United Kingdom Gilt (GBP)		2.75			1-22-2015		2,775,000		4,439,752
United Kingdom Gilt (GBP)		3.25			1-22-2044		1,200,000		1,743,963
United Kingdom Gilt (GBP)		3.50			7-22-2068		300,000		457,538
United Kingdom Gilt (GBP)		3.75			9-7-2019		2,200,000		3,779,834
United Kingdom Gilt (GBP)		3.75			9-7-2020		2,250,000		3,862,117
United Kingdom Gilt (GBP)		3.75			9-7-2021		2,150,000		3,676,703
United Kingdom Gilt (GBP)		3.75			7-22-2052		2,300,000		3,717,220
United Kingdom Gilt (GBP)		4.00			9-7-2016		3,400,000		5,778,387
United Kingdom Gilt (GBP)		4.00			3-7-2022		2,600,000		4,518,570
United Kingdom Gilt (GBP)		4.00			1-22-2060		2,800,000		4,800,067
United Kingdom Gilt (GBP)		4.25			12-7-2027		2,950,000		5,155,732
United Kingdom Gilt (GBP)		4.25			6-7-2032		1,750,000		3,047,854
United Kingdom Gilt (GBP)		4.25			3-7-2036		1,300,000		2,266,066
United Kingdom Gilt (GBP)		4.25			9-7-2039		1,350,000		2,357,880
United Kingdom Gilt (GBP)		4.25			12-7-2040		2,300,000		4,013,842
United Kingdom Gilt (GBP)		4.25			12-7-2046		1,850,000		3,263,072
United Kingdom Gilt (GBP)		4.25			12-7-2049		1,400,000		2,488,574
United Kingdom Gilt (GBP)		4.25			12-7-2055		1,775,000		3,177,052
United Kingdom Gilt (GBP)		4.50			3-7-2019		3,400,000		6,046,051
United Kingdom Gilt (GBP)		4.50			9-7-2034		2,850,000		5,118,893
United Kingdom Gilt (GBP)		4.50			12-7-2042		1,875,000		3,430,339
United Kingdom Gilt (GBP)		4.75			9-7-2015		2,575,000		4,337,052
United Kingdom Gilt (GBP)		4.75			3-7-2020		2,700,000		4,897,345
United Kingdom Gilt (GBP)		4.75			12-7-2030		4,900,000		9,043,973
United Kingdom Gilt (GBP)		4.75			12-7-2038		2,550,000		4,802,940
United Kingdom Gilt (GBP)		5.00			9-7-2014		3,585,000		5,815,182
United Kingdom Gilt (GBP)		5.00			3-7-2018		2,800,000		5,030,737
United Kingdom Gilt (GBP)		5.00			3-7-2025		2,800,000		5,244,007
United Kingdom Gilt (GBP)		6.00			12-7-2028		1,150,000		2,395,253
United Kingdom Gilt (GBP)		8.00			12-7-2015		1,150,000		2,085,853	��
United Kingdom Gilt (GBP)		8.00			6-7-2021		2,100,000		4,589,802
United Kingdom Gilt (GBP)		8.75			8-25-2017		800,000		1,603,144

Total Foreign Government Bonds (Cost $1,385,627,453)									1,334,340,261


U.S. Treasury Securities: 22.15%
U.S. Treasury Bond		2.75			8-15-2042	$	7,000,000		5,780,467
U.S. Treasury Bond		2.75			11-15-2042		8,250,000		6,802,381


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			89


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities (continued)
U.S. Treasury Bond		2.88	%		5-15-2043	$	7,750,000	$	6,556,020
U.S. Treasury Bond		3.00			5-15-2042		5,500,000		4,802,188
U.S. Treasury Bond		3.13			11-15-2041		6,000,000		5,391,564
U.S. Treasury Bond		3.13			2-15-2042		1,000,000		897,188
U.S. Treasury Bond		3.13			2-15-2043		6,250,000		5,581,056
U.S. Treasury Bond		3.50			2-15-2039		4,500,000		4,392,423
U.S. Treasury Bond		3.75			8-15-2041		6,000,000		6,076,872
U.S. Treasury Bond		3.88			8-15-2040		7,000,000		7,264,684
U.S. Treasury Bond		4.25			5-15-2039		2,000,000		2,211,250
U.S. Treasury Bond		4.25			11-15-2040		9,500,000		10,488,589
U.S. Treasury Bond		4.38			2-15-2038		1,750,000		1,971,758
U.S. Treasury Bond		4.38			11-15-2039		7,800,000		8,790,842
U.S. Treasury Bond		4.38			5-15-2040		6,250,000		7,041,013
U.S. Treasury Bond		4.50			2-15-2036		2,300,000		2,642,125
U.S. Treasury Bond		4.50			5-15-2038		600,000		688,875
U.S. Treasury Bond		4.50			8-15-2039		5,600,000		6,436,500
U.S. Treasury Bond		4.63			2-15-2040		6,500,000		7,611,097
U.S. Treasury Bond		4.75			2-15-2037		1,550,000		1,842,563
U.S. Treasury Bond		4.75			2-15-2041		5,200,000		6,209,122
U.S. Treasury Bond		5.00			5-15-2037		300,000		368,906
U.S. Treasury Bond		5.38			2-15-2031		1,500,000		1,893,047
U.S. Treasury Bond		5.50			8-15-2028		1,000,000		1,264,531
U.S. Treasury Bond		6.00			2-15-2026		1,150,000		1,502,906
U.S. Treasury Bond		6.13			11-15-2027		2,400,000		3,202,500
U.S. Treasury Bond		6.38			8-15-2027		400,000		544,500
U.S. Treasury Bond		6.50			11-15-2026		1,500,000		2,052,188
U.S. Treasury Bond		6.63			2-15-2027		950,000		1,315,304
U.S. Treasury Bond		6.75			8-15-2026		1,500,000		2,089,454
U.S. Treasury Bond		6.88			8-15-2025		1,500,000		2,089,688
U.S. Treasury Bond		7.50			11-15-2024		2,000,000		2,887,188
U.S. Treasury Note		0.13			12-31-2014		15,000,000		14,980,080
U.S. Treasury Note		0.13			4-30-2015		8,000,000		7,973,440
U.S. Treasury Note		0.25			9-30-2014		12,000,000		12,010,776
U.S. Treasury Note		0.25			10-31-2014		2,500,000		2,501,953
U.S. Treasury Note		0.25			11-30-2014		20,000,000		20,010,160
U.S. Treasury Note		0.25			12-15-2014		5,000,000		5,001,955
U.S. Treasury Note		0.25			1-15-2015		5,000,000		4,999,805
U.S. Treasury Note		0.25			2-15-2015		10,000,000		9,996,090
U.S. Treasury Note		0.25			5-31-2015		3,750,000		3,743,554
U.S. Treasury Note		0.25			7-15-2015		15,000,000		14,961,915
U.S. Treasury Note		0.25			7-31-2015		7,500,000		7,480,373
U.S. Treasury Note		0.25			8-15-2015		9,500,000		9,470,683
U.S. Treasury Note		0.25			9-15-2015		6,000,000		5,978,904
U.S. Treasury Note		0.25			10-15-2015		15,000,000		14,935,545
U.S. Treasury Note		0.25			12-15-2015		2,500,000		2,485,155
U.S. Treasury Note		0.25			4-15-2016		4,000,000		3,960,000
U.S. Treasury Note		0.38			11-15-2014		5,000,000		5,010,350
U.S. Treasury Note		0.38			3-15-2015		20,000,000		20,023,440
U.S. Treasury Note		0.38			4-15-2015		30,000,000		30,025,770
U.S. Treasury Note		0.38			6-15-2015		5,000,000		5,000,585


90		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities (continued)
U.S. Treasury Note		0.38	%		6-30-2015	$	5,000,000	$	5,000,390
U.S. Treasury Note %%		0.38			8-31-2015		5,000,000		4,999,023
U.S. Treasury Note		0.38			11-15-2015		5,000,000		4,988,670
U.S. Treasury Note		0.38			1-15-2016		4,000,000		3,984,064
U.S. Treasury Note		0.38			2-15-2016		6,000,000		5,971,404
U.S. Treasury Note		0.38			3-15-2016		6,000,000		5,965,782
U.S. Treasury Note		0.50			10-15-2014		5,000,000		5,017,775
U.S. Treasury Note		0.50			6-15-2016		10,000,000		9,943,750
U.S. Treasury Note		0.50			7-31-2017		5,000,000		4,859,375
U.S. Treasury Note		0.63			8-31-2017		5,000,000		4,872,265
U.S. Treasury Note		0.63			9-30-2017		24,000,000		23,345,616
U.S. Treasury Note		0.63			11-30-2017		7,600,000		7,364,278
U.S. Treasury Note		0.63			4-30-2018		4,000,000		3,838,124
U.S. Treasury Note		0.75			6-30-2017		15,000,000		14,746,875
U.S. Treasury Note		0.75			12-31-2017		4,000,000		3,888,752
U.S. Treasury Note		0.75			2-28-2018		5,000,000		4,845,310
U.S. Treasury Note		0.75			3-31-2018		2,500,000		2,416,993
U.S. Treasury Note		0.88			12-31-2016		5,000,000		4,985,155
U.S. Treasury Note		0.88			4-30-2017		7,000,000		6,944,766
U.S. Treasury Note		0.88			1-31-2018		5,000,000		4,879,690
U.S. Treasury Note		1.00			9-30-2016		10,000,000		10,047,660
U.S. Treasury Note		1.00			10-31-2016		5,000,000		5,017,970
U.S. Treasury Note		1.00			3-31-2017		12,000,000		11,962,500
U.S. Treasury Note		1.00			5-31-2018		7,000,000		6,823,362
U.S. Treasury Note		1.00			6-30-2019		5,000,000		4,746,485
U.S. Treasury Note		1.00			9-30-2019		10,000,000		9,428,120
U.S. Treasury Note		1.25	��		8-31-2015		4,500,000		4,574,178
U.S. Treasury Note		1.25			9-30-2015		7,000,000		7,118,125
U.S. Treasury Note		1.25			10-31-2015		5,000,000		5,084,375
U.S. Treasury Note		1.25			1-31-2019		2,500,000		2,436,914
U.S. Treasury Note		1.25			4-30-2019		12,000,000		11,606,256
U.S. Treasury Note		1.38			11-30-2015		7,500,000		7,647,068
U.S. Treasury Note		1.38			6-30-2018		10,000,000		9,903,120
U.S. Treasury Note		1.38			7-31-2018		5,000,000		4,945,310
U.S. Treasury Note		1.38			9-30-2018		5,000,000		4,931,250
U.S. Treasury Note		1.38			12-31-2018		10,000,000		9,812,500
U.S. Treasury Note		1.38			2-28-2019		5,000,000		4,887,500
U.S. Treasury Note		1.38			1-31-2020		3,000,000		2,870,625
U.S. Treasury Note		1.50			6-30-2016		5,000,000		5,106,640
U.S. Treasury Note		1.50			7-31-2016		15,000,000		15,314,070
U.S. Treasury Note		1.50			8-31-2018		12,000,000		11,925,000
U.S. Treasury Note		1.63			8-15-2022		14,100,000		12,915,826
U.S. Treasury Note		1.63			11-15-2022		12,500,000		11,383,788
U.S. Treasury Note		1.75			7-31-2015		4,750,000		4,871,719
U.S. Treasury Note		1.75			5-31-2016		10,000,000		10,284,380
U.S. Treasury Note		1.75			5-15-2022		7,500,000		6,986,130
U.S. Treasury Note		1.75			5-15-2023		12,500,000		11,402,350
U.S. Treasury Note		1.88			6-30-2015		8,250,000		8,474,623
U.S. Treasury Note		1.88			8-31-2017		6,500,000		6,656,403
U.S. Treasury Note		1.88			9-30-2017		6,000,000		6,138,282


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			91


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities (continued)
U.S. Treasury Note		2.00	%		1-31-2016	$	9,000,000	$	9,312,192
U.S. Treasury Note		2.00			4-30-2016		8,500,000		8,801,487
U.S. Treasury Note		2.00			11-15-2021		16,000,000		15,378,752
U.S. Treasury Note		2.00			2-15-2023		11,000,000		10,316,801
U.S. Treasury Note		2.13			11-30-2014		6,500,000		6,654,375
U.S. Treasury Note		2.13			5-31-2015		15,000,000		15,459,960
U.S. Treasury Note		2.13			12-31-2015		10,000,000		10,371,090
U.S. Treasury Note		2.13			2-29-2016		4,000,000		4,152,500
U.S. Treasury Note		2.13			8-15-2021		10,000,000		9,750,000
U.S. Treasury Note		2.25			1-31-2015		5,000,000		5,139,260
U.S. Treasury Note		2.25			3-31-2016		5,000,000		5,209,375
U.S. Treasury Note		2.25			11-30-2017		7,500,000		7,776,563
U.S. Treasury Note		2.38			9-30-2014		5,500,000		5,629,553
U.S. Treasury Note		2.38			10-31-2014		5,000,000		5,126,365
U.S. Treasury Note		2.38			2-28-2015		15,000,000		15,463,470
U.S. Treasury Note		2.38			3-31-2016		2,500,000		2,612,305
U.S. Treasury Note		2.38			7-31-2017		3,500,000		3,653,125
U.S. Treasury Note		2.38			5-31-2018		5,000,000		5,191,015
U.S. Treasury Note		2.38			6-30-2018		8,000,000		8,297,504
U.S. Treasury Note		2.50			3-31-2015		4,000,000		4,137,188
U.S. Treasury Note		2.50			4-30-2015		5,000,000		5,178,905
U.S. Treasury Note		2.50			6-30-2017		4,500,000		4,722,539
U.S. Treasury Note		2.50			8-15-2023		6,000,000		5,869,453
U.S. Treasury Note		2.63			12-31-2014		8,000,000		8,252,816
U.S. Treasury Note		2.63			2-29-2016		2,500,000		2,626,173
U.S. Treasury Note		2.63			4-30-2016		2,500,000		2,629,493
U.S. Treasury Note		2.63			1-31-2018		4,000,000		4,205,936
U.S. Treasury Note		2.63			4-30-2018		5,500,000		5,775,000
U.S. Treasury Note		2.63			8-15-2020		12,000,000		12,327,192
U.S. Treasury Note		2.63			11-15-2020		10,000,000		10,235,160
U.S. Treasury Note		2.75			11-30-2016		4,000,000		4,232,812
U.S. Treasury Note		2.75			5-31-2017		4,000,000		4,235,624
U.S. Treasury Note		2.75			12-31-2017		6,000,000		6,343,596
U.S. Treasury Note		2.75			2-28-2018		4,000,000		4,227,812
U.S. Treasury Note		2.75			2-15-2019		8,950,000		9,397,500
U.S. Treasury Note		2.88			3-31-2018		5,000,000		5,309,375
U.S. Treasury Note		3.00			8-31-2016		3,500,000		3,726,681
U.S. Treasury Note		3.00			9-30-2016		4,000,000		4,262,188
U.S. Treasury Note		3.00			2-28-2017		3,000,000		3,202,266
U.S. Treasury Note		3.13			10-31-2016		6,000,000		6,418,596
U.S. Treasury Note		3.13			1-31-2017		5,000,000		5,356,640
U.S. Treasury Note		3.13			4-30-2017		3,000,000		3,216,564
U.S. Treasury Note		3.13			5-15-2019		8,000,000		8,555,000
U.S. Treasury Note		3.13			5-15-2021		2,000,000		2,104,218
U.S. Treasury Note		3.25			5-31-2016		4,000,000		4,277,500
U.S. Treasury Note		3.25			6-30-2016		5,000,000		5,352,345
U.S. Treasury Note		3.25			7-31-2016		5,000,000		5,357,420
U.S. Treasury Note		3.25			12-31-2016		4,500,000		4,836,447
U.S. Treasury Note		3.25			3-31-2017		5,000,000		5,381,250
U.S. Treasury Note		3.38			11-15-2019		8,000,000		8,659,376


92		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities (continued)
U.S. Treasury Note		3.50	%		2-15-2018	$	5,000,000	$	5,446,485
U.S. Treasury Note		3.50			5-15-2020		10,000,000		10,870,310
U.S. Treasury Note		3.63			8-15-2019		9,500,000		10,409,179
U.S. Treasury Note		3.63			2-15-2020		13,000,000		14,247,194
U.S. Treasury Note		3.63			2-15-2021		20,000,000		21,801,560
U.S. Treasury Note		3.75			11-15-2018		7,000,000		7,719,684
U.S. Treasury Note		3.88			5-15-2018		3,000,000		3,323,202
U.S. Treasury Note		4.00			2-15-2015		7,500,000		7,901,955
U.S. Treasury Note		4.00			8-15-2018		2,525,000		2,817,150
U.S. Treasury Note		4.13			5-15-2015		3,000,000		3,191,367
U.S. Treasury Note		4.25			11-15-2014		4,370,000		4,581,329
U.S. Treasury Note		4.25			8-15-2015		5,500,000		5,909,277
U.S. Treasury Note		4.25			11-15-2017		4,000,000		4,478,752
U.S. Treasury Note		4.50			11-15-2015		3,000,000		3,263,436
U.S. Treasury Note		4.50			2-15-2016		6,000,000		6,572,346
U.S. Treasury Note		4.50			5-15-2017		2,000,000		2,244,218
U.S. Treasury Note		4.63			11-15-2016		3,000,000		3,351,327
U.S. Treasury Note		4.63			2-15-2017		5,000,000		5,610,155
U.S. Treasury Note		4.75			8-15-2017		3,000,000		3,408,750
U.S. Treasury Note		4.88			8-15-2016		2,500,000		2,797,070
U.S. Treasury Note		5.13			5-15-2016		2,000,000		2,238,594
U.S. Treasury Note		6.25			8-15-2023		3,500,000		4,576,250
U.S. Treasury Note		7.13			2-15-2023		3,000,000		4,127,814
U.S. Treasury Note		7.25			5-15-2016		2,500,000		2,940,625
U.S. Treasury Note		7.25			8-15-2022		1,000,000		1,376,953
U.S. Treasury Note		7.50			11-15-2016		2,000,000		2,415,624
U.S. Treasury Note		7.88			2-15-2021		500,000		692,813
U.S. Treasury Note		8.00			11-15-2021		4,100,000		5,801,180
U.S. Treasury Note		8.13			8-15-2019		1,350,000		1,826,191
U.S. Treasury Note		8.50			2-15-2020		1,700,000		2,369,375
U.S. Treasury Note		8.75			5-15-2017		2,500,000		3,192,773
U.S. Treasury Note		8.75			8-15-2020		400,000		571,344
U.S. Treasury Note		8.88			8-15-2017		1,275,000		1,652,321
U.S. Treasury Note		8.88			2-15-2019		1,200,000		1,647,750
U.S. Treasury Note		9.13			5-15-2018		2,900,000		3,908,429
U.S. Treasury Note		11.25			2-15-2015		2,000,000		2,316,094

Total U.S. Treasury Securities (Cost $1,184,675,859)									1,193,707,541


Yankee Corporate Bonds and Notes: 3.64%

Consumer Discretionary: 0.03%

Media: 0.03%
Grupo Televisa SA		6.00			5-15-2018		250,000		278,801
Grupo Televisa SA		6.63			1-15-2040		500,000		536,346
Thompson Reuters Corporation		4.70			10-15-2019		425,000		461,652
Thompson Reuters Corporation		5.70			10-1-2014		200,000		210,092
WPP Finance 2010		3.63			9-7-2022		350,000		327,074

									1,813,965


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			93


Security name	Interest rate			Maturity date		Principal		Value


Consumer Staples: 0.07%

Beverages: 0.07%
Coca-Cola Femsa SAB de CV		4.63	%		2-15-2020	$	200,000	$	210,500
Diageo Capital plc		0.63			4-29-2016		400,000		393,860
Diageo Capital plc		1.13			4-29-2018		500,000		476,414
Diageo Capital plc		2.63			4-29-2023		300,000		273,598
Diageo Capital plc		3.88			4-29-2043		230,000		198,871
Diageo Capital plc		5.75			10-23-2017		1,050,000		1,195,689
Diageo Capital plc		5.88			9-30-2036		175,000		201,919
Diageo Finance BV		3.25			1-15-2015		100,000		103,437
Diageo Finance BV		5.30			10-28-2015		300,000		328,559
Fomento Economico Mexicano SAB de CV		2.88			5-10-2023		200,000		174,737
Fomento Economico Mexicano SAB de CV		4.38			5-10-2043		150,000		121,549

									3,679,133


Energy : 0.69%

Energy Equipment & Services : 0.05%
Ensco plc		3.25			3-15-2016		1,250,000		1,301,039
Ensco plc		4.70			3-15-2021		500,000		527,928
Transocean Incorporated		3.80			10-15-2022		300,000		279,775
Weatherford International Limited		4.50			4-15-2022		300,000		292,081
Weatherford International Limited		5.95			4-15-2042		250,000		237,871

									2,638,694


Oil, Gas & Consumable Fuels: 0.64%
Alberta Energy Company Limited		7.38			11-1-2031		350,000		406,749
Alberta Energy Company Limited		8.13			9-15-2030		150,000		186,361
BP Capital Markets plc		0.70			11-6-2015		350,000		348,515
BP Capital Markets plc		1.38			11-6-2017		400,000		389,141
BP Capital Markets plc		1.38			5-10-2018		350,000		336,652
BP Capital Markets plc		1.85			5-5-2017		500,000		499,615
BP Capital Markets plc		2.50			11-6-2022		500,000		446,513
BP Capital Markets plc		2.75			5-10-2023		600,000		541,693
BP Capital Markets plc		3.13			10-1-2015		800,000		837,170
BP Capital Markets plc		3.20			3-11-2016		1,000,000		1,049,297
BP Capital Markets plc		3.25			5-6-2022		750,000		713,683
BP Capital Markets plc		3.88			3-10-2015		700,000		733,542
BP Capital Markets plc		4.50			10-1-2020		500,000		532,415
BP Capital Markets plc		4.74			3-11-2021		1,000,000		1,070,644
BP Capital Markets plc		4.75			3-10-2019		450,000		493,880
Canadian Natural Resources Limited		4.90			12-1-2014		65,000		68,123
Canadian Natural Resources Limited		5.70			5-15-2017		1,150,000		1,292,568
Canadian Natural Resources Limited		5.85			2-1-2035		565,000		602,352
Canadian Natural Resources Limited		6.25			3-15-2038		500,000		565,655
Cenovus Energy Incorporated		3.00			8-15-2022		250,000		234,074
Cenovus Energy Incorporated		3.80			9-15-2023		250,000		246,735
Cenovus Energy Incorporated		4.45			9-15-2042		250,000		223,847
Cenovus Energy Incorporated		4.50			9-15-2014		500,000		519,224
Cenovus Energy Incorporated		5.70			10-15-2019		200,000		226,744


94		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Cenovus Energy Incorporated		6.75	%		11-15-2039	$	500,000	$	596,523
Enbridge Incorporated		5.60			4-1-2017		100,000		110,682
Encana Corporation		5.15			11-15-2041		500,000		467,032
Encana Corporation		5.90			12-1-2017		300,000		340,284
Encana Corporation		6.50			5-15-2019		400,000		468,578
Encana Corporation		6.50			8-15-2034		250,000		273,033
Encana Corporation		6.50			2-1-2038		350,000		384,764
Husky Energy Incorporated		6.80			9-15-2037		100,000		121,992
Husky Energy Incorporated		7.25			12-15-2019		565,000		687,440
Noble Holdings International Limited Corporation		3.05			3-1-2016		150,000		154,265
Noble Holdings International Limited Corporation		3.95			3-15-2022		150,000		144,947
Noble Holdings International Limited Corporation		4.63			3-1-2021		200,000		204,787
Noble Holdings International Limited Corporation		4.90			8-1-2020		250,000		261,479
Noble Holdings International Limited Corporation		5.25			3-15-2042		200,000		182,718
Noble Holdings International Limited Corporation		6.05			3-1-2041		200,000		201,657
Petro-Canada		5.95			5-15-2035		700,000		755,527
Petro-Canada		6.80			5-15-2038		400,000		477,810
Suncor Energy Incorporated		5.95			12-1-2034		75,000		80,881
Suncor Energy Incorporated		6.10			6-1-2018		900,000		1,041,395
Suncor Energy Incorporated		6.50			6-15-2038		400,000		467,705
Suncor Energy Incorporated		6.85			6-1-2039		250,000		301,333
Talisman Energy Incorporated		3.75			2-1-2021		150,000		146,219
Talisman Energy Incorporated		5.13			5-15-2015		65,000		68,850
Talisman Energy Incorporated		6.25			2-1-2038		400,000		413,320
Talisman Energy Incorporated		7.75			6-1-2019		415,000		500,258
Total Capital International SA		1.55			6-28-2017		500,000		495,635
Total Capital International SA		2.70			1-25-2023		350,000		321,699
Total Capital International SA		2.88			2-17-2022		1,000,000		950,490
Total Capital International SA		3.70			1-15-2024		1,000,000		995,028
Total Capital SA		2.30			3-15-2016		500,000		514,722
Total Capital SA		3.00			6-24-2015		500,000		520,859
Total Capital SA		3.13			10-2-2015		1,000,000		1,046,102
Total Capital SA		4.13			1-28-2021		100,000		105,159
Total Capital SA		4.25			12-15-2021		250,000		264,062
Total Capital SA		4.45			6-24-2020		500,000		540,716
TransCanada PipeLines Limited		0.75			1-15-2016		300,000		297,175
TransCanada PipeLines Limited		2.50			8-1-2022		500,000		454,846
TransCanada PipeLines Limited		3.40			6-1-2015		500,000		522,242
TransCanada PipeLines Limited		3.80			10-1-2020		300,000		310,760
TransCanada PipeLines Limited		6.10			6-1-2040		300,000		344,547
TransCanada PipeLines Limited		7.13			1-15-2019		1,500,000		1,805,262
Transocean Incorporated		4.95			11-15-2015		500,000		536,665
Transocean Incorporated		5.05			12-15-2016		500,000		546,547
Transocean Incorporated		6.38			12-15-2021		500,000		550,417
Weatherford International Limited		5.13			9-15-2020		200,000		207,111
Weatherford International Limited		6.75			9-15-2040		300,000		309,167
Weatherford International Limited		9.63			3-1-2019		1,000,000		1,256,355

									34,314,237


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			95


Security name	Interest rate			Maturity date		Principal		Value


Financials: 1.52%

Capital Markets: 0.05%
Nomura Holdings Incorporated		2.00	%		9-13-2016	$	100,000	$	99,258
Nomura Holdings Incorporated		4.13			1-19-2016		500,000		523,001
Nomura Holdings Incorporated		5.00			3-4-2015		1,100,000		1,155,820
Nomura Holdings Incorporated		6.70			3-4-2020		356,000		400,231
Sasol Financing International Company		4.50			11-14-2022		500,000		446,250

									2,624,560


Commercial Banks: 0.91%
Australia & New Zealand Banking Group Limited		0.90			2-12-2016		500,000		496,703
Bank of Montreal		1.40			9-11-2017		1,000,000		975,907
Bank of Montreal		2.50			1-11-2017		500,000		511,856
Bank of Montreal		2.55			11-6-2022		1,000,000		915,022
Bank of Nova Scotia		0.75			10-9-2015		500,000		498,573
Bank of Nova Scotia		1.38			12-18-2017		500,000		485,060
Bank of Nova Scotia		1.45			4-25-2018		500,000		483,597
Bank of Nova Scotia		1.85			1-12-2015		500,000		507,674
Bank of Nova Scotia		2.05			10-7-2015		500,000		511,684
Bank of Nova Scotia		2.55			1-12-2017		750,000		768,026
Bank of Nova Scotia		3.40			1-22-2015		1,150,000		1,192,614
Bank of Nova Scotia		4.38			1-13-2021		500,000		535,590
Barclays Bank plc		2.75			2-23-2015		500,000		512,576
Barclays Bank plc		3.90			4-7-2015		250,000		261,083
Barclays Bank plc		5.00			9-22-2016		900,000		989,085
Barclays Bank plc		5.13			1-8-2020		1,000,000		1,098,309
Barclays Bank plc		5.14			10-14-2020		800,000		828,924
BBVA US Senior SA		4.66			10-9-2015		1,249,000		1,291,938
BNP Paribas		2.70			8-20-2018		1,000,000		994,587
BNP Paribas		3.25			3-11-2015		1,000,000		1,034,123
BNP Paribas		3.25			3-3-2023		500,000		456,188
BNP Paribas		3.60			2-23-2016		1,000,000		1,050,032
BNP Paribas		5.00			1-15-2021		1,150,000		1,222,767
Canadian Imperial Bank		0.90			10-1-2015		500,000		499,658
Canadian Imperial Bank		1.35			7-18-2016		200,000		199,981
Canadian Imperial Bank		1.55			1-23-2018		300,000		291,431
Canadian Imperial Bank		2.35			12-11-2015		500,000		515,226
Commonwealth Bank of Australia (New York)		1.95			3-16-2015		676,000		688,032
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.50			1-11-2021		500,000		523,927
Credit Suisse New York		3.50			3-23-2015		500,000		521,166
HSBC Holdings plc		4.00			3-30-2022		1,000,000		1,006,592
HSBC Holdings plc		4.88			1-14-2022		250,000		267,262
HSBC Holdings plc		5.10			4-5-2021		1,000,000		1,091,226
HSBC Holdings plc		6.80			6-1-2038		350,000		409,590
Intesa Sanpaolo SpA		3.13			1-15-2016		1,000,000		996,746
Intesa Sanpaolo SpA		3.88			1-16-2018		700,000		681,794
Lloyds TSB Bank plc		4.20			3-28-2017		1,000,000		1,060,472
Lloyds TSB Bank plc		4.88			1-21-2016		1,000,000		1,076,241
National Bank of Canada		1.50			6-26-2015		500,000		506,018
NIBC Bank NV		4.88			11-19-2019		800,000		888,746


96		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Commercial Banks (continued)
Rabobank Nederland		3.95	%		11-9-2022	$	750,000	$	713,152
Rabobank Nederland NV «		1.70			3-19-2018		500,000		486,865
Rabobank Nederland NV		2.13			10-13-2015		500,000		511,817
Rabobank Nederland NV		3.38			1-19-2017		1,000,000		1,052,047
Rabobank Nederland NV		3.88			2-8-2022		1,500,000		1,485,774
Rabobank Nederland NV		5.25			5-24-2041		725,000		747,756
Royal Bank of Canada		0.55			5-1-2015		125,000		124,778
Royal Bank of Canada		0.80			10-30-2015		250,000		249,745
Royal Bank of Canada		0.85			3-8-2016		950,000		943,548
Royal Bank of Canada		1.45			10-30-2014		1,000,000		1,010,351
Royal Bank of Canada		1.50			1-16-2018		450,000		439,207
Royal Bank of Canada		2.20			7-27-2018		1,000,000		996,417
Royal Bank of Canada		2.30			7-20-2016		600,000		618,845
Royal Bank of Canada		2.63			12-15-2015		250,000		259,712
Royal Bank of Scotland Group plc		3.95			9-21-2015		500,000		523,355
Royal Bank of Scotland Group plc		4.38			3-16-2016		1,000,000		1,060,400
Royal Bank of Scotland Group plc		4.88			3-16-2015		1,000,000		1,049,400
Royal Bank of Scotland Group plc		5.63			8-24-2020		1,000,000		1,081,512
Royal Bank of Scotland Group plc		6.40			10-21-2019		575,000		644,085
Societe Generale		2.75			10-12-2017		200,000		202,971
Svenska Handelsbanken AB		1.63			3-21-2018		400,000		387,453
Svenska Handelsbanken AB		2.88			4-4-2017		1,000,000		1,029,438
Toronto Dominion Bank		1.40			4-30-2018		1,250,000		1,210,986
Toronto Dominion Bank		2.50			7-14-2016		500,000		517,844
Westpac Banking Corporation		0.95			1-12-2016		350,000		348,578
Westpac Banking Corporation		1.13			9-25-2015		1,000,000		1,007,065
Westpac Banking Corporation		2.00			8-14-2017		100,000		99,858
Westpac Banking Corporation		3.00			8-4-2015		800,000		833,282
Westpac Banking Corporation		4.20			2-27-2015		780,000		818,907

									49,301,174


Diversified Financial Services: 0.50%
Abbey National Treasury Services plc		3.05			8-23-2018		500,000		501,198
Abbey National Treasury Services plc		4.00			4-27-2016		500,000		529,935
Barrick Australian Finance Proprietary Limited		5.95			10-15-2039		550,000		474,225
BHP Billiton Finance USA Limited		2.88			2-24-2022		350,000		329,693
BHP Billiton Finance USA Limited		5.40			3-29-2017		200,000		223,531
BHP Billiton Finance USA Limited		6.50			4-1-2019		1,050,000		1,241,540
Burlington Resources Finance Company		7.20			8-15-2031		500,000		649,803
ConocoPhillips Canada Funding Company		5.63			10-15-2016		150,000		169,935
ConocoPhillips Canada Funding Company		5.95			10-15-2036		300,000		346,088
Credit Suisse New York		5.30			8-13-2019		1,500,000		1,675,338
Deutsche Bank AG London		3.25			1-11-2016		250,000		261,153
Deutsche Bank AG London		3.45			3-30-2015		500,000		520,160
Deutsche Bank AG London ±		4.30			5-24-2028		600,000		537,339
Deutsche Bank AG London		6.00			9-1-2017		1,500,000		1,711,752
ORIX Corporation		4.71			4-27-2015		415,000		435,318
Rio Tinto Finance USA Limited		2.00			3-22-2017		500,000		497,660
Rio Tinto Finance USA Limited		2.25			12-14-2018		1,000,000		968,039


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			97


Security name	Interest rate			Maturity date		Principal		Value


Diversified Financial Services (continued)
Rio Tinto Finance USA Limited		2.88	%		8-21-2022	$	500,000	$	450,999
Rio Tinto Finance USA Limited		3.50			3-22-2022		1,000,000		949,568
Rio Tinto Finance USA Limited		4.13			8-21-2042		250,000		207,781
Rio Tinto Finance USA Limited		4.75			3-22-2042		250,000		227,552
Rio Tinto Finance USA Limited		5.20			11-2-2040		300,000		291,559
Rio Tinto Finance USA Limited		6.50			7-15-2018		750,000		870,178
Rio Tinto Finance USA Limited		9.00			5-1-2019		480,000		614,426
Shell International Finance BV		0.63			12-4-2015		1,000,000		997,933
Shell International Finance BV		1.90			8-10-2018		1,000,000		992,643
Shell International Finance BV		2.25			1-6-2023		250,000		224,204
Shell International Finance BV		2.38			8-21-2022		250,000		228,010
Shell International Finance BV		3.25			9-22-2015		1,000,000		1,052,624
Shell International Finance BV		3.40			8-12-2023		250,000		246,294
Shell International Finance BV		3.63			8-21-2042		250,000		212,335
Shell International Finance BV		4.30			9-22-2019		1,000,000		1,088,266
Shell International Finance BV		4.38			3-25-2020		500,000		545,160
Shell International Finance BV		4.55			8-12-2043		500,000		497,707
Shell International Finance BV		5.20			3-22-2017		250,000		280,476
Shell International Finance BV		5.50			3-25-2040		300,000		338,744
Shell International Finance BV		6.38			12-15-2038		850,000		1,058,047
Syngenta Finance NV		3.13			3-28-2022		500,000		480,535
UBS AG Stamford Connecticut		3.88			1-15-2015		500,000		520,784
UBS AG Stamford Connecticut		4.88			8-4-2020		1,488,000		1,631,936
UBS AG Stamford Connecticut		5.75			4-25-2018		488,000		559,634
UBS AG Stamford Connecticut		5.88			12-20-2017		872,000		1,001,842
WPP Finance UK		8.00			9-15-2014		500,000		534,919

									27,176,863


Insurance: 0.06%
Aegon NV		4.63			12-1-2015		500,000		533,832
AON Corporation		4.45			5-24-2043		100,000		88,183
AXA SA		8.60			12-15-2030		650,000		770,250
AXIS Capital Holdings Limited		5.75			12-1-2014		65,000		68,693
Manulife Financial Corporation		3.40			9-17-2015		400,000		418,713
Montpelier Re Holdings Limited		4.70			10-15-2022		100,000		96,908
Trinity Acquisition plc		4.63			8-15-2023		350,000		339,846
Trinity Acquisition plc		6.13			8-15-2043		350,000		340,947
XL Capital Limited		5.25			9-15-2014		312,000		325,827

									2,983,199


Real Estate Management & Development: 0.00%
Brookfield Asset Management Incorporated		5.80			4-25-2017		125,000		136,625


Health Care: 0.16%

Health Care Equipment & Supplies: 0.00%
Covidien International Finance SA		1.35			5-29-2015		250,000		252,501


Pharmaceuticals: 0.16%
AstraZeneca plc		4.00			9-18-2042		550,000		491,085
AstraZeneca plc		5.90			9-15-2017		800,000		923,548


98		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Pharmaceuticals (continued)
AstraZeneca plc		6.45	%		9-15-2037	$	1,150,000	$	1,391,177
Covidien International Finance SA		2.80			6-15-2015		150,000		154,912
Covidien International Finance SA		3.20			6-15-2022		500,000		484,736
Covidien International Finance SA		6.00			10-15-2017		600,000		689,961
Covidien International Finance SA		6.55			10-15-2037		400,000		501,464
Novartis Securities Investment Limited		5.13			2-10-2019		1,000,000		1,138,631
Sanofi Aventis		1.25			4-10-2018		91,000		87,753
Sanofi Aventis		2.63			3-29-2016		500,000		520,208
Sanofi Aventis		4.00			3-29-2021		700,000		733,115
Teva Pharmaceutical Finance LLC		2.95			12-18-2022		500,000		459,285
Teva Pharmaceutical Finance LLC		3.00			6-15-2015		500,000		517,053
Teva Pharmaceutical Finance LLC		3.65			11-10-2021		500,000		492,384

									8,585,312


Industrials: 0.14%

Aerospace & Defense: 0.01%
Embraer Overseas Limited		6.38			1-15-2020		500,000		546,250
Empresa Brasileira de Aeronautica		5.15			6-15-2022		200,000		199,000

									745,250


Commercial Services & Supplies: 0.02%
Ingersoll-Rand Global Holding Company Limited 144A		4.25			6-15-2023		1,000,000		980,471
Ingersoll-Rand Global Holding Company Limited		6.88			8-15-2018		250,000		292,980

									1,273,451


Industrial Conglomerates: 0.06%
Koninklijke Philips Electronics NV		5.75			3-11-2018		650,000		743,933
Philips Electronics NV		3.75			3-15-2022		500,000		494,298
Philips Electronics NV		5.00			3-15-2042		500,000		497,124
Philips Electronics NV		6.88			3-11-2038		250,000		308,931
Tyco Electronics Group SA		4.88			1-15-2021		500,000		521,529
Tyco Electronics Group SA		7.13			10-1-2037		350,000		410,348

									2,976,163


Machinery: 0.01%
Pentair Finance SA		3.15			9-15-2022		250,000		226,079
Pentair Finance SA		5.00			5-15-2021		300,000		312,702

									538,781


Road & Rail: 0.04%
Canadian National Railway Company		2.25			11-15-2022		350,000		316,148
Canadian National Railway Company		5.55			3-1-2019		435,000		500,064
Canadian National Railway Company		6.20			6-1-2036		200,000		240,728
Canadian Pacific Railway Company		4.45			3-15-2023		200,000		207,095
Canadian Pacific Railway Company		5.75			3-15-2033		360,000		384,641
Canadian Pacific Railway Company		5.95			5-15-2037		65,000		71,893
Canadian Pacific Railway Company		7.25			5-15-2019		65,000		78,798
Kansas City Southern de Mexico SA de CV 144A		3.00			5-15-2023		73,000		66,745

									1,866,112


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			99


Security name	Interest rate			Maturity date		Principal		Value


Information Technology: 0.01%

Internet Software & Services: 0.01%
Baidu Incorporated		3.25	%		8-6-2018	$	576,000	$	568,058


