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

LOGO

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: February 28

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.

Date of reporting period: August 31, 2015

ITEM 1.

REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Dow Jones Target Date Funds^SM

LOGO

Semi-Annual Report

August 31, 2015

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 Dow Jones Target 2060 Fund^SM

LOGO

Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			6

Fund expenses			22

Portfolios of investments
Wells Fargo Advantage Dow Jones Target Today Fund			29
Wells Fargo Advantage Dow Jones Target 2010 Fund			29
Wells Fargo Advantage Dow Jones Target 2015 Fund			30
Wells Fargo Advantage Dow Jones Target 2020 Fund			30
Wells Fargo Advantage Dow Jones Target 2025 Fund			31
Wells Fargo Advantage Dow Jones Target 2030 Fund			31
Wells Fargo Advantage Dow Jones Target 2035 Fund			32
Wells Fargo Advantage Dow Jones Target 2040 Fund			32
Wells Fargo Advantage Dow Jones Target 2045 Fund			33
Wells Fargo Advantage Dow Jones Target 2050 Fund			33
Wells Fargo Advantage Dow Jones Target 2055 Fund			34
Wells Fargo Advantage Dow Jones Target 2060 Fund			34

Financial statements
Statements of assets and liabilities			36
Statements of operations			38
Statements of changes in net assets			40
Financial highlights			58



Notes to financial statements			82

Master portfolios

Portfolio of investments
Wells Fargo Advantage Diversified Fixed Income Portfolio (Summary portfolio of investments)*			89
Wells Fargo Advantage Diversified Stock Portfolio (Summary portfolio of investments)**			98
Wells Fargo Advantage Short-Term Investment Portfolio			107

Financial statements
Statements of assets and liabilities			115
Statements of operations			116
Statements of changes in net assets			117
Financial highlights			120

Notes to financial statements			121

Other information			129

List of abbreviations			140

A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: https://www.wellsfargoadvantagefunds.com/assets/edocs/regulatory/holdings/diversified-fixed-income-semi.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSR, is also available on the SEC’s website at sec.gov.

A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: https://www.wellsfargoadvantagefunds.com/assets/edocs/regulatory/holdings/diversified-stock-semi.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSR, is also available on the SEC’s website at sec.gov.

Dow Jones® and Dow Jones Global 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 Global 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).

The views expressed and any forward-looking statements are as of August 31, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Funds disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

During the period, investors confronted the likelihood of increasing interest rates in the U.S., concerns about slowing growth in China, protracted negotiations to refinance Greece’s sovereign debt, continued low commodity prices, and global currency volatility.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Dow Jones Target Date Funds for the six-month period that ended August 31, 2015. The Dow Jones Target Date Funds diversify investments across equity, bond, and short-term debt investments. During the period, investors confronted the likelihood of increasing interest rates in the U.S., concerns about slowing growth in China, protracted negotiations to refinance Greece’s sovereign debt, continued low commodity prices, and global currency volatility.

Among investors’ concerns, China was the most persistent.

On the news of improving economic data in the U.S. and several developed eurozone countries, stocks moved higher generally during March and April 2015 with several markets reaching levels that represented multiyear highs. The U.S. Federal Reserve restated its intention to increase the federal funds rate when labor-market conditions improve and inflation returns to 2%. Employment in the U.S. improved and corporate earnings were steady, but declining prices for commodities helped restrain inflation. In Europe, for the first time in five years, all four of the eurozone’s largest economies—France, Germany, Italy, and Spain—recorded gross domestic product growth on an annualized basis during the first and second quarters of 2015.

After April, global equity market trends turned more negative. The contentious negotiations between Greece and its debtors to refinance the country’s sovereign debt concerned investors during May and June. After weeks of stalemated negotiations, the government accepted additional spending reductions in order to secure new loan agreements. Slowing economic growth in China was of increasing concern through the summer. The People’s Bank of China allowed its currency, the renminbi, to depreciate to support exports, staunch the outflow of capital, and advance the government’s efforts to transition to a more market-driven economy. In addition, the bank cut interest rates and reserve requirements in August to spur growth. While these actions unsettled investors globally, their effect on equity investors in China was more pronounced. From the end of April through the end of August, the Hang Seng Index¹ declined 22.97%. For the period, stock performance in all 10 U.S. economic sectors comprising the S&P 500 Index² was negative and the index returned -5.32% overall. As measured by the MSCI Europe, Australasia, Far East (EAFE) Free Index,³ international developed markets stock performance was -6.30%. Emerging markets stock performance was -15.97%, as measured by the MSCI Emerging Markets Index.⁴

The Hang Seng Index is a market-capitalization-weighted index of 40 of the largest companies that trade on the Hong Kong Exchange maintained by a subsidiary of Hang Seng Bank. The index aims to capture the leadership of the Hong Kong exchange and covers approximately 65% of its total market capitalization. The Hang Seng members are also classified into one of four sub-indexes based on the main lines of business, including commerce and industry, finance, utilities, and properties. You cannot invest directly in an index.

²	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Free Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Free Index consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. 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. You cannot invest directly in an index.

⁴

The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index.


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

Bond investors also encountered volatile conditions.

Volatility roiled fixed-income markets during the period. For example, government bond yields in Germany and France fell to multiyear lows in April. Yields on 30-year German government bonds dipped into negative territory. Conversely, government bond yields in Spain and Italy increased as the Greek debt drama played out. In the U.S., bond investors wondered about the impact of rising interest rates and falling bond values on the ability of bond dealers and buyers to conduct trades consistently. The Barclays U.S. Aggregate Bond Index⁵ recorded a -0.68% return during the period, while the Barclays Global Aggregate ex-U.S. Dollar Bond Index⁶ returned -2.69%.

Morningstar noted Dow Jones Target Date Funds’ performance during volatile times.

Morningstar noted Dow Jones Target Date Funds’ performance during recent volatility in a September 1, 2015, article titled “Staying on Target for Retirees?”, Morningstar Incorporated commented, “The Wells Fargo Advantage Dow Jones Target series has held up better than all peers. Wells Fargo Advantage Dow Jones Target Today (STWRX) fell just 1.2% for the month through Aug. 25, 2015, and Wells Fargo Advantage Dow Jones Target 2015 (WFQEX) declined only 2.0% during that period because of its considerable underweighting in equities when compared with peers. At the target date, for example, the series holds roughly 28% in equities, whereas the typical peer holds a 44% stake. The series also maintains a high-quality bond portfolio that excludes more volatile fixed-income sectors, such as high-yield bonds and emerging markets debt, which have declined recently.⁷”

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

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

Thank you for choosing to invest in Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

⁵

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

⁶	The Barclays Global Aggregate ex-U.S. Dollar Bond Index tracks an international basket of government, corporate, agency, and mortgage-related bonds. You cannot invest directly in an index.

⁷	“Staying on Target for Retirees?” Morningstar.com; September 1, 2015.


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

Notice to shareholders

At a meeting held on August 11–12, 2015, the Board of Trustees of the Funds approved a change in the name of the Funds whereby the word “Advantage” will be removed from its name, effective December 15, 2015.

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.

This page is intentionally left blank.


6		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 Global Target Date Index as specified in the following table:


Wells Fargo Advantage Dow Jones Target Date Funds		Corresponding Dow Jones Global Target Date Index
Target Today Fund		Dow Jones Global Target Today Index
Target 2010 Fund		Dow Jones Global Target 2010 Index
Target 2015 Fund		Dow Jones Global Target 2015 Index
Target 2020 Fund		Dow Jones Global Target 2020 Index
Target 2025 Fund		Dow Jones Global Target 2025 Index
Target 2030 Fund		Dow Jones Global Target 2030 Index
Target 2035 Fund		Dow Jones Global Target 2035 Index
Target 2040 Fund		Dow Jones Global Target 2040 Index
Target 2045 Fund		Dow Jones Global Target 2045 Index
Target 2050 Fund		Dow Jones Global Target 2050 Index
Target 2055 Fund		Dow Jones Global Target 2055 Index
Target 2060 Fund		Dow Jones Global Target 2060 Index

Manager

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. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. 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 Global Target Date Indexes, 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 pages 20-21.


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

Target Today Fund

Average annual total returns² (%) as of August 31, 2015


		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		(8.08	)		1.48		2.87		(2.51	)		2.69		3.48		0.84		0.76
Class B (WFOKX)*	8-1-1998		(8.26	)		1.55		2.94		(3.26	)		1.92		2.94		1.59		1.51
Class C (WFODX)	12-1-1998		(4.23	)		1.91		2.70		(3.23	)		1.91		2.70		1.59		1.51
Class R (WFRRX)	6-28-2013		–			–		–		(2.75	)		2.53		3.40		1.09		1.01
Class R4 (WOTRX)	11-30-2012		–			–		–		(2.07	)		3.15		3.99		0.56		0.45
Class R6 (WOTDX)	6-30-2004		–			–		–		(1.96	)		3.22		4.02		0.41		0.30
Administrator Class (WFLOX)	11-8-1999		–			–		–		(2.33	)		2.86		3.71		0.76		0.65
Investor Class (WFBTX)	1-31-2007		–			–		–		(2.50	)		2.72		3.62		0.95		0.86
Dow Jones Global Target Today Index⁵	–		–			–		–		(1.80	)		3.60		4.46		–		–
Russell 3000^® Index⁶	–		–			–		–		0.36			16.03		7.33		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		1.56			2.98		4.46		–		–

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

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted 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 a contingent deferred 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 pages 20-21.


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

Target 2010 Fund

Average annual total returns⁸ (%) as of August 31, 2015


		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		(8.27	)		2.21		2.94		(2.67	)		3.43		3.55		0.85		0.78
Class B (SPTBX)*	3-1-1997		(8.28	)		2.33		3.00		(3.28	)		2.69		3.00		1.60		1.53
Class C (WFOCX)	12-1-1998		(4.38	)		2.66		2.78		(3.38	)		2.66		2.78		1.60		1.53
Class R (WFARX)	6-28-2013		–			–		–		(2.98	)		3.25		3.46		1.10		1.03
Class R4 (WFORX)	11-30-2012		–			–		–		(2.35	)		3.87		4.04		0.57		0.47
Class R6 (WFOAX)	6-30-2004		–			–		–		(2.23	)		3.94		4.08		0.42		0.32
Administrator Class (WFLGX)	11-8-1999		–			–		–		(2.52	)		3.60		3.78		0.77		0.67
Investor Class (WFCTX)	1-31-2007		–			–		–		(2.75	)		3.46		3.68		0.96		0.88
Dow Jones Global Target 2010 Index⁵	–		–			–		–		(1.99	)		4.36		4.49		–		–
Russell 3000^® Index⁶	–		–			–		–		0.36			16.03		7.33		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		1.56			2.98		4.46		–		–

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

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

Please see footnotes on pages 20-21.


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

Target 2015 Fund

Average annual total returns⁹ (%) as of August 31, 2015


		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		(8.51	)		3.23		2.30		(2.90	)		4.45		3.05			0.85		0.79
Class R (WFBRX)	6-28-2013		–			–		–		(3.28	)		4.17		2.81			1.10		1.04
Class R4 (WFSRX)	11-30-2012		–			–		–		(2.61	)		4.82		3.36			0.57		0.48
Class R6 (WFSCX)	6-29-2007		–			–		–		(2.50	)		4.88		3.39			0.42		0.33
Administrator Class (WFFFX)	6-29-2007		–			–		–		(2.82	)		4.52		3.09			0.77		0.68
Investor Class (WFQEX)	6-29-2007		–			–		–		(3.07	)		4.37		2.99			0.96		0.89
Dow Jones Global Target 2015 Index⁵	–		–			–		–		(2.27	)		5.29		3.86	*		–		–
Russell 3000^® Index⁶	–		–			–		–		0.36			16.03		5.84	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		1.56			2.98		4.87	*		–		–

Based on the inception date of the oldest class.

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%. 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 pages 20-21.


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

Target 2020 Fund

Average annual total returns² (%) as of August 31, 2015


		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		(8.80	)		4.36		3.53		(3.24	)		5.59		4.15		0.83		0.81
Class B (STPBX)*	3-1-1997		(8.94	)		4.48		3.59		(3.94	)		4.81		3.59		1.58		1.56
Class C (WFLAX)	12-1-1998		(4.98	)		4.81		3.37		(3.98	)		4.81		3.37		1.58		1.56
Class R (WFURX)	6-28-2013		–			–		–		(3.50	)		5.44		4.06		1.08		1.06
Class R4 (WFLRX)	11-30-2012		–			–		–		(2.92	)		6.05		4.65		0.55		0.50
Class R6 (WFOBX)	6-30-2004		–			–		–		(2.81	)		6.12		4.68		0.40		0.35
Administrator Class (WFLPX)	11-8-1999		–			–		–		(3.14	)		5.77		4.37		0.75		0.70
Investor Class (WFDTX)	1-31-2007		–			–		–		(3.36	)		5.62		4.29		0.94		0.91
Dow Jones Global Target 2020 Index⁵	–		–			–		–		(2.49	)		6.55		5.19		–		–
Russell 3000^® Index⁶	–		–			–		–		0.36			16.03		7.33		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		1.56			2.98		4.46		–		–

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

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

Please see footnotes on pages 20-21.


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

Target 2025 Fund

Average annual total returns¹⁰ (%) as of August 31, 2015


		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		(9.11	)		5.82		2.40		(3.53	)		7.08		3.15			0.84		0.81
Class R (WFHRX)	6-28-2013		–			–		–		(3.77	)		6.80		2.93			1.09		1.06
Class R4 (WFGRX)	11-30-2012		–			–		–		(3.14	)		7.49		3.49			0.56		0.50
Class R6 (WFTYX)	6-29-2007		–			–		–		(2.99	)		7.54		3.52			0.41		0.35
Administrator Class (WFTRX)	6-29-2007		–			–		–		(3.33	)		7.15		3.21			0.76		0.70
Investor Class (WFGYX)	6-29-2007		–			–		–		(3.53	)		7.02		3.12			0.95		0.91
Dow Jones Global Target 2025 Index⁵	–		–			–		–		(2.72	)		7.92		3.90	*		–		–
Russell 3000^® Index⁶	–		–			–		–		0.36			16.03		5.84	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		1.56			2.98		4.87	*		–		–

Based on the inception date of the oldest class.

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 pages 20-21.


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

Target 2030 Fund

Average annual total returns² (%) as of August 31, 2015


		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		(9.19	)		6.95		4.18		(3.66	)		8.23		4.80		0.83		0.82
Class B (SGPBX)*	3-1-1997		(9.38	)		7.12		4.25		(4.38	)		7.43		4.25		1.58		1.57
Class C (WFDMX)	12-1-1998		(5.37	)		7.42		4.02		(4.37	)		7.42		4.02		1.58		1.57
Class R (WFJRX)	6-28-2013		–			–		–		(3.89	)		8.07		4.72		1.08		1.07
Class R4 (WTHRX)	11-30-2012		–			–		–		(3.32	)		8.72		5.31		0.55		0.51
Class R6 (WFOOX)	6-30-2004		–			–		–		(3.18	)		8.79		5.34		0.40		0.36
Administrator Class (WFLIX)	11-8-1999		–			–		–		(3.52	)		8.40		5.03		0.75		0.71
Investor Class (WFETX)	1-31-2007		–			–		–		(3.73	)		8.26		4.94		0.94		0.92
Dow Jones Global Target 2030 Index⁵	–		–			–		–		(2.91	)		9.16		6.05		–		–
Russell 3000^® Index⁶	–		–			–		–		0.36			16.03		7.33		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		1.56			2.98		4.46		–		–

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

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

Please see footnotes on pages 20-21.


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

Target 2035 Fund

Average annual total returns¹⁰ (%) as of August 31, 2015


		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		(9.57	)		8.05		2.67		(4.06	)		9.33		3.41			0.84		0.83
Class R (WFKRX)	6-28-2013		–			–		–		(4.34	)		9.01		3.13			1.09		1.08
Class R4 (WTTRX)	11-30-2012		–			–		–		(3.71	)		9.71		3.73			0.56		0.52
Class R6 (WFQRX)	6-29-2007		–			–		–		(3.57	)		9.78		3.77			0.41		0.37
Administrator Class (WFQWX)	6-29-2007		–			–		–		(3.90	)		9.39		3.42			0.76		0.72
Investor Class (WFQTX)	6-29-2007		–			–		–		(4.08	)		9.24		3.33			0.95		0.93
Dow Jones Global Target 2035 Index⁵	–		–			–		–		(3.33	)		10.14		4.05	*		–		–
Russell 3000^® Index⁶	–		–			–		–		0.36			16.03		5.84	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		1.56			2.98		4.87	*		–		–

Based on the inception date of the oldest class.

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

Please see footnotes on pages 20-21.


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

Target 2040 Fund

Average annual total returns² (%) as of August 31, 2015


		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		(9.90	)		8.61		4.71		(4.39	)		9.91		5.34		0.84		0.83
Class B (SLPBX)*	3-1-1997		(10.11	)		8.79		4.78		(5.11	)		9.08		4.78		1.59		1.58
Class C (WFOFX)	7-1-1998		(6.12	)		9.08		4.55		(5.12	)		9.08		4.55		1.59		1.58
Class R (WFMRX)	6-28-2013		–			–		–		(4.60	)		9.74		5.25		1.09		1.08
Class R4 (WTFRX)	11-30-2012		–			–		–		(4.02	)		10.38		5.84		0.56		0.52
Class R6 (WFOSX)	6-30-2004		–			–		–		(3.88	)		10.47		5.88		0.41		0.37
Administrator Class (WFLWX)	11-8-1999		–			–		–		(4.27	)		10.07		5.56		0.76		0.72
Investor Class (WFFTX)	1-31-2007		–			–		–		(4.47	)		9.94		5.47		0.95		0.93
Dow Jones Global Target 2040 Index⁵	–		–			–		–		(3.66	)		10.82		6.52		–		–
Russell 3000^® Index⁶	–		–			–		–		0.36			16.03		7.33		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		1.56			2.98		4.46		–		–

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

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

Please see footnotes on pages 20-21.


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

Target 2045 Fund

Average annual total returns¹⁰ (%) as of August 31, 2015


		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		(10.14	)		9.02		2.97		(4.66	)		10.31		3.72			0.85		0.83
Class R (WFNRX)	6-28-2013		–			–		–		(4.86	)		10.03		3.47			1.10		1.08
Class R4 (WFFRX)	11-30-2012		–			–		–		(4.31	)		10.72		4.06			0.57		0.52
Class R6 (WFQPX)	6-29-2007		–			–		–		(4.17	)		10.77		4.08			0.42		0.37
Administrator Class (WFQYX)	6-29-2007		–			–		–		(4.40	)		10.38		3.78			0.77		0.72
Investor Class (WFQSX)	6-29-2007		–			–		–		(4.67	)		10.23		3.65			0.96		0.93
Dow Jones Global Target 2045 Index⁵	–		–			–		–		(3.88	)		11.13		4.32	*		–		–
Russell 3000^® Index⁶	–		–			–		–		0.36			16.03		5.84	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		1.56			2.98		4.87	*		–		–

Based on the inception date of the oldest class.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted 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. 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 pages 20-21.


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

Target 2050 Fund

Average annual total returns¹¹ (%) as of August 31, 2015


		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		(10.14	)		9.02		2.97		(4.64	)		10.33		3.72			0.84		0.83
Class C (WFQCX)	11-30-2012		(6.33	)		9.51		2.95		(5.41	)		9.51		2.95			1.59		1.58
Class R (WFWRX)	6-28-2013		–			–		–		(4.90	)		10.08		3.47			1.09		1.08
Class R4 (WQFRX)	11-30-2012		–			–		–		(4.35	)		10.72		4.04			0.56		0.52
Class R6 (WFQFX)	6-29-2007		–			–		–		(4.21	)		10.81		4.09			0.41		0.37
Administrator Class (WFQDX)	6-29-2007		–			–		–		(4.55	)		10.43		3.76			0.76		0.72
Investor Class (WFQGX)	6-29-2007		–			–		–		(4.74	)		10.29		3.66			0.95		0.93
Dow Jones Global Target 2050 Index⁵	–		–			–		–		(3.96	)		11.15		4.34	*		–		–
Russell 3000^® Index⁶	–		–			–		–		0.36			16.03		5.84	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		1.56			2.98		4.87	*		–		–

Based on the inception date of the oldest class.

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 a contingent deferred sales charge assumes the sales charge for the corresponding time period. For Class C shares, the maximum contingent deferred sales charge is 1.00%. 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 pages 20-21.


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

Target 2055 Fund

Average annual total returns¹⁰ (%) as of August 31, 2015


		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		(10.16	)		5.23		(4.66	)		6.74			0.92		0.83
Class R (WFYRX)	6-28-2013		–			–		(4.87	)		6.34			1.17		1.08
Class R4 (WFVRX)	11-30-2012		–			–		(4.28	)		7.13			0.64		0.52
Class R6 (WFQUX)	6-30-2011		–			–		(4.15	)		7.21			0.49		0.37
Administrator Class (WFLHX)	6-30-2011		–			–		(4.54	)		6.82			0.84		0.72
Investor Class (WFQHX)	6-30-2011		–			–		(4.76	)		6.69			1.03		0.93
Dow Jones Global Target 2055 Index⁵	–		–			–		(3.96	)		7.42	*		–		–
Russell 3000^® Index⁶	–		–			–		0.36			12.25	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		1.56			3.21	*		–		–

Based on the inception date of the oldest class.

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

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

Please see footnotes on pages 20-21.


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

Target 2060 Fund

Average annual total returns (%) as of August 31, 2015


		Including sales charge			Excluding sales charge			Expense ratios³ (%)
	Inception date	Since inception			Since inception			Gross		Net⁴
Class A (WFAFX)	7-1-2015		(10.65	)		(5.20	)		0.95		0.83
Class C (WFCFX)	7-1-2015		(6.35	)		(5.40	)		1.70		1.58
Class R (WFRFX)	7-1-2015		–			(5.30	)		1.20		1.08
Class R4 (WFSFX)	7-1-2015		–			(5.20	)		0.67		0.52
Class R6 (WFUFX)	7-1-2015		–			(5.20	)		0.52		0.37
Administrator Class (WFDFX)	7-1-2015		–			(5.20	)		0.87		0.72
Dow Jones Global Target 2060 Index⁵	–		–			(5.72	)*		–		–
Russell 3000^® Index⁶	–		–			(4.47	)*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			0.55	*		–		–

Based on the Fund’s inception date.

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

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

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

Please see footnotes on pages 20-21.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			19

Portfolio allocation¹² as of August 31, 2015


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 pages 20-21.


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


Target 2050 Fund	Target 2055 Fund	Target 2060 Fund

The Funds are gateway funds that invest in various affiliated 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 Global 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 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).

³	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The manager has contractually committed through June 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the committment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying affiliated master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

⁵

The Dow Jones Global 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 become 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.

⁶	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁷

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

⁸

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 includes the higher expenses applicable to Class R6. 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 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).

⁹

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 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 R4 shares prior to their inception reflects the performance of Class R6 shares, and includes the higher expenses applicable to Class R6. 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.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			21

¹⁰

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 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 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.

¹¹

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 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 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.

¹²

Each chart represents the composite of the portfolio allocations of the affiliated master portfolios in which the Fund invests and is calculated based on the total investments of the affiliated 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 affiliated master portfolio which is also included in this report.


22		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 servicing 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, 2015 to August 31, 2015.

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 3-1-2015		Ending account value 8-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	979.65	$	3.93		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.01		0.79	%
Class B
Actual	$	1,000.00	$	976.09	$	7.65		1.54	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.39	$	7.81		1.54	%
Class C
Actual	$	1,000.00	$	975.63	$	7.65		1.54	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.39	$	7.81		1.54	%
Class R
Actual	$	1,000.00	$	978.70	$	5.17		1.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.91	$	5.28		1.04	%
Class R4
Actual	$	1,000.00	$	981.92	$	2.24		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.87	$	2.29		0.45	%
Class R6
Actual	$	1,000.00	$	981.90	$	1.49		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.63	$	1.53		0.30	%
Administrator Class
Actual	$	1,000.00	$	980.96	$	3.24		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Investor Class
Actual	$	1,000.00	$	979.13	$	4.28		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.37		0.86	%

Please see footnote on page 28.


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


Target 2010 Fund	Beginning account value 3-1-2015		Ending account value 8-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	977.20	$	4.03		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.12		0.81	%
Class B
Actual	$	1,000.00	$	974.59	$	7.64		1.54	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.39	$	7.81		1.54	%
Class C
Actual	$	1,000.00	$	973.80	$	7.74		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.29	$	7.91		1.56	%
Class R
Actual	$	1,000.00	$	975.59	$	5.26		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.38		1.06	%
Class R4
Actual	$	1,000.00	$	978.20	$	2.34		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.77	$	2.39		0.47	%
Class R6
Actual	$	1,000.00	$	978.93	$	1.59		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.53	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	978.18	$	3.33		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.77	$	3.40		0.67	%
Investor Class
Actual	$	1,000.00	$	976.62	$	4.37		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.71	$	4.47		0.88	%
Target 2015 Fund
Class A
Actual	$	1,000.00	$	971.78	$	4.06		0.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01	$	4.17		0.82	%
Class R
Actual	$	1,000.00	$	969.70	$	5.30		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.43		1.07	%
Class R4
Actual	$	1,000.00	$	973.29	$	2.38		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.72	$	2.44		0.48	%
Class R6
Actual	$	1,000.00	$	973.58	$	1.64		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.48	$	1.68		0.33	%
Administrator Class
Actual	$	1,000.00	$	972.23	$	3.37		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.46		0.68	%
Investor Class
Actual	$	1,000.00	$	970.88	$	4.41		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.66	$	4.52		0.89	%

Please see footnote on page 28.


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


Target 2020 Fund	Beginning account value 3-1-2015		Ending account value 8-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	965.78	$	4.15		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.91	$	4.27		0.84	%
Class B
Actual	$	1,000.00	$	962.94	$	7.85		1.59	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.06		1.59	%
Class C
Actual	$	1,000.00	$	962.85	$	7.84		1.59	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.06		1.59	%
Class R
Actual	$	1,000.00	$	965.02	$	5.43		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Class R4
Actual	$	1,000.00	$	967.71	$	2.47		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54		0.50	%
Class R6
Actual	$	1,000.00	$	968.01	$	1.73		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.38	$	1.78		0.35	%
Administrator Class
Actual	$	1,000.00	$	966.56	$	3.46		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Investor Class
Actual	$	1,000.00	$	965.44	$	4.50		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.62		0.91	%
Target 2025 Fund
Class A
Actual	$	1,000.00	$	959.36	$	4.14		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.91	$	4.27		0.84	%
Class R
Actual	$	1,000.00	$	958.45	$	5.37		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.53		1.09	%
Class R4
Actual	$	1,000.00	$	961.65	$	2.47		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54		0.50	%
Class R6
Actual	$	1,000.00	$	962.28	$	1.73		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.38	$	1.78		0.35	%
Administrator Class
Actual	$	1,000.00	$	959.90	$	3.45		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Investor Class
Actual	$	1,000.00	$	959.83	$	4.48		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.62		0.91	%

Please see footnote on page 28.


Fund expenses (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			25


Target 2030 Fund	Beginning account value 3-1-2015		Ending account value 8-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	953.54	$	4.17		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Class B
Actual	$	1,000.00	$	950.24	$	7.84		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.11		1.60	%
Class C
Actual	$	1,000.00	$	949.90	$	7.84		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.11		1.60	%
Class R
Actual	$	1,000.00	$	952.61	$	5.40		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Class R4
Actual	$	1,000.00	$	955.10	$	2.51		0.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.57	$	2.59		0.51	%
Class R6
Actual	$	1,000.00	$	955.73	$	1.77		0.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.33	$	1.83		0.36	%
Administrator Class
Actual	$	1,000.00	$	954.19	$	3.49		0.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.61		0.71	%
Investor Class
Actual	$	1,000.00	$	953.14	$	4.52		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.51	$	4.67		0.92	%
Target 2035 Fund
Class A
Actual	$	1,000.00	$	945.68	$	4.21		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.37		0.86	%
Class R
Actual	$	1,000.00	$	944.55	$	5.43		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class R4
Actual	$	1,000.00	$	947.67	$	2.55		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	948.32	$	1.81		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	946.09	$	3.52		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%
Investor Class
Actual	$	1,000.00	$	945.38	$	4.55		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%

Please see footnote on page 28.


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


Target 2040 Fund	Beginning account value 3-1-2015		Ending account value 8-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	939.56	$	4.19		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.37		0.86	%
Class B
Actual	$	1,000.00	$	935.70	$	7.83		1.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.04	$	8.16		1.61	%
Class C
Actual	$	1,000.00	$	936.06	$	7.84		1.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.04	$	8.16		1.61	%
Class R
Actual	$	1,000.00	$	938.29	$	5.41		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class R4
Actual	$	1,000.00	$	941.27	$	2.54		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	941.89	$	1.81		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	940.26	$	3.51		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%
Investor Class
Actual	$	1,000.00	$	939.27	$	4.53		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%
Target 2045 Fund
Class A
Actual	$	1,000.00	$	935.16	$	4.18		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.37		0.86	%
Class R
Actual	$	1,000.00	$	934.23	$	5.40		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class R4
Actual	$	1,000.00	$	937.15	$	2.53		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	937.67	$	1.80		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	936.56	$	3.50		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%
Investor Class
Actual	$	1,000.00	$	935.05	$	4.52		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%

Please see footnote on page 28.


Fund expenses (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			27


Target 2050 Fund	Beginning account value 3-1-2015		Ending account value 8-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	934.53	$	4.18		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.37		0.86	%
Class C
Actual	$	1,000.00	$	931.12	$	7.82		1.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.04	$	8.16		1.61	%
Class R
Actual	$	1,000.00	$	933.46	$	5.39		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class R4
Actual	$	1,000.00	$	935.83	$	2.53		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	937.28	$	1.80		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	935.63	$	3.50		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%
Investor Class
Actual	$	1,000.00	$	934.12	$	4.52		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%
Target 2055 Fund
Class A
Actual	$	1,000.00	$	934.78	$	4.18		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.37		0.86	%
Class R
Actual	$	1,000.00	$	933.76	$	5.40		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class R4
Actual	$	1,000.00	$	936.22	$	2.53		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.52	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	937.43	$	1.80		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	935.23	$	3.50		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%
Investor Class
Actual	$	1,000.00	$	933.86	$	4.52		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%

Please see footnote on page 28.


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


Target 2060 Fund	Beginning account value 3-1-2015		Ending account value 8-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	948.00	$	1.37		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,007.06	$	1.41		0.83	%
Class C
Actual	$	1,000.00	$	946.00	$	2.60		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,005.79	$	2.68		1.58	%
Class R
Actual	$	1,000.00	$	947.00	$	1.70		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,006.64	$	1.84		1.08	%
Class R4
Actual	$	1,000.00	$	948.00	$	0.86		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,007.59	$	0.88		0.52	%
Class R6
Actual	$	1,000.00	$	948.00	$	0.61		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,007.84	$	0.63		0.37	%
Administrator Class
Actual	$	1,000.00	$	948.00	$	1.19		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,007.25	$	1.22		0.72	%

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).


Portfolios of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			29

TARGET TODAY FUND


Security name	Value

Investment Companies: 100.11%

Affiliated Master Portfolios: 100.11%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	317,829,327
Wells Fargo Advantage Diversified Stock Portfolio		99,417,395
Wells Fargo Advantage Short-Term Investment Portfolio		283,846,646

Total Investment Companies (Cost $668,571,345)		701,093,368


Total investments in securities (Cost $668,571,345) *	100.11	%		701,093,368
Other assets and liabilities, net	(0.11	)		(762,700	)

Total net assets	100.00	%	$	700,330,668


*	Cost for federal income tax purposes is $670,414,029 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	30,679,339
	Gross unrealized losses		0

	Net unrealized gains	$	30,679,339

TARGET 2010 FUND


Security name	Value

Investment Companies: 100.72%

Affiliated Master Portfolios: 100.72%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	275,283,645
Wells Fargo Advantage Diversified Stock Portfolio		86,133,280
Wells Fargo Advantage Short-Term Investment Portfolio		161,499,995

Total Investment Companies (Cost $469,386,612)		522,916,920


Total investments in securities (Cost $469,386,612) *	100.72	%		522,916,920
Other assets and liabilities, net	(0.72	)		(3,739,804	)

Total net assets	100.00	%	$	519,177,116


*	Cost for federal income tax purposes is $477,381,503 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	45,535,417
	Gross unrealized losses		0

	Net unrealized gains	$	45,535,417

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


30		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolios of investments—August 31, 2015 (unaudited)

TARGET 2015 FUND


Security name	Value

Investment Companies: 100.22%

Affiliated Master Portfolios: 100.22%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	498,884,390
Wells Fargo Advantage Diversified Stock Portfolio		176,248,659
Wells Fargo Advantage Short-Term Investment Portfolio		106,628,439

Total Investment Companies (Cost $719,052,417)		781,761,488


Total investments in securities (Cost $719,052,417) *	100.22	%		781,761,488
Other assets and liabilities, net	(0.22	)		(1,681,374	)

Total net assets	100.00	%	$	780,080,114


*	Cost for federal income tax purposes is $720,671,701 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	61,089,787
	Gross unrealized losses		0

	Net unrealized gains	$	61,089,787

TARGET 2020 FUND


Security name	Value

Investment Companies: 100.58%

Affiliated Master Portfolios: 100.58%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	1,722,738,337
Wells Fargo Advantage Diversified Stock Portfolio		852,807,277
Wells Fargo Advantage Short-Term Investment Portfolio		109,652,421

Total Investment Companies (Cost $2,434,997,007)		2,685,198,035


Total investments in securities (Cost $2,434,997,007) *	100.58	%		2,685,198,035
Other assets and liabilities, net	(0.58	)		(15,418,685	)

Total net assets	100.00	%	$	2,669,779,350


*	Cost for federal income tax purposes is $2,455,889,354 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	229,308,681
	Gross unrealized losses		0

	Net unrealized gains	$	229,308,681

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


Portfolios of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			31

TARGET 2025 FUND


Security name	Value

Investment Companies: 100.10%

Affiliated Master Portfolios: 100.10%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	1,231,599,967
Wells Fargo Advantage Diversified Stock Portfolio		1,005,506,536
Wells Fargo Advantage Short-Term Investment Portfolio		95,997,866

Total Investment Companies (Cost $2,064,219,371)		2,333,104,369


Total investments in securities (Cost $2,064,219,371) *	100.10	%		2,333,104,369
Other assets and liabilities, net	(0.10	)		(2,314,208	)

Total net assets	100.00	%	$	2,330,790,161


*	Cost for federal income tax purposes is $2,071,032,914 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	262,071,455
	Gross unrealized losses		0

	Net unrealized gains	$	262,071,455

TARGET 2030 FUND


Security name	Value

Investment Companies: 100.40%

Affiliated Master Portfolios: 100.40%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	1,182,925,276
Wells Fargo Advantage Diversified Stock Portfolio		1,609,661,179
Wells Fargo Advantage Short-Term Investment Portfolio		120,844,328

Total Investment Companies (Cost $2,558,869,323)		2,913,430,783


Total investments in securities (Cost $2,558,869,323) *	100.40	%		2,913,430,783
Other assets and liabilities, net	(0.40	)		(11,709,696	)

Total net assets	100.00	%	$	2,901,721,087


*	Cost for federal income tax purposes is $2,576,509,725 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	336,921,058
	Gross unrealized losses		0

	Net unrealized gains	$	336,921,058

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


32		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolios of investments—August 31, 2015 (unaudited)

TARGET 2035 FUND


Security name	Value

Investment Companies: 100.04%

Affiliated Master Portfolios: 100.04%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	372,346,650
Wells Fargo Advantage Diversified Stock Portfolio		960,248,091
Wells Fargo Advantage Short-Term Investment Portfolio		58,213,107

Total Investment Companies (Cost $1,204,833,124)		1,390,807,848


Total investments in securities (Cost $1,204,833,124) *	100.04	%		1,390,807,848
Other assets and liabilities, net	(0.04	)		(508,746	)

Total net assets	100.00	%	$	1,390,299,102


*	Cost for federal income tax purposes is $1,209,536,320 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	181,271,528
	Gross unrealized losses		0

	Net unrealized gains	$	181,271,528

TARGET 2040 FUND


Security name	Value

Investment Companies: 100.24%

Affiliated Master Portfolios: 100.24%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	343,554,490
Wells Fargo Advantage Diversified Stock Portfolio		1,720,454,536
Wells Fargo Advantage Short-Term Investment Portfolio		90,828,497

Total Investment Companies (Cost $1,855,208,788)		2,154,837,523


Total investments in securities (Cost $1,855,208,788) *	100.24	%		2,154,837,523
Other assets and liabilities, net	(0.24	)		(5,244,705	)

Total net assets	100.00	%	$	2,149,592,818


*	Cost for federal income tax purposes is $1,867,974,932 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	286,862,591
	Gross unrealized losses		0

	Net unrealized gains	$	286,862,591

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


Portfolios of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			33

TARGET 2045 FUND


Security name	Value

Investment Companies: 100.24%

Affiliated Master Portfolios: 100.24%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	72,525,897
Wells Fargo Advantage Diversified Stock Portfolio		689,078,904
Wells Fargo Advantage Short-Term Investment Portfolio		33,669,614

Total Investment Companies (Cost $690,545,181)		795,274,415


Total investments in securities (Cost $690,545,181) *	100.24	%		795,274,415
Other assets and liabilities, net	(0.24	)		(1,919,696	)

Total net assets	100.00	%	$	793,354,719


*	Cost for federal income tax purposes is $693,108,336 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	102,166,079
	Gross unrealized losses		0

	Net unrealized gains	$	102,166,079

TARGET 2050 FUND


Security name	Value

Investment Companies: 100.39%

Affiliated Master Portfolios: 100.39%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	100,584,264
Wells Fargo Advantage Diversified Stock Portfolio		1,280,475,843
Wells Fargo Advantage Short-Term Investment Portfolio		61,143,094

Total Investment Companies (Cost $1,254,027,085)		1,442,203,201


Total investments in securities (Cost $1,254,027,085) *	100.39	%		1,442,203,201
Other assets and liabilities, net	(0.39	)		(5,624,027	)

Total net assets	100.00	%	$	1,436,579,174


*		Cost for federal income tax purposes is $1,260,179,219 and unrealized gains (losses) consists of:
		Gross unrealized gains	$	182,023,982
		Gross unrealized losses		0
	��
		Net unrealized gains	$	182,023,982

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


34		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolios of investments—August 31, 2015 (unaudited)

TARGET 2055 FUND


Security name	Value

Investment Companies: 100.13%

Affiliated Master Portfolios: 100.13%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	14,187,833
Wells Fargo Advantage Diversified Stock Portfolio		180,616,507
Wells Fargo Advantage Short-Term Investment Portfolio		8,624,491

Total Investment Companies (Cost $199,309,119)		203,428,831


Total investments in securities (Cost $199,309,119) *	100.13	%		203,428,831
Other assets and liabilities, net	(0.13	)		(267,030	)

Total net assets	100.00	%	$	203,161,801


*	Cost for federal income tax purposes is $199,210,324 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	4,218,507
	Gross unrealized losses		0

	Net unrealized gains	$	4,218,507

TARGET 2060 FUND


Security name	Value

Investment Companies: 91.81%

Affiliated Master Portfolios: 91.81%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	72,382
Wells Fargo Advantage Diversified Stock Portfolio		921,451
Wells Fargo Advantage Short-Term Investment Portfolio		44,000

Total Investment Companies (Cost $1,104,951)		1,037,833


Total investments in securities (Cost $1,104,951) *	91.81	%		1,037,833
Other assets and liabilities, net	8.19			92,563

Total net assets	100.00	%	$	1,130,396


*	Cost for federal income tax purposes is $1,104,951 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	0
	Gross unrealized losses		(67,118	)

	Net unrealized losses	$	(67,118	)

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

This page is intentionally left blank.


36		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of assets and liabilities—August 31, 2015 (unaudited)


	Target Today Fund		Target 2010 Fund			Target 2015 Fund		Target 2020 Fund		Target 2025 Fund

Assets
Investment in affiliated Master Portfolios, at value (see cost below)	$	701,093,368	$	522,916,920		$	781,761,488	$	2,685,198,035	$	2,333,104,369
Receivable for Fund shares sold		6,707,800		6,450,944			12,071,532		28,724,347		32,604,056
Receivable from manager		0		0			0		0		0
Prepaid expenses and other assets		58,743		46,415			52,636		57,146		63,940

Total assets		707,859,911		529,414,279			793,885,656		2,713,979,528		2,365,772,365


Liabilities
Payable for Fund shares redeemed		7,330,818		10,065,658			13,573,229		43,367,841		34,350,313
Management fee payable		61,848		49,626			85,518		344,272		300,130
Distribution fees payable		2,094		1,421			10		3,595		187
Administration fees payable		55,044		45,816			62,871		208,389		159,612
Shareholder report expenses payable		10,423		12,666			6,387		5,661		212
Professional fees payable		8,752		8,333			7,577		7,333		8,331
Accrued expenses and other liabilities		60,264		53,643			69,950		263,087		163,419

Total liabilities		7,529,243		10,237,163			13,805,542		44,200,178		34,982,204

Total net assets	$	700,330,668	$	519,177,116		$	780,080,114	$	2,669,779,350	$	2,330,790,161


NET ASSETS CONSIST OF
Paid-in capital	$	661,161,112	$	462,502,247		$	710,413,472	$	2,400,471,555	$	2,035,003,506
Undistributed net investment income		4,198,193		3,362,497			3,520,076		13,615,853		6,207,895
Accumulated net realized gains (losses) on investments		2,449,340		(217,936	)		3,437,495		5,490,914		20,693,762
Net unrealized gains (losses) on investments		32,522,023		53,530,308			62,709,071		250,201,028		268,884,998

Total net assets	$	700,330,668	$	519,177,116		$	780,080,114	$	2,669,779,350	$	2,330,790,161


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	14,373,023	$	23,740,993		$	2,173,858	$	60,670,546	$	5,216,507
Shares outstanding – Class A¹		1,356,574		1,846,122			216,160		4,132,689		510,779
Net asset value per share – Class A		$10.60		$12.86			$10.06		$14.68		$10.21
Maximum offering price per share – Class A²		$11.25		$13.64			$10.67		$15.58		$10.83
Net assets – Class B	$	4,197	$	31,685			N/A	$	91,907		N/A
Shares outstanding – Class B¹		381		2,430			N/A		6,266		N/A
Net asset value per share – Class B		$11.02		$13.04			N/A		$14.67		N/A
Net assets – Class C	$	3,262,999	$	2,153,629			N/A	$	5,340,960		N/A
Shares outstanding – Class C¹		301,717		165,567			N/A		366,354		N/A
Net asset value per share – Class C		$10.81		$13.01			N/A		$14.58		N/A
Net assets – Class R	$	28,013	$	51,555		$	48,680	$	399,003	$	870,755
Shares outstanding – Class R¹		2,650		4,031			4,776		27,310		85,106
Net asset value per share – Class R		$10.57		$12.79			$10.19		$14.61		$10.23
Net assets – Class R4	$	307,545,833	$	119,092,591		$	142,456,169	$	666,722,773	$	301,116,920
Share outstanding – Class R4¹		28,326,732		9,152,131			14,110,759		44,585,337		29,390,708
Net asset value per share – Class R4		$10.86		$13.01			$10.10		$14.95		$10.25
Net assets – Class R6	$	245,347,558	$	213,227,940		$	401,856,490	$	1,166,986,249	$	1,481,313,350
Shares outstanding – Class R6¹		22,611,647		16,383,986			39,832,190		78,039,118		144,667,028
Net asset value per share – Class R6		$10.85		$13.01			$10.09		$14.95		$10.24
Net assets – Administrator Class	$	70,295,227	$	107,601,081		$	140,308,782	$	579,684,989	$	319,611,446
Shares outstanding – Administrator Class¹		6,496,906		8,278,829			13,747,372		38,902,934		31,139,344
Net asset value per share – Administrator Class		$10.82		$13.00			$10.21		$14.90		$10.26
Net assets – Investor Class	$	59,473,818	$	53,277,642		$	93,236,135	$	189,882,923	$	222,661,183
Shares outstanding – Investor Class¹		5,512,211		4,114,391			9,130,532		12,766,256		21,719,291
Net asset value per share – Investor Class		$10.79		$12.95			$10.21		$14.87		$10.25

Investments in affiliated Master Portfolios, at cost	$	668,571,345	$	469,386,612		$	719,052,417	$	2,434,997,007	$	2,064,219,371

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, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			37


Target 2030 Fund		Target 2035 Fund		Target 2040 Fund		Target 2045 Fund		Target 2050 Fund		Target 2055 Fund		Target 2060 Fund


$	2,913,430,783	$	1,390,807,848	$	2,154,837,523	$	795,274,415	$	1,442,203,201	$	203,428,831	$	1,037,833
	45,737,843		36,257,907		32,533,492		21,413,943		20,821,616		6,013,471		0
	0		0		0		0		0		0		11,406
	67,647		63,977		65,671		65,481		104,802		63,767		90,272

	2,959,236,273		1,427,129,732		2,187,436,686		816,753,839		1,463,129,619		209,506,069		1,139,511



	56,618,797		36,391,771		37,159,941		23,151,716		26,154,027		6,299,867		0
	395,724		198,490		306,711		107,366		203,918		18,963		0
	3,459		8		3,734		6		593		7		84
	220,724		114,047		165,494		65,901		87,873		10,380		109
	182		1,354		2,532		1,755		341		1,898		1,406
	7,829		8,481		8,749		7,322		9,338		5,198		6,314
	268,471		116,479		196,707		65,054		94,355		7,955		1,202

	57,515,186		36,830,630		37,843,868		23,399,120		26,550,445		6,344,268		9,115

$	2,901,721,087	$	1,390,299,102	$	2,149,592,818	$	793,354,719	$	1,436,579,174	$	203,161,801	$	1,130,396



$	2,516,281,726	$	1,182,180,372	$	1,817,021,598	$	673,525,138	$	1,222,183,194	$	195,404,691	$	1,193,341
	6,913,423		3,083,802		3,861,810		1,620,495		2,642,280		542,741		1,802
	23,964,478		19,060,204		29,080,675		13,479,852		23,577,584		3,094,657		2,371
	354,561,460		185,974,724		299,628,735		104,729,234		188,176,116		4,119,712		(67,118	)

$	2,901,721,087	$	1,390,299,102	$	2,149,592,818	$	793,354,719	$	1,436,579,174	$	203,161,801	$	1,130,396



$	58,299,847	$	4,233,847	$	102,731,067	$	3,646,697	$	3,130,322	$	2,068,879	$	99,569
	3,618,234		397,645		5,626,744		330,791		297,005		167,501		10,508
	$16.11		$10.65		$18.26		$11.02		$10.54		$12.35		$9.48
	$17.09		$11.30		$19.37		$11.69		$11.18		$13.10		$10.06
$	115,476		N/A	$	105,170		N/A		N/A		N/A		N/A
	7,263		N/A		6,030		N/A		N/A		N/A		N/A
	$15.90		N/A		$17.44		N/A		N/A		N/A		N/A
$	4,898,942		N/A	$	5,477,951		N/A	$	956,628		N/A	$	97,470
	311,373		N/A		319,030		N/A		91,095		N/A		10,299
	$15.73		N/A		$17.17		N/A		$10.50		N/A		$9.46
$	866,315	$	36,210	$	286,594	$	29,886	$	29,749	$	33,698	$	94,716
	53,876		3,377		15,739		2,682		2,815		2,754		10,000
	$16.08		$10.72		$18.21		$11.14		$10.57		$12.24		$9.47
$	790,091,426	$	250,376,848	$	589,183,642	$	139,591,111	$	326,883,355	$	28,000,477	$	94,809
	48,367,492		23,471,285		31,612,383		12,608,766		30,888,693		2,260,551		10,000
	$16.34		$10.67		$18.64		$11.07		$10.58		$12.39		$9.48
$	1,300,645,406	$	745,787,695	$	954,181,989	$	424,151,862	$	835,013,497	$	150,078,086	$	379,331
	79,696,015		69,906,990		51,198,970		38,375,357		78,935,234		12,134,506		40,000
	$16.32		$10.67		$18.64		$11.05		$10.58		$12.37		$9.48
$	547,675,671	$	202,297,500	$	370,660,358	$	120,894,553	$	206,675,903	$	13,971,991	$	364,501
	33,553,319		18,907,869		19,922,718		10,873,935		19,591,326		1,130,794		38,450
	$16.32		$10.70		$18.60		$11.12		$10.55		$12.36		$9.48
$	199,128,004	$	187,567,002	$	126,966,047	$	105,040,610	$	63,889,720	$	9,008,670		N/A
	12,236,721		17,466,322		6,840,579		9,417,951		6,038,583		735,719		N/A
	$16.27		$10.74		$18.56		$11.15		$10.58		$12.24		N/A

$	2,558,869,323	$	1,204,833,124	$	1,855,208,788	$	690,545,181	$	1,254,027,085	$	199,309,119	$	1,104,951

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


38		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of operations—six months ended August 31, 2015 (unaudited)


	Target Today Fund			Target 2010 Fund			Target 2015 Fund			Target 2020 Fund			Target 2025 Fund

Investment income
Interest allocated from affiliated Master Portfolios*	$	4,927,305		$	4,107,028		$	7,149,841		$	21,407,191		$	15,038,739
Dividends allocated from affiliated Master Portfolios**		1,261,893			1,129,230			2,319,425			10,732,862			12,732,026
Affiliated income allocated from affiliated Master Portfolios		34,566			29,940			55,435			205,672			170,128
Securities lending income allocated from affiliated Master Portfolios		32,992			29,629			60,592			273,403			321,206
Expenses allocated from affiliated Master Portfolios		(539,146	)		(421,131	)		(664,897	)		(2,229,392	)		(1,945,669	)

Total investment income		5,717,610			4,874,696			8,920,396			30,389,736			26,316,430


Expenses
Management fee		970,782			748,181			1,106,045			3,460,608			3,026,593
Administration fees
Class A		18,253			31,072			2,746			77,652			6,108
Class B		6			16			N/A			122			N/A
Class C		4,111			2,916			N/A			6,773			N/A
Class R		34			64			60			772			1,211
Class R4		130,699			55,577			65,991			296,085			141,717
Class R6		36,219			28,913			60,462			171,394			223,700
Administrator Class		48,797			78,914			93,475			355,310			191,776
Investor Class		100,320			91,810			163,473			318,302			380,540
Shareholder servicing fees
Class A		18,744			31,873			2,815			79,725			6,295
Class B		6			18			N/A			124			N/A
Class C		4,221			2,983			N/A			6,955			N/A
Class R		35			66			62			777			1,238
Class R4		163,160			69,210			81,802			367,724			175,685
Administrator Class		112,319			181,962			214,209			809,195			436,173
Investor Class		78,375			71,726			127,713			248,673			297,297
Distribution fees
Class B		19			55			N/A			373			N/A
Class C		12,664			8,948			N/A			20,866			N/A
Class R		35			66			62			777			1,238
Custody and accounting fees		14,610			10,678			16,490			53,163			46,720
Professional fees		14,761			14,351			15,088			15,339			14,351
Registration fees		46,583			44,324			29,617			45,560			35,487
Shareholder report expenses		847			13,187			5,916			38,027			29,505
Trustees’ fees and expenses		5,261			4,943			4,762			5,563			5,564
Other fees and expenses		11,831			8,978			7,483			19,266			12,653

Total expenses		1,792,692			1,500,831			1,998,271			6,399,125			5,033,851
Less: Fee waivers and/or expense reimbursements		(587,093	)		(423,180	)		(554,697	)		(1,287,760	)		(1,152,542	)

Net expenses		1,205,599			1,077,651			1,443,574			5,111,365			3,881,309

Net investment income		4,512,011			3,797,045			7,476,822			25,278,371			22,435,121


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transaction allocated from affiliated Master Portfolios		76,856			139,276			611,932			6,439,215			10,843,443

Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios		(18,376,955	)		(15,913,836	)		(30,600,520	)		(121,987,166	)		(126,525,256	)

Net realized and unrealized gains (losses) on investments		(18,300,099	)		(15,774,560	)		(29,988,588	)		(115,547,951	)		(115,681,813	)

Net decrease in net assets resulting from operations	$	(13,788,088	)	$	(11,977,515	)	$	(22,511,766	)	$	(90,269,580	)	$	(93,246,692	)


* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$40,918			$34,772			$62,430			$187,358			$131,285
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$72,611			$65,118			$133,777			$617,515			$733,181

¹	For the period from July 1, 2015 (commencement of Fund operations) to August 31, 2015

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


Statements of operations—six months ended August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			39


Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund			Target 2050 Fund			Target 2055 Fund			Target 2060 Fund¹


$	13,862,771		$	4,383,836		$	4,070,134		$	878,331		$	1,254,451		$	166,708		$	298
	20,391,688			11,884,580			21,014,287			8,341,923			15,392,440			2,034,597			2,702
	200,968			89,718			131,461			46,763			83,804			11,820			61
	511,484			294,968			517,694			205,077			377,350			49,435			12
	(2,426,340	)		(1,166,264	)		(1,816,148	)		(671,922	)		(1,216,215	)		(161,229	)		(275	)

	32,540,571			15,486,838			23,917,428			8,800,172			15,891,830			2,101,331			2,798



	3,735,689			1,845,535			2,813,794			1,091,764			1,914,294			265,747			365

	74,679			4,998			134,734			4,320			3,502			2,311			36
	141			N/A			141			N/A			N/A			N/A			N/A
	6,211			N/A			7,087			N/A			1,013			N/A			36
	852			44			231			39			38			39			35
	351,263			122,305			265,576			70,838			145,508			13,314			14
	188,137			107,990			139,373			61,366			127,729			21,307			20
	341,292			123,393			228,309			72,695			124,517			7,634			62
	339,182			321,060			218,863			182,890			108,436			14,888			N/A

	76,710			5,162			138,302			4,447			3,625			2,393			43
	145			N/A			145			N/A			N/A			N/A			N/A
	6,389			N/A			7,282			N/A			1,048			N/A			42
	892			46			246			39			39			40			42
	436,279			151,130			329,981			87,804			180,956			16,435			17
	777,161			280,700			519,642			165,216			283,083			16,646			120
	264,986			250,827			170,987			142,883			84,716			11,631			N/A

	435			N/A			436			N/A			N/A			N/A			N/A
	19,166			N/A			21,844			N/A			3,145			N/A			127
	892			46			246			39			39			40			42
	57,559			27,432			43,093			16,353			28,695			4,585			312
	14,838			14,558			14,766			15,394			14,364			15,950			6,314
	64,722			32,354			66,486			40,262			41,784			39,054			10,277
	35,991			22,064			33,670			17,918			23,120			205			2,998
	5,263			5,047			4,441			4,469			5,047			5,940			2,439
	26,454			13,071			22,375			8,746			5,619			7,204			813

	6,825,328			3,327,762			5,182,050			1,987,482			3,100,317			445,363			24,154
	(1,261,687	)		(606,357	)		(892,320	)		(419,238	)		(645,560	)		(155,824	)		(23,158	)

	5,563,641			2,721,405			4,289,730			1,568,244			2,454,757			289,539			996

	26,976,930			12,765,433			19,627,698			7,231,928			13,437,073			1,811,792			1,802



	20,550,093			13,122,412			24,327,570			9,900,115			18,402,480			2,420,607			2,371

	(184,558,180	)		(103,244,260	)		(178,604,856	)		(70,312,153	)		(128,066,362	)		(17,776,093	)		(67,118	)

	(164,008,087	)		(90,121,848	)		(154,277,286	)		(60,412,038	)		(109,663,882	)		(15,355,486	)		(64,747	)

$	(137,031,157	)	$	(77,356,415	)	$	(134,649,588	)	$	(53,180,110	)	$	(96,226,809	)	$	(13,543,694	)	$	(62,945	)


	$120,567			$37,846			$34,635			$7,278			$10,234			$1,355			$2

	$1,174,881			$683,462			$1,207,130			$479,162			$883,679			$116,386			$113

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


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


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

Operations
Net investment income			$	4,512,011				$	12,579,456
Net realized gains on investments				76,856					6,346,242
Net change in unrealized gains (losses) on investments				(18,376,955	)				(1,840,701	)

Net increase (decrease) in net assets resulting from operations				(13,788,088	)				17,084,997


Distributions to shareholders from
Net investment income
Class A				0					(193,927	)
Class B				0					(78	)
Class C				0					(15,619	)
Class R				0					(262	)
Class R4				0					(5,322,411	)
Class R6				0					(4,061,528	)
Administrator Class				0					(1,449,242	)
Investor Class				0					(795,078	)
Net realized gains
Class A				0					(153,080	)
Class B				0					(179	)
Class C				0					(34,694	)
Class R				0					(257	)
Class R4				0					(3,250,286	)
Class R6				0					(2,329,902	)
Administrator Class				0					(1,015,397	)
Investor Class				0					(666,758	)

Total distributions to shareholders				0					(19,288,698	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		19,746		211,746			76,294		833,129
Class C		8,487		93,003			48,463		538,402
Class R		49		532			143		1,538
Class R4		1,998,461		21,975,386			4,754,596		53,006,154
Class R6		6,465,413		70,840,023			8,344,183		92,749,454
Administrator Class		712,052		7,813,973			2,005,642		22,261,985
Investor Class		331,112		3,628,045			1,651,999		18,300,793

				104,562,708					187,691,455

Reinvestment of distributions
Class A		0		0			31,062		334,626
Class B		0		0			23		257
Class C		0		0			4,421		48,723
Class R		0		0			48		519
Class R4		0		0			775,475		8,541,537
Class R6		0		0			572,847		6,301,510
Administrator Class		0		0			223,809		2,459,328
Investor Class		0		0			132,462		1,453,568

				0					19,140,068

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			41


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

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(99,885	)	$	(1,071,284	)		(279,921	)	$	(3,045,371	)
Class B		(578	)		(6,472	)		(3,543	)		(40,062	)
Class C		(20,036	)		(219,983	)		(125,361	)		(1,399,945	)
Class R4		(4,233,891	)		(46,487,293	)		(8,052,045	)		(89,790,655	)
Class R6		(5,581,436	)		(61,199,071	)		(8,292,123	)		(92,089,807	)
Administrator Class		(3,244,503	)		(35,440,308	)		(3,756,108	)		(41,651,307	)
Investor Class		(773,358	)		(8,454,844	)		(2,420,301	)		(26,777,449	)

					(152,879,255	)					(254,794,596	)

Net decrease in net assets resulting from capital share transactions					(48,316,547	)					(47,963,073	)

Total decrease in net assets					(62,104,635	)					(50,166,774	)


Net assets
Beginning of period					762,435,303						812,602,077

End of period				$	700,330,668					$	762,435,303

Undistributed (overdistributed) net investment income				$	4,198,193					$	(313,818	)

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


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


	Target 2010 Fund
	Six months ended August 31, 2015 (unaudited)					Year ended February 28, 2015

Operations
Net investment income			$	3,797,045				$	11,165,066
Net realized gains on investments				139,276					9,529,742
Net change in unrealized gains (losses) on investments				(15,913,836	)				(4,512,446	)

Net increase (decrease) in net assets resulting from operations				(11,977,515	)				16,182,362


Distributions to shareholders from
Net investment income
Class A				0					(372,432	)
Class B				0					(216	)
Class C				0					(15,256	)
Class R				0					(296	)
Class R4				0					(2,694,729	)
Class R6				0					(4,195,148	)
Administrator Class				0					(2,682,826	)
Investor Class				0					(775,365	)
Net realized gains
Class A				0					(558,316	)
Class B				0					(337	)
Class C				0					(55,739	)
Class R				0					(544	)
Class R4				0					(3,102,924	)
Class R6				0					(4,601,232	)
Administrator Class				0					(3,552,844	)
Investor Class				0					(1,234,798	)

Total distributions to shareholders				0					(23,843,002	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		16,720		218,432			115,224		1,538,697
Class B		2,193		29,082			233		3,142
Class C		3,856		51,251			40,467		545,273
Class R		8		97			1,975		25,879
Class R4		1,063,341		14,046,655			2,640,225		35,515,055
Class R6		5,826,048		76,643,305			4,876,500		65,632,435
Administrator Class		772,455		10,201,240			2,134,780		28,689,998
Investor Class		223,941		2,943,957			1,046,657		14,058,094

				104,134,019					146,008,573

Reinvestment of distributions
Class A		0		0			69,322		910,162
Class B		0		0			41		550
Class C		0		0			5,162		68,661
Class R		0		0			64		840
Class R4		0		0			434,495		5,764,531
Class R6		0		0			653,875		8,672,700
Administrator Class		0		0			470,299		6,235,670
Investor Class		0		0			151,674		2,004,970

				0					23,658,084

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			43


	Target 2010 Fund
	Six months ended August 31, 2015 (unaudited)						Year ended February 28, 2015

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(203,200	)	$	(2,648,842	)		(553,921	)	$	(7,389,135	)
Class B		(619	)		(8,238	)		(8,169	)		(110,644	)
Class C		(46,417	)		(618,869	)		(55,775	)		(755,424	)
Class R4		(3,093,395	)		(40,731,449	)		(6,709,692	)		(90,398,783	)
Class R6		(3,350,796	)		(44,233,434	)		(9,626,934	)		(128,714,718	)
Administrator Class		(5,146,209	)		(67,660,426	)		(4,902,108	)		(65,963,802	)
Investor Class		(629,808	)		(8,268,024	)		(1,177,152	)		(15,798,042	)

					(164,169,282	)					(309,130,548	)

Net decrease in net assets resulting from capital share transactions					(60,035,263	)					(139,463,891	)

Total decrease in net assets					(72,012,778	)					(147,124,531	)


Net assets
Beginning of period					591,189,894						738,314,425

End of period				$	519,177,116					$	591,189,894

Undistributed (overdistributed) net investment income				$	3,362,497					$	(434,548	)

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


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


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

Operations
Net investment income				$	7,476,822					$	16,340,925
Net realized gains on investments					611,932						11,085,269
Net change in unrealized gains (losses) on investments					(30,600,520	)					910,797

Net increase (decrease) in net assets resulting from operations					(22,511,766	)					28,336,991


Distributions to shareholders from
Net investment income
Class A					(10,857	)					(7,261	)
Class R					(197	)					(274	)
Class R4					(900,028	)					(2,991,541	)
Class R6					(2,201,131	)					(7,786,763	)
Administrator Class					(856,842	)					(2,901,440	)
Investor Class					(444,304	)					(1,424,728	)
Net realized gains
Class A					0						(9,641	)
Class R					0						(312	)
Class R4					0						(2,088,489	)
Class R6					0						(5,103,131	)
Administrator Class					0						(2,314,961	)
Investor Class					0						(1,311,117	)

Total distributions to shareholders					(4,413,359	)					(25,939,658	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		65,002			667,244			162,058			1,681,646
Class R		31			329			2,714			28,552
Class R4		1,275,594			13,161,235			4,387,585			45,737,459
Class R6		8,060,541			82,583,984			10,572,473			110,001,058
Administrator Class		1,212,621			12,655,999			2,999,551			31,585,482
Investor Class		724,431			7,560,923			4,221,952			44,493,095

					116,629,714						233,527,292

Reinvestment of distributions
Class A		859			8,879			1,126			11,607
Class R		19			197			56			586
Class R4		86,792			900,028			476,544			4,933,817
Class R6		201,560			2,088,158			1,221,987			12,630,860
Administrator Class		81,605			856,035			497,933			5,211,869
Investor Class		42,242			443,962			260,854			2,732,022

					4,297,259						25,520,761

Payment for shares redeemed
Class A		(36,901	)		(376,964	)		(7,974	)		(83,464	)
Class R		0			0			(575	)		(6,033	)
Class R4		(4,521,237	)		(46,488,674	)		(5,768,079	)		(60,225,717	)
Class R6		(8,813,559	)		(90,710,344	)		(13,518,452	)		(140,547,212	)
Administrator Class		(5,407,968	)		(56,127,160	)		(5,780,723	)		(60,831,438	)
Investor Class		(1,854,291	)		(19,309,360	)		(5,886,688	)		(62,047,217	)

					(213,012,502	)					(323,741,081	)

Net decrease in net assets resulting from capital share transactions					(92,085,529	)					(64,693,028	)

Total decrease in net assets					(119,010,654	)					(62,295,695	)


Net assets
Beginning of period					899,090,768						961,386,463

End of period				$	780,080,114					$	899,090,768

Undistributed net investment income				$	3,520,076					$	456,613

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			45


	Target 2020 Fund
	Six months ended August 31, 2015 (unaudited)					Year ended February 28, 2015

Operations
Net investment income			$	25,278,371				$	48,427,145
Net realized gains on investments				6,439,215					45,142,412
Net change in unrealized gains (losses) on investments				(121,987,166	)				15,049,419

Net increase (decrease) in net assets resulting from operations				(90,269,580	)				108,618,976


Distributions to shareholders from
Net investment income
Class A				(170,297	)				(805,193	)
Class B				(108	)				(415	)
Class C				(6,481	)				(26,934	)
Class R				(1,980	)				(438	)
Class R4				(2,552,302	)				(12,118,889	)
Class R6				(4,027,535	)				(19,550,520	)
Administrator Class				(1,941,486	)				(10,022,105	)
Investor Class				(494,021	)				(2,398,092	)
Net realized gains
Class A				0					(1,074,379	)
Class B				0					(2,266	)
Class C				0					(89,158	)
Class R				0					(670	)
Class R4				0					(12,378,349	)
Class R6				0					(18,703,305	)
Administrator Class				0					(11,495,111	)
Investor Class				0					(3,333,062	)

Total distributions to shareholders				(9,194,210	)				(91,998,886	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		141,660		2,139,943			332,964		5,068,995
Class B		0		0			1,217		18,882
Class C		43,753		656,656			109,454		1,654,845
Class R		637		9,527			47,212		711,108
Class R4		4,822,663		74,021,520			13,205,968		204,555,577
Class R6		15,969,379		244,248,878			22,727,943		351,507,165
Administrator Class		3,790,565		58,023,349			7,379,940		113,872,356
Investor Class		908,550		13,882,680			3,864,596		59,607,607

				392,982,553					736,996,535

Reinvestment of distributions
Class A		10,772		163,413			119,695		1,811,214
Class B		7		108			178		2,681
Class C		392		5,922			7,150		107,398
Class R		131		1,980			74		1,108
Class R4		165,412		2,552,302			1,564,995		24,113,004
Class R6		250,261		3,859,026			2,444,577		37,647,898
Administrator Class		126,123		1,941,036			1,400,855		21,514,123
Investor Class		32,030		492,292			372,720		5,713,646

				9,016,079					90,911,072

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


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


	Target 2020 Fund
	Six months ended August 31, 2015 (unaudited)						Year ended February 28, 2015

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(273,553	)	$	(4,125,991	)		(1,209,035	)	$	(18,370,974	)
Class B		(826	)		(12,482	)		(10,029	)		(152,201	)
Class C		(41,099	)		(616,671	)		(98,646	)		(1,489,341	)
Class R		(22,474	)		(335,893	)		(65	)		(988	)
Class R4		(10,239,393	)		(156,630,206	)		(17,075,251	)		(264,192,490	)
Class R6		(10,114,030	)		(155,055,983	)		(22,438,223	)		(345,508,507	)
Administrator Class		(8,418,545	)		(128,100,983	)		(14,005,572	)		(215,788,425	)
Investor Class		(1,326,161	)		(20,253,957	)		(3,680,547	)		(56,709,750	)

					(465,132,166	)					(902,212,676	)

Net decrease in net assets resulting from capital share transactions					(63,133,534	)					(74,305,069	)

Total decrease in net assets					(162,597,324	)					(57,684,979	)


Net assets
Beginning of period					2,832,376,674						2,890,061,653

End of period				$	2,669,779,350					$	2,832,376,674

Undistributed (overdistributed) net investment income				$	13,615,853					$	(2,468,308	)

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			47


	Target 2025 Fund
	Six months ended August 31, 2015 (unaudited)						Year ended February 28, 2015

Operations
Net investment income				$	22,435,121					$	39,901,505
Net realized gains on investments					10,843,443						47,430,933
Net change in unrealized gains (losses) on investments					(126,525,256	)					26,867,519

Net increase (decrease) in net assets resulting from operations					(93,246,692	)					114,199,957


Distributions to shareholders from
Net investment income
Class A					(22,538	)					(28,073	)
Class R					(3,466	)					(261	)
Class R4					(2,054,097	)					(5,527,487	)
Class R6					(9,561,349	)					(24,228,949	)
Administrator Class					(1,693,475	)					(4,882,326	)
Investor Class					(920,621	)					(2,773,040	)
Net realized gains
Class A					0						(50,943	)
Class R					0						(531	)
Class R4					0						(6,791,913	)
Class R6					0						(27,332,563	)
Administrator Class					0						(6,990,413	)
Investor Class					0						(4,598,742	)

Total distributions to shareholders					(14,255,546	)					(83,205,241	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		304,681			3,227,659			193,440			2,055,090
Class R		1,650			17,440			96,568			1,019,043
Class R4		4,055,556			43,081,693			12,369,706			131,672,935
Class R6		20,192,084			213,044,042			24,877,513			264,398,662
Administrator Class		3,313,538			35,281,301			5,487,009			58,546,886
Investor Class		2,462,319			26,133,876			8,898,622			94,618,438

					320,786,011						552,311,054

Reinvestment of distributions
Class A		1,696			17,990			5,987			63,100
Class R		325			3,466			75			792
Class R4		193,122			2,054,097			1,109,964			11,734,557
Class R6		865,224			9,197,341			4,812,369			50,835,459
Administrator Class		157,998			1,685,139			1,115,960			11,817,389
Investor Class		86,260			919,238			696,636			7,364,420

					13,877,271						81,815,717

Payment for shares redeemed
Class A		(94,383	)		(1,001,668	)		(31,254	)		(332,561	)
Class R		(13,256	)		(139,626	)		(2,864	)		(30,440	)
Class R4		(10,262,384	)		(108,365,960	)		(11,548,137	)		(123,103,664	)
Class R6		(14,715,905	)		(155,754,356	)		(24,655,559	)		(261,874,834	)
Administrator Class		(5,010,701	)		(52,833,105	)		(7,330,097	)		(77,900,680	)
Investor Class		(3,610,377	)		(38,270,877	)		(9,170,854	)		(97,472,429	)

					(356,365,592	)					(560,714,608	)

Net increase (decrease) in net assets resulting from capital share transactions					(21,702,310	)					73,412,163