Materials: 0.35%

Chemicals: 0.09%
Agrium Incorporated		3.50			6-1-2023		300,000		283,149
Agrium Incorporated		4.90			6-1-2043		200,000		182,290
Agrium Incorporated		6.13			1-15-2041		165,000		176,604
Agrium Incorporated		6.75			1-15-2019		300,000		351,142
LyondellBasell Industries NV		5.00			4-15-2019		400,000		436,752
LyondellBasell Industries NV		5.75			4-15-2024		500,000		553,208
LyondellBasell Industries NV		6.00			11-15-2021		1,500,000		1,697,852
Methanex Corporation		3.25			12-15-2019		100,000		97,181
Potash Corporation of Saskatchewan Incorporated		3.75			9-30-2015		560,000		590,068
Potash Corporation of Saskatchewan Incorporated		4.88			3-30-2020		255,000		274,198
Potash Corporation of Saskatchewan Incorporated		5.63			12-1-2040		200,000		209,351
Potash Corporation of Saskatchewan Incorporated		5.88			12-1-2036		225,000		242,525
Potash Corporation of Saskatchewan Incorporated		6.50			5-15-2019		65,000		75,870

									5,170,190


Metals & Mining: 0.24%
AngloGold Ashanti Holdings plc		8.50			7-30-2020		400,000		397,600
Barrick Gold Corporation 144A		2.50			5-1-2018		250,000		235,147
Barrick Gold Corporation		3.85			4-1-2022		500,000		441,730
Barrick Gold Corporation 144A		4.10			5-1-2023		700,000		613,937
Barrick Gold Corporation		5.25			4-1-2042		500,000		404,032
BHP Billiton Limited		1.00			2-24-2015		500,000		503,304
BHP Billiton Limited		1.63			2-24-2017		500,000		497,276
Falconbridge Limited		6.00			10-15-2015		600,000		645,118
Goldcorp Incorporated		2.13			3-15-2018		100,000		96,207
Goldcorp Incorporated		3.70			3-15-2023		300,000		272,884
Kinross Gold Corporation		5.13			9-1-2021		200,000		184,496
Rio Tinto Finance (USA) Limited		3.75			9-20-2021		500,000		485,157
Teck Resources Limited		3.00			3-1-2019		1,000,000		962,736
Teck Resources Limited		3.75			2-1-2023		500,000		444,923
Teck Resources Limited		4.50			1-15-2021		350,000		339,556
Teck Resources Limited		4.75			1-15-2022		202,000		198,593
Teck Resources Limited		5.20			3-1-2042		500,000		414,589
Teck Resources Limited		6.00			8-15-2040		175,000		161,064
Teck Resources Limited		6.25			7-15-2041		300,000		284,183
Vale Overseas Limited		4.38			1-11-2022		1,200,000		1,114,428
Vale Overseas Limited		4.63			9-15-2020		300,000		296,395
Vale Overseas Limited		6.25			1-23-2017		1,405,000		1,550,453
Vale Overseas Limited		6.88			11-21-2036		1,260,000		1,215,582
Vale Overseas Limited		6.88			11-10-2039		130,000		125,210
Vale Overseas Limited		8.25			1-17-2034		300,000		326,968
Vale SA		5.63			9-11-2042		750,000		623,628

									12,835,196


100		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Paper & Forest Products: 0.02%
Celulosa Arauco y Constitucion SA		4.75	%		1-11-2022	$	500,000	$	480,028
Celulosa Arauco y Constitucion SA		5.63			4-20-2015		65,000		68,386
Celulosa Arauco y Constitucion SA		7.25			7-29-2019		350,000		394,972

									943,386


Telecommunication Services: 0.64%

Diversified Telecommunication Services: 0.38%
British Telecommunications plc		1.63			6-28-2016		500,000		502,465
British Telecommunications plc		5.95			1-15-2018		250,000		284,867
British Telecommunications plc		9.63			12-15-2030		1,150,000		1,732,600
Deutsche Telekom International Finance BV		5.75			3-23-2016		275,000		303,436
Deutsche Telekom International Finance BV		6.00			7-8-2019		500,000		582,498
Deutsche Telekom International Finance BV		8.75			6-15-2030		1,830,000		2,554,129
Deutsche Telekom International Finance BV		9.25			6-1-2032		500,000		739,115
Ericsson LM		4.13			5-15-2022		400,000		391,196
France Telecom SA		2.75			9-14-2016		500,000		513,545
France Telecom SA		5.38			7-8-2019		600,000		655,377
France Telecom SA		8.50			3-1-2031		925,000		1,248,752
Royal KPN NV		8.38			10-1-2030		375,000		481,219
Telecom Italia Capital SA		4.95			9-30-2014		1,150,000		1,181,561
Telecom Italia Capital SA		5.25			10-1-2015		200,000		208,816
Telecom Italia Capital SA		6.00			9-30-2034		150,000		129,346
Telecom Italia Capital SA		6.38			11-15-2033		500,000		447,210
Telecom Italia Capital SA		7.18			6-18-2019		1,000,000		1,086,700
Telecom Italia Capital SA		7.20			7-18-2036		500,000		484,279
Telecom Italia Capital SA		7.72			6-4-2038		500,000		490,875
Telefonica Emisiones SAU		3.19			4-27-2018		500,000		487,203
Telefonica Emisiones SAU		3.73			4-27-2015		470,000		482,781
Telefonica Emisiones SAU		3.99			2-16-2016		710,000		732,846
Telefonica Emisiones SAU		4.57			4-27-2023		300,000		282,996
Telefonica Emisiones SAU		4.95			1-15-2015		430,000		447,005
Telefonica Emisiones SAU		5.13			4-27-2020		445,000		448,847
Telefonica Emisiones SAU		5.46			2-16-2021		500,000		510,202
Telefonica Emisiones SAU		6.42			6-20-2016		500,000		547,204
Telefonica Emisiones SAU		7.05			6-20-2036		550,000		582,724
Telefonica Europe BV		8.25			9-15-2030		420,000		493,183
Telefonica SA		5.88			7-15-2019		645,000		686,596
Telefonos de Mexico SA		5.50			1-27-2015		465,000		490,314

									20,209,887


Wireless Telecommunication Services: 0.26%
America Movil SAB de CV		2.38			9-8-2016		750,000		759,810
America Movil SAB de CV		3.13			7-16-2022		500,000		450,239
America Movil SAB de CV		3.63			3-30-2015		500,000		515,821
America Movil SAB de CV		4.38			7-16-2042		1,000,000		800,460
America Movil SAB de CV		5.00			3-30-2020		1,000,000		1,059,115
America Movil SAB de CV		5.63			11-15-2017		450,000		508,377
America Movil SAB de CV		6.13			11-15-2037		100,000		103,024
America Movil SAB de CV		6.13			3-30-2040		500,000		515,784


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			101


Security name	Interest rate			Maturity date		Principal		Value


Wireless Telecommunication Services (continued)
America Movil SAB de CV		6.38	%		3-1-2035	$	65,000	$	68,830
Rogers Communications Incorporated		3.00			3-15-2023		200,000		180,748
Rogers Communications Incorporated		4.50			3-15-2043		200,000		173,096
Rogers Communications Incorporated		6.80			8-15-2018		750,000		887,321
Rogers Wireless Incorporated		7.50			3-15-2015		500,000		549,330
Vodafone Group plc		0.90			2-19-2016		325,000		323,681
Vodafone Group plc		1.25			9-26-2017		250,000		239,812
Vodafone Group plc		1.50			2-19-2018		500,000		480,319
Vodafone Group plc		1.63			3-20-2017		500,000		492,647
Vodafone Group plc		2.50			9-26-2022		1,000,000		881,443
Vodafone Group plc		2.95			2-19-2023		600,000		545,986
Vodafone Group plc		3.38			11-24-2015		500,000		523,879
Vodafone Group plc		4.38			2-19-2043		500,000		441,014
Vodafone Group plc		4.63			7-15-2018		180,000		196,904
Vodafone Group plc		5.00			9-15-2015		250,000		269,300
Vodafone Group plc		5.38			1-30-2015		375,000		397,859
Vodafone Group plc		5.45			6-10-2019		400,000		447,957
Vodafone Group plc		5.63			2-27-2017		500,000		557,785
Vodafone Group plc		6.15			2-27-2037		1,000,000		1,088,147
Vodafone Group plc		6.25			11-30-2032		300,000		326,917
Vodafone Group plc		7.88			2-15-2030		250,000		317,241

									14,102,846


Utilities: 0.03%

Electric Utilities: 0.00%
Scottish Power Limited		5.81			3-15-2025		150,000		154,207


Independent Power Producers & Energy Traders: 0.01%
TransAlta Corporation		4.75			1-15-2015		400,000		418,453
TransAlta Corporation		6.50			3-15-2040		90,000		87,799

									506,252


Multi-Utilities: 0.01%
National Grid plc		6.30			8-1-2016		500,000		565,453


Water Utilities: 0.01%
United Utilities Group plc		5.38			2-1-2019		250,000		267,711


Total Yankee Corporate Bonds and Notes (Cost $193,801,259)									196,229,206


	Yield					Shares
Short-Term Investments: 2.12%

Investment Companies: 2.12%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)##		0.09					111,889,955		111,889,955
Wells Fargo Securities Lending Cash Investments, LLC (u)(l)(v)(r)		0.14					2,265,033		2,265,033

Total Short-Term Investments (Cost $114,154,988)									114,154,988


Total investments in securities (Cost $5,469,975,823) *	101.21	%		5,455,151,000
Other assets and liabilities, net	(1.21	)		(65,443,446	)

Total net assets	100.00	%	$	5,389,707,554


102		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2013 (unaudited)

%%	Security issued on a when-issued basis.

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

¤	Security issued in zero coupon form with no periodic interest payments.

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

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

(l)	Investment in an affiliate

@	Foreign bond principal is denominated in local currency.

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

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

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

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

*	Cost for federal income tax purposes is $5,471,585,589 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	132,954,722
Gross unrealized depreciation		(149,389,311	)

Net unrealized depreciation	$	(16,434,589	)

The following table shows the percent of total long-term investments by geographic location as of August 31, 2013:


United States	70.78	%
Japan	11.19	%
United Kingdom	3.80	%
France	2.80	%
Italy	2.51	%
Germany	2.22	%
Canada	1.59	%
Spain	1.37	%
Netherlands	1.14	%
Other	2.60	%

	100.00	%


Portfolio of investments��August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			1


Security name	Shares		Value

Common Stocks: 97.62%

Consumer Discretionary: 13.48%

Auto Components: 1.08%
Aapico Hitech PCL		147,600	$	69,238
Aisin Seiki Company Limited		37,400		1,427,584
Akebono Brake Industry Company Limited		22,700		97,028
Autoneum Holding AG		164		16,577
Bharat Forge Limited		19,334		70,342
BorgWarner Incorporated		79,655		7,693,080
Bosch Limited		1,719		214,564
Bridgestone Corporation		119,800		3,910,117
Bridgestone Corporation ADR		4,725		308,306
Calsonic Kansei Corporation		41,000		198,473
Cheng Shin Rubber Industry Company Limited		366,369		939,744
Compagnie Generale des Etablissements Michelin SCA Class B		18,498		1,770,547
Continental AG		9,343		1,410,088
Cooper Tire & Rubber Company		144,404		4,610,820
Daido Metal Company Limited		17,000		137,825
Dana Holding Corporation		342,537		7,179,576
Delphi Automotive plc		35,300		1,942,206
Denso Corporation		102,600		4,660,798
Exedy Corporation		6,200		143,986
Exide Industries Limited		78,617		149,060
Faurecia †		2,019		51,371
FCC Company Limited		7,000		153,474
Futaba Industrial Company Limited †		6,100		24,298
Gentex Corporation		92,120		2,075,464
GKN plc		150,914		767,176
Halla Climate Control Corporation		8,860		303,019
Hankook Tire Company Limited		20,730		1,071,564
Hi-Lex Corporation		5,800		117,976
Hyundai Mobis		16,060		4,020,149
Hyundai Wia Corporation		3,195		490,818
Johnson Controls Incorporated		81,700		3,311,301
Kayaba Industry Company Limited		38,000		226,486
KEIHIN Corporation		9,300		133,867
Kenda Rubber Industrial Company Limited		165,960		320,642
Koito Manufacturing Company Limited		23,000		403,829
Lear Corporation		61,816		4,249,850
Leoni AG		4,204		230,750
Linamar Corporation		2,422		75,422
Magna International Incorporated Class A		21,800		1,675,618
Mando Corporation		2,550		284,076
Martinrea International Incorporated		3,001		33,734
Minth Group Limited		76,000		136,566
MITSUBA Corporation		8,000		127,657
Musashi Seimitsu Industry Company Limited		4,100		99,769
Nan Kang Rubber Tire Company Limited		148,145		172,651
NGK Spark Plug Company Limited		36,000		692,234
NHK Spring Company Limited		44,000		463,180


2		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Auto Components (continued)
NIFCO Incorporated		9,400	$	222,262
Nippon Seiki Company Limited		8,000		111,071
Nissan Shatai Company Limited		17,000		241,020
Nissin Kogyo Company Limited		8,500		149,789
NOK Corporation		23,300		338,354
Nokian Renkaat Oyj		13,330		621,997
Pacific Industrial Company Limited		10,300		66,090
Pirelli & Company SpA		24,552		289,761
Press Kogyo Company Limited		13,000		50,620
Riken Corporation		27,000		102,988
Sanden Corporation		27,000		104,798
Showa Corporation		13,400		166,567
Somboon Advance Technology PCL		130,270		61,513
Stanley Electric Company Limited		30,500		582,840
Sumitomo Rubber Industries Limited		36,300		507,695
Tachi-S Company Limited		5,700		78,080
Takata Corporation		5,600		131,988
Tenneco Automotive Incorporated †		133,900		6,176,807
Thai Stanley Electric PCL		13,600		88,301
The Goodyear Tire & Rubber Company †		169,200		3,404,304
Tokai Rika Company Limited		8,200		161,685
Tokai Rubber Industries Incorporated		6,500		54,871
Tong Yang Industry Company Limited		100,374		129,924
Topre Corporation		8,900		95,417
Toyo Tire & Rubber Company Limited		50,000		268,805
Toyota Boshoku Corporation		15,600		203,374
Toyota Gosei Company Limited		14,500		348,587
Toyota Industries Corporation		38,400		1,544,967
TPR Company Limited		5,200		88,152
TRW Automotive Holdings Corporation †		72,300		4,993,761
TS Tech Company Limited		9,900		331,315
Unipres Corporation		6,700		145,125
Valeo SA		7,819		588,516
Visteon Corporation †		110,551		7,916,557
Xingda International Holdings Limited		186,000		88,963
Xinyi Glass Holding Company Limited		456,149		425,345
Yarnapund PCL †(a)		1,551,500		0
Yokohama Rubber Company Limited		65,000		569,849
YOROZU Corporation		3,500		67,236

				90,182,194


Automobiles: 1.47%
Bajaj Auto		14,575		404,728
Bayerische Motoren Werke AG		30,555		2,879,916
Brilliance China Automotive Holdings Limited †		626,000		916,969
BYD Company Limited †«		119,000		425,341
China Motor Company Limited		198,150		170,272
Chongqing Changchun Automobile Class B		43		55
Daihatsu Motor Company Limited		40,000		746,609


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			3


Security name	Shares		Value

Automobiles (continued)
Daimler AG		94,979	$	6,517,257
Dongfeng Motor Group Company Limited		646,000		890,865
Fiat SpA †		84,699		638,278
Ford Motor Company		439,000		7,107,410
Ford Otomotiv Sanayi AS		14,299		177,061
Fuji Heavy Industries Limited		126,000		3,033,382
Geely Automobile Holdings Limited		870,000		455,466
General Motors Company †		92,900		3,166,032
Ghabbour Auto		3,188		13,143
Great Wall Motor Company Limited Class H		232,500		1,178,435
Guangzhou Automobile Group Company Limited		493,454		501,077
Hero Honda Motors Limited		20,559		635,897
Honda Motor Company Limited		332,800		11,932,626
Honda Motor Company Limited ADR		25		899
Hyundai Motor Company Limited		39,627		8,836,597
Isuzu Motors Limited		251,000		1,519,415
Kia Motors Corporation		63,058		3,793,733
Mahindra & Mahindra Limited		57,433		681,208
Mahindra & Mahindra Limited GDR		10,726		122,629
Maruti Suzuki India Limited		14,444		271,593
Mazda Motor Corporation †		576,000		2,293,087
Mitsubishi Motors Corporation †		74,600		777,911
Nissan Motor Company Limited		477,300		4,721,705
Oriental Holdings Bhd		46,320		116,092
Peugeot SA †«		32,389		460,084
PT Astra International Incorporated Tbk		4,920,440		2,719,160
Renault SA		19,824		1,418,000
Suzuki Motor Corporation		86,300		1,842,460
Tan Chong Motor Holdings Bhd		87,300		185,510
Tata Motors Limited		164,889		739,880
Tata Motors Limited ADR		10,088		225,164
Tesla Motors Incorporated †«		50,100		8,466,900
Thor Industries Incorporated		96,500		4,943,695
Tofas Turk Otomobil Fabrikasi AS		25,253		129,542
Toyota Motor Corporation		560,314		33,703,664
UMW Holdings Bhd		137,800		527,116
Volkswagen AG		3,151		700,267
Yamaha Motor Company Limited		58,300		750,594
Yue Loong Motor		230,929		378,736

				122,116,460


Distributors: 0.17%
Canon Marketing Japan Incorporated		10,300		130,126
D’ieteren SA NV		1,530		70,795
DOSHISHA Company Limited		4,400		60,052
Imperial Holding Limited		47,334		957,770
Inchcape plc		38,717		353,209
Jardine Cycle & Carriage Limited		19,439		504,743
LKQ Corporation †		214,400		6,269,056


4		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Distributors (continued)
Pacific Brands Limited		170,912	$	115,059
Paltac Corporation		4,300		55,356
Pool Corporation		102,700		5,349,643
Uni-Select Incorporated		432		9,199

				13,875,008


Diversified Consumer Services: 0.45%
Apollo Group Incorporated Class A †		225,800		4,193,106
Benesse Corporation		17,200		621,963
DeVry Incorporated		124,800		3,745,248
Educomp Solutions Limited		5,295		1,427
H&R Block Incorporated		174,711		4,876,184
Hillenbrand Incorporated		143,686		3,557,665
InvoCare Limited		17,400		169,852
Navitas Limited		44,468		245,306
New Oriental Education & Technology Group Incorporated		17,412		369,657
Outerwall Incorporated †«		54,962		3,416,988
Raffles Education Corporation Limited †		55,177		12,515
Service Corporation International		493,743		8,926,873
Sotheby’s Holdings Incorporated		150,300		6,930,333

				37,067,117


Hotels, Restaurants & Leisure: 2.30%
Accor SA		17,004		643,415
Accordia Golf Company Limited		241		260,845
Ajisen China Holdings Limited		67,200		72,044
Amax Holdings Limited †		4,175		533
Ardent Leisure Group		55,254		89,808
Aristocrat Leisure Limited		108,107		432,669
Autogrill SpA †		9,260		145,890
Bally Technologies Incorporated †		81,809		5,900,883
Banyan Tree Holdings Limited		13,000		6,915
Berjaya Land Bhd		408,500		114,414
Berjaya Sports Toto Bhd		163,502		198,607
Bob Evans Farms Incorporated		1,361		66,730
Cafe de Coral Holdings Limited		52,000		163,067
Carnival Corporation		53,300		1,923,597
Carnival plc		20,101		751,937
Cheesecake Factory Incorporated		109,100		4,557,107
Chipotle Mexican Grill Incorporated †		21,294		8,691,572
Choice Hotels International Incorporated		63,100		2,421,778
Colowide Company Limited «		10,000		104,934
Compass Group plc		175,290		2,326,223
Cracker Barrel Old Country Store Incorporated		52,300		5,147,366
Crown Limited		72,900		943,349
Darden Restaurants Incorporated		83,300		3,849,293
Domino’s Pizza Incorporated		123,800		7,606,272
Doutor Nichires Holdings Company Limited		5,200		80,639
Dunkin Brands Group Incorporated		50,683		2,183,930


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			5


Security name	Shares		Value

Hotels, Restaurants & Leisure (continued)
Echo Entertainment Group Limited		134,190	$	321,343
Egyptian Resorts Company †		16,982		2,142
EIH Limited		57,568		43,784
Enterprise Inns plc †		26,791		59,285
Flight Centre Limited		11,645		484,550
Formosa International Hotels Corporation		16,347		179,942
Fujita Kanko Incorporated		30,000		116,579
Galaxy Entertainment Group Limited †		269,000		1,629,807
Genting Bhd		503,300		1,427,403
Genting Singapore plc		1,113,320		1,143,836
Grand Korea Leisure Company Limited		10,260		296,318
Great Canadian Gaming Corporation †		676		6,861
Greene King plc		17,051		220,330
H.I.S Company Limited		4,200		212,440
Hong Kong & Shanghai Hotels Limited		94,530		136,090
Hotel Properties Limited		32,000		74,352
Hotel Shilla Company Limited		7,990		482,272
Hyatt Hotels Corporation Class A †		37,824		1,641,562
Imperial Hotel Limited		3,200		107,676
Indian Hotels Company Limited		66,498		45,292
Intercontinental Hotels Group plc		28,522		798,773
International Game Technology		167,030		3,155,197
Intralot SA-Integrated Lottery Systems & Services		4,444		8,860
J D Wetherspoon plc		8,168		89,903
Jollibee Foods Corporation		94,580		340,543
Kangwon Land Incorporated		28,940		719,691
Kappa Create Company Limited		2,100		38,472
Kentucky Fried Chicken (Japan) Limited		2,100		45,493
Kisoji Company Limited		3,500		64,467
Kuoni Reisen Holding AG		214		78,063
Ladbrokers plc		95,658		273,895
Las Vegas Sands Corporation		82,555		4,651,974
Life Time Fitness Incorporated †		79,905		3,994,451
Lottomatica SpA		6,123		172,034
Marriott International Incorporated Class A		61,000		2,439,390
Marriott Vacations Worldwide Corporation †		57,022		2,486,159
Marston’s plc		50,669		122,625
McDonald’s Corporation		233,314		22,015,509
McDonald’s Holdings Company (Japan) Limited		12,400		325,492
Melco International Development Limited		180,000		408,600
MGM China Holdings Limited		177,200		528,016
MGM Mirage †		267,000		4,723,230
Millennium & Copthorne Hotels plc		18,690		159,704
Minor International PCL		115,797		76,982
Miramar Hotel & Investment Company Limited		48,000		61,362
Mitchells & Butlers plc †		19,207		126,908
MOS Food Services Incorporated		6,100		118,803
Multi-Purpose Holdings Bhd		221,370		218,354
Ohsho Food Service Corporation		1,600		51,756
Opap SA		18,417		182,167
Orbis SA		2,450		25,242


6		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Hotels, Restaurants & Leisure (continued)
Oriental Land Company Limited		11,200	$	1,803,476
Paddy Power plc		4,093		329,169
Panera Bread Company Class A †		19,349		3,173,623
Papa John’s International Incorporated		35,000		2,384,550
PartyGaming plc		58,620		99,834
Plenus Company Limited		4,100		73,797
Punch Taverns plc †		32,370		6,521
Resorts World Bhd		621,815		795,799
RESORTTRUST Incorporated		7,380		235,819
Restaurant Group plc		15,681		131,214
REXLot Holdings Limited		625,000		43,523
Round One Corporation		8,500		47,609
Royal Caribbean Cruises Limited		92,900		3,408,501
Royal Holdings Company Limited		5,300		78,477
Saizeriya Company Limited		4,700		61,522
Sands China Limited		459,523		2,633,528
Shangri-La Asia Limited		274,166		421,264
Six Flags Entertainment Corporation		210,400		6,945,304
SJM Holdings Limited		390,000		997,711
Sky City Entertainment Group Limited		108,949		327,006
Sodexho Alliance SA		9,330		823,340
Spirit Pub Company plc		32,370		37,172
St. Marc Holdings Company Limited		1,200		57,301
Starbucks Corporation		174,300		12,291,636
Starwood Hotels & Resorts Worldwide Incorporated		134,100		8,574,354
Tabcorp Holdings Limited		137,757		393,813
Tattersall’s Limited		256,702		731,390
The Rank Group plc †(a)		3,780		9,394
The Wendy’s Company «		646,102		4,884,531
Thomas Cook Group plc †		117,612		257,193
Tim Hortons Incorporated		14,344		784,406
Tokyo Dome Corporation		36,000		239,219
Tokyotokeiba Company Limited		32,000		135,198
Transat A.T. Incorporated Class A †		1,458		11,101
TUI AG †		12,319		142,799
TUI Travel plc		61,222		326,881
Vail Resorts Incorporated		79,020		5,373,360
Watami Food Service Company		3,900		65,818
Whitbread plc		16,178		772,717
William Hill plc		82,355		530,083
WMS Industries Incorporated †		125,200		3,217,640
Wowprime Corporation		12,100		172,989
Wyndham Worldwide Corporation		93,600		5,556,096
Wynn Macau Limited		273,600		824,611
Wynn Resorts Limited		54,937		7,748,314
Yoshinoya D&C Company Limited «		11,800		135,508
Yum! Brands Incorporated		104,700		7,331,094
Zensho Company Limited «		11,700		131,949

				191,375,950


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			7


Security name	Shares		Value

Household Durables: 0.89%
Alpine Electronics Incorporated		7,900	$	76,721
Amtran Technology Company Limited		169,006		108,327
Arcelik AS		78,008		388,587
Arnest One Corporation		7,300		151,326
Barratt Developments plc †		86,863		408,945
Bellway plc		9,497		197,504
Berkeley Group Holdings plc		11,306		371,388
Bovis Homes Group plc		9,917		114,471
Casio Computer Company Limited		51,600		440,221
Chofu Seisakusho Company Limited		3,500		74,570
Cleanup Corporation		5,200		41,008
Corona Corporation		2,000		21,888
D.R. Horton Incorporated		179,831		3,209,983
Dorel Industries Incorporated Class B		2,467		84,318
Ekornes ASA		800		12,680
Electrolux AB Class B		25,871		684,107
Fleetwood Corporation Limited		5,805		15,952
Foster Electric Company Limited		4,400		84,304
France Bed Holdings Company Limited		27,000		50,576
FUJITSU General Limited		11,000		117,676
Funai Electric Company Limited		2,100		20,981
Garmin Limited «		77,200		3,147,444
GUD Holdings Limited		7,917		42,004
Haier Electronics Group Company		201,000		351,025
HAJIME Construction Company Limited «		2,500		142,966
Harman International Industries Incorporated		149,570		9,575,471
Haseko Corporation †		284,500		329,924
Husqvarna AB Class A		1		6
Husqvarna AB Class B		37,065		233,311
Jarden Corporation †		69,650		2,991,468
JM AB		8,886		228,660
JVC Kenwood Holdings Incorporated		26,300		53,551
Leggett & Platt Incorporated		91,719		2,652,513
Lennar Corporation Class A «		106,200		3,378,222
LG Electronics Incorporated		25,457		1,650,729
Matsushita Electric Industrial Company Limited †		438,610		3,951,533
MDC Holdings Incorporated		77,500		2,156,825
Mohawk Industries Incorporated †		42,000		4,934,580
Newell Rubbermaid Incorporated		185,119		4,683,511
Nexity SA		1,566		57,720
Nobia AB		5,775		45,312
NVR Incorporated †		3,234		2,767,690
Panahome Corporation		18,000		108,708
Peace Mark Holdings Limited †(a)		10,000		0
Persimmon plc		31,295		533,394
Pioneer Corporation †		54,900		85,887
Redrow plc †		3,458		12,083
Rinnai Corporation		7,000		487,539
Sangetsu Company Limited		6,500		164,954
SEB SA		3,036		235,202


8		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name		Shares		Value

Household Durables (continued)
Sekisui Chemical Company Limited			94,000	$	859,902
Sekisui House Limited			116,000		1,394,813
Sharp Corporation †«			203,000		785,809
Skyworth Digital Technology Company Limited			5,350		2,891
Sony Corporation			191,094		3,803,327
Steinhoff International Holdings Limited			370,027		1,057,238
Sumitomo Foresting Company Limited			31,600		299,613
Takamatsu Corporation			3,600		56,755
Tatung Company Limited †			394,770		95,139
Taylor Woodrow plc			300,372		463,112
Techtronic Industries Company Limited			263,500		643,327
Tempur-Pedic International Incorporated †			132,800		5,114,128
TOA Corporation			6,000		40,631
TOKEN Corporation			1,340		68,148
Tomtom NV †			4,700		28,767
Videocon Industries Limited †			16,162		42,056
Welling Holding Limited	��		102,800		21,400
Whirlpool Corporation			50,800		6,535,420
Woongjin Coway Company Limited			13,020		685,909

					73,676,150


Internet & Catalog Retail: 0.88%
Amazon.com Incorporated †			84,727		23,806,592
Askul Corporation			2,300		44,777
ASOS plc †			7,672		564,601
Belluna Company Limited			3,000		28,189
CDON Group †			6,172		18,905
CJ O Shopping Company Limited			949		284,417
Expedia Incorporated			64,254		3,004,517
Home Retail Group plc			62,866		138,703
HSN Incorporated			72,487		3,904,150
Hyundai Home Shopping Network			1,833		270,127
Liberty Ventures Series A †			80,950		6,932,558
N Brown Group plc			13,911		116,517
Netflix Incorporated †			38,726		10,994,699
Nissen Company Limited			2,200		7,192
priceline.com Incorporated †			11,996		11,258,606
Rakuten Incorporated			138,100		1,692,025
Senshukai Company Limited			7,500		64,334
Shutterfly Incorporated †			75,300		3,912,588
Start Today Company Limited			12,500		279,108
TripAdvisor Incorporated †			79,262		5,863,010
Wotif.com Holdings Limited			18,653		76,166

					73,261,781


Leisure Equipment & Products: 0.29%
Ability Enterprise Company Limited			40,000		29,362
Altek Corporation			88,623		48,918
Amer Sports Oyj			13,925		276,023


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			9


Security name		Shares		Value

Leisure Equipment & Products (contined)
Aruze Corporation			4,400	$	83,656
Asia Optical Company Incorporated †			14,239		13,667
Beneteau SA †	��		1,319		16,536
Fields Corporation			2,900		44,106
Giant Manufacturing Company Limited			62,687		420,120
Hasbro Incorporated			73,221		3,337,413
Heiwa Corporation			9,000		151,223
Mars Engineering Corporation			1,800		32,430
Mattel Incorporated			221,595		8,974,598
Merida Industry Limited			45,000		293,524
Mizuno Corporation			17,000		103,419
Namco Bandai Holdings Incorporated			41,200		655,360
Nidec Copal Corporation			2,800		25,396
Nikon Corporation			73,200		1,229,939
Polaris Industries Incorporated			45,856		5,007,934
Roland Corporation			800		7,189
Sankyo Company Limited			10,300		477,943
Sega Sammy Holdings Incorporated			38,000		904,422
Shimano Incorporated			16,400		1,356,897
Tamron Company Limited			4,000		77,365
Tomy Company Limited			14,100		65,563
Yamaha Corporation			36,000		451,727
Young Optics Incorporated			14,000		31,772

					24,116,502


Media: 2.04%
Agora SA †			5,097		13,010
Aimia Incorporated			16,463		250,391
Amalgamated Holdings Limited			22,965		163,805
AMC Networks Incorporated †			43,071		2,669,541
Antena 3 de Television SA			1,425		13,919
APN News & Media Limited			45,589		14,122
Arbitron Incorporated			51,600		2,428,296
Arnoldo Mondadori Editore SpA †			1,753		2,228
Asatsu-DK Incorporated			5,100		120,543
Avex Group Holdings Incorporated			7,200		202,425
Axel Springer AG			4,131		205,774
BEC World PCL			121,700		206,047
British Sky Broadcasting plc			92,582		1,203,846
Cablevision Systems Corporation New York Group Class A			138,800		2,460,924
Charter Communication Incorporated †			45,317		5,502,390
Cheil Worldwide Incorporated †			21,540		459,992
Cineplex Incorporated «			8,140		302,323
CJ E&M Corporation †			6,785		232,119
Cogeco Cable Incorporated			1,258		57,758
Comcast Corporation Class A			294,100		12,378,669
Corus Entertainment Incorporated Class B «			12,391		297,040
CyberAgent Incorporated			91		232,859
Cyfrowy Polsat SA †			44,163		274,373


10		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Media (continued)
Daiichikosho Company Limited		8,500	$	228,485
Daily Mail & General Trust plc		23,399		286,291
Debenhams plc		147,783		245,509
Dentsu Incorporated		40,100		1,330,673
DIRECTV Group Incorporated †		130,011		7,564,040
Discovery Communications Incorporated Class A †		60,402		4,681,759
Discovery Communications Incorporated Class C †		3,073		218,705
DISH Network Corporation		24,400		1,097,024
Eniro AB †		5,208		14,294
eSun Holdings Limited †		3,000		408
Eutelsat Communications SA		13,912		416,066
Fairfax Media Limited «		382,378		181,280
Fuji Television Network Incorporated		89		163,497
Gannett Company Incorporated		146,818		3,536,846
Gestevision Telecinco SA †		15,943		155,544
GFK SE		2,287		125,786
Grupo Televisa SA		454,502		2,279,824
Hakuhodo DY Holdings Incorporated		5,620		381,267
Havas SA		33,703		244,642
Informa plc		60,450		476,470
Interpublic Group of Companies Incorporated		274,883		4,321,161
Ipsos		1,688		64,810
ITV plc		319,668		815,515
JC Decaux SA		5,375		180,208
Kabel Deutschland Holding AG		8,320		945,057
Kadokawa Group Holdings Incorporated		4,200		141,012
Lagardere SCA		10,820		329,743
Lamar Advertising Company Class A †		41,138		1,730,676
Liberty Global plc Class A †		89,111		6,922,122
Liberty Global plc Class C †		4,626		340,125
Liberty Media Corporation †		77,215		10,538,303
Live Nation Incorporated †		336,155		5,667,573
M6 Metropole Television SA		5,835		111,667
Madison Square Garden Incorporated Class A †		46,000		2,677,200
Mediaset SpA †		67,736		277,908
Meredith Corporation		82,700		3,556,927
Modern Times Group Class B		4,115		185,962
Morningstar Incorporated		17,804		1,336,902
Naspers Limited		100,178		8,252,016
New York Times Company Class A †		279,368		3,114,953
News Corporation Class A †		60,626		951,828
Nippon Television Network Corporation		10,000		175,111
Omnicom Group Incorporated		31,200		1,892,280
PagesJaunes SA †		5,117		11,438
Pearson plc		78,175		1,539,667
ProSiebenSat.1 Media AG		8,128		344,283
PT Bhakti Investama Tbk		5,200,153		163,633
PT Media Nusantara Citra Tbk †		1,052,000		282,868
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		7,553		41,557


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			11


Security name	Shares		Value

Media (continued)
Publicis Groupe		16,245	$	1,208,225
Quebecor Incorporated		6,882		147,467
REA Group Limited		14,191		455,786
Reed Elsevier NV - Netherlands Exchange «		65,450		1,181,629
Reed Elsevier plc - United Kingdom Exchange		118,539		1,453,597
Regal Entertainment Group Class A «		180,493		3,229,020
Rightmove plc		11,307		407,471
RTL Group		1,962		189,165
Sanoma Oyj		9,062		65,775
Schibsted ASA		8,244		403,491
Scripps Networks Interactive Incorporated		61,864		4,548,860
Seat Pagine Gialle SpA †		259		1
SES SA		43,074		1,264,321
Shaw Communications Incorporated Class B «		37,500		903,589
Shochiku Company Limited		26,000		244,458
Singapore Press Holdings Limited «		289,000		889,483
Sirius XM Radio Incorporated		793,500		2,840,730
Sky Deutschland AG †		48,593		406,548
SKY Network Television Limited		62,990		273,964
Sky Perfect JSAT Holdings Incorporated		468		234,834
Societe Television Francaise 1 SA		10,997		146,426
Star Publications Limited		33,600		24,739
Starz Liberty Capital		80,340		2,005,286
Sun TV Network Limited		19,075		112,481
Technicolor †		23,402		111,476
Telenet Group Holding NV		5,930		285,947
Television Broadcasts Limited		55,000		359,397
Ten Network Holdings Limited †		257,639		69,940
Thomson Corporation «		34,752		1,138,934
Time Warner Incorporated		104,079		6,299,902
Toei Company Limited		16,000		97,563
Toho Company Limited Tokyo		28,300		559,350
Tokyo Broadcasting System Incorporated		5,700		70,071
Torstar Corporation		11,855		67,643
TV Asahi Corporation		3,800		80,172
TVN SA		35,817		132,930
Twenty-First Century Fox Incorporated		222,305		6,964,816
United Business Media Limited		19,504		208,877
Viacom Incorporated Class B		49,863		3,967,100
Vodone Limited		587,400		45,241
Walt Disney Company		201,108		12,233,400
West Australian Newspapers Holding Limited		144,989		301,315
Wolters Kluwer NV		33,251		785,067
WPP plc		120,952		2,240,700
Yellow Media Limited †		225		2,576
Zee Entertainment Enterprises Limited		102,539		358,624
Zenrin Company Limited		5,000		48,503

				169,300,199


12		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Multiline Retail: 0.57%
Aeon Company Bhd		41,400	$	181,493
Big Lots Incorporated †		115,437		4,088,779
Canadian Tire Corporation Limited		7,500		634,363
David Jones Limited «		84,094		210,279
Dillard’s Incorporated Class A		22,500		1,715,850
Dollar General Corporation †		70,100		3,783,297
Dollar Tree Incorporated †		154,284		8,130,767
Dollarama Incorporated		6,458		455,855
Don Quijote Company Limited		10,200		528,167
El Puerto De Liverpool SAB de CV		42,300		448,929
Far Eastern Department Stores Company Limited		176,647		180,692
Fuji Company Limited		5,100		86,650
Golden Eagle Retail Group Limited		128,000		177,154
H2O Retailing Corporation		28,000		234,274
Harvey Norman Holdings Limited «		97,512		259,801
Hyundai Department Store Company Limited		3,673		489,519
Intime Retail Group Company Limited		238,500		278,448
Isetan Mitsukoshi Holdings Limited		75,900		980,509
Izumi Company Limited		13,100		362,012
J.Front Retailing Company Limited		94,800		752,879
Kintetsu Corporation †		27,000		94,679
Kohl’s Corporation		130,700		6,706,217
Lifestyle International Holdings Limited		119,500		256,856
Lotte Shopping Company Limited		3,266		999,635
Macy’s Incorporated		47,412		2,106,515
Marks & Spencer Group plc		149,257		1,091,116
Marui Company Limited		48,100		447,041
Matsuya Company Limited †		9,600		109,904
Metro Holdings Limited		163,200		106,682
Myer Holdings Limited «		106,299		259,115
New World Department Store China Limited		150,000		79,116
Next plc		15,421		1,169,611
Pantaloon Retail India Limited		16,821		17,408
Parco Company Limited		6,400		61,300
Parkson Holdings Bhd		118,700		121,058
Parkson Retail Group Limited		251,000		98,622
Robinson Department Store PCL		106,500		152,190
Ryohin Keikaku Company Limited		4,800		420,559
SACI Falabella		208,125		2,059,428
Saks Incorporated †		232,692		3,706,784
Sears Canada Incorporated		655		7,276
Sears Holdings Corporation «		29,801		1,318,396
Shinsegae Company Limited		1,463		263,467
Stockmann Oyj ABP		1,375		23,909
Takashimaya Company Limited		60,000		524,606
The Daiei Incorporated †		2,400		8,200
Warehouse Group Limited		10,254		29,875
Woolworths Holdings Limited		144,711		959,003