Total increase (decrease) in net assets					(129,204,548	)					104,406,879


Net assets
Beginning of period					2,459,994,709						2,355,587,830

End of period				$	2,330,790,161					$	2,459,994,709

Undistributed (overdistributed) net investment income				$	6,207,895					$	(1,971,680	)

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


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


	Target 2030 Fund
	Six months ended August 31, 2015 (unaudited)					Year ended February 28, 2015

Operations
Net investment income			$	26,976,930				$	45,711,630
Net realized gains on investments				20,550,093					62,882,063
Net change in unrealized gains (losses) on investments				(184,558,180	)				58,066,749

Net increase (decrease) in net assets resulting from operations				(137,031,157	)				166,660,442


Distributions to shareholders from
Net investment income
Class A				(273,721	)				(677,442	)
Class B				(120	)				(185	)
Class C				(6,362	)				(22,094	)
Class R				(2,833	)				(326	)
Class R4				(5,247,819	)				(12,983,490	)
Class R6				(8,316,686	)				(18,844,775	)
Administrator Class				(3,203,359	)				(8,903,080	)
Investor Class				(872,097	)				(2,348,244	)
Net realized gains
Class A				0					(1,194,652	)
Class B				0					(2,255	)
Class C				0					(96,274	)
Class R				0					(743	)
Class R4				0					(17,426,491	)
Class R6				0					(23,787,717	)
Administrator Class				0					(13,435,518	)
Investor Class				0					(4,383,229	)

Total distributions to shareholders				(17,922,997	)				(104,106,515	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		208,737		3,504,377			287,115		4,817,582
Class B		2,151		35,339			2,828		46,220
Class C		43,987		721,645			125,909		2,065,538
Class R		23,718		399,003			33,788		560,396
Class R4		6,093,822		104,079,801			15,077,292		256,115,112
Class R6		18,062,635		305,738,699			22,897,141		387,933,027
Administrator Class		3,888,718		66,334,950			7,619,354		129,264,505
Investor Class		891,739		15,195,161			3,392,493		57,420,934

				496,008,975					838,223,314

Reinvestment of distributions
Class A		15,463		261,321			107,203		1,789,136
Class B		7		120			144		2,360
Class C		362		5,992			6,950		113,052
Class R		168		2,833			64		1,069
Class R4		306,553		5,247,819			1,756,668		29,735,963
Class R6		466,402		7,975,430			2,487,695		42,066,542
Administrator Class		187,214		3,203,107			1,321,041		22,337,020
Investor Class		50,917		869,155			399,100		6,724,149

				17,565,777					102,769,291

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			49


	Target 2030 Fund
	Six months ended August 31, 2015 (unaudited)						Year ended February 28, 2015

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(185,159	)	$	(3,114,755	)		(766,381	)	$	(12,834,931	)
Class B		(1,879	)		(30,922	)		(13,728	)		(227,331	)
Class C		(35,723	)		(587,474	)		(82,183	)		(1,349,794	)
Class R		(5,550	)		(93,476	)		0			0
Class R4		(10,198,568	)		(172,703,574	)		(15,224,651	)		(258,025,158	)
Class R6		(7,787,420	)		(132,334,857	)		(18,824,306	)		(317,477,733	)
Administrator Class		(7,944,512	)		(134,161,408	)		(12,267,461	)		(208,120,743	)
Investor Class		(1,330,515	)		(22,595,022	)		(3,179,985	)		(53,799,875	)

					(465,621,488	)					(851,835,565	)

Net increase in net assets resulting from capital share transactions					47,953,264						89,157,040

Total increase (decrease) in net assets					(107,000,890	)					151,710,967


Net assets
Beginning of period					3,008,721,977						2,857,011,010

End of period				$	2,901,721,087					$	3,008,721,977

Undistributed (overdistributed) net investment income				$	6,913,423					$	(2,140,510	)

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


50		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2035 Fund
	Six months ended August 31, 2015 (unaudited)						Year ended February 28, 2015

Operations
Net investment income				$	12,765,433					$	20,153,221
Net realized gains on investments					13,122,412						33,457,133
Net change in unrealized gains (losses) on investments					(103,244,260	)					35,931,372

Net increase (decrease) in net assets resulting from operations					(77,356,415	)					89,541,726


Distributions to shareholders from
Net investment income
Class A					(22,085	)					(11,351	)
Class R					(132	)					(250	)
Class R4					(1,918,000	)					(4,552,684	)
Class R6					(5,020,968	)					(9,894,055	)
Administrator Class					(1,224,313	)					(3,059,865	)
Investor Class					(875,084	)					(2,085,101	)
Net realized gains
Class A					0						(29,087	)
Class R					0						(656	)
Class R4					0						(7,080,852	)
Class R6					0						(14,319,031	)
Administrator Class					0						(5,534,387	)
Investor Class					0						(4,473,743	)

Total distributions to shareholders					(9,060,582	)					(51,041,062	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		301,639			3,372,603			114,832			1,280,174
Class R		179			2,016			545			6,020
Class R4		3,582,816			40,382,619			10,380,792			115,655,302
Class R6		17,631,749			196,421,167			18,863,675			209,442,897
Administrator Class		2,416,041			27,247,739			4,208,426			46,948,953
Investor Class		1,698,664			19,189,737			6,439,216			71,934,041

					286,615,881						445,267,387

Reinvestment of distributions
Class A		1,690			19,089			2,870			31,736
Class R		12			132			81			906
Class R4		169,633			1,918,000			989,874			10,971,113
Class R6		418,132			4,729,186			2,147,916			23,805,055
Administrator Class		107,855			1,224,313			773,417			8,594,252
Investor Class		76,557			872,744			586,245			6,537,377

					8,763,464						49,940,439

Payment for shares redeemed
Class A		(53,867	)		(606,279	)		(17,838	)		(196,024	)
Class R		(4	)		(43	)		0			0
Class R4		(9,326,191	)		(103,818,938	)		(9,317,000	)		(103,785,972	)
Class R6		(7,705,364	)		(86,179,192	)		(13,191,769	)		(146,573,687	)
Administrator Class		(3,610,944	)		(40,326,636	)		(6,348,959	)		(70,757,422	)
Investor Class		(2,241,097	)		(25,355,302	)		(6,547,622	)		(73,361,779	)

					(256,286,390	)					(394,674,884	)

Net increase in net assets resulting from capital share transactions					39,092,955						100,532,942

Total increase (decrease) in net assets					(47,324,042	)					139,033,606


Net assets
Beginning of period					1,437,623,144						1,298,589,538

End of period				$	1,390,299,102					$	1,437,623,144

Undistributed (overdistributed) net investment income				$	3,083,802					$	(621,049	)

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			51


	Target 2040 Fund
	Six months ended August 31, 2015 (unaudited)					Year ended February 28, 2015

Operations
Net investment income			$	19,627,698				$	30,763,554
Net realized gains on investments				24,327,570					55,045,410
Net change in unrealized gains (losses) on investments				(178,604,856	)				66,613,709

Net increase (decrease) in net assets resulting from operations				(134,649,588	)				152,422,673


Distributions to shareholders from
Net investment income
Class A				(543,471	)				(1,200,968	)
Class B				(264	)				(162	)
Class C				(11,913	)				(27,146	)
Class R				(1,200	)				(317	)
Class R4				(4,200,245	)				(9,396,375	)
Class R6				(6,808,212	)				(12,820,610	)
Administrator Class				(2,287,623	)				(5,636,830	)
Investor Class				(625,767	)				(1,387,777	)
Net realized gains
Class A				0					(2,598,504	)
Class B				0					(2,154	)
Class C				0					(142,159	)
Class R				0					(1,094	)
Class R4				0					(15,496,021	)
Class R6				0					(19,650,977	)
Administrator Class				0					(10,548,319	)
Investor Class				0					(3,215,848	)

Total distributions to shareholders				(14,478,695	)				(82,125,261	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		187,881		3,631,475			248,238		4,727,578
Class B		3,525		64,849			4,390		79,100
Class C		21,412		392,374			70,624		1,271,545
Class R		9,072		174,692			5,447		103,428
Class R4		4,478,786		88,780,790			10,396,030		202,679,270
Class R6		12,317,386		242,116,838			17,044,949		331,812,232
Administrator Class		2,779,005		54,994,697			5,460,838		106,401,212
Investor Class		695,267		13,734,256			2,322,122		45,117,301

				403,889,971					692,191,666

Reinvestment of distributions
Class A		26,719		524,502			193,344		3,685,810
Class B		14		264			127		2,310
Class C		601		11,102			9,061		162,266
Class R		61		1,200			74		1,411
Class R4		209,802		4,200,245			1,230,631		23,951,901
Class R6		325,024		6,506,977			1,653,217		32,175,865
Administrator Class		114,431		2,287,466			833,285		16,184,178
Investor Class		31,251		623,774			237,509		4,600,208

				14,155,530					80,763,949

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


52		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2040 Fund
	Six months ended August 31, 2015 (unaudited)						Year ended February 28, 2015

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(317,326	)	$	(6,185,862	)		(755,113	)	$	(14,385,005	)
Class B		(2,164	)		(39,828	)		(18,915	)		(345,883	)
Class C		(15,683	)		(285,797	)		(36,652	)		(660,629	)
Class R		(435	)		(8,279	)		0			0
Class R4		(7,145,396	)		(140,371,892	)		(10,508,338	)		(204,163,089	)
Class R6		(5,252,958	)��		(103,622,069	)		(12,495,518	)		(242,417,640	)
Administrator Class		(4,473,751	)		(87,730,584	)		(8,299,886	)		(161,699,797	)
Investor Class		(826,553	)		(16,342,895	)		(1,854,197	)		(36,094,967	)

					(354,587,206	)					(659,767,010	)

Net increase in net assets resulting from capital share transactions					63,458,295						113,188,605

Total increase (decrease) in net assets					(85,669,988	)					183,486,017


Net assets
Beginning of period					2,235,262,806						2,051,776,789

End of period				$	2,149,592,818					$	2,235,262,806

Undistributed (overdistributed) net investment income				$	3,861,810					$	(1,287,193	)

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			53


	Target 2045 Fund
	Six months ended August 31, 2015 (unaudited)						Year ended February 28, 2015

Operations
Net investment income				$	7,231,928					$	10,576,686
Net realized gains on investments					9,900,115						19,864,670
Net change in unrealized gains (losses) on investments					(70,312,153	)					26,681,722

Net increase (decrease) in net assets resulting from operations					(53,180,110	)					57,123,078


Distributions to shareholders from
Net investment income
Class A					(21,523	)					(4,751	)
Class R					(121	)					(247	)
Class R4					(1,155,028	)					(2,617,228	)
Class R6					(3,008,071	)					(5,166,673	)
Administrator Class					(752,573	)					(1,635,865	)
Investor Class					(538,069	)					(1,132,164	)
Net realized gains
Class A					0						(13,358	)
Class R					0						(703	)
Class R4					0						(4,476,964	)
Class R6					0						(8,195,905	)
Administrator Class					0						(3,243,944	)
Investor Class					0						(2,649,359	)

Total distributions to shareholders					(5,475,385	)					(29,137,161	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		334,149			3,897,872			58,029			672,191
Class R		88			1,037			0			0
Class R4		2,642,661			31,343,480			6,501,870			75,580,382
Class R6		12,357,896			144,446,504			13,810,098			159,727,329
Administrator Class		1,794,604			21,267,348			2,816,193			32,835,072
Investor Class		1,198,863			14,275,080			4,019,390			46,841,917

					215,231,321						315,656,891

Reinvestment of distributions
Class A		1,722			20,458			1,189			13,695
Class R		10			121			82			950
Class R4		96,928			1,155,028			582,555			6,736,071
Class R6		240,165			2,859,254			1,145,292			13,219,684
Administrator Class		62,781			752,573			420,200			4,879,809
Investor Class		44,672			537,657			324,494			3,780,828

					5,325,091						28,631,037

Payment for shares redeemed
Class A		(72,049	)		(852,976	)		(6,857	)		(78,742	)
Class R4		(6,873,344	)		(80,469,655	)		(5,573,386	)		(64,551,943	)
Class R6		(5,162,740	)		(60,404,141	)		(9,472,525	)		(109,431,742	)
Administrator Class		(1,887,309	)		(22,133,377	)		(3,325,706	)		(38,732,067	)
Investor Class		(1,334,305	)		(15,752,510	)		(4,417,063	)		(51,650,841	)

					(179,612,659	)					(264,445,335	)

Net increase in net assets resulting from capital share transactions					40,943,753						79,842,593

Total increase (decrease) in net assets					(17,711,742	)					107,828,510


Net assets
Beginning of period					811,066,461						703,237,951

End of period				$	793,354,719					$	811,066,461

Undistributed (overdistributed) net investment income				$	1,620,495					$	(136,048	)

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


54		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2050 Fund
	Six months ended August 31, 2015 (unaudited)					Year ended February 28, 2015

Operations
Net investment income			$	13,437,073				$	19,808,520
Net realized gains on investments				18,402,480					35,317,428
Net change in unrealized gains (losses) on investments				(128,066,362	)				50,315,014

Net increase (decrease) in net assets resulting from operations				(96,226,809	)				105,440,962


Distributions to shareholders from
Net investment income
Class A				(16,930	)				(15,095	)
Class C				(1,755	)				(2,499	)
Class R				(130	)				(245	)
Class R4				(2,389,508	)				(4,752,783	)
Class R6				(6,300,134	)				(11,612,453	)
Administrator Class				(1,304,734	)				(2,763,125	)
Investor Class				(325,238	)				(638,678	)
Net realized gains
Class A				0					(37,156	)
Class C				0					(11,600	)
Class R				0					(701	)
Class R4				0					(8,141,008	)
Class R6				0					(17,983,426	)
Administrator Class				0					(5,450,426	)
Investor Class				0					(1,515,960	)

Total distributions to shareholders				(10,338,429	)				(52,925,155	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		168,632		1,898,541			145,308		1,612,319
Class C		28,244		310,242			54,216		596,455
Class R		77		870			0		0
Class R4		6,024,981		68,249,834			12,897,710		143,215,243
Class R6		19,517,539		219,026,893			22,630,728		250,814,920
Administrator Class		4,263,073		48,113,055			7,797,521		86,417,872
Investor Class		752,001		8,481,976			1,824,093		20,266,596

				346,081,411					502,923,405

Reinvestment of distributions
Class A		1,383		15,796			4,290		47,332
Class C		139		1,581			1,193		13,102
Class R		12		130			85		946
Class R4		208,508		2,389,508			1,111,045		12,310,941
Class R6		529,186		6,064,473			2,638,935		29,242,116
Administrator Class		114,150		1,304,734			743,580		8,213,551
Investor Class		28,326		324,898			194,356		2,151,939

				10,101,120					51,979,927

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			55


	Target 2050 Fund
	Six months ended August 31, 2015 (unaudited)						Year ended February 28, 2015

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(16,709	)	$	(190,349	)		(25,107	)	$	(274,134	)
Class C		(2,538	)		(28,372	)		(5,104	)		(56,689	)
Class R4		(7,059,094	)		(79,040,366	)		(10,346,898	)		(114,627,049	)
Class R6		(13,071,694	)		(148,424,727	)		(16,661,031	)		(184,525,342	)
Administrator Class		(4,745,083	)		(53,190,339	)		(7,098,101	)		(78,782,008	)
Investor Class		(674,775	)		(7,636,852	)		(1,432,520	)		(15,910,898	)

					(288,511,005	)					(394,176,120	)

Net increase in net assets resulting from capital share transactions					67,671,526						160,727,212

Total increase (decrease) in net assets					(38,893,712	)					213,243,019


Net assets
Beginning of period					1,475,472,886						1,262,229,867

End of period				$	1,436,579,174					$	1,475,472,886

Undistributed (overdistributed) net investment income				$	2,642,280					$	(456,364	)

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


56		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


		Target 2055 Fund
		Six months ended August 31, 2015 (unaudited)						Year ended February 28, 2015

Operations
Net investment income					$	1,811,792					$	2,092,298
Net realized gains on investments						2,420,607						1,827,847
Net change in unrealized gains (losses) on investments						(17,776,093	)					8,032,555

Net increase (decrease) in net assets resulting from operations						(13,543,694	)					11,952,700


Distributions to shareholders from
Net investment income
Class A						(9,414	)					(3,680	)
Class R						(128	)					(244	)
Class R4						(211,361	)					(381,201	)
Class R6						(1,026,531	)					(1,475,369	)
Administrator Class						(79,239	)					(115,825	)
Investor Class						(45,952	)					(61,709	)
Net realized gains
Class A						0						(4,743	)
Class R						0						(331	)
Class R4						0						(350,837	)
Class R6						0						(1,205,150	)
Administrator Class						0						(119,197	)
Investor Class						0						(77,700	)

Total distributions to shareholders						(1,372,625	)					(3,795,986	)


Capital share transactions			Shares						Shares
Proceeds from shares sold
Class A			135,535			1,777,403			41,587			533,025
Class R			394			5,107			0			0
Class R4			988,492			13,105,376			1,799,626			23,161,343
Class R6			5,178,569			67,904,769			6,966,588			89,250,267
Administrator Class			517,118			6,746,169			649,960			8,349,507
Investor Class			260,467			3,413,021			522,230			6,640,366

						92,951,845						127,934,508

Reinvestment of distributions
Class A			638			8,531			538			6,935
Class R			10			128			45			575
Class R4			15,825			211,361			51,913			669,728
Class R6			68,860			918,374			197,157			2,538,592
Administrator Class			5,940			79,239			18,254			235,022
Investor Class			3,470			45,907			10,910			139,268

						1,263,540						3,590,120

Payment for shares redeemed
Class A			(11,213	)		(148,666	)		(4,791	)		(61,175	)
Class R			(6	)		(79	)		0			0
Class R4			(1,270,952	)		(16,674,435	)		(951,781	)		(12,223,183	)
Class R6			(2,653,249	)		(34,768,018	)		(3,515,646	)		(45,157,906	)
Administrator Class			(332,771	)		(4,331,080	)		(398,012	)		(5,101,595	)
Investor Class			(140,252	)		(1,836,133	)		(250,946	)		(3,221,784	)

						(57,758,411	)					(65,765,643	)

Net increase in net assets resulting from capital share transactions	��					36,456,974						65,758,985

Total increase in net assets						21,540,655						73,915,699


Net assets
Beginning of period						181,621,146						107,705,447

End of period					$	203,161,801					$	181,621,146

Undistributed net investment income					$	542,741					$	103,574

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			57


	Target 2060 Fund
	Period ended August 31, 2015¹ (unaudited)

Operations
Net investment income			$	1,802
Net realized gains on investments				2,371
Net change in unrealized gains (losses) on investments				(67,118	)

Net decrease in net assets resulting from operations				(62,945	)


Capital share transactions		Shares
Proceeds from shares sold
Class A		10,508		105,000
Class C		10,299		102,994
Class R		10,000		100,000
Class R4		10,000		100,000
Class R6		40,000		400,000
Administrator Class		38,450		385,347

				1,193,341

Net increase in net assets resulting from capital share transactions				1,193,341

Total increase in net assets				1,130,396


Net assets
Beginning of period				0

End of period			$	1,130,396

Undistributed net investment income			$	1,802

¹	For the period from July 1, 2015 (commencement of Fund operations) to August 31, 2015

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


58		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target Today Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	10.81		0.06			(0.27	)		0.00			0.00		$	10.60
Year ended February 28, 2015	$	10.85		0.15			0.05			(0.13	)		(0.11	)	$	10.81
Year ended February 28, 2014	$	10.84		0.15			0.13			(0.13	)		(0.14	)	$	10.85
Year ended February 28, 2013	$	10.86		0.15	⁴		0.08			(0.17	)		(0.08	)	$	10.84
Year ended February 29, 2012	$	10.56		0.18	⁴		0.39			(0.22	)		(0.05	)	$	10.86
Year ended February 28, 2011	$	10.04		0.18	⁴		0.57			(0.23	)		0.00		$	10.56
Class B
Six months ended August 31, 2015 (unaudited)	$	11.29		0.01	⁴		(0.28	)		0.00			0.00		$	11.02
Year ended February 28, 2015	$	11.30		0.06	⁴		0.06			(0.02	)		(0.11	)	$	11.29
Year ended February 28, 2014	$	11.26		0.07	⁴		0.14			(0.03	)		(0.14	)	$	11.30
Year ended February 28, 2013	$	11.22		0.07	⁴		0.08			(0.03	)		(0.08	)	$	11.26
Year ended February 29, 2012	$	10.87		0.10	⁴		0.41			(0.11	)		(0.05	)	$	11.22
Year ended February 28, 2011	$	10.31		0.11	⁴		0.58			(0.13	)		0.00		$	10.87
Class C
Six months ended August 31, 2015 (unaudited)	$	11.08		0.01	⁴		(0.28	)		0.00			0.00		$	10.81
Year ended February 28, 2015	$	11.11		0.06	⁴		0.06			(0.04	)		(0.11	)	$	11.08
Year ended February 28, 2014	$	11.09		0.06	⁴		0.14			(0.04	)		(0.14	)	$	11.11
Year ended February 28, 2013	$	11.11		0.07			0.08			(0.09	)		(0.08	)	$	11.09
Year ended February 29, 2012	$	10.78		0.10	⁴		0.41			(0.13	)		(0.05	)	$	11.11
Year ended February 28, 2011	$	10.25		0.11	⁴		0.57			(0.15	)		0.00		$	10.78
Class R
Six months ended August 31, 2015 (unaudited)	$	10.80		0.04			(0.27	)		0.00			0.00		$	10.57
Year ended February 28, 2015	$	10.85		0.11			0.06			(0.11	)		(0.11	)	$	10.80
Year ended February 28, 2014⁵	$	10.57		0.07			0.41			(0.06	)		(0.14	)	$	10.85
Class R4
Six months ended August 31, 2015 (unaudited)	$	11.06		0.07			(0.27	)		0.00			0.00		$	10.86
Year ended February 28, 2015	$	11.10		0.18			0.06			(0.17	)		(0.11	)	$	11.06
Year ended February 28, 2014	$	11.08		0.18	⁴		0.15			(0.17	)		(0.14	)	$	11.10
Year ended February 28, 2013⁶	$	11.24		0.05	⁴		(0.06	)		(0.07	)		(0.08	)	$	11.08
Class R6⁷
Six months ended August 31, 2015 (unaudited)	$	11.05		0.08	⁴		(0.28	)		0.00			0.00		$	10.85
Year ended February 28, 2015	$	11.08		0.19			0.08			(0.19	)		(0.11	)	$	11.05
Year ended February 28, 2014	$	11.07		0.20	⁴		0.14			(0.19	)		(0.14	)	$	11.08
Year ended February 28, 2013	$	11.09		0.21			0.08			(0.23	)		(0.08	)	$	11.07
Year ended February 29, 2012	$	10.77		0.24			0.40			(0.27	)		(0.05	)	$	11.09
Year ended February 28, 2011	$	10.24		0.24	⁴		0.58			(0.29	)		0.00		$	10.77
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	11.03		0.07			(0.28	)		0.00			0.00		$	10.82
Year ended February 28, 2015	$	11.07		0.16			0.06			(0.15	)		(0.11	)	$	11.03
Year ended February 28, 2014	$	11.05		0.16			0.14			(0.14	)		(0.14	)	$	11.07
Year ended February 28, 2013	$	11.07		0.17			0.08			(0.19	)		(0.08	)	$	11.05
Year ended February 29, 2012	$	10.75		0.20			0.40			(0.23	)		(0.05	)	$	11.07
Year ended February 28, 2011	$	10.19		0.20	⁴		0.58			(0.22	)		0.00		$	10.75
Investor Class
Six months ended August 31, 2015 (unaudited)	$	11.02		0.05	⁴		(0.28	)		0.00			0.00		$	10.79
Year ended February 28, 2015	$	11.05		0.13			0.07			(0.12	)		(0.11	)	$	11.02
Year ended February 28, 2014	$	11.04		0.14			0.14			(0.13	)		(0.14	)	$	11.05
Year ended February 28, 2013	$	11.05		0.16			0.09			(0.18	)		(0.08	)	$	11.04
Year ended February 29, 2012	$	10.74		0.19			0.40			(0.23	)		(0.05	)	$	11.05
Year ended February 28, 2011	$	10.21		0.20	⁴		0.58			(0.25	)		0.00		$	10.74

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

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			59


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

	0.90	%		0.93	%		0.79	%		(2.04	)%		18	%	$	14,373
	1.26	%		0.98	%		0.81	%		1.83	%		42	%	$	15,537
	1.29	%		1.01	%		0.85	%		2.67	%		40	%	$	17,467
	1.39	%		1.08	%		0.96	%		2.15	%		39	%	$	19,815
	1.69	%		1.08	%		0.96	%		5.47	%		46	%	$	21,822
	1.82	%		1.10	%		0.97	%		7.56	%		51	%	$	22,862

	0.14	%		1.61	%		1.54	%		(2.39	)%		18	%	$	4
	0.54	%		1.71	%		1.56	%		1.03	%		42	%	$	11
	0.62	%		1.76	%		1.61	%		1.90	%		40	%	$	51
	0.66	%		1.82	%		1.71	%		1.39	%		39	%	$	108
	0.97	%		1.82	%		1.70	%		4.73	%		46	%	$	242
	1.08	%		1.85	%		1.72	%		6.78	%		51	%	$	865

	0.15	%		1.68	%		1.54	%		(2.44	)%		18	%	$	3,263
	0.51	%		1.73	%		1.56	%		1.09	%		42	%	$	3,471
	0.54	%		1.76	%		1.60	%		1.89	%		40	%	$	4,287
	0.64	%		1.83	%		1.71	%		1.36	%		39	%	$	4,945
	0.94	%		1.83	%		1.71	%		4.81	%		46	%	$	5,100
	1.07	%		1.85	%		1.72	%		6.69	%		51	%	$	5,605

	0.66	%		1.18	%		1.04	%		(2.13	)%		18	%	$	28
	1.01	%		1.27	%		1.06	%		1.53	%		42	%	$	28
	1.02	%		1.27	%		1.06	%		4.61	%		40	%	$	26

	1.24	%		0.61	%		0.45	%		(1.81	)%		18	%	$	307,546
	1.62	%		0.65	%		0.45	%		2.16	%		42	%	$	338,108
	1.66	%		0.66	%		0.45	%		3.09	%		40	%	$	367,184
	2.06	%		0.75	%		0.45	%		(0.09	)%		39	%	$	3,073

	1.39	%		0.46	%		0.30	%		(1.81	)%		18	%	$	245,348
	1.77	%		0.51	%		0.30	%		2.41	%		42	%	$	240,044
	1.79	%		0.57	%		0.37	%		3.23	%		40	%	$	233,894
	1.90	%		0.65	%		0.45	%		2.63	%		39	%	$	671,576
	2.20	%		0.65	%		0.45	%		6.09	%		46	%	$	700,645
	2.31	%		0.66	%		0.45	%		8.14	%		51	%	$	580,536

	1.05	%		0.80	%		0.65	%		(1.90	)%		18	%	$	70,295
	1.42	%		0.82	%		0.65	%		1.95	%		42	%	$	99,638
	1.45	%		0.85	%		0.69	%		2.87	%		40	%	$	116,854
	1.54	%		0.92	%		0.80	%		2.29	%		39	%	$	139,771
	1.84	%		0.92	%		0.80	%		5.74	%		46	%	$	121,886
	1.99	%		0.93	%		0.80	%		7.70	%		51	%	$	77,216

	0.83	%		1.00	%		0.86	%		(2.09	)%		18	%	$	59,474
	1.21	%		1.04	%		0.86	%		1.84	%		42	%	$	65,597
	1.28	%		1.08	%		0.86	%		2.61	%		40	%	$	72,839
	1.48	%		1.14	%		0.86	%		2.32	%		39	%	$	107,673
	1.79	%		1.15	%		0.86	%		5.59	%		46	%	$	107,779
	1.91	%		1.18	%		0.86	%		7.72	%		51	%	$	86,784

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


60		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2010 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	13.16		0.07	⁴		(0.37	)		0.00			0.00		$	12.86
Year ended February 28, 2015	$	13.33		0.18	⁴		0.09			(0.17	)		(0.27	)	$	13.16
Year ended February 28, 2014	$	13.30		0.19	⁴		0.31			(0.17	)		(0.30	)	$	13.33
Year ended February 28, 2013	$	13.26		0.20	⁴		0.18			(0.21	)		(0.13	)	$	13.30
Year ended February 29, 2012	$	12.86		0.21	⁴		0.43			(0.24	)		0.00		$	13.26
Year ended February 28, 2011	$	12.04		0.22	⁴		0.88			(0.28	)		0.00		$	12.86
Class B
Six months ended August 31, 2015 (unaudited)	$	13.38		0.02	⁴		(0.36	)		0.00			0.00		$	13.04
Year ended February 28, 2015	$	13.49		0.09	⁴		0.10			(0.03	)		(0.27	)	$	13.38
Year ended February 28, 2014	$	13.43		0.08	⁴		0.32			(0.04	)		(0.30	)	$	13.49
Year ended February 28, 2013	$	13.37		0.09	⁴		0.19			(0.09	)		(0.13	)	$	13.43
Year ended February 29, 2012	$	12.93		0.12	⁴		0.44			(0.12	)		0.00		$	13.37
Year ended February 28, 2011	$	12.10		0.12	⁴		0.88			(0.17	)		0.00		$	12.93
Class C
Six months ended August 31, 2015 (unaudited)	$	13.36		0.02	⁴		(0.37	)		0.00			0.00		$	13.01
Year ended February 28, 2015	$	13.52		0.09			0.09			(0.07	)		(0.27	)	$	13.36
Year ended February 28, 2014	$	13.48		0.09	⁴		0.31			(0.06	)		(0.30	)	$	13.52
Year ended February 28, 2013	$	13.44		0.09			0.19			(0.11	)		(0.13	)	$	13.48
Year ended February 29, 2012	$	13.03		0.12	⁴		0.43			(0.14	)		0.00		$	13.44
Year ended February 28, 2011	$	12.19		0.12	⁴		0.91			(0.19	)		0.00		$	13.03
Class R
Six months ended August 31, 2015 (unaudited)	$	13.11		0.05			(0.37	)		0.00			0.00		$	12.79
Year ended February 28, 2015	$	13.28		0.15	⁴		0.10			(0.15	)		(0.27	)	$	13.11
Year ended February 28, 2014⁵	$	13.08		0.10	⁴		0.58			(0.18	)		(0.30	)	$	13.28
Class R4
Six months ended August 31, 2015 (unaudited)	$	13.30		0.09	⁴		(0.38	)		0.00			0.00		$	13.01
Year ended February 28, 2015	$	13.46		0.23	⁴		0.10			(0.22	)		(0.27	)	$	13.30
Year ended February 28, 2014	$	13.43		0.24	⁴		0.31			(0.22	)		(0.30	)	$	13.46
Year ended February 28, 2013⁶	$	13.56		0.08			0.00	⁷		(0.08	)		(0.13	)	$	13.43
Class R6⁸
Six months ended August 31, 2015 (unaudited)	$	13.29		0.10	⁴		(0.38	)		0.00			0.00		$	13.01
Year ended February 28, 2015	$	13.45		0.27			0.08			(0.24	)		(0.27	)	$	13.29
Year ended February 28, 2014	$	13.43		0.25	⁴		0.32			(0.25	)		(0.30	)	$	13.45
Year ended February 28, 2013	$	13.39		0.26			0.19			(0.28	)		(0.13	)	$	13.43
Year ended February 29, 2012	$	12.97		0.28			0.45			(0.31	)		0.00		$	13.39
Year ended February 28, 2011	$	12.15		0.28			0.88			(0.34	)		0.00		$	12.97
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	13.29		0.08	⁴		(0.37	)		0.00			0.00		$	13.00
Year ended February 28, 2015	$	13.46		0.21			0.08			(0.19	)		(0.27	)	$	13.29
Year ended February 28, 2014	$	13.42		0.21	⁴		0.32			(0.19	)		(0.30	)	$	13.46
Year ended February 28, 2013	$	13.38		0.21	⁴		0.19			(0.23	)		(0.13	)	$	13.42
Year ended February 29, 2012	$	12.97		0.24			0.43			(0.26	)		0.00		$	13.38
Year ended February 28, 2011	$	12.14		0.24			0.89			(0.30	)		0.00		$	12.97
Investor Class
Six months ended August 31, 2015 (unaudited)	$	13.26		0.06			(0.37	)		0.00			0.00		$	12.95
Year ended February 28, 2015	$	13.42		0.17			0.11			(0.17	)		(0.27	)	$	13.26
Year ended February 28, 2014	$	13.40		0.19	⁴		0.30			(0.17	)		(0.30	)	$	13.42
Year ended February 28, 2013	$	13.36		0.20			0.19			(0.22	)		(0.13	)	$	13.40
Year ended February 29, 2012	$	12.95		0.23			0.43			(0.25	)		0.00		$	13.36
Year ended February 28, 2011	$	12.12		0.22	⁴		0.90			(0.29	)		0.00		$	12.95

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁷	Amount is less than $0.005.

⁸	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			61


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

	1.07	%		0.94	%		0.81	%		(2.28	)%		18	%	$	23,741
	1.36	%		0.99	%		0.83	%		2.11	%		41	%	$	26,753
	1.39	%		1.02	%		0.87	%		3.87	%		40	%	$	32,012
	1.39	%		1.08	%		0.99	%		2.92	%		37	%	$	36,462
	1.63	%		1.08	%		0.99	%		5.05	%		43	%	$	39,691
	1.72	%		1.10	%		1.00	%		9.24	%		47	%	$	42,615

	0.29	%		1.59	%		1.54	%		(2.54	)%		18	%	$	32
	0.69	%		1.74	%		1.58	%		1.42	%		41	%	$	11
	0.62	%		1.77	%		1.63	%		3.05	%		40	%	$	118
	0.67	%		1.83	%		1.74	%		2.12	%		37	%	$	341
	0.90	%		1.83	%		1.74	%		4.35	%		43	%	$	748
	0.98	%		1.85	%		1.75	%		8.45	%		47	%	$	1,542

	0.32	%		1.69	%		1.56	%		(2.62	)%		18	%	$	2,154
	0.61	%		1.75	%		1.58	%		1.39	%		41	%	$	2,781
	0.64	%		1.77	%		1.62	%		3.07	%		40	%	$	2,952
	0.64	%		1.83	%		1.74	%		2.10	%		37	%	$	3,269
	0.88	%		1.83	%		1.74	%		4.28	%		43	%	$	3,323
	0.96	%		1.85	%		1.75	%		8.48	%		47	%	$	3,114

	0.81	%		1.20	%		1.06	%		(2.44	)%		18	%	$	52
	1.09	%		1.27	%		1.08	%		1.92	%		41	%	$	53
	1.18	%		1.29	%		1.08	%		5.36	%		40	%	$	26

	1.41	%		0.63	%		0.47	%		(2.18	)%		18	%	$	119,093
	1.73	%		0.66	%		0.47	%		2.55	%		41	%	$	148,668
	1.79	%		0.67	%		0.47	%		4.24	%		40	%	$	199,432
	2.03	%		0.75	%	��	0.47	%		0.63	%		37	%	$	5,555

	1.55	%		0.48	%		0.32	%		(2.11	)%		18	%	$	213,228
	1.88	%		0.51	%		0.32	%		2.71	%		41	%	$	184,812
	1.89	%		0.57	%		0.38	%		4.35	%		40	%	$	242,218
	1.91	%		0.65	%		0.48	%		3.43	%		37	%	$	486,113
	2.14	%		0.65	%		0.48	%		5.61	%		43	%	$	563,343
	2.23	%		0.66	%		0.48	%		9.90	%		47	%	$	455,447

	1.22	%		0.81	%		0.67	%		(2.18	)%		18	%	$	107,601
	1.53	%		0.83	%		0.67	%		2.26	%		41	%	$	168,185
	1.55	%		0.86	%		0.71	%		4.08	%		40	%	$	201,159
	1.54	%		0.92	%		0.83	%		3.08	%		37	%	$	241,045
	1.79	%		0.92	%		0.83	%		5.25	%		43	%	$	190,863
	1.88	%		0.93	%		0.83	%		9.44	%		47	%	$	191,943

	1.00	%		1.02	%		0.88	%		(2.34	)%		18	%	$	53,278
	1.31	%		1.06	%		0.88	%		2.14	%		41	%	$	59,927
	1.39	%		1.08	%		0.88	%		3.78	%		40	%	$	60,396
	1.49	%		1.14	%		0.89	%		3.01	%		37	%	$	64,141
	1.73	%		1.15	%		0.89	%		5.21	%		43	%	$	61,766
	1.79	%		1.18	%		0.89	%		9.40	%		47	%	$	53,646

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


62		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2015 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	10.40		0.07			(0.36	)		(0.05	)		0.00		$	10.06
Year ended February 28, 2015	$	10.38		0.15			0.13			(0.14	)		(0.12	)	$	10.40
Year ended February 28, 2014	$	10.13		0.15	⁴		0.40			(0.14	)		(0.16	)	$	10.38
Year ended February 28, 2013⁵	$	10.11		0.03	⁴		0.13			(0.04	)		(0.10	)	$	10.13
Class R
Six months ended August 31, 2015 (unaudited)	$	10.55		0.06			(0.38	)		(0.04	)		0.00		$	10.19
Year ended February 28, 2015	$	10.52		0.12			0.14			(0.11	)		(0.12	)	$	10.55
Year ended February 28, 2014⁶	$	10.08		0.08	⁴		0.57			(0.05	)		(0.16	)	$	10.52
Class R4
Six months ended August 31, 2015 (unaudited)	$	10.43		0.09			(0.37	)		(0.05	)		0.00		$	10.10
Year ended February 28, 2015	$	10.40		0.18			0.14			(0.17	)		(0.12	)	$	10.43
Year ended February 28, 2014	$	10.14		0.20			0.38			(0.16	)		(0.16	)	$	10.40
Year ended February 28, 2013⁵	$	10.11		0.05	⁴		0.13			(0.05	)		(0.10	)	$	10.14
Class R6⁷
Six months ended August 31, 2015 (unaudited)	$	10.42		0.10			(0.37	)		(0.06	)		0.00		$	10.09
Year ended February 28, 2015	$	10.39		0.20			0.14			(0.19	)		(0.12	)	$	10.42
Year ended February 28, 2014	$	10.13		0.21			0.39			(0.18	)		(0.16	)	$	10.39
Year ended February 28, 2013	$	9.98		0.18	⁴		0.27			(0.20	)		(0.10	)	$	10.13
Year ended February 29, 2012	$	9.81		0.19			0.29			(0.20	)		(0.11	)	$	9.98
Year ended February 28, 2011	$	9.05		0.19			0.85			(0.23	)		(0.05	)	$	9.81
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	10.55		0.08			(0.37	)		(0.05	)		0.00		$	10.21
Year ended February 28, 2015	$	10.52		0.17			0.14			(0.15	)		(0.12	)	$	10.55
Year ended February 28, 2014	$	10.24		0.16			0.42			(0.14	)		(0.16	)	$	10.52
Year ended February 28, 2013	$	10.10		0.15	⁴		0.26			(0.17	)		(0.10	)	$	10.24
Year ended February 29, 2012	$	9.92		0.17			0.29			(0.17	)		(0.11	)	$	10.10
Year ended February 28, 2011	$	9.15		0.17			0.85			(0.20	)		(0.05	)	$	9.92
Investor Class
Six months ended August 31, 2015 (unaudited)	$	10.56		0.07	⁴		(0.38	)		(0.04	)		0.00		$	10.21
Year ended February 28, 2015	$	10.53		0.15			0.13			(0.13	)		(0.12	)	$	10.56
Year ended February 28, 2014	$	10.26		0.14	⁴		0.41			(0.12	)		(0.16	)	$	10.53
Year ended February 28, 2013	$	10.11		0.14			0.27			(0.16	)		(0.10	)	$	10.26
Year ended February 29, 2012	$	9.93		0.16			0.29			(0.16	)		(0.11	)	$	10.11
Year ended February 28, 2011	$	9.16		0.16	⁴		0.85			(0.19	)		(0.05	)	$	9.93

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

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			63


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

	1.45	%		0.93	%		0.82	%		(2.82	)%		18	%	$	2,174
	1.39	%		0.99	%		0.84	%		2.75	%		39	%	$	1,947
	1.45	%		0.99	%		0.84	%		5.56	%		38	%	$	332
	1.28	%		1.05	%		0.84	%		1.60	%		35	%	$	10

	1.21	%		1.18	%		1.07	%		(3.03	)%		18	%	$	49
	1.16	%		1.25	%		1.09	%		2.51	%		39	%	$	50
	1.14	%		1.26	%		1.09	%		6.51	%		38	%	$	27

	1.81	%		0.62	%		0.48	%		(2.67	)%		18	%	$	142,456
	1.78	%		0.66	%		0.48	%		3.15	%		39	%	$	180,101
	1.76	%		0.66	%		0.48	%		5.90	%		38	%	$	189,078
	1.90	%		0.75	%		0.48	%		1.72	%		35	%	$	2,614

	1.94	%		0.47	%		0.33	%		(2.64	)%		18	%	$	401,856
	1.92	%		0.51	%		0.33	%		3.31	%		39	%	$	420,676
	1.88	%		0.55	%		0.38	%		6.04	%		38	%	$	437,620
	1.87	%		0.65	%		0.49	%		4.56	%		35	%	$	613,945
	2.05	%		0.65	%		0.49	%		5.06	%		40	%	$	536,453
	2.11	%		0.66	%		0.49	%		11.68	%		44	%	$	387,146

	1.52	%		0.80	%		0.68	%		(2.78	)%		18	%	$	140,309
	1.57	%		0.83	%		0.68	%		2.91	%		39	%	$	188,412
	1.54	%		0.85	%		0.72	%		5.79	%		38	%	$	211,930
	1.47	%		0.92	%		0.84	%		4.06	%		35	%	$	194,125
	1.70	%		0.92	%		0.84	%		4.74	%		40	%	$	84,759
	1.76	%		0.93	%		0.84	%		11.28	%		44	%	$	61,227

	1.38	%		1.01	%		0.89	%		(2.91	)%		18	%	$	93,236
	1.37	%		1.05	%		0.89	%		2.68	%		39	%	$	107,906
	1.36	%		1.08	%		0.89	%		5.49	%		38	%	$	122,400
	1.46	%		1.14	%		0.90	%		4.08	%		35	%	$	200,596
	1.65	%		1.15	%		0.90	%		4.67	%		40	%	$	165,774
	1.69	%		1.18	%		0.90	%		11.22	%		44	%	$	142,622

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


64		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2020 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	15.24		0.12			(0.64	)		(0.04	)		0.00		$	14.68
Year ended February 28, 2015	$	15.14		0.20	⁴		0.33			(0.18	)		(0.25	)	$	15.24
Year ended February 28, 2014	$	14.53		0.20			0.97			(0.17	)		(0.39	)	$	15.14
Year ended February 28, 2013	$	14.25		0.20			0.50			(0.21	)		(0.21	)	$	14.53
Year ended February 29, 2012	$	13.97		0.21			0.33			(0.22	)		(0.04	)	$	14.25
Year ended February 28, 2011	$	12.54		0.20			1.46			(0.23	)		0.00		$	13.97
Class B
Six months ended August 31, 2015 (unaudited)	$	15.25		0.05			(0.61	)		(0.02	)		0.00		$	14.67
Year ended February 28, 2015	$	15.13		0.09	⁴		0.32			(0.04	)		(0.25	)	$	15.25
Year ended February 28, 2014	$	14.47		0.08	⁴		0.97			0.00			(0.39	)	$	15.13
Year ended February 28, 2013	$	14.16		0.09	⁴		0.51			(0.08	)		(0.21	)	$	14.47
Year ended February 29, 2012	$	13.85		0.10	⁴		0.33			(0.08	)		(0.04	)	$	14.16
Year ended February 28, 2011	$	12.41		0.09	⁴		1.46			(0.11	)		0.00		$	13.85
Class C
Six months ended August 31, 2015 (unaudited)	$	15.16		0.05			(0.61	)		(0.02	)		0.00		$	14.58
Year ended February 28, 2015	$	15.08		0.09			0.32			(0.08	)		(0.25	)	$	15.16
Year ended February 28, 2014	$	14.49		0.08			0.97			(0.07	)		(0.39	)	$	15.08
Year ended February 28, 2013	$	14.20		0.09			0.51			(0.10	)		(0.21	)	$	14.49
Year ended February 29, 2012	$	13.93		0.08			0.35			(0.12	)		(0.04	)	$	14.20
Year ended February 28, 2011	$	12.51		0.08			1.48			(0.14	)		0.00		$	13.93
Class R
Six months ended August 31, 2015 (unaudited)	$	15.18		0.09	⁴		(0.62	)		(0.04	)		0.00		$	14.61
Year ended February 28, 2015	$	15.10		0.15	⁴		0.34			(0.16	)		(0.25	)	$	15.18
Year ended February 28, 2014⁵	$	14.48		0.10	⁴		1.10			(0.19	)		(0.39	)	$	15.10
Class R4
Six months ended August 31, 2015 (unaudited)	$	15.50		0.14			(0.64	)		(0.05	)		0.00		$	14.95
Year ended February 28, 2015	$	15.40		0.26			0.33			(0.24	)		(0.25	)	$	15.50
Year ended February 28, 2014	$	14.77		0.19			1.06			(0.23	)		(0.39	)	$	15.40
Year ended February 28, 2013⁶	$	14.66		0.09			0.31			(0.08	)		(0.21	)	$	14.77
Class R6⁷
Six months ended August 31, 2015 (unaudited)	$	15.50		0.15			(0.64	)		(0.06	)		0.00		$	14.95
Year ended February 28, 2015	$	15.40		0.28			0.33			(0.26	)		(0.25	)	$	15.50
Year ended February 28, 2014	$	14.77		0.27	⁴		1.00			(0.25	)		(0.39	)	$	15.40
Year ended February 28, 2013	$	14.47		0.27			0.52			(0.28	)		(0.21	)	$	14.77
Year ended February 29, 2012	$	14.19		0.27	⁴		0.35			(0.30	)		(0.04	)	$	14.47
Year ended February 28, 2011	$	12.73		0.26			1.50			(0.30	)		0.00		$	14.19
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	15.46		0.12			(0.64	)		(0.04	)		0.00		$	14.90
Year ended February 28, 2015	$	15.36		0.23			0.33			(0.21	)		(0.25	)	$	15.46
Year ended February 28, 2014	$	14.73		0.22			0.99			(0.19	)		(0.39	)	$	15.36
Year ended February 28, 2013	$	14.44		0.21			0.52			(0.23	)		(0.21	)	$	14.73
Year ended February 29, 2012	$	14.15		0.23			0.35			(0.25	)		(0.04	)	$	14.44
Year ended February 28, 2011	$	12.70		0.21			1.50			(0.26	)		0.00		$	14.15
Investor Class
Six months ended August 31, 2015 (unaudited)	$	15.44		0.11			(0.64	)		(0.04	)		0.00		$	14.87
Year ended February 28, 2015	$	15.34		0.20			0.33			(0.18	)		(0.25	)	$	15.44
Year ended February 28, 2014	$	14.72		0.20			0.98			(0.17	)		(0.39	)	$	15.34
Year ended February 28, 2013	$	14.43		0.21			0.51			(0.22	)		(0.21	)	$	14.72
Year ended February 29, 2012	$	14.14		0.22			0.35			(0.24	)		(0.04	)	$	14.43
Year ended February 28, 2011	$	12.70		0.20	⁴		1.49			(0.25	)		0.00		$	14.14

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

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			65


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

	1.49	%		0.91	%		0.84	%		(3.42	)%		16	%	$	60,671
	1.34	%		0.95	%		0.86	%		3.57	%		36	%	$	64,808
	1.32	%		0.98	%		0.90	%		8.16	%		35	%	$	75,871
	1.36	%		1.06	%		1.01	%		5.00	%		32	%	$	74,720
	1.45	%		1.05	%		1.01	%		3.97	%		35	%	$	74,955
	1.46	%		1.08	%		1.02	%		13.41	%		39	%	$	77,784

	0.74	%		1.66	%		1.59	%		(3.71	)%		16	%	$	92
	0.61	%		1.70	%		1.61	%		2.74	%		36	%	$	108
	0.58	%		1.74	%		1.66	%		7.34	%		35	%	$	238
	0.63	%		1.81	%		1.76	%		4.27	%		32	%	$	599
	0.78	%		1.80	%		1.76	%		3.11	%		35	%	$	1,048
	0.73	%		1.83	%		1.77	%		12.57	%		39	%	$	2,428

	0.74	%		1.66	%		1.59	%		(3.71	)%		16	%	$	5,341
	0.59	%		1.70	%		1.61	%		2.71	%		36	%	$	5,509
	0.57	%		1.73	%		1.65	%		7.36	%		35	%	$	5,208
	0.61	%		1.81	%		1.76	%		4.28	%		32	%	$	4,514
	0.68	%		1.81	%		1.76	%		3.14	%		35	%	$	4,600
	0.70	%		1.83	%		1.77	%		12.65	%		39	%	$	3,922

	1.25	%		1.18	%		1.10	%		(3.50	)%		16	%	$	399
	1.00	%		1.21	%		1.11	%		3.30	%		36	%	$	744
	1.07	%		1.24	%		1.11	%		8.37	%		35	%	$	27

	1.83	%		0.60	%		0.50	%		(3.23	)%		16	%	$	666,723
	1.70	%		0.62	%		0.50	%		3.89	%		36	%	$	772,604
	1.70	%		0.63	%		0.50	%		8.58	%		35	%	$	803,141
	1.72	%		0.73	%		0.50	%		2.79	%		32	%	$	23,050

	1.98	%		0.45	%		0.35	%		(3.20	)%		16	%	$	1,166,986
	1.85	%		0.47	%		0.35	%		4.04	%		36	%	$	1,114,670
	1.88	%		0.53	%		0.40	%		8.72	%		35	%	$	1,065,417
	1.85	%		0.63	%		0.50	%		5.60	%		32	%	$	1,605,032
	1.95	%		0.63	%		0.50	%		4.47	%		35	%	$	1,540,045
	1.96	%		0.64	%		0.50	%		14.03	%		39	%	$	1,250,249

	1.63	%		0.78	%		0.70	%		(3.34	)%		16	%	$	579,685
	1.50	%		0.79	%		0.70	%		3.69	%		36	%	$	670,893
	1.52	%		0.82	%		0.74	%		8.35	%		35	%	$	746,910
	1.47	%		0.90	%		0.85	%		5.19	%		32	%	$	688,261
	1.63	%		0.90	%		0.85	%		4.17	%		35	%	$	468,494
	1.62	%		0.91	%		0.85	%		13.60	%		39	%	$	439,314

	1.42	%		0.99	%		0.91	%		(3.46	)%		16	%	$	189,883
	1.29	%		1.01	%		0.91	%		3.49	%		36	%	$	203,041
	1.35	%		1.04	%		0.91	%		8.14	%		35	%	$	193,249
	1.43	%		1.12	%		0.91	%		5.12	%		32	%	$	173,813
	1.54	%		1.13	%		0.91	%		4.12	%		35	%	$	144,478
	1.53	%		1.15	%		0.91	%		13.56	%		39	%	$	119,297

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


66		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2025 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	10.69		0.08			(0.51	)		(0.05	)		0.00		$	10.21
Year ended February 28, 2015	$	10.56		0.13			0.33			(0.13	)		(0.20	)	$	10.69
Year ended February 28, 2014	$	9.95		0.15			0.92			(0.13	)		(0.33	)	$	10.56
Year ended February 28, 2013⁴	$	9.83		0.04			0.33			(0.05	)		(0.20	)	$	9.95
Class R
Six months ended August 31, 2015 (unaudited)	$	10.71		0.07			(0.51	)		(0.04	)		0.00		$	10.23
Year ended February 28, 2015	$	10.57		0.11			0.33			(0.10	)		(0.20	)	$	10.71
Year ended February 28, 2014⁵	$	9.95		0.07			0.94			(0.06	)		(0.33	)	$	10.57
Class R4
Six months ended August 31, 2015 (unaudited)	$	10.72		0.10			(0.51	)		(0.06	)		0.00		$	10.25
Year ended February 28, 2015	$	10.58		0.17			0.33			(0.16	)		(0.20	)	$	10.72
Year ended February 28, 2014	$	9.97		0.15			0.95			(0.16	)		(0.33	)	$	10.58
Year ended February 28, 2013⁴	$	9.83		0.06			0.33			(0.05	)		(0.20	)	$	9.97
Class R6⁶
Six months ended August 31, 2015 (unaudited)	$	10.71		0.10			(0.50	)		(0.07	)		0.00		$	10.24
Year ended February 28, 2015	$	10.57		0.19			0.33			(0.18	)		(0.20	)	$	10.71
Year ended February 28, 2014	$	9.96		0.19			0.92			(0.17	)		(0.33	)	$	10.57
Year ended February 28, 2013	$	9.71		0.18			0.45			(0.18	)		(0.20	)	$	9.96
Year ended February 29, 2012	$	9.79		0.17	⁷		0.16			(0.18	)		(0.23	)	$	9.71
Year ended February 28, 2011	$	8.68		0.16			1.26			(0.19	)		(0.12	)	$	9.79
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	10.74		0.09			(0.52	)		(0.05	)		0.00		$	10.26
Year ended February 28, 2015	$	10.60		0.15			0.33			(0.14	)		(0.20	)	$	10.74
Year ended February 28, 2014	$	9.98		0.15			0.94			(0.14	)		(0.33	)	$	10.60
Year ended February 28, 2013	$	9.74		0.14	⁷		0.45			(0.15	)		(0.20	)	$	9.98
Year ended February 29, 2012	$	9.81		0.14	⁷		0.17			(0.15	)		(0.23	)	$	9.74
Year ended February 28, 2011	$	8.69		0.13	⁷		1.26			(0.15	)		(0.12	)	$	9.81
Investor Class
Six months ended August 31, 2015 (unaudited)	$	10.72		0.07			(0.50	)		(0.04	)		0.00		$	10.25
Year ended February 28, 2015	$	10.59		0.13			0.32			(0.12	)		(0.20	)	$	10.72
Year ended February 28, 2014	$	9.97		0.11			0.96			(0.12	)		(0.33	)	$	10.59
Year ended February 28, 2013	$	9.72		0.14			0.46			(0.15	)		(0.20	)	$	9.97
Year ended February 29, 2012	$	9.80		0.14	⁷		0.15			(0.14	)		(0.23	)	$	9.72
Year ended February 28, 2011	$	8.68		0.13	⁷		1.25			(0.14	)		(0.12	)	$	9.80

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	On June 1, 2013, Institutional Class was renamed Class R6.

⁷	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			67


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

	1.47	%		0.91	%		0.84	%		(4.06	)%		14	%	$	5,217
	1.25	%		0.96	%		0.86	%		4.46	%		31	%	$	3,193
	1.28	%		0.97	%		0.86	%		10.99	%		32	%	$	1,379
	1.01	%		1.06	%		0.86	%		3.92	%		28	%	$	159

	1.22	%		1.17	%		1.09	%		(4.15	)%		14	%	$	871
	0.85	%		1.21	%		1.11	%		4.24	%		31	%	$	1,032
	0.96	%		1.22	%		1.11	%		10.27	%		32	%	$	28

	1.82	%		0.60	%		0.50	%		(3.83	)%		14	%	$	301,117
	1.65	%		0.63	%		0.50	%		4.87	%		31	%	$	379,384
	1.60	%		0.63	%		0.50	%		11.29	%		32	%	$	354,137
	1.51	%		0.73	%		0.50	%		4.13	%		28	%	$	4,210

	1.97	%		0.45	%		0.35	%		(3.77	)%		14	%	$	1,481,313
	1.79	%		0.48	%		0.35	%		5.03	%		31	%	$	1,481,264
	1.78	%		0.52	%		0.39	%		11.42	%		32	%	$	1,409,281
	1.83	%		0.63	%		0.50	%		6.74	%		28	%	$	1,577,058
	1.83	%		0.64	%		0.50	%		3.77	%		31	%	$	1,431,120
	1.83	%		0.64	%		0.50	%		16.75	%		33	%	$	1,290,513

	1.62	%		0.78	%		0.70	%		(4.01	)%		14	%	$	319,611
	1.45	%		0.80	%		0.70	%		4.65	%		31	%	$	350,823
	1.43	%		0.82	%		0.74	%		11.11	%		32	%	$	354,050
	1.42	%		0.90	%		0.85	%		6.27	%		28	%	$	271,593
	1.47	%		0.91	%		0.85	%		3.49	%		31	%	$	111,673
	1.46	%		0.91	%		0.85	%		16.32	%		33	%	$	69,590

	1.41	%		0.99	%		0.91	%		(4.02	)%		14	%	$	222,661
	1.24	%		1.02	%		0.91	%		4.35	%		31	%	$	244,299
	1.28	%		1.05	%		0.91	%		10.91	%		32	%	$	236,714
	1.41	%		1.12	%		0.91	%		6.31	%		28	%	$	377,357
	1.42	%		1.14	%		0.91	%		3.32	%		31	%	$	300,434
	1.39	%		1.15	%		0.91	%		16.22	%		33	%	$	256,544

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


68		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2030 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	16.97		0.12	⁴		(0.90	)		(0.08	)		0.00		$	16.11
Year ended February 28, 2015	$	16.61		0.22			0.67			(0.19	)		(0.34	)	$	16.97
Year ended February 28, 2014	$	15.31		0.20			1.83			(0.19	)		(0.54	)	$	16.61
Year ended February 28, 2013	$	14.74		0.20			0.85			(0.20	)		(0.28	)	$	15.31
Year ended February 29, 2012	$	14.81		0.17	⁴		0.13			(0.18	)		(0.19	)	$	14.74
Year ended February 28, 2011	$	12.65		0.15	⁴		2.19			(0.18	)		0.00		$	14.81
Class B
Six months ended August 31, 2015 (unaudited)	$	16.75		0.06	⁴		(0.89	)		(0.02	)		0.00		$	15.90
Year ended February 28, 2015	$	16.36		0.09	⁴		0.66			(0.02	)		(0.34	)	$	16.75
Year ended February 28, 2014	$	15.08		0.08	⁴		1.80			(0.06	)		(0.54	)	$	16.36
Year ended February 28, 2013	$	14.49		0.08	⁴		0.86			(0.07	)		(0.28	)	$	15.08
Year ended February 29, 2012	$	14.53		0.07	⁴		0.12			(0.04	)		(0.19	)	$	14.49
Year ended February 28, 2011	$	12.41		0.06	⁴		2.14			(0.08	)		0.00		$	14.53
Class C
Six months ended August 31, 2015 (unaudited)	$	16.58		0.06			(0.89	)		(0.02	)		0.00		$	15.73
Year ended February 28, 2015	$	16.25		0.08			0.67			(0.08	)		(0.34	)	$	16.58
Year ended February 28, 2014	$	15.00		0.08			1.79			(0.08	)		(0.54	)	$	16.25
Year ended February 28, 2013	$	14.45		0.08			0.85			(0.10	)		(0.28	)	$	15.00
Year ended February 29, 2012	$	14.53		0.06	⁴		0.14			(0.09	)		(0.19	)	$	14.45
Year ended February 28, 2011	$	12.43		0.05	⁴		2.14			(0.09	)		0.00		$	14.53
Class R
Six months ended August 31, 2015 (unaudited)	$	16.95		0.09	⁴		(0.89	)		(0.07	)		0.00		$	16.08
Year ended February 28, 2015	$	16.61		0.13			0.71			(0.16	)		(0.34	)	$	16.95
Year ended February 28, 2014⁵	$	15.39		0.10			1.75			(0.09	)		(0.54	)	$	16.61
Class R4
Six months ended August 31, 2015 (unaudited)	$	17.20		0.15			(0.91	)		(0.10	)		0.00		$	16.34
Year ended February 28, 2015	$	16.83		0.26			0.70			(0.25	)		(0.34	)	$	17.20
Year ended February 28, 2014	$	15.50		0.23			1.89			(0.25	)		(0.54	)	$	16.83
Year ended February 28, 2013⁶	$	15.07		0.08			0.71			(0.08	)		(0.28	)	$	15.50
Class R6⁷
Six months ended August 31, 2015 (unaudited)	$	17.19		0.16			(0.92	)		(0.11	)		0.00		$	16.32
Year ended February 28, 2015	$	16.81		0.28			0.72			(0.28	)		(0.34	)	$	17.19
Year ended February 28, 2014	$	15.49		0.29	⁴		1.84			(0.27	)		(0.54	)	$	16.81
Year ended February 28, 2013	$	14.91		0.27			0.86			(0.27	)		(0.28	)	$	15.49
Year ended February 29, 2012	$	14.98		0.25	⁴		0.12			(0.25	)		(0.19	)	$	14.91
Year ended February 28, 2011	$	12.79		0.23	⁴		2.21			(0.25	)		0.00		$	14.98
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	17.19		0.14			(0.92	)		(0.09	)		0.00		$	16.32
Year ended February 28, 2015	$	16.82		0.23			0.70			(0.22	)		(0.34	)	$	17.19
Year ended February 28, 2014	$	15.49		0.23			1.86			(0.22	)		(0.54	)	$	16.82
Year ended February 28, 2013	$	14.91		0.21			0.88			(0.23	)		(0.28	)	$	15.49
Year ended February 29, 2012	$	14.98		0.20	⁴		0.13			(0.21	)		(0.19	)	$	14.91
Year ended February 28, 2011	$	12.79		0.18	⁴		2.21			(0.20	)		0.00		$	14.98
Investor Class
Six months ended August 31, 2015 (unaudited)	$	17.14		0.12			(0.92	)		(0.07	)		0.00		$	16.27
Year ended February 28, 2015	$	16.77		0.20			0.70			(0.19	)		(0.34	)	$	17.14
Year ended February 28, 2014	$	15.46		0.20			1.84			(0.19	)		(0.54	)	$	16.77
Year ended February 28, 2013	$	14.88		0.21			0.87			(0.22	)		(0.28	)	$	15.46
Year ended February 29, 2012	$	14.95		0.19	⁴		0.13			(0.20	)		(0.19	)	$	14.88
Year ended February 28, 2011	$	12.77		0.17	⁴		2.21			(0.20	)		0.00		$	14.95

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

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			69


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

	1.45	%		0.91	%		0.85	%		(4.65	)%		12	%	$	58,300
	1.22	%		0.95	%		0.87	%		5.44	%		26	%	$	60,747
	1.22	%		0.98	%		0.91	%		13.52	%		29	%	$	65,634
	1.29	%		1.06	%		1.02	%		7.28	%		25	%	$	60,857
	1.21	%		1.06	%		1.02	%		2.27	%		26	%	$	60,087
	1.15	%		1.09	%		1.03	%		18.71	%		28	%	$	62,209

	0.77	%		1.66	%		1.60	%		(4.98	)%		12	%	$	115
	0.53	%		1.70	%		1.62	%		4.64	%		26	%	$	117
	0.50	%		1.74	%		1.67	%		12.65	%		29	%	$	290
	0.57	%		1.81	%		1.77	%		6.54	%		25	%	$	463
	0.50	%		1.81	%		1.77	%		1.43	%		26	%	$	872
	0.42	%		1.84	%		1.78	%		17.88	%		28	%	$	1,962

	0.69	%		1.66	%		1.60	%		(5.01	)%		12	%	$	4,899
	0.45	%		1.70	%		1.62	%		4.67	%		26	%	$	5,020
	0.47	%		1.73	%		1.66	%		12.64	%		29	%	$	4,097
	0.53	%		1.82	%		1.77	%		6.52	%		25	%	$	3,465
	0.45	%		1.82	%		1.77	%		1.47	%		26	%	$	3,120
	0.38	%		1.84	%		1.78	%		17.80	%		28	%	$	2,456

	1.18	%		1.15	%		1.10	%		(4.74	)%		12	%	$	866
	0.72	⁴%		1.22	%		1.12	%		5.15	%		26	%	$	603
	0.87	%		1.22	%		1.12	%		12.19	%		29	%	$	28

	1.80	%		0.60	%		0.51	%		(4.49	)%		12	%	$	790,091
	1.57	%		0.62	%		0.51	%		5.82	%		26	%	$	897,425
	1.53	%		0.63	%		0.51	%		13.99	%		29	%	$	850,913
	1.35	%		0.73	%		0.51	%		5.34	%		25	%	$	19,568

	1.94	%		0.45	%		0.36	%		(4.43	)%		12	%	$	1,300,645
	1.72	%		0.47	%		0.36	%		6.04	%		26	%	$	1,185,077
	1.76	%		0.53	%		0.41	%		14.08	%		29	%	$	1,049,122
	1.80	%		0.64	%		0.51	%		7.82	%		25	%	$	1,478,163
	1.71	%		0.64	%		0.51	%		2.78	%		26	%	$	1,335,729
	1.65	%		0.65	%		0.51	%		19.35	%		28	%	$	1,048,222

	1.56	%		0.78	%		0.71	%		(4.58	)%		12	%	$	547,676
	1.38	%		0.79	%		0.71	%		5.61	%		26	%	$	643,336
	1.38	%		0.82	%		0.75	%		13.74	%		29	%	$	685,421
	1.43	%		0.91	%		0.86	%		7.46	%		25	%	$	572,735
	1.37	%		0.91	%		0.86	%		2.41	%		26	%	$	395,067
	1.30	%		0.92	%		0.86	%		18.85	%		28	%	$	373,853

	1.38	%		0.99	%		0.92	%		(4.69	)%		12	%	$	199,128
	1.16	%		1.01	%		0.92	%		5.42	%		26	%	$	216,398
	1.21	%		1.04	%		0.92	%		13.47	%		29	%	$	201,506
	1.38	%		1.13	%		0.92	%		7.41	%		25	%	$	158,551
	1.30	%		1.14	%		0.92	%		2.36	%		26	%	$	124,145
	1.21	%		1.17	%		0.92	%		18.84	%		28	%	$	99,234

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


70		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2035 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	11.32		0.08			(0.69	)		(0.06	)		0.00		$	10.65
Year ended February 28, 2015	$	11.02		0.12			0.56			(0.13	)		(0.25	)	$	11.32
Year ended February 28, 2014	$	9.99		0.14			1.41			(0.13	)		(0.39	)	$	11.02
Year ended February 28, 2013⁴	$	9.60		0.02	⁵		0.58			(0.05	)		(0.16	)	$	9.99
Class R
Six months ended August 31, 2015 (unaudited)	$	11.39		0.07			(0.70	)		(0.04	)		0.00		$	10.72
Year ended February 28, 2015	$	11.09		0.10			0.55			(0.10	)		(0.25	)	$	11.39
Year ended February 28, 2014⁶	$	10.16		0.06	⁵		1.32			(0.06	)		(0.39	)	$	11.09
Class R4
Six months ended August 31, 2015 (unaudited)	$	11.33		0.10			(0.69	)		(0.07	)		0.00		$	10.67
Year ended February 28, 2015	$	11.03		0.17			0.54			(0.16	)		(0.25	)	$	11.33
Year ended February 28, 2014	$	9.99		0.15			1.44			(0.16	)		(0.39	)	$	11.03
Year ended February 28, 2013⁴	$	9.60		0.03	⁵		0.57			(0.05	)		(0.16	)	$	9.99
Class R6⁷
Six months ended August 31, 2015 (unaudited)	$	11.33		0.12			(0.70	)		(0.08	)		0.00		$	10.67
Year ended February 28, 2015	$	11.03		0.18			0.55			(0.18	)		(0.25	)	$	11.33
Year ended February 28, 2014	$	9.99		0.19			1.41			(0.17	)		(0.39	)	$	11.03
Year ended February 28, 2013	$	9.50		0.17			0.65			(0.17	)		(0.16	)	$	9.99
Year ended February 29, 2012	$	9.61		0.15	⁵		0.02			(0.14	)		(0.14	)	$	9.50
Year ended February 28, 2011	$	8.19		0.13			1.58			(0.16	)		(0.13	)	$	9.61
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	11.37		0.09			(0.70	)		(0.06	)		0.00		$	10.70
Year ended February 28, 2015	$	11.06		0.15			0.55			(0.14	)		(0.25	)	$	11.37
Year ended February 28, 2014	$	10.02		0.14			1.43			(0.14	)		(0.39	)	$	11.06
Year ended February 28, 2013	$	9.53		0.13			0.66			(0.14	)		(0.16	)	$	10.02
Year ended February 29, 2012	$	9.65		0.12	⁵		0.01			(0.11	)		(0.14	)	$	9.53
Year ended February 28, 2011	$	8.22		0.10			1.59			(0.13	)		(0.13	)	$	9.65
Investor Class
Six months ended August 31, 2015 (unaudited)	$	11.41		0.08			(0.70	)		(0.05	)		0.00		$	10.74
Year ended February 28, 2015	$	11.10		0.12			0.56			(0.12	)		(0.25	)	$	11.41
Year ended February 28, 2014	$	10.05		0.13			1.43			(0.12	)		(0.39	)	$	11.10
Year ended February 28, 2013	$	9.56		0.13			0.65			(0.13	)		(0.16	)	$	10.05
Year ended February 29, 2012	$	9.67		0.11	⁵		0.02			(0.10	)		(0.14	)	$	9.56
Year ended February 28, 2011	$	8.24		0.10			1.58			(0.12	)		(0.13	)	$	9.67

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁵	Calculated based upon average shares outstanding

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

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


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

	1.39	%		0.92	%		0.86	%		(5.43	)%		10	%	$	4,234
	1.05	%		0.97	%		0.88	%		6.33	%		22	%	$	1,677
	1.11	%		0.98	%		0.88	%		15.82	%		26	%	$	532
	1.04	%		1.07	%		0.88	%		6.36	%		22	%	$	41

	1.17	%		1.17	%		1.11	%		(5.55	)%		10	%	$	36
	0.90	%		1.23	%		1.13	%		5.97	%		22	%	$	36
	0.79	%		1.26	%		1.13	%		13.76	%		26	%	$	28

	1.77	%		0.61	%		0.52	%		(5.23	)%		10	%	$	250,377
	1.51	%		0.64	%		0.52	%		6.63	%		22	%	$	329,135
	1.45	%		0.65	%		0.52	%		16.28	%		26	%	$	297,612
	1.30	%		0.75	%		0.52	%		6.38	%		22	%	$	1,940

	1.92	%		0.46	%		0.37	%		(5.17	)%		10	%	$	745,788
	1.65	%		0.49	%		0.37	%		6.79	%		22	%	$	674,926
	1.71	%		0.55	%		0.41	%		16.41	%		26	%	$	570,482
	1.76	%		0.66	%		0.52	%		8.86	%		22	%	$	648,345
	1.60	%		0.66	%		0.52	%		1.96	%		22	%	$	481,784
	1.52	%		0.68	%		0.52	%		21.21	%		24	%	$	338,577