				47,178,285


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			13


Security name	Shares		Value

Specialty Retail: 2.18%
ABC-Mart Incorporated		4,200	$	175,391
Advance Auto Parts Incorporated		52,496		4,203,355
Aeropostale Incorporated †		171,800		1,396,734
Alpen Company Limited		2,900		55,341
American Eagle Outfitters Incorporated		112,502		1,627,904
AOKI Holdings Incorporated		3,300		94,788
Aoyama Trading Company Limited		10,700		263,352
AT Group Company Limited		5,000		84,120
Autobacs Seven Company Limited		16,500		234,519
AutoNation Incorporated †		30,700		1,434,918
AutoZone Incorporated †		9,000		3,779,460
Bed Bath & Beyond Incorporated †		50,900		3,753,366
Belle International Holdings Limited		1,042,000		1,433,189
Best Buy Company Incorporated		172,300		6,202,800
Best Denki Company Limited †		8,000		10,919
BIC Camera Incorporated «		221		95,830
Cabela’s Incorporated †		32,000		2,096,960
Carpetright plc †		2,534		25,194
Carphone Warehouse Group plc		20,849		76,332
Chico’s FAS Incorporated		364,195		5,681,442
Children’s Place Retail Stores Incorporated †		47,298		2,515,308
Chiyoda Company Limited		8,400		183,596
Chow Sang Sang Holdings International Limited		81,000		222,145
Chow Tai Fook Jewellery Company Limited		230,800		317,934
CST Brands Incorporated †		140,699		4,150,621
DCM Japan Holdings Company Limited		27,000		184,022
Delek Automotive Systems Limited		1,187		11,863
Dick’s Sporting Goods Incorporated		69,007		3,202,615
Dickson Concepts International Limited		37,670		21,102
DSG International plc †		298,153		190,665
DSW Incorporated Class A		71,300		6,138,217
Dufry Group Register Shares †		2,183		289,672
Edion Corporation		14,400		77,743
Esprit Holdings Limited		355,658		604,781
Express Incorporated †		199,100		4,179,109
Fast Retailing Company Limited		11,700		3,766,789
Fielmann AG		776		78,960
Foot Locker Incorporated		96,335		3,101,987
Foschini Limited		43,808		409,684
Fourlis Holdings SA †		1,820		5,495
Futures Lifestyle Fashions Limited †(a)		5,607		3,713
Gamestop Corporation Class A		76,300		3,831,023
Genesco Incorporated †		47,700		2,942,136
GEO Company Limited		102		90,490
Giordano International Limited		338,000		324,305
GNC Holdings Incorporated Class A		50,133		2,550,266
GOME Electrical Appliances Holding Limited †		2,195,000		225,789
Group 1 Automotive Incorporated		42,700		3,276,371
Groupe Fnac †		888		20,022
Grupo Elektra SA de CV		7,469		241,355


14		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Specialty Retail (continued)
Guess? Incorporated		45,800	$	1,396,900
Gulliver International Company Limited		5,600		29,930
Halfords Group		10,381		58,245
Hennes & Mauritz AB		89,703		3,291,660
Hikari Tsushin Incorporated		5,300		315,236
Home Depot Incorporated		163,130		12,151,554
Hotai Motor Company Limited		85,000		836,455
Industria de Diseno Textil SA		21,337		2,821,131
IT City Public Company Limited		172,900		15,362
JB Hi-Fi Limited		17,769		297,185
Joshin Denki Company Limited		10,000		77,542
Jumbo SA		8,759		92,570
K’s Holdings Corporation		9,400		285,596
Keiyo Company Limited «		9,500		45,367
Kesa Electricals plc		21,336		26,666
Kingfisher plc		235,574		1,405,779
KOHNAN SHOJI Company Limited		4,900		52,442
Komeri Company Limited		6,500		160,790
Lowe’s Companies Incorporated		124,800		5,718,336
Luk Fook Holdings International Limited		65,000		221,056
Mr Price Group Limited		44,003		535,620
NAFCO Company Limited		1,400		21,736
Nishimatsuya Chain Company Limited		8,400		66,330
Nitori Company Limited		8,350		745,118
O’Reilly Automotive Incorporated †		76,106		9,338,967
OSIM International Limited		55,515		86,556
Paris Miki Incorporated		3,500		16,876
PetSmart Incorporated		71,200		5,014,616
Point Incorporated		3,600		168,823
Pou Sheng International Holdings Limited †		282,000		13,603
Praktiker Bau Und Heimwerkermaerkte AG †		3,061		332
Premier Investments Limited		16,893		121,769
Reitman’s Canada Limited Class A		2,386		22,290
Rent-A-Center Incorporated		127,782		4,793,103
Right On Company Limited		1,000		9,408
RONA Incorporated		10,259		104,704
Ross Stores Incorporated		54,898		3,692,439
Sa Sa International Holdings Limited		182,000		194,531
Sally Beauty Holdings Incorporated †		109,800		2,869,074
Sanrio Company Limited		11,000		564,120
Shimachu Company Limited		9,900		240,530
Shimamura Company Limited		4,400		447,748
Signet Jewelers Limited - United Kingdom Exchange		1,261		84,541
Staples Incorporated		426,000		5,925,660
Super Cheap Auto Group Limited		25,109		272,618
T-Gaia Corporation		4,400		43,156
The Buckle Incorporated «		53,900		2,790,942
The Men’s Wearhouse Incorporated		105,042		3,954,831
Tiffany & Company		82,600		6,369,286
TJX Companies Incorporated		167,500		8,830,600
Tractor Supply Company		48,075		5,882,938


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			15


Security name	Shares		Value

Specialty Retail (continued)
Trinity Limited		202,000	$	70,951
Truworths International Limited		104,568		833,702
Ulta Salon Cosmetics & Fragrance Incorporated †		42,500		4,217,700
United Arrows Limited		4,100		164,184
Urban Outfitters Incorporated †		75,913		3,183,032
USS Company Limited		5,220		651,257
Valora Holding AG		366		74,214
Vitamin Shoppe Incorporated †		59,700		2,514,564
WH Smith plc		12,180		159,962
Xebio Company Limited		4,100		92,133
Yamada Denki Company Limited		18,300		576,381
Zhongsheng Group Holdings Limited		140,000		184,870

				181,129,309


Textiles, Apparel & Luxury Goods: 1.16%
Adidas-Salomon AG		19,806		2,095,238
ANTA Sports Products Limited		127,000		163,700
ASICS Corporation		43,800		762,855
Atsugi Company Limited		31,000		32,356
Billabong International Limited †		56,684		21,442
Bosideng International Holdings Limited		500,000		101,794
Burberry Group plc		41,524		988,318
Carter’s Incorporated		38,200		2,813,048
China Dongxiang Group Company		272,000		44,044
China Hongxing Sports Limited †(a)		37,000		0
Christian Dior SA		4,809		823,994
Compagnie Financiere Richemont SA		49,685		4,716,558
Daidoh Limited		1,200		8,367
Deckers Outdoor Corporation †«		69,298		4,069,872
Descente Limited		9,000		62,731
Eclat Textile Company Limited		39,780		353,754
Fibrechem Technologies Limited †(a)		20,000		0
Formosa Taffeta Company Limited		209,000		190,719
Fossil Group Incorporated †		37,913		4,403,216
Geox SpA		950		2,412
Gildan Activewear Incorporated		10,931		480,287
Gunze Limited		36,000		89,486
Hanesbrands Incorporated		67,900		4,038,692
Hermes International		1,479		495,951
Hugo Boss AG		2,130		259,543
Iconix Brand Group Incorporated †		133,000		4,365,060
Jaybharat Textiles & Real Estate Limited †(a)		15,488		9,002
Kurabo Industries Limited		43,000		67,566
Li & Fung Limited		1,128,530		1,653,618
Li Ning Company Limited †«		79,500		59,592
LPP SA		207		501,480
lululemon athletica incorporated †«		9,595		679,710
Luxottica Group SpA		12,870		670,458
LVMH Moet Hennessy Louis Vuitton SA		26,096		4,572,091


16		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Michael Kors Holdings Limited †		121,468	$	8,999,564
Ng2 SA		3,479		105,494
Nike Incorporated Class B		168,500		10,585,170
Onward Kashiyama Company Limited		27,000		234,210
Pandora AS		4,743		170,754
Peak Sport Products Limited		198,000		47,084
Pinault-Printempts-Redoute SA		7,111		1,606,796
Ports Design Limited		33,000		21,466
Pou Chen Corporation		584,600		636,770
Prada SpA		47,800		468,955
Prime Success International Group Limited		130,000		83,145
Puma AG Rudolf Dassler Sport		229		65,138
PVH Corporation		55,845		7,190,044
Ralph Lauren Corporation		14,913		2,466,759
Ruentex Industries Limited		140,549		346,947
Sanyo Shokai Limited		23,000		57,688
Seiko Holdings Corporation Class C		23,000		90,982
Seiren Company Limited		20,900		129,327
Shenzhou International Group Holdings Limited		77,000		250,175
Stella International		100,000		245,021
Steven Madden Limited †		90,500		4,887,000
Swatch Group AG/The Bearer Shares		2,953		1,698,746
Swatch Group AG/The Regular Shares		4,901		490,496
Tainan Spinning Company Limited		347,632		168,879
Texwinca Holdings Limited		100,000		94,352
The Japan Wool Textile Company Limited		13,000		94,039
Titan Industries Limited		44,383		150,571
Tod’s SpA		810		144,824
TSI Holdings Company Limited		20,900		136,397
Under Armour Incorporated Class A †		53,596		3,893,213
Unitika Limited †		168,000		90,247
VF Corporation		20,429		3,824,513
Wacoal Corporation		26,000		260,522
Wolverine World Wide Incorporated		110,440		6,212,250
Xtep International Holdings Limited		154,500		75,272
Yue Yuen Industrial Holdings Limited		151,500		466,435

				96,086,199


Consumer Staples: 6.94%

Beverages: 1.36%
Anadolu Efes Biracilik Ve Malt Sanayii AS		41,874		483,521
Anheuser-Busch InBev NV		76,276		7,113,580
Anheuser-Busch InBev NV Strip VVPR †(a)		6,960		0
Arca Continental SAB de CV		178,900		1,148,570
Asahi Breweries Limited		92,000		2,276,192
Beam Incorporated		110,862		6,945,504
Britvic plc		18,843		167,446
Brown-Forman Corporation Class A		19,584		1,312,911
Brown-Forman Corporation Class B		104,521		7,001,862


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			17


Security name	Shares		Value

Beverages (continued)
C&C Group plc		39,716	$	219,919
Carlsberg AS		10,130		981,817
Carlsberg Brewery Malaysia Bhd		27,300		107,452
Coca-Cola Amatil Limited		102,864		1,119,815
Coca-Cola Central Japan Company Limited	��	8,300		118,287
Coca-Cola Enterprises Incorporated		165,300		6,182,220
Coca-Cola Femsa SA		73,900		886,291
Coca-Cola HBC AG - London Exchange		17,518		484,585
Coca-Cola Icecek Uretim AS		15,881		371,325
Coca-Cola West Japan Company Limited		14,900		295,128
Companhia de Bebidas Das Americas		36,342		1,274,586
Compania Cervecerias Unidas SA		22,491		298,102
Cott Corporation		9,100		72,918
Davide Campari-Milano SpA		22,742		180,335
Diageo plc		238,300		7,303,029
Dr Pepper Snapple Group Incorporated		130,940		5,860,874
Fomento Economico Mexicano Sab de CV		457,000		4,308,681
Fraser & Neave Holdings		12,000		66,927
Guinness Anchor Bhd		33,500		177,394
Heineken Holding NV		9,870		595,826
Heineken NV «		20,410		1,401,799
Hey Song Corporation		99,000		100,486
Hite Jinro Company Limited		6,516		147,387
ITO EN Limited		11,400		256,128
Kirin Brewery Company Limited		184,000		2,515,632
Lotte Chilsung Beverage Company Limited		132		165,190
Molson Coors Brewing Company		104,972		5,121,584
Monster Beverage Corporation †		99,493		5,709,903
PepsiCo Incorporated		172,663		13,766,421
Pernod-Ricard SA		18,977		2,201,489
Remy Cointreau SA †		1,980		208,137
SABMiller plc		90,064		4,292,844
Sapporo Holdings Limited		76,000		271,846
Takara Holdings Incorporated		39,000		295,291
Thai Beverage PCL		2,160,000		803,000
The Coca-Cola Company		427,766		16,332,106
Treasury Wine Estates Limited		132,371		557,594
Tsingtao Brewery Company Limited		70,000		516,951
United Spirits Limited		20,845		693,540
Yomeishu Seizo Company Limited		4,000		32,799

				112,745,224


Food & Staples Retailing: 1.68%
Aeon Company Limited «		143,400		1,953,903
Ain Pharmaciez Incorporated		4,400		182,981
Alimentation Couche Tard Incorporated		13,243		763,676
ARCS Company Limited		9,300		168,936
Axfood AB		1,584		70,573
Big C Supercenter PCL ADR		174,400		1,013,135


18		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Food & Staples Retailing (continued)
Bim Birlesik Magazalar AS		46,738	$	857,380
Booker Group plc		194,495		375,720
C.P. Seven Eleven PCL		830,800		845,253
Carrefour SA		60,951		1,908,386
Casey’s General Stores Incorporated		84,110		5,546,213
Casino Guichard Perrachon SA		5,420		513,005
Cawachi Limited		2,100		38,707
Cencosud SA		244,002		980,312
China Resources Enterprise Limited		266,000		756,578
Cocokara Fine Incorporated		7,400		216,860
Colruyt SA		6,243		345,604
Cosmos Pharmaceutical Corporation		1,800		223,341
Costco Wholesale Corporation		101,627		11,369,012
CVS Caremark Corporation		136,700		7,935,435
Dairy Farm International Holdings Limited		52,200		532,440
Delhaize Group SA		10,066		643,008
Distribuidora Internacional SA		61,010		482,256
E-MART Company Limited		4,953		917,346
Empire Company Limited		2,672		205,658
Eurocash SA		15,296		245,622
FamilyMart Company Limited		12,400		520,307
George Weston Limited		5,500		434,653
Greggs plc		7,664		49,467
Harris Teeter Supermarkets Incorporated		108,852		5,350,076
Heiwado Company Limited		8,100		121,275
Inageya Company Limited		5,500		55,064
Izumiya Company Limited		15,000		66,102
J Sainsbury plc		119,290		711,167
Jeronimo Martins SA		20,490		398,080
Kasumi Company Limited		10,000		62,103
Kato Sangyo Company Limited		5,600		111,068
Kesko Oyj Class A		1,500		47,163
Kesko Oyj Class B		7,559		227,749
Koninklijke Ahold NV		100,511		1,601,262
Kroger Company		62,200		2,276,520
Lawson Incorporated		13,100		983,821
Life Corporation		4,000		49,050
Loblaw Companies Limited		10,500		448,291
Magnit OJSC Sponsored GDR		68,877		3,819,608
Massmart Holdings Limited		23,414		358,697
Matsumotokiyoshi Holdings Company Limited		6,900		232,401
Metcash Limited		157,905		455,587
Metro AG		12,722		466,173
Metro Incorporated		9,679		619,721
Ministop Company Limited		2,800		42,255
OKUWA Company Limited		6,000		53,654
Olam International Limited «		271,718		304,754
Pick’n Pay Stores Limited		59,313		220,891
President Chain Store Corporation		126,032		877,693
Rallye SA		2,005		70,525


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			19


Security name	Shares		Value

Food & Staples Retailing (continued)
Rite Aid Corporation †		1,567,380	$	5,423,135
Ryoshoku Limited		4,200		110,971
Safeway Incorporated		154,716		4,007,144
Seven & I Holdings Company Limited «		151,780		5,196,302
Shoppers Drug Mart Corporation		20,100		1,124,745
Shoprite Holdings Limited		81,698		1,279,079
Sligro Food Group NV		1,429		54,544
SPAR Group Limited		29,921		335,138
Sugi Pharmacy Company Limited		8,400		324,755
Sun Art Retail Group Limited		518,000		704,233
Sundrug Company Limited		6,600		306,163
Super-Sol Limited		1,882		7,462
Sysco Corporation		69,948		2,239,735
Tesco plc		770,024		4,376,007
The Fresh Market Incorporated †		90,109		4,398,220
The Jean Coutu Group PJC Incorporated		9,211		158,370
The Maruetsu Incorporated		2,000		6,196
Tsuruha Holdings Incorporated		3,300		297,368
United Natural Foods Incorporated †		108,479		6,577,082
UNY Company Limited		43,900		279,076
Valor Company Limited		9,100		131,237
Wal-Mart de Mexico SAB de CV		1,321,710		3,165,536
Wal-Mart Stores Incorporated		182,943		13,351,180
Walgreen Company		96,300		4,629,141
Welcia Holdings Company		1,800		89,128
Wesfarmers Limited		216,640		7,812,524
Whole Foods Market Incorporated		80,242		4,232,766
William Morrison Supermarkets plc		218,799		984,415
Woolworths Limited		230,279		7,294,382
Wumart Stores Incorporated		127,000		240,148
Yaoko Company Limited		2,300		82,105
Yokohama Reito Company		7,100		57,275

				139,402,079


Food Products: 2.05%
Ajinomoto Company Incorporated		130,000		1,662,584
Alicorp SA		148,947		505,858
Archer Daniels Midland Company		78,700		2,771,027
Ariake Japan Company Limited		5,600		125,449
Aryzta AG		9,603		612,905
Asiatic Development Bhd		46,000		132,738
Associated British Foods plc		34,117		976,045
Australian Agricultural Company Limited †		33,938		33,529
Barry Callebaut AG		233		219,240
BRF Brasil Foods SA		163,200		3,775,704
Bunge Limited		94,345		7,149,464
CALBEE Incorporated		3,400		331,150
Campbell Soup Company		119,300		5,151,374
Chaoda Modern Agriculture Limited †(a)		277,776		0


20		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Food Products (continued)
Charoen Pokphand Food PCL		445,500	$	321,081
China Agri-Industries Holdings Limited		522,700		244,646
China Fishery Group Limited		36,922		9,532
China Green Holdings Limited †		48,000		5,299
China Huiyuan Juice Group †		21,500		11,617
China Mengniu Dairy Company		323,000		1,364,453
CJ Cheiljedang Corporation		1,850		422,816
ConAgra Foods Incorporated		267,414		9,043,941
CSM NV		8,986		212,600
D.E Master Blenders 1753 NV †		55,441		905,662
Dairy Crest Group plc		6,886		53,846
Danone SA		57,912		4,312,147
Dydo Drinco Incorporated		1,900		71,176
East Asiatic Company Limited AS †		250		4,053
Ebro Puleva SA		6,042		131,129
Ezaki Glico Company Limited		29,000		256,647
Felda Global Ventures Holdings Bhd		469,000		623,953
Flowers Foods Incorporated		110,450		2,296,256
Fu Ji Food & Catering Services †		1,669		368
Fuji Oil Company Limited		13,300		233,209
Fujicco Company Limited		4,000		47,232
Fujiya Company limited		22,000		41,542
Futuris Corporation Limited †		36,531		3,214
General Mills Incorporated		72,000		3,551,040
Global Bio-Chem Technology Group Company Limited †		179,200		14,493
Golden Agri-Resources Limited		1,248,045		546,478
Goodman Fielder Limited †		268,842		176,211
GrainCorp Limited		43,413		479,090
Green Mountain Coffee Roasters Incorporated †«		85,292		7,361,553
Grupo Bimbo Sab de CV		544,700		1,585,464
Hain Celestial Group Incorporated †		104,033		8,507,819
Hokuto Corporation		5,200		90,906
House Foods Corporation		16,400		254,583
Indofood Agri Resources Limited		39,000		23,656
Indofood CBP Sukses Makmur Tbk		384,000		350,602
Ingredion Incorporated		49,705		3,128,433
IOI Corporation Bhd		654,346		1,075,196
Itoham Foods Incorporated		35,000		142,112
J-Oil Mills Incorporated		19,000		58,583
JBS SA		181,023		558,406
Kagome Company Limited		16,000		273,821
KAMEDA SEIKA Company Limited		2,900		89,960
Kellogg Company		29,800		1,809,158
Kerry Group plc Class A - Dublin Exchange		15,076		951,030
Khon Kaen Sugar Industry PCL		23,320		9,128
Kikkoman Corporation		40,000		679,484
Kraft Foods Group Incorporated		66,392		3,437,114
Kuala Lumpur Kepong Bhd		99,100		649,252
Kulim (Malaysia) Bhd		101,600		103,928
Lancaster Colony Corporation		38,069		2,808,350


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			21


Security name	Shares		Value

Food Products (continued)
Lindt & Spruengli AG		10	$	462,661
Lindt & Spruengli AG - Participation Certificate		96		383,781
Lotte Confectionery Company Limited		228		310,177
Maple Leaf Foods Incorporated		14,491		189,169
Marine Harvest ASA		252,949		234,773
Marudai Food Company Limited		35,000		108,836
Maruha Nichiro Holdings Incorporated		87,000		162,087
McCormick & Company Incorporated		90,900		6,149,385
Mead Johnson Nutrition Company		50,020		3,753,001
Megmilk Snow Brand Company Limited		9,100		130,845
Meiji Holdings Company Limited		14,200		732,596
Meito Sangyo Company Limited		3,200		33,472
Mitsui Sugar Company Limited		17,000		53,979
Mondelez International Incorporated Class A		199,293		6,112,316
Morinaga & Company Limited		51,000		104,079
Morinaga Milk Industry Company Limited		43,000		127,439
Nakamuraya Company Limited		11,000		43,583
Nestle India Limited		4,820		357,229
Nestle Malaysia Bhd		10,000		205,425
Nestle SA		312,322		20,439,662
Nestle SA ADR		15		982
Nichirei Corporation		52,000		249,350
Nippon Beet Sugar Manufacturing Company Limited		24,000		41,945
Nippon Flour Mills Company Limited		38,000		184,796
Nippon Meat Packers Incorporated		39,000		545,365
Nippon Suisan Kaisha Limited †		41,400		84,280
Nisshin Seifun Group Incorporated		42,000		471,216
Nissin Food Products Company Limited		17,300		681,166
Nong Shim Company Limited		901		193,243
Nutreco NV		6,894		324,428
Orion Corporation		971		860,440
Orkla ASA		72,715		524,115
Osem Investment Limited		3,453		70,723
Peoples Food Holdings Limited		21,000		15,715
PP London Sumatra Indonesia Tbk		664,500		90,426
PPB Group Bhd		119,200		483,492
Premier Foods plc †		9,696		19,759
President Bakery Public Company Limited		30,500		40,506
PT Astra Agro Lestari Tbk		71,500		128,948
PT Charoen Pokphand Indonesia Tbk		1,636,000		503,494
PT Indofood Sukses Makmur Tbk		993,924		590,254
QP Corporation		24,000		361,709
Ridley Corporation Limited		11,389		8,160
Riken Vitamin Company Limited		2,000		49,661
Sakata Seed Corporation		5,700		75,207
Saputo Incorporated		12,604		559,540
Showa Sangyo Company Limited		27,000		79,353
Shree Renuka Sugars Limited		50,603		11,684
Smithfield Foods Incorporated †		80,276		2,691,654
Standard Foods Corporation		65,596		192,215


22		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Food Products (continued)
Strauss Group Limited		1,291	$	20,397
Suedzucker AG		5,793		187,041
Synear Food Holdings Limited †		16,000		2,322
Tata Tea Limited		45,086		94,585
Tate & Lyle plc		44,144		550,633
Thai Union Frozen Products PCL		37,044		50,635
The Hershey Company		37,200		3,420,540
The Nisshin Oillio Group Limited		21,000		72,331
Tiger Brands Limited		43,269		1,190,017
Tingyi Holding Corporation		430,000		1,062,453
Toyo Suisan Kaisha Limited		20,000		600,010
TreeHouse Foods Incorporated †		79,723		5,184,387
Tyson Foods Incorporated Class A		189,709		5,492,076
Uni-President China Holdings Limited		200,000		170,630
Uni-President Enterprises Corporation		996,244		1,809,924
Unilever NV		164,249		6,179,974
Unilever plc ADR		115,537		4,405,395
United Plantations Bhd		17,000		137,666
Universal Robina Corporation		238,100		637,557
Viscofan SA		4,011		209,236
Vitasoy International Holdings Limited		188,000		237,395
Want Want China Holdings Limited		1,601,000		2,367,063
Wei Chuan Food Corporation		140,000		266,384
Wilmar International Limited		474,930		1,170,391
Yakult Honsha Company Limited «		24,300		1,025,526
Yamazaki Baking Company Limited		34,000		363,849

				169,916,074


Household Products: 0.80%
Church & Dwight Company Incorporated		95,200		5,650,120
Clorox Company		90,700		7,500,890
Colgate-Palmolive Company		204,116		11,791,781
Henkel AG & Company KGaA		11,153		907,080
Hindustan Unilever Limited		249,278		2,383,994
Kimberly-Clark Corporation		42,916		4,011,788
Kimberly-Clark de Mexico SAB de CV		170,300		484,987
LG Household & Health Care Limited Class H		2,428		1,069,668
Lion Corporation		52,000		313,566
Pigeon Corporation		7,000		320,993
Procter & Gamble Company		306,082		23,840,727
PT Unilever Indonesia Tbk		256,000		728,546
PZ Cussons plc		28,166		175,032
Reckitt Benckiser Group plc		61,638		4,188,868
ST Corporation		700		7,108
Svenska Cellulosa AB Class A		7,500		183,558
Svenska Cellulosa AB Class B		56,712		1,384,975
Uni-Charm Corporation		28,200		1,457,601

				66,401,282


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			23


Security name	Shares		Value

Personal Products: 0.41%
Aderans Company Limited		2,700	$	38,405
Amorepacific Corporation		663		537,543
Amorepacific Group		757		249,516
Atrium Innovations Incorporated †		734		11,512
Avon Products Incorporated		277,900		5,494,083
BaWang International Group Holding Limited †		82,000		4,953
Beiersdorf AG		10,132		872,953
Colgate-Palmolive Company India Limited		6,799		123,827
Dabur India Limited		131,061		323,536
Dr. Ci Labo Company Limited «		44		113,943
Emami Limited		9,988		61,907
Estee Lauder Companies Incorporated Class A		59,220		3,870,619
FANCL Corporation		7,300		91,457
Godrej Consumer Products Limited		26,964		330,571
Hengan International Group Company Limited		183,000		1,999,741
Kao Corporation		100,100		2,913,462
Kobayashi Pharmaceutical Company Limited		5,600		309,671
Kose Corporation		4,900		136,980
L’Oreal SA		23,650		3,948,432
Mandom Corporation		3,200		102,768
Marico Limited		70,088		225,476
Milbon Company Limited		1,700		65,727
Natura Cosmeticos SA		45,000		844,381
Noevir Holding Company		3,000		51,022
NU Skin Enterprises Incorporated Class A		115,500		9,668,505
Oriflame Cosmetics SA		2,947		86,251
Pola Orbis Holdings Incorporated		6,900		216,929
Shiseido Company Limited		76,900		1,215,366

				33,909,536


Tobacco: 0.64%
Altria Group Incorporated		224,380		7,601,994
British American Tobacco Malaysia Bhd		28,400		536,361
British American Tobacco plc		186,238		9,417,053
Eastern Company		2,662		35,820
Imperial Tobacco Group plc		94,358		3,119,865
ITC Limited		422,661		1,975,424
Japan Tobacco Incorporated		209,900		7,089,342
KT&G Corporation		30,094		1,965,767
Philip Morris International Incorporated		182,650		15,240,316
PT Gudang Garam Tbk		106,500		368,893
Reynolds American Incorporated		38,462		1,831,945
Souza Cruz SA		85,600		896,917
Swedish Match AB		21,840		762,302
Universal Corporation «		53,800		2,637,276

				53,479,275


24		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Energy: 7.59%

Energy Equipment & Services: 1.65%
Aban Offshore Limited		2,949	$	9,481
Aker Solutions ASA		17,388		263,570
AMEC plc		31,672		510,319
Atwood Oceanics Incorporated †		126,000		7,015,680
Baker Hughes Incorporated		53,900		2,505,811
Bourbon SA «		4,428		115,851
Bumi Armada Bhd		170,300		202,198
BW Offshore Limited		23,262		27,579
Calfrac Well Services Limited		1,959		61,078
Cameron International Corporation †		61,238		3,477,706
Carbo Ceramics Incorporated «		39,100		3,190,169
CGG SP ADR		689		16,316
China Oilfield Services Limited Class H		362,000		928,956
Compagnie Generale de Geophysique Veritas †		16,437		389,913
Core Laboratories NV		31,684		4,800,443
Dresser-Rand Group Incorporated †		52,441		3,195,755
Dril-Quip Incorporated †		80,410		8,202,624
Enerflex Limited		4,043		54,237
Ensco plc Class A		57,607		3,200,645
Ensign Energy Services Incorporated		11,978		199,918
Exterran Holdings Incorporated †		144,600		3,966,378
Ezra Holdings Limited		125,000		81,088
FMC Technologies Incorporated †		163,404		8,763,357
Fred Olsen Energy ASA		4,001		185,078
Fugro NV		7,087		435,459
Halliburton Company		1		48
Helix Energy Solutions Group Incorporated †		216,195		5,411,361
Helmerich & Payne Incorporated		68,300		4,305,632
Hunting plc		13,249		168,265
John Wood Group plc		30,475		380,502
KNM Group Bhd †		133,912		16,480
Kvaerner ASA		10,061		15,885
McDermott International Incorporated †		551,600		4,137,000
Modec Incorporated		3,100		87,673
Mullen Group Limited		6,400		153,423
Nabors Industries Limited		189,000		2,910,600
National Oilwell Varco Incorporated		99,500		7,392,850
Oceaneering International Incorporated		77,668		6,025,483
Oil States International Incorporated †		35,300		3,149,466
Pason Systems Incorporated		10,745		218,613
Patterson-UTI Energy Incorporated		105,679		2,070,252
Petrofac Limited		25,283		542,699
Petroleum Geo-Services ASA		19,980		255,716
Precision Drilling Corporation		20,412		200,961
Prosafe ASA		26,130		232,763
Saipem SpA		23,203		516,503
Sapurakencana Petroleum Bhd †		640,922		699,086
Savanna Energy Services Corporation		11,539		84,683


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			25


Security name	Shares		Value

Energy Equipment & Services (continued)
SBM Offshore NV †		17,972	$	353,033
Schlumberger Limited		309,405		25,043,241
Schoeller-Bleckmann Oilfield Equipment AG		1,839		194,306
Seadrill Limited		33,756		1,552,736
Shawcor Limited Class A		4,528		179,822
Shinko Plantech Company Limited		7,600		60,789
Subsea 7 SA		26,952		552,307
Technip SA		10,276		1,194,669
Tecnicas Reunidas SA		2,168		94,630
Tenaris SA		45,222		1,001,730
TGS Nopec Geophysical Company ASA		10,707		315,112
Tidewater Incorporated		35,240		1,901,550
TMK GDR Register Shares		5,618		72,304
Toyo Kanetsu K. K.		23,000		61,037
Trican Well Service Limited		16,245		228,414
Trinidad Drilling Limited		7,400		63,792
Unit Corporation †		101,900		4,692,495
Weatherford International Limited †		527,639		7,867,097
WorleyParsons Limited		36,573		712,498

				136,917,115


Oil, Gas & Consumable Fuels: 5.94%
Advantage Oil & Gas Limited †		8,522		30,988
AET&D Holdings No. 1 Limited †(a)		20,314		0
Afren plc †		100,824		217,541
Alliance Oil Company Limited †		11,923		85,487
Altagas Limited		11,048		376,868
Anadarko Petroleum Corporation		116,700		10,668,714
AOC Holdings Incorporated		9,300		29,491
Apache Corporation		43,800		3,752,784
Aquila Resources Limited †		23,944		43,657
ARC Resources Limited «		29,540		707,300
Arch Coal Incorporated «		478,500		2,138,895
Asian Insulators PCL		395,800		159,845
Athabasca Oil Corporation †		28,194		201,825
Aurora Oil & Gas Limited †		85,102		248,414
Australian Worldwide Exploration Limited †		77,909		89,995
Bankers Petroleum Limited †		23,555		79,389
Banpu PCL		14,200		121,752
Bayan Resources Group †		170,500		115,540
Baytex Energy Corporation «		11,349		448,767
Beach Petroleum Limited		237,381		292,749
Berry Petroleum Company Class A		102,800		4,230,220
BG Group plc		325,321		6,190,245
Bharat Petroleum Corporation Limited		36,149		149,464
Birchcliff Energy Limited †		4,522		30,482
Blackpearl Resources Incorporated †		33,021		64,581
Bonavista Energy Corporation «		16,745		206,828
BP plc		1,823,003		12,605,733
Brightoil Petroleum Holdings Limited †		514,000		86,633


26		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Cabot Oil & Gas Corporation		290,524	$	11,368,204
Cairn Energy plc †		48,348		204,268
Caltex Australia Limited		22,940		385,191
Cameco Corporation		37,200		708,117
Canadian Natural Resources Limited		103,154		3,147,602
Canadian Oil Sands Limited		45,830		879,355
Cenovus Energy Incorporated		72,271		2,070,767
Cheniere Energy Incorporated †		173,300		4,850,667
Chesapeake Energy Corporation		57,932		1,495,225
Chevron Corporation		216,523		26,075,865
China Coal Energy Company		929,962		546,087
China Petroleum & Chemical Corporation		6,023,600		4,337,473
China Shenhua Energy Company Limited		802,500		2,485,599
Cimarex Energy Company		55,500		4,651,455
CNOOC Limited		3,795,000		7,503,822
CNPC (Hong Kong) Limited		780,000	��	1,132,247
Coal India Limited		146,299		555,681
Coal of Africa Limited †		38,864		4,670
Cobalt International Energy Incorporated †		190,600		4,650,640
Concho Resources Incorporated †		71,428		6,893,516
Connacher Oil & Gas Limited †		22,597		4,613
ConocoPhillips Company		136,567		9,054,392
Continental Resources Incorporated †«		14,134		1,304,003
Corridor Resources Incorporated †		1,363		1,100
Cosan SA Industria Comercio Npv		23,400		407,792
Cosmo Oil Company Limited †		129,000		265,315
Crescent Point Energy Corporation «		36,103		1,316,887
Crew Energy Incorporated †		7,839		44,728
Dart Energy Limited †		34,277		3,023
Delek Group Limited		312		86,597
Denison Mines Corporation †		51,265		58,405
DNO ASA †		102,500		222,543
Dragon Oil plc		21,264		196,725
Ecopetrol SA Sponsored ADR «		41,000		1,831,060
Empresas Copec SA		115,354		1,541,821
Enbridge Incorporated		77,200		3,165,544
Encana Corporation		70,534		1,204,696
Energen Corporation		46,326		3,071,877
Energy Resources of Australia Limited †		13,099		15,926
Enerplus Corporation «		20,247		335,047
ENI SpA		247,150		5,629,526
ENI SpA ADR		4,276		194,472
EnQuest plc - Sweden Exchange †		15,154		29,154
EnQuest plc - United Kingdom Exchange †		56,296		108,674
EOG Resources Incorporated		63,348		9,948,803
EQT Corporation		103,700		8,889,164
ERG SpA		2,269		22,115
Essar Energy plc †		28,005		55,333
Essar Oil Limited †		68,274		59,387
Esso Thailand PCL		26,300		5,066


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			27


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Establissements Maurel et Prom		5,783	$	95,315
EXCO Resources Incorporated «		333,100		2,424,968
Exxaro Resources Limited		30,766		486,211
Exxon Mobil Corporation		496,631		43,286,358
Formosa Petrochemical Corporation		366,590		927,506
Frontline Limited †«		6,300		15,501
Galp Energia SGPS SA		20,077		337,922
Gazprom ADR		1,577,489		12,393,038
Golar LNG Limited		2,733		102,713
Goodrich Petroleum Corporation †«		3,776		80,995
Gran Tierra Energy Incorporated †		23,505		160,672
Grupa Lotos SA †		10,126		119,434
GS Holdings Corporation		10,834		550,337
Gulf Keystone Petroleum Limited †«		88,919		241,440
Gulfport Energy Corporation †		151,500		8,938,500
Hellenic Petroleum SA		2,590		23,604
Heritage Oil plc †		26,070		70,366
Hess Corporation		35,500		2,657,175
Hidili Industry International Development Limited †		88,000		14,891
Hindustan Petroleum Corporation Limited		16,929		43,117
HollyFrontier Corporation		135,905		6,045,054
Husky Energy Incorporated «		26,600		752,063
Idemitsu Kosan Company Limited		5,400		447,753
Imperial Oil Limited		23,700		989,581
Indian Oil Corporation Limited		127,246		403,937
Inpex Holdings Incorporated		515		2,322,228
IRPC PCL		974,221		90,189
Itochu Enex Company Limited		6,000		29,839
Ivanhoe Energy Incorporated †		2,988		1,957
Japan Petroleum Exploration Company		7,300		324,241
JX Holdings Incorporated		479,500		2,519,442
Karoon Gas Australia Limited †		31,102		147,589
Kelt Exploration Limited †		5,883		44,347
Keyera Corporation		7,024		384,309
Kodiak Oil & Gas Corporation †		584,100		5,835,159
Koninklijke Vopak NV		6,083		341,225
Lightstream Resources Limited «		12,979		89,090
Linc Energy Limited †		27,942		36,800
Long Run Exploration Limited †		449		1,897
Lukoil ADR		27,399		1,583,322
Lukoil ADR		110,894		6,425,832
Lundin Petroleum AB †		23,462		503,432
Mangalore Refinery & Petrochemicals Limited †		21,310		9,934
Marathon Oil Corporation		84,561		2,911,435
Marathon Petroleum Corporation		36,273		2,630,155
Maurel & Prom Nigeria		5,783		26,751
Meg Energy Corporation †		12,100		391,616
Mitsuuroko Holdings Company Limited		10,000		46,986
MOL Hungarian Oil & Gas plc		10,411		738,933
Mongolia Energy Company Limited †		277,000		9,064


28		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Motor Oil (Hellas) Corinth Refineries SA		5,016	$	46,761
Murphy Oil Corporation		116,400		7,847,688
Neste Oil Oyj		15,503		284,322
New Hope Corporation Limited		33,755		128,847
New Zealand Oil & Gas Limited		20,687		13,669
Niko Resource Limited †		5,137		23,898
Nippon Gas Company Limited		8,800		90,299
Noble Energy Incorporated		83,594		5,135,179
Novatek Oao Sponsored GDR		6,672		724,138
Novatek Oao Sponsored GDR		27,002		3,234,568
NuVista Energy Limited †		3,905		27,509
Oasis Petroleum Incorporated †		49,000		1,920,800
Occidental Petroleum Corporation		187,562		16,544,844
OGX Petroleo e Gas Participacoes SA †		286,600		36,036
Oil & Natural Gas Corporation Limited		461,642		1,738,365
Oil India Limited		23,455		154,302
Oil Refineries Limited †		37,539		14,652
Oil Search Limited		215,126		1,600,704
OMV AG		14,891		687,236
Ophir Energy plc †		50,585		253,170
Origin Energy Limited		210,422		2,466,901
PA Resources AB †		284		448
Pacific Rubiales Energy Corporation		30,807		582,914
Paladin Energy Limited †		189,449		93,497
Paz Oil Company Limited †		173		26,570
Peabody Energy Corporation		173,000		2,975,600
Pembina Pipeline Corporation «		28,155		873,545
Pengrowth Energy Corporation «		42,515		234,916
Penn West Petroleum Limited «	��	42,170		475,629
Petrobank Energy & Resources Limited		6,135		2,475
Petrobras Energia SA		3,538		16,063
PetroChina Company Limited		4,982,000		5,422,472
Petroleo Brasileiro SA		791,345		5,296,750
Petrominerales Limited		3,768		23,074
Petronas Dagangan Bhd		54,000		457,021
Petronet LNG Limited		37,495		69,004
Peyto Exploration & Development Corporation «		13,213		360,651
Phillips 66		69,158		3,948,922
Pioneer Natural Resources Company		32,700		5,721,519
Polish Oil & Gas		349,279		668,168
Polski Koncern Naftowy Orlen SA «		69,716		969,354
Premier Oil plc		62,107		346,739
PT Adaro Energy Tbk		4,031,000		341,913
PT Bumi Resources Tbk †		4,613,358		172,207
PT Harum Energy Tbk		262,000		77,040
PT Indika Energy Tbk		202,500		9,611
PT Indo Tambangraya Megah Tbk		86,500		253,286
PT Tambang Batubara Bukit Asam Tbk		159,500		176,237
PTT Exploration & Production PCL ADR		297,271		1,537,609
PTT PCL - Foreign Exchange		193,700		1,967,689