	1.57	%		0.79	%		0.72	%		(5.39	)%		10	%	$	202,298
	1.31	%		0.81	%		0.72	%		6.50	%		22	%	$	227,265
	1.33	%		0.85	%		0.75	%		15.96	%		26	%	$	236,217
	1.36	%		0.93	%		0.87	%		8.48	%		22	%	$	172,860
	1.26	%		0.93	%		0.87	%		1.55	%		22	%	$	77,039
	1.17	%		0.94	%		0.87	%		20.87	%		24	%	$	50,226

	1.36	%		1.00	%		0.93	%		(5.46	)%		10	%	$	187,567
	1.10	%		1.03	%		0.93	%		6.25	%		22	%	$	204,584
	1.21	%		1.08	%		0.93	%		15.77	%		26	%	$	193,717
	1.35	%		1.15	%		0.93	%		8.38	%		22	%	$	310,066
	1.21	%		1.16	%		0.93	%		1.60	%		22	%	$	244,138
	1.09	%		1.19	%		0.93	%		20.74	%		24	%	$	204,364

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


72		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2040 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	19.53		0.14			(1.31	)		(0.10	)		0.00		$	18.26
Year ended February 28, 2015	$	18.90		0.22			1.08			(0.21	)		(0.46	)	$	19.53
Year ended February 28, 2014	$	16.92		0.21			2.71			(0.21	)		(0.73	)	$	18.90
Year ended February 28, 2013	$	16.07		0.21			1.19			(0.21	)		(0.34	)	$	16.92
Year ended February 29, 2012	$	16.40		0.17			(0.07	)		(0.16	)		(0.27	)	$	16.07
Year ended February 28, 2011	$	13.60		0.15			2.81			(0.16	)		0.00		$	16.40
Class B
Six months ended August 31, 2015 (unaudited)	$	18.68		0.06	⁴		(1.26	)		(0.04	)		0.00		$	17.44
Year ended February 28, 2015	$	18.06		0.09	⁴		1.01			(0.02	)		(0.46	)	$	18.68
Year ended February 28, 2014	$	16.18		0.07	⁴		2.59			(0.05	)		(0.73	)	$	18.06
Year ended February 28, 2013	$	15.36		0.09	⁴		1.13			(0.06	)		(0.34	)	$	16.18
Year ended February 29, 2012	$	15.67		0.05	⁴		(0.06	)		(0.03	)		(0.27	)	$	15.36
Year ended February 28, 2011	$	12.99		0.03	⁴		2.70			(0.05	)		0.00		$	15.67
Class C
Six months ended August 31, 2015 (unaudited)	$	18.38		0.06			(1.23	)		(0.04	)		0.00		$	17.17
Year ended February 28, 2015	$	17.85		0.06	⁴		1.02			(0.09	)		(0.46	)	$	18.38
Year ended February 28, 2014	$	16.03		0.07	⁴		2.57			(0.09	)		(0.73	)	$	17.85
Year ended February 28, 2013	$	15.26		0.09	⁴		1.12			(0.10	)		(0.34	)	$	16.03
Year ended February 29, 2012	$	15.60		0.04	⁴		(0.05	)		(0.06	)		(0.27	)	$	15.26
Year ended February 28, 2011	$	12.95		0.03	⁴		2.69			(0.07	)		0.00		$	15.60
Class R
Six months ended August 31, 2015 (unaudited)	$	19.51		0.10			(1.30	)		(0.10	)		0.00		$	18.21
Year ended February 28, 2015	$	18.90		0.14	⁴		1.11			(0.18	)		(0.46	)	$	19.51
Year ended February 28, 2014⁵	$	17.19		0.09	⁴		2.45			(0.10	)		(0.73	)	$	18.90
Class R4
Six months ended August 31, 2015 (unaudited)	$	19.93		0.17			(1.33	)		(0.13	)		0.00		$	18.64
Year ended February 28, 2015	$	19.28		0.29			1.10			(0.28	)		(0.46	)	$	19.93
Year ended February 28, 2014	$	17.24		0.27			2.78			(0.28	)		(0.73	)	$	19.28
Year ended February 28, 2013⁶	$	16.52		0.09			1.06			(0.09	)		(0.34	)	$	17.24
Class R6⁷
Six months ended August 31, 2015 (unaudited)	$	19.93		0.17			(1.32	)		(0.14	)		0.00		$	18.64
Year ended February 28, 2015	$	19.27		0.30			1.13			(0.31	)		(0.46	)	$	19.93
Year ended February 28, 2014	$	17.24		0.31			2.75			(0.30	)		(0.73	)	$	19.27
Year ended February 28, 2013	$	16.37		0.29			1.21			(0.29	)		(0.34	)	$	17.24
Year ended February 29, 2012	$	16.69		0.24			(0.05	)		(0.24	)		(0.27	)	$	16.37
Year ended February 28, 2011	$	13.84		0.22			2.87			(0.24	)		0.00		$	16.69
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	19.89		0.16			(1.34	)		(0.11	)		0.00		$	18.60
Year ended February 28, 2015	$	19.25		0.25			1.09			(0.24	)		(0.46	)	$	19.89
Year ended February 28, 2014	$	17.21		0.24			2.77			(0.24	)		(0.73	)	$	19.25
Year ended February 28, 2013	$	16.34		0.22			1.22			(0.23	)		(0.34	)	$	17.21
Year ended February 29, 2012	$	16.67		0.19			(0.06	)		(0.19	)		(0.27	)	$	16.34
Year ended February 28, 2011	$	13.82		0.16			2.88			(0.19	)		0.00		$	16.67
Investor Class
Six months ended August 31, 2015 (unaudited)	$	19.85		0.13			(1.33	)		(0.09	)		0.00		$	18.56
Year ended February 28, 2015	$	19.21		0.20			1.10			(0.20	)		(0.46	)	$	19.85
Year ended February 28, 2014	$	17.19		0.21			2.75			(0.21	)		(0.73	)	$	19.21
Year ended February 28, 2013	$	16.32		0.22			1.22			(0.23	)		(0.34	)	$	17.19
Year ended February 29, 2012	$	16.65		0.18			(0.06	)		(0.18	)		(0.27	)	$	16.32
Year ended February 28, 2011	$	13.81		0.16			2.86			(0.18	)		0.00		$	16.65

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

⁶	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

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			73


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

	1.41	%		0.92	%		0.86	%		(6.04	)%		8	%	$	102,731
	1.11	%		0.96	%		0.88	%		7.01	%		18	%	$	111,874
	1.15	%		0.99	%		0.92	%		17.54	%		25	%	$	114,233
	1.25	%		1.08	%		1.03	%		8.99	%		20	%	$	104,836
	1.06	%		1.08	%		1.03	%		0.85	%		20	%	$	103,841
	0.95	%		1.10	%		1.04	%		21.98	%		21	%	$	113,494

	0.64	%		1.66	%		1.61	%		(6.43	)%		8	%	$	105
	0.49	%		1.70	%		1.63	%		6.20	%		18	%	$	87
	0.42	%		1.75	%		1.68	%		16.63	%		25	%	$	344
	0.54	%		1.83	%		1.78	%		8.15	%		20	%	$	747
	0.34	%		1.83	%		1.78	%		0.12	%		20	%	$	1,564
	0.23	%		1.86	%		1.79	%		21.08	%		21	%	$	2,863

	0.66	%		1.67	%		1.61	%		(6.39	)%		8	%	$	5,478
	0.34	%		1.71	%		1.63	%		6.15	%		18	%	$	5,747
	0.40	%		1.74	%		1.67	%		16.68	%		25	%	$	4,813
	0.50	%		1.83	%		1.78	%		8.18	%		20	%	$	4,040
	0.30	%		1.83	%		1.78	%		0.14	%		20	%	$	3,623
	0.19	%		1.85	%		1.79	%		21.08	%		21	%	$	3,038

	1.08	%		1.15	%		1.11	%		(6.17	)%		8	%	$	287
	0.72	%		1.23	%		1.13	%		6.71	%		18	%	$	137
	0.75	%		1.24	%		1.13	%		14.96	%		25	%	$	29

	1.76	%		0.61	%		0.52	%		(5.87	)%		8	%	$	589,184
	1.47	%		0.63	%		0.52	%		7.35	%		18	%	$	678,944
	1.42	%		0.64	%		0.52	%		18.02	%		25	%	$	635,241
	1.12	%		0.75	%		0.52	%		7.13	%		20	%	$	13,651

	1.90	%		0.46	%		0.37	%		(5.81	)%		8	%	$	954,182
	1.61	%		0.48	%		0.37	%		7.57	%		18	%	$	872,914
	1.70	%		0.54	%		0.42	%		18.14	%		25	%	$	724,856
	1.76	%		0.65	%		0.52	%		9.50	%		20	%	$	993,528
	1.55	%		0.65	%		0.52	%		1.37	%		20	%	$	846,499
	1.44	%		0.67	%		0.52	%		22.66	%		21	%	$	654,804

	1.56	%		0.79	%		0.72	%		(5.97	)%		8	%	$	370,660
	1.27	%		0.80	%		0.72	%		7.10	%		18	%	$	427,789
	1.30	%		0.83	%		0.76	%		17.79	%		25	%	$	452,487
	1.39	%		0.92	%		0.87	%		9.14	%		20	%	$	360,567
	1.22	%		0.92	%		0.87	%		1.00	%		20	%	$	256,378
	1.11	%		0.94	%		0.87	%		22.21	%		21	%	$	260,524

	1.34	%		1.00	%		0.93	%		(6.07	)%		8	%	$	126,966
	1.05	%		1.02	%		0.93	%		6.91	%		18	%	$	137,770
	1.13	%		1.05	%		0.93	%		17.53	%		25	%	$	119,774
	1.33	%		1.14	%		0.93	%		9.10	%		20	%	$	86,745
	1.14	%		1.15	%		0.93	%		0.96	%		20	%	$	64,452
	1.01	%		1.18	%		0.93	%		22.10	%		21	%	$	48,906

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


74		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2045 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	11.85		0.08	⁴		(0.84	)		(0.07	)		0.00		$	11.02
Year ended February 28, 2015	$	11.43		0.11	⁴		0.72			(0.13	)		(0.28	)	$	11.85
Year ended February 28, 2014	$	10.17		0.12	⁴		1.73			(0.14	)		(0.45	)	$	11.43
Year ended February 28, 2013⁵	$	9.64		0.03			0.68			(0.05	)		(0.13	)	$	10.17
Class R
Six months ended August 31, 2015 (unaudited)	$	11.97		0.07			(0.85	)		(0.05	)		0.00		$	11.14
Year ended February 28, 2015	$	11.54		0.10			0.71			(0.10	)		(0.28	)	$	11.97
Year ended February 28, 2014⁶	$	10.45		0.05			1.55			(0.06	)		(0.45	)	$	11.54
Class R4
Six months ended August 31, 2015 (unaudited)	$	11.89		0.10			(0.84	)		(0.08	)		0.00		$	11.07
Year ended February 28, 2015	$	11.46		0.17			0.71			(0.17	)		(0.28	)	$	11.89
Year ended February 28, 2014	$	10.18		0.14			1.76			(0.17	)		(0.45	)	$	11.46
Year ended February 28, 2013⁵	$	9.64		0.06			0.66			(0.05	)		(0.13	)	$	10.18
Class R6⁷
Six months ended August 31, 2015 (unaudited)	$	11.87		0.11			(0.84	)		(0.09	)		0.00		$	11.05
Year ended February 28, 2015	$	11.44		0.18			0.71			(0.18	)		(0.28	)	$	11.87
Year ended February 28, 2014	$	10.17		0.19			1.71			(0.18	)		(0.45	)	$	11.44
Year ended February 28, 2013	$	9.55		0.16			0.76			(0.17	)		(0.13	)	$	10.17
Year ended February 29, 2012	$	9.62		0.14			(0.05	)		(0.12	)		(0.04	)	$	9.55
Year ended February 28, 2011	$	8.08		0.13			1.70			(0.18	)		(0.11	)	$	9.62
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	11.94		0.09			(0.84	)		(0.07	)		0.00		$	11.12
Year ended February 28, 2015	$	11.51		0.14			0.71			(0.14	)		(0.28	)	$	11.94
Year ended February 28, 2014	$	10.23		0.14			1.73			(0.14	)		(0.45	)	$	11.51
Year ended February 28, 2013	$	9.59		0.12			0.77			(0.12	)		(0.13	)	$	10.23
Year ended February 29, 2012	$	9.66		0.11			(0.05	)		(0.09	)		(0.04	)	$	9.59
Year ended February 28, 2011	$	8.12		0.09			1.72			(0.16	)		(0.11	)	$	9.66
Investor Class
Six months ended August 31, 2015 (unaudited)	$	11.98		0.08			(0.85	)		(0.06	)		0.00		$	11.15
Year ended February 28, 2015	$	11.55		0.12			0.71			(0.12	)		(0.28	)	$	11.98
Year ended February 28, 2014	$	10.26		0.13			1.73			(0.12	)		(0.45	)	$	11.55
Year ended February 28, 2013	$	9.62		0.12			0.77			(0.12	)		(0.13	)	$	10.26
Year ended February 29, 2012	$	9.69		0.11			(0.05	)		(0.09	)		(0.04	)	$	9.62
Year ended February 28, 2011	$	8.14		0.08			1.73			(0.15	)		(0.11	)	$	9.69

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

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			75


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

	1.35	%		0.94	%		0.86	%		(6.48	)%		6	%	$	3,647
	0.96	%		0.99	%		0.88	%		7.41	%		16	%	$	793
	1.09	%		1.01	%		0.88	%		18.54	%		24	%	$	167
	1.08	%		1.10	%		0.88	%		7.41	%		19	%	$	13

	1.15	%		1.19	%		1.11	%		(6.58	)%		6	%	$	30
	0.83	%		1.25	%		1.13	%		7.11	%		16	%	$	31
	0.68	%		1.30	%		1.13	%		15.52	%		24	%	$	29

	1.75	%		0.63	%		0.52	%		(6.29	)%		6	%	$	139,591
	1.44	%		0.66	%		0.52	%		7.79	%		16	%	$	199,015
	1.39	%		0.68	%		0.52	%		18.99	%		24	%	$	174,582
	1.29	%		0.78	%		0.52	%		7.55	%		19	%	$	1,246

	1.89	%		0.48	%		0.37	%		(6.23	)%		6	%	$	424,152
	1.58	%		0.51	%		0.37	%		7.96	%		16	%	$	367,164
	1.67	%		0.57	%		0.42	%		19.07	%		24	%	$	291,293
	1.74	%		0.69	%		0.52	%		9.85	%		19	%	$	324,476
	1.51	%		0.67	%		0.52	%		1.16	%		19	%	$	215,067
	1.26	%		0.70	%		0.52	%		23.08	%		20	%	$	141,871

	1.54	%		0.81	%		0.72	%		(6.34	)%		6	%	$	120,895
	1.24	%		0.83	%		0.72	%		7.54	%		16	%	$	130,175
	1.28	%		0.87	%		0.75	%		18.65	%		24	%	$	126,533
	1.35	%		0.96	%		0.87	%		9.49	%		19	%	$	85,590
	1.18	%		0.94	%		0.87	%		0.85	%		19	%	$	39,964
	1.02	%		0.97	%		0.87	%		22.56	%		20	%	$	27,698

	1.34	%		1.02	%		0.93	%		(6.49	)%		6	%	$	105,041
	1.04	%		1.05	%		0.93	%		7.29	%		16	%	$	113,889
	1.18	%		1.10	%		0.93	%		18.44	%		24	%	$	110,633
	1.32	%		1.18	%		0.93	%		9.39	%		19	%	$	178,137
	1.12	%		1.17	%		0.93	%		0.80	%		19	%	$	115,546
	0.98	%		1.21	%		0.93	%		22.58	%		20	%	$	84,881

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


76		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2050 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	11.34		0.08	⁴		(0.82	)		(0.06	)		0.00		$	10.54
Year ended February 28, 2015	$	10.93		0.11			0.69			(0.13	)		(0.26	)	$	11.34
Year ended February 28, 2014	$	9.72		0.15			1.62			(0.13	)		(0.43	)	$	10.93
Year ended February 28, 2013⁵	$	9.29		0.03			0.65			(0.05	)		(0.20	)	$	9.72
Class C
Six months ended August 31, 2015 (unaudited)	$	11.30		0.04			(0.82	)		(0.02	)		0.00		$	10.50
Year ended February 28, 2015	$	10.91		0.04			0.68			(0.07	)		(0.26	)	$	11.30
Year ended February 28, 2014	$	9.71		0.08			1.61			(0.06	)		(0.43	)	$	10.91
Year ended February 28, 2013⁵	$	9.29		0.02			0.64			(0.04	)		(0.20	)	$	9.71
Class R
Six months ended August 31, 2015 (unaudited)	$	11.37		0.07			(0.82	)		(0.05	)		0.00		$	10.57
Year ended February 28, 2015	$	10.95		0.09			0.68			(0.09	)		(0.26	)	$	11.37
Year ended February 28, 2014⁶	$	9.91		0.05			1.48			(0.06	)		(0.43	)	$	10.95
Class R4
Six months ended August 31, 2015 (unaudited)	$	11.38		0.10			(0.82	)		(0.08	)		0.00		$	10.58
Year ended February 28, 2015	$	10.96		0.16			0.68			(0.16	)		(0.26	)	$	11.38
Year ended February 28, 2014	$	9.73		0.15	⁴		1.67			(0.16	)		(0.43	)	$	10.96
Year ended February 28, 2013⁵	$	9.29		0.05			0.64			(0.05	)		(0.20	)	$	9.73
Class R6⁷
Six months ended August 31, 2015 (unaudited)	$	11.37		0.11	⁴		(0.82	)		(0.08	)		0.00		$	10.58
Year ended February 28, 2015	$	10.95		0.17			0.68			(0.17	)		(0.26	)	$	11.37
Year ended February 28, 2014	$	9.72		0.17	⁴		1.66			(0.17	)		(0.43	)	$	10.95
Year ended February 28, 2013	$	9.20		0.16			0.72			(0.16	)		(0.20	)	$	9.72
Year ended February 29, 2012	$	9.50		0.14			(0.07	)		(0.12	)		(0.25	)	$	9.20
Year ended February 28, 2011	$	8.10		0.12	⁴		1.72			(0.17	)		(0.27	)	$	9.50
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	11.34		0.09			(0.81	)		(0.07	)		0.00		$	10.55
Year ended February 28, 2015	$	10.92		0.13			0.69			(0.14	)		(0.26	)	$	11.34
Year ended February 28, 2014	$	9.70		0.13	⁴		1.65			(0.13	)		(0.43	)	$	10.92
Year ended February 28, 2013	$	9.18		0.12	⁴		0.73			(0.13	)		(0.20	)	$	9.70
Year ended February 29, 2012	$	9.48		0.11			(0.07	)		(0.09	)		(0.25	)	$	9.18
Year ended February 28, 2011	$	8.10		0.09	⁴		1.71			(0.15	)		(0.27	)	$	9.48
Investor Class
Six months ended August 31, 2015 (unaudited)	$	11.38		0.08			(0.83	)		(0.05	)		0.00		$	10.58
Year ended February 28, 2015	$	10.96		0.11			0.68			(0.11	)		(0.26	)	$	11.38
Year ended February 28, 2014	$	9.73		0.11			1.67			(0.12	)		(0.43	)	$	10.96
Year ended February 28, 2013	$	9.21		0.12			0.73			(0.13	)		(0.20	)	$	9.73
Year ended February 29, 2012	$	9.51		0.10			(0.06	)		(0.09	)		(0.25	)	$	9.21
Year ended February 28, 2011	$	8.11		0.09	⁴		1.71			(0.13	)		(0.27	)	$	9.51

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

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			77


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

	1.37	%		0.92	%		0.86	%		(6.55	)%		6	%	$	3,130
	0.94	%		0.97	%		0.88	%		7.52	%		16	%	$	1,629
	1.00	%		0.98	%		0.88	%		18.62	%		23	%	$	210
	1.07	%		1.05	%		0.88	%		7.49	%		19	%	$	11

	0.64	%		1.67	%		1.61	%		(6.89	)%		6	%	$	957
	0.20	%		1.72	%		1.63	%		6.70	%		16	%	$	737
	0.39	%		1.73	%		1.63	%		17.68	%		23	%	$	163
	0.16	%		1.81	%		1.63	%		7.31	%		19	%	$	17

	1.17	%		1.21	%		1.11	%		(6.65	)%		6	%	$	30
	0.82	%		1.25	%		1.13	%		7.20	%		16	%	$	31
	0.69	%		1.27	%		1.13	%		15.67	%		23	%	$	29

	1.74	%		0.61	%		0.52	%		(6.42	)%		6	%	$	326,883
	1.43	%		0.64	%		0.52	%		7.82	%		16	%	$	360,833
	1.39	%		0.65	%		0.52	%		19.10	%		23	%	$	307,320
	1.03	%		0.76	%		0.52	%		7.63	%		19	%	$	6,538

	1.89	%		0.46	%		0.37	%		(6.27	)%		6	%	$	835,013
	1.58	%		0.49	%		0.37	%		7.98	%		16	%	$	818,335
	1.66	%		0.55	%		0.41	%		19.28	%		23	%	$	693,648
	1.75	%		0.67	%		0.52	%		9.94	%		19	%	$	754,088
	1.53	%		0.66	%		0.52	%		1.11	%		19	%	$	651,308
	1.43	%		0.67	%		0.52	%		23.17	%		20	%	$	560,746

	1.55	%		0.79	%		0.72	%		(6.44	)%		6	%	$	206,676
	1.23	%		0.81	%		0.72	%		7.64	%		16	%	$	226,405
	1.28	%		0.85	%		0.75	%		18.79	%		23	%	$	202,276
	1.38	%		0.94	%		0.87	%		9.59	%		19	%	$	141,212
	1.18	%		0.93	%		0.87	%		0.81	%		19	%	$	89,984
	1.07	%		0.94	%		0.87	%		22.58	%		20	%	$	69,492

	1.33	%		1.00	%		0.93	%		(6.59	)%		6	%	$	63,890
	1.02	%		1.03	%		0.93	%		7.39	%		16	%	$	67,502
	1.10	%		1.07	%		0.93	%		18.67	%		23	%	$	58,583
	1.33	%		1.16	%		0.93	%		9.49	%		19	%	$	39,188
	1.12	%		1.16	%		0.93	%		0.75	%		19	%	$	28,615
	1.02	%		1.19	%		0.93	%		22.54	%		20	%	$	24,771

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


78		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2055 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2015 (unaudited)	$	13.28		0.09	⁴		(0.95	)		(0.07	)		0.00		$	12.35
Year ended February 28, 2015	$	12.63		0.13			0.80			(0.14	)		(0.14	)	$	13.28
Year ended February 28, 2014	$	10.90		0.14			1.87			(0.13	)		(0.15	)	$	12.63
Year ended February 28, 2013⁵	$	10.19		0.03	⁴		0.72			(0.04	)		0.00		$	10.90
Class R
Six months ended August 31, 2015 (unaudited)	$	13.16		0.07			(0.94	)		(0.05	)		0.00		$	12.24
Year ended February 28, 2015	$	12.51		0.11			0.79			(0.11	)		(0.14	)	$	13.16
Year ended February 28, 2014⁶	$	11.01		0.06			1.65			(0.06	)		(0.15	)	$	12.51
Class R4
Six months ended August 31, 2015 (unaudited)	$	13.32		0.12			(0.96	)		(0.09	)		0.00		$	12.39
Year ended February 28, 2015	$	12.65		0.18			0.81			(0.18	)		(0.14	)	$	13.32
Year ended February 28, 2014	$	10.91		0.15			1.90			(0.16	)		(0.15	)	$	12.65
Year ended February 28, 2013⁵	$	10.19		0.04	⁴		0.72			(0.04	)		0.00		$	10.91
Class R6⁷
Six months ended August 31, 2015 (unaudited)	$	13.29		0.12			(0.94	)		(0.10	)		0.00		$	12.37
Year ended February 28, 2015	$	12.63		0.19			0.80			(0.19	)		(0.14	)	$	13.29
Year ended February 28, 2014	$	10.90		0.19			1.87			(0.18	)		(0.15	)	$	12.63
Year ended February 28, 2013	$	10.08		0.15			0.83			(0.16	)		0.00		$	10.90
Year ended February 29, 2012⁸	$	10.00		0.08	⁴		0.00	⁹		0.00			0.00		$	10.08
Administrator Class
Six months ended August 31, 2015 (unaudited)	$	13.28		0.10			(0.94	)		(0.08	)		0.00		$	12.36
Year ended February 28, 2015	$	12.62		0.14			0.81			(0.15	)		(0.14	)	$	13.28
Year ended February 28, 2014	$	10.90		0.14			1.87			(0.14	)		(0.15	)	$	12.62
Year ended February 28, 2013	$	10.06		0.14	⁴		0.81			(0.11	)		0.00		$	10.90
Year ended February 29, 2012⁸	$	10.00		0.06	⁴		0.00	⁹		0.00			0.00		$	10.06
Investor Class
Six months ended August 31, 2015 (unaudited)	$	13.17		0.09			(0.96	)		(0.06	)		0.00		$	12.24
Year ended February 28, 2015	$	12.52		0.13			0.79			(0.13	)		(0.14	)	$	13.17
Year ended February 28, 2014	$	10.81		0.14			1.85			(0.13	)		(0.15	)	$	12.52
Year ended February 28, 2013	$	10.05		0.13			0.80			(0.17	)		0.00		$	10.81
Year ended February 29, 2012⁸	$	10.00		0.06	⁴		(0.01	)		0.00			0.00		$	10.05

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Calculated based upon average shares outstanding

⁵	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

⁶	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

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

⁸	For the period from June 30, 2011 (commencement of class operations) to February 29, 2012

⁹	Amount is less than $0.005.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			79


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

	1.38	%		0.99	%		0.86	%		(6.52	)%		6	%	$	2,069
	0.97	%		1.07	%		0.88	%		7.46	%		16	%	$	565
	1.10	%		1.19	%		0.88	%		18.69	%		23	%	$	66
	1.05	%		1.44	%		0.88	%		7.39	%		19	%	$	14

	1.15	%		1.29	%		1.11	%		(6.62	)%		6	%	$	34
	0.83	%		1.36	%		1.13	%		7.24	%		16	%	$	31
	0.73	%		1.48	%		1.13	%		15.66	%		23	%	$	29

	1.76	%		0.68	%		0.52	%		(6.38	)%		6	%	$	28,000
	1.41	%		0.74	%		0.52	%		7.92	%		16	%	$	33,651
	1.40	%		0.86	%		0.52	%		19.06	%		23	%	$	20,591
	1.51	%		1.09	%		0.52	%		7.51	%		19	%	$	33

	1.88	%		0.53	%		0.37	%		(6.26	)%		6	%	$	150,078
	1.55	%		0.59	%		0.37	%		8.01	%		16	%	$	126,822
	1.63	%		0.75	%		0.40	%		19.18	%		23	%	$	74,427
	1.69	%		1.17	%		0.52	%		9.90	%		19	%	$	36,345
	1.33	%		4.06	%		0.52	%		0.80	%		19	%	$	8,963

	1.54	%		0.85	%		0.72	%		(6.48	)%		6	%	$	13,972
	1.16	%		0.91	%		0.72	%		7.66	%		16	%	$	12,493
	1.28	%		1.05	%		0.75	%		18.70	%		23	%	$	8,462
	1.36	%		1.45	%		0.87	%		9.52	%		19	%	$	4,739
	0.87	%		2.14	%		0.87	%		0.60	%		19	%	$	1,794

	1.33	%		1.07	%		0.93	%		(6.61	)%		6	%	$	9,009
	0.99	%		1.13	%		0.93	%		7.44	%		16	%	$	8,059
	1.06	%		1.27	%		0.93	%		18.62	%		23	%	$	4,130
	1.23	%		1.64	%		0.93	%		9.52	%		19	%	$	1,254
	0.94	%		6.32	%		0.93	%		0.50	%		19	%	$	256

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


80		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2060 Fund	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Ending net asset value per share
Class A
Period ended August 31, 2015⁵ (unaudited)	$	10.00		0.01			(0.53	)	$	9.48
Class C
Period ended August 31, 2015⁵ (unaudited)	$	10.00		0.00	⁴		(0.54	)	$	9.46
Class R
Period ended August 31, 2015⁵ (unaudited)	$	10.00		0.01			(0.54	)	$	9.47
Class R4
Period ended August 31, 2015⁵ (unaudited)	$	10.00		0.02			(0.54	)	$	9.48
Class R6
Period ended August 31, 2015⁵ (unaudited)	$	10.00		0.02			(0.54	)	$	9.48
Administrator Class
Period ended August 31, 2015⁵ (unaudited)	$	10.00		0.01			(0.53	)	$	9.48

¹	Includes net expenses allocated from the 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 is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁴	Amount is less than $0.005.

⁵	For the period from July 1, 2015 (commencement of class operations) to August 31, 2015

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			81


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

	0.84	%		13.60	%		0.83	%		(5.20	)%		1	%	$	100

	0.08	%		14.36	%		1.58	%		(5.40	)%		1	%	$	97

	0.57	%		13.88	%		1.08	%		(5.30	)%		1	%	$	95

	1.14	%		13.34	%		0.52	%		(5.20	)%		1	%	$	95

	1.29	%		13.19	%		0.37	%		(5.20	)%		1	%	$	379

	1.03	%		13.08	%		0.72	%		(5.20	)%		1	%	$	365

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


82		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”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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”), the Wells Fargo Advantage Dow Jones Target 2055 Fund (“Target 2055 Fund”), and the Wells Fargo Advantage Dow Jones Target 2060 Fund (“Target 2060 Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Each Fund seeks to achieve its investment objective by investing all investable assets in separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended August 31, 2015 are included in this report and should be read in conjunction with each Fund’s financial statements. As of August 31, 2015, the Funds own the following percentages of the affiliated 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			Target 2060 Fund
Wells Fargo Advantage Diversified Fixed Income Portfolio		5%		5%		8%		28%		20%		19%		6%		6%		1%		2%		0%	*		0%	*
Wells Fargo Advantage Diversified Stock Portfolio		1		1		2		10		12		19		11		19		8		15		2			0	*
Wells Fargo Advantage Short-Term Investment Portfolio		25		14		9		10		9		11		5		8		3		5		1			0	*

*	The amount owned 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 (generally 4 p.m. Eastern Time).

Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master Portfolios are valued as discussed in the Notes to Financial Statements of the affiliated 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 affiliated Master Portfolio. Realized gains or losses in each affiliated Master Portfolio are recorded on the basis of identified cost.


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			83

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method by each affiliated 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.

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

Income from foreign securities in each affiliated 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 affiliated 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 income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed 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.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of 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, 2015, each Fund’s investments in an affiliated Master Portfolio carried at fair value were designated as Level 2 inputs. Further details on the investments of the affiliated Master Portfolios can be found in the Portfolio of Investments or Summary Portfolio of Investments of each affiliated Master Portfolio which is contained elsewhere in this report.


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

The Funds recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At August 31, 2015, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with each Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of each Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.20% and declining to 0.18% as the average daily net assets of each Fund increase.

Prior to July 1, 2015, Funds Management provided advisory services pursuant to an investment advisory agreement and was entitled to receive an annual fee which started at 0.25% and declined to 0.17% as the average daily net assets of each Fund increased. In addition, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of each Fund increased. For financial statement purposes, the advisory fee and fund-level administration fee for the six months ended August 31, 2015 have been included in management fee on the Statements of Operations.

For the six months ended August 31, 2015, the management fee was equivalent to an annual rate for each Fund as follows:


	Management fee
Target Today Fund		0.26	%
Target 2010 Fund		0.27
Target 2015 Fund		0.26
Target 2020 Fund		0.25
Target 2025 Fund		0.25
Target 2030 Fund		0.25
Target 2035 Fund		0.25
Target 2040 Fund		0.25
Target 2045 Fund		0.26
Target 2050 Fund		0.25
Target 2055 Fund		0.27
Target 2060 Fund		0.20

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated 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, Inc. 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.


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			85

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to each Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:


	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class B, Class C, Class R		0.21	%		0.26	%
Class R4		0.08			0.08
Class R6		0.03			0.03
Administrator Class		0.13			0.10
Investor Class		0.32			0.32

Funds Management has contractually waived and/or reimbursed management 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, 2016 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		0.76	%		1.51	%		1.51	%		1.01	%		0.45	%		0.30	%		0.65	%		0.86	%
Target 2010 Fund		0.78			1.53			1.53			1.03			0.47			0.32			0.67			0.88
Target 2015 Fund		0.79			N/A			N/A			1.04			0.48			0.33			0.68			0.89
Target 2020 Fund		0.81			1.56			1.56			1.06			0.50			0.35			0.70			0.91
Target 2025 Fund		0.81			N/A			N/A			1.06			0.50			0.35			0.70			0.91
Target 2030 Fund		0.82			1.57			1.57			1.07			0.51			0.36			0.71			0.92
Target 2035 Fund		0.83			N/A			N/A			1.08			0.52			0.37			0.72			0.93
Target 2040 Fund		0.83			1.58			1.58			1.08			0.52			0.37			0.72			0.93
Target 2045 Fund		0.83			N/A			N/A			1.08			0.52			0.37			0.72			0.93
Target 2050 Fund		0.83			N/A			1.58			1.08			0.52			0.37			0.72			0.93
Target 2055 Fund		0.83			N/A			N/A			1.08			0.52			0.37			0.72			0.93
Target 2060 Fund		0.83			N/A			1.58			1.08			0.52			0.37			0.72			N/A

After the expiration date, each expense cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Prior to July 1, 2015, the expense caps for the following classes were as follows:


	Class A			Class B			Class C			Class R
Target Today Fund		0.81	%		1.56	%		1.56	%		1.06	%
Target 2010 Fund		0.83			1.58			1.58			1.08
Target 2015 Fund		0.84			N/A			N/A			1.09
Target 2020 Fund		0.86			1.61			1.61			1.11
Target 2025 Fund		0.86			N/A			N/A			1.11
Target 2030 Fund		0.87			1.62			1.62			1.12
Target 2035 Fund		0.88			N/A			N/A			1.13


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


	Class A			Class B			Class C			Class R
Target 2040 Fund		0.88	%		1.63	%		1.63	%		1.13	%
Target 2045 Fund		0.88			N/A			N/A			1.13
Target 2050 Fund		0.88			N/A			1.63			1.13
Target 2055 Fund		0.88			N/A			N/A			1.13

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 (“Funds Distributor”), 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 the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended August 31, 2015, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges:


	Front-end sales charges Class A		Contingent deferred sales charges Class C
Target Today Fund	$	54	$	0
Target 2010 Fund		216		0
Target 2015 Fund		10		N/A
Target 2020 Fund		590		0
Target 2025 Fund		1,001		N/A
Target 2030 Fund		2,558		35
Target 2035 Fund		2,816		N/A
Target 2040 Fund		2,458		80
Target 2045 Fund		814		N/A
Target 2050 Fund		1,067		50
Target 2055 Fund		115		N/A
Target 2060 Fund		0		0

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 of the Fund is 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.


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			87

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2015 were as follows:


	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Target Today Fund	$	64,355,725	$	23,606,527	$	59,385,831	$	16,569,066
Target 2010 Fund		55,740,855		20,447,790		51,436,247		14,352,282
Target 2015 Fund		101,016,690		38,147,031		93,215,640		27,012,748
Target 2020 Fund		348,828,961		144,940,694		321,890,522		105,429,810
Target 2025 Fund		249,380,726		125,035,950		230,122,211		95,067,505
Target 2030 Fund		239,524,823		154,932,855		221,027,434		123,347,974
Target 2035 Fund		75,394,674		73,309,187		69,572,294		61,394,293
Target 2040 Fund		69,564,688		112,789,690		64,192,531		98,166,367
Target 2045 Fund		14,685,418		41,442,647		13,551,332		36,938,058
Target 2050 Fund		20,366,822		75,049,909		18,793,987		67,389,740
Target 2055 Fund		2,872,826		10,586,106		2,650,971		9,505,606
Target 2060 Fund		14,656		54,007		13,524		48,495

The Funds seek to achieve their investment objective by investing all of their investable assets in affiliated 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 affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.

6. BANK BORROWINGS

Each Fund (except Target 2060 Fund) and certain funds in the Trust are party to a $25,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to 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, 2015, the Funds paid the following amounts in commitment fees:


	Commitment fee
Target Today Fund	$	893
Target 2010 Fund		696
Target 2015 Fund		1,041
Target 2020 Fund		3,360
Target 2025 Fund		3,862
Target 2030 Fund		4,774
Target 2035 Fund		2,274
Target 2040 Fund		3,537
Target 2045 Fund		1,294
Target 2050 Fund		2,350
Target 2055 Fund		297

For the six months ended August 31, 2015, there were no borrowings by Funds under the agreement.


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

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights 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, 2015, the Funds declared distributions from net investment income to shareholders of record on September 23, 2015. The per share amounts payable on September 25, 2015 were as follows:


Net investment income	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		$0.04127	$	0.03722	$	0.05633	$	0.03631	$	0.06110	$	0.03663	$	0.03472	$	0.03840
Class B		N/A		N/A		0.02713		N/A		0.02599		N/A		N/A		N/A
Class C		N/A		N/A		0.02551		N/A		0.02750		N/A		0.01218		N/A
Class R		0.02775		0.02934		0.04702		0.02929		0.05164		0.02856		0.02786		0.03299
Class R4		0.05770		0.04428		0.06907		0.04382		0.07559		0.04436		0.04226		0.04759
Class R6		0.06559		0.04838		0.07549		0.04825		0.08301		0.04893		0.04646		0.05236
Administrator Class		0.04543		0.03890		0.06022		0.03821		0.06555		0.03845		0.03669		0.04162
Investor Class		0.03495		0.03358		0.05202		0.03260		0.05598		0.03234		0.03121		0.03504

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


Summary portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			89

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.


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


Agency Securities: 26.06%
FHLB		0.50-6.00	%		9-28-2016 to 11-1-2043	$	129,946,718	$	135,299,415		2.20	%
FHLMC		0.75-6.75			10-14-2016 to 7-1-2045		251,533,906		266,732,098		4.35
FHLMC %%		2.50			9-17-2030		14,900,000		15,108,362		0.25
FHLMC		3.00			8-1-2045		12,500,000		12,529,199		0.20
FHLMC		3.50			2-1-2042		11,885,952		12,343,522		0.20
FHLMC %%		3.50			9-14-2045		14,000,000		14,477,093		0.24
FNMA		0.00-7.25			11-1-2015 to 9-14-2045		616,477,603		649,818,347		10.60
FNMA		3.00			8-1-2027		11,932,110		12,406,699		0.20
FNMA		3.50			1-1-2045		16,959,538		17,592,849		0.29
FNMA		3.50			5-1-2045		11,811,540		12,252,612		0.20
FNMA %%		3.50			9-14-2045		20,125,000		20,854,918		0.34
FNMA		4.00			9-1-2044		12,121,326		12,909,256		0.21
FNMA		4.00			3-1-2045		14,892,815		15,841,383		0.26
GNMA		3.00-7.00			11-15-2023 to 6-20-2045		298,466,189		316,966,039		5.17
GNMA %%		3.00			9-21-2045		14,500,000		14,691,445		0.24
GNMA		3.50			4-20-2043		15,012,372		15,703,990		0.26
GNMA		3.50			10-20-2044		12,894,909		13,448,103		0.22
GNMA		3.50			4-20-2045		15,869,119		16,566,717		0.27
GNMA		3.50			6-20-2045		11,937,096		12,449,708		0.20
Other securities									9,802,565		0.16

Total Agency Securities (Cost $1,565,546,386)									1,597,794,320		26.06


Corporate Bonds and Notes: 20.18%

Consumer Discretionary: 1.80%

Auto Components: 0.05%
Other securities									2,914,484		0.05


Automobiles: 0.08%
Other securities									4,798,496		0.08


Diversified Consumer Services: 0.04%
Other securities									2,486,362		0.04


Hotels, Restaurants & Leisure: 0.15%
Other securities									9,009,730		0.15


Household Durables: 0.02%
Other securities									1,392,528		0.02


Internet & Catalog Retail: 0.09%
Other securities									5,281,597		0.09


Leisure Products: 0.01%
Other securities									892,951		0.01


Media: 0.98%
Other securities									60,414,824		0.98

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, 2015 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name								Value		Percent of net assets


Multiline Retail: 0.14%
Other securities								$	8,702,249		0.14	%


Specialty Retail: 0.23%
Other securities									13,970,839		0.23


Textiles, Apparel & Luxury Goods: 0.01%
Other securities									803,999		0.01


Consumer Staples: 1.63%

Beverages: 0.43%
Other securities									26,428,428		0.43


Food & Staples Retailing: 0.43%
Other securities									26,221,148		0.43


Food Products: 0.36%
Other securities									21,963,014		0.36


Household Products: 0.11%
Other securities									6,839,803		0.11


Personal Products: 0.00%
Other securities									243,638		0.00


Tobacco: 0.30%
Other securities									18,027,151		0.30


Energy: 1.87%

Energy Equipment & Services: 0.13%
Other securities									7,711,013		0.13


Oil, Gas & Consumable Fuels: 1.74%
Other securities									106,837,220		1.74

	Interest rate			Maturity date		Principal
Financials: 6.65%

Banks: 2.39%
Wachovia Bank NA (l)		5.85	%		2-1-2037	$	1,000,000		1,204,698		0.02
Wachovia Bank NA (l)		6.60			1-15-2038		600,000		783,825		0.01
Wachovia Corporation (l)		5.50			8-1-2035		700,000		784,224		0.01
Wachovia Corporation (l)		5.63			10-15-2016		1,200,000		1,257,852		0.02
Wachovia Corporation (l)		5.75			6-15-2017		1,000,000		1,075,600		0.02
Wachovia Corporation (l)		5.75			2-1-2018		1,000,000		1,093,630		0.02
Wells Fargo & Company (l)		1.50			1-16-2018		1,000,000		996,746		0.02
Wells Fargo & Company (l)		2.10			5-8-2017		1,000,000		1,011,616		0.02
Wells Fargo & Company (l)		2.15			1-30-2020		2,500,000		2,477,335		0.04
Wells Fargo & Company (l)		2.63			12-15-2016		1,000,000		1,019,687		0.02
Wells Fargo & Company (l)		3.30			9-9-2024		1,500,000		1,487,580		0.02
Wells Fargo & Company (l)		3.45			2-13-2023		750,000		746,432		0.01
Wells Fargo & Company (l)		3.50			3-8-2022		1,000,000		1,026,379		0.02
Wells Fargo & Company (l)		4.10			6-3-2026		1,000,000		1,003,622		0.02

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


Summary portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			91

DIVERSIFIED FIXED INCOME PORTFOLIO


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


Banks (continued)
Wells Fargo & Company (l)		4.13	%		8-15-2023	$	1,000,000	$	1,030,904		0.02	%
Wells Fargo & Company (l)		4.60			4-1-2021		1,250,000		1,366,969		0.02
Wells Fargo & Company (l)		5.38			11-2-2043		1,000,000		1,072,463		0.02
Wells Fargo & Company (l)		5.61			1-15-2044		1,000,000		1,111,789		0.02
Wells Fargo & Company (l)		5.63			12-11-2017		1,500,000		1,632,813		0.03
Wells Fargo Bank NA (l)		5.95			8-26-2036		350,000		417,454		0.01
Wells Fargo Capital X (l)		5.95			12-1-2086		500,000		502,500		0.01
Other securities									123,160,113		1.99

									146,264,231		2.39


Capital Markets: 1.17%
Other securities									71,652,956		1.17


Consumer Finance: 0.91%
Other securities									55,842,334		0.91


Diversified Financial Services: 0.70%
Other securities									43,140,371		0.70


Insurance: 0.79%
Other securities									48,418,675		0.79


Real Estate Management & Development: 0.01%
Other securities									686,746		0.01


REITs: 0.68%
Other securities									41,358,064		0.68


Thrifts & Mortgage Finance: 0.00%
Other securities									252,234		0.00


Health Care: 2.01%

Biotechnology: 0.31%
Other securities									19,439,323		0.31


Health Care Equipment & Supplies: 0.37%
Other securities									22,519,348		0.37


Health Care Providers & Services: 0.52%
Other securities									32,042,737		0.52


Life Sciences Tools & Services: 0.05%
Other securities									2,995,439		0.05


Pharmaceuticals: 0.76%
Other securities									46,495,126		0.76


Industrials: 1.42%

Aerospace & Defense: 0.37%
Other securities									22,572,730		0.37

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, 2015 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets


Air Freight & Logistics: 0.08%
Other securities	$	5,228,446		0.08	%


Airlines: 0.06%
Other securities		3,594,375		0.06


Building Products: 0.00%
Other securities		214,111		0.00


Commercial Services & Supplies: 0.12%
Other securities		7,316,539		0.12


Electrical Equipment: 0.07%
Other securities		4,653,576		0.07


Industrial Conglomerates: 0.11%
Other securities		6,632,360		0.11


Machinery: 0.23%
Other securities		13,882,697		0.23


Professional Services: 0.02%
Other securities		1,082,920		0.02


Road & Rail: 0.31%
Other securities		18,851,808		0.31


Trading Companies & Distributors: 0.05%
Other securities		3,270,530		0.05


Information Technology: 1.42%

Communications Equipment: 0.20%
Other securities		12,087,402		0.20


Electronic Equipment, Instruments & Components: 0.06%
Other securities		3,805,789		0.06


Internet Software & Services: 0.04%
Other securities		2,561,290		0.04


IT Services: 0.25%
Other securities		15,347,370		0.25


Semiconductors & Semiconductor Equipment: 0.13%
Other securities		8,070,311		0.13


Software: 0.38%
Other securities		23,235,310		0.38


Technology Hardware, Storage & Peripherals: 0.36%
Other securities		21,735,372		0.36

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


Summary portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			93

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name									Value		Percent of net assets


Materials: 0.73%

Chemicals: 0.43%
Other securities									$	26,004,799		0.43	%


Construction Materials: 0.00%	��
Other securities										139,060		0.00


Containers & Packaging: 0.03%
Other securities										1,867,041		0.03


Metals & Mining: 0.17%
Other securities										10,483,534		0.17


Paper & Forest Products: 0.10%
Other securities										6,128,430		0.10


Telecommunication Services: 0.85%

Diversified Telecommunication Services: 0.84%
Other securities										51,510,378		0.84


Wireless Telecommunication Services: 0.01%
Other securities										591,983		0.01


Utilities: 1.80%

Electric Utilities: 1.34%
Other securities										82,343,469		1.34


Gas Utilities: 0.08%
Other securities										5,050,372		0.08


Independent Power & Renewable Electricity Producers: 0.02%
Other securities										931,420		0.02


Multi-Utilities: 0.34%
Other securities										21,084,298		0.34


Water Utilities: 0.02%
Other securities										1,121,027		0.02


Total Corporate Bonds and Notes (Cost $1,210,676,671)										1,237,445,805		20.18


		Interest rate			Maturity date		Principal

Foreign Government Bonds @: 25.09%
Bundesrepublik Deutschland (EUR)			0.50-6.50	%		1-4-2017 to 8-15-2046		69,630,000		95,201,760		1.52
France Government Bond (EUR)			0.00-8.50			10-25-2016 to 4-25-2060		111,250,000		148,331,585		2.41
Italy Buoni Poliennali del Tesoro (EUR)			0.75-9.00			8-1-2016 to 9-1-2046		124,470,000		163,631,262		2.68
Japan Government Five Year Bond Series 066 (JPY)			0.40			9-20-2016		1,525,000,000		12,630,575		0.21
Japan Government Five Year Bond (JPY)			0.20-0.30			12-20-2016 to 3-20-2019		6,540,000,000		54,202,699		0.88
Japan Government Ten Year Bond (JPY)			0.30-1.80			9-20-2016 to 12-20-2024		31,397,000,000		269,829,103		4.42
Japan Government Ten Year Bond Series 285 (JPY)			1.70			3-20-2017		1,850,000,000		15,659,422		0.26

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, 2015 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


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


Foreign Government Bonds @ (continued)
Japan Government Thirty Year Bond (JPY)		1.70-2.90	%		5-20-2030 to 3-20-2044		8,287,500,000	$	80,704,769		1.32	%
Japan Government Twenty Year Bond (JPY)		0.80-3.10			9-20-2017 to 6-20-2034		19,018,500,000		178,544,364		2.95
Japan Government Twenty Year Bond Series 79 (JPY)		2.00			6-20-2025		1,325,000,000		12,633,812		0.21
United Kingdom Gilt (GBP)		1.00-8.75			9-7-2016 to 7-22-2068		108,630,000		198,765,636		3.22
Other securities									308,736,782		5.01

Total Foreign Government Bonds (Cost $1,702,134,725)									1,538,871,769		25.09


U.S. Treasury Securities: 22.18%
U.S. Treasury Bond		2.50-6.88			8-15-2025 to 2-15-2045	$	174,200,000		197,079,535		3.22
U.S. Treasury Note		0.50-9.13			9-15-2016 to 11-15-2024		530,150,000		547,799,476		8.93
U.S. Treasury Note		0.63			9-30-2017		24,000,000		23,920,632		0.39
U.S. Treasury Note		0.75			6-30-2017		15,000,000		15,009,180		0.24
U.S. Treasury Note		0.75			12-31-2017		14,000,000		13,953,156		0.23
U.S. Treasury Note		0.88			12-31-2016		25,000,000		25,102,550		0.41
U.S. Treasury Note		0.88			2-28-2017		20,000,000		20,075,520		0.33
U.S. Treasury Note		0.88			5-15-2017		12,400,000		12,439,717		0.20
U.S. Treasury Note		1.00			6-30-2019		25,000,000		24,682,300		0.40
U.S. Treasury Note		1.00			9-30-2019		23,500,000		23,112,626		0.38
U.S. Treasury Note		1.13			4-30-2020		15,000,000		14,728,125		0.24
U.S. Treasury Note		1.38			4-30-2020		15,500,000		15,403,528		0.25
U.S. Treasury Note		1.50			5-31-2019		25,000,000		25,153,650		0.41
U.S. Treasury Note		1.63			3-31-2019		20,000,000		20,235,680		0.33
U.S. Treasury Note		1.75			9-30-2019		30,000,000		30,401,160		0.50
U.S. Treasury Note		1.75			2-28-2022		15,000,000		14,860,155		0.24
U.S. Treasury Note		1.75			5-15-2023		12,500,000		12,219,725		0.20
U.S. Treasury Note		2.00			11-15-2021		16,000,000		16,126,256		0.26
U.S. Treasury Note		2.00			2-15-2025		21,500,000		21,099,111		0.34
U.S. Treasury Note		2.25			3-31-2021		15,000,000		15,406,245		0.25
U.S. Treasury Note		2.25			11-15-2024		18,500,000		18,573,704		0.30
U.S. Treasury Note		2.38			8-15-2024		15,000,000		15,238,275		0.25
U.S. Treasury Note		2.50			8-15-2023		14,250,000		14,697,165		0.24
U.S. Treasury Note		2.50			5-15-2024		15,500,000		15,928,265		0.26
U.S. Treasury Note		2.63			8-15-2020		12,000,000		12,584,844		0.21
U.S. Treasury Note		2.63			11-15-2020		15,000,000		15,718,365		0.26
U.S. Treasury Note		2.75			11-30-2016		24,000,000		24,664,056		0.40
U.S. Treasury Note		2.75			2-15-2019		16,950,000		17,811,399		0.29
U.S. Treasury Note		2.75			11-15-2023		15,500,000		16,279,836		0.27
U.S. Treasury Note		2.75			2-15-2024		18,250,000		19,146,349		0.31
U.S. Treasury Note		3.63			2-15-2020		20,500,000		22,374,889		0.37
U.S. Treasury Note		3.63			2-15-2021		20,000,000		22,000,780		0.36
U.S. Treasury Note		4.63			11-15-2016		30,000,000		31,476,305		0.51
U.S. Treasury Note		4.75			8-15-2017		23,000,000		24,775,002		0.40

Total U.S. Treasury Securities (Cost $1,326,315,337)									1,360,077,561		22.18


Yankee Corporate Bonds and Notes: 3.92%

Consumer Discretionary: 0.05%

Media: 0.05%
Other securities									2,826,326		0.05

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


Summary portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			95

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets


Consumer Staples: 0.06%

Beverages: 0.06%
Other securities	$	4,020,955		0.06	%


Energy: 0.65%

Energy Equipment & Services: 0.03%
Other securities		2,003,696		0.03


Oil, Gas & Consumable Fuels: 0.62%
Other securities		38,055,293		0.62


Financials: 1.87%

Banks: 1.27%
Other securities		78,042,124		1.27


Capital Markets: 0.05%
Other securities		3,055,837		0.05


Diversified Financial Services: 0.49%
Other securities		30,021,664		0.49


Insurance: 0.06%
Other securities		3,297,915		0.06


Real Estate Management & Development: 0.00%
Other securities		132,333		0.00


Health Care: 0.28%

Health Care Equipment & Supplies: 0.03%
Other securities		1,650,205		0.03


Pharmaceuticals: 0.25%
Other securities		15,430,727		0.25


Industrials: 0.11%

Aerospace & Defense: 0.01%
Other securities		576,630		0.01


Industrial Conglomerates: 0.05%
Other securities		3,162,236		0.05


Machinery: 0.01%
Other securities		568,150		0.01


Road & Rail: 0.04%
Other securities		2,620,238		0.04


Information Technology: 0.10%

Communications Equipment: 0.01%
Other securities		414,215		0.01

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, 2015 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name						Value		Percent of net assets


Internet Software & Services: 0.06%
Other securities						$	3,536,753		0.06	%


Technology Hardware, Storage & Peripherals: 0.03%
Other securities							1,919,572		0.03


Materials: 0.37%

Chemicals: 0.08%
Other securities							4,783,307		0.08


Metals & Mining: 0.28%
Other securities							17,233,080		0.28


Paper & Forest Products: 0.01%
Other securities							909,667		0.01


Telecommunication Services: 0.42%

Diversified Telecommunication Services: 0.21%
Other securities							12,594,163		0.21


Wireless Telecommunication Services: 0.21%
Other securities							12,909,280		0.21


Utilities: 0.01%

Electric Utilities: 0.00%
Other securities							172,573		0.00


Independent Power & Renewable Electricity Producers: 0.01%
Other securities							300,143		0.01


Water Utilities: 0.00%
Other securities							268,269		0.00


Total Yankee Corporate Bonds and Notes (Cost $240,262,644)							240,505,351		3.92


Yankee Government Bonds: 0.03%
Other securities							2,013,720		0.03


Total Yankee Government Bonds (Cost $2,000,987)							2,013,720		0.03


	Yield			Shares
Short-Term Investments: 2.37%

Investment Companies: 2.37%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		3,815,736		3,815,736		0.06
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.15			141,369,976		141,369,976		2.31

Total Short-Term Investments (Cost $145,185,712)							145,185,712		2.37


Total investments in securities (Cost $6,192,122,462) *							6,121,894,238		99.83
Other assets and liabilities, net							10,638,220		0.17

Total net assets						$	6,132,532,458		100.00	%

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


Summary portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			97

DIVERSIFIED FIXED INCOME PORTFOLIO

%%	The security is issued on a when-issued basis.

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

@	Foreign bond principal is denominated in the local currency of the issuer.

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

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

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

*	Cost for federal income tax purposes is $6,193,965,926 and unrealized gains (losses) consists of:


Gross unrealized gains	$	152,371,409
Gross unrealized losses		(224,443,097	)

Net unrealized losses	$	(72,071,688	)

The following table shows the percent of total long-term investments by geographic location as of August 31, 2015:


United States	70.01	%
Japan	10.97
United Kingdom	4.24
France	2.92
Italy	2.87
Germany	2.12
Spain	1.49
Canada	1.46
Netherlands	1.11
Other	2.81

	100.00	%

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


98		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2015 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Common Stocks: 99.13%

Consumer Discretionary: 13.58%

Auto Components : 0.89%
Other securities			$	77,548,445		0.89	%


Automobiles: 1.22%
Toyota Motor Corporation		467,014		27,704,579		0.32
Other securities				77,877,305		0.90

				105,581,884		1.22


Distributors: 0.14%
Other securities				12,578,431		0.14


Diversified Consumer Services: 0.41%
Other securities				35,489,091		0.41


Hotels, Restaurants & Leisure: 2.17%
McDonald’s Corporation		173,614		16,496,802		0.19
Other securities				171,245,582		1.98

				187,742,384		2.17


Household Durables: 1.01%
Other securities				87,563,078		1.01


Internet & Catalog Retail: 1.13%
Amazon.com Incorporated †		69,127		35,454,547		0.41
Other securities				62,324,845		0.72

				97,779,392		1.13


Leisure Products: 0.40%
Other securities				34,390,531		0.40


Media: 1.85%
Naspers Limited		124,680		16,163,084		0.19
Other securities				143,712,968		1.66

				159,876,052		1.85


Multiline Retail: 0.46%
Other securities				39,503,350		0.46


Specialty Retail: 2.55%
The Home Depot Incorporated		239,077		27,842,907		0.32
Other securities				193,125,946		2.23

				220,968,853		2.55

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


Summary portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			99

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Textiles, Apparel & Luxury Goods: 1.35%
Other securities			$	117,056,671		1.35	%


Consumer Staples: 6.90%

Beverages: 1.60%
PepsiCo Incorporated		179,819		16,710,580		0.19
The Coca-Cola Company		477,474		18,774,278		0.22
Other securities				102,864,941		1.19

				138,349,799		1.60


Food & Staples Retailing: 1.40%
Other securities				120,908,526		1.40


Food Products: 2.05%
Nestle SA		300,165		22,140,138		0.26
Other securities				155,597,742		1.79

				177,737,880		2.05


Household Products: 0.78%
The Procter & Gamble Company		325,868		23,029,092		0.27
Other securities				44,783,830		0.51

				67,812,922		0.78


Personal Products: 0.38%
Other securities				33,044,837		0.38


Tobacco: 0.69%
Philip Morris International Incorporated		188,943		15,077,651		0.17
Other securities				44,484,585		0.52

				59,562,236		0.69


Energy: 5.42%

Energy Equipment & Services: 0.94%
Schlumberger Limited		230,905		17,865,120		0.21
Other securities				63,511,541		0.73

				81,376,661		0.94


Oil, Gas & Consumable Fuels: 4.48%
Chevron Corporation		229,016		18,548,006		0.21
Exxon Mobil Corporation		502,152		37,781,916		0.44
Other securities				331,475,035		3.83

				387,804,957		4.48


Financials: 23.76%

Banks: 8.79%
Bank of America Corporation		1,277,045		20,866,915		0.24
China Construction Bank H Shares		24,487,990		17,220,475		0.20
Citigroup Incorporated		369,144		19,741,821		0.23

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


100		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2015 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Banks (continued)
JPMorgan Chase & Company		450,193	$	28,857,371		0.33	%
Mitsubishi UFJ Financial Group Incorporated		2,289,770		15,111,519		0.17
Wells Fargo & Company (l)		562,784		30,013,271		0.35
Other securities				629,993,493		7.27

				761,804,865		8.79


Capital Markets: 1.74%
Other securities				150,470,110		1.74


Consumer Finance: 0.42%
Other securities				36,017,947		0.42


Diversified Financial Services: 1.23%
Berkshire Hathaway Incorporated Class B †		219,052		29,361,730		0.34
Other securities				77,026,518		0.89

				106,388,248		1.23


Insurance: 4.43%
Other securities				384,185,190		4.43


Real Estate Management & Development: 0.97%
Other securities				83,719,334		0.97


REITs: 5.79%
Other securities				501,865,190		5.79


Thrifts & Mortgage Finance: 0.39%
Other securities				33,833,408		0.39


Health Care: 11.10%

Biotechnology: 1.86%
Celgene Corporation †		144,624		17,077,202		0.20
Gilead Sciences Incorporated		270,400		28,410,928		0.33
Other securities				116,021,970		1.33

				161,510,100		1.86


Health Care Equipment & Supplies: 1.66%
Other securities				143,426,408		1.66


Health Care Providers & Services: 2.51%
Humana Incorporated		86,828		15,871,290		0.18
Other securities				201,188,043		2.33

				217,059,333		2.51


Health Care Technology: 0.22%
Other securities				19,242,123		0.22


Life Sciences Tools & Services: 0.67%
Other securities				58,460,317		0.67

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


Summary portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			101

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Pharmaceuticals: 4.18%
Allergan plc †		70,742	$	21,487,175		0.25	%
Johnson & Johnson		333,096		31,304,362		0.36
Mallinckrodt plc †		229,591		19,799,928		0.23
Merck & Company Incorporated		343,885		18,518,207		0.21
Novartis AG		251,893		24,677,254		0.29
Pfizer Incorporated		739,571		23,828,978		0.28
Roche Holding AG Genusschein		65,388		17,857,996		0.21
Other securities				204,446,700		2.35

				361,920,600		4.18


Industrials: 11.58%

Aerospace & Defense: 1.86%
The Boeing Company		118,400		15,472,512		0.18
Other securities				145,455,433		1.68

				160,927,945		1.86


Air Freight & Logistics: 0.45%
Other securities				38,709,401		0.45


Airlines: 0.50%
Other securities				42,995,109		0.50


Building Products: 0.68%
Other securities				58,923,305		0.68


Commercial Services & Supplies: 1.04%
Other securities				89,937,078		1.04


Construction & Engineering: 0.46%
Other securities				39,542,546		0.46


Electrical Equipment: 0.78%
Other securities				67,374,923		0.78


Industrial Conglomerates: 1.12%
General Electric Company		1,210,176		30,036,568		0.35
Other securities				67,476,217		0.77

				97,512,785		1.12


Machinery: 2.31%
Other securities				200,483,522		2.31


Marine: 0.09%
Other securities				7,601,977		0.09


Professional Services: 0.35%
Other securities				30,771,031		0.35

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


102		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2015 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Road & Rail: 0.98%
Other securities			$	84,574,438		0.98	%


Trading Companies & Distributors: 0.76%
Other securities				65,846,957		0.76


Transportation Infrastructure: 0.20%
Other securities				17,694,483		0.20


Information Technology: 15.25%

Communications Equipment: 1.07%
Cisco Systems Incorporated		619,950		16,044,306		0.19
QUALCOMM Incorporated		298,697		16,900,276		0.19
Other securities				60,056,272		0.69

				93,000,854		1.07


Electronic Equipment, Instruments & Components: 1.43%
Other securities				124,115,418		1.43


Internet Software & Services: 2.31%
Facebook Incorporated Class A †		381,176		34,088,570		0.39
Google Incorporated Class A †		51,842		33,584,284		0.39
Google Incorporated Class C †		52,076		32,195,987		0.37
Tencent Holdings Limited		1,595,288		27,130,013		0.31
Other securities				73,262,535		0.85

				200,261,389		2.31


IT Services: 2.77%
International Business Machines Corporation		166,846		24,674,855		0.29
MasterCard Incorporated Class A		176,300		16,284,831		0.19
Visa Incorporated Class A		351,744		25,079,347		0.29
Other securities				173,604,999		2.00

				239,644,032		2.77


Semiconductors & Semiconductor Equipment: 2.74%
Avago Technologies Limited		133,370		16,800,619		0.19
Intel Corporation		578,302		16,504,739		0.19
Qorvo Incorporated †		352,091		19,544,571		0.23
Taiwan Semiconductor Manufacturing Company Limited		5,583,298		22,136,877		0.26
Other securities				162,207,709		1.87

				237,194,515		2.74


Software: 2.65%
Microsoft Corporation		979,473		42,626,665		0.49
Other securities				186,782,378		2.16

				229,409,043		2.65

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


Summary portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			103

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Technology Hardware, Storage & Peripherals: 2.28%
Apple Incorporated		1,057,843	$	119,282,377		1.38	%
Samsung Electronics Company Limited		19,400		17,862,270		0.21
Other securities				59,913,144		0.69

				197,057,791		2.28


Materials: 4.80%

Chemicals: 2.42%
Other securities				209,540,390		2.42


Construction Materials: 0.47%
Other securities				40,719,101		0.47


Containers & Packaging: 0.41%
Other securities				35,313,021		0.41


Metals & Mining: 1.26%
Other securities				109,153,713		1.26


Paper & Forest Products: 0.24%
Other securities				21,305,798		0.24


Telecommunication Services: 2.61%

Diversified Telecommunication Services: 1.38%
AT&T Incorporated		746,177		24,773,076		0.29
Verizon Communications Incorporated		495,597		22,802,418		0.26
Other securities				71,614,948		0.83

				119,190,442		1.38


Wireless Telecommunication Services: 1.23%
China Mobile Limited		1,654,000		20,039,948		0.23
Other securities				86,394,314		1.00

				106,434,262		1.23


Utilities: 4.13%

Electric Utilities: 1.83%
Other securities				158,522,662		1.83


Gas Utilities: 0.67%
Other securities				58,484,138		0.67


Independent Power & Renewable Electricity Producers: 0.30%
Other securities				25,916,167		0.30


Multi-Utilities: 1.18%
Other securities				102,313,441		1.18


Water Utilities: 0.15%
Other securities				12,711,954		0.15


Total Common Stocks (Cost $6,654,087,357)				8,585,762,784		99.13

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


104		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2015 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Value		Percent of net assets


Preferred Stocks: 0.39%

Consumer Discretionary: 0.06%

Automobiles: 0.05%
Other securities	$	4,543,565		0.05	%


Multiline Retail: 0.01%
Other securities		883,845		0.01


Consumer Staples: 0.03%

Beverages: 0.00%
Other securities		69,815		0.00


Food & Staples Retailing: 0.01%
Other securities		719,246		0.01


Household Products: 0.02%
Other securities		1,782,670		0.02


Energy: 0.06%

Oil, Gas & Consumable Fuels: 0.06%
Other securities		4,972,313		0.06


Financials: 0.15%

Banks: 0.15%
Other securities		13,050,170		0.15


Health Care: 0.00%

Life Sciences Tools & Services: 0.00%
Other securities		275		0.00


Information Technology: 0.03%

Technology Hardware, Storage & Peripherals: 0.03%
Other securities		2,208,928		0.03


Materials: 0.04%

Chemicals: 0.01%
Other securities		889,602		0.01


Metals & Mining: 0.03%
Other securities		2,540,796		0.03


Telecommunication Services: 0.02%

Diversified Telecommunication Services: 0.02%
Other securities		1,460,640		0.02


Utilities: 0.00%

Electric Utilities: 0.00%
Other securities		347,005		0.00

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


Summary portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			105

DIVERSIFIED STOCK PORTFOLIO


Security name	Value		Percent of net assets


Multi-Utilities: 0.00%
Other securities	$	45,307		0.00	%


Total Preferred Stocks (Cost $63,930,319)		33,514,177		0.39


Rights: 0.00%

Financials: 0.00%

Banks: 0.00%
Other securities		86		0.00


Capital Markets: 0.00%
Other securities		1,305		0.00


Health Care: 0.00%

Biotechnology: 0.00%
Other securities		0		0.00


Information Technology: 0.00%

Software: 0.00%
Other securities		351		0.00


Total Rights (Cost $460)		1,742		0.00


Warrants: 0.00%

Consumer Discretionary: 0.00%

Automobiles: 0.00%
Other securities		114,270		0.00


Hotels, Restaurants & Leisure: 0.00%
Other securities		1,994		0.00


Media: 0.00%
Other securities		383		0.00


Energy: 0.00%

Energy Equipment & Services: 0.00%
Other securities		956		0.00


Oil, Gas & Consumable Fuels: 0.00%
Other securities		41		0.00


Financials: 0.00%

Real Estate Management & Development: 0.00%
Other securities		11,747		0.00


Industrials: 0.00%

Construction & Engineering: 0.00%
Other securities		1,881		0.00

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


106		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2015 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name						Value			Percent of net assets


Materials: 0.00%

Chemicals: 0.00%
Other securities						$	4,114			0.00	%


Utilities: 0.00%

Water Utilities: 0.00%
Other securities							515			0.00


Total Warrants (Cost $133,450)							135,901			0.00


	Yield			Shares
Short-Term Investments: 3.95%

Investment Companies: 3.95%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		182,616,970		182,616,970			2.11
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.15			159,716,872		159,716,872			1.84

Total Short-Term Investments (Cost $342,333,842)							342,333,842			3.95


Total investments in securities (Cost $7,060,485,428) *							8,961,748,446			103.47
Other assets and liabilities, net							(300,178,775	)		(3.47	)

Total net assets						$	8,661,569,671			100.00	%

†	Non-income-earning security

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

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

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

*	Cost for federal income tax purposes is $7,133,894,682 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,587,926,961
Gross unrealized losses		(760,073,197	)

Net unrealized gains	$	1,827,853,764

The following table shows percent of total long-term investments by geographic locations as of August 31, 2015:


United States	65.29	%
Japan	7.00
United Kingdom	3.22
China	2.24
Australia	1.60
Taiwan	1.56
Hong Kong	1.53
Switzerland	1.53
France	1.37
Canada	1.35
India	1.24
Germany	1.22
Ireland	1.13
South Korea	1.06
Other	8.66