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			29


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
QEP Resources Incorporated		115,000	$	3,141,800
Questerre Energy Corporation †(a)		8,414		8,236
Range Resources Corporation		112,345		8,423,628
Reliance Industries Limited		351,702		4,536,505
Reliance Industries Limited GDR 144A		2,006		50,471
Repsol YPF SA		84,384		1,958,195
Roc Oil Company Limited †		8,115		3,883
Rosetta Resources Incorporated †		134,400		6,253,632
Rosneft OJSC GDR		492,009		3,639,194
Royal Dutch Shell plc Class A - Netherlands Exchange		94,472		3,056,061
Royal Dutch Shell plc Class A - United Kingdom Exchange		271,617		8,784,630
Royal Dutch Shell plc Class B		250,210		8,421,564
S-Oil Corporation		8,742		601,643
SandRidge Energy Incorporated †«		255,550		1,316,083
Santonia Energy Incorporated †		1,661		2,429
Santos Limited		175,054		2,312,306
Saras SpA †		12,269		14,788
Sasol Limited		123,860		5,799,347
Shell Refining Company Bhd (Malaysia)		14,200		34,843
Showa Shell Sekiyu KK		37,700		372,646
Silverwillow Energy Corporation †		1,901		722
Sinanen Company Limited		9,000		32,763
SK Energy Company Limited		12,858		1,609,454
SM Energy Company		45,700		3,122,224
SOCO International plc †		30,069		185,541
Southwestern Energy Company †		86,713		3,312,437
Spectra Energy Corporation		79,812		2,642,575
Spyglass Resources Corporation		2,042		3,354
Statoil ASA		99,008		2,172,166
Storm Resources Limited †		281		920
Suncor Energy Incorporated		144,787		4,879,843
Surgutneftegas SP ADR		257,109		2,002,619
Talisman Energy Incorporated		97,600		1,042,438
Tatneft ADR		15,590		590,361
Tatneft Sponsored ADR		63,100		2,391,490
Teekay Corporation		74,446		2,974,118
Tesoro Corporation		90,900		4,189,581
Thai Oil PCL		104,800		177,434
The Great Eastern Shipping Company Limited		13,632		52,110
The Williams Companies Incorporated		81,400		2,949,936
Tonengeneral Sekiyu KK		53,000		480,270
Total SA		226,574		12,546,741
Tourmaline Oil Corporation †		13,078		505,340
TransCanada Corporation «		66,600		2,902,882
Transglobe Energy Corporation †		11,093		77,197
Tullow Oil plc		85,595		1,336,762
Tupras Turkiye Petrol Rafinerileri AS		26,905		514,425
Ultrapar Participacoes SA		93,400		2,031,669
United Energy Group Limited †		1,044,000		156,174
Uranium One Incorporated †		49,462		130,077


30		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Valero Energy Corporation		66,951	$	2,378,769
Veresen Incorporated «		17,802		202,983
Vermilion Energy Incorporated «		9,494		510,078
Washington H. Soul Pattinson & Company Limited		25,619		312,282
Western Refining Incorporated		41,800		1,225,994
White Energy Company Limited †«		56,094		9,449
Whitehaven Coal Limited «		113,230		198,957
Woodside Petroleum Limited		118,676		4,016,364
World Fuel Services Corporation		159,782		6,095,683
WPX Energy Incorporated †		140,912		2,629,418
Yanchang Petroleum International Limited †		280,000		14,082
Yanzhou Coal Mining Company Limited «		442,000		393,120

				493,256,146


Financials: 20.79%

Capital Markets: 1.54%
3I Group plc		93,011		516,933
Aberdeen Asset Management plc		107,379		586,771
Affiliated Managers Group Incorporated †		36,386		6,342,808
AGF Management Limited		6,067		73,728
Allied Properties (Hong Kong) Limited		297,208		41,277
Ameriprise Financial Incorporated		24,304		2,093,790
Apollo Investment Corporation		1		8
Ashmore Group plc		39,880		206,362
Asia Plus Securities PCL		636,000		70,733
Azimut Holding SpA		9,036		193,892
Bank of New York Mellon Corporation		129,656		3,855,969
BinckBank NV		15,559		135,765
BlackRock Incorporated		29,074		7,568,544
Brewin Dolphin Holding plc		23,817		97,159
Canaccord Financial Incorporated		5,064		30,145
Capital Securities Corporation		362,713		118,840
Charles Schwab Corporation		131,800		2,751,984
China Everbright Limited		182,000		244,068
CI Financial Corporation		14,903		453,471
CITIC Securities Company Limited		182,000		352,874
Close Brothers Group plc		13,950		224,206
Credit Suisse Group AG		132,898		3,830,707
Daewoo Securities Company Limited		41,552		346,899
Daiwa Securities Group Incorporated		336,000		2,687,954
Deutsche Bank AG		98,743		4,286,510
Dundee Corporation Class A		3,983		74,948
ETRADE Financial Corporation †*		184,000		2,583,360
Eaton Vance Corporation		77,900		3,003,045
EFG International		1,432		19,672
Egyptian Financial Group-Hermes Holding Company †		44,708		51,687
Federated Investors Incorporated Class B «		68,114		1,849,976
Financiere de Tubize		2,881		139,569
Franklin Resources Incorporated		96,520		4,455,363


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			31


Security name	Shares		Value

Capital Markets (continued)
Fuhwa Financial Holdings Company Limited		2,267,763	$	1,130,671
GAM Holding AG		21,185		373,311
GCA Savvian Group Corporation		3,700		27,858
GIMV NV		1,389		66,380
GMP Capital Incorporated		3,500		19,040
Goldman Sachs Group Incorporated		48,143		7,323,995
Greenhill & Company Incorporated		52,424		2,484,373
Guoco Group Limited		14,000		164,943
Haitong Securities Company Limited		317,600		457,814
Hargreaves Lansdown plc		24,237		375,414
Henderson Group plc		106,112		271,464
Hyundai Securities Company		21,587		110,119
ICAP plc		54,134		308,292
Ichiyoshi Securities Company Limited		7,400		89,325
IGM Financial Incorporated «		10,400		466,632
Intermediate Capital Group plc		41,679		282,766
Invesco Limited		285,262		8,660,554
Investec Limited		52,895		342,135
Investec plc		47,156		300,568
IOOF Holdings Limited		40,299		303,199
Iwai Securities Company Limited		1,000		11,491
JAFCO Company Limited		6,600		251,969
Janus Capital Group Incorporated «		429,596		3,591,423
Julius Baer Group Limited		19,658		865,548
Jupiter Fund Management plc		46,400		239,449
Kabu.com Securities Company Limited		9,400		41,700
KGI Securities (Thailand) PCL		848,000		67,966
Korea Investment Holdings Company Limited		9,034		317,536
Legg Mason Incorporated		71,500		2,325,180
Macquarie Group Limited		64,424		2,496,761
Man Group plc		173,995		219,819
Marusan Securities Company Limited		10,500		62,897
Masterlink Securities Corporation		131,000		40,433
Matsui Securities Company Limited		20,600		173,493
Mediobanca SpA		44,444		275,946
Mirae Asset Securities Company Limited		5,554		158,639
Mito Securities Company Limited		3,000		12,829
MLP AG		1,057		6,929
Monex Beans Holdings Incorporated		391		142,349
Morgan Stanley		153,252		3,947,772
Nomura Holdings Incorporated		696,400		4,801,549
Nomura Holdings Incorporated ADR «		30,500		210,755
Northern Trust Corporation		26,100		1,432,107
Okasan Holdings Incorporated		45,000		334,103
Partners Group Holding AG		1,488		381,115
Perpetual Trustees Australia Limited		6,997		237,907
Pioneers Holding †		11,002		6,142
Platinum Asset Management Limited		43,875		207,968
President Securities Corporation		352,468		198,537
Rathbone Brothers		6,015		145,042


32		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Capital Markets (continued)
Ratos AB Class B		21,869	$	190,721
Raymond James Financial Incorporated		72,607		3,037,151
Richemont SA †		1,457		26,786
Samsung Securities Company Limited		13,029		523,705
SBI Holdings Incorporated		42,516		439,206
Schroders plc		11,497		412,400
Schroders plc (Non-Voting)		4,395		126,326
SEI Investments Company		86,300		2,568,288
State Street Corporation		50,900		3,396,048
Stifel Financial Corporation †		130,152		5,208,683
T. Rowe Price Group Incorporated		60,400		4,236,456
TD Ameritrade Holding Corporation		147,800		3,794,026
Tokai Tokyo Securities Company Limited		52,000		354,823
Tong Yang Investment Bank		7,124		19,091
Tullett Prebon plc		11,401		60,411
UBS AG		344,847		6,662,994
UOB-Kay Hian Holdings Limited		49,000		64,707
Value Partners Group Limited		67,000		38,011
Verwaltungs-Und Privat-Bank AG		62		5,387
Virtus Investment Partners Incorporated †		1		174
Vontobel Holdings AG		3,142		116,139
Waterland Financial Holdings		665,469		213,175
Woori Investment & Securities Company Limited		32,427		315,404

				127,863,336


Commercial Banks: 7.86%
77 Bank Limited		73,000		328,223
Affin Holdings Bhd		72,100		88,783
Agricultural Bank of China Limited		5,647,000		2,413,758
Agricultural Bank of Greece †(a)		342		0
Akbank TAS		440,661		1,453,122
Allahabad Bank		22,824		22,730
Alpha Bank AE †		31,560		21,150
Andhra Bank		30,160		22,755
Aozora Bank Limited		218,000		625,621
Associated Banc-Corp		391,205		6,239,720
Asya Katilim Bankasi AS †		100,851		87,159
Australia & New Zealand Banking Group Limited		515,600		13,536,568
Axis Bank Limited		51,447		647,754
Banca Carige SpA †«		33,259		21,956
Banca Monte Dei Paschi di Siena SpA †«		607,309		175,125
Banca Piccolo Credito Valtellinese Scarl †		9,849		12,461
Banca Popolare dell’Emilia Romagna Scarl †		26,943		191,231
Banca Popolare Dell’Etruria e del Lazio †		258		210
Banca Popolare di Milano Scarl †«		484,767		243,938
Banca Popolare di Sondrio Scarl		24,645		135,321
Banco Bilbao Vizcaya Argentaria SA		532,815		5,091,837
Banco BPI SA †		13,638		16,698
Banco Bradesco SA		124,570		1,649,830
Banco Comercial Portugues SA †		1,245,192		157,876


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			33


Security name	Shares		Value

Commercial Banks (continued)
Banco Continental Peru		25,652	$	56,619
Banco de Brasil SA		243,885		2,356,105
Banco de Chile		3,475,293		495,838
Banco de Credito del Peru		4,722		8,624
Banco de Credito e Inversiones		9,826		478,350
Banco de Sabade SA «		265,729		612,159
Banco Espirito Santo SA †		196,685		206,595
Banco Itau Holding Financeira SA		176,990		2,083,719
Banco Macro SA †		2,243		41,428
Banco Popolare SpA †		138,887		197,283
Banco Popular Espanol SA †		148,166		696,160
Banco Santander Brasil SA		213,914		1,222,904
Banco Santander Central Hispano SA		992,150		7,010,764
Banco Santander Central Hispano SA ADR «		84,996		604,322
Banco Santander Chile SA		13,980,264		774,018
BancorpSouth Incorporated		190,673		3,695,243
Bangkok Bank PCL		9,800		54,224
Bangkok Bank PCL		31,000		173,605
Bangkok Bank PCL (Non-Voting)		67,100		371,269
Bank BPH SA †		309		5,114
Bank Handlowy w Warszawie SA		8,631		273,523
Bank Hapoalim Limited		105,587		487,801
Bank Leumi Le - Israel Exchange †		148,085		484,563
Bank Millennium SA †		93,393		192,173
Bank of Ayudhya PCL		424,600		499,526
Bank of Baroda		16,312		113,877
Bank of China Limited		16,188,100		6,787,944
Bank of Communications Limited		1,901,350		1,250,871
Bank of Cyprus Public Company Limited †(a)		115,392		0
Bank of East Asia Limited		214,772		828,210
Bank of Greece		900		15,106
Bank of Hawaii Corporation		98,517		5,073,626
Bank of India		22,645		48,740
Bank of Ireland plc - Europe Exchange †		2,392,830		698,280
Bank of Kyoto Limited		72,000		588,152
Bank of Montreal «		62,035		3,893,605
Bank of Nova Scotia «		113,305		6,292,929
Bank of Queensland Limited		58,355		495,985
Bank of the Philippine Islands		314,811		648,296
Bank of the Ryukyus Limited		7,500		93,536
Bank of Yokohama Limited		259,000		1,354,273
Bank Pekao SA «		23,659		1,272,943
Bank Zachodni WBK SA		6,822		658,338
Bankia SA †		848		790
Bankinter SA		39,803		177,861
Banque Cantonale Vaudoise Waadtlaender Kantonalbank		244		130,793
Barclays Africa Group Limited «		66,323		883,574
Barclays plc		1,039,643		4,554,267
BBVA Banco Frances SA †		4,348		21,175
BDO Unibank Incorporated		350,788		580,027


34		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Commercial Banks (continued)
Bendigo Bank Limited		77,727	$	696,786
Berner Kantonalbank AG		648		165,752
BNP Paribas SA		98,106		6,150,914
BNP Paribas SA ADR «		1,680		52,685
BOC Hong Kong Holdings Limited		659,000		2,072,321
BOK Financial Corporation		19,862		1,272,956
Branch Banking & Trust Corporation		83,597		2,838,954
BRE Bank SA		3,102		424,715
BS Financial Group Incorporated		35,001		446,969
Bumiputra Commerce Holdings Bhd		518,100		1,145,979
Canadian Imperial Bank of Commerce «		38,100		2,975,511
Canadian Western Bank		8,239		233,567
Canara Bank		13,142		40,445
CapitalSource Incorporated		460,029		5,313,335
Cathay General Bancorp		168,009		3,699,558
Chang Hwa Commercial Bank		1,109,533		598,226
Chiba Bank Limited		168,000		1,144,721
China Banking Corporation		133,386		160,003
China CITIC Bank		1,786,000		849,754
China Construction Bank		19,871,990		14,495,335
China Development Financial Holding Corporation		3,636,338		992,146
China Merchants Bank Company Limited		923,358		1,593,598
China Minsheng Banking Corporation Limited		1,268,400		1,359,422
China Trust Financial Holding Company Limited		3,130,648		1,963,889
Chongqing Rural Commercial Bank		593,000		265,689
Chukyo Bank Limited		20,000		34,055
CIT Group Incorporated †		138,642		6,636,793
City National Corporation		30,600		2,003,382
Comerica Incorporated		124,709		5,093,116
Commerce Bancshares Incorporated		49,424		2,134,623
Commercial International Bank		103,757		524,640
Commerzbank AG †		79,746		927,148
Commonwealth Bank of Australia		302,662		19,525,930
CorpBanca NPV		35,444,248		336,903
Corporation Bank		14,460		54,661
Credicorp Limited		10,923		1,324,305
Credit Agricole d’Ile de France		154		13,515
Credit Agricole SA †		105,257		1,063,380
Credito Emiliano SpA		1,169		6,563
Criteria CaixaCorp SA		74,614		277,168
Cullen Frost Bankers Incorporated «		38,453		2,724,011
Dah Sing Banking Group Limited		32,948		46,714
Dah Sing Financial Holdings Limited		32,795		152,782
Danske Bank AS †		64,716		1,293,047
DBS Group Holdings Limited		318,516		3,934,138
Deutsche Postbank AG		1,255		55,569
Dexia †		39,586		1,570
DGB Financial Group Incorporated		28,214		393,557
DnB Nor ASA		85,061		1,318,607
E.SUN Financial Holding Company Limited		1,164,370		734,525


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			35


Security name	Shares		Value

Commercial Banks (continued)
East West Bancorp Incorporated		317,620	$	9,284,033
EnTie Commercial Bank		238,977		113,024
Erste Bank Der Oesterreichischen Sparkassen AG		26,833		861,037
Far Eastern International Bank		562,435		227,381
Federal Bank Limited		22,890		88,752
FIBI Holdings Limited †		970		21,739
Fifth Third Bancorp		104,500		1,911,305
Finansbank AS Turkey †		32,073		40,451
First Financial Bankshares Incorporated «		68,600		3,944,500
First Financial Holding Company Limited		1,562,900		900,606
First Horizon National Corporation		562,712		6,223,595
First Niagara Financial Group Incorporated		227,045		2,293,155
First Republic Bank Corporation		49,389		2,186,945
FirstMerit Corporation		386,646		8,181,429
FNB Corporation PA		320,816		3,872,249
Fukuoka Financial Group Incorporated		173,000		735,658
Fulton Financial Corporation		435,640		5,266,888
Getin Holding SA		50,326		55,780
Getin Noble Bank SA †		246,433		157,867
Glacier Bancorp Incorporated		165,066		3,895,558
Grupo Financiero Banorte SAB de CV		409,000		2,518,407
Grupo Financiero Inbursa SA de CV		672,064		1,458,712
Grupo Financiero Santander SAB de CV		1,650,000		4,503,817
Gunma Bank Limited		92,000		493,389
Hana Financial Group Incorporated		62,324		1,955,776
Hancock Holding Company		198,032		6,366,729
Hang Seng Bank Limited		137,700		2,135,017
HDFC Bank Limited		245,309		2,206,187
HDFC Bank Limited ADR		4,473		129,628
Higashi-Nippon Bank Limited		24,000		50,899
Hokuhoku Financial Group Incorporated		305,000		564,365
Hong Leong Bank Bhd		97,760		419,079
Hong Leong Financial Group Bhd		68,900		303,743
HSBC Holdings plc		1,803,870		18,886,431
Hua Nan Financial Holdings Company Limited		1,584,970		860,680
Huntington Bancshares Incorporated		538,096		4,433,911
IBERIABANK Corporation		66,900		3,501,546
ICICI Bank Limited		117,408		1,428,566
ICICI Bank Limited ADR		4,228		110,013
Indian Bank		21,174		20,401
Indian Overseas Bank		27,110		16,234
Indusind Bank Limited		81,278		438,736
Industrial & Commercial Bank of China Limited Class H		19,834,442		12,969,852
Industrial Bank of Korea		44,220		448,132
Industrial Development Bank of India Limited		65,269		54,434
ING Bank Slaski SA †		7,363		241,936
International Bancshares Corporation		124,940		2,738,685
Intesa Sanpaolo RSP		86,693		141,135
Intesa Sanpaolo SpA		1,335,380		2,615,513
Israel Discount Bank Limited †		70,341		110,206


36		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Commercial Banks (continued)
Itausa Investimentos Itau SA		47,019	$	226,823
Joyo Bank Limited		145,000		744,923
Jyske Bank †		7,244		333,623
Kansai Urban Banking Corporation		76,000		78,565
Kasikornbank PCL		102,200		501,999
Kasikornbank PCL - Foreign Exchange		145,600		715,508
Kasikornbank PCL - Non-voting		16,600		81,538
KB Financial Group Incorporated		91,061		2,905,017
KBC Groep NV		24,231		1,064,137
KeyCorp		590,550		6,891,719
Kiatnakin Finance		6,000		7,363
King’s Town Bank		212,000		179,471
Kiyo Holdings		152,000		198,614
Komercni Banka AS		3,616		779,985
Krung Thai Bank PCL ADR		433,625		222,268
Laurentian Bank of Canada		1,861		78,323
Liechtenstein Landesbank		570		22,575
Liu Chong Hing Bank Limited		25,000		92,832
Lloyds TSB Group plc †		4,027,097		4,529,768
Lloyds TSB Group plc ADR †		3,708		16,612
M&T Bank Corporation «		78,621		8,910,904
Malayan Banking Bhd		585,110		1,778,880
Malaysian Plantations Bhd		96,700		148,518
MB Financial Incorporated		125,700		3,392,643
Mega Financial Holding Company Limited		2,048,131		1,557,489
Metropolitan Bank & Trust Company		248,660		452,658
Mitsubishi UFJ Financial Group Incorporated		2,600,970		15,157,945
Mitsubishi UFJ Financial Group Incorporated ADR		440		2,565
Miyazaki Bank Limited		34,000		98,222
Mizuho Financial Group Incorporated		4,419,500		8,957,868
National Australia Bank Limited		439,472		12,622,189
National Bank of Canada		15,300		1,185,158
National Bank of Greece SA †		5,946		23,798
National Bank of Greece SA ADR †		486		1,949
National Penn Bancshares Incorporated		256,156		2,571,806
Natixis		85,430		367,949
Nedbank Group Limited		43,668		799,613
Nishi-Nippon City Bank Limited		144,000		365,321
Nordea Bank AB		251,320		2,922,001
North Pacific Bank Limited		60,600		235,650
Old National Bancorp		232,721		3,057,954
Oriental Bank of Commerce		12,374		23,839
OTP Bank		46,916		871,551
Oversea-Chinese Banking Corporation Limited		472,346		3,651,927
Park National Corporation «		14,700		1,118,523
Piraeus Bank SA †		11,206		16,260
PKO Bank Polski SA †«		166,961		1,978,152
PNC Financial Services Group Incorporated		59,087		4,270,217
Popular Incorporated †		240,795		7,479,093
PrivateBancorp Incorporated		130,800		2,854,056


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			37


Security name	Shares		Value

Commercial Banks (continued)
Prosperity Bancshares Incorporated		109,700	$	6,560,060
PT Bank Central Asia Tbk		3,048,500		2,518,151
PT Bank CIMB Niaga Tbk †		220,500		20,170
PT Bank Danamon Indonesia Tbk		786,234		290,921
PT Bank Mandiri Persero Tbk		2,096,712		1,359,028
PT Bank Negara Indonesia Persero Tbk		1,689,000		593,435
PT Bank Pan Indonesia Tbk †		506,500		28,210
PT Bank Rakyat Indonesia Tbk		2,401,500		1,446,287
Public Bank Bhd		237,265		1,231,214
Public Bank Bhd (Foreign Market)		2,600		13,573
Punjab National Bank Limited		17,505		113,974
Raiffeisen International Bank Holdings AG		2,580		88,514
Regions Financial Corporation		906,800		8,523,920
Resona Holdings Incorporated		372,100		1,765,643
RHB Capital Bhd		191,959		436,686
Royal Bank of Canada «		137,500		8,472,183
Royal Bank of Scotland Group plc †		186,195		961,890
Sberbank of Russia Sponsored ADR		555,515		5,855,924
Sberbank Sponsored ADR		137,254		1,454,508
Senshu Ikeda Holdings Incorporated		45,180		218,047
Seven Bank Limited		134,000		436,769
Shiga Bank		52,000		274,984
Shimizu Bank Limited		1,000		26,612
Shinhan Financial Group Company Limited		111,769		4,062,036
Shinsei Bank Limited		418,000		817,701
Shizuoka Bank Limited		128,000		1,350,994
Siam Commercial Bank PCL Foreign Exchange		345,600		1,444,026
Signature Bank †		104,000		9,122,880
Sinopac Financial Holdings Company Limited		1,751,667		777,627
Skandinaviska Enskilda Banken AB Class A		159,842		1,639,908
Sociedad Matriz Banco de Chile Class B		1,087,348		374,845
Societe Generale SA		75,627		3,311,960
St. Galler Kantonalbank		210		82,532
Standard Bank Group Limited		292,332		3,253,272
Standard Chartered plc		186,548		4,168,741
State Bank of India Limited		26,808		616,025
State Bank of India Limited GDR 144A		1,788		81,890
Sumitomo Mitsui Financial Group Incorporated		259,784		11,419,025
Sumitomo Mitsui Financial Group Incorporated ADR		494		4,372
Sumitomo Mitsui Trust Holdings Incorporated		702,000		3,031,639
SunTrust Banks Incorporated		65,000		2,081,300
Suruga Bank Limited		44,000		688,305
Susquehanna Bancshares Incorporated		409,815		5,167,767
SVB Financial Group †		99,166		8,210,945
Svenska Handelsbanken AB		46,888		2,011,286
Swedbank AB		92,146		2,084,167
Sydbank AG †		8,747		210,903
Syndicate Bank		18,615		18,081
Synovus Financial Corporation		1,968,117		6,278,293
Ta Chong Bank Limited †		345,758		108,895


38		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Commercial Banks (continued)
Taishin Financial Holdings Company Limited		1,780,223	$	763,986
Taiwan Business Bank †		755,051		217,273
Taiwan Cooperative Financial Holdings		1,137,168		606,126
TCF Financial Corporation		382,098		5,368,477
Texas Capital Bancshares Incorporated †		80,800		3,561,664
Thanachart Capital PCL		15,516		15,545
The Aichi Bank Limited - Tokai		1,900		82,106
The Akita Bank Limited - Akita		37,000		98,477
The Aomori Bank Limited		40,000		101,888
The Awa Bank Limited		49,000		244,857
The Bank of Iwate Limited		3,600		153,259
The Bank of Nagoya Limited		35,000		119,407
The Bank of Okinawa Limited		4,000		155,814
The Bank of Saga Limited		25,000		49,959
The Chiba Kogyo Bank Limited †		4,700		31,565
The Chugoku Bank Limited		38,000		507,553
The Daisan Bank Limited		49,000		77,982
The Daishi Bank Limited		76,000		244,777
The Ehime Bank Limited		27,000		62,153
The Eighteenth Bank Limited		34,000		76,428
The Fukui Bank Limited		32,000		66,804
The Hachijuni Bank Limited		99,000		554,403
The Higo Bank Limited		41,000		218,574
The Hiroshima Bank Limited		120,000		478,206
The Hokkoku Bank Limited		58,000		194,501
The Hokuetsu Bank Limited		48,000		95,194
The Hyakugo Bank Limited		49,000		187,611
The Hyakujushi Bank Limited		60,000		224,615
The Iyo Bank Limited		62,000		617,731
The Juroku Bank Limited		69,000		249,515
The Kagoshima Bank Limited		37,000		228,582
The Kanto Tsukuba Bank Limited		15,600		51,325
The Keiyo Bank Limited		55,000		281,252
The Michinoku Bank Limited		27,000		52,257
The Mie Bank Limited		22,000		43,265
The Minato Bank Limited		35,000		56,834
The Musashino Bank Limited		6,600		217,466
The Nanto Bank Limited		51,000		189,219
The Ogaki Kyoritsu Bank Limited		68,000		184,667
The Oita Bank Limited		32,000		97,214
The San-in Godo Bank Limited		30,000		226,978
The Shikoku Bank Limited		41,000		92,738
The Tochigi Bank Limited		22,000		77,063
The Toho Bank Limited		57,000		165,722
Tisco Financial Group PCL		6,820		7,591
TMB Bank PCL		2,682,765		203,353
Tokyo Tomin Bank Limited		5,300		57,925
Tomony Holdings Incorporated		27,500		96,205
Toronto-Dominion Bank «		87,731		7,464,590
TOWA Bank Limited		58,000		50,638


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			39


Security name	Shares		Value

Commercial Banks (continued)
Trustmark Corporation		147,189	$	3,659,119
TT Hellenic Postbank SA †(a)		8,178		0
Turkiye Garanti Bankasi AS		522,954		1,788,379
Turkiye Halk Bankasi AS		138,688		876,932
Turkiye Is Bankasi		315,808		733,875
Turkiye Vakiflar Bankasi Tao		219,660		426,240
Umpqua Holdings Corporation		256,861		4,171,423
Unicredit SpA		520,469		2,939,569
Union Bank of India		27,062		41,662
Unione di Banche SpA		86,182		415,007
United Bankshares Incorporated «		104,993		2,915,656
United Mizrahi Bank Limited		8,324		89,003
United Overseas Bank Limited		239,695		3,726,988
US Bancorp		206,563		7,463,121
Valiant Holding AG		1,769		166,518
Valley National Bancorp «		453,458		4,575,391
VTB Bank OJSC GDR		437,100		1,158,315
Webster Financial Corporation		210,541		5,570,915
Wells Fargo & Company (l)		550,120		22,598,930
Westpac Banking Corporation		588,424		16,334,558
Wing Hang Bank Limited		39,113		377,100
Wintrust Financial Corporation		83,600		3,313,904
Woori Finance Holdings Company Limited		81,750		812,267
Yachiyo Bank Limited		2,900		84,564
Yamagata Bank Limited		33,000		131,578
Yamaguchi Financial Group		50,000		463,564
Yamanashi Chou Bank Limited		35,000		138,044
Yapi Ve Kredi Bankasi AS		184,289		362,871
Yes Bank Limited		36,455		134,374
Zions Bancorporation		118,200		3,306,054

				652,380,730


Consumer Finance: 0.28%
ACOM Company Limited †		9,370		232,638
Aeon Credit Service Company Limited «		15,100		403,477
AIFUL Corporation †		27,050		221,633
Allied Group Limited		6,000		19,420
Capital One Financial Corporation		65,200		4,208,660
Credit Saison Company Limited		31,326		715,539
Discover Financial Services		54,726		2,585,804
Hitachi Capital Corporation		8,400		170,763
Hong Leong Singapore Finance Limited		46,000		92,274
International Personal Finance plc		23,636		218,405
Jaccs Company Limited		22,000		94,585
Mahindra & Mahindra Financial Services Limited		51,709		197,704
Orient Corporation †		93,000		218,494
Portfolio Recovery Associates Incorporated †		111,600		5,919,264
Provident Financial plc		12,082		316,050
Samsung Card Company Limited		9,337		303,728
Shriram Transport Finance Company Limited		25,628		201,151


40		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Consumer Finance (continued)
SKS Microfinance Limited †		6,165	$	10,560
SLM Corporation		285,000		6,837,150

				22,967,299


Diversified Financial Services: 1.82%
Ackermans & Van Haaren NV		2,400		215,163
African Bank Investments Limited «		178,495		283,502
AKER ASA Class A		3,638		109,861
AMMB Holdings Bhd		186,100		420,610
ASX Limited		5,334		167,809
Ayala Corporation		49,722		605,511
Bajaj Auto Limited		5,564		67,775
Bank of America Corporation		1,203,966		17,000,000
Banque Nationale de Belgique		10		35,552
BCP Capital SAA †(a)		107		269
Berkshire Hathaway Incorporated Class B †		203,700		22,655,514
BM&F Bovespa SA		422,494		2,070,016
Bolsas y Marcados Espanoles «		6,793		197,276
Bursa Malaysia Bhd		59,100		129,215
CBOE Holdings Incorporated		192,100		8,815,469
Century Leasing System Incorporated		11,100		299,063
Challenger Financial Services Group Limited		104,111		479,563
Citigroup Incorporated		339,838		16,424,371
Corporation Financiera Alba		1,616		84,150
D.Carnegie & Company AB †(a)		1,000		0
Deutsche Boerse AG		18,044		1,265,013
ECM Libra Bhd †(a)		46,763		0
Eurazeo		3,260		202,164
Exor SpA		5,847		199,229
Fimalac		158		8,113
First Pacific Company Limited		331,650		342,975
FirstRand Limited		587,124		1,716,188
Fubon Financial Holding Company Limited		1,441,579		1,965,202
Fuyo General Lease Company Limited		4,100		131,532
Groupe Bruxelles Lambert SA		7,755		618,228
Haci Omer Sabanci Holding AS		194,044		820,658
Hankook Tire Worldwide Company Limited		3,596		77,738
Hellenic Exchanges SA Holding		2,480		18,247
Hong Kong Exchanges & Clearing Limited		213,364		3,264,575
IBJ Leasing Company Limited		6,500		146,512
IG Group Holdings plc		37,974		334,397
Industrivarden AB Class A		18,200		333,902
Industrivarden AB Class C		13,675		235,529
ING Groep NV †		364,202		3,965,291
Inmuebles Carso SAB de CV †		62,977		57,787
Intercontinental Exchange Incorporated †		50,157		9,015,721
Investor AB Class A		17,400		489,640
Investor AB Class B		40,618		1,170,497
Japan Securities Finance Company Limited		17,700		107,644
JPMorgan Chase & Company		422,077		21,327,551


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			41


Security name	Shares		Value

Diversified Financial Services (continued)
Kinnevik Investment AB		21,989	$	686,466
Kotak Mahindra Bank Limited		51,742		516,141
Leucadia National Corporation		189,311		4,719,523
London Stock Exchange Group plc		15,448		373,628
Lundbergforetagen AB		5,095		198,998
Marfin Investment Group SA †		31,243		11,601
McGraw-Hill Financial Incorporated		33,700		1,967,069
Metro Pacific Investments Corporation		2,050,000		240,112
Mitsubishi UFJ Securities Company Limited		107,100		482,818
MPHB Capital Bhd †		110,685		46,501
MSCI Incorporated †		83,149		3,118,919
Mulpha International Bhd †		222,700		27,397
NYSE Euronext Incorporated		155,945		6,518,501
Onex Corporation		8,400		399,465
ORIX Corporation		230,300		3,138,051
Osaka Securities Exchange Company		10,000		784,710
Pargesa Holding SA		2,020		143,585
PHH Corporation †		130,092		2,715,020
Pohjola Bank plc		17,742		287,565
Power Finance Corporation Limited		84,672		140,079
Reliance Capital Limited		23,714		111,797
Remgro Limited		108,916		1,981,371
RHJ International †		1,117		5,507
Ricoh Leasing Company Limited		4,800		117,779
RMB Holdings Limited		166,219		652,879
Rural Electrification Corporation Limited		59,789		152,776
Singapore Exchange Limited		152,000		863,904
SNS Reaal NV †(a)«		4,259		0
Sofina SA		2,215		208,160
The NASDAQ OMX Group		75,500		2,254,430
TMX Group Limited		2,056		93,811
Wendel		3,495		425,665

				151,259,250


Insurance: 3.92%
ACE Limited		38,036		3,336,518
Admiral Group plc		19,943		390,265
Aegon NV		176,434		1,255,886
AFLAC Incorporated		55,900		3,230,461
Ageas NV		24,124		948,643
AIA Group Limited		1,518,400		6,646,093
Aksigorta AS		15,670		16,655
Allianz AG		42,233		6,050,577
Allianz AG ADR		5		72
Allied World Assurance Company		22,178		2,034,388
Allstate Corporation		52,327		2,507,510
American Financial Group Incorporated		48,448		2,496,525
American International Group Incorporated †		164,900		7,661,254
Amlin plc		48,663		295,848


42		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Insurance (continued)
AMP Limited		572,668	$	2,402,297
Arch Capital Group Limited †		88,966		4,742,777
Argo Group International Holdings Limited		60,700		2,478,988
Arthur J. Gallagher & Company		81,293		3,360,653
Aspen Insurance Holdings Limited		43,724		1,555,263
Assicurazioni Generali SpA		129,712		2,481,110
Assurant Incorporated		49,399		2,620,123
Assured Guaranty Limited		124,184		2,470,020
Aviva plc		272,831		1,633,074
AXA SA		176,076		3,837,588
Axis Capital Holdings Limited		71,122		3,057,535
Bajaj Finserv		7,957		70,952
Baloise Holding AG		4,595		486,218
Beazley plc		46,327		143,038
Brown & Brown Incorporated		83,455		2,598,789
Cathay Financial Holding Company Limited		2,017,440		2,843,265
Catlin Group Limited		38,348		277,689
China Insurance International Holdings Company Limited †		184,400		251,861
China Life Insurance Company		1,757,000		4,292,971
China Life Insurance Company (Taiwan)		448,580		440,384
China Pacific Insurance Group Company Limited		458,600		1,525,496
Chubb Corporation		31,136		2,589,581
Cincinnati Financial Corporation		98,234		4,487,329
Clal Insurance Enterprise Holdings Limited		832		14,393
CNO Financial Group Incorporated		518,200		7,042,338
CNP Assurances «		18,792		332,400
Dai-Ichi Mutual Life Insurance Company		1,922		2,552,206
Delta Lloyd NV		13,116		250,500
Discovery Holdings Limited		85,119		700,552
Dongbu Insurance Company Limited		11,740		497,008
Endurance Specialty Holdings Limited		94,978		4,760,297
Erie Indemnity Company		20,200		1,489,952
Euler Hermes SA		1,281		144,754
Everest Reinsurance Group Limited		33,443		4,580,019
Fairfax Financial Holdings Limited		1,900		780,654
Fidelity National Title Group Incorporated		137,114		3,250,973
First American Financial Corporation		252,349		5,274,094
Fondiaria Sai SpA †		17		32
Fondiaria Sai SpA RSP †		13		2,116
Genworth Financial Incorporated †		316,334		3,732,741
Gjensidige Forsikring ASA		20,511		291,048
Great Eastern Holdings Limited		10,000		130,625
Great-West Lifeco Incorporated «		23,800		672,221
Grupo Catalana Occidente SA		4,581		118,681
Hannover Rueckversicherung AG		5,268		367,729
Harel Insurance Investments & Finances Limited		438		23,179
HCC Insurance Holdings Incorporated		64,408		2,718,018
Helvetia Holding AG		513		219,849
Hiscox Limited		33,410		334,228
Hyundai Marine & Fire Insurance Company Limited		14,670		390,418


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			43


Security name	Shares		Value

Insurance (continued)
Industrial Alliance Insurance & Financial Services Incorporated		9,339	$	366,449
Insurance Australia Group Limited		374,306		1,932,801
Intact Financial Corporation		12,815		741,793
Jardine Lloyd Thompson Group plc		11,879		166,401
Kemper Corporation		124,522		4,227,522
Korea Life Insurance Company Limited		51,670		301,803
Korea Reinsurance Company		11,002		115,721
Lancashire Holdings plc		19,049		212,337
Legal & General Group plc		564,612		1,635,602
Liberty Holdings Limited		27,424		306,407
LIG Insurance Company Limited		12,020		265,649
Lincoln National Corporation		172,260		7,241,810
LPI Capital Bhd		40,900		184,165
Manulife Financial Corporation		175,000		2,869,315
Mapfre SA		59,378		199,985
Markel Corporation †		8,899		4,544,719
Marsh & McLennan Companies Incorporated		65,809		2,713,305
MBIA Incorporated †		324,500		3,838,835
Mediolanum SpA		18,175		126,491
Menorah Mivtachim Holdings Limited †		1,664		18,341
Mercury General Corporation		81,722		3,585,961
MetLife Incorporated		122,326		5,650,238
Migdal Insurance & Financial Holding Limited		10,202		15,035
Milano Assicurazioni SpA †		8,878		5,613
Millea Holdings Incorporated		139,000		4,251,236
Mitsui Sumitomo Insurance Group Holdings Incorporated		102,200		2,560,376
MMI Holdings Limited		225,444		450,578
Montpelier Re Holdings Limited		121,924		3,029,811
Muenchener Rueckversicherungs-Gesellschaft AG		15,459		2,816,939
New China Life Insurance Company Limited		112,300		304,434
NIB Holdings Limited		69,823		132,151
NKSJ Holdings Incorporated		79,000		1,917,265
Old Mutual plc		360		1,016
Old Mutual plc		447,204		1,255,064
Old Republic International Corporation		154,885		2,199,367
PartnerRe Limited		37,757		3,290,523
People’s Insurance Company Group of China Limited		1,621,000		782,551
PICC Property & Casualty Company Limited		954,822		1,324,419
Ping An Insurance Group Company of China Limited		450,500		3,145,880
Platinum Underwriters Holdings Limited		73,400		4,241,052
Power Corporation of Canada «		32,500		891,413
Power Financial Corporation		24,500		737,349
Powszechny Zaklad Ubezpieczen SA		12,707		1,721,434
Principal Financial Group Incorporated		177,000		7,242,840
ProAssurance Corporation		144,198		6,797,494
Protective Life Corporation		183,000		7,647,570
Prudential Financial Incorporated		52,062		3,898,403
Prudential plc		243,092		4,065,969
QBE Insurance Group Limited		228,869		3,083,329
Reinsurance Group of America Incorporated		46,539		3,016,193


44		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Insurance (continued)
RenaissanceRe Holdings Limited		28,562	$	2,496,319
Resolution Limited		129,419		639,226
RLI Corporation		33,862		2,644,284
Royal & Sun Alliance Insurance Group plc		355,430		653,810
Sampo Oyj		45,762		1,904,854
Samsung Fire & Marine Insurance Company Limited		10,009		2,250,012
Samsung Life Insurance Company		24,984		2,381,515
Sanlam Limited		423,118		1,893,653
Santam Limited		1		18
SCOR SE		17,098		534,833
Selective Insurance Group Incorporated		126,252		2,894,958
Shin Kong Financial Holding Company Limited †		1,677,264		563,381
Societa Cattolica di Assicurazione Societa Cooperativa		2,135		47,907
Sony Financial Holdings Incorporated		33,900		549,019
St. James’s Place plc		25,880		238,150
Stancorp Financial Group Incorporated		97,551		5,103,868
Standard Life plc		225,796		1,160,087
Storebrand ASA †		21,988		122,811
Sun Life Financial Incorporated «		57,400		1,749,847
SunCorp-Metway Limited		239,535		2,616,542
Swiss Life Holding		2,683		502,437
Swiss Reinsurance AG		32,594		2,497,804
T&D Holdings Incorporated		131,000		1,578,297
Taiwan Life Insurance Company Limited †		118,227		80,503
The Hanover Insurance Group Incorporated		98,000		5,220,460
The Hartford Financial Services Group Incorporated		292,482		8,657,467
The Progressive Corporation		67,800		1,699,746
The Travelers Companies Incorporated		41,990		3,355,001
Tong Yang Life Insurance Company		13,010		125,798
Topdanmark AS †		12,150		307,400
Torchmark Corporation		59,354		4,088,897
TrygVesta AS		2,183		185,730
Unipol Gruppo Finanziario SpA		365		1,315
UNUM Group		178,653		5,275,623
Validus Holdings Limited		62,947		2,178,596
W.R. Berkley Corporation		70,712		2,907,677
White Mountain Insurance Group Limited		3,540		1,981,515
Wiener Staedtische Allgemeine Versicherung AG		4,394		223,325
Willis Group Holdings plc		111,552		4,604,867
XL Group plc		185,900		5,495,204
Yapi Kredi Sigorta AS †		7,298		65,507
Zurich Financial Services AG		13,809		3,434,078
Zurich Insurance Group ADR «		2,122		53,008

				325,225,024


Real Estate Management & Development: 1.08%
Aeon Mall Company Limited		16,800		436,773
Africa Israel Investments Limited †		831		1,465
Agile Property Holdings Limited		274,000		291,036
Alexander & Baldwin Incorporated †		85,317		3,068,852


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			45


Security name	Shares		Value

Real Estate Management & Development (continued)
AMP NZ Office Trust		145,054	$	117,574
Argosy Property Trust		125,040		94,215
Ascendas India Trust		83,000		39,001
Asia Food & Properties Limited		85,000		33,211
Atrium European Real Estate Limited		10,857		62,849
Atrium Ljungberg AB		1,011		13,348
Ayala Land Incorporated		1,245,200		734,934
BR Malls Participacoes SA		103,100		782,125
Brookfield Asset Management Incorporated		52,850		1,827,899
Brookfield Properties Corporation - Canada Exchange «		23,500		375,938
Bukit Sembawang Estates Limited		28,000		132,163
Bund Center Investment Limited		85,000		13,945
C C Land Holdings Limited		156,511		41,175
CA Immobilien Anlagen AG		3,951		50,748
Capital & Counties Properties plc		88,920		437,569
CapitaLand Limited		485,500		1,156,217
CapitaMalls Asia Limited		224,000		314,310
Castellum AB		18,738		256,190
Cathay Real Estate Development Company Limited		260,000		187,532
Central Pattana PCL		106,000		121,839
Cheung Kong Holdings Limited		251,000		3,570,965
China Overseas Grand Oceans Group Limited		164,000		213,554
China Overseas Land & Investment Limited		906,480		2,690,024
China Resources Land Limited		422,000		1,150,378
China Vanke Company Limited Class B		80		160
Chinese Estates Holdings Limited		69,696		155,670
City Developments Limited		83,000		646,998
Citycon Oyj		14,134		44,106
Conwert Immobilien Invest SE		3,761		40,497
Country Garden Holdings Company Limited		1,648,669		1,030,766
Daibiru Corporation		10,800		113,312
Daikyo Incorporated		67,000		193,488
Daito Trust Construction Company Limited		15,500		1,414,746
Daiwa House Industry Company Limited		115,000		2,054,753
DB Realty Limited †		11,179		9,173
Deutsche Euroshop AG		4,842		197,535
DLF Limited		85,755		167,979
Dream Unlimited Class A †		3,983		42,957
Echo Investment †		52,305		106,879
Elbit Imaging Limited †		816		938
Emperor International Holdings Limited		200,000		50,911
Evergrande Real Estate Group Limited †«		1,079,000		457,227
Fabege AB		13,162		136,954
Far East Consortium		138,247		44,730
Farglory Land Development Company Limited		49,000		88,282
First Capital Realty Incorporated «		7,489		119,520
FirstService Corporation		2,138		74,677
FKP Property Group		24,932		27,629
Franshion Properties China Limited		714,000		247,437
Future Mall Management Limited †		504		56


46		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Real Estate Management & Development (continued)
Gagfah SA †		6,247	$	76,324
Gazit Globe Limited		4,376		52,784
Global Logistic Properties Limited		472,000		994,361
Globe Trade Centre SA †«		48,618		115,949
Goldcrest Company Limited		3,340		73,878
Golden Land Property Development PCL †		273,900		52,329
Grainger plc		37,054		98,759
Great Eagle Holdings Limited		68,999		235,769
Greentown China Holdings Limited		122,000		227,139
Guangzhou Investment Company Limited		1,096,000		308,405
Guangzhou R&F Properties Company Limited		228,400		370,830
Guocoland Limited		42,554		66,099
Hang Lung Group Limited		147,000		720,084
Hang Lung Properties Limited		385,000		1,199,103
Heiwa Real Estate Company Limited		10,100		158,529
Heliopolis Housing		1,417		4,633
Henderson Land Development Company Limited		197,149		1,151,763
Highwealth Construction Corporation		138,400		306,215
HKR International Limited		125,600		58,659
Hong Kong Land Holdings Limited		217,000		1,398,514
Hopson Development Holdings Limited †		146,000		177,871
Housing Development & Infrastructure Limited †		33,352		16,787
Howard Hughes Corporation †		64,323		6,573,811
Huaku Development Company Limited		62,336		182,343
Huang Hsiang Construction Company		39,000		86,939
Hufvudstaden AB		14,497		176,526
Hysan Development Company Limited		117,533		509,335
IGB Corporation Bhd		149,784		114,000
IJM Land Bhd		40,400		29,701
Immoeast AG Interim Shares †(a)		15,082		0
Immofinanz AG		101,423		399,482
Immofinanz AG Interim Shares †(a)		19,870		0
Indiabulls Real Estate Limited		43,692		37,470
IVG Immobilien AG †		4,150		384
Jones Lang LaSalle Incorporated		30,355		2,496,395
K Wah International Holdings Limited		161,893		75,941
Kenedix Incorporated †		44,000		188,980
Keppel Land Limited		137,030		360,850
Kerry Properties Limited		145,053		586,296
Kowloon Development Company Limited		45,000		53,971
Kungsleden		18,987		125,771
KWG Property Holding Limited		268,500		180,819
Land & Houses PCL		380,700		113,381
Lend Lease Corporation Limited		96,434		818,290
Leopalace21 Corporation †		28,000		171,557
Longfor Properties Company Limited		306,000		510,257
LSR Group OJSC GDR Register Shares		19,704		82,757
Matsunichi Communication Holdings Limited †		326,000		174,310
Medinet Nasr Housing †		3,076		10,757
Megaworld Corporation		2,758,000		190,644


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			47


Security name	Shares		Value

Real Estate Management & Development (continued)
Midland Holdings Limited		56,000	$	21,196
Mitsubishi Estate Company Limited		255,189		6,592,548
Mitsui Fudosan Company Limited		168,000		5,259,328
Mobimo Holding AG		799		165,734
Multiplan Empreendimentos IImobilianios SA		19,999		401,832
New World China Land Limited		526,000		239,426
New World Development Limited		668,092		932,120
Nomura Real Estate Holding Incorporated		22,200		505,045
NTT Urban Development Corporation		206		242,106
Palm Hills Developments SAE †		46,809		15,135
Peet Limited †		21,691		24,712
Poly Hong Kong Investments Limited		456,000		274,890
Polytec Asset Holdings Limited		100,000		12,216
Prelios SpA †		1,105		882
Prince Housing & Development Corporation		198,000		126,909
PSP Swiss Property AG		3,653		313,595
PT Bumi Serpong Damai Tbk		2,777,000		331,482
PT Lippo Karawaci Terbuka Tbk		4,995,500		524,934
Radium Life Tech Company Limited		80,103		64,812
Realogy Holdings Corporation †		93,358		3,951,844
Relo Holdings Incorporated		2,000		96,719
Renhe Commercial Holdings Company Limited †		1,212,000		70,211
Robinsons Land Company		372,100		172,760
Ruentex Development Company Limited		178,988		351,640
Savills plc		10,369		97,217
Shimao Property Holding Limited		283,500		718,233
Shoei Company Limited		57,900		709,693
Shui On Land Limited		874,256		270,248
Singapore Land Limited		14,000		95,305
Sino Land Company		514,569		688,838
Sino-Ocean Land Holdings Limited		863,422		509,002
SM Prime Holdings Incorporated		1,536,054		554,630
SOHO China Limited		374,000		317,357
SP Setia Bhd		233,800		228,479
Sumitomo Real Estate Sales Company Limited		2,360		136,408
Sumitomo Realty & Development Company Limited		91,000		3,977,113
Sun Hung Kai Properties Limited		283,454		3,666,063
Sun Hung Kai Properties Limited ADR		3,148		40,735
Sunac China Holdings Limited		377,000		264,258
Suruga Corporation †(a)		600		0
Swire Pacific Limited Class A		126,000		1,441,556
Swire Pacific Limited Class B		195,000		445,161
Swire Properties Limited		200,183		558,824
Swiss Prime Site AG		5,716		419,754
T M G Holding LLC †		108,625		76,368
TA Global Bhd		34,080		2,698
Tian An China Investment		224,097		164,692
TOC Company Limited		13,900		109,711
Tokyo Tatemono Company Limited		83,000		701,094
Tokyu Land Corporation		85,000		782,821


48		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Real Estate Management & Development (continued)
Tokyu Livable Incorporated		4,200	$	81,635
UEM Land Holdings Bhd		413,675		316,653
Unitech Limited †		203,870		50,977
United Industrial Corporation Limited		63,000		152,954
United Overseas Land Limited		101,000		505,092
Wharf Holdings Limited		287,500		2,352,881
Wheelock & Company		145,000		737,703
Wheelock Properties (Singapore) Limited		39,000		51,434
Wing Tai Holdings Limited		88,730		146,287
Yanlord Land Group Limited		119,000		108,855

				89,971,765


REITs: 3.96%
Abacus Property Group		36,047		72,110
Activia Properties Incorporated		33		226,645
Advance Residence Investment Corporation		211		427,790
American Campus Communities Incorporated		72,159		2,403,616
American Capital Agency Corporation		265,000		6,031,400
American Tower Corporation		92,055		6,396,902
ANF Immobilier SA		43		1,204
Annaly Capital Management Incorporated		116,953		1,364,842
Apartment Investment & Management Company Class A		108,600		2,989,758
Armour Residential Incorporated «		842,800		3,522,904
Ascendas REIT		349,000		594,276
Australand Property Group		41,250		123,811
AvalonBay Communities Incorporated		28,100		3,481,590
Babcock & Brown Japan Property Trust		1,780		5,323
Befimmo S.C.A. Sicafi		939		61,308
Beni Stabili SpA		6,222		3,700
BioMed Realty Trust Incorporated		128,186		2,359,904
Blife Investment Corporation		54		198,267
Boardwalk REIT		1,855		98,852
Boston Properties Incorporated		37,389		3,832,373
Brandywine Realty Trust		341,920		4,383,414
BRE Properties Incorporated		169,555		8,136,944
British Land Company plc		94,866		820,504
Bunnings Warehouse Property Trust		68,181		139,496
Calloway REIT		5,367		124,073
Camden Property Trust		60,900		3,763,011
Canadian Apartment Properties		5,440		106,393
Canadian REIT		4,006		155,212
CapitaCommerical Trust		360,464		381,580
CapitaMall Trust		468,636		681,667
Cathay No.1 REIT		400,000		267,339
CBL & Associates Properties Incorporated		112,568		2,161,306
CDL Hospitality Trusts		121,000		147,650
CFS Retail Property Trust		462,511		829,152
Champion REIT		571,653		256,656
Charter Hall Group		35,534		109,680
Chimera Investment Corporation		726,673		2,136,419


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			49


Security name	Shares		Value

REITs (continued)
Cofinimmo SA		2,081	$	230,879
Colonial Properties Trust		182,516		4,031,778
Commonwealth Property Office Fund		430,109		439,438
Commonwealth REIT		266,712		6,547,780
Corio NV		9,677		380,134
Corporate Office Properties Trust		187,600		4,273,528
Cousins Properties Incorporated		7		70
Cromwell Group		254,587		234,099
CYS Investments Incorporated		384,039		2,949,420
DA Office Investment Corporation		60		217,773
DCT Industrial Trust Incorporated		679,620		4,546,658
DDR Corporation		158,772		2,464,141
Derwent Valley Holdings plc		8,076		289,730
Dexus Property Group		914,608		833,614
DiamondRock Hospitality		429,033		4,157,330
Douglas Emmett Incorporated		309,340		7,145,754
Duke Realty Corporation		206,400		3,011,376
EastGroup Properties Incorporated		58,975		3,314,395
Emlak Konut GYO AS		155,837		179,021
EPR Properties		109,727		5,374,428
Equity Lifestyle Properties Incorporated		172,450		5,992,638
Essex Property Trust Incorporated		26,209		3,756,012
Eurocommercial Properties NV		3,156		117,818
Extra Space Storage Incorporated		71,400		2,943,822
Federal Realty Investment Trust		46,801		4,554,205
Federation Centres		271,491		549,368
Fonciere des Regions		3,297		254,790
Franklin Street Properties Corporation		165,548		2,016,375
Frontier Real Estate Investment Corporation		45		380,761
Fukuoka REIT Corporation		20		147,267
Gecina SA		2,316		275,741
General Growth Properties Incorporated		59,900		1,148,882
Global One Real Estate Investment Corporation		18		96,764
Goodman Group		267,328		1,095,775
Goodman Property Trust		169,928		137,707
GPT Group		304,105		957,980
Granite Real Estate Investment Trust		4,243		143,004
Great Portland Estates plc		28,410		234,845
H&R REIT		11,358		221,165
Hammerson plc		65,021		487,546
Hankyu REIT Incorporated		23		114,450
Hatteras Financial Corporation		230,487		4,217,912
HCP Incorporated		54,104		2,203,656
Health Care REIT Incorporated		31,102		1,910,907
Healthcare Realty Trust Incorporated		200,182		4,502,093
Heiwa Real Estate REIT Incorporated		149		96,825
Home Properties Incorporated		123,305		7,114,699
Hospitality Properties Trust		95,921		2,591,785
Icade SA		3,119		271,195
Industrial & Infrastructure Fund Investment Corporation		24		211,109


50		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

REITs (continued)
ING Office Fund		109,870	$	286,626
Invesco Mortgage Capital Incorporated		313,700		4,802,747
Japan Excellent Incorporated		33		175,153
Japan Hotel REIT Investment Corporation		337		130,279
Japan Logistics Fund Incorporated		29		262,430
Japan Prime Realty Investment Corporation		149		426,496
Japan Real Estate Investment Corporation		113		1,198,333
Japan Rental Housing Investment Incorporated		139		91,771
Japan Retail Fund Investment Corporation		395		724,543
Kenedix Realty Investment		52		195,545
Keppel REIT		206,614		193,769
Kilroy Realty Corporation		55,795		2,722,238
Kimco Realty Corporation		273,180		5,471,795
Kiwi Income Property Trust		162,035		144,491
KLCC Property Holdings Bhd		105,300		210,295
Klepierre		9,609		381,151
Land Securities Group plc		73,977		1,010,849
LaSalle Hotel Properties		215,600		5,719,868
Lexington Corporate Properties Trust		429,358		5,032,076
Liberty International plc		63,855		302,642
Liberty Property Trust		77,132		2,668,767
Lifestyle Properties Development Limited †(a)		5,975		0
Mack-Cali Realty Corporation		58,808		1,270,253
Macquarie Countrywide Trust		51,589		168,495
Macquarie MEAG Prime REIT		254,000		152,087
Mapletree Logistics Trust		277,893		229,338
Medical Properties Trust Incorporated		333,600		3,853,080
Mercialys SA		3,326		64,281
MFA Mortgage Investments Incorporated		842,743		6,067,750
MID REIT Incorporated		33		72,412
Mid-America Apartment Communities Incorporated		94,050		5,799,123
Mirvac Group		603,654		879,622
Mori Hills REIT Corporation		52		289,066
Mori Trust Sogo REIT Incorporated		33		274,230
National Retail Properties Incorporated		81,254		2,488,810
Nippon Accommodations Fund Incorporated		38		247,720
Nippon Building Fund Incorporated		126		1,367,425
Nomura Real Estate Office Fund		52		222,050
Nomura Real Estate Residential REIT		25		116,725
Omega Healthcare Investors Incorporated		80,274		2,279,782
ORIX JREIT Incorporated		275		289,677
Parkway Life REIT		64,000		110,788
Piedmont Office Realty Trust Incorporated «		118,700		2,039,266
Plum Creek Timber Company		108,800		4,820,928
Post Properties Incorporated		120,146		5,434,204
Premier Investment Company		43		161,658
Public Storage Incorporated		33,597		5,129,254
Rayonier Incorporated		84,269		4,655,020
Realty Income Corporation		125,380		4,952,510
Redwood Trust Incorporated «		179,371		3,191,010


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			51


Security name	Shares		Value

REITs (continued)
Regency Centers Corporation		58,783	$	2,795,132
RioCan REIT		14,088		314,984
Ryman Hospitality Properties Incorporated «		105,909		3,499,233
Segro plc		77,485		350,442
Sekisui House SI Investment Corporation		25		114,545
Senior Housing Properties Trust		129,189		2,939,050
Shaftesbury plc		24,082		221,772
Shopping Centres Australasia Property Group		107,532		149,022
Silver Bay Realty Trust Corporation		33,426		527,128
Simon Property Group Incorporated		72,386		10,541,573
SL Green Realty Corporation		63,100		5,501,689
Societe Immobiliere de Location Pour L’industrie et le Commerce		1		102
Starwood Property Trust Incorporated		111,600		2,782,188
Stockland Australia		404,430		1,337,671
Sunstone Hotel Investors Incorporated †		348,546		4,193,008
Suntec REIT		384,000		456,266
Tanger Factory Outlet Centers Incorporated		207,800		6,410,630
Taubman Centers Incorporated		43,973		2,964,220
The Link REIT		450,655		2,058,907
The Macerich Company		94,728		5,331,292
Tokyu REIT Incorporated «		30		152,477
Top REIT Incorporated		29		122,202
Two Harbors Investment Corporation		852,000		8,102,520
UDR Incorporated		160,900		3,634,731
Unibail-Rodamco SE		8,910		2,000,615
United Urban Investment Corporation		404		519,914
Vastned Retail NV		1,059		44,056
Washington Real Estate Investment Trust		145,875		3,553,515
Weingarten Realty Investors		71,900		2,064,249
Wereldhave NV		2,570		171,174
Westfield Group		383,333		3,770,281
Westfield Retail Trust		555,484		1,437,894
Weyerhaeuser Company		65,100		1,782,438
WP Carey Incorporated «		36,289		2,385,276
Yuexiu Real Estate Investment Trust		325,000		162,814

				329,336,951


Thrifts & Mortgage Finance: 0.33%
Capitol Federal Financial Incorporated		305,315		3,737,056
Genworth Mortgage Insurance Canada Incorporated		2,068		55,268
Home Capital Group Incorporated «		2,379		144,619
Housing Development Finance Corporation Limited		374,714		4,080,151
Hudson City Bancorp Incorporated		304,961		2,802,592
Indiabulls Housing Finance Limited		38,079		113,568
LIC Housing Finance Limited		56,590		142,345
New York Community Bancorp Incorporated		282,838		4,143,577
Ocwen Financial Corporation †		83,800		4,226,872
Paragon Group of Companies plc		26,738		132,586
People’s United Financial Incorporated		215,141		3,059,305
Washington Federal Incorporated		230,909		4,823,689

				27,461,628


52		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Health Care: 9.25%

Biotechnology: 1.77%
Acorda Therapeutics Incorporated †		78,742	$	2,660,692
Actelion Limited		11,077		752,726
Alexion Pharmaceuticals Incorporated †		45,408		4,893,166
Algeta ASA †		6,224		262,339
Amgen Incorporated		83,782		9,127,211
Ariad Pharmaceuticals Incorporated †		406,400		7,559,040
Basilea Pharmaceuticals Limited		184		13,179
Biocon Limited		8,634		45,907
Biogen Idec Incorporated †		55,207		11,760,195
BioMarin Pharmaceutical Incorporated †		99,797		6,533,710
Biota Pharmaceuticals Incorporated		2,053		8,828
Celgene Corporation †		97,062		13,586,739
Cepheid Incorporated †		147,654		5,283,060
CK Life Sciences International Holdings Incorporated		702,000		59,572
CSL Limited		92,150		5,576,413
Cubist Pharmaceuticals Incorporated †		143,500		9,092,160
Elan Corporation plc		41,387		628,179
Genmab AS †		1,600		47,189
Gilead Sciences Incorporated †		355,000		21,395,850
Green Cross Corporation		1,207		136,126
Grifols SA		14,254		572,492
Grifols SA Class B		5,215		160,481
Incyte Corporation †«		298,700		10,122,943
Medivation Incorporated †		165,000		9,327,450
Mesoblast Limited †«		31,890		154,948
Nicox SA †		1,380		4,378
Novozymes AS Class B		23,343		849,900
Onyx Pharmaceuticals Incorporated †		50,137		6,195,930
PDL BioPharma Incorporated «		321,068		2,549,280
Pharmacyclics Incorporated †		36,100		4,025,150
Prothena Corporation plc †		1,009		20,220
Regeneron Pharmaceuticals Incorporated †		17,813		4,316,268
Savient Pharmaceuticals Incorporated †		2,670		1,655
Seattle Genetics Incorporated †		78,300		3,319,920
Takara Bio Incorporated «		6,300		122,387
United Therapeutics Corporation †		31,805		2,255,293
Vertex Pharmaceuticals Incorporated †		51,538		3,873,081
Zeltia SA †		7,262		21,188

				147,315,245


Health Care Equipment & Supplies: 1.47%
Abbott Laboratories		174,094		5,802,553
Alere Incorporated †		166,864		5,201,151
Align Technology Incorporated †		49,500		2,155,725
Ansell Limited		25,765		444,416
ASAHI INTECC Company Limited		2,300		135,204
Baxter International Incorporated		60,500		4,208,380
bioMerieux SA		1,765		176,633


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			53


Security name	Shares		Value

Health Care Equipment & Supplies (continued)
Biosensors International Group Limited		247,000	$	163,337
Boston Scientific Corporation †		865,600		9,158,048
C.R. Bard Incorporated		51,594		5,926,603
CareFusion Corporation †		146,958		5,268,444
Cochlear Limited		10,052		511,440
Coloplast Class B		10,575		573,828
Cooper Companies Incorporated		34,908		4,559,334
DiaSorin SpA		1,623		65,590
Edwards Lifesciences Corporation †		77,791		5,474,931
Elekta AB Class B		35,308		554,736
Essilor International SA Cie Generale d’Optique		19,946		2,153,865
Fisher & Paykel Healthcare Corporation		85,507		235,244
Fukuda Denshi Company Limited		2,200		90,682
Getinge AB		18,499		636,625
GN Store Nord		17,550		361,087
Golden Meditech Company Limited		40,467		4,688
Haemonetics Corporation †		112,392		4,478,821
Hogy Medical Company Limited		2,000		108,597
IDEXX Laboratories Incorporated †		38,837		3,643,687
Intuitive Surgical Incorporated †		9,942		3,842,782
JEOL Limited		15,000		65,320
Medtronic Incorporated		112,923		5,843,765
Nagaileben Company Limited		8,000		120,023
Nakanishi Incorporated		1,300		181,470
Nihon Kohden Corporation		8,300		305,640
Nikkiso Company Limited		14,000		152,154
Nipro Corporation «		22,400		192,233
Nobel Biocare Holding AG		14,841		213,560
Olympus Corporation †		48,700		1,398,723
Olympus Corporation ADR †		3,365		97,333
Paramount Bed Holdings Company Limited		3,500		97,542
Phonak Holding AG		4,488		496,395
ResMed Incorporated «		102,251		4,830,337
Shandong Weigao Group Medical Polymer Company Limited Class H		404,000		379,924
Sirona Dental Systems Incorporated †		120,881		7,829,462
Smith & Nephew plc		83,542		972,059
St. Jude Medical Incorporated		34,400		1,734,104
Steris Corporation		137,512		5,622,866
Straumann Holding AG		989		180,474
Teleflex Incorporated		90,431		6,970,421
Terumo Corporation		34,700		1,655,085
Thoratec Corporation †		117,130		4,185,055
TOA Medical Electronics Company		15,100		871,618
Top Glove Corporation Bhd		104,900		196,084
Varian Medical Systems Incorporated †		74,676		5,260,924
West Pharmaceutical Services Incorporated		76,133		5,630,035
William Demant Holding AS †		3,503		300,227

				121,719,264


54		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Health Care Providers & Services: 1.78%
Aetna Incorporated		45,177	$	2,863,770
Alfresa Holdings Corporation		10,400		491,459
AS ONE Corporation		2,400		45,644
Bangkok Chain Hospital PCL		737,887		142,122
Bangkok Dusit Medical Services PCL		64,400		258,080
Brookdale Senior Living Incorporated †		216,600		5,419,332
Bumrungrad Hospital PCL		28,900		70,028
Cardinal Health Incorporated		40,900		2,056,452
Catamaran Corporation - Canada Exchange †		19,135		1,047,856
Celesio AG		9,643		201,091
Centene Corporation †		119,732		6,842,684
Chemed Corporation «		38,351		2,670,764
Cigna Corporation		34,280		2,697,493
CML Healthcare Incorporated		5,496		55,884
Community Health Systems Incorporated		60,500		2,375,230
DaVita Incorporated †		58,292		6,266,973
Express Scripts Holding Corporation †		190,013		12,138,030
Fresenius Medical Care AG & Company KGaA		19,133		1,242,948
Fresenius SE & Company KGaA		12,083		1,454,157
HCA Holdings Incorporated		32,463		1,239,762
Health Management Associates Incorporated Class A †		604,953		7,779,696
Health Net Incorporated †		178,400		5,384,112
Henry Schein Incorporated †		60,082		6,071,286
Humana Incorporated		101,069		9,306,434
IHH Healthcare Bhd †		615,700		750,805
Laboratory Corporation of America Holdings †		64,071		6,132,876
Life Healthcare Group Holdings Limited		235,988		812,181
Lifepoint Hospitals Incorporated †		105,897		4,789,721
Magellan Health Services Incorporated †		55,057		3,094,754
McKesson Corporation		52,700		6,398,307
Medi-Clinic Corporation		66,427		476,478
Mediceo Paltac Holdings Company Limited		42,100		468,613
MEDNAX Incorporated †		34,428		3,352,254
Message Company Limited		22		58,719
Miraca Holdings Incorporated		11,100		493,549
Network Healthcare Holdings Limited		257,207		580,883
Nichii Gakkan Company		7,200		70,624
Omnicare Incorporated		67,305		3,659,373
Orpea		3,644		167,615
Owens & Minor Incorporated		138,900		4,737,879
Patterson Companies Incorporated		53,700		2,141,556
Pharmaniaga Bhd		7,405		9,501
Primary Health Care Limited		86,720		397,087
Ramsay Health Care Limited		24,522		813,035
Rhoen Klinikum AG		9,680		224,847
Ryman Healthcare Limited		72,433		377,071
Ship Healthcare Holdings Incorporated		6,600		238,044
Sigma Pharmaceuticals Limited		257,710		146,528
Sinopharm Group Company Limited		177,600		443,834
Sonic Healthcare Limited		69,727		957,796


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			55


Security name	Shares		Value

Health Care Providers & Services (continued)
Suzuken Company Limited		16,200	$	497,664
Toho Pharmaceutical		12,300		201,407
TOKAI Corporation		2,600		71,124
United Drug plc		34,039		179,467
UnitedHealth Group Incorporated		113,900		8,171,186
Universal Health Services Class B		57,200		3,875,300
VCA Antech Incorporated †		194,000		5,294,260
Vital KSK Holdings Incorporated		9,000		59,813
WellCare Health Plans Incorporated †		95,600		6,086,852
WellPoint Incorporated		36,300		3,090,582

				147,442,872


Health Care Technology: 0.20%
AGFA-Gevaert NV †		9,100		18,041
AGFA-Gevaert NV Strip VVPR †(a)		2,275		0
Athena Health Incorporated †«		80,763		8,519,689
Cerner Corporation †		72,324		3,331,243
HMS Holdings Corporation †		192,979		4,822,545
M3 Incorporated		117		304,629

				16,996,147


Life Sciences Tools & Services: 0.67%
Bio-Rad Laboratories Incorporated Class A †		44,567		5,081,084
Covance Incorporated †		38,537		3,123,038
Divi’s Laboratories Limited		12,947		194,832
Furiex Pharmaceuticals Incorporated †		4,299		165,340
Gerresheimer AG		3,694		222,911
Illumina Incorporated †		85,657		6,667,541
Lonza Group AG		5,820		411,847
Mettler-Toledo International Incorporated †		21,660		4,770,182
Nordion Incorporated †		2,000		15,722
Parexel International Corporation †		125,100		5,808,393
PerkinElmer Incorporated		261,100		9,391,767
QIAGEN NV †		22,655		455,500
Tecan Group AG		803		82,804
TECHNE Corporation		76,196		5,905,952
Thermo Fisher Scientific Incorporated		83,500		7,417,305
Valneva SE †		847		3,475
Waters Corporation †		59,065		5,838,575

				55,556,268


Pharmaceuticals: 3.36%
AbbVie Incorporated		176,875		7,536,644
Actavis Incorporated †		29,735		4,019,577
Alapis Holding Industrial & Commercial SA of Pharmaceutical Chemical Products †(a)		1,231		0
Allergan Incorporated		69,004		6,098,574
Almirall SA		1,080		13,200
Aspen Pharmacare Holdings Limited		71,157		1,632,389
Astellas Pharma Incorporated		89,000		4,528,131


56		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Pharmaceuticals (continued)
AstraZeneca plc		119,566	$	5,887,120
Bayer AG		80,094		8,902,074
Bristol-Myers Squibb Company		183,477		7,649,156
BTG plc †		29,198		174,170
Cadila Healthcare Limited		9,434		93,390
Cardiome Pharma Corporation †		781		1,587
Celltrion Incorporated		17,094		694,509
China Shineway Pharmaceutical Group Limited		47,000		72,701
Chugai Pharmaceutical Company Limited		41,100		840,018
Cipla Limited India		66,901		422,272
Daiichi Sankyo Company Limited		129,400		2,213,712
Dainippon Sumitomo Pharma Company Limited		32,900		419,419
Dong A Pharmaceutical Company Limited		643		81,490
Dong-A ST Company Limited †		1,090		119,271
Dr. Reddys Laboratories Limited		17,225		589,889
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		62,202		67,689
Eisai Company Limited		51,300		2,082,436
Eli Lilly & Company		110,700		5,689,980
Endo Pharmaceuticals Holdings Incorporated †		72,061		2,960,986
Faes Farma SA		10,888		31,312
Fuso Pharmaceutical Industries Limited		16,000		48,564
Galenica AG		419		320,392
GlaxoSmithKline Pharmaceuticals Limited		4,235		150,745
GlaxoSmithKline plc		470,403		11,996,950
Glenmark Pharmaceuticals Limited		35,144		274,615
H. Lundbeck AS		7,172		144,603
Haw Par Corporation Limited		27,500		156,338
Hikma Pharmaceuticals plc		10,618		166,829
Hisamitsu Pharmaceutical Company Incorporated		15,000		802,369
Hua Han Bio-Pharmaceutical Holdings Limited		158,976		38,022
Ipsen		2,572		95,161
Jazz Pharmaceuticals plc †		111,539		9,780,855
Johnson & Johnson		313,676		27,104,743
Kaken Pharmaceutical Company Limited		17,000		259,303
Kissei Pharmaceutical Company Limited		7,200		145,758
Kyorin Company Limited		14,000		299,105
Kyowa Hakko Kogyo Company Limited		54,000		542,942
Lupin Limited		30,584		368,905
Meda AB Class A		25,008		275,173
Merck & Company Incorporated		337,258		15,948,931
Merck KGaA		6,246		948,876
Mochida Pharmaceutical Company Limited		15,000		187,027
Mylan Laboratories Incorporated †		244,500		8,640,630
Nichi-Iko Pharmaceutical Company Limited		6,700		139,763
Nicholas Piramal India Limited		18,361		174,815
Nippon Shinyaku Company Limited		12,000		198,082
Novartis AG		262,107		19,094,405
Novo Nordisk AS Class B		41,534		6,944,304
Ono Pharmaceutical Company Limited		20,400		1,224,404
Orion Oyj Class A		3,628		84,871


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			57


Security name	Shares		Value

Pharmaceuticals (continued)
Orion Oyj Class B		8,702	$	201,213
Otsuka Holdings Company Limited		98,700		3,049,367
Perrigo Company		60,913		7,403,975
Pfizer Incorporated		745,255		21,023,644
Pharmaxis Limited †		22,924		2,736
PT Kalbe Farma Tbk		4,452,500		548,261
Questcor Pharmaceuticals Incorporated		128,800		8,588,384
Ranbaxy Laboratories Limited †		34,908		215,265
Recordati SpA		6,569		73,901
Richter Gedeon		35,330		566,967
Roche Holding AG		2,539		632,791
Roche Holding AG Genusschein		67,282		16,771,054
Rohto Pharmaceutical Company Limited		21,000		294,110
Salix Pharmaceuticals Limited †		114,633		7,673,533
Sanofi ADR		9,844		470,346
Sanofi-Aventis SA		110,160		10,557,340
Santen Pharmaceutical Company Limited		15,600		720,652
Sawai Pharmaceutical Company Limited		2,800		364,389
Seikagaku Corporation		7,900		105,573
Shionogi & Company Limited		60,700		1,178,753
Shire Limited plc		53,872		1,981,624
Sihuan Pharmaceutical Holdings Group limited		563,000		419,126
Stada Arzneimittel AG		5,207		251,954
Sun Pharmaceutical Industries Limited		160,362		1,263,827
Taisho Pharmaceutical Holding Company Limited		12,000		798,475
Takeda Pharmaceutical Company Limited		134,900		6,104,858
Tanabe Seiyaku Company Limited		46,800		635,379
Teva Pharmaceutical Industries Limited		90,328		3,452,916
The United Laboratories International Holdings Limited †		52,500		18,690
Towa Pharmaceutical Company Limited		1,900		87,039
Tsumura & Company		13,600		363,827
UCB SA		9,628		560,009
Valeant Pharmaceuticals International Incorporated †		30,257		2,976,004
Viropharma Incorporated †		131,400		3,961,710
VIVUS Incorporated †«		197,000		2,468,410
Warner Chilcott Limited		112,600		2,415,270
Yuhan Corporation		1,877		331,202
Zeria Pharmaceutical Company Limited		6,000		141,732
Zoetis Incorporated		41,982		1,223,775

				279,277,257


Industrials: 12.29%

Aerospace & Defense: 1.73%
Alliant Techsystems Incorporated		71,900		6,957,044
AviChina Industry & Technology Company		568,000		288,297
B/E Aerospace Incorporated †		75,200		5,127,888
BAE Systems plc		307,386		2,072,284
Bharat Electronics Limited		2,301		40,728
Bombardier Incorporated Class A		12,300		56,169


58		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Aerospace & Defense (continued)
Bombardier Incorporated Class B		143,159	$	651,032
CAE Incorporated		24,800		265,117
Chemring Group plc		8,445		40,191
Cobham plc		107,360		474,057
Curtiss-Wright Corporation		105,000		4,384,800
DigitalGlobe Incorporated †		163,900		4,949,780
Elbit Systems Limited		1,785		80,049
Esterline Technologies Corporation †		68,860		5,253,329
European Aeronautic Defence & Space Company NV		53,948		3,106,441
Exelis Incorporated		438,852		6,455,513
Finmeccanica SpA †«		34,904		178,563
General Dynamics Corporation		39,726		3,307,190
Hexcel Corporation †		220,600		7,846,742
Huntington Ingalls Industries Incorporated		110,353		6,987,552
L-3 Communications Holdings Incorporated		57,700		5,212,041
Lockheed Martin Corporation		29,700		3,635,874
MacDonald Dettwiler & Associates Limited		2,966		229,074
Meggitt plc		74,920		611,777
MTU Aero Engines AG		4,407		396,019
Northrop Grumman Corporation		28,351		2,615,947
Precision Castparts Corporation		34,096		7,202,439
QinetiQ plc		51,946		151,407
Raytheon Company		39,000		2,940,990
Rockwell Collins Incorporated		87,000		6,156,990
Rolls-Royce Holdings plc		179,299		3,092,494
Saab AB		5,318		97,508
Safran SA		23,164		1,285,558
Singapore Technologies Engineering Limited		264,000		817,762
Spirit AeroSystems Holdings Incorporated †		258,100		5,827,898
Teledyne Technologies Incorporated †		82,254		6,347,541
Textron Incorporated		191,500		5,159,010
Thales SA		9,751		480,410
TransDigm Group Incorporated		32,740		4,485,380
Triumph Group Incorporated		113,500		8,168,595
Ultra Electronics Holdings		5,405		155,444
United Technologies Corporation		196,859		19,705,586
Zodiac Aerospace SA		3,466		502,255

				143,800,765


Air Freight & Logistics: 0.60%
Bollore Investissement «		938		413,504
C.H. Robinson Worldwide Incorporated «		110,623		6,291,130
Deutsche Post AG		84,258		2,435,530
Expeditors International of Washington Incorporated		142,356		5,773,959
FedEx Corporation		68,600		7,364,896
Forward Air Corporation		58,500		2,154,555
Freightways Limited		37,588		120,968
Glovis Company Limited		5,038		846,093
Goodpack Limited		41,000		52,712


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			59


Security name	Shares		Value

Air Freight & Logistics (continued)
Hub Group Incorporated Class A †		70,701	$	2,626,542
Kintetsu World Express Incorporated		4,600		164,255
Mainfreight Limited		9,747		79,844
Oesterreichische Post AG		4,954		206,511
Panalpina Welttransport Holdings AG		1,522		226,554
PostNL †		25,238		89,032
Singapore Post Limited		260,000		253,525
The Shibusawa Warehouse Company Limited		12,000		43,828
TNT Express NV		39,729		350,117
Toll Holdings Limited		126,473		611,375
United Parcel Service Incorporated Class B		165,400		14,154,932
UTI Worldwide Incorporated		238,107		3,931,147
Yamato Holdings Company Limited		82,700		1,769,510