	100.00	%

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


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			107

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Certificates of Deposit: 39.88%
Abbey National Treasury Services plc		0.08	%		9-1-2015	$	10,000,000	$	10,000,000
Abbey National Treasury Services plc (z)		0.30			10-2-2015		4,000,000		3,999,560
Agricultural Bank of China ±		0.42			9-2-2016		3,000,000		3,000,006
Banco del Estado de Chile		0.26			9-8-2015		1,000,000		1,000,040
Banco del Estado de Chile		0.26			9-22-2015		1,000,000		1,000,080
Bank of Montreal		0.27			10-22-2015		4,000,000		4,000,600
Bank of Montreal ±		0.29			10-19-2015		7,000,000		6,999,790
Bank of New York		0.07			9-1-2015		19,000,000		19,000,000
Bank of Nova Scotia ±		0.32			12-21-2015		1,000,000		999,960
Bank of Nova Scotia ±		0.36			11-25-2015		8,000,000		7,998,720
Bank of Nova Scotia ±		0.36			1-8-2016		3,000,000		2,999,760
Bank of Nova Scotia ±		0.51			1-8-2016		2,000,000		2,000,380
Bedford Row Funding Corporation 144A±		0.29			9-2-2015		2,000,000		2,000,000
China Shipping Container Lines (z)		0.45			9-1-2015		8,000,000		8,000,000
CNPC Finance 144A(z)		0.40			9-1-2015		5,000,000		5,000,000
COFCO Capital Corporation (z)		0.50			9-1-2015		2,000,000		2,000,000
Commonwealth Bank of Australia		0.15			9-1-2015		3,000,000		3,000,000
Cooperatieve Centrale		0.29			11-4-2015		5,000,000		4,999,950
Cooperatieve Centrale ±		0.32			10-9-2015		3,000,000		2,999,640
Cooperatieve Centrale ±		0.44			7-12-2016		2,000,000		1,999,900
Credit Agricole SA		0.08			9-1-2015		32,000,000		32,000,000
Crown Point Capital Company 144A(z)		0.30			9-1-2015		8,000,000		8,000,000
DG Bank (New York)		0.30			10-14-2015		5,000,000		5,000,500
DNB Nor Bank ASA		0.07			9-1-2015		18,000,000		18,000,000
HSBC Bank plc		0.09			9-1-2015		32,000,000		32,000,000
HSBC Bank plc		0.31			9-3-2015		5,000,000		5,000,050
HSBC Bank plc ±		0.35			1-5-2016		3,000,000		2,999,760
HSBC Bank plc ±		0.35			1-11-2016		2,000,000		1,999,840
HSBC Bank plc ±		0.35			1-15-2016		5,000,000		4,999,800
HSBC Bank plc ±		0.35			2-9-2016		3,000,000		2,999,730
KBC Bank		0.07			9-1-2015		17,000,000		17,000,000
Lloyds Bank plc		0.07			9-1-2015		4,000,000		4,000,000
Mitsubishi UFJ Trust & Banking Corporation		0.28			9-18-2015		5,000,000		5,000,250
Mitsubishi UFJ Trust & Banking Corporation		0.30			11-3-2015		2,000,000		2,000,180
Mizuho Corporate Bank (z)		0.30			9-4-2015		3,000,000		2,999,925
Mizuho Corporate Bank (z)		0.30			9-8-2015		1,000,000		999,942
National Bank of Canada ±		0.44			11-6-2015		3,000,000		3,000,180
National Bank of Canada		0.48			1-13-2016		4,000,000		4,001,644
National Bank of Canada		0.07			9-1-2015		4,000,000		4,000,000
Natixis (New York) ±		0.27			9-18-2015		5,000,000		4,999,900
Nordea Bank AB		0.06			9-1-2015		8,000,000		8,000,000
Norinchukin Bank		0.26			9-11-2015		5,000,000		5,000,150
Norinchukin Bank		0.27			10-5-2015		5,000,000		5,000,300
Norinchukin Bank		0.28			10-16-2015		5,000,000		5,000,300
NV Bank Nederlandse Gemeenten 144A±		0.29			9-3-2015		3,000,000		3,000,000
Oversea Chinese Banking Corporation		0.24			9-18-2015		7,000,000		7,000,140
Oversea Chinese Banking Corporation ±		0.34			1-14-2016		7,000,000		6,999,440
Royal Bank of Canada ±		0.28			9-4-2015		3,000,000		3,000,000
Royal Bank of Canada ±		0.51			12-16-2015		2,000,000		2,000,850
Skandinaviska Enskilda Banken AG		0.07			9-1-2015		10,000,000		10,000,000

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


108		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2015 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Certificates of Deposit (continued)
Skandinaviska Enskilda Banken AG		0.13	%		9-1-2015	$	17,000,000	$	17,000,000
Societe Generale ±		0.28			1-26-2016		6,000,000		5,999,400
Standard Chartered Bank ±		0.40			2-29-2016		3,000,000		2,999,700
Standard Chartered Bank ±		0.29			1-11-2016		3,000,000		2,999,880
Standard Chartered Bank		0.30			10-1-2015		1,000,000		1,000,100
Standard Chartered Bank ±		0.38			2-16-2016		5,000,000		4,999,550
Standard Chartered Bank ±		0.38			2-8-2016		3,000,000		2,999,730
Standard Chartered Bank ±		0.39			3-11-2016		2,000,000		1,999,800
State Street Bank & Trust Company ±		0.32			10-1-2015		4,000,000		3,999,680
State Street Bank & Trust Company ±		0.34			10-23-2015		3,000,000		2,999,520
State Street Bank & Trust Company ±		0.36			2-11-2016		4,000,000		3,999,640
State Street Bank & Trust Company ±		0.41			4-11-2016		3,000,000		2,999,640
Sumitomo Mitsui Banking Corporation		0.18			9-14-2015		5,000,000		5,000,000
Sumitomo Mitsui Banking Corporation		0.26			9-8-2015		8,000,000		8,000,160
Sumitomo Mitsui Banking Corporation		0.29			10-28-2015		5,000,000		5,000,450
Sumitomo Trust & Banking Corporation		0.28			10-1-2015		4,000,000		4,000,280
Sumitomo Trust & Banking Corporation		0.28			10-2-2015		10,000,000		10,000,700
Sumitomo Trust & Banking Corporation		0.28			10-8-2015		3,000,000		3,000,210
Sumitomo Trust & Banking Corporation		0.33			11-24-2015		5,000,000		5,000,100
Svenska Handelsbanken ±		0.29			12-9-2015		4,000,000		3,999,880
Svenska Handelsbanken ±		0.35			1-19-2016		8,000,000		7,999,360
Swedbank		0.05			9-1-2015		10,000,000		10,000,000
Toronto-Dominion Bank ±		0.28			11-9-2015		3,000,000		2,999,880
Toronto-Dominion Bank ±		0.29			11-18-2015		3,000,000		2,999,820
Toronto-Dominion Bank ±		0.30			4-1-2016		2,000,000		1,999,740
Toronto-Dominion Bank ±		0.31			11-6-2015		3,000,000		2,999,370
Toronto-Dominion Bank ±		0.32			4-15-2016		2,000,000		1,999,640
Toronto-Dominion Bank ±		0.35			3-16-2016		4,000,000		3,999,760
Toyota Motor Credit ±		0.37			2-18-2016		2,000,000		2,000,000
Westpac Banking Corporation ±		0.29			11-3-2015		7,000,000		6,999,790

Total Certificates of Deposit (Cost $451,002,694)									450,997,047


Commercial Paper: 43.67%
Albion Capital Corporation 144A(z)		0.29			10-26-2015		5,000,000		4,998,500
Anglesea Funding LLC 144A±(p)		0.32			12-18-2015		2,000,000		1,999,880
Anglesea Funding LLC 144A±(p)		0.33			11-12-2015		1,000,000		999,980
Anglesea Funding LLC 144A±(p)		0.33			12-29-2015		2,000,000		1,999,860
Anglesea Funding LLC 144A(z)(p)		0.17			9-2-2015		4,000,000		3,999,960
Antalis S.A. 144A(z)		0.23			9-2-2015		5,000,000		4,999,950
Antalis S.A. 144A(z)		0.23			9-21-2015		2,000,000		1,999,800
Antalis S.A. 144A(z)		0.31			10-5-2015		3,000,000		2,999,280
Atlantic Asset Securitization Corporation 144A±(p)		0.28			4-12-2016		4,000,000		3,999,720
Atlantic Asset Securitization Corporation 144A±(p)		0.29			4-15-2016		4,000,000		3,999,720
Atlantic Asset Securitization Corporation 144A±(p)		0.29			4-27-2016		3,000,000		2,999,610
Australia & New Zealand Banking Group 144A±		0.43			4-18-2016		4,000,000		3,999,240
Australia & New Zealand Banking Group 144A±		0.30			12-21-2015		1,000,000		999,730
Banco de Credito e Inversiones 144A(z)		0.46			10-5-2015		3,000,000		2,999,490
Banco de Credito e Inversiones 144A(z)		0.48			10-30-2015		2,000,000		1,999,340
Banco del Estado de Chile 144A(z)		0.35			9-2-2015		2,000,000		1,999,980
Banco del Estado de Chile 144A(z)		0.35			9-8-2015		2,000,000		1,999,940

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


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			109

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Banco del Estado de Chile 144A(z)		0.35	%		9-17-2015	$	2,000,000	$	1,999,860
Banco del Estado de Chile 144A(z)		0.35			10-5-2015		2,000,000		1,999,660
Banco del Estado de Chile 144A(z)		0.35			10-8-2015		1,000,000		999,820
Banco Santander Chile 144A(z)		0.25			9-2-2015		2,000,000		1,999,980
Bank of Nova Scotia 144A±		0.31			12-1-2015		2,000,000		1,999,960
Bank of Nova Scotia 144A±		0.33			4-1-2016		4,000,000		3,999,400
Banque et Caisse d’Epargne de l’Etat (z)		0.30			11-17-2015		2,000,000		1,998,560
Barton Capital LLC 144A(z)		0.25			9-11-2015		1,000,000		999,960
Bedford Row Funding Corporation 144A±(p)		0.32			1-14-2016		2,000,000		1,999,920
Bedford Row Funding Corporation 144A±(p)		0.36			1-20-2016		2,000,000		1,999,840
Bedford Row Funding Corporation 144A±(p)		0.30			9-16-2015		2,000,000		1,999,960
Bedford Row Funding Corporation 144A±(p)		0.35			2-1-2016		3,000,000		2,999,460
Bedford Row Funding Corporation 144A±(p)		0.39			2-16-2016		2,000,000		1,999,860
Bennington Sark Capital Company 144A(z)		0.25			9-3-2015		3,000,000		2,999,970
Bennington Sark Capital Company 144A(z)		0.25			9-8-2015		3,000,000		2,999,880
Bennington Sark Capital Company 144A±		0.44			5-13-2016		2,000,000		1,999,680
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			9-21-2015		2,000,000		1,999,820
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			9-24-2015		5,000,000		4,999,500
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			9-23-2015		10,000,000		9,999,000
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			9-28-2015		3,000,000		2,999,610
Caisse Des Depots et Consignations 144A(z)		0.24			10-6-2015		5,000,000		4,998,900
CDP Financial Incorporated 144A(z)		0.17			9-14-2015		6,000,000		5,999,760
Chesham Finance Limited 144A(z)		0.17			9-1-2015		2,000,000		1,999,990
Chesham Finance Limited 144A(z)		0.17			9-1-2015		2,000,000		1,999,991
China International Marine Containers Group Limited (z)		0.45			9-2-2015		4,000,000		3,999,960
China International Marine Containers Group Limited (z)		0.50			9-3-2015		2,000,000		1,999,980
China Shipping Container Lines (z)		0.50			9-3-2015		5,000,000		4,999,950
Chinatex Capital Limited (z)		0.45			9-3-2015		7,000,000		6,999,790
CNPC Finance 144A(z)		0.41			9-2-2015		4,000,000		3,999,960
CNPC Finance 144A(z)		0.45			9-8-2015		5,000,000		4,999,850
CNPC Finance 144A(z)		0.45			9-9-2015		2,000,000		1,999,920
COFCO Capital Corporation (z)		0.20			9-10-2015		2,000,000		1,999,900
Collateralized Commercial Paper Company LLC 144A±		0.46			4-22-2016		5,000,000		4,999,350
Collateralized Commercial Paper Company LLC ±		0.46			4-22-2016		5,000,000		4,999,350
Collateralized Commercial Paper Company LLC 144A±		0.49			6-8-2016		4,000,000		3,999,680
Commonwealth Bank of Australia 144A±		0.30			2-25-2016		5,000,000		4,999,500
Concord Minutemen Capital Company 144A(z)(p)		0.24			9-9-2015		2,000,000		1,999,920
Concord Minutemen Capital Company 144A(z)(p)		0.30			9-2-2015		3,000,000		2,999,970
Concord Minutemen Capital Company 144A(z)(p)		0.30			10-1-2015		2,000,000		1,999,600
Concord Minutemen Capital Company 144A(z)(p)		0.30			10-6-2015		8,000,000		7,998,000
Concord Minutemen Capital Company 144A(z)(p)		0.20			9-10-2015		3,000,000		2,999,850
Concord Minutemen Capital Company 144A(z)(p)		0.20			9-14-2015		3,000,000		2,999,790
Crown Point Capital Company 144A(z)(p)		0.24			9-3-2015		3,000,000		2,999,970
Crown Point Capital Company 144A(z)(p)		0.24			9-16-2015		1,000,000		999,920
Crown Point Capital Company 144A(z)(p)		0.30			10-1-2015		1,000,000		999,800
Crown Point Capital Company 144A(z)(p)		0.30			10-9-2015		3,000,000		2,999,160
Erste Abwicklungsanstalt 144A(z)		0.21			9-10-2015		2,000,000		1,999,940
Erste Abwicklungsanstalt 144A(z)		0.21			9-11-2015		1,000,000		999,970
Erste Abwicklungsanstalt 144A(z)		0.27			10-23-2015		2,000,000		1,999,520
Erste Abwicklungsanstalt 144A(z)		0.27			11-9-2015		4,000,000		3,998,560

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


110		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2015 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Erste Abwicklungsanstalt 144A(z)		0.32	%		11-24-2015	$	1,000,000	$	999,520
Erste Abwicklungsanstalt 144A±		0.38			2-9-2016		1,000,000		999,910
European Investment Bank (z)		0.19			10-2-2015		3,000,000		2,999,493
European Investment Bank (z)		0.20			9-24-2015		5,000,000		4,999,350
European Investment Bank (z)		0.20			9-23-2015		6,000,000		5,999,280
Gotham Funding Corporation 144A(z)(p)		0.20			9-2-2015		1,000,000		999,990
Gotham Funding Corporation 144A(z)(p)		0.20			9-3-2015		1,000,000		999,990
Gotham Funding Corporation 144A(z)(p)		0.20			9-9-2015		1,000,000		999,960
Gotham Funding Corporation 144A(z)(p)		0.20			9-10-2015		1,000,000		999,950
Gotham Funding Corporation 144A(z)(p)		0.20			9-14-2015		2,000,000		1,999,860
Gotham Funding Corporation 144A(z)(p)		0.20			9-15-2015		2,000,000		1,999,860
Gotham Funding Corporation 144A(z)(p)		0.20			9-16-2015		1,000,000		999,920
Gotham Funding Corporation 144A(z)(p)		0.20			9-17-2015		1,000,000		999,920
Halkin Finance LLC 144A(z)		0.20			9-2-2015		2,000,000		1,999,980
Halkin Finance LLC 144A(z)		0.20			9-3-2015		1,000,000		999,990
Hannover Funding Company LLC 144A(z)(p)		0.40			9-3-2015		12,000,000		11,999,880
HSBC Bank plc 144A±		0.34			2-8-2016		2,000,000		1,999,900
Institutional Secured Funding LLC 144A(z)(p)		0.25			9-1-2015		2,000,000		1,999,992
Institutional Secured Funding LLC 144A(z)(p)		0.35			9-3-2015		1,000,000		999,990
Institutional Secured Funding LLC 144A(z)(p)		0.38			9-2-2015		5,000,000		4,999,950
JPMorgan Securities Incorporated 144A±		0.40			11-19-2015		3,000,000		2,999,820
Kells Funding LLC 144A±(p)		0.28			9-18-2015		2,000,000		1,999,900
Kells Funding LLC 144A±(p)		0.28			10-7-2015		1,000,000		999,890
Kells Funding LLC 144A±(p)		0.29			9-23-2015		3,000,000		2,999,790
Kells Funding LLC 144A±(p)		0.29			9-29-2015		2,000,000		1,999,820
Kells Funding LLC 144A±(p)		0.30			1-11-2016		2,000,000		1,999,700
Kells Funding LLC 144A±(p)		0.35			2-25-2016		2,000,000		1,999,820
Kells Funding LLC 144A±(p)		0.35			2-22-2016		2,000,000		1,999,800
Legacy Capital Company 144A(z)(p)		0.30			9-21-2015		1,000,000		999,900
Legacy Capital Company 144A(z)(p)		0.30			9-24-2015		2,000,000		1,999,740
Lexington Parker Capital Company LLC 144A(z)(p)		0.24			9-16-2015		1,000,000		999,920
Lexington Parker Capital Company LLC 144A(z)(p)		0.25			9-14-2015		6,000,000		5,999,580
Lexington Parker Capital Company LLC 144A(z)(p)		0.30			9-2-2015		3,000,000		2,999,970
Lexington Parker Capital Company LLC 144A(z)(p)		0.30			10-6-2015		5,000,000		4,998,750
Lexington Parker Capital Company LLC 144A(z)(p)		0.30			10-13-2015		1,000,000		999,680
Lexington Parker Capital Company LLC 144A(z)(p)		0.20			9-10-2015		3,000,000		2,999,850
Lexington Parker Capital Company LLC 144A(z)(p)		0.30			9-9-2015		1,000,000		999,960
Lexington Parker Capital Company LLC 144A(z)(p)		0.30			10-9-2015		2,000,000		1,999,440
Liberty Street Funding LLC 144A(z)(p)		0.21			9-8-2015		3,000,000		2,999,880
Liberty Street Funding LLC 144A(z)(p)		0.22			9-9-2015		2,000,000		1,999,920
Liberty Street Funding LLC 144A(z)(p)		0.22			9-17-2015		3,000,000		2,999,760
Manhattan Asset Funding Company (z)(p)		0.23			9-16-2015		3,000,000		2,999,760
Matchpoint Master Trust 144A(z)(p)		0.30			9-17-2015		5,000,000		4,999,600
Matchpoint Master Trust 144A(z)(p)		0.30			10-7-2015		4,000,000		3,998,960
Matchpoint Master Trust 144A(z)(p)		0.32			10-8-2015		3,000,000		2,999,220
Matchpoint Master Trust 144A(z)(p)		0.34			11-23-2015		2,000,000		1,998,360
Matchpoint Master Trust 144A(z)(p)		0.35			11-19-2015		4,000,000		3,996,960
Mitsubishi UFJ Trust & Banking Corporation 144A(z)		0.28			10-1-2015		5,000,000		4,999,150
Mizuho Corporate Bank (z)		0.34			10-6-2015		3,000,000		2,999,310
Mont Blanc Capital Corporation 144A(z)		0.30			10-14-2015		2,000,000		1,999,340

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


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			111

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Mountcliff Funding LLC 144A(z)(p)		0.16	%		9-1-2015	$	10,000,000	$	9,999,953
National Australia Bank Limited 144A±		0.33			1-8-2016		5,000,000		4,999,650
National Australia Bank Limited 144A±		0.33			11-20-2015		3,000,000		2,999,430
Nationwide Building Society 144A(z)		0.40			12-4-2015		5,000,000		4,996,750
Nationwide Building Society 144A(z)		0.41			12-1-2015		4,000,000		3,997,520
Nederlandse Waterschapsbank 144A(z)		0.25			10-27-2015		6,000,000		5,997,720
Nederlandse Waterschapsbank 144A±		0.36			2-26-2016		5,000,000		4,999,500
Nederlandse Waterschapsbank 144A±		0.37			3-18-2016		5,000,000		4,999,450
Nederlandse Waterschapsbank 144A±		0.37			3-21-2016		4,000,000		3,999,560
NRW Bank 144A(z)		0.17			9-18-2015		2,000,000		1,999,840
NRW Bank 144A(z)		0.18			9-22-2015		4,000,000		3,999,600
NV Bank Nederlandse Gemeenten 144A±		0.27			11-9-2015		5,000,000		4,999,800
NV Bank Nederlandse Gemeenten 144A±		0.28			12-10-2015		2,000,000		1,999,920
NV Bank Nederlandse Gemeenten 144A±		0.29			1-25-2016		5,000,000		4,999,550
NV Bank Nederlandse Gemeenten 144A(z)		0.29			9-21-2015		3,000,000		2,999,790
NV Bank Nederlandse Gemeenten 144A±		0.37			3-29-2016		5,000,000		4,999,450
Ridgefield Funding Company LLC 144A±(p)		0.30			2-16-2016		5,000,000		4,999,800
Ridgefield Funding Company LLC 144A±(p)		0.29			11-6-2015		4,000,000		3,999,920
Ridgefield Funding Company LLC 144A±(p)		0.29			2-8-2016		7,000,000		6,999,650
Sinochem Company Limited (z)		0.19			9-8-2015		5,000,000		4,999,900
Skandinaviska Enskilda Banken AG 144A(z)		0.27			9-18-2015		4,000,000		3,999,800
Starbird Funding Corporation 144A(z)(p)		0.30			10-7-2015		2,000,000		1,999,480
Starbird Funding Corporation 144A(z)(p)		0.32			10-28-2015		1,000,000		999,510
Sumitomo Mitsui Banking Corporation 144A(z)		0.28			10-7-2015		2,000,000		1,999,580
Sumitomo Trust & Banking Corporation 144A(z)		0.28			10-19-2015		2,000,000		1,999,380
Suncorp Group Limited 144A(z)		0.35			10-8-2015		2,000,000		1,999,640
Suncorp Group Limited 144A(z)		0.35			10-15-2015		1,000,000		999,780
Suncorp Group Limited 144A(z)		0.36			11-12-2015		1,000,000		999,560
Suncorp Group Limited 144A(z)		0.36			11-16-2015		1,000,000		999,520
Suncorp Group Limited 144A(z)		0.39			10-26-2015		1,000,000		999,700
Suncorp Group Limited 144A(z)		0.39			10-28-2015		2,000,000		1,999,360
Swedbank (z)		0.25			9-8-2015		4,000,000		3,999,880
T.C.L. Industries Holdings (H.K.) Limited (z)		0.50			9-14-2015		2,000,000		1,999,837
Toyota Motor Credit Corporation ±		0.28			12-1-2015		4,000,000		3,999,800
Versailles Commercial Paper LLC 144A±		0.27			3-11-2016		3,000,000		2,999,820
Versailles Commercial Paper LLC 144A±		0.27			4-8-2016		2,000,000		1,999,880
Victory Receivables 144A(z)(p)		0.20			9-8-2015		4,000,000		3,999,840
Victory Receivables 144A(z)(p)		0.20			9-21-2015		2,000,000		1,999,800
Victory Receivables 144A(z)(p)		0.20			9-25-2015		5,000,000		4,999,300
Victory Receivables 144A(z)(p)		0.22			10-1-2015		1,000,000		999,800
Westpac Banking Corporation 144A±		0.29			10-19-2015		4,000,000		3,999,880
Westpac Banking Corporation 144A±		0.26			12-7-2015		3,000,000		2,999,910
Westpac Banking Corporation 144A±		0.31			2-18-2016		2,000,000		1,999,880
Working Capital Management Company (z)		0.20			9-10-2015		6,000,000		5,999,700

Total Commercial Paper (Cost $493,936,822)									493,939,106


Corporate Bonds and Notes: 0.30%

Financials: 0.09%

Diversified Financial Services: 0.09%
Overseas Private Investment Corporation ±§		0.17			7-9-2026		1,000,000		1,000,000

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


112		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2015 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Health Care: 0.17%

Health Care Providers & Services: 0.17%
Keep Memory Alive ±§		0.14	%		5-1-2037	$	950,000	$	950,000
Providence Health & Services ±§		0.20			10-1-2042		970,000		970,000

									1,920,000


Materials: 0.04%

Metals & Mining: 0.04%
SSAB AB ±§		0.17			6-1-2035		500,000		500,000


Total Corporate Bonds and Notes (Cost $3,420,000)									3,420,000


Municipal Obligations: 4.36%

Arizona: 0.18%
Salt River Project Agricultural Improvement & Power District Series D-1 (Utilities Revenue) (z)		0.20			9-9-2015		1,000,000		999,960
Salt River Project Agricultural Improvement & Power District Series D-1 (Utilities Revenue) (z)		0.20			9-10-2015		1,000,000		999,950

									1,999,910


California: 0.26%
Peralta CA Community College District Series B-2 (Education Revenue, Barclays Bank plc LOC) ø		0.22			8-5-2020		3,000,000		3,000,000


Colorado: 0.10%
Colorado HFA MFHR Class I Series A-1 (Housing Revenue, FHLB SPA) ø		0.15			10-1-2033		890,000		890,000
Colorado HFA MFHR Fort Carson Family Project Series B-2 (Housing Revenue, FHLB SPA) ø		0.15			5-1-2052		240,000		240,000

									1,130,000


Connecticut: 1.33%
Puttable Floating Option Taxable Series TNP-1013 (Miscellaneous Revenue) 144Aø		0.40			4-15-2046		15,000,000		15,000,000


Florida: 0.09%
Citrus County FL Poll Control Series B PFOTER Series TNP-1006 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.40			6-15-2016		1,008,000		1,008,000


Georgia: 0.04%
Municipal Electric Authority of Georgia Series TX-B (Utilities Revenue)		0.19			9-10-2015		500,000		500,005


Maryland: 0.26%
Maryland CDA Housing & Community Residential Series B (Housing Revenue, TD Bank NA SPA) ø		0.17			9-1-2033		3,000,000		3,000,000


New Jersey: 0.44%
RBC Municipal Products Incorporated Taxable-Floater Certificates Series E60 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144Aø		0.19			6-28-2016		5,000,000		5,000,000


New York: 0.27%
New York HFA 605 West 42 Street Series B (Housing Revenue, Bank of China LOC) ø		0.45			5-1-2048		3,000,000		3,000,000

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


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			113

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Ohio: 0.01%
Ohio HFA Residential Management Taxable Series I (Housing Revenue, GNMA/FNMA Insured, FHLB SPA) ø		0.15	%		9-1-2039	$	149,000	$	149,000


Oregon: 0.09%
Oregon PFOTER (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.45			5-1-2035		1,000,000		1,000,000


Other: 0.24%
PFOTER Series TNP-1012 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.40			12-1-2038		1,690,000		1,690,000
Residual Interest Bond Floater Trust Delnor Health System Series 2014 (Miscellaneous Revenue, Barclays Bank plc LOC) 144Aø		0.22			11-25-2017		1,000,000		1,000,000

									2,690,000


Pennsylvania: 0.09%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144Aø		0.30			7-1-2017		1,000,000		1,000,000


South Carolina: 0.35%
South Carolina Public Service Authority Series EE (Utilities Revenue)		0.20			9-15-2015		3,000,000		3,000,030
South Carolina Public Service Authority Series EE (Utilities Revenue) ø		0.20			9-16-2015		1,000,000		1,000,000

									4,000,030


Tennessee: 0.22%
Chattanooga TN Health & Education Housing Facilities Tender Option Bond Trust Receipts Series 2015-XF1023 (Health Revenue, Deutsche Bank LIQ) 144Aø		0.27			7-1-2033		2,500,000		2,500,000


Texas: 0.21%
Dallas-Fort Worth TX International Airport Series DBE-1127-X Deutsche Bank SPEAR/LIFER Trust (Airport Revenue, Deutsche Bank LIQ) 144Aø		0.22			11-1-2035		2,000,000		2,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144Aø		0.32			12-15-2026		365,803		365,803

									2,365,803


Washington: 0.09%
Port of Seattle WA Series D-1 (Airport Revenue)		0.28			10-1-2015		1,000,000		1,000,020


Wisconsin: 0.09%
Wisconsin PFA Housing Project (Housing Revenue, Bank of America NA LOC) ø		0.15			1-1-2042		995,000		995,000


Total Municipal Obligations (Cost $49,337,709)									49,337,768


Repurchase Agreements^^: 12.03%
Bank of America Corporation, dated 8-31-2015, maturity value $25,009,768 (1)		0.14			9-1-2015		25,009,671		25,009,671
Credit Agricole, dated 8-31-2015, maturity value $25,000,104 (2)		0.15			9-1-2015		25,000,000		25,000,000
Goldman Sachs & Company, dated 8-31-2015, maturity value $25,000,076 (3)		0.11			9-1-2015		25,000,000		25,000,000
GX Clarke & Company dated 8-31-2015, maturity value $5,000,024 (4)		0.17			9-1-2015		5,000,000		5,000,000
Royal Bank of Scotland, dated 8-31-2015, maturity value $56,000,233 (5)		0.15			9-1-2015		56,000,000		56,000,000

Total Repurchase Agreements (Cost $136,009,671)									136,009,671


Total investments in securities (Cost $1,133,706,896) *	100.24	%		1,133,703,592
Other assets and liabilities, net	(0.24	)		(2,711,096	)

Total net assets	100.00	%	$	1,130,992,496

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


114		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2015 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO

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

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

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

(p)	Asset-backed commerical paper

§	The security is subject to a demand feature which reduces the effective maturity.

Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end.

^^	Collateralized by:

(1)

U.S. government securities, 3.00%, 6-1-2045, fair value including accrued interest is $25,759,961.

(2)

U.S. government securities, 0.00% to 8.13%, 9-10-2015 to 6-20-2065, fair value including accrued interest is $25,670,473.

(3)

U.S. government securities, 0.00% to 5.50%, 10-9-2015 to 7-1-2045, fair value including accrued interest is $25,675,151.

(4)

U.S. government securities, 0.25% to 11.00%, 11-15-2015 to 2-20-2045, fair value including accrued interest is $5,124,869.

(5)

U.S. government securities, 0.09% to 8.75%, 12-15-2015 to 7-15-2051, fair value including accrued interest is $57,144,182.

*	Cost for federal income tax purposes is $1,133,706,896 and unrealized gains (losses) consists of:


Gross unrealized gains	$	23,022
Gross unrealized losses		(26,326	)

Net unrealized losses	$	(3,304	)

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


Statements of assets and liabilities—August 31, 2015 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			115


	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)	$	5,953,604,408	$	8,589,401,333	$	997,693,921
In affiliated securities, at value (see cost below)		168,289,830		372,347,113		0
In repurchase agreements, at amortized cost		0		0		136,009,671

Total investments, at value (see cost below)		6,121,894,238		8,961,748,446		1,133,703,592
Cash		0		20,520		0
Segregated cash		0		8,658,509		0
Foreign currency, at value (see cost below)		250,743		42,724,203		0
Receivable for investments sold		72,464,785		43		280,000
Principal paydown receivable		1,005		0		0
Receivable for dividends and interest		41,693,140		15,408,793		125,852
Receivable for daily variation margin on open futures contracts		0		173,426		0
Receivable for securities lending income		3,290		0		0
Prepaid expenses and other assets		0		11,368		6,204

Total assets		6,236,307,201		9,028,745,308		1,134,115,648


Liabilities
Payable for investments purchased		99,074,744		182,535,438		2,999,496
Payable upon receipt of securities loaned		3,815,736		182,616,970		0
Payable for daily variation margin on open futures contracts		0		594,001		0
Due to custodian bank		0		0		1,042
Advisory fee payable		786,875		1,064,437		95,615
Accrued expenses and other liabilities		97,388		364,791		26,999

Total liabilities		103,774,743		367,175,637		3,123,152

Total net assets	$	6,132,532,458	$	8,661,569,671	$	1,130,992,496


Investments in unaffiliated securities, at cost	$	6,024,830,448	$	6,701,629,999	$	1,133,706,896

Investments in affiliated securities, at cost	$	167,292,014	$	358,855,429	$	0

Total investments, at cost	$	6,192,122,462	$	7,060,485,428	$	1,133,706,896

Securities on loan, at value	$	3,736,339	$	176,634,594	$	0

Foreign currency, at cost	$	253,797	$	44,018,994	$	0

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


116		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of operations—six months ended August 31, 2015 (unaudited)


	Diversified Fixed Income Portfolio			Diversified Stock Portfolio			Short-Term Investment Portfolio

Investment income
Interest*	$	76,015,085		$	17,649		$	1,213,899
Income from affiliated securities		555,041			505,295			0
Securities lending income, net		29,029			2,644,813			0
Dividends**		0			107,237,653			0

Total investment income		76,599,155			110,405,410			1,213,899


Expenses
Advisory fee		4,688,091			6,537,114			515,027
Custody and accounting fees		232,468			990,492			46,236
Professional fees		35,687			37,361			22,886
Shareholder report expenses		5,754			16,263			2,311
Trustees’ fees and expenses		5,765			5,561			5,261
Other fees and expenses		21,799			80,799			9,753

Total expenses		4,989,564			7,667,590			601,474

Net investment income		71,609,591			102,737,820			612,425


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(23,805,098	)		119,550,895			660
Affiliated securities		27,193			114,389			0
Futures transactions		0			10,946,089			0

Net realized gain (losses) on investments		(23,777,905	)		130,611,373			660


Net change in unrealized gains (losses) on:
Unaffiliated securities		(128,594,227	)		(833,638,358	)		(5,135	)
Affiliated securities		(854,127	)		(953,789	)		0
Futures transactions		0			(31,987,113	)		0

Net change in unrealized gains (losses) on investments		(129,448,354	)		(866,579,260	)		(5,135	)

Net realized and unrealized gains (losses) on investments		(153,226,259	)		(735,967,887	)		(4,475	)

Net increase (decrease) in net assets resulting from operations	$	(81,616,668	)	$	(633,230,067	)	$	607,950


* Net of foreign interest withholding taxes in the amount of		$669,765			$0			$0
** Net of foreign dividend withholding taxes in the amount of		$0			$6,167,014			$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			117


	Diversified Fixed Income Portfolio
	Six months ended August 31, 2015 (unaudited)			Year ended February 28, 2015

Operations
Net investment income	$	71,609,591		$	141,774,065
Net realized losses on investments		(23,777,905	)		(474,779	)
Net change in unrealized gains (losses) on investments		(129,448,354	)		(49,525,913	)

Net increase (decrease) in net assets resulting from operations		(81,616,668	)		91,773,373


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		706,735,344			1,267,837,999
Withdrawals		(577,332,838	)		(1,089,681,898	)

Net increase in net assets resulting from capital share transactions		129,402,506			178,156,101

Total increase in net assets		47,785,838			269,929,474


Net assets
Beginning of period		6,084,746,620			5,814,817,146

End of period	$	6,132,532,458		$	6,084,746,620

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


118		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Diversified Stock Portfolio
	Six months ended August 31, 2015 (unaudited)			Year ended February 28, 2015

Operations
Net investment income	$	102,737,820		$	174,927,892
Net realized gains on investments		130,611,373			328,329,174
Net change in unrealized gains (losses) on investments		(866,579,260	)		331,653,688

Net increase (decrease) in net assets resulting from operations		(633,230,067	)		834,910,754


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		563,785,019			1,110,756,255
Withdrawals		(947,694,916	)		(1,789,089,600	)

Net decrease in net assets resulting from capital share transactions		(383,909,897	)		(678,333,345	)

Total increase (decrease) in net assets		(1,017,139,964	)		156,577,409


Net assets
Beginning of period		9,678,709,635			9,522,132,226

End of period	$	8,661,569,671		$	9,678,709,635

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			119


	Short-Term Investment Portfolio
	Six months ended August 31, 2015 (unaudited)			Year ended February 28, 2015

Operations
Net investment income	$	612,425		$	523,274
Net realized gains on investments		660			4,363
Net change in unrealized gains (losses) on investments		(5,135	)		(8,658	)

Net increase in net assets resulting from operations		607,950			518,979


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		335,899,301			368,626,024
Withdrawals		(96,777,802	)		(160,133,314	)

Net increase in net assets resulting from capital share transactions		239,121,499			208,492,710

Total increase in net assets		239,729,449			209,011,689


Net assets
Beginning of period		891,263,047			682,251,358

End of period	$	1,130,992,496		$	891,263,047

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


120		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

Diversified Fixed Income Portfolio
Six months ended August 31, 2015 (unaudited)		2.29	%		0.16	%		0.16	%		(1.25	)%		22	%
Year ended February 28, 2015		2.28	%		0.16	%		0.16	%		1.54	%		49	%
Year ended February 28, 2014		2.25	%		0.19	%		0.19	%		0.47	%		44	%
Year ended February 28, 2013		2.24	%		0.27	%		0.26	%		1.50	%		43	%
Year ended February 29, 2012		2.66	%		0.27	%		0.26	%		7.41	%		52	%
Year ended February 28, 2011		2.84	%		0.28	%		0.26	%		5.58	%		57	%

Diversified Stock Portfolio
Six months ended August 31, 2015 (unaudited)		2.18	%		0.16	%		0.16	%		(6.86	)%		5	%
Year ended February 28, 2015		1.85	%		0.16	%		0.16	%		9.01	%		14	%
Year ended February 28, 2014		1.92	%		0.20	%		0.19	%		21.82	%		22	%
Year ended February 28, 2013		2.06	%		0.33	%		0.28	%		11.12	%		18	%
Year ended February 29, 2012		1.79	%		0.33	%		0.28	%		0.86	%		17	%
Year ended February 28, 2011		1.65	%		0.34	%		0.28	%		25.76	%		18	%

Short-Term Investment Portfolio
Six months ended August 31, 2015 (unaudited)		0.12	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 28, 2015		0.07	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 28, 2014		0.09	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 28, 2013		0.14	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 29, 2012		0.13	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 28, 2011		0.20	%		0.14	%		0.14	%		0.00	%		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			121

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”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Advantage Diversified Fixed Income Portfolio (“Diversified Fixed Income Portfolio”), Wells Fargo Advantage Diversified Stock Portfolio (“Diversified Stock Portfolio”) and 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 affiliated 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 (generally 4 p.m. Eastern Time).

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

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the 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 net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On August 31, 2015, such fair value pricing was not used in pricing foreign securities.

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles that are redeemable at net asset value are fair valued at net asset value when available.

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


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

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

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The value of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Repurchase agreements

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			123

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 is 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.

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

Each Portfolio 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. A Portfolio accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

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 custodian verifies 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 income tax purposes. All interest, dividends, gains and losses of a Portfolio are deemed to have been “passed through” to the interest holders 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 tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. 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.


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

3. FAIR VALUATION MEASUREMENTS

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

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of August 31, 2015:


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

Agency securities	$	0	$	1,597,794,320	$	0	$	1,597,794,320

Corporate bonds and notes		0		1,237,445,805		0		1,237,445,805

Foreign government bonds		0		1,538,871,769		0		1,538,871,769

U.S. Treasury securities		1,360,077,561		0		0		1,360,077,561

Yankee corporate bonds and notes		0		240,505,351		0		240,505,351

Yankee government bonds		0		2,013,720		0		2,013,720

Short-term investments
Investment companies		141,369,976		3,815,736		0		145,185,712
Total assets	$	1,501,447,537	$	4,620,446,701	$	0	$	6,121,894,238


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			125


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

Common stocks
Consumer discretionary	$	1,176,063,788	$	13,435	$	939	$	1,176,078,162
Consumer staples		597,416,200		0		0		597,416,200
Energy		467,497,728		1,683,890		0		469,181,618
Financials		2,058,242,683		41,609		0		2,058,284,292
Health care		961,388,424		0		230,457		961,618,881
Industrials		1,001,185,853		1,709,647		0		1,002,895,500
Information technology		1,319,158,759		0		1,524,283		1,320,683,042
Materials		414,886,666		1,145,357		0		416,032,023
Telecommunication services		224,891,633		733,071		0		225,624,704
Utilities		357,948,362		0		0		357,948,362

Preferred stocks
Consumer discretionary		5,427,410		0		0		5,427,410
Consumer staples		2,571,731		0		0		2,571,731
Energy		4,972,313		0		0		4,972,313
Financials		13,050,170		0		0		13,050,170
Health care		275		0		0		275
Information technology		2,208,928		0		0		2,208,928
Materials		3,430,398		0		0		3,430,398
Telecommunication services		1,460,640		0		0		1,460,640
Utilities		392,312		0		0		392,312

Rights
Financials		0		1,391		0		1,391
Health care		0		0		0		0
Information technology		0		351		0		351

Warrants
Consumer discretionary		0		116,647		0		116,647
Energy		0		997		0		997
Financials		0		11,747		0		11,747
Industrials		0		1,881		0		1,881
Materials		0		4,114		0		4,114
Utilities		0		515		0		515

Short-term investments
Investment companies		159,716,872		182,616,970		0		342,333,842
		8,771,911,145		188,081,622		1,755,679		8,961,748,446
Futures contracts		173,426		0		0		173,426
Total assets	$	8,772,084,571	$	188,081,622	$	1,755,679	$	8,961,921,872
Liabilities
Futures contracts	$	594,001	$	0	$	0	$	594,001
Total liabilities	$	594,001	$	0	$	0	$	594,001


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


Short-Term Investment Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Certificates of deposit	$	0	$	450,997,047	$	0	$	450,997,047

Commercial paper		0		493,939,106		0		493,939,106

Corporate bonds and notes		0		3,420,000		0		3,420,000

Municipal obligations		0		49,337,768		0		49,337,768

Repurchase agreements		0		136,009,671		0		136,009,671
Total assets	$	0	$	1,133,703,592	$	0	$	1,133,703,592

Futures contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Portfolio at that date. All other assets and liabilities are reported at their market value at measurement date.

The Portfolios recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At August 31, 2015, the Portfolios did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadvisers, who 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 from Diversified Fixed Income Portfolio and Diversified Stock Portfolio starting at 0.20% and declining to 0.10% as the average daily net assets of each respective Portfolio increase. 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 the six months ended August 31, 2015, the advisory fee was equivalent to an annual rate for each Portfolio as follows:


	Advisory fee
Diversified Fixed Income Portfolio		0.15	%
Diversified Stock Portfolio		0.14
Short-Term Investment Portfolio		0.10

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Portfolios. The fees for subadvisory services are borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2015 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	$	1,241,746,864	$	351,699,536	$	1,145,852,524	$	224,255,523
Diversified Stock Portfolio		0		468,642,857		0		430,966,421


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			127

6. INVESTMENTS IN AFFILIATES

An affiliated investment is a company which is under common ownership or control of the Portfolio or which the Portfolio has ownership of at least 5% of the outstanding voting shares. The following is a summary of transactions for the long-term holdings of issuers that were either affiliates of the Portfolio at the beginning of the period or the end of the period


		Shares, beginning of period	Shares purchased		Shares sold		Shares, end of period		Value, end of period		Income from affiliated securities		Realized gains
Diversified Stock Portfolio	Wells Fargo & Company	572,284		15,800		25,300		562,784	$	30,013,271	$	414,906	$	114,389

7. DERIVATIVE TRANSACTIONS

During the six months ended August 31, 2015, Diversified Stock Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

At August 31, 2015, Diversified Stock Portfolio had long futures contracts outstanding as follows:


Expiration date	Counterparty	Contracts	Type	Contract value at August 31, 2015		Unrealized losses
9-18-2015	UBS	426 Long	MSCI EAFE Index	$	36,906,510	$	(2,913,414	)
9-18-2015	UBS	3599 Long	MSCI Emerging Markets Index		147,109,125		(18,927,953	)
9-18-2015	UBS	210 Long	Russell 2000 Index		24,307,500		(1,203,690	)
9-18-2015	UBS	217 Long	S&P 500 E-Mini Index		21,365,820		(678,220	)
9-18-2015	UBS	157 Long	S&P Midcap 400 Index		22,207,650		(984,710	)

Diversified Stock Portfolio had an average notional amount of $179,510,332 in long futures contracts during the six months ended August 31, 2015. As of August 31, 2015, Diversified Stock Portfolio had segregated $8,658,509 as cash collateral for open futures contracts.

The receivable and 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, Diversified Stock Portfolio has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows 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 derivatives. Cash collateral that has been pledged to cover obligations of Diversified Stock Portfolio under ISDA Master Agreements or similar agreements, 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 Diversified Stock Portfolio and the applicable counterparty. 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:

Derivative type

Counterparty

Gross amounts
of assets in the
Statements of
Assets and
Liabilities

Amounts
subject to
netting
agreements

Collateral
received

Net amount

of assets

Diversified Stock Portfolio

Futures – variation margin

UBS

173,426

(173,426

)


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

Derivative type

Counterparty

Gross amounts
of liabilities in the
Statements of
Assets and
Liabilities

Amounts
subject to
netting
agreements

Collateral
pledged¹

Net amount

of liabilities

Diversified Stock Portfolio

Futures – variation margin

UBS

594,001

(173,426

)

(420,575

)

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

8. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			129

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 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 one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) 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 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.


130		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 133 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is a CFA ^® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust; Harding Loevner Funds; Russell Exchange Traded Funds Trust
Peter G. Gordon (Born 1942)	Trustee, since 2010; Chairman, since 2010	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Wells Fargo Advantage family of funds consisting of 134 funds.
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2010	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. 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; Wells Fargo Advantage family of funds consisting of 134 funds.
Judith M. Johnson (Born 1949)	Trustee, since 2010; Audit Committee Chairman, since 2010	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Wells Fargo Advantage family of funds consisting of 134 funds.
David F. Larcker (Born 1950)	Trustee, since 2010	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Wells Fargo Advantage family of funds consisting of 134 funds.


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			131


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 years
Olivia S. Mitchell (Born 1953)	Trustee, since 2010	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Wells Fargo Advantage family of funds consisting of 134 funds.
Timothy J. Penny (Born 1951)	Trustee, since 2010	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Wells Fargo Advantage family of funds consisting of 134 funds.
Michael S. Scofield (Born 1943)	Trustee, since 2005	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Wells Fargo Advantage family of funds consisting of 134 funds.
Donald C. Willeke (Born 1940)	Trustee, since 2010	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Wells Fargo Advantage family of funds consisting of 134 funds.

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

**	William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2010	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 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2010; Chief Legal Officer, since 2010	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2010	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
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. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹	Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 72 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.


132		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT 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 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”), must determine annually whether to approve the continuation of the Trusts’ investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”) and, the Funds Trust Board, 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”), reviewed and approved for each of the 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 and Wells Fargo Advantage Dow Jones Target 2055 Fund (individually, the “Target Date Fund” and collectively, the “Target Date Funds”): (i) an investment advisory agreement (the “Target Date Fund Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment management agreement (the “Management Agreement”) with Funds Management. The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services.

The Master Trust Board, all the members of which are Independent Trustees, reviewed and approved for each of Wells Fargo Advantage Diversified Fixed Income Portfolio, Wells Fargo Advantage Diversified Stock Portfolio and Wells Fargo Advantage Short-Term Investment Portfolio (the “Master Portfolios”) an investment advisory agreement (the “Master Portfolio Advisory Agreement”) with Funds Management. The Target Date Funds and the Master Portfolios are collectively referred to as the “Funds.”

The Funds Trust Board also reviewed and approved: 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 Wells Fargo Advantage Diversified Fixed Income Portfolio and Wells Fargo Advantage Diversified Stock Portfolio; and (ii) Wells Capital Management Incorporated (“Wells Capital Management”) for the Wells Fargo Advantage Short-Term Investment Portfolio (collectively, the “Sub-Advisory Agreements”).

Wells Capital Management, GIA and SSgA are collectively referred to as the “Sub-Advisers”, and the Target Date Fund Advisory Agreement, the Management Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.” The Target Date Funds are gateway blended funds that each invests 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 approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in March 2015, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, 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 2015. 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 Meetings,


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			133

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.

After its deliberations, the Funds Trust Board unanimously approved the continuation of the Target Date Fund Advisory Agreement for the period from June 1, 2015 through June 30, 2015 and approved the Management Agreement for the period from July 1, 2015 through May 31, 2016. Additionally, after its deliberations, the Master Trust Board unanimously approved the continuation of the Master Portfolio Advisory Agreement for a one-year term commencing June 1, 2015 through May 31, 2016 and the Sub-Advisory Agreements for a one-year term through May 31, 2016. The Boards also determined that the compensation payable to Funds Management and each of the Sub-Advisers was reasonable. The Boards considered the approval of the Advisory Agreements for the Funds as part of their consideration of agreements for funds across the complex, but their approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Boards in support of their approvals.

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 Funds Trust Board noted that the services to be provided to the Target Date Funds pursuant to the Management Agreement combined the advisory services previously provided to the Target Date Funds pursuant to the Target Date Fund Advisory Agreement with the Fund-level administrative services previously provided to the Target Date Funds pursuant to the Target Date Fund’s Administration Agreement. The Funds Trust Board received a representation from Funds Management that combining these services would not result in any change to the nature or level of services provided by Funds Management to the Target Date Funds.

The Boards evaluated the ability of Funds Management and the Sub-Advisers 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 full range of services provided to the Funds by Funds Management and its affiliates.

Fund performance and expenses

The Boards considered the performance results for each of the Funds over various time periods ended March 31, 2015. The Boards 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 respective 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 each performance Universe.

The Funds Trust Board noted that the performance of each Target Date Fund (Administrator Class) relative to its respective Universe was as follows: (i) the performance of the Target 2010 Fund was lower than the average performance of its Universe for all periods under review except the ten-year period; (ii) the performance of the Target 2015 Fund was lower than the average performance of its Universe for all periods under review; (iii) the performance of the Target 2020 Fund was lower than the average performance of its Universe for all periods under review except the ten-year period; (iv) the performance of the Target 2025 Fund was lower than the average performance of its Universe for all periods under review except the first quarter of 2015; (v) the performance of the Target 2030 Fund was higher than or in range of the average performance of its Universe for all periods under review except the one- and three-year periods; (vi) the performance of the Target 2035 Fund was higher than or in range of the average performance of its Universe for all periods under review except the three- and five-year periods; (vii) the performance of the Target 2040 Fund was higher than the average performance of its Universe for all periods under review; (viii) the performance of the Target 2045 Fund was higher than or in range of the average performance of its Universe for all periods under review; (ix) the performance of the Target 2050 Fund was higher than the average performance of its Universe for all periods under review; (x) the performance of the Target 2055 Fund was higher than or in range of the average performance of its Universe for all periods under review; and (xi) the performance of the Target Today Fund was lower than the average performance of its Universe for all periods under review except the ten-year period. The Funds Trust Board also noted that the performance of each Target Date Fund was lower than the performance of its respective benchmark index for all periods under review except the first quarter of 2015.


134		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

The Funds Trust Board received information concerning, and discussed factors contributing to, the underperformance for the periods noted above. 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 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 lower than the average performance of its Universe for all periods under review except the first quarter of 2015. The Master Trust Board also noted that the performance of the Diversified Stock Portfolio was higher than or in range of the performance of its benchmark, the Dow Jones Stock CMAC Index, for all periods under review. The Master Trust Board was apprised that the underperformance of the Diversified Stock Portfolio relative to its Universe for the periods noted above was largely attributable to sector allocation.

The Master Trust Board noted that the performance of the Diversified Fixed Income Portfolio was lower than the average performance of its Universe for all periods under review. The Master Trust Board also noted that the performance of the Diversified Fixed Income Portfolio was in range of the performance of its benchmark, the Dow Jones Bond CMAC Index, for all periods under review. The Master Trust Board was apprised that the underperformance of the Diversified Fixed Income Portfolio relative to its Universe for the periods noted above was largely attributable to sector allocation.

The Master Trust Board also noted that the performance of the Short-Term Investment Portfolio was lower than the average performance of its Universe for all periods under review. The Master Trust Board also noted that the performance of the Short-Term Investment Portfolio was in range of the performance of its 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 for the periods noted above was largely attributable to the fact that the Short-Term Investment Portfolio is managed using a money market strategy. The Master Trust Board noted that the Short-Term Investment Portfolio experienced a portfolio manager change in 2014.

The Funds Trust Board also received and considered information regarding each Target Date Fund’s net operating expense ratios, which include fees and expenses of the corresponding Master Portfolio, 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, and Rule 12b-1 and non-Rule 12b-1 service fees. The Funds Trust Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to 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 and an explanation of how funds comprising expense groups may vary from year-to-year. Based on the Lipper reports, the Funds Trust Board noted that the net operating expense ratios of each Target Date Fund were lower than the median net operating expense ratios of its respective expense Groups for all share classes.

The Funds Trust Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio caps for Class R, Class A, Class B and Class C for the Target Today Fund, the Target 2010 Fund, Target 2020 Fund, Target 2030 Fund, Target 2040 Fund, and Target 2050 Fund, and to reduce the net operating expense ratio caps for Class R and Class A for the Target 2015 Fund, Target 2025 Fund, Target 2035 Fund, Target 2045 Fund, and Target 2055 Fund. The Funds Trust Board also discussed and accepted Funds Management’s proposal to convert the Investor Class shares into Class A shares with respect to all of the Target Date Funds.

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 a corresponding expense Group.

The Boards took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Target Date Fund Advisory Agreement, the Master Portfolio Advisory Agreement and the Sub-Advisory Agreements and approve the Management Agreement.

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,


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			135

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 noted that the Management Rates include transfer agency and sub-transfer agency costs. The Master Trust Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services (the “Sub-Advisory Agreement Rates”). The Funds Trust Board also noted that the fee rate to be paid by the Target Date Funds under the Management Agreement will incorporate the advisory fee and Fund-level administration fee previously payable separately by each Target Date Fund under the Target Date Fund Advisory Agreement and Administration Agreement with Funds Management.

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 lower than the average rates for its respective expense Groups for all share classes. The Funds Trust Board noted that it had recently approved a reduction in the advisory fee schedules for each of the Target Date Funds in February 2015, effective July 1, 2015.

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 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-Advisers for sub-advisory services. With respect to the Target Date Funds, the Diversified Fixed Income Portfolio and the 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 information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. With respect to the Short-Term Investment Portfolio, given the affiliation between Funds Management and Wells Capital Management, the Master Trust Board ascribed limited relevance to the allocation of the advisory fee between them. With respect to GIA and SSgA, the Boards considered that the Sub-Advisory Agreement Rates paid to each of these Sub-Advisers 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 the Sub-Advisers to other types of clients with investment strategies similar to those of the Funds. 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 its consideration of the factors and information it deemed relevant, including those described here, the Funds Trust Board determined that the compensation payable to Funds Management under the Management Agreement and the Target Date Fund Advisory Agreement was reasonable, in light of the services covered by the Management Agreement and the Target Date Fund Advisory Agreement, respectively. The Master Trust Board determined that the compensation payable to Funds Management under the Master Portfolio Advisory Agreement and to each Sub-Adviser under each Sub-Advisory Agreement was reasonable, in light of the services covered by the Master Portfolio Advisory Agreement and each Sub-Advisory Agreement, respectively.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Funds and the fund family as a whole. The Board also received and considered information concerning the profitability of Wells Capital Management from providing services to the fund family as a whole, noting that Wells Capital Management’s profitability information with respect to providing services to the Funds was subsumed in the Wells Fargo profitability analysis. The Boards did not receive or consider profitability information with respect to GIA or SSgA, as the sub-advisory fees paid to them had been negotiated by Funds Management on an arm’s-length basis.

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


136		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

Economies of scale

With respect to possible economies of scale, the Funds Trust Boards noted the existence of breakpoints in each Target Date Fund’s management and administration fee structures, and the Master Trust Board noted the existence of breakpoints in each Master Portfolio’s advisory fee structure (except the 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 that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Funds and the fund family as a whole. The Boards considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Boards concluded that the Funds’ fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

Other benefits to Funds Management and the Sub-Advisers

The Boards received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including Wells Capital Management, or GIA or SSgA as a result of their relationships 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 the Sub-Advisers’ business as a result of their relationships with the Funds. The Boards noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Boards also reviewed information about fees earned by Funds Management and Wells Capital Management from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on 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 Wells Capital Management, or GIA or SSgA or were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Funds Trust Board unanimously approved the continuation of the Target Date Fund Advisory Agreement for the period from June 1, 2015 through June 30, 2015 and approved the Management Agreement for the period from July 1, 2015 through May 31, 2016. Additionally, after its deliberations, the Master Trust Board unanimously approved the continuation of the Master Portfolio Advisory Agreement for a one-year term commencing June 1, 2015 through May 31, 2016 and the Sub-Advisory Agreements for a one-year term through May 31, 2016. The Boards also determined that the compensation payable to Funds Management and each of the Sub-Advisers was reasonable.


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			137

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND
SUB-ADVISORY AGREEMENTS:

Wells Fargo Advantage Dow Jones Target 2060 Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Dow Jones Target 2060 Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Global Index Advisors, Inc. (the “Sub-Adviser”). The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.” The Board noted that it had initially approved the Advisory Agreement and Sub-Advisory Agreement at an in-person meeting of the Board held on February 17-19, 2015 (the “February Meeting”) and that the Fund had not yet commenced operations.

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in March 2015, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2015. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreement for the period from June 1, 2015 through June 30, 2015, approved the Management Agreement for the period from July 1, 2015 through May 31, 2016, and approved the continuation of the Sub-Advisory Agreement for a one-year term through May 31, 2016. The Board also determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board noted that the services to be provided to the Fund pursuant to the Management Agreement combined the advisory services that would have been provided to the Fund pursuant to the Fund’s Advisory Agreement with the Fund-level administrative services that would have been provided to the Fund pursuant to the Fund’s Administration Agreement. The Board received a representation from Funds Management that combining these services would not result in any change to the nature or level of services to be provided by Funds Management to the Fund.


138		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

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

Fund performance and expenses

The Board acknowledged that the Fund had not yet commenced operations and thus had no performance record. The Board noted that it considered the performance of other Target Date Funds utilizing an investment style and strategy similar to that of the Fund when it initially approved the Advisory Agreement and the Sub-Advisory Agreement for the Fund at the February Meeting. The Board noted that it would have the opportunity to review performance information relating to the Fund on an on-going basis and in connection with future annual reviews of advisory agreements.

The Board also noted that it had considered at the February Meeting the anticipated expense ratios for the Fund, and received and considered information regarding the Fund’s anticipated net operating expense ratios and their various components, including actual management fees (which reflect anticipated fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 service fees. The Board also noted that it had considered these ratios in comparison to the median ratios of funds in class specific expense groups (the “Expense Groups”) that were determined by Lipper, Inc. (“Lipper”) to be similar to the Fund. The Board noted that it had received a description of the methodology used by Lipper to select the mutual funds in the Expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. The Board noted that, according to the information provided at the February Meeting, the Fund’s net operating expense ratios were lower than the median ratios of the Fund’s Expense Groups.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreement and Sub-Advisory Agreement and approve the Management Agreement.

Investment advisory and sub-advisory fee rates

The Board noted that it had reviewed and considered at the February Meeting the contractual investment advisory fee rates that would be payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the Management Rates include transfer agency and sub-transfer agency costs. The Board also noted that the fee rate to be paid by the Fund under the Management Agreement will incorporate the advisory fee and Fund-level administration fee previously payable separately by the Fund under the Fund’s Advisory Agreement and Administration Agreement with Funds Management. The Board also noted that it had reviewed and considered at the February Meeting the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board at the February Meeting was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that, according to such information, the Management Rates of the Fund were lower than the median rates for the Fund’s Expense Groups.

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

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

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and Advisory Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable, in light of the services covered by the Advisory Agreements.


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			139

Profitability

The Board acknowledged that there is no actual profitability information for a new fund, but noted that, as part of the annual contract review process, the Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the other Target Date Funds and the fund family as a whole. Funds Management reported on the methodologies and estimates used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. The Board did not consider profitability with respect to the Sub-Adviser, as the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s-length basis.

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

Economies of scale

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

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreement for the period from June 1, 2015 through June 30, 2015, approved the Management Agreement for the period from July 1, 2015 through May 31, 2016, and approved the continuation of the Sub-Advisory Agreement for a one-year term through May 31, 2016. The Board also determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.


140		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	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

236810 10-15

SOFLD/SAR101 08-15

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

Wells Fargo Advantage Diversified Fixed Income Portfolio and Wells Fargo Advantage Diversified Stock Portfolio included a Summary Portfolio of Investments under Item 1. A Portfolio of Investments for each of Wells Fargo Advantage Diversified Fixed Income Fund and Wells Fargo Advantage Diversified Stock Portfolio is filed under this Item.


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			1


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities: 26.06%
FFCB		1.10	%		6-1-2018	$	3,000,000	$	2,999,334
FFCB		3.50			12-20-2023		400,000		430,278
FHLB		0.50			9-28-2016		10,000,000		9,997,830
FHLB		0.88			5-24-2017		1,000,000		1,002,299
FHLB		1.00			11-9-2017		500,000		499,982
FHLB		1.20			11-21-2018		1,000,000		992,567
FHLB		2.50			8-1-2027		147,072		150,590
FHLB		2.50			12-1-2027		74,074		75,846
FHLB		2.50			6-1-2028		90,374		92,542
FHLB		2.50			8-1-2028		861,837		882,489
FHLB		2.50			9-1-2028		3,940,186		4,034,550
FHLB		2.50			9-1-2028		384,219		393,426
FHLB		2.50			9-1-2028		2,632,995		2,696,055
FHLB		2.50			10-1-2028		840,823		860,973
FHLB		2.50			10-1-2028		134,090		137,302
FHLB		2.50			11-1-2028		2,492,535		2,552,242
FHLB		2.50			11-1-2028		713,073		726,227
FHLB		3.00			10-1-2042		680,229		683,224
FHLB		3.00			10-1-2042		8,296,686		8,333,215
FHLB		3.00			11-1-2042		420,366		424,156
FHLB		3.00			11-1-2042		222,550		223,529
FHLB		3.00			11-1-2042		4,229,489		4,248,102
FHLB		3.00			12-1-2042		214,873		215,768
FHLB		3.00			12-1-2042		105,218		105,678
FHLB		3.00			1-1-2043		167,188		167,903
FHLB		3.00			1-1-2043		8,044,525		8,079,780
FHLB		3.00			3-1-2043		85,410		85,765
FHLB		3.00			4-1-2043		688,609		691,476
FHLB		3.00			4-1-2043		8,375,300		8,402,963
FHLB		3.00			5-1-2043		128,843		129,349
FHLB		3.00			6-1-2043		333,913		335,100
FHLB		3.00			7-1-2043		1,921,096		1,928,200
FHLB		3.00			7-1-2043		175,850		176,440
FHLB		3.00			7-1-2043		611,127		613,819
FHLB		3.00			7-1-2043		2,280,769		2,288,904
FHLB		3.00			7-1-2043		167,189		167,783
FHLB		3.00			8-1-2043		85,635		85,942
FHLB		3.00			8-1-2043		25,485		25,573
FHLB		3.00			8-1-2043		650,151		652,480
FHLB		3.00			8-1-2043		1,927,199		1,934,784
FHLB		3.00			8-1-2043		349,517		352,680
FHLB		3.00			8-1-2043		145,227		145,714
FHLB		3.00			8-1-2043		171,717		172,233
FHLB		3.00			8-1-2043		92,353		92,630
FHLB		3.00			9-1-2043		2,501,124		2,508,940
FHLB		3.00			9-1-2043		275,122		275,982
FHLB		3.00			9-1-2043		295,004		296,029
FHLB		3.00			10-1-2043		250,075		250,973
FHLB		3.00			10-1-2043		183,871		184,467
FHLB		3.00			11-1-2043		77,180		77,420


2		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLB		3.50	%		8-1-2020	$	168,196	$	176,989
FHLB		3.50			9-1-2020		36,657		38,573
FHLB		3.50			10-1-2020		204,339		215,022
FHLB		3.50			11-1-2020		412,813		434,395
FHLB		3.50			11-1-2020		247,895		260,855
FHLB		3.50			11-1-2020		309,369		325,543
FHLB		3.50			12-1-2020		233,319		245,517
FHLB		3.50			1-1-2021		13,532		14,239
FHLB		3.50			4-1-2021		13,152		13,839
FHLB		3.50			4-1-2021		269,920		284,032
FHLB		3.50			12-1-2025		4,023,769		4,260,663
FHLB		3.50			1-1-2029		5,411,238		5,695,715
FHLB		3.50			12-1-2042		2,640,114		2,733,106
FHLB		4.00			6-1-2024		20,996		22,178
FHLB		4.00			7-1-2025		374,700		399,786
FHLB		4.00			4-1-2026		1,948,261		2,078,561
FHLB		4.00			11-1-2040		3,544,937		3,765,781
FHLB		4.00			1-1-2041		6,138,008		6,527,932
FHLB		4.00			2-1-2041		2,899,420		3,091,824
FHLB		4.00			4-1-2041		4,653,037		4,986,170
FHLB		4.50			2-1-2024		58,341		62,482
FHLB		4.50			5-1-2024		61,598		65,988
FHLB		4.50			9-1-2024		23,127		24,862
FHLB		4.50			9-1-2024		48,631		52,198
FHLB		4.50			12-1-2024		86,548		92,986
FHLB		4.50			3-1-2039		471,558		510,965
FHLB		4.50			3-1-2039		55,494		60,005
FHLB		4.50			5-1-2039		115,167		124,528
FHLB		4.50			10-1-2039		105,482		114,383
FHLB		4.50			10-1-2039		86,502		93,811
FHLB		4.50			9-1-2040		90,953		98,729
FHLB		4.50			1-1-2041		266,442		289,279
FHLB		4.50			2-1-2041		5,976,345		6,516,321
FHLB		4.50			2-1-2041		823,877		894,568
FHLB		4.50			4-1-2041		2,336,449		2,536,037
FHLB		4.75			12-16-2016		1,000,000		1,053,293
FHLB		4.88			9-8-2017		1,000,000		1,079,699
FHLB		5.00			11-17-2017		4,000,000		4,352,232
FHLB		5.00			12-1-2034		5,654		6,198
FHLB		5.00			8-1-2035		401,639		442,304
FHLB		5.00			11-1-2035		373,203		408,785
FHLB		5.00			12-1-2035		3,428		3,758
FHLB		5.00			1-1-2036		25,279		27,695
FHLB		5.00			6-1-2036		471,336		519,899
FHLB		5.00			3-1-2037		4,330		4,757
FHLB		5.00			7-1-2037		8,786		9,648
FHLB		5.00			3-1-2038		366,895		402,558
FHLB		5.00			5-1-2038		21,476		23,536
FHLB		5.00			6-1-2038		5,133		5,626
FHLB		5.00			9-1-2038		390,445		428,063


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			3


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLB		5.00	%		5-1-2039	$	23,493	$	25,816
FHLB		5.00			1-1-2040		1,252,296		1,373,776
FHLB		5.38			9-30-2022		1,350,000		1,629,736
FHLB		5.50			12-1-2035		675,356		754,262
FHLB		5.50			7-15-2036		600,000		786,581
FHLB		5.50			12-1-2036		280,976		312,524
FHLB		5.50			3-1-2037		57,614		64,156
FHLB		5.50			7-1-2037		1,317,895		1,469,715
FHLB		5.50			10-1-2037		3,330		3,704
FHLB		5.50			3-1-2038		25,337		28,211
FHLB		5.50			5-1-2038		199,500		221,920
FHLB		5.50			6-1-2038		65,438		72,860
FHLB		5.50			8-1-2038		57,195		63,616
FHLB		5.50			10-1-2038		5,608		6,241
FHLB		5.50			11-1-2038		141,473		159,541
FHLB		6.00			1-1-2032		20,593		23,249
FHLB		6.00			4-1-2033		25,780		29,422
FHLB		6.00			7-1-2036		31,488		35,861
FHLB		6.00			9-1-2036		194,598		221,034
FHLB		6.00			11-1-2036		248,045		281,366
FHLB		6.00			11-1-2036		17,789		20,084
FHLB		6.00			5-1-2037		131,001		147,898
FHLB		6.00			6-1-2037		102,365		115,568
FHLB		6.00			8-1-2037		212,611		240,151
FHLB		6.00			9-1-2037		73,270		82,720
FHLB		6.00			9-1-2037		2,036		2,299
FHLB		6.00			10-1-2037		12,315		13,908
FHLB		6.00			10-1-2037		14,300		16,144
FHLB		6.00			11-1-2037		60,527		68,334
FHLB		6.00			11-1-2037		43,413		49,013
FHLB		6.00			12-1-2037		38,390		43,342
FHLB		6.00			12-1-2037		44,769		50,544
FHLB		6.00			12-1-2037		113,196		127,827
FHLB		6.00			6-1-2038		84,029		94,868
FHLB		6.00			7-1-2038		39,707		44,829
FHLB		6.00			12-1-2039		58,994		66,604
FHLB		6.00			5-1-2040		1,084,033		1,223,857
FHLMC		0.75			1-12-2018		2,000,000		1,992,946
FHLMC		0.88			10-14-2016		5,000,000		5,018,535
FHLMC		0.88			2-22-2017		2,000,000		2,006,384
FHLMC		0.88			3-7-2018		2,000,000		1,993,296
FHLMC		1.00			9-27-2017		250,000		250,607
FHLMC		1.00			9-29-2017		2,000,000		2,005,050
FHLMC		1.25			8-1-2019		2,000,000		1,984,582
FHLMC		1.25			10-2-2019		3,800,000		3,762,338
FHLMC		2.00			7-30-2019		100,000		100,383
FHLMC ±		2.30			6-1-2038		609,382		647,524
FHLMC		2.38			1-13-2022		6,080,000		6,186,400
FHLMC		2.50			10-1-2029		7,706,209		7,821,831
FHLMC %%		2.50			9-17-2030		14,900,000		15,108,362


4		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC ±		2.62	%		8-1-2038	$	161,384	$	165,562
FHLMC ±		2.62			10-1-2036		125,672		135,544
FHLMC		3.00			9-1-2021		590,669		614,617
FHLMC		3.00			4-1-2022		539,381		561,270
FHLMC		3.00			9-1-2026		116,493		120,884
FHLMC		3.00			10-1-2026		2,467,596		2,560,706
FHLMC		3.00			11-1-2026		248,096		257,456
FHLMC		3.00			11-1-2026		41,586		43,153
FHLMC		3.00			11-1-2026		671,242		696,568
FHLMC		3.00			12-1-2026		4,974,465		5,162,134
FHLMC		3.00			12-1-2026		17,410		18,067
FHLMC		3.00			12-1-2026		1,354,334		1,405,426
FHLMC		3.00			1-1-2027		2,404,519		2,495,212
FHLMC		3.00			3-1-2027		594,658		617,110
FHLMC		3.00			8-1-2027		1,637,653		1,699,416
FHLMC		3.00			4-1-2028		62,038		64,377
FHLMC		3.00			7-1-2029		5,824,528		6,039,731
FHLMC		3.00			9-1-2029		8,662,973		8,983,048
FHLMC		3.00			3-1-2043		5,057,834		5,079,451
FHLMC		3.00			8-1-2045		12,500,000		12,529,199
FHLMC		3.50			10-1-2020		745,493		784,468
FHLMC		3.50			1-1-2021		965,895		1,016,393
FHLMC		3.50			11-1-2021		185,014		194,687
FHLMC		3.50			5-1-2023		296,675		312,681
FHLMC		3.50			11-1-2023		457,902		482,484
FHLMC		3.50			1-1-2024		478,973		504,943
FHLMC		3.50			2-1-2026		211,984		223,589
FHLMC		3.50			1-1-2030		449,944		473,536
FHLMC		3.50			1-1-2030		328,298		345,511
FHLMC %%		3.50			9-17-2030		750,000		788,906
FHLMC		3.50			2-1-2042		11,885,952		12,343,522
FHLMC		3.50			10-1-2042		3,188,208		3,301,322
FHLMC		3.50			10-1-2042		623,299		647,343
FHLMC		3.50			10-1-2042		6,019,290		6,251,032
FHLMC		3.50			7-1-2043		4,990,824		5,172,619
FHLMC		3.50			8-1-2043		7,961,672		8,250,207
FHLMC		3.50			1-1-2044		4,108,289		4,252,994
FHLMC		3.50			6-1-2044		4,005,138		4,146,210
FHLMC		3.50			10-1-2044		10,889,406		11,272,960
FHLMC		3.50			7-1-2045		6,970,935		7,233,275
FHLMC %%		3.50			9-14-2045		14,000,000		14,477,093
FHLMC		3.75			3-27-2019		2,900,000		3,140,880
FHLMC		4.00			5-1-2023		43,152		45,460
FHLMC		4.00			2-1-2024		98,791		104,344
FHLMC		4.00			5-1-2024		57,676		61,807
FHLMC		4.00			5-1-2024		101,906		107,563
FHLMC		4.00			8-1-2024		148,909		159,581
FHLMC		4.00			1-1-2025		233,366		248,911
FHLMC		4.00			2-1-2025		218,343		232,933
FHLMC		4.00			3-1-2025		1,405,129		1,498,744