				49,960,519


Airlines: 0.41%
Air China		534,000		339,729
Air France-KLM †		16,025		120,542
Airasia Bhd		365,000		286,195
Alaska Air Group Incorporated		154,598		8,753,339
All Nippon Airways Company Limited		215,000		436,545
Asiana Airlines †		21,610		92,985
Cathay Pacific Airways Limited		167,000		285,581
China Airlines †		594,775		207,906
Chorus Aviation Incorporated		63		141
Delta Air Lines Incorporated		583,100		11,504,563
Deutsche Lufthansa AG †		24,014		428,402
easyJet plc		22,179		424,384
Eva Airways Corporation †		355,165		187,900
International Consolidated Airlines - United Kingdom Exchange †		72,922		323,723
Korean Air Lines Company Limited †(a)		7,869		199,906
LAN Airlines SA		70,075		885,122
Malaysian Airline System Bhd †		230,670		22,061
Qantas Airways Limited †		203,671		246,915
Ryanair Holdings plc ADR		16,200		768,852
SAS AB †		22,716		43,113
Singapore Airlines Limited		90,200		668,514
Thai Airways International PCL		76,300		38,399
Turk Hava Yollari Anonim Ortakligi		148,808		458,726
US Airways Group Incorporated †«		417,800		6,751,648
Virgin Australia Holdings Limited †		177,317		61,550
Virgin Australia International Holdings †(a)		177,317		0
WestJet Airlines Limited		11,787		244,737

				33,781,478


Building Products: 0.48%
A.O. Smith Corporation		171,400		7,207,370
Aica Kogyo Company Limited		12,200		220,564
Asahi Glass Company Limited		228,000		1,326,347


60		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Building Products (continued)
Assa Abloy AB Class B		30,983	$	1,317,391
Bunka Shutter Company Limited		12,000		54,926
Central Glass Company Limited		41,000		124,851
Compagnie de Saint-Gobain		44,072		2,055,462
Daikin Industries Limited		56,300		2,695,541
Dynasty Ceramic PCL		101,100		168,029
Fortune Brands Home & Security Incorporated		118,478		4,364,730
Geberit AG		3,718		904,185
GWA International Limited		48,362		121,912
Hills Industries Limited		20,176		30,887
JS Group Corporation		55,900		1,124,481
KCC Corporation		1,033		387,903
Kingspan Group plc		16,453		254,635
Lennox International Incorporated		100,958		6,930,767
Lindab International AB †		10,324		93,139
Nibe Industrier AB Class B		13,413		241,854
Nichias Corporation		22,000		139,481
NICHIHA Corporation		5,800		74,311
Nippon Sheet Glass Company Limited †		171,000		184,754
Nitto Boseki Company Limited		38,000		138,821
Noritz Corporation		8,300		166,140
Rockwool International AS Class A «		500		79,224
Rockwool International AS Class B		400		63,144
Rovese SA †«		79,290		48,553
Sankyo Tateyama Incorporated		4,600		93,125
Sanwa Shutter Corporation		45,000		250,142
Sekisui Jushi Corporation		6,000		78,128
Simpson Manufacturing Company Incorporated		91,100		2,848,697
Taiwan Glass Industrial Corporation		343,581		313,633
Takara Standard Company Limited		24,000		172,326
Takasago Thermal Engineering Company		13,300		105,215
TOTO Limited		64,000		789,462
Trakya Cam Sanayi AS		31,241		32,676
Uponor Oyj		2,800		49,699
USG Corporation †		198,200		4,625,988
Vanachai Group PCL		331,800		26,181
Wienerberger AG		10,742		155,571

				40,060,245


Commercial Services & Supplies: 0.92%
ABM Industries Incorporated		115,674		2,793,527
Aeon Delight Company Limited		8,900		156,706
Aggreko plc		25,249		637,157
Babcock International Group plc		33,488		590,231
Bilfinger Berger AG		4,408		406,841
Brambles Limited		295,290		2,301,241
Brink’s Company		104,900		2,709,567
Cabcharge Australia Limited «		26,928		98,878
Caverion Corporation †		11,040		71,788


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			61


Security name	Shares		Value

Commercial Services & Supplies (continued)
Cintas Corporation		66,800	$	3,190,368
Clean Harbors Incorporated †		118,604		6,740,265
Copart Incorporated †		73,490		2,334,777
Dai Nippon Printing Company Limited		124,000		1,195,495
Daiseki Company Limited		6,700		115,440
Davis Service Group plc		15,297		203,978
De La Rue plc		11,470		176,759
Deluxe Corporation		111,438		4,385,085
Downer EDI Limited		78,336		287,823
Duskin Company Limited		11,300		212,900
Edenred		13,908		416,300
G4S plc		126,965		511,025
Gategroup Holding AG †		1,692		41,007
Herman Miller Incorporated		134,100		3,415,527
HNI Corporation		98,700		3,304,476
HomeServe plc		13,090		49,094
Intrum Justitia AB		10,031		244,272
Itoki Corporation		1,000		4,582
K-Green Trust		25,027		19,787
Kaba Holding		280		113,676
KEPCO Plant Service & Engineering Company Limited		3,274		155,467
Kokuyo Company Limited		21,900		158,441
Kyodo Printing Company Limited		6,000		15,324
Loomis AB		8,827		189,851
Matsuda Sangyo Company Limited		1,800		23,362
Mineral Resources Limited		28,990		283,655
Mitie Group plc		40,984		175,967
Mitsubishi Pencil Company Limited		5,700		127,528
Moshi Moshi Hotline Incorporated		8,300		90,529
Nippon Kanzai Company Limited		500		8,384
Nissha Printing Company Limited †		7,200		119,182
Okamura Corporation		20,000		130,523
Oyo Corporation		3,900		56,645
Park24 Company Limited		21,100		365,257
Pilot Corporation		2,900		97,009
Pitney Bowes Incorporated «		142,000		2,317,440
PMP Limited †		14,400		4,358
Programmed Maintenance Services Limited		9,887		22,352
Progressive Waste Solutions Limited		12,017		291,041
Prosegur Compania de Seguridad SA		26,730		139,836
Regus plc		55,194		151,374
Rentokil Initial plc		173,799		270,824
Republic Services Incorporated		35,700		1,160,607
Ritchie Bros Auctioneers Incorporated «		6,229		114,964
Rollins Incorporated		53,000		1,311,750
RPS Group plc		38,863		150,156
RR Donnelley & Sons Company «		423,100		7,057,308
S1 Corporation Incorporated (Korea)		5,118		292,018
Salmat Limited		5,981		11,179
Sato Corporation		7,500		122,004


62		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Commercial Services & Supplies (continued)
Secom Company Limited		40,800	$	2,326,738
Securitas AB		25,461		268,133
Serco Group plc		48,699		412,830
Shanks Group plc		6,285		9,123
Societe BIC SA		2,766		318,027
Sohgo Security Services Company Limited		15,700		281,991
Stericycle Incorporated †		59,431		6,689,553
Taiwan Secom Company Limited		64,000		151,693
Tetra Tech Incorporated †		127,300		2,899,894
Tomra Systems ASA		7,776		69,566
Toppan Forms Company Limited		6,500		58,683
Toppan Printing Company Limited		124,000		907,057
Transcontinental Incorporated Class A		3,424		44,503
Transfield Services Limited		84,761		85,858
Transpacific Industries Group Limited †		162,245		139,500
Uchida Yoko Company Limited		2,000		5,431
United Stationers Incorporated		92,300		3,668,002
Waste Connections Incorporated		85,048		3,602,633
Waste Management Incorporated		52,253		2,113,111

				76,195,233


Construction & Engineering: 0.58%
Abengoa SA		2,020		5,999
Abengoa SA Class B		8,080		21,083
Actividades de Construccion y Servicios SA		16,221		456,256
Aecon Group Incorporated		8,690		106,676
Arcadis NV		6,464		160,184
Ausdrill Limited		37,875		49,108
Ausenco Limited		9,573		13,753
Balfour Beatty plc		61,174		233,685
Boart Longyear Group «		89,116		36,126
Bouygues SA		15,976		498,849
Budimex SA		489		13,687
Cardno Limited «		33,337		189,219
Carillion plc		47,881		212,903
CH Karnchang PCL		184,900		107,988
China Communications Construction Company Limited		1,015,779		774,595
China Machinery Engineering Corporation		175,000		99,154
China State Construction International Holdings Limited		316,000		508,508
Chiyoda Corporation		33,000		375,641
Chudenko Corporation		6,500		78,155
Cintra Concesiones de Infraestructuras de Transporte SA		38,349		635,379
Comsys Holdings Corporation		25,400		313,894
CTCI Corporation		123,000		205,127
Daelim Industrial Company Limited		6,425		503,186
Daewoo Engineering & Construction Company Limited †		31,654		209,458
Dialog Group Bhd		359,032		281,411
Doosan Heavy Industries & Construction Company Limited		13,384		511,768
Eiffage SA		4,842		256,717


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			63


Security name	Shares		Value

Construction & Engineering (continued)
EMCOR Group Incorporated		147,732	$	5,553,246
FLSmidth & Company AS «		5,428		295,974
Fluor Corporation		112,200		7,116,846
Fomento de Construcciones y Contratas SA †		2,658		47,319
Gamuda Bhd		314,200		427,189
GMR Infrastructure Limited		111,348		23,082
Granite Construction Incorporated		81,700		2,313,744
GS Engineering & Construction Corporation		8,962		284,092
Hellenic Technodomiki Tev SA †		6,620		17,683
Henderson Investments Limited		18,000		1,344
Hibiya Engineering Limited		6,000		60,320
HKC Holdings Limited		217,196		7,131
Hochtief AG		4,214		298,812
Housing & Construction Holdings Limited		10,493		24,070
Hyundai Development Company		13,643		262,672
Hyundai Engineering & Construction Company Limited		17,322		890,769
IJM Corporation Bhd		221,620		372,806
Imtech NV †		48,710		118,237
Interchina Holdings Company †		960,000		81,549
Interserve plc		12,112		104,872
IRB Infrastructure Developers Limited		22,390		21,181
Italian-Thai Development PCL †		95,501		12,401
JGC Corporation		50,000		1,702,842
Kajima Corporation		203,000		720,603
Kandenko Company Limited		21,000		108,616
KBR Incorporated		94,800		2,830,728
KEPCO Engineering & Construction Company Incorporated		1,785		105,131
Kier Group plc		2,848		65,232
Kinden Corporation		32,000		313,937
Koninklijke Bam Groep NV		28,406		116,000
Koninklijke Boskalis Westminster NV		7,236		286,370
Kumho Industrial Company Limited †		3,489		50,604
Kyowa Exeo Corporation		21,600		231,908
Kyudenko Corporation		10,000		45,618
Lanco Infratech Limited †		198,580		15,261
Larsen & Toubro Limited		42,206		461,893
Larsen & Toubro Limited SP GDR		8,011		85,718
Leighton Holdings Limited «		28,368		436,011
Macmahon Holdings Limited		139,645		15,941
Maeda Corporation		31,000		164,668
Maeda Road Construction Company Limited		12,000		185,607
Malaysia Marine & Heavy Engineering		135,600		147,606
Malaysian Resources Corporation Bhd		265,450		116,090
Mirait Holdings Corporation		21,600		169,712
Monadelphous Group Limited «		17,086		281,084
NCC AB		8,600		224,805
Nippo Corporation		8,000		127,942
Nippon Densetsu Kogyo Company Limited		8,000		77,716
Nippon Koei Company Limited		7,000		23,674
Nishimatsu Construction Company Limited		77,000		175,790


64		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Construction & Engineering (continued)
Obayashi Corporation		135,000	$	764,453
Obrascon Huarte Lain SA		3,542		121,612
Okumura Corporation		38,000		140,488
Outotec Oyj «		15,988		207,057
Peab AB		21,523		119,453
Penta-Ocean Construction Company Limited		55,000		129,090
Polimex Mostostal SA †		86,564		4,017
Power Line Engineering PCL		244,400		13,363
Punj Lloyd Limited †		22,537		7,091
PYI Corporation Limited		111,318		2,724
Quanta Services Incorporated †		152,900		3,996,806
Sacyr Vallehermoso SA †		7,772		27,673
Samsung Engineering Company Limited		7,013		528,586
Sanki Engineering Company Limited		10,000		55,190
Shimizu Corporation		138,000		603,854
Sho-Bond Holdings Company Limited		4,700		184,926
Sino Thai Engineering & Construction PCL		374,529		214,083
Skanska AB		34,816		623,021
SNC-Lavalin Group Incorporated		14,400		540,974
Socam Development Limited		34,063		39,326
Strabag SE		1,052		22,587
Taihei Dengyo Kaisha Limited		7,000		49,731
Taikisha Limited		8,000		177,022
Taisei Corporation		216,000		880,330
Tekfen Holding AS		41,044		85,395
Toa Corporation †		31,000		42,698
Toda Corporation		49,000		146,431
Toenec Corporation		9,000		48,218
Tokyo Energy & Systems Incorporated		1,000		4,773
Tokyu Construction Company Limited †		17,380		40,818
Toshiba Plant Systems & Services Corporation		6,000		96,193
Totetsu Kogyo Company Limited		5,900		113,187
Toyo Engineering Corporation		28,000		109,711
United Construction Group Limited		30,880		202,903
United Engineers Limited		59,000		78,512
Vinci SA		57,158		2,949,175
Voltas Limited		51,077		51,651
YIT Oyj		11,040		151,536
Yokogawa Bridge Holdings Corporation		8,000		98,278

				48,153,891


Electrical Equipment: 0.93%
ABB Limited		205,224		4,389,294
ABB Limited (India)		14,757		100,065
Acuity Brands Incorporated		94,222		8,055,981
Alstom SA		20,310		715,215
AMETEK Incorporated		167,768		7,200,603
Bharat Heavy Electricals limited		122,363		220,228
Brady Corporation Class A		104,500		3,448,500


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			65


Security name	Shares		Value

Electrical Equipment (continued)
China High Speed Transmission Equipment Group Company Limited †		130,000	$	55,067
Chiyoda Integre Company Limited		1,900		23,485
Cosel Company Limited		4,900		55,905
Crompton Greaves Limited		60,032		73,605
Daihen Corporation		18,000		64,453
Denyo Company Limited		3,200		35,642
Eaton Corporation plc		52,837		3,345,639
Elswedy Cables Holding Company		9,692		29,247
Emerson Electric Company		80,300		4,847,711
Fuji Electric Holdings Company Limited		123,000		450,429
Fujikura Limited		69,000		232,811
Furukawa Electric Company Limited		135,000		269,761
Futaba Corporation		6,900		79,390
Gamesa Corporation Tecnologica SA †		8,248		57,770
General Cable Corporation		112,400		3,431,572
GS Yuasa Corporation		79,000		388,452
Hubbell Incorporated Class B		38,400		3,892,224
Huber & Suhner AG		893		43,429
Idec Corporation		4,700		39,648
Johnson Electric Holdings Limited		219,000		143,540
Legrand SA		23,684		1,200,635
LS Cable Limited		4,511		285,779
LS Industrial Systems Company Limited		3,641		202,178
Mabuchi Motor Company Limited		5,800		285,446
Mitsubishi Electric Corporation		408,000		4,033,596
Neo Neon Holdings Limited †		163,500		34,205
Nexans SA		1,685		95,414
Nidec Corporation		24,504		1,830,318
Nippon Carbon Company Limited		11,000		18,010
Nippon Signal Company Limited		10,900		72,677
Nissin Electric Company Limited		8,000		46,180
Nitto Kogyo Corporation		9,700		150,789
Nordex AG †		816		9,494
Ormat Industries †		3,095		18,567
Osram Licht AG †		7,623		305,170
Polypore International Incorporated †«		92,900		3,971,475
Prysmian SpA		18,370		407,327
Regal-Beloit Corporation		98,971		6,304,453
Roper Industries Incorporated		68,245		8,441,907
Sanyo Denki Company Limited		6,000		46,439
Schneider Electric Infrastructure Limited †		5,981		5,291
Schneider Electric SA		52,663		4,027,738
SGL Carbon AG «		3,056		96,738
Shihlin Electric		118,000		141,957
Showa Electric Wire †		47,000		35,686
Silitech Technology Corporation		35,379		47,914
Sumitomo Electric Industries Limited		151,000		2,017,225
Suzlon Energy Limited †		89,769		8,096
TECO Electric & Machinery Company Limited		303,000		315,843
Toyo Tanso Company Limited		1,300		21,729


66		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Electrical Equipment (continued)
Ushio Incorporated		25,200	$	280,512
Vestas Wind Systems AS †		15,405		288,126
Walsin Lihwa Corporation †		600,000		176,238
Ya Hsin Industrial Company Limited †(a)		40,000		0
Zhuzhou CSR Times Electric Company Limited		98,000		307,743

				77,220,561


Industrial Conglomerates: 1.08%
3M Company		70,900		8,052,822
Aboitiz Equity Ventures Incorporated		548,400		564,677
Aditya Birla Nuvo Limited		5,674		97,540
Alfa SA de CV		640,700		1,589,642
Alliance Global Group Incorporated		970,700		563,076
Antarchile SA		32,607		469,694
Beijing Enterprises Holdings Limited		104,500		739,668
Berjaya Corporation Bhd		359,200		61,164
Bidvest Group Limited		60,840		1,495,162
Boustead Holdings Bhd		80,800		124,377
CITIC Pacific Limited «		268,000		309,011
CJ Corporation		4,217		403,163
Clal Industries and Investments		2,926		12,270
Compagnie Industriali Riunite †		19,942		28,106
CSR Limited		80,329		160,175
Danaher Corporation		135,394		8,871,015
DCC plc - United Kingdom Exchange		9,251		367,358
Discount Investment Corporation †		1,353		7,198
DMCI Holdings Incorporated		161,600		174,491
Dogan Sirketler Grubu Holdings †		170,145		71,360
Doosan Corporation		1,651		205,246
Enka Insaat Ve Sanayi AS		86,655		205,598
Far Eastern Textile Company Limited		861,685		922,681
Gallant Venture Limited †		42,000		9,347
General Electric Company		1,154,807		26,722,234
Hong Leong Asia Limited		11,000		12,271
Hopewell Holdings		123,000		389,140
Hutchison Whampoa Limited		437,000		5,051,406
Jaiprakash Associates Limited		205,052		102,587
Jardine Matheson Holdings Limited		48,069		2,551,265
Jardine Strategic Holdings Limited		39,310		1,272,898
JG Summit Holdings		615,492		503,988
Katakura Industries Company Limited		5,400		62,416
Keihan Electric Railway Company Limited		109,000		438,188
Keppel Corporation Limited		270,051		2,133,735
Koc Holding AS		126,301		505,826
Koninklijke Philips Electronics NV		94,124		2,910,507
LG Corporation		30,910		1,857,405
MMC Corporation Bhd		109,200		83,043
Nisshinbo Industries Incorporated		31,000		227,149
NWS Holdings Limited		266,746		397,466


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			67


Security name	Shares		Value

Industrial Conglomerates (continued)
Quinenco SA		50,608	$	126,954
Rheinmetall Berlin		3,555		174,700
Samsung Techwin Company Limited		9,105		542,236
San Miguel Corporation		214,380		360,263
SembCorp Industries Limited		165,000		630,698
Shanghai Industrial Holdings Limited		103,000		336,188
Shun Tak Holdings Limited		294,250		152,147
Siemens AG		76,232		8,074,192
Siemens India Limited		21,727		142,426
Sime Darby Bhd		544,140		1,554,377
SK Corporation		7,547		1,266,165
SM Investments Corporation		70,518		1,055,869
Smiths Group plc		35,162		698,204
Sonae SGPS SA		93,661		102,720
Tokai Holdings Corporation		26,800		93,405
Toshiba Corporation		806,000		3,176,242
Turk Sise Ve Cam Fabrikalari AS		116,254		148,829
Yazicilar Holding AS		9,222		86,143

				89,448,123


Machinery: 2.80%
Aalberts Industries NV		10,973		273,397
AG Growth International Incorporated		1,000		33,485
AGCO Corporation		62,400		3,529,344
Aida Engineering Limited		11,300		89,850
Airtac International Group		16,050		105,440
Alfa Laval AB		28,699		619,772
Amada Company Limited		76,000		557,420
Andritz AG		7,071		389,240
Asahi Diamond Industrial Company Limited		12,000		112,130
Ashok Leyland Limited		317,592		57,735
Atlas Copco AB Class A		61,897		1,670,674
Atlas Copco AB Class B		37,370		916,687
ATS Automation Tooling Systems Incorporated †		4,800		57,830
Austal Limited †		9,718		7,266
Bando Chemical Industries Limited		15,000		56,589
Bodycote plc		18,289		177,985
Bradken Limited «		24,231		122,342
Bucher Industries AG		862		211,560
Cargotec Corporation		3,652		123,548
Caterpillar Incorporated		153,000		12,628,620
Chart Industries Incorporated †		66,700		7,615,806
China Rongsheng Heavy Industry Group Company Limited †		450,000		52,534
Chugai Ro Company Limited		15,000		34,401
CKD Corporation		12,000		90,095
Clarcor Incorporated		109,338		5,856,143
Colfax Corporation †		53,864		2,805,776
Construcciones y Auxiliar de Ferrocarriles SA		139		61,754
Cosco Corporation Singapore Limited		190,000		99,524


68		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Machinery (continued)
CSBC Corporation Taiwan		43,102	$	26,225
Cummins India Limited		13,858		82,515
Daewoo Shipbuilding & Marine Engineering Company Limited		28,300		749,907
Daifuku Company Limited		21,500		200,585
Deere & Company		90,300		7,552,692
Donaldson Company Incorporated		93,200		3,284,368
Doosan Infracore Company Limited †		19,520		236,333
Dover Corporation		109,800		9,338,490
Ebara Corporation		76,000		401,956
ESCO Technologies Incorporated		52,000		1,593,800
FANUC Limited		36,100		5,478,522
Fiat Industrial SpA		78,164		934,905
Flowserve Corporation		98,500		5,495,315
Fuji Machine Manufacturing Company Limited		17,200		155,782
Fujitec Company Limited		13,000		135,743
Furukawa Company Limited		61,000		123,932
GEA Group AG		16,445		665,069
Georg Fischer AG		456		247,104
Gildemeister AG		3,643		81,033
Glory Limited		13,000		270,662
Graco Incorporated		42,200		2,932,478
Haitian International Holdings Limited		106,000		194,853
Hanjin Heavy Industries & Construction Company Limited †		10,385		113,389
Hanjin Heavy Industries & Construction Holdings Company Limited		2,009		13,394
Heidelberger Druckmaschinen AG †		10,670		28,774
Hino Motors Limited		62,000		803,203
Hisaka Works Limited		5,000		43,956
Hitachi Construction Machinery Company Limited		18,600		361,919
Hitachi Koki Company Limited		9,300		69,358
Hitachi Zosen Corporation		153,000		222,693
Hiwin Technologies Corporation		55,156		359,009
Hoshizaki Electric Company Limited		12,000		397,509
Hosokawa Micron Corporation		4,000		24,895
Hyundai Heavy Industries Company Limited		10,031		2,042,524
Hyundai Mipo Dockyard Company Limited		2,652		320,091
IDEX Corporation		56,663		3,364,082
IMI plc		33,411		743,637
Ingersoll-Rand plc		32,900		1,945,706
Invensys plc		62,213		472,947
Iseki & Company Limited		44,000		140,680
Ishikawajima-Harima Heavy Industries Company Limited		278,000		1,116,669
Jain Irrigation Systems Limited		39,865		30,285
Jain Irrigation Systems Limited (Differential Voting Rights)		1,993		752
Japan Steel Works		72,000		366,023
Jaya Holdings Limited		61,000		29,823
Joy Global Incorporated		68,200		3,349,984
JTEKT Corporation		46,600		602,566
Juki Corporation †		7,000		10,525
Kawasaki Heavy Industries Limited		321,000		1,112,838
KCI Konecranes Oyj «		3,753		116,801


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			69


Security name	Shares		Value

Machinery (continued)
Kennametal Incorporated		183,700	$	7,810,924
Kitz Corporation		21,100		89,705
Komatsu Limited		187,030		4,062,089
Komori Corporation		11,000		125,828
Kone Oyj		19,229		1,569,701
KOPEX SA		1,096		3,330
Krones AG		626		53,056
Kubota Corporation		224,865		3,039,894
Kurita Water Industries Limited		21,400		429,633
Kyokuto Kaihatsu Kogyo Company		6,900		71,428
Lonking Holdings Limited †		385,000		80,444
Makino Milling Machine Company Limited		25,000		141,110
Makita Corporation		26,900		1,412,719
Makita Corporation ADR		1		53
MAN AG		3,130		357,743
Manitowoc Company Incorporated		311,446		6,222,691
Max Company Limited		6,000		67,722
Meidensha Corporation		41,000		133,718
Melrose Industries plc		114,459		522,968
Metso Oyj		12,945		496,792
Meyer Burger Technology AG †		5,526		55,970
Minebea Company Limited «		73,000		312,442
Mitsubishi Heavy Industries Limited		642,000		3,502,277
Mitsuboshi Belting Company Limited		10,000		45,696
Mitsui Engineering & Shipbuilding Company Limited		152,000		273,164
Miura Company Limited		7,400		189,838
Morgan Advanced Materials plc		21,660		98,804
Mori Seiki Company Limited		18,400		250,931
Morita Holdings Corporation		7,000		49,964
Mueller Industries Incorporated		55,800		2,987,532
Nabtesco Corporation		21,700		463,338
Nachi-Fujikoshi Corporation		45,000		220,906
Namura Shipbuilding Company Limited		1,000		9,537
Navistar International Corporation †«		176,321		6,042,521
NGK Insulators Limited		58,000		799,523
Nippon Sharyo Limited		14,000		70,124
Nippon Thompson Company Limited		13,000		59,782
Nitta Corporation		3,300		62,738
Nitto Kohki Company Limited		2,300		41,359
NKT Holding AS		1,131		50,968
Nordson Corporation		42,042		2,802,099
NORITAKE Company Limited		17,000		41,593
NSK Limited		90,000		833,741
NTN Corporation †		101,000		369,877
OILES Corporation		4,980		107,390
Okuma Corporation		29,000		217,485
Organo Corporation		6,000		29,395
OSG Corporation		18,700		297,212
Oshkosh Corporation †		56,500		2,537,980
Paccar Incorporated		42,700		2,289,147


70		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Machinery (continued)
Pall Corporation		80,100	$	5,538,114
Rieter Holding AG		164		29,956
Rotork plc		7,725		324,580
Ryobi Limited		20,000		76,711
Samsung Heavy Industries Company Limited		44,830		1,584,224
Sandvik AB		105,184		1,405,707
Sany Heavy Equipment International Holdings Company Limited		183,000		53,155
Sasebo Heavy Industries Company Limited †		4,000		3,437
Scania AB Class B		29,534		589,609
Schindler Holding AG		2,474		334,042
Schindler Holding AG (Participation Certificate)		5,042		694,492
SembCorp Marine Limited		147,200		480,885
Shima Seiki Manufacturing Limited		4,400		84,381
Shin Zu Shing Company Limited		13,649		28,708
Shinmaywa Industries Limited		11,000		80,688
Shinwa Company Limited Nagoya		500		5,416
Singamas Container Holding		180,000		40,669
Sinotruk Hong Kong Limited		86,000		42,136
Sintokogio Limited		10,700		75,662
SKF AB Class A		976		25,934
SKF AB Class B		35,091		928,744
SMC Corporation		13,000		2,707,861
Sodick Company Limited		9,500		41,390
Spirax Sarco Engineering plc		7,794		359,362
Stanley Black & Decker Incorporated		103,900		8,858,514
STX Corporation Company Limited		5,248		19,100
STX Offshore & Shipbuilding Company Limited †		6,438		24,477
Sulzer AG		2,037		296,759
Sumitomo Heavy Industries Limited		116,000		520,808
Tadano Limited		23,000		319,525
TAKUMA Company Limited		14,000		120,931
Terex Corporation †		259,400		7,522,600
The Middleby Corporation †		41,400		7,697,916
The Timken Company		51,200		2,870,272
Thermax India Limited		11,575		94,674
THK Company Limited		25,700		495,672
Tocalo Company Limited		2,700		39,065
Torishima Pump Manufacturing Company Limited		4,800		44,757
Toro Company		126,570		6,684,162
Toshiba Machine Company Limited		18,000		74,635
Trelleborg AB Class B		21,858		368,626
Trinity Industries Incorporated		184,779		7,801,369
Triyards Holdings Limited †		7,100		3,471
Tsubakimoto Chain Company		30,000		200,348
Tsugami Corporation		18,000		79,393
Tsukishima Kikai Company Limited		5,000		50,287
Union Tool Company		2,300		44,456
United Tractors		352,380		508,219
Vallourec SA		11,082		664,367
Valmont Industries Incorporated		16,177		2,183,248


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			71


Security name	Shares		Value

Machinery (continued)
Vesuvius plc		23,880	$	170,921
Volvo AB Class A		43,600		626,515
Volvo AB Class B		132,230		1,903,483
Vossloh AG		978		80,596
Wabco Holdings Incorporated †		44,800		3,493,952
Wabtec Corporation		66,280		3,878,706
Wartsila Oyj		17,118		797,008
WEG SA		44,600		523,397
Weir Group plc		19,255		649,795
Woodward Governor Company		133,200		5,136,192
Xylem Incorporated		118,881		2,945,871
Yangzijiang Shipbuilding Holdings Limited «		446,000		329,667
Yungtay Engineering Company Limited		78,000		179,967
Zardoya Otis SA †(a)		560		8,247
Zardoya-Otis SA «		13,991		206,071
Zoomlion Heavy Industry Class H «		306,400		237,471

				232,839,502


Marine: 0.15%
A.P. Moller Maersk AS Class A		40		322,574
A.P. Moller Maersk AS Class B		129		1,098,124
Chinese Maritime Transport Limited		6,000		6,755
Compagnie Maritime Belge SA		227		5,370
Daiichi Chuo Kisen Kaisha †		12,000		10,880
DS Norden AS		1,300		45,924
Evergreen Marine Corporation (Taiwan) Limited †		333,298		187,592
Hanjin Shipping Company Limited †		16,785		128,927
Hanjin Shipping Holding Company Limited †		11,912		48,993
Hyundai Merchant Marine Company Limited †		14,287		238,749
Iino Kaiun Kaisha Limited		15,900		81,923
Inui Steamship Company Limited †		1,100		3,395
Kawasaki Kisen Kaisha Limited		178,000		398,342
Kirby Corporation †		39,118		3,146,261
Kuehne & Nagel International AG		5,401		672,279
Malaysian Bulk Carriers Bhd		14,000		7,020
Matson Incorporated		97,649		2,600,393
MISC Bhd †		83,700		120,272
Mitsui OSK Lines Limited †		228,000		894,053
Neptune Orient Lines Limited †		184,000		149,547
Nippon Yusen Kabushiki Kaisha		322,000		910,637
Orient Overseas International Limited		30,500		167,405
Pacific Basin Shipping Limited		252,000		157,394
Precious Shipping PCL		70,800		32,552
Regional Container Lines PCL †		73,800		13,068
Shih Wei Navigation Company Limited		34,209		22,598
Shinwa Kaiun Kaisha Limited †		2,000		3,450
Shipping Corporation of India Limited †		33,100		15,364
Sincere Navigation Corporation		128,800		108,368
STX Pan Ocean Company Limited - Korea Exchange †		3,981		7,982
STX Pan Ocean Company Limited - Singapore Exchange †		9,000		18,344


72		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name		Shares		Value

Marine (continued)
Taiwan Navigation Company Limited			20,000	$	15,349
Thoresen Thai Agencies PCL †			114,576		51,967
U-Ming Transport Corporation			113,000		173,779
Wan Hai Lines Limited			209,212		112,840
Yang Ming Marine Transport †			285,357		124,393

					12,102,863


Professional Services: 0.53%
Acacia Research-Acacia Technologies			99,300		2,181,621
Adecco SA			12,375		777,694
ALS Limited «			69,436		565,170
Bureau Veritas SA			23,580		711,100
Capita plc			61,090		903,402
Corporate Executive Board Company			72,700		4,713,868
Dun & Bradstreet Corporation			27,495		2,735,203
Experian Group Limited			96,629		1,691,906
Hays plc			95,742		151,892
IHS Incorporated Class A †			35,823		3,838,434
Intertek Group plc			15,050		746,173
Manpower Incorporated			49,500		3,210,075
MEITEC Corporation	��		7,200		177,826
Michael Page International plc			20,623		147,719
Nielsen Holdings NV			144,293		4,978,109
Poyry Oyj †			835		4,082
Q-Cells AG †			3,594		95
Randstad Holdings NV			9,220		428,040
Robert Half International Incorporated			89,500		3,156,665
SAI Global Limited			30,724		116,108
SEEK Limited			58,955		558,513
SGS SA			519		1,180,295
Stantec Incorporated			3,535		162,168
Teleperformance			6,495		292,357
Temp Holdings Company Limited «			5,500		118,689
The Advisory Board Company †			79,500		4,354,215
USG People NV			3,016		21,908
Verisk Analytics Incorporated Class A †			100,924		6,275,454
WS Atkins plc			8,888		162,135

					44,360,916


Road & Rail: 1.05%
Asciano Group			170,137		839,476
Aurizon Holdings Limited			59,294		239,316
Canadian National Railway Company			40,600		3,807,527
Canadian Pacific Railway Limited			14,300		1,681,706
Central Japan Railway Company			36,000		4,098,712
ComfortDelGro Corporation Limited			275,000		396,154
Container Corporation of India			8,679		136,858
CSX Corporation			123,600		3,041,796
DSV AS			17,460		458,076


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			73


Security name	Shares		Value

Road & Rail (continued)
East Japan Railway Company		72,700	$	5,560,199
Evergreen International Storage & Transport Corporation		124,000		76,701
Firstgroup plc		137,119		243,517
Fukuyama Transporting Company Limited		37,000		221,772
Genesee & Wyoming Incorporated †		34,140		2,955,841
Go-Ahead Group plc		3,179		73,088
Hankyu Hanshin Holdings Incorporated		244,000		1,313,478
Hitachi Transport System Limited		8,700		115,374
J.B. Hunt Transport Services Incorporated		62,414		4,493,808
Kansas City Southern		75,918		8,003,276
Keihin Electric Express Railway Company Limited		101,000		861,439
Keio Corporation		110,000		741,547
Keisei Electric Railway Company Limited		66,000		624,405
Kintetsu Corporation «		329,000		1,217,982
Korea Express Company Limited †		2,016		182,674
Landstar System Incorporated		102,494		5,601,297
Maruzen Showa Unyu Company Limited		16,000		49,607
MTR Corporation Limited		250,208		942,307
Nagoya Railroad Company Limited «		169,000		471,579
Nankai Electric Railway Company Limited		100,000		372,031
National Express Group plc		29,635		121,345
Nippon Express Company Limited		185,000		862,547
Nippon Konpo Unyu Soko Company Limited		12,800		197,748
Nishi-Nippon Railroad Company Limited		75,000		287,807
Norfolk Southern Corporation		38,100		2,749,296
Odakyu Electric Railway Company Limited		122,000		1,110,116
Old Dominion Freight Line Incorporated †		155,453		6,749,769
Ryder System Incorporated		37,136		2,065,133
Sagami Railway Company Limited		88,000		330,494
Sankyu Incorporated		56,000		177,631
SBS Transit Limited		1,684		1,793
SEINO Holdings Company Limited		34,000		302,009
Senko Company Limited		15,000		71,448
SMRT Corporation Limited		98,000		99,818
Stagecoach Group plc		49,321		244,113
Tobu Railway Company Limited		207,000		1,038,932
Tokyu Corporation		216,000		1,381,649
TransForce Incorporated		6,211		122,593
Transport International Holdings Limited		45,600		100,209
Union Pacific Corporation		108,600		16,674,444
Werner Enterprises Incorporated		104,474		2,407,081
West Japan Railway Company		38,400		1,580,794

				87,498,312


Trading Companies & Distributors: 0.86%
Adani Enterprises Limited		63,989		136,534
Air Lease Corporation		164,148		4,235,018
Applied Industrial Technologies Incorporated		91,100		4,338,182
Ashtead Group plc		48,201		480,421


74		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Trading Companies & Distributors (continued)
Barloworld Limited		44,693	$	381,270
BayWa AG		313		15,002
Beacon Roofing Supply Incorporated †		107,100		3,890,943
Brenntag AG		4,811		731,596
Bunzl plc		31,676		668,497
China Daye Non-Ferrous Metal Mining Limited †		660,000		16,456
Daewoo International Corporation		7,912		247,983
Daiichi Jitsugyo Company Limited		10,000		39,897
Emeco Holdings Limited		72,033		11,420
Fastenal Company		66,624		2,930,790
Finning International Incorporated		16,500		327,713
GATX Corporation		102,934		4,658,793
Grafton Group plc		18,582		157,304
Hanwa Company Limited		40,000		172,087
Inaba Denki Sangyo Company Limited		4,100		113,564
Inabata & Company Limited		8,900		76,074
Itochu Corporation		301,400		3,392,928
Iwatani International Corporation		49,000		175,058
Japan Pulp & Paper Company Limited		25,000		76,499
Kanamoto Company Limited		6,000		138,195
Kanematsu Corporation †		81,000		86,909
Kloeckner & Company †		8,856		114,200
Kuroda Electric Company Limited		5,800		77,199
LG International Corporation		5,460		154,359
Marubeni Corporation		331,000		2,390,757
Misumi Group Incorporated		15,400		376,779
Mitsubishi Corporation		303,800		5,651,833
Mitsubishi Corporation ADR		33		1,233
Mitsui & Company Limited		346,200		4,787,556
Mitsui & Company Limited ADR		263		72,831
MSC Industrial Direct Company		32,225		2,449,100
Nagase & Company Limited		24,600		292,484
Nichiden Corporation		3,600		82,973
Noble Group Limited		918,576		580,621
Okaya & Company Limited		5,500		63,729
Onoken Company Limited		700		6,693
Paperlinx Limited †		60,182		3,107
Ramirent Oyj		11,459		123,218
Reece Australia Limited		12,985		289,039
Rexel SA		7,350		169,071
Russel Metals Incorporated		4,649		116,170
Samsung Corporation		34,243		1,758,304
Seven Network Limited		22,953		152,991
SIG plc		78,253		212,579
SK Networks Company Limited		31,860		188,575
Sojitz Corporation		240,500		427,163
Sumitomo Corporation		237,900		2,997,042
Tat Hong Holdings Limited		7,000		4,626
Toromont Industries Limited		6,843		146,436
Toyota Tsusho Corporation		45,600		1,042,081


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			75


Security name	Shares		Value

Trading Companies & Distributors (continued)
Travis Perkins plc		23,342	$	569,640
Trusco Nakayama Corporation		3,400		61,962
W.W. Grainger Incorporated		14,780		3,655,833
Wakita & Company Limited		7,000		76,263
Watsco Incorporated		65,295		5,863,491
WESCO International Incorporated †		97,024		7,157,460
Wolseley plc		27,016		1,366,173
Yamazen Corporation		18,000		111,105
Yuasa Trading Company Limited		38,000		64,575