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			5


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		4.00	%		5-1-2025	$	661,229	$	705,232
FHLMC		4.00			6-1-2025		123,724		129,470
FHLMC		4.00			6-1-2025		498,503		531,840
FHLMC		4.00			7-1-2025		14,871		15,865
FHLMC		4.00			8-1-2025		94,948		101,319
FHLMC		4.00			10-1-2025		35,560		37,575
FHLMC		4.00			3-1-2026		298,394		318,419
FHLMC		4.00			4-1-2026		443,193		472,870
FHLMC		4.00			5-1-2026		316,254		334,184
FHLMC		4.00			5-1-2029		259,238		275,089
FHLMC		4.00			9-1-2031		193,888		205,743
FHLMC		4.00			10-1-2033		9,917		10,524
FHLMC		4.00			8-1-2036		6,478		6,874
FHLMC		4.00			4-1-2039		531,745		572,349
FHLMC		4.00			5-1-2039		196,107		208,120
FHLMC		4.00			6-1-2039		183,438		194,873
FHLMC		4.00			2-1-2040		329,446		350,374
FHLMC		4.00			9-1-2040		1,390,733		1,475,772
FHLMC		4.00			10-1-2040		413,503		439,771
FHLMC		4.00			10-1-2040		949,648		1,009,939
FHLMC		4.00			10-1-2040		1,453,858		1,551,256
FHLMC		4.00			11-1-2040		198,731		211,352
FHLMC		4.00			12-1-2040		94,324		100,316
FHLMC		4.00			12-1-2040		4,542,894		4,825,293
FHLMC		4.00			4-1-2041		23,893		25,411
FHLMC		4.00			6-1-2041		379,958		404,118
FHLMC		4.00			6-1-2041		9,188		9,773
FHLMC		4.00			10-1-2041		39,516		41,966
FHLMC		4.00			10-1-2041		203,218		215,645
FHLMC		4.00			11-1-2041		271,691		288,466
FHLMC		4.00			11-1-2041		58,194		61,840
FHLMC		4.00			11-1-2041		27,492		29,218
FHLMC		4.00			11-1-2041		19,857		21,071
FHLMC		4.00			11-1-2041		330,404		351,142
FHLMC		4.00			12-1-2041		7,930,543		8,428,329
FHLMC		4.00			1-1-2042		2,330,429		2,476,709
FHLMC		4.00			1-1-2042		100,368		106,664
FHLMC		4.00			2-1-2042		43,156		45,839
FHLMC		4.00			4-1-2042		8,333,505		8,860,449
FHLMC		4.00			5-1-2044		5,979,179		6,344,790
FHLMC		4.00			5-1-2044		8,718,063		9,272,460
FHLMC		4.50			4-1-2018		24,197		25,148
FHLMC		4.50			8-1-2018		368,760		383,261
FHLMC		4.50			10-1-2018		75,330		78,292
FHLMC		4.50			4-1-2024		75,009		80,031
FHLMC		4.50			8-1-2024		487,215		523,466
FHLMC		4.50			11-1-2024		164,619		174,406
FHLMC		4.50			2-1-2025		447,748		478,007
FHLMC		4.50			8-1-2035		39,220		42,570
FHLMC		4.50			9-1-2035		56,319		61,031


6		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		4.50	%		1-1-2037	$	89,216	$	96,702
FHLMC		4.50			10-1-2038		266,133		288,237
FHLMC		4.50			2-1-2039		29,631		32,109
FHLMC		4.50			5-1-2039		50,033		54,345
FHLMC		4.50			6-1-2039		1,810,135		1,957,473
FHLMC		4.50			9-1-2039		1,192,937		1,292,971
FHLMC		4.50			10-1-2039		227,149		246,317
FHLMC		4.50			10-1-2039		230,583		250,617
FHLMC		4.50			1-1-2040		2,076,571		2,283,203
FHLMC		4.50			2-1-2040		6,062,071		6,613,615
FHLMC		4.50			3-1-2040		2,813,532		3,107,883
FHLMC		4.50			8-1-2040		1,152,704		1,250,353
FHLMC		4.50			9-1-2040		245,775		266,594
FHLMC		4.50			9-1-2040		2,524,580		2,776,583
FHLMC		4.50			2-1-2041		69,185		75,149
FHLMC		4.50			4-1-2041		3,150,813		3,422,881
FHLMC		4.50			7-1-2041		154,651		168,005
FHLMC		4.50			7-1-2041		6,223,314		6,760,715
FHLMC		4.50			10-1-2041		1,076,486		1,171,638
FHLMC		4.88			6-13-2018		1,700,000		1,874,507
FHLMC		5.00			7-1-2022		379		395
FHLMC		5.00			6-1-2023		26,655		28,800
FHLMC		5.00			6-1-2023		4,108		4,310
FHLMC		5.00			6-1-2023		9,436		10,221
FHLMC		5.00			10-1-2023		2,387		2,488
FHLMC		5.00			8-1-2033		1,251,814		1,391,357
FHLMC		5.00			11-1-2033		96,423		106,047
FHLMC		5.00			3-1-2034		101,077		111,673
FHLMC		5.00			7-1-2035		445,457		488,999
FHLMC		5.00			8-1-2035		146,912		161,302
FHLMC		5.00			9-1-2035		728,904		808,424
FHLMC		5.00			4-1-2036		53,914		59,341
FHLMC		5.00			12-1-2036		37,936		41,607
FHLMC		5.00			2-1-2037		51,317		56,233
FHLMC		5.00			3-1-2039		351,231		387,471
FHLMC		5.00			8-1-2039		780,428		858,570
FHLMC		5.00			8-1-2039		4,053,727		4,468,377
FHLMC		5.00			9-1-2039		1,034,633		1,134,774
FHLMC		5.00			12-1-2039		1,755,203		1,938,837
FHLMC		5.00			6-1-2040		3,983,150		4,403,736
FHLMC		5.00			6-1-2040		3,597,149		3,976,992
FHLMC		5.13			11-17-2017		1,000,000		1,091,438
FHLMC ±		5.31			4-1-2037		32,569		34,694
FHLMC		5.50			12-1-2016		6,081		6,190
FHLMC		5.50			8-1-2017		549		565
FHLMC		5.50			8-23-2017		3,000,000		3,272,649
FHLMC		5.50			9-1-2017		10,788		11,134
FHLMC		5.50			10-1-2017		713		739
FHLMC		5.50			11-1-2017		10,778		11,162
FHLMC		5.50			11-1-2017		6,186		6,271


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			7


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		5.50	%		12-1-2017	$	309,174	$	319,069
FHLMC		5.50			3-1-2018		10,581		10,807
FHLMC		5.50			2-1-2019		111,963		114,884
FHLMC		5.50			12-1-2033		142,948		160,326
FHLMC		5.50			12-1-2034		182,327		204,594
FHLMC		5.50			1-1-2035		496,439		552,628
FHLMC		5.50			6-1-2035		436,497		487,030
FHLMC		5.50			1-1-2036		37,888		42,215
FHLMC		5.50			1-1-2036		87,030		97,114
FHLMC		5.50			2-1-2036		110,552		123,260
FHLMC		5.50			12-1-2036		123,380		137,297
FHLMC		5.50			2-1-2037		125,344		139,505
FHLMC		5.50			3-1-2037		115,492		128,516
FHLMC		5.50			4-1-2037		29,723		33,090
FHLMC		5.50			1-1-2038		307,712		342,571
FHLMC		5.50			2-1-2038		423,398		471,422
FHLMC		5.50			4-1-2038		377,246		422,485
FHLMC		5.50			5-1-2038		56,967		63,415
FHLMC		5.50			5-1-2038		888,781		989,074
FHLMC		5.50			5-1-2038		305,918		344,234
FHLMC		5.50			5-1-2038		1,345,883		1,498,064
FHLMC		5.50			6-1-2038		8,326		9,263
FHLMC		5.50			7-1-2038		183,146		203,822
FHLMC		5.50			7-1-2038		226,753		252,250
FHLMC		5.50			8-1-2038		310,440		345,370
FHLMC		5.50			8-1-2038		64,053		71,245
FHLMC		5.50			9-1-2038		92,262		102,710
FHLMC		5.50			9-1-2038		40,669		45,236
FHLMC		5.50			1-1-2039		154,183		171,567
FHLMC		5.50			8-1-2039		612,283		689,379
FHLMC		5.50			11-1-2039		1,308,437		1,457,891
FHLMC		5.50			3-1-2040		2,289,557		2,549,024
FHLMC		5.50			4-1-2040		1,799,184		2,004,094
FHLMC		6.00			9-1-2023		71,163		78,907
FHLMC		6.00			11-1-2033		384,160		438,693
FHLMC		6.00			7-1-2034		246,453		281,203
FHLMC		6.00			1-1-2036		40,340		45,762
FHLMC		6.00			2-1-2036		323,217		365,434
FHLMC		6.00			11-1-2036		77,671		88,140
FHLMC		6.00			12-1-2036		30,962		35,124
FHLMC		6.00			2-1-2037		2,611		2,957
FHLMC		6.00			3-1-2037		15,732		17,761
FHLMC		6.00			3-1-2037		127,218		143,627
FHLMC		6.00			4-1-2037		1,645		1,859
FHLMC		6.00			8-1-2037		34,866		39,367
FHLMC		6.00			8-1-2037		43,492		49,101
FHLMC		6.00			8-1-2037		79,777		90,067
FHLMC		6.00			8-1-2037		137,114		155,106
FHLMC		6.00			8-1-2037		17,058		19,258
FHLMC		6.00			9-1-2037		6,244		7,054


8		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		6.00	%		9-1-2037	$	24,792	$	27,994
FHLMC		6.00			10-1-2037		560,665		633,027
FHLMC		6.00			10-1-2037		31,972		36,152
FHLMC		6.00			10-1-2037		26,104		29,478
FHLMC		6.00			11-1-2037		18,953		21,397
FHLMC		6.00			12-1-2037		347,024		391,785
FHLMC		6.00			12-1-2037		63,808		72,047
FHLMC		6.00			1-1-2038		24,114		27,250
FHLMC		6.00			2-1-2038		15,879		17,927
FHLMC		6.00			2-1-2038		57,060		64,420
FHLMC		6.00			5-1-2038		49,897		56,413
FHLMC		6.00			6-1-2038		33,027		37,287
FHLMC		6.00			6-1-2038		23,878		26,985
FHLMC		6.00			6-1-2038		29,585		33,401
FHLMC		6.00			7-1-2038		365,195		412,299
FHLMC		6.00			7-1-2038		69,538		78,507
FHLMC		6.00			8-1-2038		44,256		49,964
FHLMC		6.00			8-1-2038		82,161		92,759
FHLMC		6.00			9-1-2038		21,290		24,036
FHLMC		6.00			9-1-2038		44,303		50,017
FHLMC		6.00			9-1-2038		69,153		78,073
FHLMC		6.00			10-1-2038		37,485		42,320
FHLMC		6.00			11-1-2038		38,682		43,671
FHLMC		6.00			12-1-2038		1,217		1,374
FHLMC		6.00			3-1-2039		22,339		25,220
FHLMC		6.00			6-1-2039		3,102		3,502
FHLMC		6.25			7-15-2032		1,500,000		2,091,681
FHLMC		6.50			6-1-2036		19,783		22,600
FHLMC		6.50			10-1-2037		67,102		77,072
FHLMC		6.50			12-1-2037		97,928		117,735
FHLMC		6.50			3-1-2038		28,448		32,499
FHLMC		6.50			3-1-2038		84,635		96,689
FHLMC		6.50			1-1-2039		25,129		29,891
FHLMC		6.50			4-1-2039		216,329		255,332
FHLMC		6.50			4-1-2039		199,083		227,697
FHLMC		6.75			3-15-2031		1,000,000		1,436,521
FICO		9.65			11-2-2018		500,000		629,538
FNMA		5.00			12-1-2035		6,363		7,014
FNMA ¤		0.00			6-1-2017		300,000		295,992
FNMA ¤		0.00			10-9-2019		200,000		184,029
FNMA		0.75			4-20-2017		2,000,000		2,001,844
FNMA		0.88			10-26-2017		5,250,000		5,253,512
FNMA		0.88			12-20-2017		2,000,000		1,996,498
FNMA		0.88			2-8-2018		1,000,000		996,185
FNMA		0.88			5-21-2018		1,000,000		994,258
FNMA		0.90			11-7-2017		250,000		249,302
FNMA		0.95			8-23-2017		1,000,000		996,416
FNMA		1.00			5-21-2018		100,000		99,320
FNMA		1.13			4-27-2017		1,000,000		1,008,458
FNMA		1.25			9-28-2016		1,000,000		1,007,244


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			9


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		1.25	%		1-30-2017	$	1,500,000	$	1,515,891
FNMA		1.38			11-15-2016		2,000,000		2,019,800
FNMA		1.55			10-29-2019		1,000,000		993,949
FNMA		1.63			11-27-2018		2,000,000		2,024,814
FNMA		1.70			10-4-2019		125,000		124,826
FNMA		1.75			1-30-2019		200,000		202,686
FNMA		1.75			5-30-2019		2,000,000		2,024,592
FNMA		1.75			9-12-2019		2,000,000		2,020,358
FNMA		1.88			2-19-2019		3,000,000		3,054,156
FNMA ±		2.13			10-1-2037		381,611		406,819
FNMA		2.20			10-25-2022		150,000		147,743
FNMA		2.25			10-17-2022		1,000,000		981,034
FNMA ±		2.31			4-1-2036		76,147		81,116
FNMA ±		2.36			3-1-2037		98,491		105,325
FNMA ±		2.40			12-1-2036		13,519		14,515
FNMA ±		2.46			1-1-2037		18,724		20,250
FNMA		2.50			10-1-2027		2,985,618		3,056,993
FNMA		2.50			3-1-2028		3,446,421		3,528,804
FNMA		2.50			4-1-2028		5,834,981		5,974,682
FNMA		2.50			7-1-2028		5,359,131		5,487,096
FNMA		2.50			7-1-2028		8,250,964		8,447,752
FNMA		2.50			7-1-2028		7,702,520		7,885,932
FNMA		2.50			10-1-2028		6,266,878		6,377,832
FNMA		2.50			2-1-2030		4,802,350		4,876,649
FNMA		2.50			1-1-2038		295,882		287,355
FNMA		2.50			10-1-2042		570,422		553,974
FNMA		2.50			11-1-2042		67,699		65,748
FNMA		2.50			2-1-2043		223,530		217,086
FNMA		2.50			3-1-2043		256,874		249,483
FNMA		2.50			3-1-2043		246,075		238,975
FNMA		2.50			3-1-2043		132,369		128,553
FNMA		2.50			4-1-2043		171,812		166,858
FNMA		2.50			4-1-2043		391,562		380,277
FNMA		2.50			8-1-2043		1,327,287		1,289,117
FNMA		2.50			8-1-2043		327,240		317,802
FNMA		2.50			8-1-2043		624,598		606,573
FNMA ±		2.54			4-1-2038		68,683		73,708
FNMA ±		2.54			6-1-2035		101,595		109,250
FNMA		2.63			9-6-2024		1,000,000		1,007,365
FNMA ±		2.65			2-1-2042		2,424,191		2,553,251
FNMA		3.00			10-1-2021		4,982,819		5,191,825
FNMA		3.00			8-1-2026		200,405		208,359
FNMA		3.00			9-1-2026		129,109		134,223
FNMA		3.00			11-1-2026		2,035,012		2,115,987
FNMA		3.00			11-1-2026		203,655		211,744
FNMA		3.00			2-1-2027		128,338		133,307
FNMA		3.00			2-1-2027		1,179,874		1,226,824
FNMA		3.00			4-1-2027		230,853		240,041
FNMA		3.00			5-1-2027		271,286		282,083
FNMA		3.00			6-1-2027		184,493		191,834


10		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		3.00	%		7-1-2027	$	320,671	$	333,432
FNMA		3.00			7-1-2027		422,917		439,741
FNMA		3.00			8-1-2027		2,114,769		2,198,634
FNMA		3.00			8-1-2027		2,133,615		2,218,430
FNMA		3.00			8-1-2027		11,932,110		12,406,699
FNMA		3.00			9-1-2027		1,644,583		1,710,058
FNMA		3.00			9-1-2027		1,750,202		1,819,955
FNMA		3.00			9-1-2027		6,865,279		7,138,583
FNMA		3.00			9-1-2027		2,615,592		2,719,827
FNMA		3.00			10-1-2027		3,061,287		3,183,156
FNMA		3.00			8-1-2029		7,716,014		8,011,749
FNMA		3.00			9-1-2042		2,262,813		2,283,348
FNMA		3.00			9-1-2042		37,296		37,644
FNMA		3.00			9-1-2042		617,192		620,576
FNMA		3.00			9-1-2042		431,481		433,847
FNMA		3.00			10-1-2042		4,299,603		4,329,028
FNMA		3.00			10-1-2042		1,140,201		1,150,945
FNMA		3.00			10-1-2042		4,259,862		4,298,969
FNMA		3.00			11-1-2042		8,230,519		8,305,488
FNMA		3.00			12-1-2042		8,211,250		8,285,241
FNMA		3.00			1-1-2043		8,211,080		8,285,157
FNMA		3.00			2-1-2043		8,674,664		8,751,144
FNMA		3.00			3-1-2043		10,004,296		10,087,461
FNMA		3.00			4-1-2043		8,443,173		8,512,339
FNMA		3.00			5-1-2043		2,131,687		2,149,451
FNMA		3.00			5-1-2043		8,528,524		8,596,929
FNMA		3.00			6-1-2043		4,147,672		4,179,639
FNMA		3.00			6-1-2043		179,963		181,462
FNMA		3.00			7-1-2043		8,426,302		8,492,413
FNMA		3.00			7-1-2043		966,009		973,629
FNMA		3.00			8-1-2043		332,618		335,187
FNMA		3.00			8-1-2043		875,923		882,283
FNMA		3.00			8-1-2043		406,466		409,471
FNMA		3.00			12-1-2043		283,855		285,874
FNMA		3.00			4-1-2044		260,628		262,057
FNMA		3.00			7-1-2044		351,131		353,194
FNMA %%		3.00			9-14-2045		8,000,000		8,035,000
FNMA ±		3.03			3-1-2041		2,126,503		2,264,687
FNMA ±		3.05			3-1-2041		1,603,128		1,700,969
FNMA		3.40			9-27-2032		250,000		238,699
FNMA ±		3.49			10-1-2040		1,572,053		1,668,805
FNMA		3.50			11-1-2025		1,882,999		1,988,862
FNMA		3.50			12-1-2025		4,822,898		5,103,809
FNMA		3.50			12-1-2026		6,868,273		7,252,169
FNMA		3.50			1-1-2027		6,399,124		6,756,571
FNMA		3.50			10-1-2029		7,732,888		8,151,858
FNMA		3.50			1-1-2036		26,828		27,901
FNMA		3.50			10-1-2040		1,223,667		1,269,362
FNMA		3.50			12-1-2040		183,202		190,320
FNMA		3.50			1-1-2041		36,657		38,083


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			11


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		3.50	%		1-1-2041	$	89,799	$	93,295
FNMA		3.50			1-1-2041		1,109,864		1,153,404
FNMA		3.50			1-1-2041		36,204		37,614
FNMA		3.50			1-1-2041		360,735		374,757
FNMA		3.50			2-1-2041		2,570,560		2,670,316
FNMA		3.50			2-1-2041		510,967		532,314
FNMA		3.50			2-1-2041		35,766		37,102
FNMA		3.50			2-1-2041		531,813		552,525
FNMA		3.50			9-1-2042		10,716,668		11,132,437
FNMA		3.50			9-1-2042		7,298,862		7,582,218
FNMA		3.50			10-1-2042		5,884,612		6,113,446
FNMA		3.50			12-1-2042		1,351,449		1,404,840
FNMA		3.50			4-1-2043		6,035,540		6,270,369
FNMA		3.50			5-1-2043		435,352		452,346
FNMA		3.50			5-1-2043		275,294		285,923
FNMA		3.50			6-1-2043		543,420		563,712
FNMA		3.50			7-1-2043		10,048,422		10,435,483
FNMA		3.50			7-1-2043		8,031,320		8,338,278
FNMA		3.50			8-1-2043		1,267,787		1,316,622
FNMA		3.50			9-1-2043		658,991		684,288
FNMA		3.50			9-1-2043		342,427		355,547
FNMA		3.50			1-1-2044		8,372,071		8,690,435
FNMA		3.50			1-1-2045		16,959,538		17,592,849
FNMA		3.50			1-1-2045		11,538,155		11,969,019
FNMA		3.50			5-1-2045		11,811,540		12,252,612
FNMA		3.50			8-1-2045		11,362,378		11,792,691
FNMA %%		3.50			9-14-2045		20,125,000		20,854,918
FNMA		4.00			4-1-2018		776		813
FNMA		4.00			7-1-2018		1,018,596		1,066,109
FNMA		4.00			7-1-2018		35,586		37,246
FNMA		4.00			7-1-2018		1,593		1,667
FNMA		4.00			7-1-2018		39,728		41,582
FNMA		4.00			8-1-2018		436,098		456,440
FNMA		4.00			8-1-2018		336,058		351,734
FNMA		4.00			8-1-2018		317,607		332,422
FNMA		4.00			8-1-2018		721,828		755,714
FNMA		4.00			9-1-2018		3,532		3,697
FNMA		4.00			9-1-2018		25,076		26,245
FNMA		4.00			2-1-2019		72,224		75,598
FNMA		4.00			4-1-2019		55,562		58,172
FNMA		4.00			4-1-2019		23,886		25,000
FNMA		4.00			5-1-2019		23,659		24,764
FNMA		4.00			7-1-2019		356,267		372,886
FNMA		4.00			12-1-2019		901,182		943,219
FNMA		4.00			5-1-2020		1,380,712		1,445,117
FNMA		4.00			5-1-2020		2,965,711		3,104,050
FNMA		4.00			6-1-2020		369		387
FNMA		4.00			10-1-2020		33,947		35,537
FNMA		4.00			1-1-2021		420,527		441,384
FNMA		4.00			5-1-2021		245,787		257,902


12		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.00	%		6-1-2021	$	233,367	$	244,716
FNMA		4.00			2-1-2024		7,572		7,961
FNMA		4.00			3-1-2024		408,509		431,848
FNMA		4.00			4-1-2024		734,632		776,574
FNMA		4.00			5-1-2024		29,361		31,045
FNMA		4.00			6-1-2024		62,823		66,408
FNMA		4.00			6-1-2024		157,529		166,525
FNMA		4.00			6-1-2024		251,436		265,818
FNMA		4.00			6-1-2024		73,168		77,337
FNMA		4.00			9-1-2024		58,953		61,741
FNMA		4.00			10-1-2024		59,469		62,881
FNMA		4.00			2-1-2025		446,524		472,150
FNMA		4.00			3-1-2025		1,842,168		1,972,033
FNMA		4.00		��	3-1-2025		72,381		76,525
FNMA		4.00			7-1-2025		1,189,248		1,266,562
FNMA		4.00			1-1-2026		63,882		68,027
FNMA		4.00			5-1-2026		1,170,064		1,237,012
FNMA		4.00			7-1-2026		479,307		510,352
FNMA		4.00			2-1-2039		73,534		78,175
FNMA		4.00			2-1-2039		269,893		286,930
FNMA		4.00			3-1-2039		42,193		44,856
FNMA		4.00			8-1-2039		292,499		310,962
FNMA		4.00			8-1-2039		463,010		493,335
FNMA		4.00			8-1-2039		1,086,896		1,155,505
FNMA		4.00			8-1-2039		3,119,825		3,362,415
FNMA		4.00			11-1-2039		22,463		23,959
FNMA		4.00			1-1-2040		282,918		301,506
FNMA		4.00			1-1-2040		264,901		282,342
FNMA		4.00			3-1-2040		12,489		13,323
FNMA		4.00			3-1-2040		442,789		472,101
FNMA		4.00			4-1-2040		1,686,117		1,796,728
FNMA		4.00			8-1-2040		70,839		75,596
FNMA		4.00			8-1-2040		1,071,747		1,142,315
FNMA		4.00			8-1-2040		822,459		878,475
FNMA		4.00			8-1-2040		402,850		430,258
FNMA		4.00			9-1-2040		20,080		21,443
FNMA		4.00			9-1-2040		17,971		19,192
FNMA		4.00			9-1-2040		74,612		79,323
FNMA		4.00			10-1-2040		37,460		39,996
FNMA		4.00			10-1-2040		47,009		50,205
FNMA		4.00			10-1-2040		217,382		232,204
FNMA		4.00			10-1-2040		525,692		561,401
FNMA		4.00			11-1-2040		363,362		388,108
FNMA		4.00			11-1-2040		348,145		370,121
FNMA		4.00			11-1-2040		168,511		179,990
FNMA		4.00			11-1-2040		274,657		293,385
FNMA		4.00			11-1-2040		38,412		41,031
FNMA		4.00			11-1-2040		27,613		29,496
FNMA		4.00			11-1-2040		66,892		71,450
FNMA		4.00			11-1-2040		3,074,648		3,284,304


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			13


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.00	%		12-1-2040	$	13,301	$	14,206
FNMA		4.00			12-1-2040		28,026		29,937
FNMA		4.00			12-1-2040		96,007		102,554
FNMA		4.00			12-1-2040		335,454		358,287
FNMA		4.00			12-1-2040		139,618		149,122
FNMA		4.00			12-1-2040		69,939		74,525
FNMA		4.00			12-1-2040		388,909		414,478
FNMA		4.00			12-1-2040		898,369		959,482
FNMA		4.00			12-1-2040		2,898,162		3,115,435
FNMA		4.00			1-1-2041		9,435		10,056
FNMA		4.00			1-1-2041		75,474		80,612
FNMA		4.00			1-1-2041		3,973,786		4,243,886
FNMA		4.00			2-1-2041		330,082		352,533
FNMA		4.00			2-1-2041		177,137		188,824
FNMA		4.00			2-1-2041		4,535,806		4,843,986
FNMA		4.00			3-1-2041		115,374		123,249
FNMA		4.00			3-1-2041		2,171,865		2,319,857
FNMA		4.00			4-1-2041		271,933		290,493
FNMA		4.00			5-1-2041		4,454,009		4,755,935
FNMA		4.00			7-1-2041		23,789		25,369
FNMA		4.00			7-1-2041		92,252		98,076
FNMA		4.00			8-1-2041		20,701		22,008
FNMA		4.00			8-1-2041		316,256		337,749
FNMA		4.00			10-1-2041		1,741,013		1,859,037
FNMA		4.00			10-1-2041		1,351,746		1,440,476
FNMA		4.00			10-1-2041		239,871		255,012
FNMA		4.00			10-1-2041		113,126		120,835
FNMA		4.00			11-1-2041		337,033		359,035
FNMA		4.00			11-1-2041		1,122,254		1,197,991
FNMA		4.00			12-1-2041		391,785		418,124
FNMA		4.00			12-1-2041		211,330		225,471
FNMA		4.00			12-1-2041		248,164		264,875
FNMA		4.00			1-1-2042		10,799		11,487
FNMA		4.00			1-1-2042		50,767		53,972
FNMA		4.00			2-1-2042		73,866		78,528
FNMA		4.00			2-1-2042		15,973		17,046
FNMA		4.00			2-1-2042		120,002		127,974
FNMA		4.00			2-1-2042		2,816,523		2,994,314
FNMA		4.00			4-1-2042		1,410,323		1,503,850
FNMA		4.00			7-1-2042		61,958		66,013
FNMA		4.00			10-1-2043		5,084,273		5,413,841
FNMA		4.00			10-1-2043		6,546,693		6,964,210
FNMA		4.00			12-1-2043		4,839,014		5,151,856
FNMA		4.00			7-1-2044		5,940,769		6,326,392
FNMA		4.00			9-1-2044		12,121,326		12,909,256
FNMA		4.00			10-1-2044		9,389,557		10,001,458
FNMA		4.00			10-1-2044		6,086,941		6,483,231
FNMA		4.00			3-1-2045		14,892,815		15,841,383
FNMA		4.00			7-1-2045		11,447,873		12,193,969
FNMA		4.50			3-1-2018		14,649		15,213


14		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.50	%		4-1-2018	$	71,276	$	74,016
FNMA		4.50			12-1-2018		10,076		10,468
FNMA		4.50			5-1-2019		9,624		10,016
FNMA		4.50			1-1-2020		22,000		23,008
FNMA		4.50			8-1-2020		10,907		11,368
FNMA		4.50			10-1-2020		39,008		40,725
FNMA		4.50			10-1-2020		25,838		26,848
FNMA		4.50			12-1-2020		58,286		60,997
FNMA		4.50			1-1-2021		30,770		32,317
FNMA		4.50			3-1-2022		241,858		251,301
FNMA		4.50			3-1-2022		39,802		41,383
FNMA		4.50			5-1-2022		7,684		7,987
FNMA		4.50			11-1-2022		59,547		62,321
FNMA		4.50			2-1-2023		244,619		257,579
FNMA		4.50			3-1-2023		19,892		21,099
FNMA		4.50			3-1-2023		4,809		5,104
FNMA		4.50			3-1-2023		130,045		138,029
FNMA		4.50			5-1-2023		102,336		106,288
FNMA		4.50			5-1-2023		33,209		35,250
FNMA		4.50			5-1-2023		17,411		18,425
FNMA		4.50			5-1-2023		12,486		13,093
FNMA		4.50			6-1-2023		165,052		175,104
FNMA		4.50			12-1-2023		93,506		100,595
FNMA		4.50			3-1-2024		14,635		15,729
FNMA		4.50			5-1-2024		17,554		18,886
FNMA		4.50			5-1-2024		236,654		251,207
FNMA		4.50			7-1-2024		932,620		1,003,130
FNMA		4.50			8-1-2024		7,230		7,762
FNMA		4.50			8-1-2024		119,841		129,001
FNMA		4.50			8-1-2024		78,165		84,044
FNMA		4.50			1-1-2025		1,264,736		1,361,660
FNMA		4.50			3-1-2025		72,246		76,764
FNMA		4.50			3-1-2025		1,255,701		1,351,983
FNMA		4.50			4-1-2025		123,241		132,660
FNMA		4.50			4-1-2025		28,795		31,174
FNMA		4.50			10-1-2025		187,321		202,801
FNMA		4.50			2-1-2026		114,269		123,727
FNMA		4.50			2-1-2026		28,006		29,792
FNMA		4.50			4-1-2026		529,539		569,530
FNMA		4.50			5-1-2026		58,616		63,038
FNMA		4.50			6-1-2026		16,883		17,550
FNMA		4.50			4-1-2028		38,603		41,801
FNMA		4.50			4-1-2028		15,954		17,277
FNMA		4.50			4-1-2028		30,876		33,427
FNMA		4.50			3-1-2029		30,684		33,219
FNMA		4.50			5-1-2029		4,128,319		4,470,044
FNMA		4.50			10-1-2029		270,012		292,379
FNMA		4.50			9-1-2033		284,520		309,254
FNMA		4.50			4-1-2035		85,029		92,066
FNMA		4.50			5-1-2035		19,807		21,574


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			15


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.50	%		7-1-2035	$	3,227	$	3,506
FNMA		4.50			8-1-2035		5,840		6,339
FNMA		4.50			9-1-2035		25,356		27,565
FNMA		4.50			9-1-2035		378,953		411,940
FNMA		4.50			9-1-2035		1,737,331		1,884,716
FNMA		4.50			10-1-2035		69,684		75,775
FNMA		4.50			3-1-2038		427,211		464,193
FNMA		4.50			2-1-2039		280,702		304,819
FNMA		4.50			2-1-2039		15,474		16,803
FNMA		4.50			2-1-2039		20,421		22,154
FNMA		4.50			2-1-2039		49,651		53,754
FNMA		4.50			3-1-2039		934,172		1,012,099
FNMA		4.50			3-1-2039		1,234,392		1,338,993
FNMA		4.50			4-1-2039		7,247		7,856
FNMA		4.50			4-1-2039		369,799		400,902
FNMA		4.50			4-1-2039		1,219,027		1,323,654
FNMA		4.50			4-1-2039		1,398,352		1,518,415
FNMA		4.50			5-1-2039		582,605		637,423
FNMA		4.50			5-1-2039		1,597,066		1,754,428
FNMA		4.50			6-1-2039		848,742		921,682
FNMA		4.50			9-1-2039		1,458,472		1,601,847
FNMA		4.50			12-1-2039		142,147		154,347
FNMA		4.50			2-1-2040		2,981,929		3,286,963
FNMA		4.50			2-1-2040		2,107,527		2,287,867
FNMA		4.50			3-1-2040		2,434,649		2,700,129
FNMA		4.50			5-1-2040		879,876		962,088
FNMA		4.50			5-1-2040		2,117,687		2,332,559
FNMA		4.50			6-1-2040		734,896		798,657
FNMA		4.50			8-1-2040		230,770		250,791
FNMA		4.50			8-1-2040		2,058,964		2,236,170
FNMA		4.50			9-1-2040		29,757		32,328
FNMA		4.50			10-1-2040		2,155,986		2,343,069
FNMA		4.50			10-1-2040		322,580		350,302
FNMA		4.50			11-1-2040		1,573,848		1,708,163
FNMA		4.50			2-1-2041		4,761,476		5,175,361
FNMA		4.50			2-1-2041		6,183,495		6,720,319
FNMA		4.50			4-1-2041		1,346,103		1,462,304
FNMA		4.50			5-1-2041		7,860		8,517
FNMA		4.50			5-1-2041		7,633,700		8,289,758
FNMA		4.50			1-1-2042		6,543,128		7,105,538
FNMA		4.50			9-1-2043		4,678,830		5,085,317
FNMA		4.88			12-15-2016		950,000		1,003,600
FNMA		5.00			11-1-2015		5,993		6,237
FNMA		5.00			2-13-2017		500,000		530,524
FNMA		5.00			5-11-2017		1,200,000		1,286,605
FNMA		5.00			12-1-2017		193,175		201,054
FNMA		5.00			6-1-2018		142,203		148,077
FNMA		5.00			10-1-2018		96,592		100,625
FNMA		5.00			11-1-2018		32,807		34,183
FNMA		5.00			6-1-2019		82,568		86,285


16		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		5.00	%		9-1-2019	$	215,904	$	225,374
FNMA		5.00			10-1-2019		121,760		127,238
FNMA		5.00			11-1-2019		110,281		114,997
FNMA		5.00			6-1-2020		50,417		53,025
FNMA		5.00			5-1-2023		64,580		69,758
FNMA		5.00			5-1-2023		380,969		410,529
FNMA		5.00			6-1-2023		49,558		53,251
FNMA		5.00			6-1-2023		167,154		179,661
FNMA		5.00			9-1-2024		97,714		107,629
FNMA		5.00			3-1-2025		1,058,044		1,145,860
FNMA		5.00			4-1-2034		173,427		192,417
FNMA		5.00			4-1-2034		525,100		581,580
FNMA		5.00			4-1-2035		1,548,455		1,710,751
FNMA		5.00			6-1-2035		511,996		564,291
FNMA		5.00			7-1-2035		34,758		38,321
FNMA		5.00			7-1-2035		27,258		30,054
FNMA		5.00			7-1-2035		47,479		52,302
FNMA		5.00			8-1-2035		64,295		70,876
FNMA		5.00			10-1-2035		1,958,157		2,158,128
FNMA		5.00			11-1-2035		500,062		551,511
FNMA		5.00			2-1-2036		2,387,471		2,632,841
FNMA		5.00			7-1-2036		41,415		45,670
FNMA		5.00			11-1-2036		189,408		208,628
FNMA		5.00			11-1-2036		165,821		182,648
FNMA		5.00			5-1-2037		47,216		52,007
FNMA		5.00			5-1-2037		51,853		57,114
FNMA		5.00			5-1-2037		156,837		172,752
FNMA		5.00			6-1-2037		46,759		51,504
FNMA		5.00			8-1-2037		340,954		375,552
FNMA		5.00			2-1-2038		1,231,981		1,357,836
FNMA		5.00			3-1-2038		681,736		750,914
FNMA		5.00			4-1-2038		43,937		48,395
FNMA		5.00			5-1-2038		213,176		234,807
FNMA		5.00			5-1-2038		131,214		144,528
FNMA		5.00			5-1-2038		65,842		72,524
FNMA		5.00			7-1-2038		5,342		5,884
FNMA		5.00			7-1-2038		7,815		8,608
FNMA		5.00			11-1-2038		176,073		193,939
FNMA		5.00			11-1-2038		96,215		105,978
FNMA		5.00			11-1-2038		6,299		6,938
FNMA		5.00			4-1-2039		231,265		254,732
FNMA		5.00			4-1-2039		290,977		320,503
FNMA		5.00			6-1-2039		517,708		570,242
FNMA		5.00			7-1-2039		370,724		408,342
FNMA		5.00			8-1-2039		3,731,920		4,114,240
FNMA		5.00			10-1-2039		667,569		736,092
FNMA		5.00			7-1-2040		5,731,684		6,366,322
FNMA		5.00			9-1-2040		3,535,383		3,904,666
FNMA		5.00			4-1-2041		2,256,699		2,489,144
FNMA		5.00			8-1-2041		305,315		337,466


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			17


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		5.38	%		6-12-2017	$	1,500,000	$	1,620,987
FNMA		5.45			10-18-2021		200,000		210,136
FNMA		5.50			2-1-2016		996		1,000
FNMA		5.50			6-1-2016		28,540		28,824
FNMA		5.50			8-1-2016		6,996		7,085
FNMA		5.50			11-1-2016		56,593		57,730
FNMA		5.50			11-1-2016		2,423		2,468
FNMA		5.50			1-1-2017		36,593		37,365
FNMA		5.50			2-1-2017		15,465		15,804
FNMA		5.50			2-1-2017		1,013		1,030
FNMA		5.50			4-1-2017		33,438		34,289
FNMA		5.50			6-1-2017		65,087		66,900
FNMA		5.50			7-1-2017		77,316		79,665
FNMA		5.50			8-1-2017		19,692		20,288
FNMA		5.50			10-1-2017		73,012		75,513
FNMA		5.50			3-1-2018		30,054		31,228
FNMA		5.50			4-1-2018		34,795		36,209
FNMA		5.50			12-1-2018		368,254		381,696
FNMA		5.50			5-1-2021		163,591		173,581
FNMA		5.50			12-1-2021		4,737		4,805
FNMA		5.50			5-1-2023		149,232		163,552
FNMA		5.50			2-1-2024		15,624		17,056
FNMA		5.50			6-1-2024		140,289		153,508
FNMA		5.50			8-1-2025		79,573		89,817
FNMA		5.50			7-1-2033		129,863		146,409
FNMA		5.50			9-1-2033		292,551		328,463
FNMA		5.50			11-1-2033		147,963		166,847
FNMA		5.50			7-1-2034		157,527		177,012
FNMA		5.50			9-1-2034		63,660		71,773
FNMA		5.50			10-1-2034		52,255		58,682
FNMA		5.50			12-1-2034		283,407		319,157
FNMA		5.50			1-1-2035		285,579		321,807
FNMA		5.50			1-1-2035		1,725,288		1,943,198
FNMA		5.50			6-1-2035		363,188		407,318
FNMA		5.50			8-1-2035		40,476		45,582
FNMA		5.50			8-1-2035		238,765		267,722
FNMA		5.50			8-1-2035		454,287		508,666
FNMA		5.50			9-1-2035		378,676		429,151
FNMA		5.50			12-1-2035		466,713		522,970
FNMA		5.50			12-1-2035		504,563		566,141
FNMA		5.50			1-1-2036		1,166,672		1,305,857
FNMA		5.50			2-1-2036		230,037		257,030
FNMA		5.50			4-1-2036		768,896		859,760
FNMA		5.50			4-1-2036		334,843		376,254
FNMA		5.50			4-1-2036		1,844,899		2,071,305
FNMA		5.50			9-1-2036		23,609		26,377
FNMA		5.50			2-1-2037		191,488		218,714
FNMA		5.50			3-1-2037		58,980		66,009
FNMA		5.50			5-1-2037		103,203		115,571
FNMA		5.50			6-1-2037		204,777		231,899


18		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		5.50	%		7-1-2037	$	20,314	$	22,691
FNMA		5.50			7-1-2037		64,692		72,262
FNMA		5.50			2-1-2038		65,910		73,622
FNMA		5.50			2-1-2038		84,677		94,585
FNMA		5.50			2-1-2038		538,370		601,366
FNMA		5.50			3-1-2038		18,003		20,109
FNMA		5.50			4-1-2038		687,347		767,875
FNMA		5.50			5-1-2038		879,478		983,452
FNMA		5.50			5-1-2038		59,643		66,622
FNMA		5.50			5-1-2038		406,427		454,161
FNMA		5.50			6-1-2038		180,002		201,068
FNMA		5.50			6-1-2038		2,072,619		2,315,797
FNMA		5.50			7-1-2038		868,670		970,316
FNMA		5.50			7-1-2038		10,783		12,049
FNMA		5.50			8-1-2038		44,804		50,322
FNMA		5.50			9-1-2038		228,748		255,538
FNMA		5.50			11-1-2038		491,929		549,492
FNMA		5.50			11-1-2038		517,744		578,476
FNMA		5.50			1-1-2039		359,694		401,783
FNMA		5.50			2-1-2039		1,831,745		2,058,610
FNMA		5.50			5-1-2039		328,606		367,294
FNMA		5.50			6-1-2039		750,032		837,969
FNMA		5.50			12-1-2039		7,977		8,910
FNMA		5.50			6-1-2040		13,629		15,300
FNMA		5.50			9-1-2040		151,054		168,766
FNMA		5.50			2-1-2041		204,073		227,953
FNMA		5.63			7-15-2037		150,000		202,156
FNMA		6.00			7-1-2016		1,968		1,994
FNMA		6.00			9-1-2016		1,093		1,113
FNMA		6.00			11-1-2017		219		220
FNMA		6.00			11-1-2017		99,753		103,666
FNMA		6.00			1-1-2018		32,653		34,015
FNMA		6.00			5-1-2021		103,670		112,589
FNMA		6.00			5-1-2021		115,509		126,495
FNMA		6.00			9-1-2021		53,003		56,703
FNMA		6.00			8-1-2022		34,860		37,615
FNMA		6.00			10-1-2022		92,583		101,640
FNMA		6.00			9-1-2024		8,337		8,966
FNMA		6.00			11-1-2033		24,994		28,481
FNMA		6.00			8-1-2034		110,133		125,447
FNMA		6.00			9-1-2034		71,226		80,420
FNMA		6.00			10-1-2034		135,065		153,851
FNMA		6.00			11-1-2034		124,152		140,833
FNMA		6.00			3-1-2035		46,836		53,215
FNMA		6.00			1-1-2036		344,391		391,811
FNMA		6.00			3-1-2036		29,990		33,872
FNMA		6.00			4-18-2036		500,000		517,095
FNMA		6.00			9-1-2036		110,350		124,752
FNMA		6.00			9-1-2036		60,124		67,881
FNMA		6.00			9-1-2036		3,058		3,465


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			19


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		6.00	%		11-1-2036	$	883,328	$	996,806
FNMA		6.00			1-1-2037		440,353		497,998
FNMA		6.00			2-1-2037		2,008		2,268
FNMA		6.00			2-1-2037		1,288,743		1,456,711
FNMA		6.00			3-1-2037		173,992		196,482
FNMA		6.00			4-1-2037		11,371		12,873
FNMA		6.00			5-1-2037		508,699		576,311
FNMA		6.00			5-1-2037		4,679		5,298
FNMA		6.00			6-1-2037		6,447		7,296
FNMA		6.00			7-1-2037		646,522		731,622
FNMA		6.00			8-1-2037		3,404		3,845
FNMA		6.00			8-1-2037		446,391		503,737
FNMA		6.00			8-1-2037		136,549		155,379
FNMA		6.00			8-1-2037		20,971		23,691
FNMA		6.00			9-1-2037		3,376		3,809
FNMA		6.00			9-1-2037		34,871		39,496
FNMA		6.00			9-1-2037		324,043		365,939
FNMA		6.00			9-1-2037		21,340		24,082
FNMA		6.00			9-1-2037		44,315		50,008
FNMA		6.00			9-1-2037		64,442		72,940
FNMA		6.00			9-1-2037		53,403		60,492
FNMA		6.00			9-1-2037		37,674		42,526
FNMA		6.00			9-1-2037		36,372		41,138
FNMA		6.00			10-1-2037		473,536		534,932
FNMA		6.00			10-1-2037		117,144		132,269
FNMA		6.00			10-1-2037		27,390		30,963
FNMA		6.00			10-1-2037		1,865		2,113
FNMA		6.00			10-1-2037		92,921		105,256
FNMA		6.00			10-1-2037		730,162		823,963
FNMA		6.00			10-1-2037		2,419		2,732
FNMA		6.00			11-1-2037		4,124		4,667
FNMA		6.00			11-1-2037		5,347		6,033
FNMA		6.00			11-1-2037		18,984		21,489
FNMA		6.00			11-1-2037		14,769		16,667
FNMA		6.00			11-1-2037		28,281		31,957
FNMA		6.00			12-1-2037		21,083		23,852
FNMA		6.00			1-1-2038		37,321		42,255
FNMA		6.00			1-1-2038		18,649		21,056
FNMA		6.00			1-1-2038		274,161		310,161
FNMA		6.00			2-1-2038		1,032		1,165
FNMA		6.00			2-1-2038		75,311		84,986
FNMA		6.00			2-1-2038		90,188		102,110
FNMA		6.00			2-1-2038		30,049		33,909
FNMA		6.00			6-1-2038		29,445		33,229
FNMA		6.00			7-1-2038		6,032		6,827
FNMA		6.00			7-1-2038		192,112		216,897
FNMA		6.00			7-1-2038		52,390		59,170
FNMA		6.00			7-1-2038		150,198		169,778
FNMA		6.00			8-1-2038		1,079		1,219
FNMA		6.00			8-1-2038		56,300		63,627


20		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		6.00	%		8-1-2038	$	15,082	$	17,020
FNMA		6.00			8-1-2038		4,442		5,013
FNMA		6.00			8-1-2038		48,256		54,455
FNMA		6.00			8-1-2038		35,068		39,574
FNMA		6.00			9-1-2038		6,801		7,730
FNMA		6.00			9-1-2038		2,976		3,358
FNMA		6.00			9-1-2038		9,031		10,217
FNMA		6.00			9-1-2038		26,605		30,023
FNMA		6.00			9-1-2038		37,860		42,727
FNMA		6.00			9-1-2038		2,033		2,294
FNMA		6.00			9-1-2038		95,645		108,089
FNMA		6.00			9-1-2038		36,960		41,708
FNMA		6.00			9-1-2038		34,934		39,422
FNMA		6.00			9-1-2038		34,100		38,496
FNMA		6.00			9-1-2038		26,902		30,447
FNMA		6.00			9-1-2038		13,497		15,247
FNMA		6.00			9-1-2038		47,807		53,998
FNMA		6.00			10-1-2038		53,301		60,149
FNMA		6.00			10-1-2038		18,391		20,754
FNMA		6.00			10-1-2038		10,623		11,988
FNMA		6.00			11-1-2038		2,307		2,605
FNMA		6.00			11-1-2038		36,018		40,645
FNMA		6.00			11-1-2038		223,332		252,294
FNMA		6.00			11-1-2038		16,841		19,015
FNMA		6.00			11-1-2038		30,540		34,464
FNMA		6.00			11-1-2038		31,889		36,006
FNMA		6.00			12-1-2038		44,901		50,670
FNMA		6.00			12-1-2038		26,751		30,198
FNMA		6.00			12-1-2038		51,076		57,745
FNMA		6.00			1-1-2039		14,990		16,963
FNMA		6.00			1-1-2039		59,306		66,925
FNMA		6.00			2-1-2039		47,474		53,753
FNMA		6.00			3-1-2039		7,852		8,896
FNMA		6.00			9-1-2039		1,856		2,099
FNMA		6.00			9-1-2039		118,355		133,942
FNMA		6.00			10-1-2039		2,047,703		2,317,810
FNMA		6.00			4-1-2040		2,477,869		2,806,916
FNMA		6.00			6-1-2040		13,457		15,223
FNMA		6.21			8-6-2038		200,000		282,906
FNMA		6.25			5-15-2029		500,000		683,514
FNMA		6.50			7-1-2036		138,150		165,054
FNMA		6.50			9-1-2036		77,688		89,167
FNMA		6.50			9-1-2036		6,255		7,179
FNMA		6.50			12-1-2036		316,694		363,487
FNMA		6.50			3-1-2037		16,299		18,707
FNMA		6.50			4-1-2037		13,164		15,109
FNMA		6.50			5-1-2037		54,833		62,934
FNMA		6.50			5-1-2037		1,478		1,696
FNMA		6.50			6-1-2037		56,981		65,401
FNMA		6.50			6-1-2037		89,346		102,547


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			21


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		6.50	%		8-1-2037	$	15,503	$	17,793
FNMA		6.50			9-1-2037		432,888		514,749
FNMA		6.50			9-1-2037		537,775		625,244
FNMA		6.50			9-1-2037		3,252		3,854
FNMA		6.50			10-1-2037		2,821		3,279
FNMA		6.50			10-1-2037		145,235		169,762
FNMA		6.50			10-1-2037		46,306		53,148
FNMA		6.50			10-1-2037		880,860		1,039,112
FNMA		6.50			11-1-2037		59,733		69,370
FNMA		6.50			11-1-2037		179,661		213,499
FNMA		6.50			11-1-2037		12,178		13,977
FNMA		6.50			1-1-2038		134,812		154,732
FNMA		6.50			1-1-2038		33,183		38,086
FNMA		6.50			3-1-2038		8,765		10,462
FNMA		6.50			7-1-2038		12,624		14,489
FNMA		6.50			9-1-2038		113,519		130,292
FNMA		6.50			9-1-2038		10,324		11,891
FNMA		6.50			9-1-2038		6,351		7,290
FNMA		6.50			10-1-2038		46,659		53,553
FNMA		6.50			1-1-2039		461,668		529,882
FNMA		6.50			2-1-2039		39,329		45,140
FNMA		6.50			6-1-2039		31,707		36,392
FNMA		6.50			10-1-2039		897,484		1,030,092
FNMA		6.50			10-1-2039		353,495		406,207
FNMA		6.50			5-1-2040		257,521		295,571
FNMA		6.63			11-15-2030		1,300,000		1,856,504
FNMA		7.00			8-1-2037		23,336		26,046
FNMA		7.13			1-15-2030		500,000		742,811
FNMA		7.25			5-15-2030		1,300,000		1,933,646
GNMA		3.00			9-15-2042		3,448,737		3,511,233
GNMA		3.00			9-15-2042		266,614		271,445
GNMA		3.00			9-20-2042		7,367,394		7,501,459
GNMA		3.00			11-15-2042		7,429,286		7,563,913
GNMA		3.00			11-20-2042		3,739,570		3,807,620
GNMA		3.00			12-20-2042		1,590,664		1,619,610
GNMA		3.00			1-20-2043		7,656,749		7,796,081
GNMA		3.00			2-20-2043		8,471,273		8,629,621
GNMA		3.00			3-15-2043		1,492,186		1,519,263
GNMA		3.00			3-15-2043		1,404,068		1,429,527
GNMA		3.00			3-20-2043		5,888,062		5,995,210
GNMA		3.00			3-20-2043		2,516,975		2,564,106
GNMA		3.00			4-20-2043		1,584,826		1,610,526
GNMA		3.00			6-15-2043		685,751		698,148
GNMA		3.00			8-20-2043		4,253,086		4,330,486
GNMA		3.00			9-15-2043		300,899		306,317
GNMA		3.00			6-20-2045		8,952,664		9,084,320
GNMA %%		3.00			9-21-2045		14,500,000		14,691,445
GNMA		3.50			12-15-2040		497,233		520,079
GNMA		3.50			1-15-2041		416,902		434,122
GNMA		3.50			10-15-2041		2,140,750		2,229,171


22		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		3.50	%		2-15-2042	$	5,720,213	$	5,979,536
GNMA		3.50			3-20-2042		1,725,584		1,804,276
GNMA		3.50			4-20-2042		1,164,766		1,217,942
GNMA		3.50			5-15-2042		2,503,619		2,607,028
GNMA		3.50			5-15-2042		1,571,054		1,640,747
GNMA		3.50			6-15-2042		8,281,134		8,653,929
GNMA		3.50			6-20-2042		1,879,513		1,965,515
GNMA		3.50			7-15-2042		2,977,590		3,111,630
GNMA		3.50			10-20-2042		3,333,412		3,486,460
GNMA		3.50			3-20-2043		4,318,917		4,516,635
GNMA		3.50			4-15-2043		3,411,366		3,552,268
GNMA		3.50			4-20-2043		15,012,372		15,703,990
GNMA		3.50			10-20-2043		3,837,878		4,014,706
GNMA		3.50			1-20-2044		3,750,842		3,921,446
GNMA		3.50			5-20-2044		3,780,637		3,948,131
GNMA		3.50			10-20-2044		12,894,909		13,448,103
GNMA		3.50			12-20-2044		8,045,904		8,391,075
GNMA		3.50			4-20-2045		15,869,119		16,566,717
GNMA		3.50			6-20-2045		11,937,096		12,449,708
GNMA		4.00			6-15-2039		267,106		284,046
GNMA		4.00			7-15-2039		112,204		119,320
GNMA		4.00			7-15-2039		360,634		383,506
GNMA		4.00			8-15-2040		3,152,493		3,352,423
GNMA		4.00			9-15-2040		5,407,328		5,753,933
GNMA		4.00			10-15-2040		1,743,997		1,871,488
GNMA		4.00			12-15-2040		3,049,006		3,286,378
GNMA		4.00			1-15-2041		1,185,288		1,276,935
GNMA		4.00			1-15-2041		2,993,830		3,226,570
GNMA		4.00			7-15-2041		866,730		921,698
GNMA		4.00			10-20-2041		1,530,848		1,632,305
GNMA		4.00			11-20-2041		4,277,316		4,576,506
GNMA		4.00			2-20-2042		1,022,143		1,093,224
GNMA		4.00			4-20-2042		4,419,026		4,708,662
GNMA		4.00			5-20-2042		3,425,542		3,649,225
GNMA		4.00			3-20-2043		1,205,409		1,288,747
GNMA		4.00			8-20-2043		5,585,891		5,927,781
GNMA		4.00			3-20-2044		6,281,524		6,666,013
GNMA		4.00			5-20-2044		6,099,744		6,473,110
GNMA		4.00			6-20-2044		5,302,938		5,627,534
GNMA		4.00			8-20-2044		7,011,496		7,440,679
GNMA		4.00			10-20-2044		1,518,600		1,610,906
GNMA		4.00			12-20-2044		9,166,305		9,721,258
GNMA		4.50			3-15-2037		61,764		67,033
GNMA		4.50			3-15-2038		35,014		37,974
GNMA		4.50			3-15-2039		423,199		462,862
GNMA		4.50			3-15-2039		7,489,375		8,144,535
GNMA		4.50			4-15-2039		464,683		504,736
GNMA		4.50			5-15-2039		837,531		917,819
GNMA		4.50			6-15-2039		531,522		576,846
GNMA		4.50			6-15-2039		261,787		283,917


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			23


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		4.50	%		7-15-2039	$	563,634	$	611,699
GNMA		4.50			7-15-2039		969,878		1,052,587
GNMA		4.50			9-15-2039		414,097		449,106
GNMA		4.50			9-15-2039		1,707,196		1,852,775
GNMA		4.50			10-15-2039		866,769		942,279
GNMA		4.50			12-15-2039		939,106		1,029,521
GNMA		4.50			1-15-2040		1,081,094		1,175,676
GNMA		4.50			4-15-2040		121,925		132,792
GNMA		4.50			5-15-2040		2,228,868		2,417,317
GNMA		4.50			5-15-2040		33,305		36,207
GNMA		4.50			5-15-2040		2,049,867		2,265,150
GNMA		4.50			6-15-2040		100,205		108,678
GNMA		4.50			6-15-2040		1,161,347		1,265,042
GNMA		4.50			6-15-2040		422,458		458,178
GNMA		4.50			7-15-2040		2,655,620		2,880,275
GNMA		4.50			9-15-2040		92,852		100,976
GNMA		4.50			9-15-2040		353,666		384,076
GNMA		4.50			9-15-2040		396,406		429,924
GNMA		4.50			10-15-2040		28,912		31,370
GNMA		4.50			11-15-2040		30,115		32,674
GNMA		4.50			11-15-2040		1,879,607		2,043,646
GNMA		4.50			12-15-2040		100,809		109,385
GNMA		4.50			2-15-2041		1,221,799		1,338,261
GNMA		4.50			3-15-2041		50,737		55,051
GNMA		4.50			3-15-2041		64,588		70,049
GNMA		4.50			4-15-2041		143,263		155,258
GNMA		4.50			4-15-2041		1,213,900		1,315,694
GNMA		4.50			4-15-2041		294,514		322,676
GNMA		4.50			5-15-2041		29,099		31,580
GNMA		4.50			6-15-2041		55,411		60,086
GNMA		4.50			6-15-2041		177,655		192,868
GNMA		4.50			6-15-2041		916,859		994,975
GNMA		4.50			6-15-2041		1,748,665		1,897,431
GNMA		4.50			7-15-2041		135,020		146,504
GNMA		4.50			7-15-2041		2,111,764		2,290,886
GNMA		4.50			7-20-2041		1,285,284		1,396,307
GNMA		4.50			10-15-2041		205,731		223,959
GNMA		4.50			10-15-2041		86,938		94,391
GNMA		4.50			10-15-2041		70,877		76,904
GNMA		4.50			11-20-2041		1,160,238		1,262,966
GNMA		4.50			12-20-2043		4,830,933		5,189,756
GNMA		4.50			1-20-2044		2,939,480		3,157,763
GNMA		4.50			4-20-2044		3,407,015		3,660,089
GNMA		5.00			3-15-2035		398,306		439,546
GNMA		5.00			5-15-2038		1,454,570		1,602,963
GNMA		5.00			8-15-2038		1,012,516		1,117,213
GNMA		5.00			8-15-2038		175,045		193,145
GNMA		5.00			8-15-2038		8,768		9,664
GNMA		5.00			12-15-2038		447,885		494,478
GNMA		5.00			3-15-2039		568,833		627,225


24		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		5.00	%		3-15-2039	$	82,266	$	90,823
GNMA		5.00			3-15-2039		1,086,960		1,198,311
GNMA		5.00			5-15-2039		260,157		287,248
GNMA		5.00			6-15-2039		2,075,721		2,291,243
GNMA		5.00			7-15-2039		37,065		40,898
GNMA		5.00			9-15-2039		4,342,555		4,837,391
GNMA		5.00			11-15-2039		1,214,730		1,361,705
GNMA		5.00			1-15-2040		1,944,339		2,179,008
GNMA		5.00			2-15-2040		1,176,782		1,318,927
GNMA		5.00			3-15-2040		3,689,288		4,101,348
GNMA		5.00			5-15-2040		1,293,075		1,426,808
GNMA		5.00			7-15-2040		3,860		4,262
GNMA		5.00			7-15-2040		1,165,361		1,293,030
GNMA		5.00			12-15-2040		881,842		972,370
GNMA		5.00			9-15-2041		116,125		127,798
GNMA		5.00			10-15-2041		283,351		311,946
GNMA		5.00			5-20-2042		1,674,988		1,857,651
GNMA		5.50			9-15-2034		169,836		192,331
GNMA		5.50			11-15-2035		262,134		296,826
GNMA		5.50			12-15-2035		249,530		283,147
GNMA		5.50			2-15-2036		113,770		128,980
GNMA		5.50			3-15-2036		204,944		229,883
GNMA		5.50			5-15-2036		3,850		4,332
GNMA		5.50			5-15-2036		40,112		45,385
GNMA		5.50			2-15-2037		79,268		89,063
GNMA		5.50			6-15-2037		4,151		4,666
GNMA		5.50			8-15-2037		75,793		84,969
GNMA		5.50			2-15-2038		189,424		212,832
GNMA		5.50			2-15-2038		428,485		484,568
GNMA		5.50			3-15-2038		51,187		57,513
GNMA		5.50			3-15-2038		10,422		11,710
GNMA		5.50			4-15-2038		117,993		132,575
GNMA		5.50			5-15-2038		109,869		123,600
GNMA		5.50			5-15-2038		264,447		297,248
GNMA		5.50			6-15-2038		15,704		17,645
GNMA		5.50			6-15-2038		38,096		42,804
GNMA		5.50			6-15-2038		129,601		145,605
GNMA		5.50			7-15-2038		335,852		377,358
GNMA		5.50			8-15-2038		25,166		28,276
GNMA		5.50			8-15-2038		194,168		218,165
GNMA		5.50			8-15-2038		1,760,123		2,006,935
GNMA		5.50			9-15-2038		62,848		70,542
GNMA		5.50			9-15-2038		64,720		72,718
GNMA		5.50			9-15-2038		991,757		1,114,205
GNMA		5.50			10-15-2038		474,188		531,594
GNMA		5.50			10-15-2038		48,814		54,848
GNMA		5.50			11-15-2038		31,506		35,397
GNMA		5.50			11-15-2038		78,047		87,752
GNMA		5.50			11-15-2038		215,531		242,170
GNMA		5.50			11-15-2038		208,928		234,750


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			25


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		5.50	%		12-15-2038	$	275,721	$	309,799
GNMA		5.50			12-15-2038		44,916		50,466
GNMA		5.50			12-15-2038		239,379		268,965
GNMA		5.50			1-15-2039		89,961		101,221
GNMA		5.50			1-15-2039		52,387		58,964
GNMA		5.50			7-15-2039		15,543		17,515
GNMA		5.50			7-15-2039		143,584		161,315
GNMA		5.50			8-15-2039		69,336		77,846
GNMA		5.50			10-15-2039		984,905		1,106,625
GNMA		5.50			2-15-2040		10,555		11,837
GNMA		5.50			2-15-2040		35,025		39,351
GNMA		5.50			3-15-2040		59,111		66,904
GNMA		5.50			3-15-2040		54,777		61,547
GNMA		5.50			3-15-2040		461,788		518,857
GNMA		5.50			3-15-2040		185,440		208,273
GNMA		5.50			7-15-2040		18,641		20,906
GNMA		5.50			12-15-2040		73,999		83,143
GNMA		5.50			2-15-2041		61,745		69,221
GNMA		5.50			4-15-2041		119,418		133,875
GNMA		6.00			12-15-2031		20,878		23,457
GNMA		6.00			6-15-2036		224,757		254,686
GNMA		6.00			8-15-2036		4,979		5,747
GNMA		6.00			1-15-2037		623,974		714,777
GNMA		6.00			5-15-2037		5,806		6,619
GNMA		6.00			5-15-2037		4,603		5,171
GNMA		6.00			5-15-2037		189,874		218,691
GNMA		6.00			6-15-2037		18,847		21,744
GNMA		6.00			6-15-2037		55,609		64,722
GNMA		6.00			7-15-2037		41,981		47,167
GNMA		6.00			8-15-2037		6,009		6,800
GNMA		6.00			8-15-2037		81,708		94,114
GNMA		6.00			8-15-2037		245,914		278,471
GNMA		6.00			1-15-2038		3,262		3,692
GNMA		6.00			1-15-2038		266,183		301,309
GNMA		6.00			2-15-2038		5,748		6,504
GNMA		6.00			7-15-2038		376,228		425,729
GNMA		6.00			8-15-2038		436,160		493,595
GNMA		6.00			8-15-2038		165,523		187,324
GNMA		6.00			8-15-2038		141,930		160,616
GNMA		6.00			9-15-2038		382,912		433,301
GNMA		6.00			9-15-2038		3,365		3,809
GNMA		6.00			9-15-2038		2,467		2,791
GNMA		6.00			9-15-2038		2,534		2,867
GNMA		6.00			9-15-2038		180,799		204,592
GNMA		6.00			10-15-2038		190,309		215,426
GNMA		6.00			10-15-2038		13,734		15,544
GNMA		6.00			10-15-2038		294,888		333,734
GNMA		6.00			10-15-2038		39,671		44,892
GNMA		6.00			10-15-2038		31,594		35,496
GNMA		6.00			10-15-2038		71,386		80,766


26		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		6.00	%		10-15-2038	$	52,368	$	58,864
GNMA		6.00			11-15-2038		81,975		92,136
GNMA		6.00			11-15-2038		91,486		102,835
GNMA		6.00			12-15-2038		4,870		5,615
GNMA		6.00			12-15-2038		260,652		292,851
GNMA		6.00			1-15-2039		4,067		4,608
GNMA		6.00			1-15-2039		117,542		132,129
GNMA		6.00			2-15-2039		2,974		3,361
GNMA		6.00			2-15-2039		342,587		389,849
GNMA		6.00			6-15-2039		14,430		16,212
GNMA		6.00			8-15-2039		27,622		31,035
GNMA		6.00			8-15-2039		7,037		7,906
GNMA		6.00			10-15-2039		31,530		36,258
GNMA		6.00			11-15-2039		2,527		2,859
GNMA		6.00			12-15-2039		293,522		332,142
GNMA		6.00			3-15-2040		6,922		7,778
GNMA		6.00			12-15-2040		226,352		256,132
GNMA		6.00			6-15-2041		811,891		918,705
GNMA		6.00			6-15-2041		117,295		131,785
GNMA		6.00			6-15-2041	��	588,281		665,698
GNMA		6.50			11-15-2023		620		708
GNMA		6.50			12-15-2023		520		594
GNMA		6.50			10-15-2031		114,985		133,553
GNMA		6.50			3-15-2034		202,924		231,964
GNMA		6.50			9-15-2036		34,527		39,450
GNMA		6.50			10-15-2036		55,125		62,986
GNMA		6.50			2-15-2037		27,838		31,808
GNMA		6.50			12-15-2037		70,393		82,859
GNMA		6.50			1-15-2038		81,933		93,616
GNMA		6.50			4-15-2038		19,090		21,812
GNMA		6.50			5-15-2038		61,825		70,640
GNMA		6.50			5-15-2038		5,267		6,018
GNMA		6.50			8-15-2038		2,407		2,750
GNMA		6.50			8-15-2038		34,151		39,021
GNMA		6.50			8-15-2038		75,322		92,355
GNMA		6.50			9-15-2038		79,332		90,644
GNMA		6.50			9-15-2038		201,402		238,626
GNMA		6.50			10-15-2038		840,017		959,794
GNMA		6.50			10-15-2038		54,820		62,814
GNMA		6.50			10-15-2038		96,143		113,487
GNMA		6.50			11-15-2038		17,986		20,551
GNMA		6.50			11-15-2038		2,071		2,367
GNMA		6.50			12-15-2038		91,634		104,700
GNMA		6.50			2-15-2039		2,555		2,949
GNMA		6.50			5-15-2040		133,340		152,353
GNMA		6.50			7-15-2040		118,227		135,084
GNMA		6.50			7-15-2040		520,323		594,515
GNMA		7.00			3-15-2037		17,070		18,750
TVA		3.50			12-15-2042		150,000		140,945
TVA		3.88			2-15-2021		1,320,000		1,446,385


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			27


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
TVA		4.50	%		4-1-2018	$	200,000	$	216,854
TVA		4.65			6-15-2035		200,000		227,756
TVA		4.88			1-15-2048		200,000		230,187
TVA		5.25			9-15-2039		1,500,000		1,835,738
TVA		5.50			7-18-2017		650,000		704,979
TVA		5.88			4-1-2036		300,000		392,377
TVA		6.15			1-15-2038		400,000		548,194

Total Agency Securities (Cost $1,565,546,386)									1,597,794,320


Corporate Bonds and Notes: 20.18%

Consumer Discretionary: 1.80%

Auto Components: 0.05%
BorgWarner Incorporated		4.63			9-15-2020		100,000		108,792
Delphi Corporation		4.15			3-15-2024		1,000,000		1,017,501
Johnson Controls Incorporated		3.75			12-1-2021		500,000		505,171
Johnson Controls Incorporated		4.25			3-1-2021		120,000		124,726
Johnson Controls Incorporated		4.63			7-2-2044		850,000		793,705
Johnson Controls Incorporated		5.00			3-30-2020		100,000		108,236
Johnson Controls Incorporated		5.70			3-1-2041		240,000		256,353

									2,914,484


Automobiles: 0.08%
Ford Motor Company		6.63			10-1-2028		200,000		232,333
Ford Motor Company		7.45			7-16-2031		1,000,000		1,257,759
General Motors Company		3.45			4-10-2022		1,000,000		956,548
General Motors Company		3.50			10-2-2018		1,000,000		1,014,060
General Motors Company		6.25			10-2-2043		1,250,000		1,337,796

									4,798,496


Diversified Consumer Services: 0.04%
Cornell University		5.45			2-1-2019		100,000		112,066
Dartmouth College		4.75			6-1-2019		75,000		83,019
President & Fellows of Harvard College		4.88			10-15-2040		300,000		346,790
Princeton University		5.70			3-1-2039		500,000		634,295
Stanford University		4.75			5-1-2019		500,000		553,350
University of Pennsylvania		4.67			9-1-2112		500,000		478,715
Vanderbilt University		5.25			4-1-2019		250,000		278,127

									2,486,362


Hotels, Restaurants & Leisure: 0.15%
Brinker International Incorporated		3.88			5-15-2023		150,000		145,024
Carnival Corporation		1.88			12-15-2017		200,000		199,841
Carnival Corporation		3.95			10-15-2020		267,000		277,935
Darden Restaurants Incorporated		6.45			10-15-2017		105,000		115,606
Darden Restaurants Incorporated		7.05			10-15-2037		20,000		24,031
Hyatt Hotels Corporation		3.38			7-15-2023		160,000		155,323
Marriott International Incorporated		3.00			3-1-2019		200,000		203,421
Marriott International Incorporated		3.38			10-15-2020		167,000		171,671


28		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Hotels, Restaurants & Leisure (continued)
McDonald’s Corporation		2.63	%		1-15-2022	$	1,000,000	$	970,617
McDonald’s Corporation		3.38			5-26-2025		350,000		343,410
McDonald’s Corporation		3.50			7-15-2020		200,000		209,678
McDonald’s Corporation		3.63			5-20-2021		100,000		104,756
McDonald’s Corporation		3.70			2-15-2042		500,000		428,027
McDonald’s Corporation		5.35			3-1-2018		400,000		435,177
McDonald’s Corporation		5.80			10-15-2017		100,000		108,733
McDonald’s Corporation		6.30			10-15-2037		300,000		359,080
McDonald’s Corporation		6.30			3-1-2038		600,000		711,588
McDonald’s Corporation		4.60			5-26-2045		250,000		246,812
Starbucks Corporation		0.88			12-5-2016		200,000		199,850
Starbucks Corporation		2.00			12-5-2018		250,000		253,585
Starbucks Corporation		2.70			6-15-2022		200,000		199,717
Starbucks Corporation		4.30			6-15-2045		150,000		150,963
Starwood Hotels & Resort Company		3.13			2-15-2023		226,000		212,308
Starwood Hotels & Resort Company		3.75			3-15-2025		500,000		486,016
Wyndham Worldwide Corporation		2.95			3-1-2017		1,000,000		1,010,166
Wyndham Worldwide Corporation		4.25			3-1-2022		500,000		489,186
Yum! Brands Incorporated		3.88			11-1-2023		250,000		248,048
Yum! Brands Incorporated		5.30			9-15-2019		250,000		274,843
Yum! Brands Incorporated		5.35			11-1-2043		100,000		94,818
Yum! Brands Incorporated		6.25			3-15-2018		130,000		142,283
Yum! Brands Incorporated		6.88			11-15-2037		32,000		37,217

									9,009,730


Household Durables: 0.02%
Leggett & Platt Incorporated		3.40			8-15-2022		100,000		100,031
Mohawk Industries Incorporated		3.85			2-1-2023		100,000		100,829
Newell Rubbermaid Incorporated		2.88			12-1-2019		200,000		199,800
Newell Rubbermaid Incorporated		4.00			6-15-2022		100,000		102,388
Newell Rubbermaid Incorporated		6.25			4-15-2018		165,000		182,084
Tupperware Brands Corporation		4.75			6-1-2021		250,000		258,870
Whirlpool Corporation		4.00			3-1-2024		125,000		126,829
Whirlpool Corporation		4.70			6-1-2022		200,000		212,294
Whirlpool Corporation		4.85			6-15-2021		100,000		109,403

									1,392,528


Internet & Catalog Retail: 0.09%
Amazon.com Incorporated		1.20			11-29-2017		350,000		347,700
Amazon.com Incorporated		2.50			11-29-2022		500,000		473,986
Amazon.com Incorporated		2.60			12-5-2019		400,000		404,667
Amazon.com Incorporated		3.30			12-5-2021		400,000		407,605
Amazon.com Incorporated		3.80			12-5-2024		500,000		499,753
Amazon.com Incorporated		4.80			12-5-2034		500,000		502,191
Amazon.com Incorporated		4.95			12-5-2044		600,000		598,615
Expedia Incorporated		4.50			8-15-2024		100,000		99,710
Expedia Incorporated		5.95			8-15-2020		600,000		656,393
QVC Incorporated		4.38			3-15-2023		300,000		286,757
QVC Incorporated		4.45			2-15-2025		500,000		466,579
QVC Incorporated		5.13			7-2-2022		200,000		201,821


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			29


Security name	Interest rate			Maturity date		Principal		Value


Internet & Catalog Retail (continued)
QVC Incorporated		5.45	%		8-15-2034	$	250,000	$	221,279
QVC Incorporated		5.95			3-15-2043		125,000		114,541

									5,281,597


Leisure Products: 0.01%
Hasbro Incorporated		6.35			3-15-2040		155,000		173,880
Mattel Incorporated		1.70			3-15-2018		125,000		123,842
Mattel Incorporated		2.50			11-1-2016		280,000		283,192
Mattel Incorporated		3.15			3-15-2023		100,000		97,619
Mattel Incorporated		4.35			10-1-2020		100,000		105,493
Mattel Incorporated		6.20			10-1-2040		100,000		108,925

									892,951


Media: 0.98%
21st Century Fox America Incorporated		3.00			9-15-2022		375,000		362,722
21st Century Fox America Incorporated		3.70			9-15-2024		500,000		490,836
21st Century Fox America Incorporated		4.50			2-15-2021		500,000		532,937
21st Century Fox America Incorporated		4.75			9-15-2044		500,000		477,911
21st Century Fox America Incorporated		6.15			2-15-2041		735,000		826,477
21st Century Fox America Incorporated		6.20			12-15-2034		500,000		561,283
21st Century Fox America Incorporated		6.40			12-15-2035		750,000		847,961
21st Century Fox America Incorporated		6.65			11-15-2037		350,000		410,190
21st Century Fox America Incorporated		6.90			3-1-2019		500,000		570,908
21st Century Fox America Incorporated		6.90			8-15-2039		500,000		598,711
21st Century Fox America Incorporated		8.15			10-17-2036		250,000		336,383
CBS Corporation		1.95			7-1-2017		200,000		200,069
CBS Corporation		3.70			8-15-2024		500,000		482,216
CBS Corporation		4.63			5-15-2018		180,000		191,403
CBS Corporation		4.85			7-1-2042		200,000		182,655
CBS Corporation		4.90			8-15-2044		500,000		440,767
CBS Corporation		7.88			7-30-2030		600,000		768,608
Comcast Corporation		3.13			7-15-2022		500,000		502,425
Comcast Corporation		3.38			2-15-2025		750,000		744,995
Comcast Corporation		3.38			8-15-2025		600,000		594,283
Comcast Corporation		3.60			3-1-2024		500,000		509,755
Comcast Corporation		4.20			8-15-2034		750,000		731,015
Comcast Corporation		4.40			8-15-2035		300,000		300,245
Comcast Corporation		4.65			7-15-2042		548,000		559,169
Comcast Corporation		4.75			3-1-2044		375,000		389,319
Comcast Corporation		5.15			3-1-2020		500,000		558,880
Comcast Corporation		5.70			5-15-2018		500,000		552,532
Comcast Corporation		5.70			7-1-2019		1,000,000		1,127,936
Comcast Corporation		5.88			2-15-2018		75,000		82,571
Comcast Corporation		6.30			11-15-2017		500,000		551,059
Comcast Corporation		6.40			3-1-2040		500,000		623,431
Comcast Corporation		6.45			3-15-2037		900,000		1,118,421
Comcast Corporation		6.50			1-15-2017		400,000		428,322
Comcast Corporation		6.50			11-15-2035		550,000		682,332
Comcast Corporation		6.55			7-1-2039		650,000		828,114
Comcast Corporation		6.95			8-15-2037		400,000		520,844


30		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Media (continued)
DIRECTV Holdings LLC		2.40	%		3-15-2017	$	1,000,000	$	1,006,548
DIRECTV Holdings LLC		3.80			3-15-2022		500,000		495,654
DIRECTV Holdings LLC		4.45			4-1-2024		700,000		706,764
DIRECTV Holdings LLC		4.60			2-15-2021		350,000		367,860
DIRECTV Holdings LLC		5.00			3-1-2021		700,000		750,169
DIRECTV Holdings LLC		5.15			3-15-2042		500,000		465,860
DIRECTV Holdings LLC		5.20			3-15-2020		330,000		359,784
DIRECTV Holdings LLC		6.00			8-15-2040		400,000		409,509
DIRECTV Holdings LLC		6.35			3-15-2040		145,000		154,598
DIRECTV Holdings LLC		6.38			3-1-2041		500,000		533,597
Discovery Communications LLC		3.30			5-15-2022		250,000		244,983
Discovery Communications LLC		4.38			6-15-2021		300,000		310,912
Discovery Communications LLC		4.95			5-15-2042		250,000		215,334
Discovery Communications LLC		5.05			6-1-2020		750,000		813,093
Discovery Communications LLC		5.63			8-15-2019		250,000		275,130
Discovery Communications LLC		6.35			6-1-2040		250,000		258,670
Interpublic Group of Companies		4.00			3-15-2022		1,000,000		1,006,593
NBCUniversal Media LLC		2.88			1-15-2023		500,000		486,839
NBCUniversal Media LLC		4.38			4-1-2021		800,000		865,866
NBCUniversal Media LLC		4.45			1-15-2043		500,000		492,555
NBCUniversal Media LLC		5.95			4-1-2041		500,000		599,689
NBCUniversal Media LLC		6.40			4-30-2040		500,000		622,117
Omnicom Group Incorporated		3.63			5-1-2022		250,000		247,443
Omnicom Group Incorporated		4.45			8-15-2020		90,000		96,343
Omnicom Group Incorporated		6.25			7-15-2019		650,000		739,317
Scripps Networks Interactive Incorporated		2.80			6-15-2020		1,500,000		1,475,456
TCI Communications Incorporated		7.13			2-15-2028		350,000		446,383
Thomson Reuters Corporation		3.85			9-29-2024		1,000,000		983,055
Thomson Reuters Corporation		4.30			11-23-2023		300,000		305,780
Thomson Reuters Corporation		4.70			10-15-2019		425,000		461,504
Thomson Reuters Corporation		5.65			11-23-2043		200,000		211,784
Thomson Reuters Corporation		5.85			4-15-2040		134,000		145,369
Thomson Reuters Corporation		6.50			7-15-2018		500,000		560,687
Time Warner Cable Incorporated		4.00			9-1-2021		750,000		753,978
Time Warner Cable Incorporated		4.00			1-15-2022		300,000		307,329
Time Warner Cable Incorporated		4.13			2-15-2021		500,000		509,496
Time Warner Cable Incorporated		4.50			9-15-2042		600,000		479,450
Time Warner Cable Incorporated		4.70			1-15-2021		250,000		270,269
Time Warner Cable Incorporated		4.88			3-15-2020		500,000		547,234
Time Warner Cable Incorporated		5.00			2-1-2020		535,000		574,956
Time Warner Cable Incorporated		5.50			9-1-2041		300,000		270,229
Time Warner Cable Incorporated		5.85			5-1-2017		500,000		530,406
Time Warner Cable Incorporated		6.20			3-15-2040		300,000		334,559
Time Warner Cable Incorporated		6.55			5-1-2037		850,000		853,590
Time Warner Cable Incorporated		6.63			5-15-2029		800,000		957,242
Time Warner Cable Incorporated		6.75			7-1-2018		750,000		830,865
Time Warner Cable Incorporated		6.75			6-15-2039		500,000		508,037
Time Warner Cable Incorporated		7.30			7-1-2038		800,000		846,913
Time Warner Cable Incorporated		7.63			4-15-2031		825,000		1,031,826
Time Warner Cable Incorporated		8.25			4-1-2019		150,000		175,207


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			31


Security name	Interest rate			Maturity date		Principal		Value


Media (continued)
Time Warner Cable Incorporated		8.38	%		3-15-2023	$	250,000	$	304,638
Time Warner Cable Incorporated		8.75			2-14-2019		704,000		831,640
Time Warner Cable Incorporated		9.15			2-1-2023		250,000		327,142
Time Warner Entertainment Company LP		8.38			7-15-2033		300,000		356,314
Time Warner Incorporated		3.40			6-15-2022		100,000		98,699
Time Warner Incorporated		4.65			6-1-2044		750,000		695,014
Time Warner Incorporated		4.75			3-29-2021		500,000		538,299
Time Warner Incorporated		4.90			6-15-2042		51,000		49,524
Time Warner Incorporated		6.10			7-15-2040		400,000		438,016
Time Warner Incorporated		6.25			3-29-2041		500,000		563,099
Time Warner Incorporated		6.50			11-15-2036		252,000		290,346
Time Warner Incorporated		7.57			2-1-2024		250,000		303,634
Time Warner Incorporated		7.70			5-1-2032		700,000		893,776
Viacom Incorporated		2.50			12-15-2016		1,000,000		1,010,885
Viacom Incorporated		2.75			12-15-2019		150,000		147,354
Viacom Incorporated		3.25			3-15-2023		200,000		178,782
Viacom Incorporated		3.50			4-1-2017		100,000		102,038
Viacom Incorporated		4.25			9-1-2023		1,000,000		950,633
Viacom Incorporated		4.38			3-15-2043		552,000		406,870
Viacom Incorporated		4.50			3-1-2021		500,000		505,902
Viacom Incorporated		4.88			6-15-2043		175,000		138,337
Viacom Incorporated		5.25			4-1-2044		500,000		429,431
Viacom Incorporated		5.50			5-15-2033		200,000		200,304
Viacom Incorporated		5.63			9-15-2019		150,000		163,620
Viacom Incorporated		5.85			9-1-2043		125,000		114,378
Viacom Incorporated		6.13			10-5-2017		250,000		269,937
Viacom Incorporated		6.88			4-30-2036		340,000		356,483
Walt Disney Company		1.13			2-15-2017		500,000		501,753
Walt Disney Company		2.35			12-1-2022		500,000		484,355
Walt Disney Company		2.55			2-15-2022		250,000		247,673
Walt Disney Company		2.75			8-16-2021		500,000		505,797
Walt Disney Company		4.13			12-1-2041		250,000		244,818
Walt Disney Company		4.38			8-16-2041		250,000		253,159
Walt Disney Company		5.50			3-15-2019		500,000		561,259
Walt Disney Company		5.63			9-15-2016		250,000		262,564
Walt Disney Company		7.00			3-1-2032		75,000		103,835

									60,414,824


Multiline Retail: 0.14%
Dollar General Corporation		3.25			4-15-2023		350,000		332,596
Kohl’s Corporation		3.25			2-1-2023		150,000		143,570
Kohl’s Corporation		4.75			12-15-2023		300,000		317,289
Macy’s Retail Holdings Incorporated		3.88			1-15-2022		200,000		202,896
Macy’s Retail Holdings Incorporated		4.38			9-1-2023		300,000		306,169
Macy’s Retail Holdings Incorporated		5.90			12-1-2016		356,000		375,212
Macy’s Retail Holdings Incorporated		6.70			7-15-2034		500,000		571,564
Macy’s Retail Holdings Incorporated		6.90			4-1-2029		500,000		600,780
Macy’s Retail Holdings Incorporated		4.50			12-15-2034		500,000		455,470
Nordstrom Incorporated		4.00			10-15-2021		250,000		265,198
Nordstrom Incorporated		4.75			5-1-2020		135,000		149,176


32		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Multiline Retail (continued)
Nordstrom Incorporated		5.00	%		1-15-2044	$	100,000	$	104,975
Nordstrom Incorporated		6.25			1-15-2018		500,000		551,060
Target Corporation		2.90			1-15-2022		250,000		250,712
Target Corporation		3.50			7-1-2024		500,000		513,676
Target Corporation		4.00			7-1-2042		725,000		694,403
Target Corporation		5.38			5-1-2017		350,000		375,064
Target Corporation		6.00			1-15-2018		500,000		550,764
Target Corporation		6.35			11-1-2032		300,000		376,795
Target Corporation		6.50			10-15-2037		400,000		516,280
Target Corporation		7.00			1-15-2038		768,000		1,048,600

									8,702,249


Specialty Retail: 0.23%
Advance Auto Parts Incorporated		4.50			1-15-2022		100,000		104,582
Advance Auto Parts Incorporated		4.50			12-1-2023		250,000		258,600
AutoZone Incorporated		1.30			1-13-2017		200,000		199,843
AutoZone Incorporated		2.88			1-15-2023		250,000		239,431
AutoZone Incorporated		3.13			7-15-2023		150,000		146,558
AutoZone Incorporated		4.00			11-15-2020		200,000		211,597
Bed Bath & Beyond Incorporated		4.92			8-1-2034		250,000		236,661
Bed Bath & Beyond Incorporated		5.17			8-1-2044		350,000		335,356
Gap Incorporated		5.95			4-12-2021		700,000		774,663
Home Depot Incorporated		2.25			9-10-2018		1,000,000		1,020,317
Home Depot Incorporated		2.70			4-1-2023		375,000		364,817
Home Depot Incorporated		3.75			2-15-2024		500,000		520,297
Home Depot Incorporated		3.95			9-15-2020		400,000		430,397
Home Depot Incorporated		4.20			4-1-2043		400,000		390,740
Home Depot Incorporated		4.40			4-1-2021		500,000		545,635
Home Depot Incorporated		4.88			2-15-2044		500,000		530,099
Home Depot Incorporated		5.40			9-15-2040		200,000		226,109
Home Depot Incorporated		5.88			12-16-2036		1,500,000		1,814,118
Home Depot Incorporated		5.95			4-1-2041		500,000		617,728
Lowe’s Companies Incorporated		3.12			4-15-2022		200,000		201,520
Lowe’s Companies Incorporated		3.75			4-15-2021		150,000		157,698
Lowe’s Companies Incorporated		3.80			11-15-2021		500,000		526,324
Lowe’s Companies Incorporated		3.88			9-15-2023		250,000		261,077
Lowe’s Companies Incorporated		4.25			9-15-2044		250,000		245,100
Lowe’s Companies Incorporated		4.63			4-15-2020		400,000		438,478
Lowe’s Companies Incorporated		4.65			4-15-2042		500,000		518,479
Lowe’s Companies Incorporated		5.40			10-15-2016		500,000		524,730
Lowe’s Companies Incorporated		5.80			10-15-2036		250,000		298,441
Lowe’s Companies Incorporated		5.80			4-15-2040		110,000		129,754
Lowe’s Companies Incorporated		6.50			3-15-2029		75,000		94,295
Lowe’s Companies Incorporated		6.65			9-15-2037		350,000		445,218
O’Reilly Automotive Incorporated		3.80			9-1-2022		150,000		152,083
O’Reilly Automotive Incorporated		4.88			1-14-2021		45,000		49,347
O’Reilly Automotive Incorporated		4.63			9-15-2021		150,000		161,951
Staples Incorporated		4.38			1-12-2023		200,000		198,792
TJX Companies Incorporated		2.75			6-15-2021		500,000		501,050


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			33


Security name	Interest rate			Maturity date		Principal		Value


Specialty Retail (continued)
TJX Companies Incorporated		6.95	%		4-15-2019	$	85,000	$	98,954

									13,970,839


Textiles, Apparel & Luxury Goods: 0.01%
Nike Incorporated		2.25			5-1-2023		100,000		95,520
Nike Incorporated		3.63			5-1-2043		100,000		91,877
Ralph Lauren Corporation		2.13			9-26-2018		50,000		50,494
VF Corporation		3.50			9-1-2021		250,000		262,240
VF Corporation		5.95			11-1-2017		100,000		109,719
VF Corporation		6.45			11-1-2037		150,000		194,149

									803,999


Consumer Staples: 1.63%

Beverages: 0.43%
Anheuser-Busch Companies Incorporated		5.50			1-15-2018		200,000		218,174
Anheuser-Busch Companies Incorporated		5.60			3-1-2017		50,000		53,352
Anheuser-Busch Companies Incorporated		5.75			4-1-2036		250,000		292,917
Anheuser-Busch InBev Finance Company		1.13			1-27-2017		550,000		550,835
Anheuser-Busch InBev Finance Company		2.63			1-17-2023		500,000		477,784
Anheuser-Busch InBev Finance Company		3.70			2-1-2024		750,000		768,458
Anheuser-Busch InBev Finance Company		4.00			1-17-2043		300,000		275,549
Anheuser-Busch InBev Finance Company		4.63			2-1-2044		350,000		354,995
Anheuser-Busch InBev Worldwide Incorporated		1.38			7-15-2017		750,000		752,028
Anheuser-Busch InBev Worldwide Incorporated		2.50			7-15-2022		1,750,000		1,681,069
Anheuser-Busch InBev Worldwide Incorporated		3.75			7-15-2042		360,000		316,386
Anheuser-Busch InBev Worldwide Incorporated		5.00			4-15-2020		1,000,000		1,114,271
Anheuser-Busch InBev Worldwide Incorporated		6.38			1-15-2040		750,000		940,304
Anheuser-Busch InBev Worldwide Incorporated		6.88			11-15-2019		500,000		589,609
Anheuser-Busch InBev Worldwide Incorporated		7.75			1-15-2019		500,000		588,876
Anheuser-Busch InBev Worldwide Incorporated		8.20			1-15-2039		500,000		750,745
Beam Incorporated		1.75			6-15-2018		250,000		247,974
Beam Incorporated		1.88			5-15-2017		250,000		251,446
Brown-Forman Corporation		2.25			1-15-2023		250,000		236,210
Brown-Forman Corporation		3.75			1-15-2043		100,000		90,888
Coca-Cola Company		1.15			4-1-2018		500,000		497,474
Coca-Cola Company		1.65			3-14-2018		1,100,000		1,106,100
Coca-Cola Company		1.80			9-1-2016		910,000		919,695
Coca-Cola Company		2.45			11-1-2020		1,000,000		1,009,380
Coca-Cola Company		2.50			4-1-2023		350,000		338,380
Coca-Cola Company		3.15			11-15-2020		1,010,000		1,049,336
Coca-Cola Company		3.20			11-1-2023		400,000		404,748
Coca-Cola Company		3.30			9-1-2021		70,000		72,566
Coca-Cola Enterprises Incorporated		3.50			9-15-2020		500,000		520,416
Coca-Cola Enterprises Incorporated		4.50			9-1-2021		100,000		109,984
Diageo Investment Corporation		2.88			5-11-2022		600,000		585,881
Diageo Investment Corporation		4.25			5-11-2042		250,000		242,837
Diageo Investment Corporation		7.45			4-15-2035		150,000		203,526
Dr Pepper Snapple Group Incorporated		3.20			11-15-2021		250,000		254,613
Dr Pepper Snapple Group Incorporated		7.45			5-1-2038		100,000		134,518


34		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Beverages (continued)
Molson Coors Brewing Company		5.00	%		5-1-2042	$	500,000	$	475,780
PepsiCo Incorporated		1.25			8-13-2017		400,000		400,428
PepsiCo Incorporated		2.25			1-7-2019		350,000		354,586
PepsiCo Incorporated		2.75			3-5-2022		370,000		365,667
PepsiCo Incorporated		2.75			3-1-2023		475,000		465,384
PepsiCo Incorporated		3.00			8-25-2021		250,000		254,829
PepsiCo Incorporated		3.13			11-1-2020		1,000,000		1,033,809
PepsiCo Incorporated		3.60			3-1-2024		1,000,000		1,021,017
PepsiCo Incorporated		3.60			8-13-2042		250,000		219,372
PepsiCo Incorporated		4.00			3-5-2042		250,000		231,900
PepsiCo Incorporated		4.25			10-22-2044		200,000		194,409
PepsiCo Incorporated		4.50			1-15-2020		200,000		218,595
PepsiCo Incorporated		4.88			11-1-2040		325,000		346,477
PepsiCo Incorporated		5.00			6-1-2018		1,000,000		1,091,878
PepsiCo Incorporated		5.50			1-15-2040		300,000		346,340
PepsiCo Incorporated		7.90			11-1-2018		500,000		591,397
PepsiCo Incorporated Series B		7.00			3-1-2029		600,000		815,236

									26,428,428


Food & Staples Retailing: 0.43%
Costco Wholesale Corporation		1.13			12-15-2017		1,000,000		995,126
Costco Wholesale Corporation		1.70			12-15-2019		500,000		493,307
Costco Wholesale Corporation		5.50			3-15-2017		400,000		427,694
CVS Caremark Corporation		2.25			12-5-2018		278,000		280,552
CVS Caremark Corporation		2.75			12-1-2022		500,000		486,256
CVS Caremark Corporation		3.38			8-12-2024		800,000		783,347
CVS Caremark Corporation		4.00			12-5-2023		1,000,000		1,041,784
CVS Caremark Corporation		4.75			5-18-2020		250,000		271,219
CVS Caremark Corporation		5.30			12-5-2043		300,000		322,183
CVS Caremark Corporation		5.75			6-1-2017		400,000		429,016
CVS Caremark Corporation		5.75			5-15-2041		300,000		339,130
CVS Caremark Corporation		6.25			6-1-2027		515,000		610,444
Delhaize America Incorporated		9.00			4-15-2031		500,000		660,661
Sysco Corporation		5.25			2-12-2018		300,000		326,243
Sysco Corporation		6.63			3-17-2039		200,000		262,336
The Kroger Company		1.20			10-17-2016		200,000		199,575
The Kroger Company		2.20			1-15-2017		200,000		202,161
The Kroger Company		2.30			1-15-2019		200,000		199,842
The Kroger Company		3.30			1-15-2021		500,000		507,247
The Kroger Company		3.40			4-15-2022		250,000		252,535
The Kroger Company		3.85			8-1-2023		250,000		253,568
The Kroger Company		5.00			4-15-2042		250,000		255,012
The Kroger Company		5.15			8-1-2043		150,000		158,181
The Kroger Company		6.15			1-15-2020		800,000		910,935
The Kroger Company		6.90			4-15-2038		300,000		376,199
The Kroger Company		7.50			4-1-2031		75,000		95,957
Wal-Mart Stores Incorporated		1.13			4-11-2018		1,000,000		994,744
Wal-Mart Stores Incorporated		2.55			4-11-2023		750,000		721,314
Wal-Mart Stores Incorporated		3.25			10-25-2020		750,000		785,819
Wal-Mart Stores Incorporated		3.63			7-8-2020		1,100,000		1,171,641


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			35


Security name	Interest rate			Maturity date		Principal		Value


Food & Staples Retailing (continued)
Wal-Mart Stores Incorporated		4.00	%		4-11-2043	$	400,000	$	384,491
Wal-Mart Stores Incorporated		4.25			4-15-2021		500,000		545,770
Wal-Mart Stores Incorporated		4.30			4-22-2044		500,000		504,294
Wal-Mart Stores Incorporated		4.88			7-8-2040		850,000		916,471
Wal-Mart Stores Incorporated		5.00			10-25-2040		500,000		552,642
Wal-Mart Stores Incorporated		5.25			9-1-2035		950,000		1,084,283
Wal-Mart Stores Incorporated		5.63			4-1-2040		600,000		713,422
Wal-Mart Stores Incorporated		5.63			4-15-2041		500,000		598,486
Wal-Mart Stores Incorporated		5.80			2-15-2018		700,000		775,408
Wal-Mart Stores Incorporated		5.88			4-5-2027		100,000		122,731
Wal-Mart Stores Incorporated		6.50			8-15-2037		1,000,000		1,298,255
Wal-Mart Stores Incorporated		7.55			2-15-2030		500,000		701,224
Walgreen Company		3.10			9-15-2022		1,000,000		964,650
Walgreen Company		4.40			9-15-2042		500,000		438,079
Walgreen Company		5.25			1-15-2019		62,000		68,404
Walgreens Boots Alliance Incorporated		2.70			11-18-2019		300,000		300,154
Walgreens Boots Alliance Incorporated		3.80			11-18-2024		1,000,000		976,988
Walgreens Boots Alliance Incorporated		4.80			11-18-2044		500,000		461,368

									26,221,148


Food Products: 0.36%
Archer-Daniels-Midland Company		4.02			4-16-2043		840,000		801,275
Archer-Daniels-Midland Company		4.48			3-1-2021		535,000		586,368
Archer-Daniels-Midland Company		4.54			3-26-2042		250,000		257,369
Archer-Daniels-Midland Company		5.45			3-15-2018		100,000		109,610
Campbell Soup Company		2.50			8-2-2022		121,000		113,927
Campbell Soup Company		4.50			2-15-2019		285,000		305,140
ConAgra Foods Incorporated		3.20			1-25-2023		1,000,000		934,822
ConAgra Foods Incorporated		3.25			9-15-2022		500,000		475,208
ConAgra Foods Incorporated		4.65			1-25-2043		350,000		303,481
ConAgra Foods Incorporated		6.63			8-15-2039		200,000		209,531
ConAgra Foods Incorporated		7.00			4-15-2019		500,000		571,090
ConAgra Foods Incorporated		8.25			9-15-2030		120,000		163,293
General Mills Incorporated		3.65			2-15-2024		250,000		254,188
General Mills Incorporated		5.40			6-15-2040		345,000		375,901
General Mills Incorporated		5.65			2-15-2019		1,000,000		1,110,916
General Mills Incorporated		5.70			2-15-2017		100,000		106,174
Hershey Company		2.63			5-1-2023		100,000		96,947
Hershey Company		4.13			12-1-2020		500,000		543,933
Hormel Foods Corporation		4.13			4-15-2021		100,000		110,043
Ingredion Incorporated		1.80			9-25-2017		150,000		149,169
Ingredion Incorporated		4.63			11-1-2020		300,000		320,180
J.M. Smucker Company		3.50			10-15-2021		300,000		306,305
J.M. Smucker Company 144A		3.50			3-15-2025		1,500,000		1,449,828
Kellogg Company		1.88			11-17-2016		500,000		503,468
Kellogg Company		3.25			5-21-2018		65,000		67,206
Kellogg Company		4.00			12-15-2020		221,000		234,622
Kellogg Company		4.15			11-15-2019		300,000		319,774
Kellogg Company Series B		7.45			4-1-2031		350,000		444,960
Kraft Foods Group Incorporated		2.25			6-5-2017		500,000		505,036


36		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Food Products (continued)
Kraft Foods Group Incorporated		3.50	%		6-6-2022	$	1,000,000	$	1,011,685
Kraft Foods Group Incorporated		5.00			6-4-2042		750,000		763,388
Kraft Foods Group Incorporated		5.38			2-10-2020		250,000		276,255
Kraft Foods Group Incorporated		6.13			8-23-2018		1,000,000		1,109,883
Kraft Foods Group Incorporated		6.50			2-9-2040		793,000		957,888
Kraft Foods Group Incorporated		6.50			2-9-2040		500,000		593,127
McCormick & Company		3.50			9-1-2023		179,000		186,317
McCormick & Company		3.90			7-15-2021		75,000		79,732
Mead Johnson Nutrition Company		4.90			11-1-2019		250,000		272,098
Mead Johnson Nutrition Company		5.90			11-1-2039		100,000		111,304
Mondelez International		4.00			2-1-2024		1,200,000		1,228,388
Sara Lee Corporation		4.10			9-15-2020		266,000		276,113
Tyson Foods Incorporated		3.95			8-15-2024		1,000,000		998,956
Tyson Foods Incorporated		4.50			6-15-2022		500,000		524,551
Tyson Foods Incorporated		4.88			8-15-2034		250,000		249,191
Unilever Capital Corporation		0.85			8-2-2017		500,000		497,553
Unilever Capital Corporation		4.25			2-10-2021		300,000		328,359
Unilever Capital Corporation		4.80			2-15-2019		350,000		383,439
Unilever Capital Corporation		5.90			11-15-2032		300,000		385,023

									21,963,014


Household Products: 0.11%
Church & Dwight Company Incorporated		2.88			10-1-2022		107,000		104,354
Clorox Company		3.05			9-15-2022		161,000		158,086
Clorox Company		3.50			12-15-2024		200,000		198,264
Clorox Company		5.95			10-15-2017		90,000		97,801
Colgate-Palmolive Company		1.95			2-1-2023		500,000		476,015
Colgate-Palmolive Company		2.30			5-3-2022		500,000		488,848
Colgate-Palmolive Company		2.95			11-1-2020		200,000		208,821
Colgate-Palmolive Company		5.20			11-7-2016		100,000		105,213
Kimberly-Clark Corporation		2.40			6-1-2023		150,000		144,309
Kimberly-Clark Corporation		3.63			8-1-2020		750,000		795,413
Kimberly-Clark Corporation		5.30			3-1-2041		245,000		281,425
Kimberly-Clark Corporation		6.13			8-1-2017		200,000		218,398
Kimberly-Clark Corporation		6.63			8-1-2037		200,000		260,696
Kimberly-Clark Corporation		7.50			11-1-2018		100,000		117,786
The Procter & Gamble Company		3.10			8-15-2023		375,000		381,325
The Procter & Gamble Company		4.70			2-15-2019		1,500,000		1,651,061
The Procter & Gamble Company		5.50			2-1-2034		350,000		424,805
The Procter & Gamble Company		5.55			3-5-2037		500,000		602,689
The Procter & Gamble Company		5.80			8-15-2034		100,000		124,494

									6,839,803


Personal Products: 0.00%
Estee Lauder Companies Incorporated		6.00			5-15-2037		200,000		243,638


Tobacco: 0.30%
Altria Group Incorporated		2.63			1-14-2020		400,000		399,425
Altria Group Incorporated		2.85			8-9-2022		750,000		721,092


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			37


Security name	Interest rate			Maturity date		Principal		Value


Tobacco (continued)
Altria Group Incorporated		4.00	%		1-31-2024	$	89,000	$	90,393
Altria Group Incorporated		4.25			8-9-2042		500,000		446,770
Altria Group Incorporated		4.50			5-2-2043		250,000		230,609
Altria Group Incorporated		4.75			5-5-2021		500,000		538,910
Altria Group Incorporated		5.38			1-31-2044		750,000		783,756
Altria Group Incorporated		9.25			8-6-2019		1,000,000		1,238,389
Altria Group Incorporated		9.70			11-10-2018		355,000		436,711
Altria Group Incorporated		9.95			11-10-2038		226,000		360,029
Altria Group Incorporated		10.20			2-6-2039		161,000		257,752
Philip Morris International Incorporated		1.63			3-20-2017		500,000		503,487
Philip Morris International Incorporated		1.88			1-15-2019		250,000		249,466
Philip Morris International Incorporated		2.50			8-22-2022		250,000		240,753
Philip Morris International Incorporated		2.63			3-6-2023		175,000		167,567
Philip Morris International Incorporated		3.25			11-10-2024		300,000		295,884
Philip Morris International Incorporated		3.88			8-21-2042		250,000		226,877
Philip Morris International Incorporated		4.13			3-4-2043		300,000		281,040
Philip Morris International Incorporated		4.25			11-10-2044		300,000		286,260
Philip Morris International Incorporated		4.38			11-15-2041		500,000		484,139
Philip Morris International Incorporated		4.50			3-26-2020		750,000		816,335
Philip Morris International Incorporated		4.50			3-20-2042		500,000		495,587
Philip Morris International Incorporated		5.65			5-16-2018		1,500,000		1,652,372
Philip Morris International Incorporated		6.38			5-16-2038		600,000		744,332
Reynolds American Incorporated 144A		2.30			8-21-2017		100,000		100,672
Reynolds American Incorporated 144A		3.75			5-20-2023		500,000		485,151
Reynolds American Incorporated		4.00			6-12-2022		400,000		410,663
Reynolds American Incorporated		4.45			6-12-2025		1,000,000		1,026,447
Reynolds American Incorporated		4.75			11-1-2042		250,000		231,513
Reynolds American Incorporated		4.85			9-15-2023		1,500,000		1,577,426
Reynolds American Incorporated		5.70			8-15-2035		300,000		317,795
Reynolds American Incorporated		5.85			8-15-2045		1,000,000		1,080,546
Reynolds American Incorporated		6.15			9-15-2043		125,000		136,849
Reynolds American Incorporated 144A		6.88			5-1-2020		250,000		288,930
Reynolds American Incorporated		7.25			6-15-2037		200,000		240,497
Reynolds American Incorporated 144A		8.13			6-23-2019		155,000		182,727

									18,027,151


Energy: 1.87%

Energy Equipment & Services: 0.13%
Baker Hughes Incorporated		5.13			9-15-2040		500,000		506,437
Baker Hughes Incorporated		6.88			1-15-2029		250,000		301,724
Baker Hughes Incorporated		7.50			11-15-2018		375,000		433,423
Cameron International Corporation		1.15			12-15-2016		312,000		310,200
Cameron International Corporation		4.00			12-15-2023		400,000		407,016
Cameron International Corporation		4.50			6-1-2021		200,000		212,384
Cameron International Corporation		5.13			12-15-2043		187,000		187,485
Cameron International Corporation		5.95			6-1-2041		100,000		110,285
Cameron International Corporation		7.00			7-15-2038		100,000		120,951
Diamond Offshore Drilling Incorporated		4.88			11-1-2043		300,000		215,334
Diamond Offshore Drilling Incorporated «		5.70			10-15-2039		300,000		241,186


38		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Energy Equipment & Services (continued)
Diamond Offshore Drilling Incorporated		5.88	%		5-1-2019	$	365,000	$	396,661
FMC Technologies Incorporated		3.45			10-1-2022		100,000		93,896
Halliburton Company		2.00			8-1-2018		500,000		501,828
Halliburton Company		3.25			11-15-2021		200,000		201,064
Halliburton Company		3.50			8-1-2023		500,000		499,476
Halliburton Company		4.50			11-15-2041		250,000		235,374
Halliburton Company		4.75			8-1-2043		250,000		241,991
Halliburton Company		6.15			9-15-2019		350,000		400,083
Halliburton Company		7.45			9-15-2039		650,000		853,242
National Oilwell Varco Incorporated		2.60			12-1-2022		1,000,000		907,489
National Oilwell Varco Incorporated		3.95			12-1-2042		400,000		333,484

									7,711,013


Oil, Gas & Consumable Fuels: 1.74%
Amerada Hess Corporation		7.13			3-15-2033		500,000		566,223
Anadarko Petroleum Corporation		3.45			7-15-2024		250,000		241,222
Anadarko Petroleum Corporation		4.50			7-15-2044		500,000		452,789
Anadarko Petroleum Corporation		5.95			9-15-2016		600,000		626,073
Anadarko Petroleum Corporation		6.20			3-15-2040		300,000		326,234
Anadarko Petroleum Corporation		6.38			9-15-2017		1,000,000		1,081,931
Anadarko Petroleum Corporation		6.45			9-15-2036		850,000		954,162
Anadarko Petroleum Corporation		8.70			3-15-2019		450,000		533,102
Apache Corporation		3.25			4-15-2022		362,000		349,191
Apache Corporation		3.63			2-1-2021		500,000		511,213
Apache Corporation		4.25			1-15-2044		250,000		210,943
Apache Corporation		4.75			4-15-2043		1,000,000		916,138
Apache Corporation		5.10			9-1-2040		575,000		533,241
Apache Corporation		5.25			2-1-2042		100,000		94,621
Apache Corporation		5.63			1-15-2017		380,000		405,162
Apache Corporation		6.00			1-15-2037		500,000		520,638
BJ Services Company		6.00			6-1-2018		150,000		167,216
Boardwalk Pipelines LLC		5.88			11-15-2016		100,000		103,511
Boardwalk Pipelines LLC		3.38			2-1-2023		100,000		86,844
Boardwalk Pipelines LLC		5.75			9-15-2019		150,000		157,286
Buckeye Partners LP		4.15			7-1-2023		250,000		230,776
Buckeye Partners LP		4.88			2-1-2021		560,000		566,775
Buckeye Partners LP		5.50			8-15-2019		150,000		157,713
Buckeye Partners LP		5.85			11-15-2043		200,000		182,917
Buckeye Partners LP		6.05			1-15-2018		100,000		105,499
Chevron Corporation		1.10			12-5-2017		1,000,000		993,776
Chevron Corporation		1.72			6-24-2018		2,000,000		2,006,528
Chevron Corporation		1.96			3-3-2020		1,250,000		1,236,118
Chevron Corporation		2.19			11-15-2019		100,000		100,554
Chevron Corporation		2.36			12-5-2022		750,000		710,625
Chevron Corporation		3.19			6-24-2023		1,000,000		1,000,383
Chevron Corporation		4.95			3-3-2019		500,000		549,569
Columbia Pipeline Group Incorporated 144A		3.30			6-1-2020		900,000		897,818
Columbia Pipeline Group Incorporated 144A		5.80			6-1-2045		200,000		191,459
ConocoPhillips Company		1.05			12-15-2017		250,000		247,529
ConocoPhillips Company		1.50			5-15-2018		1,000,000		994,668


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			39


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
ConocoPhillips Company		2.40	%		12-15-2022	$	500,000	$	464,010
ConocoPhillips Company		2.88			11-15-2021		500,000		495,202
ConocoPhillips Company		3.35			11-15-2024		750,000		727,129
ConocoPhillips Company		3.35			5-15-2025		500,000		482,623
ConocoPhillips Company		4.30			11-15-2044		300,000		279,605
ConocoPhillips Company		5.20			5-15-2018		250,000		272,013
ConocoPhillips Company		5.75			2-1-2019		1,000,000		1,117,874
ConocoPhillips Company		5.90			10-15-2032		250,000		284,705
ConocoPhillips Company		5.90			5-15-2038		100,000		112,949
ConocoPhillips Company		6.00			1-15-2020		750,000		859,632
ConocoPhillips Company		6.95			4-15-2029		800,000		998,974
Continental Resources Incorporated		4.50			4-15-2023		2,000,000		1,800,246
Devon Energy Corporation		3.25			5-15-2022		500,000		482,432
Devon Energy Corporation		4.00			7-15-2021		200,000		203,481
Devon Energy Corporation		4.75			5-15-2042		500,000		460,274
Devon Energy Corporation		5.60			7-15-2041		200,000		202,598
Devon Energy Corporation		6.30			1-15-2019		600,000		671,150
Devon Energy Corporation		7.95			4-15-2032		500,000		626,979
Dominion Gas Holdings LLC		4.80			11-1-2043		500,000		495,271
El Paso Natural Gas Company		5.95			4-15-2017		150,000		159,125
El Paso Natural Gas Company		8.38			6-15-2032		650,000		748,898
El Paso Pipeline Partners Operating LLC		4.70			11-1-2042		100,000		74,318
Enable Midstream Partners LP 144A		3.90			5-15-2024		1,000,000		878,121
Enbridge Energy Partners LP		5.20			3-15-2020		380,000		406,098
Enbridge Energy Partners LP		5.50			9-15-2040		200,000		177,820
Enbridge Energy Partners LP		5.88			12-15-2016		65,000		67,976
Enbridge Energy Partners LP		6.50			4-15-2018		200,000		217,175
Enbridge Energy Partners LP		7.50			4-15-2038		270,000		303,869
Enbridge Energy Partners LP		9.88			3-1-2019		125,000		150,509
Energy Transfer Partners LP		3.60			2-1-2023		300,000		272,761
Energy Transfer Partners LP		4.15			10-1-2020		300,000		302,054
Energy Transfer Partners LP		4.65			6-1-2021		2,100,000		2,120,588
Energy Transfer Partners LP		4.75			1-15-2026		400,000		379,038
Energy Transfer Partners LP		4.90			2-1-2024		300,000		292,976
Energy Transfer Partners LP		5.15			2-1-2043		200,000		166,449
Energy Transfer Partners LP		5.15			3-15-2045		400,000		336,045
Energy Transfer Partners LP		5.20			2-1-2022		500,000		502,788
Energy Transfer Partners LP		5.95			10-1-2043		200,000		186,009
Energy Transfer Partners LP		6.05			6-1-2041		300,000		279,249
Energy Transfer Partners LP		6.13			2-15-2017		55,000		57,961
Energy Transfer Partners LP		6.13			12-15-2045		400,000		383,508
Energy Transfer Partners LP		6.50			2-1-2042		500,000		492,899
Energy Transfer Partners LP		6.63			10-15-2036		230,000		230,268
Energy Transfer Partners LP		6.70			7-1-2018		100,000		109,685
Energy Transfer Partners LP		7.50			7-1-2038		100,000		108,486
Energy Transfer Partners LP		8.25			11-15-2029		125,000		149,142
Energy Transfer Partners LP		9.00			4-15-2019		500,000		588,797
Eni Lasmo plc		7.30			11-15-2027		200,000		256,150
Enlink Midstream Partners LP		2.70			4-1-2019		250,000		246,143
Enlink Midstream Partners LP		4.40			4-1-2024		250,000		239,059


40		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Enlink Midstream Partners LP		5.60	%		4-1-2044	$	250,000	$	226,345
Enterprise Products Operating LLC		1.65			5-7-2018		200,000		198,368
Enterprise Products Operating LLC		2.55			10-15-2019		500,000		497,727
Enterprise Products Operating LLC		3.35			3-15-2023		850,000		811,719
Enterprise Products Operating LLC		3.75			2-15-2025		500,000		477,618
Enterprise Products Operating LLC		3.90			2-15-2024		300,000		292,442
Enterprise Products Operating LLC		4.05			2-15-2022		250,000		254,043
Enterprise Products Operating LLC		4.45			2-15-2043		250,000		211,041
Enterprise Products Operating LLC		4.85			3-15-2044		400,000		359,466
Enterprise Products Operating LLC		4.90			5-15-2046		350,000		315,715
Enterprise Products Operating LLC		5.10			2-15-2045		500,000		461,159
Enterprise Products Operating LLC		5.20			9-1-2020		500,000		549,143
Enterprise Products Operating LLC		5.25			1-31-2020		700,000		768,772
Enterprise Products Operating LLC		5.70			2-15-2042		200,000		201,252
Enterprise Products Operating LLC		5.95			2-1-2041		100,000		102,327
Enterprise Products Operating LLC		6.13			10-15-2039		1,000,000		1,036,577
Enterprise Products Operating LLC		6.30			9-15-2017		400,000		435,232
Enterprise Products Operating LLC		6.65			4-15-2018		250,000		280,439
Enterprise Products Operating LLC		7.55			4-15-2038		100,000		119,406
Enterprise Products Operating LLC Series D		6.88			3-1-2033		400,000		459,476
EOG Resources Incorporated		2.63			3-15-2023		450,000		425,984
EOG Resources Incorporated		3.90			4-1-2035		200,000		186,693
EOG Resources Incorporated		4.10			2-1-2021		200,000		214,002
EOG Resources Incorporated		4.40			6-1-2020		300,000		325,948
EOG Resources Incorporated		5.63			6-1-2019		75,000		84,048
EOG Resources Incorporated		6.88			10-1-2018		400,000		457,166
EQT Corporation		4.88			11-15-2021		300,000		313,379
EQT Corporation		8.13			6-1-2019		325,000		380,604
Equitable Resources Incorporated		6.50			4-1-2018		100,000		108,982
Exxon Mobil Corporation		0.92			3-15-2017		500,000		499,590
Exxon Mobil Corporation		1.82			3-15-2019		1,000,000		1,002,252
Exxon Mobil Corporation		2.71			3-6-2025		2,000,000		1,948,890
Exxon Mobil Corporation		3.18			3-15-2024		500,000		505,538
Exxon Mobil Corporation		3.57			3-6-2045		500,000		457,661
Gulf South Pipeline Company LP		4.00			6-15-2022		200,000		187,888
Hess Corporation		5.60			2-15-2041		300,000		288,968
Hess Corporation		6.00			1-15-2040		350,000		348,468
Hess Corporation		7.30			8-15-2031		384,000		433,063
Hess Corporation		7.88			10-1-2029		280,000		335,512
Hess Corporation		8.13			2-15-2019		500,000		582,403
Kerr-McGee Corporation		6.95			7-1-2024		200,000		235,757
Kinder Morgan Energy Partners LP		3.45			2-15-2023		250,000		223,328
Kinder Morgan Energy Partners LP		3.50			3-1-2021		300,000		285,881
Kinder Morgan Energy Partners LP		3.50			9-1-2023		250,000		221,574
Kinder Morgan Energy Partners LP		3.95			9-1-2022		375,000		349,363
Kinder Morgan Energy Partners LP		4.30			6-1-2025		750,000		691,303
Kinder Morgan Energy Partners LP		5.00			8-15-2042		250,000		197,457
Kinder Morgan Energy Partners LP		5.00			3-1-2043		225,000		177,379
Kinder Morgan Energy Partners LP		5.30			9-15-2020		125,000		133,171
Kinder Morgan Energy Partners LP		5.50			3-1-2044		300,000		255,777


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			41


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Energy Partners LP		5.55	%		6-1-2045	$	1,500,000	$	1,289,414
Kinder Morgan Energy Partners LP		5.80			3-1-2021		1,000,000		1,052,348
Kinder Morgan Energy Partners LP		5.80			3-15-2035		100,000		91,873
Kinder Morgan Energy Partners LP		5.95			2-15-2018		500,000		536,536
Kinder Morgan Energy Partners LP		6.00			2-1-2017		1,000,000		1,047,333
Kinder Morgan Energy Partners LP		6.38			3-1-2041		500,000		475,256
Kinder Morgan Energy Partners LP		6.50			9-1-2039		750,000		718,125
Kinder Morgan Energy Partners LP		6.95			1-15-2038		500,000		509,925
Magellan Midstream Partners LP		5.15			10-15-2043		200,000		189,650
Magellan Midstream Partners LP		6.40			7-15-2018		100,000		110,799
Magellan Midstream Partners LP		6.55			7-15-2019		575,000		650,843
Marathon Oil Corporation		2.80			11-1-2022		600,000		542,640
Marathon Oil Corporation		3.85			6-1-2025		350,000		319,506
Marathon Oil Corporation		5.20			6-1-2045		200,000		176,157
Marathon Oil Corporation		6.00			10-1-2017		625,000		675,114
Marathon Oil Corporation		6.60			10-1-2037		450,000		470,850
Marathon Petroleum Corporation		3.63			9-15-2024		500,000		481,666
Marathon Petroleum Corporation		4.75			9-15-2044		500,000		439,449
Marathon Petroleum Corporation		5.13			3-1-2021		35,000		38,082
Marathon Petroleum Corporation		6.50			3-1-2041		545,000		589,058
Murphy Oil Corporation		2.50			12-1-2017		500,000		494,405
Murphy Oil Corporation		5.13			12-1-2042		250,000		188,081
Murphy Oil Corporation		7.05			5-1-2029		200,000		211,418
Nabors Industries Incorporated		5.00			9-15-2020		300,000		298,962
Nabors Industries Incorporated		6.15			2-15-2018		500,000		531,674
Nabors Industries Incorporated		9.25			1-15-2019		500,000		573,261
Nextera Energy Capital		4.50			6-1-2021		200,000		214,956
Noble Energy Incorporated		3.90			11-15-2024		300,000		283,104
Noble Energy Incorporated		4.15			12-15-2021		500,000		497,057
Noble Energy Incorporated		5.05			11-15-2044		500,000		444,089
Noble Energy Incorporated		6.00			3-1-2041		565,000		549,639
Noble Energy Incorporated		8.25			3-1-2019		350,000		407,786
Northwest Pipeline Corporation		6.05			6-15-2018		170,000		187,247
Occidental Petroleum Corporation		1.50			2-15-2018		250,000		247,947
Occidental Petroleum Corporation		1.75			2-15-2017		500,000		502,988
Occidental Petroleum Corporation		2.70			2-15-2023		500,000		474,436
Occidental Petroleum Corporation		3.13			2-15-2022		500,000		495,666
Occidental Petroleum Corporation		3.50			6-15-2025		300,000		299,241
Occidental Petroleum Corporation		4.10			2-1-2021		460,000		489,353
Occidental Petroleum Corporation		4.63			6-15-2045		300,000		297,165
ONEOK Partners LP		3.20			9-15-2018		125,000		125,515
ONEOK Partners LP		3.38			10-1-2022		1,000,000		895,295
ONEOK Partners LP		6.13			2-1-2041		500,000		453,057
ONEOK Partners LP		6.15			10-1-2016		200,000		208,703
ONEOK Partners LP		6.20			9-15-2043		179,000		162,228
ONEOK Partners LP		6.85			10-15-2037		500,000		489,306
ONEOK Partners LP		8.63			3-1-2019		350,000		411,965
Phillips 66		2.95			5-1-2017		1,000,000		1,021,866
Phillips 66		4.30			4-1-2022		1,000,000		1,043,520
Phillips 66		4.65			11-15-2034		200,000		194,688
Phillips 66		4.88			11-15-2044		200,000		190,099


42		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Phillips 66		5.88	%		5-1-2042	$	750,000	$	806,370
Pioneer Natural Resources Company		3.95			7-15-2022		1,000,000		978,360
Plains All American Pipeline LP		2.60			12-15-2019		200,000		193,852
Plains All American Pipeline LP		3.60			11-1-2024		300,000		278,936
Plains All American Pipeline LP		3.65			6-1-2022		500,000		484,218
Plains All American Pipeline LP		3.85			10-15-2023		500,000		477,269
Plains All American Pipeline LP		4.90			2-15-2045		250,000		224,613
Plains All American Pipeline LP		5.00			2-1-2021		200,000		211,154
Plains All American Pipeline LP		5.15			6-1-2042		500,000		455,192
Plains All American Pipeline LP		6.50			5-1-2018		150,000		164,908
Plains All American Pipeline LP		6.65			1-15-2037		200,000		216,945
Plains All American Pipeline LP		8.75			5-1-2019		400,000		467,030
Rowan Companies Incorporated		4.75			1-15-2024		200,000		169,355
Rowan Companies Incorporated		5.40			12-1-2042		150,000		105,596
Rowan Companies Incorporated		5.85			1-15-2044		200,000		145,747
Rowan Companies Incorporated		7.88			8-1-2019		300,000		321,944
Southern Natural Gas Company		4.40			6-15-2021		1,000,000		1,022,823
Southern Natural Gas Company 144A		5.90			4-1-2017		500,000		527,610
Southwestern Energy Company		4.10			3-15-2022		1,000,000		907,848
Spectra Energy Capital LLC		3.30			3-15-2023		200,000		176,612
Spectra Energy Capital LLC		4.60			6-15-2021		100,000		104,099
Spectra Energy Capital LLC		7.50			9-15-2038		100,000		108,877
Spectra Energy Capital LLC		8.00			10-1-2019		100,000		116,806
Spectra Energy Partners LP		2.95			9-25-2018		500,000		505,221
Spectra Energy Partners LP		4.75			3-15-2024		350,000		355,642
Sunoco Logistics Partner LP		3.45			1-15-2023		200,000		180,337
Sunoco Logistics Partner LP		4.95			1-15-2043		150,000		121,019
Sunoco Logistics Partner LP		5.30			4-1-2044		500,000		422,284
Sunoco Logistics Partner LP		5.35			5-15-2045		200,000		170,262
Sunoco Logistics Partner LP		6.85			2-15-2040		250,000		254,957
TC Pipelines LP		4.65			6-15-2021		300,000		305,462
Tennessee Gas Pipeline Company		7.00			10-15-2028		250,000		288,582
Texas Eastern Transmission LP		7.00			7-15-2032		325,000		388,761
Transcontinental Gas Pipe Line Corporation		6.05			6-15-2018		105,000		115,652
Valero Energy Corporation		6.13			6-15-2017		500,000		538,176
Valero Energy Corporation		6.13			2-1-2020		65,000		73,105
Valero Energy Corporation		6.63			6-15-2037		1,000,000		1,099,368
Valero Energy Corporation		7.50			4-15-2032		300,000		356,929
Valero Energy Corporation		9.38			3-15-2019		250,000		304,681
Western Gas Partners LP		4.00			7-1-2022		400,000		388,203
Western Gas Partners LP		5.45			4-1-2044		500,000		468,173
Williams Companies Incorporated		3.70			1-15-2023		500,000		433,189
Williams Companies Incorporated		4.55			6-24-2024		650,000		575,327
Williams Companies Incorporated		7.88			9-1-2021		200,000		220,159
Williams Companies Incorporated		8.75			3-15-2032		275,000		316,224
Williams Partners LP		3.35			8-15-2022		250,000		229,606
Williams Partners LP		3.60			3-15-2022		1,500,000		1,419,272
Williams Partners LP		4.13			11-15-2020		300,000		304,946
Williams Partners LP		4.30			3-4-2024		500,000		468,202
Williams Partners LP		4.50			11-15-2023		400,000		387,756


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			43


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Williams Partners LP		5.10	%		9-15-2045	$	1,000,000	$	815,628
Williams Partners LP		5.25			3-15-2020		640,000		683,679
Williams Partners LP		5.80			11-15-2043		1,000,000		892,985
Williams Partners LP		6.30			4-15-2040		390,000		373,532
XTO Energy Incorporated		6.50			12-15-2018		500,000		576,542

									106,837,220


Financials: 6.65%

Banks: 2.39%
ABB Finance (USA) Incorporated		1.63			5-8-2017		100,000		100,306
ABB Finance (USA) Incorporated		2.88			5-8-2022		1,100,000		1,078,157
ABB Finance (USA) Incorporated		4.38			5-8-2042		37,000		36,160
Bank of America Corporation		1.70			8-25-2017		500,000		499,141
Bank of America Corporation		1.95			5-12-2018		250,000		249,295
Bank of America Corporation		2.00			1-11-2018		1,250,000		1,249,755
Bank of America Corporation		2.60			1-15-2019		554,000		557,839
Bank of America Corporation		3.30			1-11-2023		1,600,000		1,575,370
Bank of America Corporation		3.95			4-21-2025		3,000,000		2,900,778
Bank of America Corporation		4.00			4-1-2024		2,500,000		2,551,565
Bank of America Corporation		4.13			1-22-2024		1,250,000		1,291,304
Bank of America Corporation		4.20			8-26-2024		1,700,000		1,684,420
Bank of America Corporation		5.00			1-21-2044		1,200,000		1,267,490
Bank of America Corporation		5.30			3-15-2017		275,000		289,088
Bank of America Corporation		5.49			3-15-2019		250,000		277,169
Bank of America Corporation		5.63			10-14-2016		100,000		104,526
Bank of America Corporation		5.63			7-1-2020		1,500,000		1,684,053
Bank of America Corporation		5.70			1-24-2022		2,000,000		2,258,264
Bank of America Corporation		5.75			12-1-2017		1,500,000		1,622,637
Bank of America Corporation		5.88			1-5-2021		500,000		569,105
Bank of America Corporation		5.88			2-7-2042		500,000		585,325
Bank of America Corporation		6.00			9-1-2017		1,000,000		1,078,624
Bank of America Corporation		6.00			10-15-2036		800,000		957,843
Bank of America Corporation		7.63			6-1-2019		2,500,000		2,951,025
Bank One Corporation		7.63			10-15-2026		240,000		306,587
Bank One Corporation		8.00			4-29-2027		550,000		722,127
Branch Banking & Trust Corporation		1.35			10-1-2017		1,200,000		1,196,080
Branch Banking & Trust Corporation		2.15			3-22-2017		500,000		506,852
Branch Banking & Trust Corporation		2.30			10-15-2018		500,000		504,920
Branch Banking & Trust Corporation		3.80			10-30-2026		400,000		406,291
Branch Banking & Trust Corporation		3.95			3-22-2022		500,000		523,035
Branch Banking & Trust Corporation		5.63			9-15-2016		100,000		104,379
Branch Banking & Trust Corporation		6.85			4-30-2019		500,000		583,240
Citigroup Incorporated		1.35			3-10-2017		2,000,000		1,993,400
Citigroup Incorporated		1.55			8-14-2017		1,100,000		1,096,402
Citigroup Incorporated		1.75			5-1-2018		100,000		99,224
Citigroup Incorporated		2.50			9-26-2018		400,000		403,760
Citigroup Incorporated		2.50			7-29-2019		1,000,000		999,002
Citigroup Incorporated		3.30			4-27-2025		1,250,000		1,208,324
Citigroup Incorporated		3.38			3-1-2023		632,000		627,372


44		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Banks (continued)
Citigroup Incorporated		3.50	%		5-15-2023	$	500,000	$	483,504
Citigroup Incorporated		3.75			6-16-2024		1,550,000		1,562,532
Citigroup Incorporated		3.88			10-25-2023		850,000		863,214
Citigroup Incorporated		4.05			7-30-2022		400,000		409,396
Citigroup Incorporated		4.40			6-10-2025		1,000,000		1,005,302
Citigroup Incorporated		4.50			1-14-2022		1,500,000		1,606,329
Citigroup Incorporated		4.95			11-7-2043		200,000		206,514
Citigroup Incorporated		5.38			8-9-2020		500,000		555,738
Citigroup Incorporated		5.50			2-15-2017		1,000,000		1,053,256
Citigroup Incorporated		5.50			9-13-2025		1,000,000		1,085,835
Citigroup Incorporated		5.88			1-30-2042		500,000		579,516
Citigroup Incorporated		6.00			8-15-2017		100,000		107,924
Citigroup Incorporated		6.00			10-31-2033		725,000		822,230
Citigroup Incorporated		6.13			11-21-2017		1,000,000		1,089,258
Citigroup Incorporated		6.13			5-15-2018		3,000,000		3,310,845
Citigroup Incorporated		6.13			8-25-2036		500,000		575,403
Citigroup Incorporated		8.13			7-15-2039		855,000		1,237,362
Citigroup Incorporated		8.50			5-22-2019		900,000		1,086,391
City National Corporation		5.25			9-15-2020		200,000		225,935
Comerica Bank		5.75			11-21-2016		500,000		525,838
Comerica Incorporated		3.80			7-22-2026		250,000		245,435
Commonwealth Bank of Australia (New York)		1.13			3-13-2017		1,000,000		998,823
Commonwealth Bank of Australia (New York)		1.90			9-18-2017		250,000		252,120
Commonwealth Bank of Australia (New York)		2.25			3-13-2019		1,000,000		1,004,409
Commonwealth Bank of Australia (New York)		2.50			9-20-2018		1,500,000		1,526,145
Compass Bank		2.75			9-29-2019		250,000		246,321
Compass Bank		6.40			10-1-2017		250,000		270,150
Credit Suisse (New York)		1.38			5-26-2017		2,000,000		1,996,572
Discover Bank		3.10			6-4-2020		500,000		498,952
Discover Bank		3.20			8-9-2021		500,000		491,513
Discover Bank		4.20			8-8-2023		500,000		505,648
Discover Bank		4.25			3-13-2026		250,000		246,678
Fifth Third Bancorp		1.15			11-18-2016		350,000		349,385
Fifth Third Bancorp		2.30			3-1-2019		1,000,000		999,756
Fifth Third Bancorp		4.30			1-16-2024		500,000		511,730
Fifth Third Bancorp		5.45			1-15-2017		500,000		524,825
Fifth Third Bancorp		8.25			3-1-2038		750,000		1,061,786
Fifth Third Bank		2.88			10-1-2021		300,000		298,047
HSBC Bank USA NA		1.63			1-16-2018		1,000,000		995,230
HSBC Bank USA NA		2.25			6-23-2019		1,900,000		1,891,121
HSBC Bank USA NA		4.88			8-24-2020		800,000		876,350
HSBC Bank USA NA		5.00			9-27-2020		500,000		548,445
HSBC Bank USA NA		5.63			8-15-2035		225,000		253,507
HSBC Bank USA NA		7.00			1-15-2039		500,000		648,729
Huntington Bancshares Incorporated		2.60			8-2-2018		250,000		252,221
Huntington Bancshares Incorporated		7.00			12-15-2020		25,000		29,750
Huntington National Bank		1.30			11-20-2016		265,000		264,568
JPMorgan Chase & Company		1.35			2-15-2017		2,000,000		1,998,942
JPMorgan Chase & Company		1.80			1-25-2018		500,000		498,575
JPMorgan Chase & Company		2.00			8-15-2017		1,500,000		1,509,888


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			45


Security name	Interest rate			Maturity date		Principal		Value


Banks (continued)
JPMorgan Chase & Company		2.25	%		1-23-2020	$	1,750,000	$	1,727,192
JPMorgan Chase & Company		2.35			1-28-2019		500,000		501,726
JPMorgan Chase & Company		2.75			6-23-2020		1,000,000		1,002,812
JPMorgan Chase & Company		3.13			1-23-2025		1,000,000		956,947
JPMorgan Chase & Company		3.20			1-25-2023		1,000,000		984,275
JPMorgan Chase & Company		3.25			9-23-2022		1,500,000		1,487,606
JPMorgan Chase & Company		3.38			5-1-2023		1,000,000		959,654
JPMorgan Chase & Company		3.63			5-13-2024		2,000,000		1,994,248
JPMorgan Chase & Company		4.13			12-15-2026		1,000,000		992,258
JPMorgan Chase & Company		4.25			10-15-2020		1,000,000		1,070,789
JPMorgan Chase & Company		4.40			7-22-2020		1,500,000		1,606,290
JPMorgan Chase & Company		4.50			1-24-2022		1,500,000		1,601,450
JPMorgan Chase & Company		4.63			5-10-2021		1,500,000		1,624,517
JPMorgan Chase & Company		5.40			1-6-2042		750,000		842,407
JPMorgan Chase & Company		5.60			7-15-2041		1,100,000		1,252,345
JPMorgan Chase & Company		5.63			8-16-2043		200,000		214,868
JPMorgan Chase & Company		6.00			10-1-2017		1,250,000		1,349,063
JPMorgan Chase & Company		6.00			1-15-2018		1,000,000		1,092,958
JPMorgan Chase & Company		6.40			5-15-2038		1,350,000		1,686,783
KeyBank NA		1.10			11-25-2016		300,000		299,731
KeyBank NA		1.65			2-1-2018		400,000		398,503
KeyCorp		2.30			12-13-2018		300,000		301,576
KeyCorp		5.10			3-24-2021		1,500,000		1,655,045
Manufacturers & Traders Trust Company		1.25			1-30-2017		355,000		355,138
Manufacturers & Traders Trust Company		1.40			7-25-2017		300,000		298,969
Manufacturers & Traders Trust Company		2.25			7-25-2019		850,000		847,539
Manufacturers & Traders Trust Company		6.63			12-4-2017		500,000		554,522
MUFG Americas Holdings Corporation		3.00			2-10-2025		500,000		474,978
PNC Bank NA		1.13			1-27-2017		500,000		498,116
PNC Bank NA		1.50			10-18-2017		500,000		499,832
PNC Bank NA		1.60			6-1-2018		1,000,000		993,332
PNC Bank NA		2.25			7-2-2019		750,000		746,988
PNC Bank NA		2.70			11-1-2022		350,000		335,517
PNC Bank NA		2.95			1-30-2023		300,000		289,916
PNC Bank NA		3.30			10-30-2024		500,000		493,183
PNC Bank NA		3.80			7-25-2023		300,000		306,263
PNC Bank NA		4.20			11-1-2025		1,500,000		1,560,477
PNC Bank NA		6.00			12-7-2017		500,000		545,680
PNC Bank NA		6.88			4-1-2018		175,000		195,217
Regions Financial Corporation		2.00			5-15-2018		300,000		298,387
Sovereign Bank		8.75			5-30-2018		250,000		287,460
SunTrust Bank Incorporated		6.00			9-11-2017		750,000		811,368
SunTrust Bank Incorporated		7.25			3-15-2018		500,000		558,800
SVB Financial Group		5.38			9-15-2020		160,000		177,065
Union Bank NA		2.13			6-16-2017		410,000		413,103
Union Bank NA		2.63			9-26-2018		500,000		506,727
UnionBanCal Corporation		3.50			6-18-2022		200,000		201,071
US Bancorp NA		1.65			5-15-2017		1,000,000		1,005,684
US Bancorp NA		1.95			11-15-2018		250,000		251,207
US Bancorp NA		2.20			4-25-2019		1,000,000		1,011,493


46		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Banks (continued)
US Bancorp NA		2.95	%		7-15-2022	$	575,000	$	564,235
US Bancorp NA		3.00			3-15-2022		500,000		505,001
US Bancorp NA		3.60			9-11-2024		500,000		500,988
US Bancorp NA		4.13			5-24-2021		1,000,000		1,080,211
US Bank NA		1.10			1-30-2017		1,000,000		1,000,109
US Bank NA		1.38			9-11-2017		500,000		500,317
Wachovia Bank NA (l)		5.85			2-1-2037		1,000,000		1,204,698
Wachovia Bank NA (l)		6.60			1-15-2038		600,000		783,825
Wachovia Corporation (l)		5.50			8-1-2035		700,000		784,224
Wachovia Corporation (l)		5.63			10-15-2016		1,200,000		1,257,852
Wachovia Corporation (l)		5.75			6-15-2017		1,000,000		1,075,600
Wachovia Corporation (l)		5.75			2-1-2018		1,000,000		1,093,630
Wells Fargo & Company (l)		1.50			1-16-2018		1,000,000		996,746
Wells Fargo & Company (l)		2.10			5-8-2017		1,000,000		1,011,616
Wells Fargo & Company (l)		2.15			1-30-2020		2,500,000		2,477,335
Wells Fargo & Company (l)		2.63			12-15-2016		1,000,000		1,019,687
Wells Fargo & Company (l)		3.30			9-9-2024		1,500,000		1,487,580
Wells Fargo & Company (l)		3.45			2-13-2023		750,000		746,432
Wells Fargo & Company (l)		3.50			3-8-2022		1,000,000		1,026,379
Wells Fargo & Company (l)		4.10			6-3-2026		1,000,000		1,003,622
Wells Fargo & Company (l)		4.13			8-15-2023		1,000,000		1,030,904
Wells Fargo & Company (l)		4.60			4-1-2021		1,250,000		1,366,969
Wells Fargo & Company (l)		5.38			11-2-2043		1,000,000		1,072,463
Wells Fargo & Company (l)		5.61			1-15-2044		1,000,000		1,111,789
Wells Fargo & Company (l)		5.63			12-11-2017		1,500,000		1,632,813
Wells Fargo Bank NA (l)		5.95			8-26-2036		350,000		417,454
Wells Fargo Capital X (l)		5.95			12-1-2086		500,000		502,500

									146,264,231


Capital Markets: 1.17%
AGL Capital Corporation		4.40			6-1-2043		200,000		191,222
AGL Capital Corporation		5.88			3-15-2041		570,000		655,622
Ameriprise Financial Incorporated		4.00			10-15-2023		500,000		518,326
Ameriprise Financial Incorporated		5.30			3-15-2020		300,000		337,519
Ameriprise Financial Incorporated		7.30			6-28-2019		65,000		76,648
AmeriTech Capital Funding Corporation		6.45			1-15-2018		300,000		327,845
Ares Capital Corporation		3.88			1-15-2020		400,000		407,280
Ares Capital Corporation		4.88			11-30-2018		100,000		104,270
Bank of New York Mellon Corporation		1.35			3-6-2018		350,000		347,452
Bank of New York Mellon Corporation		2.10			1-15-2019		300,000		299,879
Bank of New York Mellon Corporation		3.40			5-15-2024		1,000,000		1,004,132
Bank of New York Mellon Corporation		3.55			9-23-2021		600,000		624,522
Bank of New York Mellon Corporation		3.95			11-18-2025		250,000		259,903
Bank of New York Mellon Corporation		4.15			2-1-2021		100,000		108,121
Bank of New York Mellon Corporation		5.45			5-15-2019		1,000,000		1,111,106
Bear Stearns Companies Incorporated		5.55			1-22-2017		1,025,000		1,078,191
Bear Stearns Companies Incorporated		6.40			10-2-2017		620,000		676,587
Bear Stearns Companies Incorporated		7.25			2-1-2018		1,500,000		1,679,016
BlackRock Incorporated		3.38			6-1-2022		500,000		514,276