				71,158,384


Transportation Infrastructure: 0.17%
Abertis Infraestructuras SA		36,273		640,472
Aeroports de Paris		3,323		324,353
Airports of Thailand PCL		53,200		270,214
Ansaldo STS SpA		5,958		51,621
Atlantia SpA		28,791		519,373
Auckland International Airport Limited		185,755		441,309
Bangkok Expressway PCL		48,400		51,121
BBA Aviation plc		37,408		178,581
Beijing Capital International Airport Company Limited Class H		316,000		206,321
Bintulu Port Holdings Bhd		6,400		15,117
China Merchants Holdings International Company Limited		265,537		893,254
Cia de Concessoes Rodoviarias		204,620		1,487,943
Cosco Pacific Limited		382,753		559,949
Flughafen Wien AG		1,004		64,278
Flughafen Zuerich AG		455		231,143
Fraport AG		3,869		249,832
Gemina SpA †		107,844		214,131
Groupe Eurotunnel SA		53,575		398,123
Hamburger Hafen Und Logistik AG		1,110		24,824
Hong Kong Aircraft Engineering Company Limited		10,000		135,262
Hopewell Highway Infrastructure Limited		167,500		79,837
Hutchison Port Holdings Trust		977,000		721,366
International Container Term Services Incorporated		175,300		371,911
Japan Airport Terminal Company Limited		13,800		251,909
Kamigumi Company Limited		48,000		382,157
Macquarie Atlas Roads Limited		53,146		110,688
Malaysia Airports Holdings Bhd		102,257		217,293
Mitsubishi Logistics Corporation		30,000		383,310
Mitsui-Soko Company Limited		20,000		92,483
Mundra Port & Special Economic Zone Limited		99,788		189,817
Nissin Corporation		18,000		48,376
Port of Tauranga Limited		9,453		106,881
PT Jasa Marga Tbk		395,500		196,835
Shenzhen International Holdings		1,997,500		248,946
SIA Engineering Company		42,000		151,309
Singapore Airport Terminal Services Limited		108,666		256,087
Societa Iniziative Autostradali e Servizi SpA		1,409		12,886


76		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Transportation Infrastructure (continued)
Sumitomo Warehouse Company Limited		29,000	$	152,142
Sydney Airport Holdings Limited		136,159		457,321
TAV Havalimanlari Holding AS		40,981		220,049
Transurban Group		290,891		1,742,799
Veripos Incorporated		2,340		7,647
Westshore Terminals Investment Corporation		8,100		225,705
Zhejiang Expressway Company Limited		338,000		282,467

				13,867,442


Information Technology: 14.90%

Communications Equipment: 1.14%
AAC Technologies Holdings Incorporated		157,000		714,531
ADTRAN Incorporated		140,300		3,384,036
Aiphone Company Limited		2,600		42,255
Alcatel SA †«		228,967		589,750
ARRIS Group Incorporated †		260,100		4,075,767
Aruba Networks Incorporated †		214,600		3,568,798
Blackberry Limited †«		42,015		424,418
Brocade Communications Systems Incorporated †		323,236		2,391,946
BYD Electronic International Company Limited †		64,000		28,110
China Wireless Technologies Limited		296,000		119,674
Ciena Corporation †		223,380		4,449,730
Cisco Systems Incorporated		596,849		13,912,550
Comba Telecom Systems Holdings Limited †		120,212		37,954
Compal Communications Incorporated		40,025		50,057
D-Link Corporation		73,749		40,048
Denki Kogyo Company Limited		13,000		75,445
EVS Broadcast Equipment SA		552		37,471
F5 Networks Incorporated †		56,538		4,714,138
Finisar Corporation †		209,100		4,280,277
Harris Corporation		70,300		3,981,089
Hitachi Kokusai Electric Incorporated		9,000		91,625
HTC Corporation		165,691		861,413
Icom Incorporated		2,000		42,057
InterDigital Incorporated		81,632		2,901,201
Japan Radio Company Limited †		2,000		6,533
Nokia Oyj †		354,521		1,375,475
Polycom Incorporated †		398,590		3,957,999
QUALCOMM Incorporated		402,197		26,657,617
Riverbed Technology Incorporated †		126,673		1,955,831
Spirent plc		75,771		147,818
Telefonaktiebolaget LM Ericsson Class A		3,200		35,859
Telefonaktiebolaget LM Ericsson Class B		289,375		3,403,277
Viasat Incorporated †		90,200		5,748,446
VTech Holdings Limited		27,900		409,694
Zinwell Corporation		23,446		23,529

				94,536,418


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			77


Security name	Shares		Value

Computers & Peripherals: 2.25%
3D Systems Corporation †«		63,900	$	3,284,460
Acer Incorporated †		625,517		414,754
Advantech Company Limited		61,701		312,613
Apple Incorporated		218,488		106,414,580
ASUSTeK Computer Incorporated		161,601		1,282,101
BenQ Corporation †		171,392		39,856
Catcher Technology Company Limited		156,614		740,624
Chicony Electronics Company Limited		115,384		266,203
Clevo Company		125,978		244,771
CMC Magnetics Corporation †		511,000		82,879
Compal Electronic Incorporated		929,754		623,115
Dell Incorporated		174,400		2,401,488
Diebold Incorporated		138,836		3,926,282
Eizo Nanao Corporation		3,500		74,457
Electronics For Imaging Incorporated †		106,878		3,129,388
Elitegroup Computer Systems		43,672		17,135
EMC Corporation		489,020		12,606,936
Foxconn Technology Company Limited		258,846		656,292
Gemalto NV		6,728		774,232
Gigabyte Technology Company Limited		100,000		90,007
Hewlett-Packard Company		215,415		4,812,371
Inventec Company Limited		871,583		706,868
Jess Link Products Company Limited †		37,143		32,091
Lenovo Group Limited		1,428,000		1,377,086
Lexmark International Incorporated		138,800		4,741,408
Lite-On Technology Corporation		527,884		892,109
Logitech International SA «		18,355		134,234
Melco Holdings Incorporated		2,000		25,656
Micro-Star International Company Limited		112,218		65,453
Mitac International Corporation		366,131		117,118
NEC Corporation		500,149		1,056,584
NetApp Incorporated		88,981		3,696,271
Pegatron Corporation †		375,150		576,981
Quanta Computer Incorporated		713,766		1,494,478
Ritek Corporation †		272,159		47,953
SanDisk Corporation		167,700		9,253,686
Seagate Technology plc		204,707		7,844,372
Seiko Epson Corporation		26,800		375,226
Synaptics Incorporated †		66,200		2,559,292
TPV Technology Limited		122,000		24,005
Wacom Company Limited		32,000		273,086
Western Digital Corporation		136,500		8,463,000
Wincor Nixdorf AG		2,644		165,879
Wistron Corporation		522,548		466,533

				186,583,913


Electronic Equipment, Instruments & Components: 1.41%
ALPS Electric Company Limited		34,900		248,603
Amano Corporation		12,600		125,538


78		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Anixter International Incorporated †		59,341	$	4,958,534
Anritsu Corporation		23,000		279,148
Arisawa Manufacturing Company Limited		3,400		18,343
Arrow Electronics Incorporated †		67,114		3,115,432
AU Optronics Corporation †		1,793,319		700,366
Avnet Incorporated		87,938		3,390,889
Benchmark Electronics Incorporated †		127,204		2,794,672
Calcomp Electronics PCL		243,600		19,070
Canon Electronics Incorporated		3,800		66,626
Celestica Incorporated †		22,738		241,779
Cheng Uei Precision Industry Company Limited		71,855		142,702
Chroma ATE Incorporated		84,624		195,157
Chunghwa Picture Tubes Limited †		608,075		35,386
Citizen Holdings Company Limited		63,500		407,658
CMK Corporation		4,800		13,240
Cognex Corporation		88,000		5,014,240
Corning Incorporated		178,400		2,504,736
Daishinku Corporation		6,000		23,263
Daiwabo Company Limited		29,000		47,957
Delta Electronics Incorporated		403,531		1,816,703
Delta Electronics Thailand PCL		22,600		30,716
Digital China Holdings Limited		160,000		175,721
Dolby Laboratories Incorporated Class A «		95,826		3,011,811
EIFAmphenol Corporation Class A		110,134		8,344,853
Electrocomponents plc		44,350		178,165
Enplas Corporation		3,900		286,047
ESPEC Corporation		3,600		24,857
Everlight Electronics Company Limited		83,210		132,518
Evertz Technologies Limited		1,640		22,499
FEI Company		84,900		6,645,972
FIH Mobile Limited †		528,000		341,964
FUJIFILM Holdings Corporation		93,000		2,017,828
Hakuto Company Limited		4,800		43,227
Halma plc		39,753		336,647
Hamamatsu Photonics		14,100		454,053
Hana Microelectronics PCL		194,800		128,293
Hannstar Display Corporation †		806,481		326,083
Hexagon AB		23,900		685,690
Hi Sun Technology China Limited †		309,000		53,910
Hioki EE Corporation		900		12,547
Hirose Electric Company Limited		6,300		825,418
Hitachi High Technologies Corporation		12,500		250,802
Hitachi Limited		891,000		5,330,033
Hon Hai Precision Industry Company Limited		2,298,726		6,199,359
Horiba Limited		8,200		264,264
Hosiden Corporation		12,200		64,473
Hoya Corporation		83,600		1,772,367
Ibiden Company Limited		27,700		396,339
Ingenico SA		5,328		371,835
Ingram Micro Incorporated Class A †		106,173		2,346,423


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			79


Security name	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Innolux Display Corporation †		1,542,746	$	767,377
IPG Photonics Corporation «		23,100		1,241,856
Japan Aviation Electronics Industry Limited		13,000		128,164
Japan Cash Machine Company Limited		2,900		40,719
Ju Teng International Holdings Limited		76,000		42,381
Kaga Electronics Company Limited		3,800		30,334
Keyence Corporation		8,600		2,825,402
Kingboard Chemicals Holdings Limited		148,140		321,210
Kingboard Laminates Holdings Limited		121,000		46,839
KOA Corporation		3,700		32,044
Kudelski SA		2,324		30,843
Kyocera Corporation		36,400		3,707,091
Kyocera Corporation ADR		30		3,053
Laird Group plc		37,748		126,066
Largan Precision Company Limited		21,244		738,584
LG Display Company Limited †		52,370		1,369,547
LG Innotek Company Limited †		2,021		152,443
Littelfuse Incorporated		42,851		3,161,118
MARUWA Company Limited		1,500		47,912
Mitsumi Electric Company Limited †		16,600		120,379
Molex Incorporated		88,891		2,579,617
Muramoto Electron (Thailand) PCL		300		1,295
Murata Manufacturing Company Limited		40,700		2,775,359
Nan Ya Printed Circuit Board Corporation †		26,197		28,490
Nichicon Corporation		13,600		138,095
Nidec Copal Electronics Corporation		7,000		33,434
Nihon Dempa Kogyo Company Limited		3,200		26,699
Nippon Chemi-Con Corporation †		17,000		66,082
Nippon Electric Glass Company Limited		80,000		411,259
Oki Electric Industry Company Limited †		138,000		229,508
OMRON Corporation		42,304		1,318,133
Optex Company Limited		2,730		35,906
Osaki Electric Company Limited		5,000		27,311
Pan-International Industrial		59,767		48,550
Premier Farnell plc		32,868		112,955
Ryosan Company Limited		6,500		109,251
Ryoyo Electro Corporation		3,900		31,628
Samart Corporation PCL		379,400		174,437
Samsung Electro-Mechanics Company Limited		13,434		982,737
Samsung SDI Company Limited		8,549		1,293,394
Sanshin Electronics Company Limited		5,100		30,240
Shimadzu Corporation		52,000		453,166
Sintek Photronic Corporation †		188,000		64,418
SMK Corporation		11,000		47,922
Spectris plc		9,963		342,948
Star Micronics Company Limited		6,100		58,474
Synnex Technology International Corporation		261,462		410,081
Taiyo Yuden Company Limited		21,700		271,450
Tamura Corporation		16,000		38,718
TDK Corporation		24,900		895,749


80		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Electronic Equipment, Instruments & Components (continued)
TE Connectivity Limited		50,409	$	2,470,041
Tech Data Corporation †		85,500		4,203,180
Teikoky Tsushin Kogyo Company		2,000		3,223
TOKO Incorporated †		14,000		45,462
Topcon Corporation		11,400		150,764
Toyo Corporation		3,700		38,457
TPK Holding Company Limited		58,033		612,252
Trimble Navigation Limited †		183,618		4,636,355
Tripod Technology Corporation		120,261		236,832
Truly International		250,000		153,911
Unimicron Technology Corporation		312,402		252,183
Universal Display Corporation †«		79,300		2,744,573
Venture Corporation Limited		49,000		291,646
Vishay Intertechnology Incorporated †		289,554		3,547,037
Vishay Precision Group †		200		2,826
Wasion Group Holdings Limited		28,000		17,245
Wintek Corporation †		398,484		161,983
WPG Holdings Company Limited		352,227		402,728
Yageo Corporation		587,000		194,958
Yamatake Corporation		13,400		286,562
Yaskawa Electric Corporation		48,000		565,017
Yokogawa Electric Corporation		41,400		518,803
Yokowo Company Limited		3,200		14,958
Young Fast Optoelectronics Company Limited		13,071		17,955
Zhen Ding Technology Holding		78,750		207,918

				116,982,293


Internet Software & Services: 1.79%
Access Company Limited †		3,200		22,146
Akamai Technologies Incorporated †		127,548		5,864,657
AOL Incorporated		180,685		5,949,957
Baidu.com Incorporated ADR †		54,988		7,452,524
Carsales.com Limited		34,330		339,078
CoStar Group Incorporated †		59,700		8,866,047
Daum Communications Corporation		2,430		185,674
Dena Company Limited «		19,400		379,222
eBay Incorporated †		271,908		13,592,681
Equinix Incorporated †		33,972		5,902,295
Facebook Incorporated Class A †		135,700		5,601,696
Google Incorporated Class A †		62,542		52,966,820
Gourmet Navigator Incorporated		1,800		23,323
Gree Incorporated «		21,300		168,994
IAC/InterActive Corporation		55,240		2,711,732
Internet Initiative Japan Incorporated		4,200		120,747
J2 Global Incorporated		94,825		4,669,183
Kakaku.com Incorporated		25,200		460,943
LinkedIn Corporation Class A †		16,708		4,010,588
Mixi Incorporated «		400		4,767
NetEase.com Incorporated ADR		12,292		869,536


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			81


Security name	Shares		Value

Internet Software & Services (continued)
NHN Corporation		7,769	$	3,124,957
OpenTable Incorporated †		44,600		3,324,484
Rackspace Hosting Incorporated †		76,104		3,410,981
Telecity Group plc		21,802		277,180
Tencent Holdings Limited		252,100		11,773,639
United Internet AG		13,768		475,541
VeriSign Incorporated †		103,900		4,986,161
Yahoo! Japan Corporation		2,552		1,257,129

				148,792,682


IT Services: 2.75%
Acxiom Corporation †		162,019		4,031,033
Alliance Data Systems Corporation †		33,880		6,630,316
Amadeus IT Holding SA		39,511		1,276,023
Amdocs Limited		103,794		3,825,847
Atos Origin SA		4,734		351,767
Broadridge Financial Solutions Incorporated		86,513		2,574,627
CACI International Incorporated Class A †		52,000		3,504,800
Cap Gemini SA		14,926		817,544
CGI Group Incorporated †		24,400		809,627
Cielo SA		76,036		1,861,423
Cognizant Technology Solutions Corporation Class A †		70,187		5,144,707
Computer Sciences Corporation		103,500		5,190,525
Computershare Limited		91,503		782,612
Convergys Corporation		233,477		4,116,200
Corelogic Incorporated †		193,956		4,984,669
Digital Garage Incorporated «		35		177,813
DST Systems Incorporated		22,600		1,612,962
Euronet Worldwide Incorporated †		109,700		3,768,195
Fidelity National Information Services Incorporated		188,100		8,362,926
Fiserv Incorporated †		91,714		8,829,307
FleetCor Technologies Incorporated †		47,971		4,946,290
Fujitsu Limited		378,000		1,387,904
Gartner Incorporated †		67,300		3,901,381
Genpact Limited		94,600		1,821,050
HCL Technologies Limited		34,660		544,641
Henry Jack & Associates Incorporated		189,500		9,456,050
Indra Sistemas SA		6,012		87,195
Ines Corporation		2,500		14,429
Infosys Technologies Limited		105,654		4,927,809
Infosys Technologies Limited ADR		2,757		127,842
International Business Machines Corporation		242,646		44,227,086
Iress Market Technology Limited		16,055		125,834
IT Holdings Corporation		24,806		295,032
Itochu Techno-Science Corporation		5,100		172,733
Lender Processing Services Incorporated		198,100		6,319,390
MasterCard Incorporated Class A		24,290		14,721,683
Maximus Incorporated		150,300		5,637,753
Mphasis Limited		22,655		144,290


82		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

IT Services (continued)
NEC Fielding Limited		6,200	$	74,340
NEC Networks & System Integration Corporation		5,800		127,831
Net One Systems Company Limited		12,000		89,511
NeuStar Incorporated Class A †		45,300		2,289,462
Nihon Unisys Limited		9,400		76,221
Nomura Research Institute Limited		23,800		739,001
NS Solutions Corporation		2,600		49,763
NTT Data Corporation		248		883,093
OBIC Company Limited		1,450		424,463
Otsuka Corporation		4,000		481,543
Paychex Incorporated		38,800		1,500,784
SAIC Incorporated		182,349		2,747,999
SK C&C Company Limited		4,840		475,991
SMS Management & Technology Limited		7,620		31,011
Sumisho Computer Systems		9,400		218,316
Tata Consultancy Services Limited		114,194		3,509,972
Tech Mahindra Limited †		22,425		465,578
Teradata Corporation †		112,601		6,593,915
TietoEnator Oyj		8,394		166,968
TKC AS		2,200		34,847
Total System Services Incorporated		103,150		2,854,161
Transcosmos Incorporated		4,400		66,352
Verifone Holdings Incorporated †		86,099		1,706,482
Visa Incorporated		118,011		20,583,479
Western Union Company		357,400		6,265,222
Wex Incorporated †		85,382		6,833,121
Wipro Limited		133,741		964,641
Wipro Limited ADR «		13,142		118,541
Wirecard AG		9,255		289,455

				228,173,378


Office Electronics: 0.27%
Brother Industries Limited		49,100		496,664
Canon Incorporated		220,500		6,594,848
Canon Incorporated ADR		7		209
Konica Minolta Holdings Incorporated		102,000		834,181
Neopost SA «		3,201		224,170
Ricoh Company Limited		143,565		1,544,875
Riso Kagaku Corporation		3,700		89,439
Toshiba TEC Corporation		25,000		129,554
Xerox Corporation		787,839		7,862,633
Zebra Technologies Corporation †		112,100		5,111,760

				22,888,333


Semiconductors & Semiconductor Equipment: 2.63%
Advanced Micro Devices Incorporated †«		1,388,600		4,540,722
Advanced Semiconductor Engineering Incorporated		1,286,821		1,129,302
Advantest Corporation		33,400		407,864
Aixtron AG †		8,010		125,331


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			83


Security name	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Alicorp		61,000	$	65,354
Altera Corporation		220,600		7,758,502
Analog Devices Incorporated		197,700		9,149,556
Applied Materials Incorporated		143,900		2,159,939
ARM Holdings plc		132,795		1,796,560
ASM International NV		4,894		153,170
ASM Pacific Technology		31,700		325,924
ASML Holding NV		43,275		3,775,832
Axell Corporation		1,400		26,863
Broadcom Corporation Class A		129,200		3,263,592
Cavium Incorporated †		119,830		4,549,945
Cirrus Logic Incorporated †		127,300		2,864,250
Cree Incorporated †		81,263		4,509,284
CSR plc		15,839		122,535
Cypress Semiconductor Corporation		301,800		3,416,376
Dainippon Screen Manufacturing Company Limited †		45,000		211,405
Dialog Semiconductor plc †		8,213		149,360
Disco Corporation		5,400		316,266
Elan Microelectronics Corporation		82,000		137,744
Epistar Corporation		213,210		346,312
Fairchild Semiconductor International Incorporated †		291,282		3,556,553
Faraday Technology Corporation		23,527		27,828
Ferrotec Corporation		3,100		13,909
First Solar Incorporated †		46,000		1,689,120
Formosa Sumco Technology Corporation		12,600		12,003
GCL-Poly Energy Holdings Limited †		1,559,000		409,710
Gintech Energy Corporation †		66,008		54,577
Global Unichip Corporation		4,386		13,091
Hittite Microwave Corporation †		53,500		3,272,060
Hynix Semiconductor Incorporated †		129,247		3,266,478
Imagination Technologies Group plc †		20,088		77,071
Infineon Technologies AG		102,520		928,553
Inotera Memories Incorporated †		415,888		167,242
Integrated Device Technology Incorporated †		330,782		2,881,111
Intel Corporation		555,134		12,201,845
International Rectifier Corporation †		158,600		3,787,368
King Yuan Electronics Company Limited		341,063		251,375
Kinsus Interconnect Technology Corporation		53,582		195,058
KLA-Tencor Corporation		106,400		5,867,960
Kontron AG		3,147		17,020
Linear Technology Corporation		156,100		5,983,313
Macronix International †		849,267		197,380
Marvell Technology Group Limited		288,400		3,492,524
Maxim Integrated Products Incorporated		194,800		5,424,206
MediaTek Incorporated		284,775		3,475,860
Megachips Corporation		3,200		46,032
Mellanox Technologies Limited †		2,821		108,354
Microchip Technology Incorporated «		126,500		4,909,465
Micronics Japan Company Limited †		600		2,696
Microsemi Corporation †		206,800		5,323,032


84		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Mimasu Semiconductor Industry Company Limited		600	$	4,987
Mitsui High-Tec Incorporated		6,300		34,265
MStar Semiconductor Incorporated		74,000		673,235
Nanya Technology Corporation †		1,805,367		210,693
Novatek Microelectronics Corporation Limited		119,790		495,297
ON Semiconductor Corporation †		317,100		2,295,804
PMC-Sierra Incorporated †		443,233		2,761,342
Powertech Technology Incorporated		181,914		330,734
PV Crystalox Solar plc †		8,268		1,409
Radiant Opto-Electronics Corporation		114,735		361,877
Realtek Semiconductor Corporation		99,440		219,331
Renesas Electronics Corporation †«		21,100		79,531
Renewable Energy Corporation ASA †		36,875		16,861
RF Micro Devices Incorporated †		641,323		3,180,962
Richtek Technology Corporation		29,166		130,938
Rohm Company Limited		18,900		662,294
Samsung Electronics Company Limited		29,363		35,999,345
Sanken Electric Company Limited		24,000		126,072
Semiconductor Manufacturing International Corporation †		3,332,000		234,276
Semtech Corporation †		148,500		4,413,420
Seoul Semiconductor Company Limited		9,698		324,979
Shindengen Electric Manufacturing Company Limited		9,000		50,169
Shinkawa Limited		2,200		13,248
Shinko Electric Industries		12,800		120,673
Silex Systems Limited †		14,168		30,265
Silicon Laboratories Incorporated †		76,465		2,958,431
Siliconware Precision Industries Company		700,471		783,684
Sino-Tech International Holdings Limited †		2,700,000		12,883
Skyworks Solutions Incorporated †		131,700		3,339,912
Soitec SA †		19,335		44,934
Solarworld AG †		3,922		2,338
STMicroelectronics NV		66,138		529,383
Sumco Corporation		21,800		180,503
Taiwan Semiconductor Manufacturing Company Limited		4,166,298		13,812,847
Teradyne Incorporated †		444,708		6,826,268
Texas Instruments Incorporated		123,900		4,732,980
Tokyo Electron Limited		34,700		1,436,368
Tokyo Seimitsu Company Limited		7,800		145,590
Transcend Information Incorporated		68,130		200,281
ULVAC Incorporated †		9,400		81,856
United Microelectronics Corporation		2,665,301		1,089,021
Veeco Instruments Incorporated †		77,100		2,707,752
VIA Technologies Incorporated †		75,485		45,226
Windbond Electronics Corporation †		630,000		143,550
Xilinx Incorporated		169,300		7,351,006

				218,151,602


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			85


Security name	Shares		Value

Software: 2.66%
ACI Worldwide Incorporated †		93,000	$	4,526,310
Activision Blizzard Incorporated		57,100		931,872
Adobe Systems Incorporated †		116,844		5,345,613
Ansys Incorporated †		66,945		5,622,041
Aspen Technology Incorporated †		206,219		6,893,901
Asseco Poland SA		17,110		241,972
Autodesk Incorporated †		154,898		5,692,502
AVEVA Group plc		4,997		179,809
CA Incorporated		212,500		6,215,625
Cadence Design Systems Incorporated †		660,100		8,891,547
Capcom Company Limited		7,500		128,780
China Mobile Games ADR †		293		3,516
Citrix Systems Incorporated †		128,900		9,122,253
CommVault Systems Incorporated †		95,100		7,972,233
Compuware Corporation		497,900		5,312,593
Concur Technologies Incorporated †		34,220		3,343,978
Dassault Systemes SA		6,243		797,743
DTS Corporation		4,200		58,650
FactSet Research Systems Incorporated «		27,841		2,849,526
Fair Isaac Corporation		69,800		3,495,584
Financial Technologies Limited		3,146		5,362
Fortinet Incorporated †		104,900		2,077,020
Fuji Soft Incorporated		4,700		79,476
I-Flex Solutions Limited †		4,122		185,072
Informatica Corporation †		74,438		2,662,647
Intuit Incorporated		68,742		4,367,179
Kingdee International Software Group Company Limited †		408,000		124,205
Konami Corporation		20,000		440,233
Mentor Graphics Corporation		207,372		4,595,364
Micro Focus International		16,132		197,954
Micros Systems Incorporated «†		54,229		2,651,798
Microsoft Corporation		839,371		28,034,991
NCsoft Corporation		3,519		510,216
Neowiz Games Corporation †		3,490		48,040
NetSuite Incorporated †		22,300		2,217,289
Nexon Company Limited		26,600		289,417
NHN Entertainment Corporation †		3,574		349,383
Nice Systems Limited		6,731		255,537
Nintendo Company Limited		21,600		2,442,377
Nippon System Development Company Limited		7,300		80,228
Nuance Communications Incorporated †		175,144		3,343,499
OBIC Business Consultants Limited		850		50,677
Open Text Corporation		5,600		384,924
Oracle Corporation		855,215		27,247,150
Oracle Corporation (Japan)		5,800		236,002
Qlik Technologies Incorporated †		164,700		5,400,513
Red Hat Incorporated †		130,652		6,600,539
Rovi Corporation †		241,089		4,322,726
Royalblue Group plc		2,334		77,106
Salesforce.com Incorporated †		126,368		6,208,460


86		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Software (continued)
SAP AG		88,707	$	6,551,788
Software AG		6,805		208,427
SolarWinds Incorporated †		135,700		4,946,265
Solera Holdings Incorporated		47,460		2,449,885
Square Enix Company Limited «		12,400		180,717
Symantec Corporation		82,300		2,107,703
Take-Two Interactive Software Incorporated †		208,240		3,823,286
Tecmo Koei Holdings Company Limited		8,000		78,243
Temenos Group AG		5,073		122,956
The Sage Group plc		119,600		638,502
TIBCO Software Incorporated †		107,400		2,420,796
TiVo Incorporated †		284,067		3,315,062
Trend Micro Incorporated		20,400		710,868
Ubisoft Entertainment †		8,088		122,190
Ultimate Software Group Incorporated †		62,800		8,805,188
VMware Incorporated †		21,511		1,810,151

				221,403,459


Materials: 5.82%

Chemicals: 2.75%
Achilles Corporation		37,000		46,825
Adeka Corporation		19,600		212,862
Agrium Incorporated		14,300		1,223,232
Air Liquide SA		29,584		3,889,694
Air Products & Chemicals Incorporated		25,100		2,563,714
Air Water Incorporated		36,000		480,992
Airgas Incorporated		45,405		4,615,418
Akzo Nobel NV		23,333		1,372,802
Alent plc		23,880		131,390
Alexandria Mineral Oils Company		1,424		14,318
Arkema SA		5,927		598,876
Asahi Kasei Corporation		253,000		1,851,499
Asahi Organic Chemicals Industry Company Limited		3,000		6,229
Ashland Incorporated		49,089		4,281,052
Asian Paints Limited		59,910		382,058
BASF SE		88,959		7,781,004
Batu Kawan Bhd		35,500		193,455
C Uyemura & Company Limited		1,300		52,852
Cabot Corporation		134,700		5,386,653
Castrol India Limited		27,072		132,691
Celanese Corporation Class A		102,400		5,042,176
CF Industries Holdings Incorporated		40,893		7,783,574
Cheil Industries Incorporated		10,629		841,287
Chemtura Corporation †		216,337		4,742,107
China BlueChemical Limited		380,000		198,979
China Petrochemical Development Corporation		458,261		210,482
China Steel Chemical Corporation		35,000		198,327
Christian Hansen Holding AS		8,826		292,445
Chugoku Marine Paints Limited		12,000		59,844


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			87


Security name	Shares		Value

Chemicals (continued)
Ciech SA †		645	$	5,012
Clariant AG		25,999		420,893
Coromandel International Limited		25,974		76,719
Croda International plc		12,671		510,315
Cytec Industries Incorporated		90,375		6,758,243
Daicel Chemical Industries Limited		64,000		551,238
Dainichiseika Color & Chemicals Manufacturing Company Limited		15,000		61,079
Dainippon Ink & Chemicals Incorporated		166,000		421,944
Daiso Company Limited		20,000		57,614
DC Chemical Company Limited		3,889		548,140
Denki Kagaku Kogyo Kabushiki Kaisha		92,000		333,732
Dow Chemical Company		135,044		5,050,646
DuluxGroup Limited		58,561		235,065
E.I. du Pont de Nemours & Company		102,791		5,820,026
Earth Chemical Company Limited		2,900		106,648
Eastman Chemical Company		99,420		7,555,920
Ecolab Incorporated		62,038		5,667,171
EMS-Chemie Holdings AG		754		241,259
Eternal Chemical Company Limited		140,817		114,417
Filtrona plc		22,982		273,567
FMC Corporation		93,826		6,249,750
Formosa Chemicals & Fibre Corporation		869,495		2,248,652
Formosa Plastics Corporation		1,102,709		2,740,175
Frutarom Industries Limited		1,818		29,659
Fufeng Group Limited		79,200		32,972
Fujimi Incorporated		3,600		45,717
Givaudan SA		717		964,962
Hanwha Chem Corporation		19,613		310,422
Hanwha Corporation (Korea)		11,460		335,115
Hitachi Chemical Company Limited		19,400		318,887
Honam Petrochemical Corporation		3,390		519,474
Huabao International Holdings Limited		412,000		182,722
Huntsman Corporation		123,800		2,166,500
Hyosung Corporation		5,120		326,076
Incitec Pivot Limited		285,304		654,091
Indorama Ventures PCL		398,233		214,024
Ishihara Sangyo Kaisha Limited †		110,000		83,412
Israel Chemicals Limited		39,013		270,009
Johnson Matthey plc		19,624		864,700
JSR Corporation		36,800		638,866
K&S AG «		16,172		393,660
KANEKA Corporation		60,000		382,168
Kansai Paint Company Limited		52,000		599,923
Kanto Denka Kogyo Company Limited †		6,000		11,064
Kemira Oyj		9,572		150,414
Kolon Industries Incorporated		3,691		177,529
Koninklijke DSM NV		18,249		1,346,545
Korea Kumho Petrochemical Company		2,618		215,659
Kuraray Company Limited		67,000		739,292
Kureha Corporation		28,000		94,229


88		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Chemicals (continued)
LANXESS AG		8,492	$	547,620
Lee Chang Yung Chemical Industry Corporation		130,692		154,643
LG Chem Limited		10,382		2,670,811
Linde AG		17,717		3,405,083
Lintec Corporation		9,300		173,978
LyondellBasell Industries Class A		45,300		3,177,795
Methanex Corporation		12,000		557,676
Mexichem SAB de CV		177,979		729,846
Minerals Technologies Incorporated		69,684		3,093,970
Mitsubishi Chemical Holdings Corporation		289,500		1,355,607
Mitsubishi Gas Chemical Company Incorporated		85,000		680,610
Mitsui Chemicals Incorporated		193,000		510,053
Monsanto Company		124,308		12,168,510
Nan Ya Plastics Corporation		1,369,125		2,666,168
NewMarket Corporation		23,458		6,431,714
Nihon Nohyaku Company Limited		10,000		110,325
Nihon Parkerizing Company Limited		13,000		249,649
Nippon Chemical Industrial Company Limited †		4,000		5,902
Nippon Kayaku Company Limited		35,000		440,060
Nippon Paint Company Limited		43,000		616,585
Nippon Shokubai Company Limited		32,000		323,738
Nippon Soda Company Limited		28,000		161,138
Nippon Synthetic Chemical Industry Company Limited		7,000		61,664
Nippon Valqua Industries Limited		4,000		10,359
Nissan Chemical Industries Limited		33,000		450,260
Nitto Denko Corporation		31,700		1,676,465
NOF Corporation		39,000		231,604
Nufarm Limited		40,269		168,266
Nuplex Industries Limited		34,891		85,685
OCI Materials Company Limited		682		21,699
Okamoto Industries Incorporated		14,000		42,814
Olin Corporation		176,000		4,065,600
Orica Limited		71,959		1,196,587
Oriental Union Chemical Corporation		186,626		185,708
Petkim Petrokimya Holding SA †		82,074		107,842
Petronas Chemicals Group Bhd		416,600		838,863
Potash Corporation of Saskatchewan		82,800		2,448,704
PPG Industries Incorporated		33,200		5,186,172
Praxair Incorporated		68,802		8,077,355
PTT Global Chemical PCL		356,623		764,430
RPM International Incorporated		91,018		3,092,792
Sakai Chemical Industry Company Limited		33,000		97,050
Samsung Fine Chemicals Company		4,271		172,901
Sanyo Chemical Industries Limited		13,000		80,926
Scotts Miracle-Gro Company		85,592		4,511,554
Sherwin-Williams Company		21,400		3,689,360
Shikoku Chemicals Corporation		9,000		70,621
Shin-Etsu Chemical Company Limited		74,400		4,452,312
Shin-Etsu Polymer Company Limited		3,100		10,437
Showa Denko KK		267,000		335,173


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			89


Security name	Shares		Value

Chemicals (continued)
Sidi Kerir Petrochemcials Company		9,866	$	20,902
Sigma-Aldrich Corporation		82,944		6,840,392
Sika AG		92		251,649
Sinochem Hong Kong Holding Limited		212,000		32,966
SK Chemicals Company Limited		3,812		159,112
SKC Company Limited		4,380		117,174
Solvay SA		6,042		841,946
Stella Chemifa Corporation		600		8,705
Sumida Electric		3,100		89,700
Sumitomo Bakelite Company Limited		36,000		124,719
Sumitomo Chemical Company Limited		318,000		1,146,653
Symrise AG		9,598		419,928
Syngenta AG		8,855		3,467,578
Synthos SA		150,781		206,648
T. HASEGAWA Company Limited		4,600		63,273
Taiwan Fertilizer Company Limited		147,000		335,694
Taiyo Nippon Sanso Corporation		61,000		397,298
Takasago International Corporation		13,000		63,856
Tata Chemicals Limited		12,736		47,738
Teijin Limited		177,000		386,244
Tenma Corporation		1,000		12,739
Tessenderlo Chemie NV		1,000		24,097
Tessenderlo Chemie NV Strip VVP †(a)		124		0
The Israel Corporation Limited †		200		84,496
Tikkurila Oyj		1,325		29,815
Toagosei Company Limited		51,000		205,225
Tokai Carbon Company Limited		40,000		117,774
Tokuyama Corporation		66,000		231,640
Tokyo Ohka Kogyo Company Limited		9,000		187,856
Toray Industries Incorporated		310,000		1,893,928
Tosoh Corporation		116,000		411,642
Toyo Ink Manufacturing Company Limited		45,000		207,210
Toyobo Company Limited		171,000		279,609
TSRC Corporation		170,830		289,029
UBE Industries Limited Japan		191,000		336,233
Umicore SA		12,219		565,790
United Phosphorus Limited		60,189		121,325
Uralkali Sponsored GDR		89,041		2,118,882
USI Corporation		140,300		93,600
Valspar Corporation		59,500		3,698,520
Victrex plc		9,279		225,470
W.R. Grace & Company †		49,235		3,956,032
Wacker Chemie AG		1,172		114,976
Westlake Chemical Corporation		15,800		1,598,644
Yara International ASA		16,864		666,593
Yingde Gases Group Company		281,000		251,263
Yushiro Chemical Industry Company Limited		600		5,487
Zeon Corporation		41,000		475,893

				228,293,780


90		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Construction Materials: 0.44%
Adelaide Brighton Limited		79,668	$	236,649
Ambuja Cements Limited		128,437		333,319
Anhui Conch Cement Company Limited		294,000		945,412
Asia Cement Corporation		534,371		665,992
Associated Cement Companies Limited		9,386		137,013
Boral Limited		147,154		546,856
Brickworks Limited		11,048		120,458
Buzzi Unicem SpA		3,462		46,585
Cemex SAB de CV †		2,743,917		3,074,354
China National Building Material Company Limited		680,000		622,524
China Resources Cement Holdings Limited		334,000		210,863
Ciments Francais SA		116		7,112
CRH plc		72,398		1,530,420
Eagle Materials Incorporated		103,500		6,640,560
Fletcher Building Limited - Australia Exchange		8,506		57,334
Fletcher Building Limited - New Zealand Exchange		117,930		796,286
Goldsun Development & Construction Company Limited		424,675		159,028
Grasim Industries Limited		1,616		55,204
Grasim Industries Limited GDR		2,371		81,106
Heidelbergcement AG		13,467		934,000
Holcim Limited		21,927		1,486,880
Imerys SA		3,080		200,561
India Cements Limited		26,354		18,368
Italcementi SpA		3,427		22,072
Italcementi SpA RSP		2,435		7,929
Italmobiliare SpA †		261		3,817
James Hardie Industries NV		86,571		751,615
Lafarge Malayan Cement Bhd		55,470		159,752
Lafarge SA		17,831		1,087,807
Martin Marietta Materials Incorporated		31,689		3,043,728
Nuh Cimento Sanayi AS		7,805		38,043
PPC Limited		145,890		420,437
PT Indocement Tunggal Prakarsa Tbk		408,500		734,927
PT Semen Gresik Persero Tbk		663,500		763,933
RHI AG		2,303		72,505
SA Des Ciments Vicat		887		57,795
Shree Cement Limited		2,671		145,514
Siam Cement PCL		23,700		288,332
Siam Cement PCL - Non-voting		12,400		150,857
Siam Cement PCL - Foreign Registration		31,300		383,304
Siam City Cement PCL		10,000		113,389
Suez Cement Company		4,510		14,339
Sumitomo Osaka Cement Company Limited		74,000		271,826
Taiheiyo Cement Corporation		234,000		872,051
Taiwan Cement Corporation		668,746		878,831
TCC International Holdings Limited		121,000		39,355
Texas Industries Incorporated †		40,712		2,389,794
Titan Cement Company SA †		5,264		102,131
Ultra Tech Cement Limited		13,699		305,610


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			91


Security name	Shares		Value

Construction Materials (continued)
Ultratech Cement Limited GDR		1,352	$	30,180
Vulcan Materials Company		93,300		4,459,740

				36,516,497


Containers & Packaging: 0.40%
Amcor Limited		234,374		2,168,316
AMVIG Holdings Limited		144,000		63,324
AptarGroup Incorporated		146,782		8,632,249
Avery Dennison Corporation		63,900		2,732,364
Bemis Company Incorporated		66,014		2,626,697
Cascades Incorporated		2,512		13,570
CCL Industries Incorporated		1,924		131,664
DS Smith plc		99,241		396,468
FP Corporation		3,300		231,326
Fuji Seal International Incorporated		4,300		122,054
Huhtamaki Oyj		10,786		210,854
La Seda De Barcelona SA †(a)		482		0
Mayr-Melnhof Karton AG		610		65,504
MeadWestvaco Corporation		112,700		4,040,295
Nampak Limited		117,445		341,808
Nihon Yamamura Glass Company Limited		9,000		15,443
Packaging Corporation of America		62,901		3,336,269
Qualipak International Holdings Limited †		7,681		624
Rengo Company Limited		50,000		245,544
Rexam plc		75,461		570,771
Sealed Air Corporation		125,600		3,567,040
Smurfit Kappa Group plc		16,584		337,295
Sonoco Products Company		71,239		2,652,228
Toyo Seikan Kaisha Limited		32,700		549,575