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			47


Security name	Interest rate			Maturity date		Principal		Value


Capital Markets (continued)
BlackRock Incorporated		4.25	%		5-24-2021	$	500,000	$	547,252
BlackRock Incorporated		5.00			12-10-2019		250,000		278,589
BlackRock Incorporated		6.25			9-15-2017		350,000		384,221
Charles Schwab Corporation		2.20			7-25-2018		150,000		151,817
Charles Schwab Corporation		3.23			9-1-2022		425,000		434,441
Charles Schwab Corporation		4.45			7-22-2020		200,000		219,528
Eaton Vance Corporation		3.63			6-15-2023		100,000		100,740
Eaton Vance Corporation		6.50			10-2-2017		30,000		32,828
Franklin Resources Incorporated		2.80			9-15-2022		300,000		295,918
Franklin Resources Incorporated		4.63			5-20-2020		250,000		276,026
FS Investment Corporation		4.00			7-15-2019		250,000		251,455
Goldman Sachs Group Incorporated		3.63			1-22-2023		1,500,000		1,506,479
Goldman Sachs Group Incorporated		3.75			5-22-2025		500,000		497,460
Goldman Sachs Group Incorporated		4.80			7-8-2044	��	1,000,000		1,009,857
Goldman Sachs Group Incorporated		5.15			5-22-2045		750,000		738,905
Goldman Sachs Group Incorporated		5.25			7-27-2021		1,100,000		1,222,861
Goldman Sachs Group Incorporated		5.38			3-15-2020		1,500,000		1,662,561
Goldman Sachs Group Incorporated		5.75			10-1-2016		500,000		523,666
Goldman Sachs Group Incorporated		5.75			1-24-2022		2,000,000		2,273,378
Goldman Sachs Group Incorporated		5.95			1-18-2018		2,000,000		2,181,924
Goldman Sachs Group Incorporated		5.95			1-15-2027		1,070,000		1,197,406
Goldman Sachs Group Incorporated		6.00			6-15-2020		1,000,000		1,139,301
Goldman Sachs Group Incorporated		6.13			2-15-2033		1,000,000		1,186,707
Goldman Sachs Group Incorporated		6.15			4-1-2018		1,750,000		1,928,486
Goldman Sachs Group Incorporated		6.25			9-1-2017		1,250,000		1,358,454
Goldman Sachs Group Incorporated		6.25			2-1-2041		1,500,000		1,787,508
Goldman Sachs Group Incorporated		6.45			5-1-2036		1,000,000		1,145,952
Goldman Sachs Group Incorporated		6.75			10-1-2037		925,000		1,100,493
Goldman Sachs Group Incorporated		7.50			2-15-2019		2,300,000		2,683,456
Jefferies Group Incorporated		5.13			1-20-2023		1,000,000		1,031,543
Jefferies Group Incorporated		6.25			1-15-2036		150,000		138,422
Jefferies Group Incorporated		6.45			6-8-2027		150,000		154,154
Jefferies Group Incorporated		6.50			1-20-2043		250,000		234,433
Jefferies Group Incorporated		6.88			4-15-2021		150,000		167,489
Jefferies Group Incorporated		8.50			7-15-2019		700,000		831,779
Legg Mason Incorporated		5.63			1-15-2044		600,000		620,954
Morgan Stanley		2.13			4-25-2018		943,000		946,314
Morgan Stanley		2.80			6-16-2020		1,000,000		1,003,227
Morgan Stanley		3.70			10-23-2024		1,000,000		998,083
Morgan Stanley		3.75			2-25-2023		1,175,000		1,189,962
Morgan Stanley		3.88			4-29-2024		1,000,000		1,014,822
Morgan Stanley		3.95			4-23-2027		1,000,000		951,137
Morgan Stanley		4.10			5-22-2023		750,000		752,126
Morgan Stanley		4.35			9-8-2026		1,250,000		1,247,066
Morgan Stanley		4.75			3-22-2017		1,000,000		1,049,141
Morgan Stanley		4.88			11-1-2022		906,000		958,546
Morgan Stanley		5.00			11-24-2025		750,000		788,670
Morgan Stanley		5.45			1-9-2017		1,000,000		1,051,969
Morgan Stanley		5.50			1-26-2020		1,000,000		1,112,739
Morgan Stanley		5.50			7-24-2020		500,000		557,438


48		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Capital Markets (continued)
Morgan Stanley		5.50	%		7-28-2021	$	1,570,000	$	1,765,848
Morgan Stanley		5.55			4-27-2017		850,000		903,007
Morgan Stanley		5.63			9-23-2019		2,000,000		2,223,130
Morgan Stanley		5.75			10-18-2016		1,500,000		1,574,043
Morgan Stanley		5.75			1-25-2021		1,250,000		1,416,235
Morgan Stanley		6.25			8-9-2026		300,000		357,118
Morgan Stanley		6.38			7-24-2042		1,000,000		1,234,647
Morgan Stanley		6.63			4-1-2018		2,500,000		2,786,060
Morgan Stanley		7.25			4-1-2032		470,000		611,488
Morgan Stanley		7.30			5-13-2019		400,000		468,286
Northern Trust Corporation		3.45			11-4-2020		500,000		522,138
Northern Trust Corporation		3.95			10-30-2025		250,000		260,027
Raymond James Financial Incorporated		8.60			8-15-2019		100,000		121,619
Stifel Financial Corporation		4.25			7-18-2024		200,000		197,678
TD Ameritrade Holding Corporation		3.63			4-1-2025		200,000		201,129
TD Ameritrade Holding Corporation		5.60			12-1-2019		200,000		227,790
Vesey Street Investment Trust I		4.40			9-1-2016		1,500,000		1,543,113

									71,652,956


Consumer Finance: 0.91%
Ahold Finance USA LLC		6.88			5-1-2029		300,000		369,081
American Express Centurion Bank		6.00			9-13-2017		500,000		541,947
American Express Company		1.55			5-22-2018		375,000		371,815
American Express Company		2.65			12-2-2022		575,000		550,661
American Express Company		4.05			12-3-2042		905,000		849,580
American Express Company		5.50			9-12-2016		500,000		522,034
American Express Company ±		6.80			9-1-2066		200,000		202,500
American Express Company		7.00			3-19-2018		800,000		901,759
American Express Company		8.13			5-20-2019		500,000		601,234
American Express Credit Corporation		1.13			6-5-2017		1,000,000		992,551
American Express Credit Corporation		1.55			9-22-2017		500,000		499,216
American Express Credit Corporation		2.13			7-27-2018		200,000		201,140
American Express Credit Corporation		2.25			8-15-2019		1,000,000		996,887
American Express Credit Corporation		2.38			3-24-2017		750,000		761,633
American Express Credit Corporation		2.38			5-26-2020		250,000		247,955
American Express Credit Corporation		2.80			9-19-2016		1,000,000		1,017,012
American Honda Finance Corporation		1.13			10-7-2016		400,000		400,950
American Honda Finance Corporation		1.20			7-14-2017		300,000		298,922
American Honda Finance Corporation		1.55			12-11-2017		400,000		400,813
American Honda Finance Corporation		2.13			10-10-2018		300,000		301,586
American Honda Finance Corporation		2.25			8-15-2019		500,000		501,361
Anadarko Finance Company Series B		7.50			5-1-2031		325,000		397,612
Barrick Gold Finance Company LLC		4.40			5-30-2021		600,000		565,790
Barrick Gold Finance Company LLC		5.70			5-30-2041		300,000		245,449
Bunge Limited Finance Corporation		8.50			6-15-2019		500,000		597,482
Capital One Bank USA NA		1.30			6-5-2017		1,000,000		990,502
Capital One Bank USA NA		2.15			11-21-2018		250,000		248,006
Capital One Bank USA NA		2.25			2-13-2019		500,000		495,944
Capital One Bank USA NA		2.30			6-5-2019		1,000,000		983,719
Capital One Bank USA NA		2.40			9-5-2019		500,000		492,936


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			49


Security name	Interest rate			Maturity date		Principal		Value


Consumer Finance (continued)
Capital One Bank USA NA		3.38	%		2-15-2023	$	500,000	$	475,085
Capital One Bank USA NA		8.80			7-15-2019		750,000		903,990
Capital One Financial Corporation		4.75			7-15-2021		450,000		481,380
Capital One Financial Corporation		6.15			9-1-2016		500,000		522,975
Capital One Financial Corporation		6.75			9-15-2017		283,000		310,518
Caterpillar Financial Services Corporation		1.00			3-3-2017		500,000		499,022
Caterpillar Financial Services Corporation		1.25			8-18-2017		300,000		299,400
Caterpillar Financial Services Corporation		1.35			9-6-2016		750,000		754,195
Caterpillar Financial Services Corporation		2.10			6-9-2019		500,000		499,899
Caterpillar Financial Services Corporation		3.30			6-9-2024		1,000,000		991,169
Caterpillar Financial Services Corporation		3.75			11-24-2023		250,000		256,039
Caterpillar Financial Services Corporation		7.15			2-15-2019		250,000		290,704
Daimler Finance North America LLC		8.50			1-18-2031		425,000		618,170
Devon Financing Corporation LLC		7.88			9-30-2031		620,000		770,592
Discover Financial Services		3.85			11-21-2022		550,000		536,054
Discover Financial Services		5.20			4-27-2022		600,000		632,867
Ford Motor Credit Company LLC		2.38			3-12-2019		1,000,000		987,475
Ford Motor Credit Company LLC		3.00			6-12-2017		5,200,000		5,289,378
Ford Motor Credit Company LLC		3.66			9-8-2024		300,000		289,808
Ford Motor Credit Company LLC		4.25			9-20-2022		773,000		796,696
Ford Motor Credit Company LLC		4.75			1-15-2043		1,000,000		947,634
Ford Motor Credit Company LLC		5.88			8-2-2021		2,000,000		2,244,488
Ford Motor Credit Company LLC		8.00			12-15-2016		600,000		646,939
General Motors Financial Company		2.40			4-10-2018		1,000,000		988,094
General Motors Financial Company		3.15			1-15-2020		1,000,000		987,379
General Motors Financial Company		4.00			1-15-2025		1,400,000		1,324,222
HSBC Finance Corporation		6.68			1-15-2021		1,179,000		1,371,109
John Deere Capital Corporation		1.05			10-11-2016		200,000		200,220
John Deere Capital Corporation		1.05			12-15-2016		600,000		600,575
John Deere Capital Corporation		1.13			6-12-2017		302,000		301,561
John Deere Capital Corporation		1.30			3-12-2018		550,000		546,492
John Deere Capital Corporation		1.40			3-15-2017		500,000		503,210
John Deere Capital Corporation		1.95			12-13-2018		200,000		200,217
John Deere Capital Corporation		2.80			1-27-2023		500,000		492,011
John Deere Capital Corporation		3.90			7-12-2021		300,000		318,995
John Deere Capital Corporation		5.50			4-13-2017		100,000		107,117
John Deere Capital Corporation		5.75			9-10-2018		500,000		556,068
Murray Street Investment Trust I		4.65			3-9-2017		1,000,000		1,041,769
National City Corporation		6.88			5-15-2019		500,000		575,853
Reed Elsevier Capital Incorporated		3.13			10-15-2022		500,000		484,735
Reed Elsevier Capital Incorporated		8.63			1-15-2019		500,000		592,948
Synchrony Financial		3.00			8-15-2019		750,000		751,161
Synchrony Financial		4.25			8-15-2024		750,000		737,692
Toyota Motor Credit Corporation		1.13			5-16-2017		650,000		650,171
Toyota Motor Credit Corporation		1.25			10-5-2017		650,000		648,688
Toyota Motor Credit Corporation		2.00			9-15-2016		500,000		506,090
Toyota Motor Credit Corporation		2.00			10-24-2018		400,000		401,043
Toyota Motor Credit Corporation		2.05			1-12-2017		750,000		760,665
Toyota Motor Credit Corporation		2.10			1-17-2019		350,000		351,889
Toyota Motor Credit Corporation		2.13			7-18-2019		800,000		800,692


50		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Consumer Finance (continued)
Toyota Motor Credit Corporation		3.30	%		1-12-2022	$	1,500,000	$	1,539,422
Toyota Motor Credit Corporation		3.40			9-15-2021		350,000		361,550
Toyota Motor Credit Corporation		4.50			6-17-2020		500,000		548,142

									55,842,334


Diversified Financial Services: 0.70%
Block Financial LLC		5.50			11-1-2022		200,000		218,274
Boeing Capital Corporation		4.70			10-27-2019		500,000		553,027
CME Group Incorporated		5.30			9-15-2043		300,000		333,685
General Electric Capital Corporation		2.30			1-14-2019		500,000		505,167
General Electric Capital Corporation		3.10			1-9-2023		1,000,000		1,001,428
General Electric Capital Corporation		3.35			10-17-2016		1,250,000		1,283,371
General Electric Capital Corporation		4.38			9-16-2020		2,000,000		2,169,376
General Electric Capital Corporation		4.63			1-7-2021		500,000		548,886
General Electric Capital Corporation		4.65			10-17-2021		1,275,000		1,401,437
General Electric Capital Corporation		5.30			2-11-2021		845,000		952,986
General Electric Capital Corporation		5.50			1-8-2020		1,000,000		1,127,969
General Electric Capital Corporation		5.63			9-15-2017		1,500,000		1,622,255
General Electric Capital Corporation		5.63			5-1-2018		2,000,000		2,198,454
General Electric Capital Corporation		5.88			1-14-2038		2,500,000		3,016,865
General Electric Capital Corporation		6.00			8-7-2019		850,000		969,182
General Electric Capital Corporation		6.15			8-7-2037		650,000		800,952
General Electric Capital Corporation ±		6.38			11-15-2067		1,000,000		1,067,500
General Electric Capital Corporation		6.75			3-15-2032		2,100,000		2,751,267
General Electric Capital Corporation		6.88			1-10-2039		1,500,000		2,009,889
ING US Incorporated		2.90			2-15-2018		400,000		407,520
ING US Incorporated		5.50			7-15-2022		500,000		563,311
IntercontinentalExchange Incorporated		2.50			10-15-2018		225,000		228,762
IntercontinentalExchange Incorporated		4.00			10-15-2023		200,000		206,448
Leucadia National Corporation		5.50			10-18-2023		240,000		241,541
Leucadia National Corporation		6.63			10-23-2043		120,000		113,125
McGraw Hill Financial Incorporated 144A		4.00			6-15-2025		325,000		314,246
McGraw Hill Financial Incorporated		5.90			11-15-2017		250,000		270,905
Mellon Funding Corporation		5.50			11-15-2018		200,000		220,816
Merrill Lynch & Company Incorporated		5.70			5-2-2017		700,000		740,739
Merrill Lynch & Company Incorporated		6.11			1-29-2037		600,000		679,431
Merrill Lynch & Company Incorporated		6.40			8-28-2017		3,000,000		3,257,679
Merrill Lynch & Company Incorporated		6.88			4-25-2018		1,690,000		1,894,525
Merrill Lynch & Company Incorporated		7.75			5-14-2038		750,000		1,006,212
Moody’s Corporation		4.50			9-1-2022		250,000		265,261
Moody’s Corporation		4.88			2-15-2024		350,000		365,344
Moody’s Corporation		5.25			7-15-2044		300,000		310,882
NASDAQ OMX Group Incorporated		5.25			1-16-2018		60,000		64,517
NASDAQ OMX Group Incorporated		5.55			1-15-2020		500,000		545,089
National Rural Utilities Cooperative Finance Corporation		1.10			1-27-2017		250,000		250,259
National Rural Utilities Cooperative Finance Corporation		2.15			2-1-2019		100,000		100,052
National Rural Utilities Cooperative Finance Corporation		2.30			11-15-2019		333,000		333,406
National Rural Utilities Cooperative Finance Corporation		4.02			11-1-2032		200,000		197,048
National Rural Utilities Cooperative Finance Corporation		5.45			4-10-2017		250,000		266,882
National Rural Utilities Cooperative Finance Corporation		10.38			11-1-2018		700,000		873,870


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			51


Security name	Interest rate			Maturity date		Principal		Value


Diversified Financial Services (continued)
National Rural Utilities Cooperative Finance Corporation Series C		8.00	%		3-1-2032	$	300,000	$	418,867
NCUA Guaranteed Notes		3.45			6-12-2021		200,000		216,248
PNC Funding Corporation		2.70			9-19-2016		1,000,000		1,013,952
PNC Funding Corporation		5.13			2-8-2020		150,000		166,284
PNC Funding Corporation		5.63			2-1-2017		350,000		369,109
PNC Funding Corporation		6.70			6-10-2019		500,000		579,870
Private Export Funding Corporation		1.38			2-15-2017		375,000		378,174
Private Export Funding Corporation		2.05			11-15-2022		250,000		241,064
Private Export Funding Corporation		2.25			3-15-2020		750,000		758,976
Private Export Funding Corporation		2.45			7-15-2024		300,000		290,611
Private Export Funding Corporation		4.30			12-15-2021		100,000		112,234
TECO Finance Incorporated		5.15			3-15-2020		65,000		70,982
TECO Finance Incorporated		6.57			11-1-2017		250,000		274,160

									43,140,371


Insurance: 0.79%
ACE INA Holdings Incorporated		3.15			3-15-2025		1,000,000		958,869
ACE INA Holdings Incorporated		3.35			5-15-2024		500,000		490,167
ACE INA Holdings Incorporated		5.90			6-15-2019		500,000		566,224
Aegon Funding Corporation		5.75			12-15-2020		75,000		84,562
AFLAC Incorporated		3.63			6-15-2023		500,000		503,090
AFLAC Incorporated		6.90			12-17-2039		250,000		316,624
Alleghany Corporation		5.63			9-15-2020		100,000		111,434
Allied World Assurance		5.50			11-15-2020		300,000		333,215
Allstate Corporation		5.55			5-9-2035		830,000		967,079
Allstate Corporation ±		6.50			5-15-2067		200,000		222,000
Allstate Corporation		7.45			5-16-2019		650,000		774,044
American International Group Incorporated		4.13			2-15-2024		1,000,000		1,033,909
American International Group Incorporated		4.50			7-16-2044		750,000		716,166
American International Group Incorporated		4.88			6-1-2022		500,000		545,186
American International Group Incorporated		5.85			1-16-2018		1,350,000		1,474,720
American International Group Incorporated		6.25			5-1-2036		400,000		476,598
American International Group Incorporated		6.40			12-15-2020		1,000,000		1,171,093
American International Group Incorporated ±		8.18			5-15-2068		250,000		330,000
AON Corporation		5.00			9-30-2020		550,000		605,498
AON Corporation		6.25			9-30-2040		100,000		115,987
Arch Capital Group Limited		5.14			11-1-2043		210,000		214,179
Assurant Incorporated		6.75			2-15-2034		375,000		436,769
AXIS Specialty Finance LLC		5.88			6-1-2020		200,000		225,788
Berkshire Hathaway Finance Corporation		1.30			5-15-2018		200,000		199,743
Berkshire Hathaway Finance Corporation		1.60			5-15-2017		500,000		503,277
Berkshire Hathaway Finance Corporation		2.00			8-15-2018		250,000		253,108
Berkshire Hathaway Finance Corporation		2.90			10-15-2020		225,000		231,060
Berkshire Hathaway Finance Corporation		4.25			1-15-2021		500,000		543,306
Berkshire Hathaway Finance Corporation		4.30			5-15-2043		300,000		283,827
Berkshire Hathaway Finance Corporation		4.40			5-15-2042		500,000		482,729
Berkshire Hathaway Finance Corporation		5.40			5-15-2018		350,000		383,749
Berkshire Hathaway Finance Corporation		5.75			1-15-2040		250,000		292,932
Berkshire Hathaway Incorporated		1.55			2-9-2018		300,000		300,438
Berkshire Hathaway Incorporated		1.90			1-31-2017		1,275,000		1,290,129


52		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Insurance (continued)
Berkshire Hathaway Incorporated		2.10	%		8-14-2019	$	300,000	$	301,990
Berkshire Hathaway Incorporated		3.00			2-11-2023		100,000		99,833
Berkshire Hathaway Incorporated		3.40			1-31-2022		250,000		258,953
Berkshire Hathaway Incorporated		4.50			2-11-2043		400,000		390,527
CHUBB Corporation		5.75			5-15-2018		250,000		277,473
CHUBB Corporation		6.00			5-11-2037		280,000		343,465
CHUBB Corporation ±		6.38			3-29-2067		350,000		345,625
CHUBB Corporation		6.50			5-15-2038		350,000		450,575
Cincinnati Financial Corporation		6.92			5-15-2028		75,000		94,612
CNA Financial Corporation		5.88			8-15-2020		500,000		563,184
CNA Financial Corporation		7.35			11-15-2019		295,000		347,822
Endurance Specialty Holdings Limited		7.00			7-15-2034		200,000		238,138
Fidelity National Financial Incorporated		5.50			9-1-2022		100,000		105,962
First American Financial Corporation		4.60			11-15-2024		100,000		101,402
GE Global Insurance Holdings		7.00			2-15-2026		430,000		552,276
Hartford Financial Services Group Incorporated		4.30			4-15-2043		43,000		40,679
Hartford Financial Services Group Incorporated		5.13			4-15-2022		240,000		266,487
Hartford Financial Services Group Incorporated		5.50			10-15-2016		250,000		261,922
Hartford Financial Services Group Incorporated		5.50			3-30-2020		250,000		279,777
Hartford Financial Services Group Incorporated		5.95			10-15-2036		75,000		88,631
Hartford Financial Services Group Incorporated		6.10			10-1-2041		250,000		296,538
Hartford Financial Services Group Incorporated		6.30			3-15-2018		250,000		275,930
Hartford Financial Services Group Incorporated		6.63			3-30-2040		500,000		630,321
Infinity Property & Casualty Corporation		5.00			9-19-2022		100,000		104,541
Lincoln National Corporation		4.00			9-1-2023		250,000		255,907
Lincoln National Corporation		4.85			6-24-2021		80,000		87,418
Lincoln National Corporation		6.15			4-7-2036		500,000		580,375
Lincoln National Corporation		6.25			2-15-2020		300,000		345,647
Lincoln National Corporation		8.75			7-1-2019		220,000		269,395
Loews Corporation		2.63			5-15-2023		150,000		142,001
Loews Corporation		4.13			5-15-2043		200,000		180,102
Markel Corporation		3.63			3-30-2023		150,000		148,115
Markel Corporation		5.00			3-30-2043		100,000		100,359
Markel Corporation		5.35			6-1-2021		100,000		110,769
Markel Corporation		7.13			9-30-2019		100,000		117,137
Marsh & McLennan Companies Incorporated		2.35			9-10-2019		1,000,000		1,004,989
Marsh & McLennan Companies Incorporated		4.80			7-15-2021		300,000		328,497
MetLife Incorporated		1.90			12-15-2017		250,000		251,216
MetLife Incorporated		4.13			8-13-2042		300,000		277,140
MetLife Incorporated		4.37			9-15-2023		167,000		176,799
MetLife Incorporated		4.72			12-15-2044		250,000		256,788
MetLife Incorporated		4.75			2-8-2021		750,000		824,523
MetLife Incorporated		4.88			11-13-2043		500,000		522,967
MetLife Incorporated		5.70			6-15-2035		400,000		459,935
MetLife Incorporated		5.88			2-6-2041		700,000		826,078
MetLife Incorporated		6.38			6-15-2034		280,000		343,695
MetLife Incorporated		6.40			12-15-2066		800,000		879,000
MetLife Incorporated		6.50			12-15-2032		200,000		249,419
MetLife Incorporated Series A		6.82			8-15-2018		750,000		857,936
OneBeacon US Holdings Incorporated		4.60			11-9-2022		100,000		100,810


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			53


Security name	Interest rate			Maturity date		Principal		Value


Insurance (continued)
PartnerRe Finance B LLC		5.50	%		6-1-2020	$	250,000	$	278,653
Principal Financial Group Incorporated		3.30			9-15-2022		250,000		248,892
Principal Financial Group Incorporated		3.40			5-15-2025		200,000		193,031
Principal Financial Group Incorporated		4.63			9-15-2042		250,000		244,946
Principal Financial Group Incorporated ±		4.70			5-15-2055		500,000		497,550
ProAssurance Corporation		5.30			11-15-2023		200,000		213,338
Progressive Corporation		3.75			8-23-2021		1,000,000		1,059,373
Progressive Corporation		6.25			12-1-2032		75,000		93,853
Progressive Corporation ±		6.70			6-15-2067		500,000		507,500
Protective Life Corporation		7.38			10-15-2019		500,000		590,483
Prudential Financial Incorporated		4.50			11-16-2021		250,000		272,795
Prudential Financial Incorporated		4.60			5-15-2044		500,000		486,764
Prudential Financial Incorporated ±		5.20			3-15-2044		250,000		244,688
Prudential Financial Incorporated		5.38			6-21-2020		500,000		558,607
Prudential Financial Incorporated ±		5.63			6-15-2043		1,000,000		1,026,500
Prudential Financial Incorporated		5.70			12-14-2036		538,000		595,367
Prudential Financial Incorporated ±		5.88			9-15-2042		500,000		527,500
Prudential Financial Incorporated		6.20			11-15-2040		250,000		296,304
Prudential Financial Incorporated		6.63			12-1-2037		65,000		79,816
Prudential Financial Incorporated		7.38			6-15-2019		355,000		416,584
Prudential Financial Incorporated ±		8.88			6-15-2068		200,000		230,660
Prudential Financial Incorporated Series B		5.75			7-15-2033		500,000		569,632
Prudential Financial Incorporated Series C		5.40			6-13-2035		180,000		194,158
Reinsurance Group of America Incorporated		4.70			9-15-2023		300,000		320,167
Reinsurance Group of America Incorporated		5.00			6-1-2021		60,000		65,288
Reinsurance Group of America Incorporated		6.45			11-15-2019		350,000		398,077
StanCorp Financial Group Incorporated		5.00			8-15-2022		100,000		105,184
Torchmark Corporation		3.80			9-15-2022		350,000		351,259
Transatlantic Holdings Incorporated		8.00			11-30-2039		100,000		132,417
Travelers Companies Incorporated		5.35			11-1-2040		350,000		396,006
Travelers Companies Incorporated		5.75			12-15-2017		250,000		274,117
Travelers Companies Incorporated		5.90			6-2-2019		500,000		567,755
Travelers Companies Incorporated		6.25			6-15-2037		365,000		452,264
Travelers Property Casualty Corporation		6.38			3-15-2033		600,000		758,583
Unitrin Incorporated		6.00			5-15-2017		100,000		105,719
Unum Group		4.00			3-15-2024		500,000		515,895
Unum Group		7.13			9-30-2016		115,000		121,742
WR Berkley Corporation		5.38			9-15-2020		200,000		221,379
WR Berkley Corporation		6.25			2-15-2037		100,000		118,942
XL Capital Limited		6.25			5-15-2027		100,000		117,684
XL Capital Limited		6.38			11-15-2024		100,000		118,024

									48,418,675


Real Estate Management & Development: 0.01%
CubeSmart LP		4.38			12-15-2023		250,000		259,882
Jones Lang LaSalle Incorporated		4.40			11-15-2022		100,000		102,301
Regency Centers LP		4.80			4-15-2021		200,000		217,212
Regency Centers LP		5.88			6-15-2017		100,000		107,351

									686,746


54		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


REITs: 0.68%
Alexandria Real Estate Equities Incorporated		2.75	%		1-15-2020	$	750,000	$	741,968
Alexandria Real Estate Equities Incorporated		4.50			7-30-2029		750,000		753,499
American Campus Communities Incorporated		3.75			4-15-2023		100,000		97,119
American Tower Corporation		3.45			9-15-2021		500,000		494,968
American Tower Corporation		3.50			1-31-2023		150,000		142,630
American Tower Corporation		4.00			6-1-2025		500,000		484,973
American Tower Corporation		4.50			1-15-2018		500,000		524,631
American Tower Corporation		5.00			2-15-2024		350,000		365,036
American Tower Corporation		5.05			9-1-2020		500,000		540,332
American Tower Corporation		5.90			11-1-2021		565,000		631,380
AvalonBay Communities Incorporated		2.95			9-15-2022		350,000		341,612
AvalonBay Communities Incorporated		3.45			6-1-2025		200,000		195,418
AvalonBay Communities Incorporated		3.50			11-15-2024		150,000		147,961
AvalonBay Communities Incorporated		3.63			10-1-2020		200,000		207,801
AvalonBay Communities Incorporated		4.20			12-15-2023		250,000		261,035
AvalonBay Communities Incorporated		5.70			3-15-2017		150,000		159,372
AvalonBay Communities Incorporated		6.10			3-15-2020		100,000		114,614
Boston Properties LP		3.13			9-1-2023		150,000		144,265
Boston Properties LP		3.80			2-1-2024		300,000		301,775
Boston Properties LP		3.85			2-1-2023		400,000		406,143
Boston Properties LP		4.13			5-15-2021		300,000		315,140
Boston Properties LP		5.63			11-15-2020		500,000		565,915
Boston Properties LP		5.88			10-15-2019		500,000		564,509
Brandywine Operating Partnership LP		3.95			2-15-2023		350,000		343,675
Camden Property Trust		2.95			12-15-2022		150,000		144,007
Camden Property Trust		4.25			1-15-2024		67,000		69,254
Camden Property Trust		4.63			6-15-2021		150,000		160,767
Camden Property Trust		4.88			6-15-2023		100,000		107,957
CBL & Associates LP		5.25			12-1-2023		67,000		69,353
CBL& Associates LP		4.60			10-15-2024		131,000		126,995
Commonwealth REIT		5.88			9-15-2020		100,000		109,183
Corporate Office Properties LP		3.60			5-15-2023		100,000		91,774
Corporate Office Properties LP		3.70			6-15-2021		500,000		492,208
DDR Corporation		3.38			5-15-2023		250,000		236,497
DDR Corporation		3.50			1-15-2021		250,000		251,068
DDR Corporation		4.63			7-15-2022		250,000		259,943
Digital Realty Trust LP		3.63			10-1-2022		200,000		196,533
Digital Realty Trust LP		3.95			7-1-2022		200,000		200,214
Digital Realty Trust LP		5.25			3-15-2021		100,000		108,857
Digital Realty Trust LP		5.88			2-1-2020		300,000		334,240
Duke Realty LP		3.63			4-15-2023		125,000		122,642
Duke Realty LP		3.75			12-1-2024		650,000		632,817
Duke Realty LP		5.95			2-15-2017		350,000		371,814
Entertainment Properties Trust		5.75			8-15-2022		150,000		156,316
EPR Properties Company		5.25			7-15-2023		113,000		114,617
Equity One Incorporated		3.75			11-15-2022		250,000		249,020
ERP Operating LP		4.63			12-15-2021		1,000,000		1,080,218
ERP Operating LP		5.75			6-15-2017		750,000		804,142
Essex Portfolio LP		3.25			5-1-2023		100,000		96,520
Essex Portfolio LP		3.38			1-15-2023		500,000		493,325


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			55


Security name	Interest rate			Maturity date		Principal		Value


REITs (continued)
Essex Portfolio LP		5.20	%		3-15-2021	$	65,000	$	71,665
Federal Realty Investment Trust		2.75			6-1-2023		100,000		95,812
Federal Realty Investment Trust		3.00			8-1-2022		100,000		98,392
Federal Realty Investment Trust		4.50			12-1-2044		250,000		246,280
HCP Incorporated		3.15			8-1-2022		100,000		96,118
HCP Incorporated		3.75			2-1-2019		100,000		103,694
HCP Incorporated		3.88			8-15-2024		1,000,000		963,704
HCP Incorporated		4.00			6-1-2025		425,000		412,066
HCP Incorporated		4.20			3-1-2024		200,000		198,286
HCP Incorporated		4.25			11-15-2023		279,000		278,296
HCP Incorporated		5.38			2-1-2021		65,000		71,402
HCP Incorporated		5.63			5-1-2017		100,000		106,060
HCP Incorporated		6.00			1-30-2017		200,000		211,546
HCP Incorporated		6.70			1-30-2018		500,000		551,735
HCP Incorporated		6.75			2-1-2041		65,000		79,651
Health Care REIT Incorporated		4.00			6-1-2025		300,000		296,360
Health Care REIT Incorporated		4.13			4-1-2019		250,000		263,443
Health Care REIT Incorporated		4.50			1-15-2024		200,000		206,643
Health Care REIT Incorporated		4.70			9-15-2017		500,000		527,390
Health Care REIT Incorporated		4.95			1-15-2021		250,000		271,110
Health Care REIT Incorporated		5.25			1-15-2022		100,000		108,707
Health Care REIT Incorporated		5.75			1-15-2021		250,000		276,592
Health Care REIT Incorporated		6.13			4-15-2020		250,000		285,096
Health Care REIT Incorporated		6.50			3-15-2041		200,000		238,559
Healthcare Realty Trust Incorporated		3.75			4-15-2023		125,000		121,007
Highwoods Realty LP		3.20			6-15-2021		1,000,000		985,186
Highwoods Realty LP		5.85			3-15-2017		300,000		317,404
Hospitality Properties Trust		4.65			3-15-2024		500,000		493,200
Hospitality Properties Trust		5.63			3-15-2017		75,000		78,749
Host Hotels & Resorts Company		3.75			10-15-2023		100,000		96,480
Host Hotels & Resorts Company		4.75			3-1-2023		250,000		260,117
Host Hotels & Resorts Company		6.00			10-1-2021		500,000		563,646
Kilroy Realty Corporation		3.80			1-15-2023		250,000		246,159
Kilroy Realty Corporation		4.80			7-15-2018		150,000		159,122
Kimco Realty Corporation		5.70			5-1-2017		500,000		533,570
Kimco Realty Corporation		6.88			10-1-2019		100,000		116,829
Liberty Property LP		4.40			2-15-2024		156,000		160,470
Liberty Property LP		4.75			10-1-2020		250,000		269,684
Liberty Property LP		5.50			12-15-2016		75,000		78,492
Liberty Property LP		6.63			10-1-2017		150,000		164,207
Mack-Cali Realty Corporation		2.50			12-15-2017		100,000		100,312
Mack-Cali Realty Corporation		3.15			5-15-2023		100,000		88,758
Mack-Cali Realty Corporation		7.75			8-15-2019		150,000		172,743
Mid-America Apartments LP		4.30			10-15-2023		50,000		51,138
National Retail Properties Incorporated		3.30			4-15-2023		100,000		96,501
National Retail Properties Incorporated		3.80			10-15-2022		100,000		100,692
National Retail Properties Incorporated		3.90			6-15-2024		1,000,000		994,917
National Retail Properties Incorporated		6.88			10-15-2017		100,000		109,967
Omega Healthcare Investors Incorporated		6.75			10-15-2022		250,000		259,375
ProLogis Trust		3.35			2-1-2021		400,000		400,034


56		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


REITs (continued)
ProLogis Trust		4.25	%		8-15-2023	$	1,000,000	$	1,025,988
ProLogis Trust		6.88			3-15-2020		192,000		221,807
Realty Income Corporation		2.00			1-31-2018		150,000		150,944
Realty Income Corporation		3.88			7-15-2024		500,000		499,419
Realty Income Corporation		4.65			8-1-2023		300,000		313,448
Realty Income Corporation		5.75			1-15-2021		300,000		335,847
Realty Income Corporation		5.95			9-15-2016		100,000		104,513
Retail Opportunity Investments Corporation		5.00			12-15-2023		50,000		52,707
Simon Property Group LP		2.15			9-15-2017		500,000		506,435
Simon Property Group LP		2.20			2-1-2019		500,000		504,170
Simon Property Group LP		3.38			3-15-2022		500,000		508,125
Simon Property Group LP		3.75			2-1-2024		250,000		253,636
Simon Property Group LP		4.13			12-1-2021		300,000		317,872
Simon Property Group LP		4.38			3-1-2021		500,000		538,229
Simon Property Group LP		4.75			3-15-2042		250,000		257,649
Simon Property Group LP		5.65			2-1-2020		200,000		225,479
Simon Property Group LP		6.13			5-30-2018		100,000		111,240
Simon Property Group LP		6.75			2-1-2040		350,000		451,782
Simon Property Group LP		10.35			4-1-2019		600,000		753,900
UDR Incorporated		3.70			10-1-2020		250,000		258,337
UDR Incorporated		4.25			6-1-2018		150,000		157,921
UDR Incorporated		4.63			1-10-2022		100,000		106,524
Ventas Realty LP		1.55			9-26-2016		117,000		117,213
Ventas Realty LP		2.70			4-1-2020		200,000		197,967
Ventas Realty LP		4.25			3-1-2022		1,000,000		1,036,801
Ventas Realty LP		4.75			6-1-2021		150,000		160,821
Ventas Realty LP		5.70			9-30-2043		250,000		271,374
Vornado Realty LP		2.50			6-30-2019		500,000		497,156
Washington REIT		3.95			10-15-2022		150,000		148,938
Weingarten Realty Investors		3.38			10-15-2022		150,000		146,791
Weingarten Realty Investors		3.50			4-15-2023		125,000		122,964
Weyerhaeuser Company		4.63			9-15-2023		300,000		317,940
Weyerhaeuser Company		6.88			12-15-2033		150,000		182,503
Weyerhaeuser Company		7.38			10-1-2019		100,000		117,276
Weyerhaeuser Company		7.38			3-15-2032		700,000		876,534
WP Carey Incorporated		4.60			4-1-2024		500,000		504,396

									41,358,064


Thrifts & Mortgage Finance: 0.00%
Astoria Financial Corporation		5.00			6-19-2017		100,000		104,483
People’s United Financial Incorporated		3.65			12-6-2022		150,000		147,751

									252,234


Health Care: 2.01%

Biotechnology: 0.31%
Amgen Incorporated		2.50			11-15-2016		500,000		507,348
Amgen Incorporated		3.63			5-15-2022		1,000,000		1,007,238
Amgen Incorporated		3.63			5-22-2024		500,000		492,931
Amgen Incorporated		3.88			11-15-2021		2,000,000		2,077,530


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			57


Security name	Interest rate			Maturity date		Principal		Value


Biotechnology (continued)
Amgen Incorporated		4.10	%		6-15-2021	$	100,000	$	105,242
Amgen Incorporated		4.50			3-15-2020		65,000		70,291
Amgen Incorporated		4.95			10-1-2041		500,000		491,538
Amgen Incorporated		5.15			11-15-2041		350,000		357,610
Amgen Incorporated		5.38			5-15-2043		500,000		520,751
Amgen Incorporated		5.65			6-15-2042		1,100,000		1,195,217
Amgen Incorporated		5.70			2-1-2019		1,000,000		1,108,981
Amgen Incorporated		5.75			3-15-2040		80,000		87,265
Amgen Incorporated		5.85			6-1-2017		350,000		375,740
Amgen Incorporated		6.15			6-1-2018		250,000		278,517
Amgen Incorporated		6.38			6-1-2037		500,000		590,823
Amgen Incorporated		6.40			2-1-2039		250,000		294,823
Baxalta Incorporated 144A		2.88			6-23-2020		400,000		394,602
Baxalta Incorporated 144A		3.60			6-23-2022		200,000		199,747
Baxalta Incorporated 144A		4.00			6-23-2025		650,000		645,468
Baxalta Incorporated 144A		5.25			6-23-2045		400,000		400,941
Biogen Idec Incorporated		6.88			3-1-2018		500,000		560,348
Celgene Corporation		2.30			8-15-2018		286,000		286,866
Celgene Corporation		3.25			8-15-2022		500,000		488,152
Celgene Corporation		3.63			5-15-2024		500,000		491,440
Celgene Corporation		3.95			10-15-2020		200,000		209,820
Celgene Corporation		4.00			8-15-2023		250,000		254,000
Celgene Corporation		4.63			5-15-2044		750,000		704,621
Celgene Corporation		5.25			8-15-2043		150,000		153,016
Genzyme Corporation		5.00			6-15-2020		200,000		224,046
Gilead Sciences Incorporated		2.05			4-1-2019		500,000		502,301
Gilead Sciences Incorporated		3.50			2-1-2025		500,000		498,464
Gilead Sciences Incorporated		3.70			4-1-2024		500,000		507,740
Gilead Sciences Incorporated		4.40			12-1-2021		800,000		858,059
Gilead Sciences Incorporated		4.50			4-1-2021		500,000		539,535
Gilead Sciences Incorporated		4.50			2-1-2045		1,000,000		987,929
Gilead Sciences Incorporated		4.80			4-1-2044		500,000		512,958
Gilead Sciences Incorporated		5.65			12-1-2041		400,000		457,425

									19,439,323


Health Care Equipment & Supplies: 0.37%
Baxter International Incorporated		1.85			6-15-2018		500,000		495,895
Baxter International Incorporated		3.20			6-15-2023		500,000		505,105
Baxter International Incorporated		4.25			3-15-2020		100,000		105,573
Baxter International Incorporated		5.38			6-1-2018		500,000		547,592
Becton Dickinson & Company		1.75			11-8-2016		500,000		502,038
Becton Dickinson & Company		1.80			12-15-2017		500,000		499,650
Becton Dickinson & Company		2.68			12-15-2019		500,000		499,971
Becton Dickinson & Company		3.13			11-8-2021		300,000		296,258
Becton Dickinson & Company		3.25			11-12-2020		350,000		355,048
Becton Dickinson & Company		3.73			12-15-2024		750,000		746,993
Becton Dickinson & Company		4.69			12-15-2044		500,000		490,596
Becton Dickinson & Company		6.00			5-15-2039		200,000		227,986
Becton Dickinson & Company		6.38			8-1-2019		500,000		572,422
Boston Scientific Corporation		3.85			5-15-2025		1,000,000		961,444


58		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Health Care Equipment & Supplies (continued)
Boston Scientific Corporation		6.00	%		1-15-2020	$	350,000	$	391,995
Boston Scientific Corporation		7.38			1-15-2040		300,000		375,743
C.R. Bard Incorporated		1.38			1-15-2018		100,000		98,869
C.R. Bard Incorporated		4.40			1-15-2021		168,000		179,979
Edwards Lifesciences Corporation		2.88			10-15-2018		150,000		152,225
Medtronic Incorporated		0.88			2-27-2017		100,000		99,758
Medtronic Incorporated		1.38			4-1-2018		400,000		397,493
Medtronic Incorporated		2.75			4-1-2023		1,000,000		962,974
Medtronic Incorporated 144A		3.15			3-15-2022		2,000,000		2,002,538
Medtronic Incorporated 144A		3.50			3-15-2025		1,200,000		1,193,732
Medtronic Incorporated		4.00			4-1-2043		300,000		272,753
Medtronic Incorporated 144A		4.38			3-15-2035		1,000,000		990,545
Medtronic Incorporated		4.45			3-15-2020		1,000,000		1,086,929
Medtronic Incorporated		4.50			3-15-2042		200,000		195,207
Medtronic Incorporated		4.63			3-15-2044		250,000		249,059
Medtronic Incorporated 144A		4.63			3-15-2045		1,750,000		1,782,902
Medtronic Incorporated		5.55			3-15-2040		300,000		344,761
St. Jude Medical Incorporated		3.25			4-15-2023		500,000		483,629
St. Jude Medical Incorporated		4.75			4-15-2043		300,000		288,562
Stryker Corporation		1.30			4-1-2018		225,000		223,184
Stryker Corporation		2.00			9-30-2016		350,000		353,192
Stryker Corporation		4.10			4-1-2043		250,000		230,963
Stryker Corporation		4.38			1-15-2020		150,000		164,404
Zimmer Holdings Incorporated		2.70			4-1-2020		1,250,000		1,236,733
Zimmer Holdings Incorporated		3.55			4-1-2025		1,000,000		957,867
Zimmer Holdings Incorporated		4.45			8-15-2045		500,000		450,856
Zimmer Holdings Incorporated		4.63			11-30-2019		250,000		271,847
Zimmer Holdings Incorporated		5.75			11-30-2039		250,000		274,078

									22,519,348


Health Care Providers & Services: 0.52%
Aetna Incorporated		2.20			3-15-2019		500,000		495,856
Aetna Incorporated		2.75			11-15-2022		500,000		476,355
Aetna Incorporated		3.95			9-1-2020		200,000		211,114
Aetna Incorporated		4.13			6-1-2021		200,000		209,218
Aetna Incorporated		4.13			11-15-2042		250,000		226,384
Aetna Incorporated		4.75			3-15-2044		500,000		497,353
Aetna Incorporated		6.63			6-15-2036		650,000		791,703
AmerisourceBergen Corporation		3.50			11-15-2021		300,000		308,028
Amerisourcebergen Corporation		4.25			3-1-2045		250,000		232,003
AmerisourceBergen Corporation		4.88			11-15-2019		250,000		274,445
Cardinal Health Incorporated		1.70			3-15-2018		157,000		155,946
Cardinal Health Incorporated		3.20			6-15-2022		250,000		247,324
Cardinal Health Incorporated		3.20			3-15-2023		225,000		218,949
Cardinal Health Incorporated		3.50			11-15-2024		500,000		488,727
Catholic Health Initiatives		4.35			11-1-2042		250,000		229,518
CIGNA Corporation		4.00			2-15-2022		250,000		256,750
CIGNA Corporation		4.38			12-15-2020		500,000		532,992
CIGNA Corporation		4.50			3-15-2021		100,000		106,782
CIGNA Corporation		5.13			6-15-2020		215,000		237,708


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			59


Security name	Interest rate			Maturity date		Principal		Value


Health Care Providers & Services (continued)
CIGNA Corporation		5.38	%		2-15-2042	$	350,000	$	371,748
CIGNA Corporation		5.88			3-15-2041		330,000		370,666
CIGNA Corporation		6.15			11-15-2036		50,000		56,624
Coventry Health Care Incorporated		5.45			6-15-2021		580,000		644,069
Dignity Health		2.64			11-1-2019		500,000		506,279
Express Scripts Holding Company		3.50			6-15-2024		600,000		576,697
Express Scripts Holding Company		3.90			2-15-2022		500,000		505,477
Express Scripts Holding Company		4.75			11-15-2021		750,000		801,680
Express Scripts Holding Company		6.13			11-15-2041		250,000		284,453
Howard Hughes Medical Institute		3.50			9-1-2023		475,000		491,077
Humana Incorporated		3.15			12-1-2022		300,000		292,068
Humana Incorporated		3.85			10-1-2024		500,000		497,172
Humana Incorporated		4.95			10-1-2044		1,000,000		996,036
Humana Incorporated		7.20			6-15-2018		500,000		567,368
Kaiser Foundation Hospitals		4.88			4-1-2042		250,000		267,037
Laboratory Corporation of America Holdings		2.20			8-23-2017		67,000		67,326
Laboratory Corporation of America Holdings		3.60			2-1-2025		500,000		478,327
Laboratory Corporation of America Holdings		3.75			8-23-2022		56,000		56,991
Laboratory Corporation of America Holdings		4.00			11-1-2023		150,000		153,061
Laboratory Corporation of America Holdings		4.63			11-15-2020		500,000		536,430
Laboratory Corporation of America Holdings		4.70			2-1-2045		500,000		454,836
Mayo Clinic Rochester		4.00			11-15-2047		100,000		94,140
McKesson Corporation		1.29			3-10-2017		500,000		497,854
McKesson Corporation		1.40			3-15-2018		250,000		246,379
McKesson Corporation		2.28			3-15-2019		500,000		500,705
McKesson Corporation		2.85			3-15-2023		200,000		190,581
McKesson Corporation		3.80			3-15-2024		500,000		506,425
McKesson Corporation		4.88			3-15-2044		500,000		499,263
McKesson Corporation		6.00			3-1-2041		250,000		288,429
McKesson Corporation		7.50			2-15-2019		500,000		580,974
Medco Health Solutions Incorporated		4.13			9-15-2020		500,000		528,303
Medco Health Solutions Incorporated		7.13			3-15-2018		1,000,000		1,116,996
Novant Health Incorporated		4.37			11-1-2043		100,000		95,553
Quest Diagnostics Incorporated		4.70			4-1-2021		160,000		172,332
Quest Diagnostics Incorporated		4.75			1-30-2020		590,000		641,824
Quest Diagnostics Incorporated		5.75			1-30-2040		111,000		117,230
UnitedHealth Group Incorporated		1.63			3-15-2019		250,000		245,896
UnitedHealth Group Incorporated		2.88			3-15-2022		1,000,000		993,531
UnitedHealth Group Incorporated		2.88			3-15-2023		500,000		486,610
UnitedHealth Group Incorporated		3.95			10-15-2042		500,000		453,301
UnitedHealth Group Incorporated		4.25			3-15-2043		250,000		242,105
UnitedHealth Group Incorporated		5.80			3-15-2036		250,000		293,348
UnitedHealth Group Incorporated		5.95			2-15-2041		500,000		602,965
UnitedHealth Group Incorporated		6.00			2-15-2018		1,000,000		1,101,735
UnitedHealth Group Incorporated		6.63			11-15-2037		150,000		190,321
UnitedHealth Group Incorporated		6.88			2-15-2038		500,000		659,552
WellPoint Incorporated		1.88			1-15-2018		500,000		497,513
WellPoint Incorporated		2.25			8-15-2019		400,000		393,114
WellPoint Incorporated		2.30			7-15-2018		150,000		149,956
WellPoint Incorporated		2.38			2-15-2017		250,000		252,635


60		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Health Care Providers & Services (continued)
WellPoint Incorporated		3.13	%		5-15-2022	$	500,000	$	482,618
WellPoint Incorporated		3.30			1-15-2023		250,000		242,129
WellPoint Incorporated		4.63			5-15-2042		500,000		472,158
WellPoint Incorporated		4.65			1-15-2043		450,000		421,549
WellPoint Incorporated		4.65			8-15-2044		500,000		469,424
WellPoint Incorporated		5.85			1-15-2036		725,000		772,792
WellPoint Incorporated		5.88			6-15-2017		750,000		803,817
WellPoint Incorporated		7.00			2-15-2019		500,000		566,103

									32,042,737


Life Sciences Tools & Services: 0.05%
Life Technologies Corporation		5.00			1-15-2021		150,000		162,838
Life Technologies Corporation		6.00			3-1-2020		250,000		281,288
Thermo Fisher Scientific Incorporated		1.30			2-1-2017		350,000		348,035
Thermo Fisher Scientific Incorporated		2.40			2-1-2019		400,000		399,059
Thermo Fisher Scientific Incorporated		3.15			1-15-2023		500,000		490,387
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		300,000		292,427
Thermo Fisher Scientific Incorporated		3.60			8-15-2021		400,000		405,888
Thermo Fisher Scientific Incorporated		4.15			2-1-2024		400,000		407,587
Thermo Fisher Scientific Incorporated		5.30			2-1-2044		200,000		207,930

									2,995,439


Pharmaceuticals: 0.76%
Abbott Laboratories		2.95			3-15-2025		1,250,000		1,205,955
Abbott Laboratories		4.13			5-27-2020		250,000		270,117
Abbott Laboratories		5.13			4-1-2019		139,000		152,997
Abbott Laboratories		5.30			5-27-2040		250,000		279,142
Abbott Laboratories		6.00			4-1-2039		150,000		184,093
Abbott Laboratories		6.15			11-30-2037		237,000		292,902
AbbVie Incorporated		1.75			11-6-2017		750,000		749,357
AbbVie Incorporated		2.00			11-6-2018		300,000		299,086
AbbVie Incorporated		2.50			5-14-2020		2,000,000		1,976,394
AbbVie Incorporated		2.90			11-6-2022		2,000,000		1,929,242
AbbVie Incorporated		3.60			5-14-2025		1,500,000		1,474,974
AbbVie Incorporated		4.40			11-6-2042		500,000		460,086
AbbVie Incorporated		4.50			5-14-2035		1,000,000		955,204
AbbVie Incorporated		4.70			5-14-2045		1,000,000		971,667
Allergan Incorporated		1.35			3-15-2018		50,000		49,138
Allergan Incorporated		2.80			3-15-2023		225,000		207,310
Allergan Incorporated		3.38			9-15-2020		500,000		500,890
Bristol-Myers Squibb Company		1.75			3-1-2019		250,000		249,301
Bristol-Myers Squibb Company		2.00			8-1-2022		250,000		236,354
Bristol-Myers Squibb Company		3.25			11-1-2023		156,000		159,048
Bristol-Myers Squibb Company		3.25			8-1-2042		250,000		212,177
Bristol-Myers Squibb Company		4.50			3-1-2044		605,000		635,831
Bristol-Myers Squibb Company		5.88			11-15-2036		582,000		706,533
Eli Lilly & Company		2.75			6-1-2025		600,000		581,264
Eli Lilly & Company		3.70			3-1-2045		500,000		458,427
Eli Lilly & Company		5.20			3-15-2017		500,000		531,073


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			61


Security name	Interest rate			Maturity date		Principal		Value


Pharmaceuticals (continued)
Eli Lilly & Company		5.50	%		3-15-2027	$	400,000	$	477,320
GlaxoSmithKline Capital Incorporated		2.80			3-18-2023		200,000		195,252
GlaxoSmithKline Capital Incorporated		5.38			4-15-2034		300,000		337,490
GlaxoSmithKline Capital Incorporated		5.65			5-15-2018		1,650,000		1,824,735
GlaxoSmithKline Capital Incorporated		6.38			5-15-2038		1,000,000		1,251,148
Johnson & Johnson		1.13			11-21-2017		350,000		350,586
Johnson & Johnson		1.65			12-5-2018		700,000		705,841
Johnson & Johnson		4.38			12-5-2033		583,000		621,104
Johnson & Johnson		4.50			9-1-2040		300,000		318,102
Johnson & Johnson		4.85			5-15-2041		200,000		224,283
Johnson & Johnson		4.95			5-15-2033		180,000		204,268
Johnson & Johnson		5.15			7-15-2018		500,000		552,118
Johnson & Johnson		5.55			8-15-2017		250,000		271,410
Johnson & Johnson		5.85			7-15-2038		500,000		633,243
Johnson & Johnson		6.73			11-15-2023		300,000		386,690
Merck & Company Incorporated		1.30			5-18-2018		333,000		331,324
Merck & Company Incorporated		2.40			9-15-2022		500,000		481,055
Merck & Company Incorporated		2.75			2-10-2025		2,500,000		2,397,535
Merck & Company Incorporated		2.80			5-18-2023		650,000		637,618
Merck & Company Incorporated		3.60			9-15-2042		250,000		222,020
Merck & Company Incorporated		3.70			2-10-2045		1,000,000		906,119
Merck & Company Incorporated		3.88			1-15-2021		350,000		373,617
Merck & Company Incorporated		4.15			5-18-2043		500,000		490,042
Merck & Company Incorporated		5.00			6-30-2019		250,000		277,041
Merck & Company Incorporated		5.85			6-30-2039		75,000		90,071
Mylan Incorporated		2.55			3-28-2019		112,000		109,729
Mylan Incorporated		2.60			6-24-2018		1,000,000		995,597
Mylan Incorporated		5.40			11-29-2043		33,000		32,447
Novartis Capital Corporation		2.40			9-21-2022		500,000		485,874
Novartis Capital Corporation		3.40			5-6-2024		1,500,000		1,531,089
Novartis Capital Corporation		3.70			9-21-2042		250,000		237,048
Novartis Capital Corporation		4.40			4-24-2020		500,000		550,570
Pfizer Incorporated		1.50			6-15-2018		500,000		498,558
Pfizer Incorporated		3.40			5-15-2024		500,000		500,802
Pfizer Incorporated		4.30			6-15-2043		300,000		293,717
Pfizer Incorporated		5.45			4-1-2017		500,000		534,786
Pfizer Incorporated		6.00			2-15-2036		625,000		750,858
Pfizer Incorporated		6.20			3-15-2019		2,000,000		2,276,162
Pfizer Incorporated		6.50			2-1-2034		500,000		630,293
Pfizer Incorporated		7.20			3-15-2039		750,000		1,017,652
Pharmacia Corporation		6.60			12-1-2028		500,000		638,910
Schering-Plough Corporation		6.50			12-1-2033		250,000		329,773
Schering-Plough Corporation		6.55			9-15-2037		200,000		264,760
Teva Pharmaceutical Finance LLC		2.25			3-18-2020		250,000		242,023
Teva Pharmaceutical Finance LLC		6.15			2-1-2036		400,000		449,384
Watson Pharmaceuticals Incorporated		1.88			10-1-2017		500,000		498,087
Watson Pharmaceuticals Incorporated		3.25			10-1-2022		750,000		719,887
Watson Pharmaceuticals Incorporated		4.63			10-1-2042		500,000		465,722
Watson Pharmaceuticals Incorporated		6.13			8-15-2019		130,000		145,918
Wyeth LLC		5.95			4-1-2037		850,000		1,004,354


62		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Pharmaceuticals (continued)
Zoetis Incorporated		3.25	%		2-1-2023	$	600,000	$	568,947
Zoetis Incorporated		4.70			2-1-2043		500,000		433,585

									46,495,126


Industrials: 1.42%

Aerospace & Defense: 0.37%
Boeing Company		0.95			5-15-2018		150,000		147,649
Boeing Company		4.88			2-15-2020		140,000		157,040
Boeing Company		5.88			2-15-2040		30,000		37,343
Boeing Company		6.00			3-15-2019		300,000		339,263
Boeing Company		6.13			2-15-2033		180,000		225,228
Boeing Company		6.88			3-15-2039		800,000		1,103,862
General Dynamics Corporation		1.00			11-15-2017		500,000		495,721
General Dynamics Corporation		2.25			11-15-2022		500,000		473,305
General Dynamics Corporation		3.88			7-15-2021		200,000		213,739
Honeywell International Incorporated		3.35			12-1-2023		200,000		206,132
Honeywell International Incorporated		4.25			3-1-2021		50,000		55,325
Honeywell International Incorporated		5.00			2-15-2019		750,000		831,510
Honeywell International Incorporated		5.30			3-1-2018		100,000		109,321
Honeywell International Incorporated		5.38			3-1-2041		365,000		426,325
Honeywell International Incorporated		5.70			3-15-2037		250,000		303,476
L-3 Communications Corporation		3.95			11-15-2016		500,000		512,895
L-3 Communications Corporation		4.95			2-15-2021		500,000		528,903
L-3 Communications Corporation		5.20			10-15-2019		500,000		535,142
Lockheed Martin Corporation		3.35			9-15-2021		250,000		255,484
Lockheed Martin Corporation		3.80			3-1-2045		500,000		438,459
Lockheed Martin Corporation		4.07			12-15-2042		1,042,000		960,178
Lockheed Martin Corporation		4.25			11-15-2019		1,000,000		1,083,158
Lockheed Martin Corporation Series B		6.15			9-1-2036		175,000		208,689
Northrop Grumman Corporation		1.75			6-1-2018		300,000		297,587
Northrop Grumman Corporation		3.25			8-1-2023		350,000		341,271
Northrop Grumman Corporation		3.50			3-15-2021		300,000		308,059
Northrop Grumman Corporation		4.75			6-1-2043		500,000		503,619
Northrop Grumman Corporation		5.05			8-1-2019		85,000		92,737
Northrop Grumman Corporation		5.05			11-15-2040		100,000		106,115
Northrop Grumman Corporation		7.75			2-15-2031		300,000		395,223
Precision Castparts Corporation		1.25			1-15-2018		500,000		496,300
Precision Castparts Corporation		2.50			1-15-2023		250,000		237,411
Precision Castparts Corporation		3.25			6-15-2025		300,000		294,012
Precision Castparts Corporation		3.90			1-15-2043		200,000		185,570
Raytheon Company		2.50			12-15-2022		350,000		343,858
Raytheon Company		4.40			2-15-2020		600,000		654,817
Raytheon Company		4.70			12-15-2041		500,000		526,746
Raytheon Company		7.20			8-15-2027		120,000		160,725
Rockwell Collins Incorporated		3.70			12-15-2023		350,000		364,806
Rockwell Collins Incorporated		4.80			12-15-2043		250,000		268,628
Rockwell Collins Incorporated		5.25			7-15-2019		50,000		55,638
Textron Incorporated		3.65			3-1-2021		150,000		151,730
Textron Incorporated		4.30			3-1-2024		200,000		206,060


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			63


Security name	Interest rate			Maturity date		Principal		Value


Aerospace & Defense (continued)
Textron Incorporated		4.63	%		9-21-2016	$	100,000	$	103,211
Textron Incorporated		7.25			10-1-2019		350,000		408,811
United Technologies Corporation		1.80			6-1-2017		533,000		538,478
United Technologies Corporation		3.10			6-1-2022		839,000		840,997
United Technologies Corporation		4.50			4-15-2020		500,000		548,173
United Technologies Corporation		4.50			6-1-2042		1,033,000		1,043,882
United Technologies Corporation		5.38			12-15-2017		500,000		543,497
United Technologies Corporation		5.70			4-15-2040		500,000		584,754
United Technologies Corporation		6.05			6-1-2036		400,000		482,350
United Technologies Corporation		6.13			2-1-2019		565,000		641,493
United Technologies Corporation		6.13			7-15-2038		500,000		605,192
United Technologies Corporation		7.50			9-15-2029		430,000		592,833

									22,572,730


Air Freight & Logistics: 0.08%
FedEx Corporation		2.63			8-1-2022		482,000		468,116
FedEx Corporation		3.88			8-1-2042		200,000		172,102
FedEx Corporation		4.00			1-15-2024		290,000		298,739
FedEx Corporation		4.90			1-15-2034		250,000		258,831
FedEx Corporation		5.10			1-15-2044		300,000		309,063
FedEx Corporation		8.00			1-15-2019		400,000		476,604
United Parcel Service Incorporated		1.13			10-1-2017		250,000		249,995
United Parcel Service Incorporated		2.45			10-1-2022		400,000		391,366
United Parcel Service Incorporated		3.13			1-15-2021		900,000		927,208
United Parcel Service Incorporated		5.13			4-1-2019		500,000		556,330
United Parcel Service Incorporated		5.50			1-15-2018		100,000		109,676
United Parcel Service Incorporated		6.20			1-15-2038		795,000		1,010,416

									5,228,446


Airlines: 0.06%
American Airlines		4.00			1-15-2027		540,261		545,663
American Airlines		4.95			7-15-2024		564,089		600,755
Continental Airlines Incorporated Series A		4.75			7-12-2022		384,034		405,156
Continental Airlines Incorporated Series A		7.25			5-10-2021		149,570		169,014
Delta Air Lines Incorporated		4.95			11-23-2020		126,129		132,435
Delta Air Lines Incorporated		6.82			2-10-2024		66,829		76,686
Delta Air Lines Incorporated		7.75			6-17-2021		232,925		265,535
Hawaiian Airlines Incorporated		3.90			1-15-2026		37,362		36,428
Northwest Airlines Incorporated		7.03			5-1-2021		151,384		168,604
United Airlines Incorporated		4.00			10-11-2027		500,000		505,000
United Airlines Incorporated		4.30			2-15-2027		317,012		326,997
US Airways Group Incorporated		3.95			5-15-2027		140,558		138,122
US Airways Group Incorporated		4.63			12-3-2026		216,406		223,980

									3,594,375


Building Products: 0.00%
Owens Corning Incorporated		4.20			12-15-2022		213,000		214,111


64		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Commercial Services & Supplies: 0.12%
Avery Dennison Corporation		5.38	%		4-15-2020	$	350,000	$	381,761
Black & Decker Corporation		3.40			12-1-2021		400,000		411,809
Cintas Corporation No. 2		3.25			6-1-2022		100,000		101,565
Cintas Corporation No. 2		4.30			6-1-2021		60,000		64,851
Cintas Corporation No. 2		6.13			12-1-2017		200,000		218,892
Cintas Corporation No. 2		6.15			8-15-2036		50,000		61,227
Cooper US Incorporated		3.88			12-15-2020		200,000		210,283
Cooper US Incorporated		6.10			7-1-2017		100,000		108,131
CRH America Incorporated		8.13			7-15-2018		200,000		232,424
Equifax Incorporated		3.30			12-15-2022		231,000		230,240
Equifax Incorporated		7.00			7-1-2037		50,000		57,758
Pitney Bowes Incorporated		4.63			3-15-2024		500,000		498,716
Pitney Bowes Incorporated		5.75			9-15-2017		16,000		17,228
Republic Services Incorporated		3.55			6-1-2022		1,000,000		1,010,275
Republic Services Incorporated		3.80			5-15-2018		100,000		104,608
Republic Services Incorporated		4.75			5-15-2023		300,000		327,758
Republic Services Incorporated		5.25			11-15-2021		50,000		55,872
Republic Services Incorporated		5.50			9-15-2019		125,000		139,013
Republic Services Incorporated		5.70			5-15-2041		550,000		617,464
Republic Services Incorporated		6.20			3-1-2040		250,000		302,741
Waste Management Incorporated		3.13			3-1-2025		600,000		580,784
Waste Management Incorporated		4.10			3-1-2045		500,000		458,605
Waste Management Incorporated		4.60			3-1-2021		200,000		217,106
Waste Management Incorporated		4.75			6-30-2020		500,000		547,750
Waste Management Incorporated		6.10			3-15-2018		326,000		359,678

									7,316,539


Electrical Equipment: 0.07%
Eaton Corporation		1.50			11-2-2017		500,000		496,739
Eaton Corporation		2.75			11-2-2022		1,000,000		956,660
Eaton Corporation		4.15			11-2-2042		500,000		457,715
Eaton Corporation		6.95			3-20-2019		200,000		232,109
Emerson Electric Company		3.15			6-1-2025		300,000		297,837
Emerson Electric Company		4.25			11-15-2020		200,000		217,618
Emerson Electric Company		4.88			10-15-2019		200,000		220,657
Emerson Electric Company		5.25			10-15-2018		50,000		55,136
Emerson Electric Company		5.25			11-15-2039		500,000		573,392
Emerson Electric Company		5.38			10-15-2017		200,000		216,720
Emerson Electric Company		6.13			4-15-2039		100,000		124,737
Hubbell Incorporated		3.63			11-15-2022		200,000		206,144
Rockwell Automation Incorporated		6.25			12-1-2037		300,000		372,550
Roper Industries Incorporated		6.25			9-1-2019		200,000		225,562

									4,653,576


Industrial Conglomerates: 0.11%
3M Company		1.00			6-26-2017		250,000		250,759
3M Company		1.38			9-29-2016		500,000		503,951
3M Company		2.00			6-26-2022		725,000		699,985
3M Company		5.70			3-15-2037		325,000		398,584


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			65


Security name	Interest rate			Maturity date		Principal		Value


Industrial Conglomerates (continued)
Danaher Corporation		3.90	%		6-23-2021	$	100,000	$	107,554
Danaher Corporation		5.40			3-1-2019		450,000		501,585
GATX Corporation		2.50			3-15-2019		167,000		165,595
GATX Corporation		4.85			6-1-2021		100,000		109,776
General Electric Company		2.70			10-9-2022		1,000,000		978,731
General Electric Company		4.13			10-9-2042		750,000		717,403
General Electric Company		4.50			3-11-2044		1,000,000		1,010,072
General Electric Company		5.25			12-6-2017		1,100,000		1,188,365

									6,632,360


Machinery: 0.23%
Caterpillar Incorporated		1.50			6-26-2017		1,000,000		1,004,344
Caterpillar Incorporated		3.80			8-15-2042		150,000		135,687
Caterpillar Incorporated		3.90			5-27-2021		1,000,000		1,068,363
Caterpillar Incorporated		4.30			5-15-2044		500,000		492,824
Caterpillar Incorporated		5.20			5-27-2041		555,000		609,472
Caterpillar Incorporated		6.05			8-15-2036		900,000		1,067,777
Crane Company		2.75			12-15-2018		150,000		151,948
Cummins Incorporated		3.65			10-1-2023		167,000		172,826
Cummins Incorporated		4.88			10-1-2043		86,000		89,755
Deere & Company		2.60			6-8-2022		500,000		487,815
Deere & Company		3.90			6-9-2042		500,000		467,696
Deere & Company		4.38			10-16-2019		1,400,000		1,514,339
Deere & Company		5.38			10-16-2029		300,000		355,903
Dover Corporation		4.30			3-1-2021		500,000		550,626
Dover Corporation		5.38			10-15-2035		200,000		228,362
Dover Corporation		5.45			3-15-2018		100,000		109,315
Dover Corporation		6.60			3-15-2038		60,000		78,051
Flowserve Corporation		4.00			11-15-2023		107,000		107,533
IDEX Corporation		4.50			12-15-2020		100,000		104,944
Illinois Tool Works Incorporated		0.90			2-25-2017		300,000		300,025
Illinois Tool Works Incorporated		1.95			3-1-2019		500,000		500,068
Illinois Tool Works Incorporated		3.38			9-15-2021		120,000		124,685
Illinois Tool Works Incorporated		3.90			9-1-2042		306,000		286,860
Illinois Tool Works Incorporated		4.88			9-15-2041		295,000		313,246
Illinois Tool Works Incorporated		6.25			4-1-2019		155,000		176,492
Ingersoll-Rand Global Holding Company Limited		4.25			6-15-2023		1,000,000		1,025,479
Ingersoll-Rand Global Holding Company Limited		6.88			8-15-2018		250,000		281,494
Joy Global Incorporated		6.00			11-15-2016		500,000		516,716
Kennametal Incorporated		2.65			11-1-2019		150,000		148,975
Kennametal Incorporated		3.88			2-15-2022		98,000		98,581
Parker Hannifin Corporation		3.50			9-15-2022		100,000		103,295
Parker Hannifin Corporation		5.50			5-15-2018		135,000		148,567
Parker Hannifin Corporation		6.25			5-15-2038		60,000		76,076
Snap-on Incorporated		6.13			9-1-2021		150,000		175,538
Stanley Black & Decker Incorporated		2.90			11-1-2022		350,000		341,906
Stanley Black & Decker Incorporated ±		5.75			12-15-2053		100,000		107,125
Wabtec Corporation		4.38			8-15-2023		100,000		104,646
Xylem Incorporated		3.55			9-20-2016		250,000		255,343

									13,882,697


66		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Professional Services: 0.02%
Dun & Bradstreet Corporation		4.38	%		12-1-2022	$	250,000	$	245,468
Verisk Analytics Incorporated		4.00			6-15-2025		600,000		585,021
Verisk Analytics Incorporated		4.13			9-12-2022		250,000		252,431