				33,051,282


Metals & Mining: 2.08%
Acerinox SA		7,510		77,869
African Minerals Limited †		22,055		65,119
African Rainbow Minerals Limited		22,497		411,739
Agnico Eagle Mines Limited «		16,422		495,014
Aichi Steel Corporation		18,000		89,003
Alacer Gold Corporation		17,005		52,308
Alamos Gold Incorporated		9,312		151,973
Alcoa Incorporated		686,100		5,282,970
Alkane Resources Limited †		26,657		8,229
Allegheny Technologies Incorporated		78,100		2,086,051
Allied Nevada Gold Corporation «†		163,100		756,784
Alumina Limited †		454,301		403,327
Anglo American Platinum Limited †		11,072		441,519
Anglo American plc		133,132		3,054,151
Anglogold Ashanti Limited		86,685		1,163,592
Antofagasta plc		33,519		444,162
APERAM		2,997		40,538


92		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Metals & Mining (continued)
Aquarius Platinum Limited †		50,501	$	34,783
ArcelorMittal		92,503		1,183,450
Arrium Limited		209,425		207,659
Asahi Holdings Incorporated		8,000		133,629
Assore Limited		7,325		279,334
Atlas Iron Limited		158,106		111,863
AuRico Gold Incorporated		30,195		129,288
B2Gold Corporation †		55,517		147,582
Barrick Gold Corporation «		93,600		1,787,046
Beadell Resources Limited †		130,759		105,207
Bekaert SA		3,186		113,368
BHP Billiton Limited		589,538		18,643,394
BHP Billiton plc		202,264		5,882,927
Bhushan Steel Limited		8,325		57,455
BlueScope Steel Limited †		113,681		502,788
Boliden AB		25,134		366,780
Bradespar SA		4,300		36,387
CAP SA		15,197		321,959
Carpenter Technology Corporation		97,500		5,242,575
Centamin plc †		66,898		45,085
Centerra Gold Incorporated		13,776		86,975
China Hongqiao Group Limited		208,500		117,711
China Metal Recycling Holdings Limited †(a)		68,664		0
China Rare Earth Holdings Limited †		278,043		42,162
China Steel Corporation		2,723,968		2,296,837
China Zhongwang Holdings Limited †		294,000		88,890
Chubu Steel Plate Company Limited		2,600		10,091
Chung Hung Steel Corporation †		110,954		31,684
Cia Minera Milpo SA		72,475		45,926
Cia Siderurgica Nacional SA		168,978		596,322
Cia Vale do Rio Doce		297,246		4,288,106
Cliffs Natural Resources Incorporated «		111,016		2,316,904
Coeur D’alene Mines Corporation †		225,900		3,261,996
Commercial Metals Company		255,734		3,805,322
Compania de Minas Buenaventura SA ADR		39,492		498,784
Compass Minerals International Incorporated		73,309		5,405,073
Cudeco Limited †«		27,003		35,047
Daido Steel Company Limited		74,000		391,529
Delong Holdings Limited †		7,000		2,113
Detour Gold Corporation †		15,148		167,400
Dominion Diamond Corporation †		10,250		128,259
Dongkuk Steel Mill Company Limited		4,963		58,159
Dowa Mining Company Limited		56,000		498,869
Eastern Platinum Limited †		32,617		2,168
El Ezz Aldekhela Steel Alexandria		164		12,017
El Ezz Steel Company †		15,612		24,879
Eldorado Gold Corporation		67,207		572,341
Energy Fuels Incorporated †		56,699		11,304
Eramet		866		80,174
Eregli Demir Ve Celik Fabrikalari Tas		398,233		429,129


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			93


Security name	Shares		Value

Metals & Mining (continued)
Evraz plc		86,850	$	167,883
Feng Hsin Iron & Steel Company		115,690		203,567
First Majestic Silver Corporation †		10,800		152,982
First Quantum Minerals Limited		56,722		941,866
Fortescue Metals Group Limited		323,599		1,230,810
Fosun International		246,500		179,010
Franco-Nevada Corporation		13,507		614,887
Freeport-McMoRan Copper & Gold Incorporated Class B		115,200		3,481,344
Fresnillo plc		15,690		316,673
G-Resources Group Limited †		4,605,000		165,517
Gabriel Resources Limited †		32,774		52,896
Gerdau SA		32,565		195,176
Gindalbie Metals Limited †		94,123		12,447
Glencore International plc		1,058,005		5,007,209
Godo Steel Limited		26,000		42,470
Gold Fields Limited		165,151		853,776
Goldcorp Incorporated		77,180		2,278,836
Golden Star Resources Limited †		13,559		7,466
Grupo Mexico SAB de CV		563,256		1,610,387
Harmony Gold Mining Company Limited		76,921		280,351
Hindalco Industries Limited		159,435		252,821
Hindalco Industries Limited GDR 144A		47,917		76,188
Hindustan Zinc Limited		43,032		80,458
Hitachi Metals Limited		36,000		428,934
Hudbay Minerals Incorporated		14,987		98,462
Hyundai Hysco Company Limited		8,120		315,987
Hyundai Steel Company		13,310		874,671
IAMGOLD Corporation		35,249		211,501
Iluka Resources Limited		79,595		753,477
Impala Platinum Holdings Limited		122,990		1,356,083
Independence Group NL		42,669		140,550
Indophil Resources NL †		152,574		31,234
Industrias Penoles SAB de CV		28,068		850,800
Intrepid Mines Limited †		100,257		24,889
JFE Holdings Incorporated		99,292		2,177,914
Jiangxi Copper Company Limited		314,000		601,870
Jindal Steel & Power Limited		77,705		260,548
JSW Steel Limited		25,023		204,870
Kazakhmys plc «		16,983		79,373
KGHM Polska Miedz SA		30,789		1,167,855
Kingsgate Consolidated Limited		18,586		36,657
Kinross Gold Corporation		113,307		625,001
Kobe Steel Limited †		599,000		948,160
Korea Zinc Company Limited		3,251		930,626
Koza Altin Isletmeleri AS		13,742		216,107
Kumba Iron Ore Limited «		16,043		702,224
Kyoei Steel Limited		5,200		84,536
Labrador Iron Ore Royalty Company		2,785		79,401
Lake Shore Gold Corporation †«		38,384		18,950
Lonmin plc †«		59,315		313,133


94		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Metals & Mining (continued)
Lundin Mining Corporation †		45,155	$	186,056
Lynas Corporation Limited †«		320,009		110,000
Major Drilling Group International		4,509		28,938
Maruichi Steel Tube Limited		15,900		366,573
Mechel ADR †«		11,200		32,368
Medusa Mining Limited		33,903		79,219
Mercator Minerals Limited †		33,385		3,645
Midas Holdings Limited		65,000		23,345
Mincor Resources NL		16,028		8,674
Minera Frisco SAB de CV †		130,377		354,119
Mineral Deposit Limited †		6,406		17,042
Mining & Metallurgical Company Norilsk Nickel ADR		187,999		2,447,001
Minmetals Resources Limited †		288,000		64,641
Mirabela Nickel Limited †		50,990		3,729
Mitsubishi Materials Corporation		253,000		983,382
Mitsubishi Steel Manufacturing Company Limited		27,000		72,621
Mitsui Mining & Smelting Company Limited		112,000		260,010
Mittal Steel South Africa Limited †		48,291		154,161
Molycorp Incorporated †«		98,300		599,630
Mongolian Mining Corporation †		163,500		33,638
Mount Gibson Iron Limited		110,917		70,398
Murchison Metals Limited		36,942		1,381
Mytilineos Holdings SA †		1,209		6,387
Nakayama Steel Works Limited †		14,000		8,946
Nakornthai Strip Mill plc †		5,418,300		11,783
National Aluminum Company Limited		36,556		18,704
Neturen Company Limited		6,900		57,959
Nevsun Resources Limited		18,400		58,346
New Gold Incorporated †		45,386		305,934
Newcrest Mining Limited		147,150		1,728,830
Newmont Mining Corporation		60,364		1,917,764
Nippon Coke & Engineering Company		32,000		36,261
Nippon Denko Company Limited		10,000		26,903
Nippon Light Metal Holdings Company Limited		103,200		130,302
Nippon Steel Corporation		1,807,000		5,104,123
Nippon Yakin Kogyo Company Limited †		12,500		20,385
Nisshin Steel Holdings Company Limited		17,264		192,628
Nittetsu Mining Company Limited		12,000		53,831
NMDC Limited		71,719		128,989
Norddeutsche Affinerie AG		3,804		219,410
Norsk Hydro ASA		97,893		393,455
Northern Dynasty Minerals †		2,200		4,365
NovaCopper Incorporated †		2,136		4,015
NovaGold Resources Incorporated †		12,820		34,932
Novolipet Steel GDR Register Shares		18,613		298,739
Nucor Corporation		38,100		1,733,169
Nyrstar		7,466		34,830
Nyrstar Strip VVPR †(a)		3,073		0
Om Holdings Limited †		28,126		8,261
Osisko Mining Corporation †		39,159		194,438


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			95


Security name	Shares		Value

Metals & Mining (continued)
Outokumpu Oyj †«		41,744	$	25,143
OZ Minerals Limited		56,980		212,956
Pacific Metals Company Limited		27,000		93,434
Pan American Silver Corporation		16,145		196,965
Pan Australian Resources Limited		79,433		152,386
Perseus Mining Limited †		78,037		53,760
Petropavlovsk plc		9,120		14,981
Philex Mining Corporation †		467,724		105,781
Pilot Gold Incorporated †		4,936		5,342
Polymetal International plc		38,178		447,355
Polyus Gold International Limited		110,465		342,540
POSCO		19,522		5,638,435
PT Aneka Tambang Tbk		756,174		91,822
PT International Nickel Indonesia Tbk		380,928		79,875
Randgold Resources Limited		8,613		683,318
Rautaruukki Oyj		4,052		28,569
Real Gold Mining Limited †(a)		41,000		0
Regis Resources Limited †		88,984		338,307
Reliance Steel & Aluminum Company		49,200		3,281,148
Resolute Mining Limited		139,174		117,730
Rio Alto Mining Limited †		15,465		38,762
Rio Tinto Limited		81,984		4,221,013
Rio Tinto plc		117,562		5,307,897
Royal Gold Incorporated		44,785		2,598,874
Sally Malay Mining Limited		21,272		4,617
Salzgitter AG		2,771		105,062
Sandfire Resources NL †		24,651		136,219
Sanyo Special Steel Company Limited		26,000		114,086
Seabridge Gold Incorporated †		2,100		30,325
Semafo Incorporated		21,405		44,911
Sesa Goa Limited		67,555		192,515
Severstal GDR Register Shares		16,087		132,879
Sherritt International Corporation		27,940		97,616
Shree Precoated Steels Limited †		3,781		120
Sibanye Gold Limited †		153,032		156,902
Silver Standard Resources Incorporated †		5,023		42,347
Silver Wheaton Corporation		32,641		862,741
Silvercorp Metals Incorporated		13,691		50,433
Sims Group Limited		28,188		235,219
Sociedad Minera Cerro Verde SA †		3,244		83,857
Sociedad Minera El Brocal SA		3,920		17,444
Southern Copper Corporation		19,708		541,970
SSAB Svenskt Stal AB Class A «		20,546		143,285
SSAB Svenskt Stal AB Class B		4,150		24,418
St. Barbara Limited †		67,401		47,965
Steel Authority of India Limited		105,948		74,006
Steel Dynamics Incorporated		155,100		2,366,826
Sterlite Industries India Limited (a)		169,323		296,117
Straits Resources Limited †		76,749		955
Sumitomo Light Metal Industries Limited		128,000		125,659


96		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Metals & Mining (continued)
Sumitomo Metal Mining Company Limited		112,000	$	1,496,470
Sumitomo Titanium Corporation		3,700		74,921
Sundance Resources Limited Australia †		558,512		38,774
Talvivaara Mining Company plc †		152,775		21,206
Taseko Mines Limited †		8,732		17,824
Tata Steel Limited		48,920		202,326
Teck Cominco Incorporated Limited		45,708		1,150,837
Teranga Gold Corporation †		13,496		9,152
Thompson Creek Metals Company Incorporated †«		6,878		25,271
Thyssenkrupp AG †		36,326		763,529
Toho Titanium Company Limited «		7,700		56,443
Toho Zinc Company Limited		26,000		75,396
Tokyo Rope Manufacturing Company Limited †		29,000		42,794
Tokyo Steel Manufacturing Company Limited		16,100		78,062
Ton Yi Industrial Corporation		243,350		221,857
Topy Industries Limited		36,000		69,890
Trans Hex Group Limited †		3,465		1,180
Tung Ho Steel Enterprise Corporation		217,962		166,917
Turquoise Hill Resources Limited †		28,864		150,171
Tycoons Worldwide Groups Thailand PCL †		54,500		9,058
United States Steel Corporation «		105,000		1,879,500
Usinas Siderurgicas de Minas Gerais SA †		68,888		294,209
Vedanta Resources plc		10,041		180,878
Viohalco SA †		1,430		7,530
Voestalpine AG		9,874		421,988
Volcan Cia Minera S.A.A.		663,386		325,907
Walter Industries Incorporated «		159,500		2,063,930
Western Areas NL «		21,053		54,590
Worthington Industries Incorporated		120,219		4,006,899
Yamana Gold Incorporated		67,881		775,930
Yamato Kogyo Company Limited		10,800		350,872
Yieh Phui Enterprise		464,728		145,543
Yodogawa Steel Works Limited		31,000		124,959
Young Poong Corporation		239		282,974
Zhaojin Mining Industry Company Limited		187,500		177,153
Zhidao International Holding †		102,000		2,040
Zijin Mining Group Company Limited Class H		1,339,000		336,023
ZPH Stalprodukt SA †		474		29,038

				172,173,099


Paper & Forest Products: 0.15%
Ahlstrom Oyj «		1,791		24,120
Canfor Corporation †		8,208		162,009
China Sandi Holdings Limited †		181,900		13,757
Chuetsu Pulp & Paper Company Limited		4,000		5,803
Compania Manufacturera De Papeles y Cartones SA		293,519		862,868
Daiken Corporation		18,000		47,225
Daio Paper Corporation		22,000		119,764
Domtar Corporation		21,600		1,425,600


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			97


Security name	Shares		Value

Paper & Forest Products (continued)
Fibria Celulose SA †		50,315	$	581,608
Gunns Limited †(a)		59,667		0
Hokuetsu Paper Mills Limited		29,500		122,612
Holmen AB Class B		6,246		179,234
International Paper Company		52,700		2,487,967
Lee & Man Paper Manufacturing Limited		337,000		198,674
Mitsubishi Paper Mills Limited †		65,000		54,662
Mondi plc		33,273		512,855
Munksjo Oyj †		447		2,747
Nine Dragons Paper Holdings Limited		352,000		237,957
Nippon Paper Industries Company Limited «		22,300		302,444
OJI Paper Company Limited		192,000		765,118
Resolute Forest Products Incorporated †		211,415		2,665,943
Sappi Limited †		97,580		231,967
Shihlin Paper Corporation †		26,000		37,798
Stora Enso Oyj		69,844		538,829
Tokushu Tokai Holdings Company Limited		24,000		47,702
UPM-Kymmene Oyj		55,974		673,948
West Fraser Timber Company Limited		3,075		243,478
Yuen Foong Yu Paper Manufacturing Company Limited		433,565		210,700

				12,757,389


Telecommunication Services: 2.62%

Diversified Telecommunication Services: 1.25%
AT&T Incorporated		600,898		20,328,379
BCE Incorporated «		24,500		1,004,609
Belgacom SA		15,466		370,241
Bell Aliant Incorporated «		11,577		291,816
Bezeq Israeli Telecommunication Corporation Limited		178,458		290,875
BT Group plc		754,206		3,798,571
Cable & Wireless Communication plc		241,619		144,608
CenturyTel Incorporated		74,771		2,476,416
China Communications Services Corporation Limited		512,000		343,245
China Telecom Corporation Limited		3,276,000		1,656,238
China Unicom Limited		1,001,688		1,513,138
Chorus Limited		56,947		127,682
Chunghwa Telecom Company Limited		854,602		2,695,347
Citic 1616 Holdings Limited		481		127
Colt Telecom Group SA †		85,344		138,209
Deutsche Telekom AG		279,410		3,577,125
Elisa Oyj		17,138		359,651
France Telecom SA		171,450		1,740,410
Frontier Communications Corporation «		640,141		2,771,811
Hellenic Telecommunications Organization SA †		21,810		196,679
Hong Kong Telecommunications Trust & Hong Kong Trust Limited		360,478		335,411
Hutchison Telecommunications Hong Kong Holdings Limited		196,000		84,749
Iliad SA		1,823		437,300
Inmarsat plc		40,614		437,623
KT Corporation		30,161		978,355


98		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Diversified Telecommunication Services (continued)
Level 3 Communications Incorporated †		112,911	$	2,524,690
LG Telecom Limited †		51,939		610,607
Magyar Telekom plc		48,339		66,814
Mahanagar Telephone Nigam Limited †		8,074		1,215
Manitoba Telecom Services Incorporated		5,945		190,208
Netia SA †«		62,583		101,066
Nippon Telegraph & Telephone Corporation		83,100		4,215,802
Oi SA ADR		58,305		92,860
Orange Sponsored ADR		11,264		114,442
PCCW Limited		793,000		356,353
Portugal Telecom SGPS SA «		69,503		262,356
PT Telekomunikasi Indonesia Tbk		11,182,500		2,246,221
PT Xl Axiata Tbk		521,500		213,710
Rostelecom Sponsored ADR «		15,100		296,715
Royal KPN NV †		274,617		802,114
Shin Satellite PCL		188,600		175,769
Singapore Telecommunications Limited		1,395,100		3,830,690
SK Broadband Company Limited †		33,822		152,512
Swisscom AG		2,129		963,825
TalkTalk Telecom Group plc		57,843		213,577
Tata Communications Limited		3,567		8,885
TDC AS		45,035		367,748
Telecom Argentina SA ADR «†		2,951		55,567
Telecom Corporation of New Zealand Limited		177,347		311,025
Telecom Egypt Company		36,313		64,830
Telecom Italia SpA		885,010		616,391
Telecom Italia SpA RSP		592,709		327,689
Telecom Malaysia Bhd		396,800		653,532
Telefonica Brasil SA		6,724		115,545
Telefonica SA †		385,138		5,235,762
Telekom Austria AG		23,473		168,813
Telekomunikacja Polska SA		132,850		314,445
Telenor ASA		70,077		1,453,976
Teliasonera AB		206,312		1,477,177
Telstra Corporation Limited		828,340		3,604,427
Telus Corporation †		36,686		1,125,692
Time Warner Telecom Incorporated †		111,571		3,193,162
Tiscali SpA †		588		29
True Corporation PCL †		489,562		98,855
TT&T PCL †(a)		270,800		0
Turk Telekomunikasyon AS		117,421		355,579
Verizon Communications Incorporated		319,524		15,139,047
Vivendi SA		125,850		2,552,826
Windstream Corporation «		380,335		3,069,303

				103,840,466


Wireless Telecommunication Services: 1.37%
Advanced Info Service PCL - Foreign Register		241,600		1,801,305
America Movil SAB de CV Class A		22,794		21,939


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			99


Security name	Shares		Value

Wireless Telecommunication Services (continued)
America Movil SAB de CV Class L		12,095,236	$	11,705,067
Bharti Airtel Limited		266,511		1,206,006
Cellcom Israel Limited †		6,225		67,796
China Mobile Limited		1,270,500		13,693,080
Crown Castle International Corporation †		68,266		4,739,026
Digi.com Bhd		598,500		855,376
Empresa Nacional de Telecomunicaciones SA		22,604		363,702
Far Eastone Telecommunications Company Limited		361,722		912,853
Freenet AG		9,566		225,809
Globe Telecom Incorporated		8,330		283,599
Idea Cellular Limited		166,212		401,942
KDDI Corporation		104,000		4,943,994
Maxis Bhd		514,200		1,069,959
Millicom International Cellular SA		6,159		499,171
Mobilone Limited		94,400		237,883
Mobistar SA		1,938		28,927
MTN Group Limited «		351,748		6,425,075
NII Holdings Incorporated †«		376,800		2,253,264
NTT DoCoMo Incorporated		2,670		4,268,338
Okinawa Cellular Telephone Company		2,400		60,621
Orascom Telecom Holding SAE †		313,006		190,023
Orascom Telecom Media & Technology Holding SAE		313,006		25,092
Partner Communications Company Limited		5,768		42,192
Philippine Long Distance Telephone Company		18,540		1,186,697
PT Indonesian Satellite Corporation Tbk		241,500		90,982
Reliance Communications Limited		99,697		185,266
Reliance Communications Limited GDR 144A		32,828		61,214
Rogers Communications Incorporated «		35,000		1,381,990
SBA Communications Corporation Class A †		87,913		6,593,475
Shin Corporation PCL		137,100		323,691
Sistema JSFC Register Shares Sponsored GDR		37,703		834,744
Sistema JSFC Register Shares Sponsored GDR		9,273		205,318
SK Telecom Company Limited		9,325		1,857,017
SmarTone Telecommunications Holding Limited		52,289		75,455
Softbank Corporation		169,945		10,602,212
Sprint Corporation †		528,574		3,546,732
StarHub Limited		109,000		357,968
T-Mobile USA Incorporated		114,073		2,663,605
Taiwan Mobile Company Limited		370,202		1,331,319
Tata Teleservices Maharashtra Limited †		30,394		2,705
Tele2 AB Class B		29,579		371,444
Telephone & Data Systems Incorporated		220,789		6,113,647
Tim Participacoes SA		177,415		697,480
TM International SDN Bhd		707,350		1,449,387
Total Access Group Incorporated		81,100		250,682
Turkcell Iletisim Hizmetleri AS †		179,299		936,715
Vodacom Group Proprietary Limited «		70,753		798,391
Vodafone Group plc		4,709,118		15,170,498

				113,410,673


100		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Utilities: 3.94%

Electric Utilities: 1.74%
Acciona SA		2,541	$	129,775
ALLETE Incorporated		80,232		3,786,950
American Electric Power Company Incorporated		57,998		2,482,314
Atel Holding AG		575		73,540
Centrais Electricas Brasileiras SA		79,100		164,104
CESC Limited		11,882		55,474
CEZ AS		37,756		872,044
Cheung Kong Infrastructure Holdings Limited		104,000		701,614
Chubu Electric Power Company Incorporated		133,400		1,659,423
Cleco Corporation		141,026		6,368,734
CLP Holdings Limited		370,000		2,955,881
Companhia Energetica de Minas Gerais		22,649		176,563
Companhia General de Electricidad SA		82,344		503,505
Contact Energy Limited		63,825		261,177
CPFL Energia SA		47,500		388,210
Duke Energy Corporation		78,819		5,170,526
E.CL SA		106,611		138,338
Edison International		39,968		1,834,132
El Paso Electric Company		92,100		3,168,240
Electricite de France SA		26,434		740,461
Emera Incorporated		12,523		354,658
Empresa Electrica Pehuenche SA		6,772		46,452
ENBW Energie Baden-Wuerttemberg AG		2,364		86,155
Endesa SA †		7,520		175,070
Enea SA		23,564		104,865
Enel SpA		620,103		2,044,619
Energias de Portugal SA		245,535		867,757
Enersis SA		4,350,024		1,368,478
Entergy Corporation		114,339		7,229,655
EVN AG		581		7,341
Exelon Corporation		95,571		2,913,960
Federal Hydrogenerating Company ADR		385,720		609,438
FirstEnergy Corporation		50,146		1,878,971
Fortis Incorporated (Canada) «		18,274		526,551
Fortum Oyj		40,768		811,402
Great Plains Energy Incorporated		108,346		2,374,944
Hawaiian Electric Industries Incorporated		229,884		5,749,399
Hokkaido Electric Power Company Incorporated †		37,200		434,580
Hokuriku Electric Power Company		36,400		479,621
Hong Kong Electric Holdings Limited		217,605		1,872,841
Iberdrola SA		478,183		2,534,156
IDACORP Incorporated		117,163		5,608,593
Infratil Limited		113,394		208,123
ITC Holdings Corporation		36,012		3,201,107
Japan Wind Development Company Limited †		12		7,440
Kansai Electric Power Company Incorporated †		153,600		1,713,574
Korea Electric Power Corporation †		66,574		1,837,799
KSK Energy Ventures Limited †		40,370		32,785


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			101


Security name	Shares		Value

Electric Utilities (continued)
Kyushu Electric Power Company Incorporated †		91,100	$	1,177,248
Manila Electric Company		51,050		296,904
Nextera Energy Incorporated		47,411		3,809,948
Northeast Utilities		201,884		8,271,187
NV Energy Incorporated		151,079		3,542,803
OGE Energy Corporation		127,196		4,478,571
Pepco Holdings Incorporated		159,488		3,020,703
Pinnacle West Capital Corporation		69,904		3,793,690
PNM Resources Incorporated		174,837		3,830,679
Polska Grupa Energetyczna SA «		151,828		798,210
Portland General Electric Company		165,853		4,778,225
Power Grid Corporation of India Limited		231,455		342,153
PPL Corporation		69,866		2,144,886
Public Power Corporation SA		10,093		95,058
Red Electrica de Espana SA		10,670		553,551
Reliance Energy Limited		32,954		170,518
Romande Energie Holding SA		7		8,546
Scottish & Southern Energy plc		91,779		2,223,628
Shikoku Electric Power Company Incorporated †		39,900		619,114
SP AusNet		303,966		311,762
Spark Infrastructure Group 144A		222,795		320,193
Tata Power Company Limited		337,069		386,852
Tauron Polska Energia SA		210,484		278,729
Tenaga Nasional Bhd		501,937		1,333,105
Terna SpA		126,682		540,534
The Chugoku Electric Power Company Incorporated		58,500		805,625
The Okinawa Electric Power Company Incorporated		2,600		89,031
The Southern Company		97,238		4,047,046
Tohoku Electric Power Company Incorporated †		96,600		1,052,815
Tokyo Electric Power Company Incorporated †		304,200		1,531,116
Torrent Power Limited		57,027		64,778
Trustpower Limited		3,817		20,943
UIL Holdings Corporation		111,700		4,217,792
UNS Energy Corporation		90,852		4,154,662
Verbund Oesterreichische Elektrizitaetswirtschafts AG		8,531		164,283
Westar Energy Incorporated		87,113		2,710,085
Xcel Energy Incorporated		58,538		1,634,381

				144,330,693


Gas Utilities: 0.73%
AGL Resources Incorporated		75,869		3,334,443
APA Group		152,734		812,220
Atmos Energy Corporation		211,246		8,523,776
Aygaz AS		12,972		50,441
Centrica plc		497,567		2,977,998
China Gas Holdings Limited		582,000		605,349
China Resources Gas Group Limited		162,000		381,848
Enagas SA		21,486		488,091
Envestra Limited		159,835		161,466


102		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Shares		Value

Gas Utilities (continued)
Gail India Limited		63,415	$	283,647
Gas Natural SDG SA		33,541		656,722
Hong Kong & China Gas Company Limited		1,093,444		2,522,143
Korea Gas Corporation		4,883		243,034
National Fuel Gas Company		53,600		3,499,008
Northwest Natural Gas Company		1,570		64,433
ONEOK Incorporated		141,992		7,304,068
Osaka Gas Company Limited		380,000		1,530,593
Petronas Gas Bhd		91,700		561,605
Piedmont Natural Gas Company		176,690		5,700,019
PT Perusahaan Gas Negara Persero Tbk		2,360,000		1,164,044
Questar Corporation		112,303		2,461,682
Rubis SCA		4,268		257,996
Saibu Gas Company Limited		65,000		158,295
Shizuoka Gas Company Limited		11,500		75,986
Snam Rete Gas SpA		157,963		738,939
Southwest Gas Corporation		101,607		4,753,175
Superior Plus Corporation «		9,992		104,255
Toho Gas Company Limited		93,000		462,455
Tokyo Gas Company Limited		461,000		2,385,807
Towngas China Company Limited		127,000		119,461
UGI Corporation		78,239		3,066,969
WGL Holdings Incorporated		113,455		4,735,612
Xinao Gas Holdings Limited		136,000		673,900

				60,859,480


Independent Power Producers & Energy Traders: 0.16%
Aboitiz Power Corporation		386,100		280,942
Adani Power Limited †		93,197		47,387
AES Gener SA		453,857		289,170
Babcock & Brown Wind Partners †		70,286		17,203
China Longyuan Power Group		665,000		699,906
China Renewable Energy Investment Limited †		15,871		367
China Resources Power Holdings Company		388,600		889,883
Colbun SA		1,637,920		417,304
Drax Group plc		35,738		386,279
EDP Renovaveis SA		9,632		48,304
Electric Power Development Company		27,200		835,322
Electricity Generating PCL		29,800		119,422
Empresa Nacional de Electricidad SA (Chile)		742,709		1,007,260
Enel Green Power SpA		152,321		321,364
Energy World Corporation Limited †		112,693		43,823
Etrion Corporation †		2,567		612
Glow Energy PCL		31,600		61,600
GVK Power & Infrastructure Limited †		127,035		13,111
Huaneng Power International Incorporated		748,000		743,655
Indiabulls Infrastructure & Power Limited †		128,891		4,487
JSW Energy Limited		47,611		27,722
Neyveli Lignite Corporation Limited		4,901		4,061
NHPC Limited		460,688		111,564


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			103


Security name	Shares		Value

Independent Power Producers & Energy Traders (continued)
NRG Energy Incorporated		205,989	$	5,407,211
NTPC Limited		273,560		541,585
PNOC Energy Development Corporation		1,562,250		201,250
Ratchaburi Electricity Generating Holding PCL ADR		20,700		31,992
Reliance Power Limited †		138,060		141,242
Sechilienne SA		480		9,422
Solartron PCL		391,200		62,587
Tractebel Energia SA		31,629		453,367
Transalta Corporation «		24,700		317,514

				13,536,918


Multi-Utilities: 1.18%
ACEA SpA		1,765		16,297
AEM SpA		134,739		116,877
AGL Energy Limited		99,118		1,384,210
Alliant Energy Corporation		71,118		3,528,164
Ameren Corporation		162,206		5,484,185
ATCO Limited		8,258		339,556
Avista Corporation		131,420		3,452,403
Black Hills Corporation		97,042		4,659,957
Canadian Utilities Limited Class A		11,598		376,250
Canadian Utilities Limited Class B		516		16,421
CenterPoint Energy Incorporated		274,910		6,303,686
CMS Energy Corporation		177,621		4,712,285
Consolidated Edison Incorporated		35,115		1,974,516
Dominion Resources Incorporated		64,486		3,762,758
DTE Energy Company		111,574		7,460,953
Duet Group				448,796
E.ON SE		187,516		2,967,320
GDF Suez		147,526		3,200,848
Hera SpA		43,571		85,883
Integrys Energy Group Incorporated		50,732		2,836,933
Just Energy Group Incorporated «		8,403		50,978
MDU Resources Group Incorporated		121,103		3,233,450
National Grid plc		348,392		4,010,830
NiSource Incorporated		200,183		5,857,355
Northwestern Corporation		85,431		3,431,763
PG&E Corporation		52,565		2,174,088
Public Service Enterprise Group Incorporated		60,702		1,967,959
RWE AG		45,697		1,255,065
SCANA Corporation		89,457		4,304,671
Sempra Energy		27,109		2,288,542
Suez Environnement Company SA		28,095		418,697
TECO Energy Incorporated		144,064		2,381,378
Vector Limited		28,886		60,807
Vectren Corporation		191,937		6,257,146
Veolia Environnement SA		43,049		665,058
Wisconsin Energy Corporation		146,726		6,021,635
YTL Corporation Bhd		985,009		464,519
YTL Power International Bhd		409,303		199,326

				98,171,565


104		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name				Shares		Value

Water Utilities: 0.13%
Aguas Andinas SA Class A					613,482	$	419,741
American Water Works Company Incorporated					113,978		4,643,422
Aqua America Incorporated					90,250		2,740,893
China Water Affairs Group Limited					100,000		37,321
Companhia de Saneamento Basico do Estado de Sao Paulo					77,100		633,035
Guangdong Investment Limited					564,000		466,321
Hyflux Limited					81,500		75,253
Manila Water Company					64,900		47,741
Pennon Group plc					35,570		386,435
Puncak Niaga Holdings Bhd					13,700		11,084
Severn Trent plc					25,380		663,336
Sound Global Limited †«					168,000		83,787
United Utilities Group plc					65,169		685,232

							10,893,601


Total Common Stocks (Cost $6,611,785,721)							8,105,960,676


Investment Companies: 0.01%
Australian Infrastructure Fund							1,874
BB Biotech AG							120,813
Macquarie Korea Infrastructure Fund							437,679

Total Investment Companies (Cost $845,648)							560,366


	Dividend yield

Preferred Stocks: 0.61%

Consumer Discretionary: 0.07%

Automobiles: 0.06%
Bayerische Motoren Werke AG ±		4.98	%		4,593		336,897
Porsche AG ±		3.31			14,496		1,219,816
Volkswagen AG ±		2.12			13,751		3,127,625

							4,684,338


Multiline Retail: 0.01%
Lojas Americanas SA ±		0.56			97,800		619,768


Consumer Staples: 0.10%

Beverages: 0.07%
Companhia de Bebidas Das Americas ±		1.47			169,594		5,913,880
ITO EN Limited ±		2.82			4,600		78,599

							5,992,479


Food & Staples Retailing: 0.01%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar ±		1.00			22,278		912,427


Household Products: 0.02%
Henkel AG & Company KGaA ±		1.42			17,027		1,650,055


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			105


Security name	Dividend yield			Shares		Value

Energy: 0.10%

Oil, Gas & Consumable Fuels: 0.10%
Petroleo Brasileiro SA ±		7.02	%		964,758	$	6,793,074
Surgutneftegaz SP ADR		7.25			269,016		1,817,499

							8,610,573


Financials: 0.18%

Capital Markets: 0.00%
Hyundai Securities Company Limited ±		6.41			6,105		29,061


Commercial Banks: 0.18%
Banco Bradesco SA ±		2.69			473,000		5,493,338
Banco Itau Holding Financeira SA ±		1.95			522,830		6,354,731
Investimentos Itau SA ±		2.20			818,029		2,866,247
Shinkin Central Bank ±		3.72			138		238,937

							14,953,253


Insurance: 0.00%
Unipol Gruppo Finanziario SpA ±		10.68			185		557


Health Care: 0.00%

Life Sciences Tools & Services: 0.00%
Valneva SE †		0.00			612		167


Materials: 0.12%

Chemicals: 0.01%
Braskem SA †		0.00			30,900		227,287
Fuchs Petrolub AG ±		2.21			3,216		260,268
Sociedad Quimica y Minera de Chile SA Class B ±		2.30			23,458		608,690

							1,096,245


Metals & Mining: 0.11%
Bradespar SA ±		9.36			50,900		526,291
Gerdau SA ±		1.19			171,102		1,229,866
Metalurgica Gerdau SA ±		1.05			24,537		217,711
Usinas Siderurgicas de Minas Gerais SA Class A †		0.00			111,602		482,247
Vale SA ±		5.50			474,030		6,178,811

							8,634,926


Telecommunication Services: 0.02%

Diversified Telecommunication Services: 0.02%
Oi SA ±		6.84			175,567		260,486
Telef Brasil Preference ±		7.62			65,756		1,280,974

							1,541,460


106		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)


Security name	Dividend yield					Shares		Value

Utilities: 0.02%

Electric Utilities: 0.01%
Centrais Electricas Brasileiras SA Class B ±		13.13	%				39,500	$	151,812
Companhia Energetica de Minas Gerais ±		19.42					122,648		956,119

									1,107,931


Independent Power Producers & Energy Traders: 0.01%
Companhia Energetica de Sao Paulo Preference B ±		7.38					44,900		399,893


Multi-Utilities: 0.00%
RWE AG «±		7.29					3,735		101,466


Total Preferred Stocks (Cost $64,554,071)									50,334,599


				Expiration date

Rights: 0.00%

Consumer Discretionary: 0.00%

Hotels, Restaurants & Leisure: 0.00%
New Hotel †(a)					12-31-2013		8,351		0


Energy: 0.00%

Oil, Gas & Consumable Fuels: 0.00%
PA Resources AB †(a)					9-2-2013		284		0


Financials: 0.00%

Commercial Banks: 0.00%
China Merchants Bank Company Limited †(a)					9-19-2013		160,664		36,184


Industrials: 0.00%

Construction & Engineering: 0.00%
United Engineers Limited †					9-11-2013		59,000		8,649

									8,649


Machinery: 0.00%
Fiat Industrial SpA †(a)					9-10-2013		78,164		38
Gildemeister AG †					9-12-2013		3,643		2,744

									2,782


Total Rights (Cost $18,642)									47,615


Warrants: 0.00%

Consumer Discretionary: 0.00%

Media: 0.00%
Seat Pagine Gialle SpA †(a)					8-31-2014		259		0
Yellow Media Limited †					12-20-2022		128		361

									361


Consumer Staples: 0.00%

Food Products: 0.00%
Kulim Malaysia Bhd †					10-21-2015		8,450		1,775


Portfolio of investments—August 31, 2013 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			107


Security name				Expiration date		Shares		Value

Energy: 0.00%

Energy Equipment & Services: 0.00%
KNM Group Bhd †					11-15-2017		44,637	$	1,495


Oil, Gas & Consumable Fuels: 0.00%
Maurel et Prom SA †					6-3-2014		3,641		881


Financials: 0.00%

Real Estate Management & Development: 0.00%
Africa Israel Investment Limited †					10-31-2013		119		5
Sinarmas Land Limited †					11-18-2015		42,500		12,661

									12,666


Industrials: 0.00%

Construction & Engineering: 0.00%
Dialog Group Bhd †					2-12-2017		29,919		4,873
Power Line Engineering Public Company Limited †(a)					8-26-2016		122,200		0

									4,873


Marine: 0.00%
Thoresen Thai Agencies PCL †					9-12-2015		16,368		2,085


Information Technology: 0.00%

Software: 0.00%
Ubisoft Entertainment †					10-10-2013		3,327		1,759


Materials: 0.00%

Metals & Mining: 0.00%
Kinross Gold Corporation †					9-17-2014		1,456		111


Utilities: 0.00%

Water Utilities: 0.00%
Puncak Niaga Holdings Bhd †					7-20-2018		1,370		797


Total Warrants (Cost $49,476)									26,803


	Yield
Short-Term Investments: 4.03%

Investment Companies: 4.03%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.09	%				94,279,131		94,279,131
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.14					240,592,367		240,592,367

Total Short-Term Investments (Cost $334,871,498)									334,871,498


Total investments in securities (Cost $7,012,125,056) *	102.27	%		8,491,801,557
Other assets and liabilities, net	(2.27	)		(188,862,437	)

Total net assets	100.00	%	$	8,302,939,120


108		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2013 (unaudited)

†	Non-income-earning security

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

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

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

(l)	Investment in an affiliate

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

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

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

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

*	Cost for federal income tax purposes is $7,079,053,492 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,879,529,932
Gross unrealized depreciation		(466,781,867	)

Net unrealized appreciation	$	1,412,748,065

The following table shows percent of total long-term investments by geographic locations as of August 31, 2013 (unaudited):


United States	65.48	%
Japan	7.43	%
United Kingdom	3.48	%
Australia	2.34	%
South Korea	1.75	%
Canada	1.64	%
Switzerland	1.56	%
France	1.40	%
Germany	1.24	%
Taiwan	1.23	%
Hong Kong	1.11	%
China	1.01	%
Other	10.33	%

	100.00	%

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees that have been implemented since the Registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11.

CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Master Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Wells Fargo Master Trust

By:		/s/ Karla M. Rabusch

		Karla M. Rabusch
		President

Date: October 28, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.


Wells Fargo Master Trust

By:		/s/ Karla M. Rabusch

		Karla M. Rabusch
		President

Date: October 28, 2013

By:		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date: October 28, 2013

Wells Fargo Master Trust N-CSRSCertified semi-annual shareholder report (management investment company)