									1,082,920


Road & Rail: 0.31%
BNSF Railway Company		5.75			5-1-2040		550,000		615,974
Burlington Northern Santa Fe LLC		3.00			3-15-2023		300,000		290,183
Burlington Northern Santa Fe LLC		3.05			3-15-2022		500,000		493,937
Burlington Northern Santa Fe LLC		3.40			9-1-2024		300,000		297,446
Burlington Northern Santa Fe LLC		3.60			9-1-2020		200,000		208,582
Burlington Northern Santa Fe LLC		3.75			4-1-2024		500,000		509,058
Burlington Northern Santa Fe LLC		4.40			3-15-2042		1,000,000		947,973
Burlington Northern Santa Fe LLC		4.45			3-15-2043		300,000		284,111
Burlington Northern Santa Fe LLC		4.55			9-1-2044		300,000		288,677
Burlington Northern Santa Fe LLC		4.70			10-1-2019		125,000		136,018
Burlington Northern Santa Fe LLC		4.90			4-1-2044		500,000		507,645
Burlington Northern Santa Fe LLC		4.95			9-15-2041		200,000		204,831
Burlington Northern Santa Fe LLC		5.05			3-1-2041		250,000		258,933
Burlington Northern Santa Fe LLC		5.15			9-1-2043		300,000		314,339
Burlington Northern Santa Fe LLC		5.65			5-1-2017		360,000		384,828
Burlington Northern Santa Fe LLC		6.15			5-1-2037		650,000		782,454
Con-Way Incorporated		7.25			1-15-2018		350,000		387,815
CSX Corporation		3.40			8-1-2024		397,000		393,953
CSX Corporation		3.70			10-30-2020		250,000		261,852
CSX Corporation		4.10			3-15-2044		400,000		361,469
CSX Corporation		4.25			6-1-2021		200,000		213,337
CSX Corporation		4.50			8-1-2054		500,000		466,220
CSX Corporation		4.75			5-30-2042		230,000		229,528
CSX Corporation		5.60			5-1-2017		100,000		107,005
CSX Corporation		6.00			10-1-2036		300,000		349,560
CSX Corporation		6.15			5-1-2037		320,000		372,932
CSX Corporation		6.22			4-30-2040		200,000		238,748
CSX Corporation		7.38			2-1-2019		500,000		580,179
Kansas City Southern Railway Company		4.30			5-15-2043		200,000		188,089
Norfolk Southern Corporation		2.90			2-15-2023		886,000		852,977
Norfolk Southern Corporation		3.00			4-1-2022		500,000		494,250
Norfolk Southern Corporation		3.85			1-15-2024		200,000		203,527
Norfolk Southern Corporation		3.95			10-1-2042		120,000		105,891
Norfolk Southern Corporation		4.84			10-1-2041		685,000		692,413
Norfolk Southern Corporation		5.59			5-17-2025		53,000		60,568
Norfolk Southern Corporation		5.75			4-1-2018		500,000		548,022
Norfolk Southern Corporation		5.90			6-15-2019		65,000		73,379
Norfolk Southern Corporation		6.00			5-23-2111		500,000		553,761
Ryder System Incorporated		2.45			11-15-2018		350,000		351,512
Ryder System Incorporated		2.50			3-1-2017		200,000		202,753
Ryder System Incorporated		2.50			5-11-2020		200,000		196,828
Ryder System Incorporated		3.50			6-1-2017		200,000		206,358
Ryder System Incorporated		5.85			11-1-2016		250,000		262,703
Union Pacific Corporation		2.25			2-15-2019		200,000		202,496


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			67


Security name	Interest rate			Maturity��date		Principal		Value


Road & Rail (continued)
Union Pacific Corporation		3.25	%		1-15-2025	$	250,000	$	247,536
Union Pacific Corporation		3.75			3-15-2024		200,000		206,810
Union Pacific Corporation		4.00			2-1-2021		500,000		536,117
Union Pacific Corporation		4.15			1-15-2045		250,000		240,686
Union Pacific Corporation		4.16			7-15-2022		437,000		464,563
Union Pacific Corporation		4.30			6-15-2042		250,000		247,282
Union Pacific Corporation		4.82			2-1-2044		947,000		1,008,664
Union Pacific Corporation		4.85			6-15-2044		200,000		217,036

									18,851,808


Trading Companies & Distributors: 0.05%
Air Lease Corporation		2.13			1-15-2018		500,000		495,000
Air Lease Corporation		3.38			1-15-2019		1,250,000		1,259,375
International Lease Finance Corporation 144A		7.13			9-1-2018		1,000,000		1,105,170
W.W. Grainger Incorporated		4.60			6-15-2045		400,000		410,985

									3,270,530


Information Technology: 1.42%

Communications Equipment: 0.20%
Cisco Systems Incorporated		1.10			3-3-2017		1,500,000		1,502,364
Cisco Systems Incorporated		2.45			6-15-2020		600,000		605,526
Cisco Systems Incorporated		2.90			3-4-2021		300,000		304,151
Cisco Systems Incorporated		3.00			6-15-2022		200,000		200,087
Cisco Systems Incorporated		3.15			3-14-2017		1,000,000		1,031,199
Cisco Systems Incorporated		3.63			3-4-2024		500,000		517,730
Cisco Systems Incorporated		4.45			1-15-2020		950,000		1,038,989
Cisco Systems Incorporated		4.95			2-15-2019		800,000		877,830
Cisco Systems Incorporated		5.50			1-15-2040		700,000		809,961
Cisco Systems Incorporated		5.90			2-15-2039		800,000		960,638
Harris Corporation		4.40			12-15-2020		300,000		317,771
Motorola Incorporated		3.50			3-1-2023		550,000		484,967
Motorola Incorporated		7.50			5-15-2025		120,000		136,229
Qualcomm Incorporated		2.25			5-20-2020		1,500,000		1,482,644
Qualcomm Incorporated		3.45			5-20-2025		1,000,000		932,461
Qualcomm Incorporated		4.65			5-20-2035		400,000		367,455
Qualcomm Incorporated		4.80			5-20-2045		600,000		517,400

									12,087,402


Electronic Equipment, Instruments & Components: 0.06%
Agilent Technologies Incorporated		3.88			7-15-2023		150,000		150,565
Amphenol Corporation		2.55			1-30-2019		200,000		201,986
Amphenol Corporation		4.00			2-1-2022		300,000		309,302
Arrow Electronics Incorporated		5.13			3-1-2021		300,000		326,389
Arrow Electronics Incorporated		6.00			4-1-2020		100,000		110,020
Avnet Incorporated		5.88			6-15-2020		100,000		110,615
Avnet Incorporated		6.63			9-15-2016		300,000		314,604
Corning Incorporated		1.45			11-15-2017		400,000		399,132
Corning Incorporated		2.90			5-15-2022		500,000		497,605
Corning Incorporated		3.70			11-15-2023		113,000		116,800


68		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Electronic Equipment, Instruments & Components (continued)
Corning Incorporated		4.25	%		8-15-2020	$	250,000	$	273,090
Corning Incorporated		5.75			8-15-2040		150,000		175,666
Corning Incorporated		6.63			5-15-2019		20,000		22,963
Ingram Micro Incorporated		4.95			12-15-2024		200,000		204,084
Keysight Technologies Incorporated 144A		3.30			10-30-2019		250,000		249,047
Keysight Technologies Incorporated 144A		4.55			10-30-2024		250,000		240,666
Tech Data Corporation		3.75			9-21-2017		100,000		103,255

									3,805,789


Internet Software & Services: 0.04%
eBay Incorporated		1.35			7-15-2017		400,000		394,614
eBay Incorporated		2.60			7-15-2022		350,000		316,763
eBay Incorporated		2.88			8-1-2021		500,000		479,960
eBay Incorporated		3.25			10-15-2020		200,000		200,487
eBay Incorporated		3.45			8-1-2024		350,000		323,815
eBay Incorporated		4.00			7-15-2042		250,000		190,327
Google Incorporated		3.38			2-25-2024		125,000		127,218
Google Incorporated		3.63			5-19-2021		500,000		528,106

									2,561,290


IT Services: 0.25%
Broadridge Financial Solutions Incorporated		3.95			9-1-2020		100,000		103,892
Computer Sciences Corporation		4.45			9-15-2022		200,000		204,281
Computer Sciences Corporation		6.50			3-15-2018		425,000		468,490
Fiserv Incorporated		2.70			6-1-2020		400,000		396,872
Fiserv Incorporated		3.50			10-1-2022		400,000		398,335
Fiserv Incorporated		3.85			6-1-2025		300,000		296,054
Fiserv Incorporated		4.75			6-15-2021		500,000		547,552
IBM Corporation		1.25			2-8-2018		500,000		497,764
IBM Corporation		1.63			5-15-2020		500,000		488,417
IBM Corporation		1.88			5-15-2019		500,000		495,036
IBM Corporation		1.88			8-1-2022		400,000		372,331
IBM Corporation		1.95			2-12-2019		500,000		501,930
IBM Corporation		3.38			8-1-2023		400,000		399,835
IBM Corporation		3.63			2-12-2024		1,000,000		1,014,234
IBM Corporation		4.00			6-20-2042		500,000		455,194
IBM Corporation		5.60			11-30-2039		900,000		1,011,906
IBM Corporation		5.70			9-14-2017		1,500,000		1,631,882
IBM Corporation		5.88			11-29-2032		250,000		294,366
IBM Corporation		7.00			10-30-2025		300,000		381,407
IBM Corporation		7.63			10-15-2018		500,000		586,809
MasterCard Incorporated		3.38			4-1-2024		1,000,000		1,010,804
Total System Services Incorporated		2.38			6-1-2018		205,000		204,176
Total System Services Incorporated		3.75			6-1-2023		150,000		145,160
Western Union Company		2.88			12-10-2017		250,000		254,818
Western Union Company		5.25			4-1-2020		80,000		86,960
Western Union Company		5.93			10-1-2016		425,000		443,704
Western Union Company		6.20			11-17-2036		175,000		171,091
Western Union Company		6.20			6-21-2040		200,000		191,103


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			69


Security name	Interest rate			Maturity date		Principal		Value


IT Services (continued)
Xerox Corporation		2.95	%		3-15-2017	$	500,000	$	507,758
Xerox Corporation		4.50			5-15-2021		1,000,000		1,023,905
Xerox Corporation		5.63			12-15-2019		200,000		220,043
Xerox Corporation		6.35			5-15-2018		150,000		165,155
Xerox Corporation		6.75			2-1-2017		250,000		266,100
Xerox Corporation		6.75			12-15-2039		100,000		110,006

									15,347,370


Semiconductors & Semiconductor Equipment: 0.13%
Altera Corporation		2.50			11-15-2018		250,000		253,210
Analog Devices Incorporated		2.88			6-1-2023		150,000		144,650
Applied Materials Incorporated		4.30			6-15-2021		300,000		319,020
Applied Materials Incorporated		5.85			6-15-2041		200,000		219,291
Broadcom Corporation		2.50			8-15-2022		250,000		244,688
Intel Corporation		1.35			12-15-2017		1,150,000		1,148,307
Intel Corporation		1.95			10-1-2016		600,000		607,667
Intel Corporation		2.70			12-15-2022		550,000		533,095
Intel Corporation		3.30			10-1-2021		847,000		873,846
Intel Corporation		4.00			12-15-2032		500,000		477,634
Intel Corporation		4.25			12-15-2042		250,000		234,785
Intel Corporation		4.80			10-1-2041		643,000		653,183
KLA-Tencor Corporation		4.65			11-1-2024		1,000,000		982,431
Maxim Integrated Product Incorporated		3.38			3-15-2023		200,000		197,017
Texas Instruments Incorporated		1.00			5-1-2018		200,000		197,239
Texas Instruments Incorporated		1.65			8-3-2019		250,000		246,470
Texas Instruments Incorporated		2.25			5-1-2023		250,000		237,382
Xilinx Incorporated		2.13			3-15-2019		250,000		248,521
Xilinx Incorporated		3.00			3-15-2021		250,000		251,875

									8,070,311


Software: 0.38%
Adobe Systems Incorporated		4.75			2-1-2020		325,000		354,204
Autodesk Incorporated		1.95			12-15-2017		250,000		250,445
Autodesk Incorporated		3.60			12-15-2022		250,000		247,352
CA Incorporated		5.38			12-1-2019		500,000		546,272
Fidelity National Information Services Incorporated		2.00			4-15-2018		114,000		112,004
Fidelity National Information Services Incorporated		3.50			4-15-2023		131,000		121,407
Fidelity National Information Services Incorporated		5.00			3-15-2022		300,000		311,835
Intuit Incorporated		5.75			3-15-2017		200,000		211,935
Microsoft Corporation		1.63			12-6-2018		400,000		401,771
Microsoft Corporation		2.70			2-12-2025		2,000,000		1,927,764
Microsoft Corporation		3.00			10-1-2020		400,000		415,904
Microsoft Corporation		3.63			12-15-2023		1,000,000		1,041,273
Microsoft Corporation		3.75			5-1-2043		47,000		43,155
Microsoft Corporation		3.75			2-12-2045		500,000		454,874
Microsoft Corporation		4.00			2-8-2021		500,000		543,190
Microsoft Corporation		4.00			2-12-2055		1,000,000		899,016
Microsoft Corporation		4.20			6-1-2019		875,000		950,551
Microsoft Corporation		4.50			10-1-2040		500,000		512,588


70		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Software (continued)
Microsoft Corporation		4.88	%		12-15-2043	$	200,000	$	212,934
Microsoft Corporation		5.20			6-1-2039		110,000		122,629
Microsoft Corporation		5.30			2-8-2041		500,000		572,418
Oracle Corporation		1.20			10-15-2017		1,000,000		996,230
Oracle Corporation		2.38			1-15-2019		600,000		608,950
Oracle Corporation		2.50			10-15-2022		800,000		770,124
Oracle Corporation		2.80			7-8-2021		1,500,000		1,504,148
Oracle Corporation		2.95			5-15-2025		2,000,000		1,924,266
Oracle Corporation		3.63			7-15-2023		400,000		409,247
Oracle Corporation		3.88			7-15-2020		350,000		376,403
Oracle Corporation		3.90			5-15-2035		500,000		469,085
Oracle Corporation		4.30			7-8-2034		1,000,000		989,843
Oracle Corporation		4.38			5-15-2055		1,000,000		930,896
Oracle Corporation		4.50			7-8-2044		500,000		500,093
Oracle Corporation		5.00			7-8-2019		600,000		662,050
Oracle Corporation		5.38			7-15-2040		600,000		668,869
Oracle Corporation		5.75			4-15-2018		1,000,000		1,104,436
Oracle Corporation		6.13			7-8-2039		200,000		241,793
Oracle Corporation		6.50			4-15-2038		250,000		316,597
Symantec Corporation		3.95			6-15-2022		200,000		200,408
Symantec Corporation		4.20			9-15-2020		300,000		308,351

									23,235,310


Technology Hardware, Storage & Peripherals: 0.36%
Apple Incorporated		1.00			5-3-2018		4,000,000		3,956,628
Apple Incorporated		2.00			5-6-2020		1,000,000		996,572
Apple Incorporated		2.40			5-3-2023		3,150,000		3,004,227
Apple Incorporated		3.20			5-13-2025		750,000		745,479
Apple Incorporated		3.45			5-6-2024		1,000,000		1,016,878
Apple Incorporated		3.45			2-9-2045		1,000,000		843,098
Apple Incorporated		3.85			5-4-2043		1,650,000		1,499,456
Apple Incorporated		4.38			5-13-2045		1,000,000		988,429
EMC Corporation		1.88			6-1-2018		950,000		946,844
EMC Corporation		2.65			6-1-2020		500,000		497,420
EMC Corporation		3.38			6-1-2023		850,000		829,298
Hewlett-Packard Company		2.60			9-15-2017		1,000,000		1,012,540
Hewlett-Packard Company		2.75			1-14-2019		500,000		504,859
Hewlett-Packard Company		3.00			9-15-2016		500,000		508,515
Hewlett-Packard Company		3.75			12-1-2020		250,000		257,489
Hewlett-Packard Company		4.05			9-15-2022		250,000		252,163
Hewlett-Packard Company		4.30			6-1-2021		500,000		520,142
Hewlett-Packard Company		4.38			9-15-2021		500,000		519,665
Hewlett-Packard Company		4.65			12-9-2021		500,000		527,719
Hewlett-Packard Company		5.40			3-1-2017		500,000		526,447
Hewlett-Packard Company		5.50			3-1-2018		500,000		543,277
Hewlett-Packard Company		6.00			9-15-2041		475,000		474,592
Lexmark International Incorporated		6.65			6-1-2018		250,000		276,149
NetApp Incorporated		2.00			12-15-2017		250,000		250,084
NetApp Incorporated		3.25			12-15-2022		250,000		237,402

									21,735,372


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			71


Security name	Interest rate			Maturity date		Principal		Value


Materials: 0.73%

Chemicals: 0.43%
Air Products & Chemicals Incorporated		1.20	%		10-15-2017	$	132,000	$	131,505
Air Products & Chemicals Incorporated		3.00			11-3-2021		250,000		252,149
Air Products & Chemicals Incorporated		3.35			7-31-2024		350,000		347,118
Air Products & Chemicals Incorporated		4.38			8-21-2019		150,000		162,372
Airgas Incorporated		2.90			11-15-2022		500,000		479,034
Albemarle Corporation		4.50			12-15-2020		300,000		318,245
Albemarle Corporation		5.45			12-1-2044		200,000		198,631
Cabot Corporation		5.00			10-1-2016		100,000		104,055
CF Industries Incorporated		3.45			6-1-2023		437,000		413,448
CF Industries Incorporated		4.95			6-1-2043		425,000		387,120
CF Industries Incorporated		5.15			3-15-2034		500,000		482,326
CF Industries Incorporated		5.38			3-15-2044		500,000		484,481
CF Industries Incorporated		6.88			5-1-2018		500,000		556,648
Dow Chemical Company		3.00			11-15-2022		500,000		483,762
Dow Chemical Company		3.50			10-1-2024		250,000		240,539
Dow Chemical Company		4.13			11-15-2021		500,000		520,656
Dow Chemical Company		4.25			11-15-2020		575,000		609,314
Dow Chemical Company		4.25			10-1-2034		250,000		230,013
Dow Chemical Company		4.38			11-15-2042		500,000		448,047
Dow Chemical Company		5.25			11-15-2041		250,000		250,884
Dow Chemical Company		5.70			5-15-2018		197,000		216,588
Dow Chemical Company		7.38			11-1-2029		600,000		759,891
Dow Chemical Company		8.55			5-15-2019		1,655,000		1,998,720
Dow Chemical Company		9.40			5-15-2039		385,000		565,553
E.I. du Pont de Nemours & Company		2.80			2-15-2023		500,000		479,035
E.I. du Pont de Nemours & Company		3.63			1-15-2021		500,000		524,610
E.I. du Pont de Nemours & Company		4.15			2-15-2043		300,000		282,914
E.I. du Pont de Nemours & Company		4.50			8-15-2019		400,000		434,259
E.I. du Pont de Nemours & Company		4.63			1-15-2020		200,000		217,948
E.I. du Pont de Nemours & Company		4.90			1-15-2041		300,000		312,740
E.I. du Pont de Nemours & Company		5.25			12-15-2016		250,000		263,267
E.I. du Pont de Nemours & Company		5.60			12-15-2036		25,000		28,123
E.I. du Pont de Nemours & Company		6.00			7-15-2018		625,000		694,827
E.I. du Pont de Nemours & Company		6.50			1-15-2028		250,000		310,023
Eastman Chemical Company		2.40			6-1-2017		400,000		404,549
Eastman Chemical Company		2.70			1-15-2020		300,000		297,643
Eastman Chemical Company		3.60			8-15-2022		400,000		396,307
Eastman Chemical Company		3.80			3-15-2025		750,000		734,561
Eastman Chemical Company		4.50			1-15-2021		500,000		540,381
Eastman Chemical Company		4.80			9-1-2042		200,000		191,943
Ecolab Incorporated		3.00			12-8-2016		500,000		509,703
Ecolab Incorporated		4.35			12-8-2021		500,000		537,148
Ecolab Incorporated		5.50			12-8-2041		300,000		335,292
FMC Corporation		3.95			2-1-2022		125,000		125,577
FMC Corporation		4.10			2-1-2024		250,000		250,605
International Flavors & Fragrances Incorporated		3.20			5-1-2023		100,000		97,765
Lubrizol Corporation		8.88			2-1-2019		250,000		305,103
Monsanto Company		3.38			7-15-2024		1,000,000		959,776


72		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Chemicals (continued)
Monsanto Company		3.60	%		7-15-2042	$	150,000	$	117,932
Monsanto Company		4.40			7-15-2044		600,000		539,657
Monsanto Company		4.70			7-15-2064		300,000		259,370
Monsanto Company		5.13			4-15-2018		500,000		540,975
Monsanto Company		5.50			8-15-2025		100,000		111,393
Mosaic Company		3.75			11-15-2021		115,000		117,982
Mosaic Company		4.25			11-15-2023		425,000		430,291
Mosaic Company		5.45			11-15-2033		304,000		317,560
Mosaic Company		5.63			11-15-2043		250,000		263,373
NewMarket Corporation		4.10			12-15-2022		50,000		50,730
PPG Industries Incorporated		2.30			11-15-2019		250,000		248,957
PPG Industries Incorporated		3.60			11-15-2020		100,000		104,568
PPG Industries Incorporated		5.50			11-15-2040		150,000		172,819
Praxair Incorporated		1.05			11-7-2017		438,000		433,764
Praxair Incorporated		1.25			11-7-2018		100,000		97,906
Praxair Incorporated		2.20			8-15-2022		500,000		469,691
Praxair Incorporated		2.45			2-15-2022		200,000		192,734
Praxair Incorporated		2.70			2-21-2023		150,000		146,467
Praxair Incorporated		3.55			11-7-2042		150,000		132,049
Praxair Incorporated		4.05			3-15-2021		200,000		214,785
Praxair Incorporated		5.20			3-15-2017		50,000		53,050
RPM International Incorporated		6.13			10-15-2019		200,000		223,539
RPM International Incorporated		6.50			2-15-2018		250,000		274,717
Sherwin-Williams Company		1.35			12-15-2017		250,000		248,478
Sherwin-Williams Company		4.00			12-15-2042		132,000		120,446
Valspar Corporation		4.20			1-15-2022		100,000		102,632
Valspar Corporation		7.25			6-15-2019		100,000		115,368
Westlake Chemical Corporation		3.60			7-15-2022		29,000		28,368

									26,004,799


Construction Materials: 0.00%
Martin Marietta Materials Incorporated		6.60			4-15-2018		125,000		139,060


Containers & Packaging: 0.03%
Bemis Company Incorporated		6.80			8-1-2019		10,000		11,582
Packaging Corporation of America		3.65			9-15-2024		1,000,000		977,719
Packaging Corporation of America		3.90			6-15-2022		200,000		200,665
Packaging Corporation of America		4.50			11-1-2023		550,000		571,491
Sonoco Products Company		4.38			11-1-2021		100,000		105,584

									1,867,041


Metals & Mining: 0.17%
Barrick North America Finance LLC		6.80			9-15-2018		250,000		272,353
Carpenter Technology Corporation		4.45			3-1-2023		80,000		78,181
Freeport-McMoRan Copper & Gold Incorporated		2.38			3-15-2018		2,500,000		2,273,750
Freeport-McMoRan Copper & Gold Incorporated		3.55			3-1-2022		1,000,000		770,000
Freeport-McMoRan Copper & Gold Incorporated		3.88			3-15-2023		750,000		573,750
Freeport-McMoRan Copper & Gold Incorporated		4.55			11-14-2024		300,000		231,563
Freeport-McMoRan Copper & Gold Incorporated		5.40			11-14-2034		300,000		216,000


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			73


Security name	Interest rate			Maturity date		Principal		Value


Metals & Mining (continued)
Freeport-McMoRan Copper & Gold Incorporated		5.45	%		3-15-2043	$	850,000	$	603,500
Newmont Mining Corporation		3.50			3-15-2022		600,000		540,931
Newmont Mining Corporation		4.88			3-15-2042		500,000		377,598
Newmont Mining Corporation		5.13			10-1-2019		475,000		502,586
Newmont Mining Corporation		6.25			10-1-2039		475,000		423,440
Nucor Corporation		4.00			8-1-2023		189,000		191,921
Nucor Corporation		5.20			8-1-2043		200,000		204,105
Nucor Corporation		5.75			12-1-2017		500,000		542,368
Nucor Corporation		5.85			6-1-2018		150,000		164,863
Nucor Corporation		6.40			12-1-2037		200,000		231,000
Reliance Steel & Aluminum Company		4.50			4-15-2023		150,000		147,612
Southern Copper Corporation		5.25			11-8-2042		700,000		567,224
Southern Copper Corporation		5.38			4-16-2020		90,000		97,565
Southern Copper Corporation		5.88			4-23-2045		500,000		429,445
Southern Copper Corporation		6.75			4-16-2040		440,000		422,563
Southern Copper Corporation		7.50			7-27-2035		600,000		621,216

									10,483,534


Paper & Forest Products: 0.10%
Domtar Corporation		4.40			4-1-2022		500,000		505,099
Georgia-Pacific LLC		7.25			6-1-2028		325,000		418,404
Georgia-Pacific LLC		8.00			1-15-2024		200,000		257,495
Georgia-Pacific LLC		8.88			5-15-2031		500,000		718,964
International Paper Company		3.65			6-15-2024		500,000		488,522
International Paper Company		4.75			2-15-2022		75,000		79,789
International Paper Company		4.80			6-15-2044		250,000		226,911
International Paper Company		6.00			11-15-2041		535,000		567,380
International Paper Company		7.30			11-15-2039		250,000		299,754
International Paper Company		7.50			8-15-2021		450,000		542,470
International Paper Company		7.95			6-15-2018		1,000,000		1,158,369
MeadWestvaco Corporation		7.95			2-15-2031		50,000		64,532
Plum Creek Timberlands LP		3.25			3-15-2023		275,000		264,437
Plum Creek Timberlands LP		4.70			3-15-2021		500,000		536,304

									6,128,430


Telecommunication Services: 0.85%

Diversified Telecommunication Services: 0.84%
AT&T Incorporated		1.60			2-15-2017		500,000		500,077
AT&T Incorporated		2.45			6-30-2020		1,250,000		1,238,203
AT&T Incorporated		2.63			12-1-2022		1,000,000		931,999
AT&T Incorporated		3.00			2-15-2022		1,500,000		1,441,664
AT&T Incorporated		3.40			5-15-2025		2,000,000		1,903,726
AT&T Incorporated		3.88			8-15-2021		45,000		46,085
AT&T Incorporated		3.90			3-11-2024		500,000		498,640
AT&T Incorporated		4.30			12-15-2042		500,000		424,545
AT&T Incorporated		4.35			6-15-2045		500,000		426,116
AT&T Incorporated		4.45			5-15-2021		650,000		688,444
AT&T Incorporated		4.75			5-15-2046		2,000,000		1,823,542
AT&T Incorporated		5.35			9-1-2040		2,372,000		2,323,080


74		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Diversified Telecommunication Services (continued)
AT&T Incorporated		5.50	%		2-1-2018	$	1,000,000	$	1,081,996
AT&T Incorporated		5.55			8-15-2041		60,000		60,119
AT&T Incorporated		5.60			5-15-2018		500,000		544,909
AT&T Incorporated		5.80			2-15-2019		800,000		883,707
AT&T Incorporated		6.15			9-15-2034		500,000		534,129
AT&T Incorporated		6.30			1-15-2038		1,500,000		1,636,127
AT&T Incorporated		6.50			9-1-2037		970,000		1,088,372
AT&T Incorporated		6.55			2-15-2039		800,000		907,794
AT&T Incorporated		8.25			11-15-2031		536,000		705,576
Embarq Corporation		8.00			6-1-2036		1,000,000		1,057,500
Qwest Corporation		6.88			9-15-2033		300,000		293,298
Verizon Communications Incorporated		2.00			11-1-2016		500,000		503,773
Verizon Communications Incorporated		2.45			11-1-2022		600,000		560,716
Verizon Communications Incorporated		2.55			6-17-2019		1,000,000		1,009,211
Verizon Communications Incorporated		2.63			2-21-2020		1,000,000		1,000,426
Verizon Communications Incorporated		3.00			11-1-2021		750,000		738,801
Verizon Communications Incorporated		3.50			11-1-2021		1,000,000		1,013,745
Verizon Communications Incorporated		3.65			9-14-2018		2,500,000		2,620,655
Verizon Communications Incorporated		4.15			3-15-2024		1,350,000		1,378,044
Verizon Communications Incorporated		4.27			1-15-2036		1,387,000		1,242,143
Verizon Communications Incorporated		4.50			9-15-2020		1,029,000		1,106,772
Verizon Communications Incorporated		4.52			9-15-2048		2,069,000		1,845,670
Verizon Communications Incorporated		4.60			4-1-2021		1,000,000		1,071,776
Verizon Communications Incorporated		4.67			3-15-2055		2,365,000		2,046,962
Verizon Communications Incorporated		4.75			11-1-2041		500,000		459,053
Verizon Communications Incorporated		4.86			8-21-2046		830,000		779,455
Verizon Communications Incorporated		5.01			8-21-2054		2,400,000		2,189,256
Verizon Communications Incorporated		5.15			9-15-2023		3,300,000		3,609,048
Verizon Communications Incorporated		6.00			4-1-2041		500,000		550,646
Verizon Communications Incorporated		6.25			4-1-2037		250,000		280,171
Verizon Communications Incorporated		6.35			4-1-2019		1,000,000		1,133,561
Verizon Communications Incorporated		6.40			9-15-2033		1,030,000		1,174,446
Verizon Communications Incorporated		6.40			2-15-2038		500,000		564,887
Verizon Communications Incorporated		6.55			9-15-2043		2,244,000		2,649,634
Verizon Communications Incorporated		6.90			4-15-2038		250,000		297,673
Verizon Global Funding Corporation		5.85			9-15-2035		600,000		644,206

									51,510,378


Wireless Telecommunication Services: 0.01%
CC Holdings GS V LLC		2.38			12-15-2017		100,000		100,180
CC Holdings GS V LLC		3.85			4-15-2023		500,000		491,803

									591,983


Utilities: 1.80%

Electric Utilities: 1.34%
Alabama Power Company		3.55			12-1-2023		250,000		254,756
Alabama Power Company		3.85			12-1-2042		200,000		179,294
Alabama Power Company		4.15			8-15-2044		150,000		141,059
Alabama Power Company		5.50			3-15-2041		65,000		73,588


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			75


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Alabama Power Company		6.00	%		3-1-2039	$	500,000	$	601,527
Alabama Power Company		6.13			5-15-2038		105,000		127,339
American Electric Power Company Incorporated		2.95			12-15-2022		200,000		193,156
Appalachian Power Company		3.40			6-1-2025		250,000		246,384
Appalachian Power Company		4.45			6-1-2045		250,000		237,679
Appalachian Power Company		5.80			10-1-2035		315,000		356,113
Appalachian Power Company		6.38			4-1-2036		300,000		359,132
Appalachian Power Company		7.00			4-1-2038		600,000		767,461
Arizona Public Service Company		3.15			5-15-2025		150,000		148,543
Arizona Public Service Company		4.50			4-1-2042		100,000		101,027
Arizona Public Service Company		4.70			1-15-2044		250,000		265,311
Arizona Public Service Company		8.75			3-1-2019		500,000		609,778
Atlantic City Electric Company		7.75			11-15-2018		65,000		76,908
Baltimore Gas & Electric Company		3.50			11-15-2021		500,000		518,871
Baltimore Gas & Electric Company		5.90			10-1-2016		350,000		366,840
Carolina Power & Light Company		2.80			5-15-2022		250,000		245,760
Carolina Power & Light Company		5.30			1-15-2019		500,000		553,744
CenterPoint Energy Houston		2.25			8-1-2022		300,000		287,070
CenterPoint Energy Houston		3.55			8-1-2042		250,000		221,984
CenterPoint Energy Houston		4.50			4-1-2044		250,000		257,917
CenterPoint Energy Houston Series K		6.95			3-15-2033		250,000		331,159
Cleco Power LLC		6.00			12-1-2040		300,000		350,588
Cleveland Electric Illuminating Company		5.95			12-15-2036		500,000		548,183
Columbus Southern Power Company		6.05			5-1-2018		200,000		220,801
Commonwealth Edison Company		2.15			1-15-2019		500,000		501,715
Commonwealth Edison Company		3.80			10-1-2042		100,000		92,505
Commonwealth Edison Company		4.70			1-15-2044		250,000		261,376
Commonwealth Edison Company		5.80			3-15-2018		500,000		550,820
Commonwealth Edison Company		5.90			3-15-2036		250,000		298,946
Commonwealth Edison Company Series 100		5.88			2-1-2033		65,000		77,116
Connecticut Light & Power Company		4.15			6-1-2045		125,000		121,617
Connecticut Light & Power Company		5.65			5-1-2018		100,000		110,840
Connecticut Light & Power Company		6.35			6-1-2036		200,000		254,741
Consolidated Edison Company of New York Incorporated		4.45			3-15-2044		500,000		495,417
Consolidated Edison Company of New York Incorporated		6.65			4-1-2019		500,000		576,221
Consolidated Edison Company of New York Incorporated		7.13			12-1-2018		200,000		232,146
Consolidated Edison Company of New York Incorporated Series 06-C		5.50			9-15-2016		100,000		104,588
Consolidated Edison Company of New York Incorporated Series 06-D		5.30			12-1-2016		50,000		52,357
Consolidated Edison Company of New York Incorporated Series 06-E		5.70			12-1-2036		250,000		293,185
Consolidated Edison Company of New York Incorporated Series 07-A		6.30			8-15-2037		250,000		307,823
Consolidated Edison Company of New York Incorporated Series 08-A		5.85			4-1-2018		100,000		110,386
Consolidated Edison Company of New York Incorporated Series 08-B		6.75			4-1-2038		300,000		393,994
Consolidated Edison Company of New York Incorporated Series 09-C		5.50			12-1-2039		600,000		683,720
Consolidated Edison Company of New York Incorporated Series 12-A		4.20			3-15-2042		250,000		238,128
Dayton Power & Light Company		1.88			9-15-2016		75,000		75,123
Delmarva Power & Light Company		4.00			6-1-2042		300,000		287,804
Detroit Edison Company		2.65			6-15-2022		200,000		195,093
Detroit Edison Company		3.45			10-1-2020		500,000		524,460
DTE Electric Company		3.65			3-15-2024		150,000		154,169
DTE Electric Company		6.63			6-1-2036		250,000		325,396


76		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Duke Energy Carolinas LLC		1.75	%		12-15-2016	$	750,000	$	755,599
Duke Energy Carolinas LLC		4.25			12-15-2041		500,000		498,879
Duke Energy Carolinas LLC		6.10			6-1-2037		250,000		306,526
Duke Energy Carolinas LLC Series C		7.00			11-15-2018		100,000		115,865
Duke Energy Corporation		3.05			8-15-2022		100,000		98,585
Duke Energy Corporation		3.95			10-15-2023		200,000		205,957
Duke Energy Corporation		6.45			10-15-2032		375,000		478,022
Duke Energy Florida Incorporated		3.85			11-15-2042		100,000		93,416
Duke Energy Indiana Incorporated		3.75			7-15-2020		500,000		533,032
Duke Energy Indiana Incorporated		4.90			7-15-2043		150,000		162,325
Duke Energy Indiana Incorporated		6.35			8-15-2038		750,000		953,780
Duke Energy Indiana Incorporated		6.45			4-1-2039		65,000		83,686
Duke Energy Ohio Incorporated		5.45			4-1-2019		250,000		279,163
Duke Energy Progress Incorporated		3.00			9-15-2021		250,000		254,377
Duke Energy Progress Incorporated		4.10			3-15-2043		150,000		145,090
Duke Energy Progress Incorporated		4.15			12-1-2044		250,000		244,396
Duke Energy Progress Incorporated		4.38			3-30-2044		250,000		252,468
Entergy Arkansas Incorporated		3.70			6-1-2024		250,000		254,107
Entergy Corporation		4.70			1-15-2017		250,000		256,859
Entergy Corporation		5.13			9-15-2020		250,000		267,522
Entergy Gulf States Louisiana LLC		5.59			10-1-2024		120,000		140,357
Entergy Gulf States Louisiana LLC		6.00			5-1-2018		100,000		109,509
Entergy Louisiana LLC		4.05			9-1-2023		400,000		422,692
Entergy Louisiana LLC		5.40			11-1-2024		250,000		289,472
Entergy Texas Incorporated		7.13			2-1-2019		200,000		230,838
Exelon Corporation		2.85			6-15-2020		350,000		349,224
Exelon Corporation		3.95			6-15-2025		500,000		500,672
Exelon Corporation		4.95			6-15-2035		200,000		200,878
Exelon Corporation		5.10			6-15-2045		400,000		397,271
Exelon Corporation		5.63			6-15-2035		365,000		395,157
Exelon Generation Company LLC		4.25			6-15-2022		225,000		229,069
Exelon Generation Company LLC		5.20			10-1-2019		500,000		550,004
Exelon Generation Company LLC		5.60			6-15-2042		605,000		599,351
Exelon Generation Company LLC		6.25			10-1-2039		500,000		536,408
FirstEnergy Solutions Company		6.80			8-15-2039		164,000		170,212
Florida Power & Light Company		3.25			6-1-2024		500,000		507,119
Florida Power & Light Company		4.05			6-1-2042		250,000		241,807
Florida Power & Light Company		4.13			2-1-2042		300,000		296,272
Florida Power & Light Company		5.25			2-1-2041		200,000		230,476
Florida Power & Light Company		5.63			4-1-2034		250,000		298,649
Florida Power & Light Company		5.65			2-1-2037		380,000		454,616
Florida Power & Light Company		5.85			5-1-2037		100,000		122,738
Florida Power & Light Company		5.95			2-1-2038		320,000		398,661
Florida Power & Light Company		5.96			4-1-2039		250,000		313,885
Florida Power & Light Company		6.20			6-1-2036		500,000		633,939
Florida Power Corporation		5.65			6-15-2018		300,000		332,090
Florida Power Corporation		5.65			4-1-2040		125,000		151,142
Florida Power Corporation		5.80			9-15-2017		200,000		217,416
Florida Power Corporation		6.40			6-15-2038		500,000		643,864
FPL Group Capital Incorporated		6.00			3-1-2019		750,000		834,687


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			77


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Georgia Power Company		4.25	%		12-1-2019	$	375,000	$	408,344
Georgia Power Company		4.30			3-15-2042		250,000		222,544
Georgia Power Company		4.30			3-15-2043		350,000		312,353
Georgia Power Company		5.40			6-1-2018		200,000		219,155
Georgia Power Company		5.40			6-1-2040		250,000		262,781
Georgia Power Company		5.95			2-1-2039		250,000		282,246
Georgia Power Company Series B		5.70			6-1-2017		100,000		107,433
Great Plains Energy Incorporated		4.85			6-1-2021		50,000		54,898
Iberdrola International BV		6.75			7-15-2036		500,000		619,865
Indiana Michigan Power Company		3.20			3-15-2023		100,000		99,078
Indiana Michigan Power Company		7.00			3-15-2019		500,000		576,394
Interstate Power & Light Company		4.70			10-15-2043		300,000		316,986
Interstate Power & Light Company		6.25			7-15-2039		30,000		38,751
Jersey Central Power & Light Company		7.35			2-1-2019		250,000		287,859
Kansas City Power & Light Company		3.15			3-15-2023		200,000		197,199
Kansas City Power & Light Company		6.38			3-1-2018		250,000		278,138
Kansas City Power & Light Company		7.15			4-1-2019		200,000		233,288
Kentucky Utilities Company		3.25			11-1-2020		500,000		518,943
Kentucky Utilities Company		5.13			11-1-2040		500,000		556,947
LG&E & KU Energy LLC		3.75			11-15-2020		100,000		104,773
MidAmerican Energy Holdings Company		2.40			3-15-2019		500,000		507,783
MidAmerican Energy Holdings Company		4.80			9-15-2043		300,000		319,679
MidAmerican Energy Holdings Company		5.30			3-15-2018		250,000		271,672
MidAmerican Energy Holdings Company		5.80			10-15-2036		75,000		90,581
MidAmerican Energy Holdings Company		5.95			5-15-2037		300,000		345,559
MidAmerican Energy Holdings Company		6.13			4-1-2036		700,000		825,777
MidAmerican Energy Holdings Company		6.50			9-15-2037		500,000		614,872
MidAmerican Energy Holdings Company		6.75			12-30-2031		150,000		196,844
Nevada Power Company		5.45			5-15-2041		120,000		137,651
Nevada Power Company		6.75			7-1-2037		200,000		262,610
Nevada Power Company		7.13			3-15-2019		300,000		349,972
Nevada Power Company Series O		6.50			5-15-2018		550,000		615,127
NiSource Finance Corporation		4.80			2-15-2044		850,000		854,701
NiSource Finance Corporation		5.45			9-15-2020		415,000		462,308
NiSource Finance Corporation		5.65			2-1-2045		200,000		227,292
NiSource Finance Corporation		6.13			3-1-2022		100,000		115,535
NiSource Finance Corporation		6.40			3-15-2018		699,000		776,458
NiSource Finance Corporation		6.80			1-15-2019		90,000		102,689
Northeast Utilities		1.45			5-1-2018		350,000		345,438
Northeast Utilities		2.80			5-1-2023		175,000		167,782
Northern States Power Company of Minnesota		2.15			8-15-2022		250,000		237,046
Northern States Power Company of Minnesota		2.60			5-15-2023		150,000		145,629
Northern States Power Company of Minnesota		3.40			8-15-2042		250,000		219,909
Northern States Power Company of Minnesota		5.25			3-1-2018		500,000		543,350
Northern States Power Company of Minnesota		5.35			11-1-2039		40,000		46,968
Northern States Power Company of Minnesota		6.20			7-1-2037		300,000		387,538
NSTAR Electric Company		2.38			10-15-2022		200,000		191,815
NSTAR Electric Company		4.40			3-1-2044		250,000		252,888
NSTAR Electric Company		5.50			3-15-2040		100,000		118,939
Oglethorpe Power Corporation		4.55			6-1-2044		250,000		242,735


78		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Oglethorpe Power Corporation		5.38	%		11-1-2040	$	300,000	$	331,299
Oglethorpe Power Corporation		5.95			11-1-2039		150,000		179,039
Ohio Edison Company		6.88			7-15-2036		250,000		312,182
Ohio Edison Company		8.25			10-15-2038		200,000		281,951
Ohio Power Company		5.38			10-1-2021		65,000		73,313
Ohio Power Company		6.60			2-15-2033		194,000		243,276
Ohio Power Company		6.60			3-1-2033		150,000		188,168
Oklahoma Gas & Electric Company		4.55			3-15-2044		250,000		256,587
Oklahoma Gas & Electric Company		5.25			5-15-2041		100,000		111,447
Oklahoma Gas & Electric Company		5.85			6-1-2040		100,000		120,261
Oncor Electric Delivery Company LLC		4.10			6-1-2022		500,000		522,213
Oncor Electric Delivery Company LLC		4.55			12-1-2041		200,000		199,566
Oncor Electric Delivery Company LLC		5.25			9-30-2040		250,000		271,584
Oncor Electric Delivery Company LLC		6.80			9-1-2018		500,000		568,076
Oncor Electric Delivery Company LLC		7.00			5-1-2032		175,000		224,568
Oncor Electric Delivery Company LLC		7.50			9-1-2038		200,000		276,252
PacifiCorp		3.60			4-1-2024		250,000		254,293
PacifiCorp		4.10			2-1-2042		100,000		96,857
PacifiCorp		5.65			7-15-2018		600,000		665,564
PacifiCorp		5.75			4-1-2037		250,000		295,846
PacifiCorp		6.00			1-15-2039		500,000		610,250
PacifiCorp		6.25			10-15-2037		720,000		902,949
PECO Energy Company		2.38			9-15-2022		1,000,000		963,969
PECO Energy Company		4.15			10-1-2044		350,000		334,947
Portland General Electric Company		6.10			4-15-2019		250,000		284,010
Potomac Electric Power Company		3.60			3-15-2024		250,000		253,287
Potomac Electric Power Company		6.50			11-15-2037		200,000		255,316
PPL Capital Funding Incorporated		1.90			6-1-2018		100,000		99,635
PPL Capital Funding Incorporated		3.40			6-1-2023		500,000		492,405
PPL Capital Funding Incorporated		3.95			3-15-2024		250,000		254,070
PPL Capital Funding Incorporated		4.20			6-15-2022		200,000		209,516
PPL Capital Funding Incorporated		4.70			6-1-2043		125,000		122,450
PPL Capital Funding Incorporated		5.00			3-15-2044		250,000		255,185
PPL Electric Utilities		4.75			7-15-2043		150,000		160,347
PPL Electric Utilities		5.20			7-15-2041		200,000		228,107
PPL Electric Utilities		6.25			5-15-2039		45,000		57,258
Progress Energy Incorporated		3.15			4-1-2022		500,000		500,008
Progress Energy Incorporated		4.10			5-15-2042		250,000		244,329
Progress Energy Incorporated		4.40			1-15-2021		750,000		799,178
Progress Energy Incorporated		4.55			4-1-2020		75,000		82,447
Progress Energy Incorporated		6.00			12-1-2039		300,000		350,565
Progress Energy Incorporated		6.30			4-1-2038		50,000		63,140
Progress Energy Incorporated		7.00			10-30-2031		500,000		625,867
Progress Energy Incorporated		7.75			3-1-2031		300,000		397,950
PSEG Power LLC		2.45			11-15-2018		300,000		300,724
PSEG Power LLC		4.15			9-15-2021		250,000		259,952
PSEG Power LLC		4.30			11-15-2023		300,000		305,947
PSEG Power LLC		5.13			4-15-2020		280,000		307,369
PSEG Power LLC		8.63			4-15-2031		75,000		100,662
Public Service Company of Colorado		2.25			9-15-2022		100,000		95,482


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			79


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Public Service Company of Colorado		2.50	%		3-15-2023	$	250,000	$	240,610
Public Service Company of Colorado		3.20			11-15-2020		300,000		309,325
Public Service Company of Colorado		3.60			9-15-2042		200,000		177,635
Public Service Company of Colorado		3.95			3-15-2043		125,000		118,677
Public Service Company of Colorado		4.30			3-15-2044		250,000		250,974
Public Service Company of Colorado		5.13			6-1-2019		50,000		55,414
Public Service Company of Colorado		6.25			9-1-2037		500,000		642,386
Public Service Company of New Hampshire		3.50			11-1-2023		300,000		309,500
Public Service Company of Oklahoma		4.40			2-1-2021		100,000		106,926
Public Service Company of Oklahoma		5.15			12-1-2019		40,000		44,369
Public Service Electric & Gas Company		2.00			8-15-2019		200,000		199,369
Public Service Electric & Gas Company		2.38			5-15-2023		200,000		190,860
Public Service Electric & Gas Company		3.65			9-1-2042		250,000		228,143
Public Service Electric & Gas Company		3.80			1-1-2043		200,000		187,480
Public Service Electric & Gas Company		3.95			5-1-2042		100,000		96,199
Public Service Electric & Gas Company		5.30			5-1-2018		1,000,000		1,093,090
Public Service Electric & Gas Company		5.80			5-1-2037		100,000		120,264
South Carolina Electric & Gas Company		4.35			2-1-2042		600,000		580,403
South Carolina Electric & Gas Company		5.10			6-1-2065		400,000		407,585
South Carolina Electric & Gas Company		6.50			11-1-2018		525,000		601,993
Southern California Edison Company		1.13			5-1-2017		1,000,000		995,699
Southern California Edison Company		3.88			6-1-2021		270,000		287,144
Southern California Edison Company		3.90			3-15-2043		150,000		140,647
Southern California Edison Company		4.05			3-15-2042		500,000		479,268
Southern California Edison Company		5.50			8-15-2018		500,000		554,957
Southern California Edison Company		5.50			3-15-2040		700,000		815,379
Southern California Edison Company		6.00			1-15-2034		100,000		122,042
Southern California Edison Company		6.05			3-15-2039		350,000		437,356
Southern California Edison Company Series 05-E		5.35			7-15-2035		180,000		204,742
Southern Company		2.15			9-1-2019		500,000		491,043
Southern Company		2.45			9-1-2018		180,000		181,314
Southern Company		2.75			6-15-2020		250,000		247,994
Southwestern Electric Power Company		6.20			3-15-2040		50,000		60,385
Southwestern Electric Power Company Series E		5.55			1-15-2017		100,000		105,385
Southwestern Public Service Company		6.00			10-1-2036		100,000		118,226
System Energy Resources		4.10			4-1-2023		150,000		153,484
Tampa Electric Company		2.60			9-15-2022		200,000		192,924
Tampa Electric Company		4.20			5-15-2045		300,000		295,414
Tampa Electric Company		6.10			5-15-2018		100,000		110,558
Tampa Electric Company		6.15			5-15-2037		75,000		93,662
Toleda Edison Company		6.15			5-15-2037		50,000		58,322
TXU Electric Delivery Company		7.25			1-15-2033		75,000		99,453
Union Electric Company		3.90			9-15-2042		250,000		236,310
Union Electric Company		6.40			6-15-2017		500,000		543,536
Union Electric Company		8.45			3-15-2039		80,000		127,772
Virginia Electric & Power Company		3.10			5-15-2025		100,000		98,544
Virginia Electric & Power Company		3.45			2-15-2024		150,000		152,201
Virginia Electric & Power Company		4.00			1-15-2043		325,000		309,506
Virginia Electric & Power Company		4.20			5-15-2045		150,000		146,183
Virginia Electric & Power Company		4.45			2-15-2044		150,000		153,477
Virginia Electric & Power Company		5.00			6-30-2019		200,000		220,268


80		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Virginia Electric & Power Company		8.88	%		11-15-2038	$	300,000	$	465,632
Virginia Electric & Power Company Series B		3.45			9-1-2022		1,000,000		1,019,321
Virginia Electric & Power Company Series B		6.00			1-15-2036		100,000		124,259
Westar Energy Incorporated		4.10			4-1-2043		300,000		289,704
Westar Energy Incorporated		8.63			12-1-2018		250,000		300,391
Wisconsin Electric Power Company		1.70			6-15-2018		150,000		150,173
Wisconsin Electric Power Company		4.25			12-15-2019		350,000		381,439
Wisconsin Electric Power Company		5.63			5-15-2033		100,000		118,837
Wisconsin Electric Power Company		5.70			12-1-2036		150,000		182,470
Wisconsin Power & Light Company		4.10			10-15-2044		250,000		241,248
Wisconsin Power & Light Company		5.00			7-15-2019		50,000		55,220
Wisconsin Power & Light Company		6.38			8-15-2037		250,000		323,826
Wisconsin Public Service Corporation		4.75			11-1-2044		400,000		431,980

									82,343,469


Gas Utilities: 0.08%
Atmos Energy Corporation		4.13			10-15-2044		350,000		333,892
Atmos Energy Corporation		4.15			1-15-2043		161,000		152,439
Atmos Energy Corporation		5.50			6-15-2041		60,000		68,549
Atmos Energy Corporation		6.35			6-15-2017		50,000		54,019
Atmos Energy Corporation		8.50			3-15-2019		250,000		298,860
CenterPoint Energy Incorporated		5.95			2-1-2017		250,000		265,835
CenterPoint Energy Resources Corporation		4.50			1-15-2021		65,000		69,471
CenterPoint Energy Resources Corporation		5.85			1-15-2041		110,000		126,465
CenterPoint Energy Resources Corporation		6.00			5-15-2018		100,000		111,112
CenterPoint Energy Resources Corporation		6.13			11-1-2017		150,000		164,495
CenterPoint Energy Resources Corporation		6.63			11-1-2037		50,000		61,620
KeySpan Corporation		5.80			4-1-2035		125,000		141,953
Laclede Group Incorporated		4.70			8-15-2044		250,000		254,408
National Fuel Gas Company		3.75			3-1-2023		312,000		291,079
One Gas Incorporated		2.07			2-1-2019		100,000		99,557
One Gas Incorporated		3.61			2-1-2024		100,000		103,837
One Gas Incorporated		4.66			2-1-2044		50,000		52,088
Panhandle Eastern Pipe Line Company LP		6.20			11-1-2017		400,000		432,950
Piedmont Natural Gas Company		4.65			8-1-2043		50,000		54,713
Sempra Energy		2.88			10-1-2022		200,000		191,677
Sempra Energy		3.55			6-15-2024		1,000,000		986,116
Sempra Energy		6.00			10-15-2039		300,000		347,099
Southern California Gas Company		3.75			9-15-2042		200,000		185,724
Southern California Gas Company		5.13			11-15-2040		100,000		112,426
Southern California Gas Company		5.75			11-15-2035		75,000		89,988

									5,050,372


Independent Power & Renewable Electricity Producers: 0.02%
Constellation Energy Group Incorporated		5.15			12-1-2020		100,000		109,385
Southern Power Company		5.15			9-15-2041		500,000		499,157
Southern Power Company		5.25			7-15-2043		120,000		121,955
Tri-State Generation & Transmission Association Incorporated		3.70			11-1-2024		100,000		100,300
Tri-State Generation & Transmission Association Incorporated		4.70			11-1-2044		100,000		100,623

									931,420


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			81


Security name	Interest rate			Maturity date		Principal		Value


Multi-Utilities: 0.34%
Ameren Illinois Company		4.30	%		7-1-2044	$	500,000	$	502,108
Ameren Illinois Company		4.80			12-15-2043		100,000		110,028
Ameren Illinois Company		6.13			11-15-2017		100,000		109,938
Avista Corporation		5.13			4-1-2022		55,000		62,444
Berkshire Hathaway Energy		1.10			5-15-2017		300,000		298,296
Berkshire Hathaway Energy		2.00			11-15-2018		250,000		249,402
Berkshire Hathaway Energy		3.75			11-15-2023		500,000		510,277
Berkshire Hathaway Energy		5.15			11-15-2043		400,000		426,922
Black Hills Corporation		4.25			11-30-2023		300,000		313,073
CMS Energy Corporation		3.88			3-1-2024		500,000		504,944
CMS Energy Corporation		4.70			3-31-2043		125,000		124,732
CMS Energy Corporation		5.05			3-15-2022		350,000		380,295
Consumers Energy Company		3.38			8-15-2023		500,000		506,074
Consumers Energy Company		3.95			5-15-2043		200,000		192,952
Consumers Energy Company		4.35			8-31-2064		150,000		143,736
Consumers Energy Company		5.65			9-15-2018		150,000		166,491
Consumers Energy Company		6.70			9-15-2019		500,000		582,782
Dominion Resources Incorporated		1.25			3-15-2017		500,000		497,352
Dominion Resources Incorporated		1.90			6-15-2018		200,000		198,931
Dominion Resources Incorporated		2.50			12-1-2019		188,000		188,437
Dominion Resources Incorporated		2.75			9-15-2022		200,000		192,938
Dominion Resources Incorporated		3.63			12-1-2024		300,000		296,268
Dominion Resources Incorporated		4.05			9-15-2042		250,000		224,134
Dominion Resources Incorporated		4.45			3-15-2021		100,000		106,366
Dominion Resources Incorporated		4.70			12-1-2044		250,000		243,803
Dominion Resources Incorporated		4.90			8-1-2041		60,000		60,662
Dominion Resources Incorporated		5.95			6-15-2035		225,000		255,978
Dominion Resources Incorporated		6.40			6-15-2018		750,000		835,029
Dominion Resources Incorporated		7.00			6-15-2038		500,000		619,199
DTE Energy Company 144A		3.30			6-15-2022		100,000		101,125
DTE Energy Company		3.85			12-1-2023		243,000		251,440
Integrys Energy Group		4.17			11-1-2020		200,000		212,586
Louisville Gas & Electric Company		5.13			11-15-2040		125,000		138,487
NorthWestern Corporation		4.18			11-15-2044		300,000		296,085
NSTAR Global Services Incorporated		4.50			11-15-2019		100,000		107,523
Pacific Gas & Electric Company		2.45			8-15-2022		250,000		238,289
Pacific Gas & Electric Company		3.40			8-15-2024		650,000		647,292
Pacific Gas & Electric Company		3.50			6-15-2025		150,000		149,817
Pacific Gas & Electric Company		3.75			8-15-2042		200,000		177,745
Pacific Gas & Electric Company		4.25			5-15-2021		500,000		534,766
Pacific Gas & Electric Company		4.30			3-15-2045		200,000		193,465
Pacific Gas & Electric Company		5.40			1-15-2040		700,000		785,882
Pacific Gas & Electric Company		5.80			3-1-2037		500,000		578,790
Pacific Gas & Electric Company		6.05			3-1-2034		1,100,000		1,315,228
Pacific Gas & Electric Company		6.35			2-15-2038		100,000		121,170
Pacific Gas & Electric Company		8.25			10-15-2018		1,000,000		1,190,911
Pacific Gas & Electric Corporation		5.13			11-15-2043		250,000		271,087
Puget Energy Incorporated 144A		3.65			5-15-2025		200,000		194,498
Puget Energy Incorporated		6.00			9-1-2021		250,000		285,733
Puget Sound Energy Incorporated		4.43			11-15-2041		500,000		496,625


82		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Multi-Utilities (continued)
Puget Sound Energy Incorporated		5.76	%		10-1-2039	$	400,000	$	471,636
Puget Sound Energy Incorporated		5.80			3-15-2040		50,000		59,184
Puget Sound Energy Incorporated		6.27			3-15-2037		330,000		411,038
San Diego Gas & Electric Company		3.00			8-15-2021		750,000		768,538
San Diego Gas & Electric Company		5.35			5-15-2035		100,000		117,290
San Diego Gas & Electric Company		6.00			6-1-2039		530,000		662,184
Scana Corporation		4.75			5-15-2021		250,000		262,754
WEC Energy Group Incorporated		1.65			6-15-2018		150,000		149,722
WEC Energy Group Incorporated		2.45			6-15-2020		150,000		149,747
WEC Energy Group Incorporated		3.55			6-15-2025		200,000		200,525
Wisconsin Energy Corporation ±		6.25			5-15-2067		125,000		108,281
Xcel Energy Incorporated		4.70			5-15-2020		250,000		271,967
Xcel Energy Incorporated		4.80			9-15-2041		250,000		259,297

									21,084,298


Water Utilities: 0.02%
American Water Capital Corporation		3.40			3-1-2025		300,000		300,095
American Water Capital Corporation		6.09			10-15-2017		750,000		820,932

									1,121,027


Total Corporate Bonds and Notes (Cost $1,210,676,671)									1,237,445,805


Foreign Government Bonds @: 25.09%
Australian Government Bond Series 122 (AUD)		5.25			3-15-2019		2,350,000		1,869,267
Australian Government Bond Series 124 (AUD)		5.75			5-15-2021		2,700,000		2,290,451
Australian Government Bond Series 126 (AUD)		4.50			4-15-2020		2,100,000		1,661,875
Australian Government Bond Series 128 (AUD)		5.75			7-15-2022		1,600,000		1,383,220
Australian Government Bond Series 128 (AUD)		5.75			7-15-2022		300,000		259,354
Australian Government Bond Series 132 (AUD)		5.50			1-21-2018		2,300,000		1,779,082
Australian Government Bond Series 133 (AUD)		5.50			4-21-2023		2,500,000		2,153,951
Australian Government Bond Series 135 (AUD)		4.25			7-21-2017		2,000,000		1,487,804
Australian Government Bond Series 136 (AUD)		4.75			4-21-2027		1,975,000		1,672,218
Australian Government Bond Series 137 (AUD)		2.75			4-21-2024		2,150,000		1,549,066
Australian Government Bond Series 138 (AUD)		3.25			4-21-2029		1,050,000		768,566
Australian Government Bond Series 139 (AUD)		3.25			4-21-2025		2,100,000		1,566,782
Australian Government Bond Series 140 (AUD)		4.50			4-21-2033		1,000,000		840,181
Australian Government Bond Series 141 (AUD)		3.25			10-21-2018		1,565,000		1,163,249
Australian Government Bond Series 142 (AUD)		4.25			4-21-2026		1,900,000		1,537,810
Australian Government Bond Series 143 (AUD)		2.75			10-21-2019		1,300,000		956,776
Australian Government Bond Series 144 (AUD)		3.75			4-21-2037		800,000		607,220
Australian Government Bond Series 145 (AUD)		2.75			6-21-2035		750,000		491,508
Australian Government Bond Series 146 (AUD)		1.75			11-21-2020		200,000		139,939
Australian Government Bond Series 217 (AUD)		6.00			2-15-2017		2,250,000		1,696,901
Belgium Government Bond Series 31 (EUR)		5.50			3-28-2028		2,025,000		3,350,233
Belgium Government Bond Series 40 (EUR) 144A		5.50			9-28-2017		900,000		1,128,037
Belgium Government Bond Series 44 (EUR) 144A		5.00			3-28-2035		2,130,000		3,642,100
Belgium Government Bond Series 47 (EUR) 144A		3.25			9-28-2016		1,500,000		1,744,664
Belgium Government Bond Series 48 (EUR)		4.00			3-28-2022		1,600,000		2,197,692
Belgium Government Bond Series 49 (EUR) 144A		4.00			3-28-2017		1,050,000		1,255,330
Belgium Government Bond Series 52 (EUR) 144A		4.00			3-28-2018		1,250,000		1,550,672


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			83


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Belgium Government Bond Series 55 (EUR)		4.00	%		3-28-2019		1,400,000	$	1,793,292
Belgium Government Bond Series 58 (EUR) 144A		3.75			9-28-2020		2,250,000		2,966,367
Belgium Government Bond Series 60 (EUR) 144A		4.25			3-28-2041		1,775,000		2,914,606
Belgium Government Bond Series 61 (EUR) 144A		4.25			9-28-2021		1,550,000		2,137,422
Belgium Government Bond Series 62 (EUR)		3.00			9-28-2019		1,150,000		1,441,136
Belgium Government Bond Series 63 (EUR) 144A		3.50			6-28-2017		1,375,000		1,645,138
Belgium Government Bond Series 64 (EUR) 144A		4.50			3-28-2026		900,000		1,343,604
Belgium Government Bond Series 65 (EUR)		4.25			9-28-2022		1,740,000		2,446,086
Belgium Government Bond Series 66 (EUR)		4.00			3-28-2032		900,000		1,344,941
Belgium Government Bond Series 68 (EUR)		2.25			6-22-2023		1,500,000		1,871,575
Belgium Government Bond Series 69 (EUR)		1.25			6-22-2018		1,350,000		1,570,500
Belgium Government Bond Series 71 (EUR)		3.75			6-22-2045		750,000		1,158,192
Belgium Government Bond Series 72 (EUR) 144A		2.60			6-22-2024		1,600,000		2,044,864
Belgium Government Bond Series 73 (EUR) 144A		3.00			6-22-2034		750,000		1,002,874
Belgium Government Bond Series 74 (EUR) 144A		0.80			6-22-2025		960,000		1,043,489
Belgium Government Bond Series 75 (EUR) 144A		1.00			6-22-2031		300,000		304,316
Bonos y Obligaciones del Estado (EUR)		0.50			10-31-2017		1,500,000		1,692,174
Bonos y Obligaciones del Estado (EUR)		1.40			1-31-2020		2,500,000		2,869,549
Bonos y Obligaciones del Estado (EUR) 144A		1.60			4-30-2025		1,750,000		1,893,873
Bonos y Obligaciones del Estado (EUR) 144A		1.95			7-30-2030		600,000		619,562
Bonos y Obligaciones del Estado (EUR)		2.10			4-30-2017		2,600,000		3,011,976
Bonos y Obligaciones del Estado (EUR) 144A		2.15			10-31-2025		700,000		790,108
Bonos y Obligaciones del Estado (EUR)		2.75			4-30-2019		2,500,000		3,016,705
Bonos y Obligaciones del Estado (EUR) 144A		2.75			10-31-2024		2,450,000		2,918,596
Bonos y Obligaciones del Estado (EUR)		3.75			10-31-2018		2,400,000		2,965,979
Bonos y Obligaciones del Estado (EUR) 144A		3.80			4-30-2024		2,300,000		2,958,281
Bonos y Obligaciones del Estado (EUR) 144A		4.10			7-30-2018		2,100,000		2,603,950
Bonos y Obligaciones del Estado (EUR) 144A		4.40			10-31-2023		2,050,000		2,744,010
Bonos y Obligaciones del Estado (EUR)		4.50			1-31-2018		2,550,000		3,147,060
Bonos y Obligaciones del Estado (EUR) 144A		5.15			10-31-2028		1,450,000		2,105,426
Bonos y Obligaciones del Estado (EUR) 144A		5.15			10-31-2044		1,050,000		1,625,454
Bonos y Obligaciones del Estado (EUR) 144A		5.40			1-31-2023		1,950,000		2,750,844
Bundesobligation Series 161 (EUR)		1.25			10-14-2016		1,500,000		1,711,066
Bundesobligation Series 162 (EUR)		0.75			2-24-2017		1,850,000		2,105,727
Bundesobligation Series 163 (EUR)		0.50			4-7-2017		2,000,000		2,269,976
Bundesobligation Series 164 (EUR)		0.50			10-13-2017		2,500,000		2,846,307
Bundesobligation Series 165 (EUR)		0.50			2-23-2018		1,900,000		2,167,692
Bundesobligation Series 166 (EUR)		0.25			4-13-2018		1,300,000		1,474,492
Bundesobligation Series 167 (EUR)		1.00			10-12-2018		1,800,000		2,089,860
Bundesobligation Series 168 (EUR)		1.00			2-22-2019		1,650,000		1,921,704
Bundesobligation Series 169 (EUR)		0.50			4-12-2019		1,500,000		1,717,564
Bundesobligation Series 170 (EUR)		0.25			10-11-2019		1,900,000		2,155,560
Bundesobligation Series 171 (EUR) ¤		0.00			4-17-2020		400,000		447,873
Bundesrepublik Deutschland (EUR)		0.50			2-15-2025		2,700,000		2,963,514
Bundesrepublik Deutschland (EUR)		1.00			8-15-2024		1,750,000		2,022,087
Bundesrepublik Deutschland (EUR)		1.50			9-4-2022		2,500,000		3,024,112
Bundesrepublik Deutschland (EUR)		1.50			2-15-2023		1,750,000		2,118,606
Bundesrepublik Deutschland (EUR)		1.50			5-15-2023		2,200,000		2,662,576
Bundesrepublik Deutschland (EUR)		1.50			5-15-2024		2,000,000		2,413,970
Bundesrepublik Deutschland (EUR)		1.75			7-4-2022		2,750,000		3,380,033


84		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Bundesrepublik Deutschland (EUR)		1.75	%		2-15-2024		2,000,000	$	2,462,874
Bundesrepublik Deutschland (EUR)		2.00			1-4-2022		2,000,000		2,488,055
Bundesrepublik Deutschland (EUR)		2.00			8-15-2023		1,825,000		2,289,396
Bundesrepublik Deutschland (EUR)		2.25			9-4-2020		2,125,000		2,641,650
Bundesrepublik Deutschland (EUR)		2.50			1-4-2021		1,950,000		2,462,921
Bundesrepublik Deutschland (EUR)		2.50			7-4-2044		1,700,000		2,369,824
Bundesrepublik Deutschland (EUR)		2.50			8-15-2046		1,225,000		1,713,894
Bundesrepublik Deutschland (EUR)		3.00			7-4-2020		2,575,000		3,298,407
Bundesrepublik Deutschland (EUR)		3.25			7-4-2021		2,100,000		2,773,148
Bundesrepublik Deutschland (EUR)		3.25			7-4-2042		1,600,000		2,507,513
Bundesrepublik Deutschland Series 00 (EUR)		5.50			1-4-2031		1,600,000		2,883,909
Bundesrepublik Deutschland Series 00 (EUR)		6.25			1-4-2030		1,150,000		2,180,706
Bundesrepublik Deutschland Series 03 (EUR)		4.75			7-4-2034		2,200,000		3,892,399
Bundesrepublik Deutschland Series 05 (EUR)		4.00			1-4-2037		2,475,000		4,118,020
Bundesrepublik Deutschland Series 06 (EUR)		3.75			1-4-2017		2,200,000		2,600,660
Bundesrepublik Deutschland Series 07 (EUR)		4.00			1-4-2018		2,100,000		2,587,290
Bundesrepublik Deutschland Series 08 (EUR)		4.25			7-4-2018		3,000,000		3,786,922
Bundesrepublik Deutschland Series 08 (EUR)		4.75			7-4-2040		1,750,000		3,325,771
Bundesrepublik Deutschland Series 09 (EUR)		3.25			1-4-2020		2,350,000		3,007,481
Bundesrepublik Deutschland Series 09 (EUR)		3.50			7-4-2019		2,750,000		3,506,524
Bundesrepublik Deutschland Series 09 (EUR)		3.75			1-4-2019		2,600,000		3,294,457
Bundesrepublik Deutschland Series 161 (EUR)		2.25			9-4-2021		2,000,000		2,520,283
Bundesrepublik Deutschland Series 2007 (EUR)		4.25			7-4-2017		2,250,000		2,731,749
Bundesrepublik Deutschland Series 2007 (EUR)		4.25			7-4-2039		1,500,000		2,647,411
Bundesrepublik Deutschland Series 94 (EUR)		6.25			1-4-2024		855,000		1,409,665
Bundesrepublik Deutschland Series 97 (EUR)		6.50			7-4-2027		1,400,000		2,563,927
Bundesrepublik Deutschland Series 98 (EUR)		4.75			7-4-2028		1,300,000		2,123,773
Bundesrepublik Deutschland Series 98 (EUR)		5.63			1-4-2028		1,400,000		2,428,233
Bundesschatzanweisungen (EUR) ¤		0.00			9-16-2016		1,500,000		1,687,028
Bundesschatzanweisungen (EUR) ¤		0.00			12-16-2016		1,200,000		1,350,128
Bundesschatzanweisungen (EUR) ¤		0.00			3-10-2017		2,000,000		2,250,810
Canadian Government Bond (CAD)		0.25			5-1-2017		675,000		511,565
Canadian Government Bond (CAD)		1.00			11-1-2016		700,000		535,530
Canadian Government Bond (CAD)		1.25			8-1-2017		995,000		768,145
Canadian Government Bond (CAD)		1.25			2-1-2018		600,000		464,585
Canadian Government Bond (CAD)		1.25			3-1-2018		1,075,000		832,913
Canadian Government Bond (CAD)		1.25			9-1-2018		800,000		622,220
Canadian Government Bond (CAD)		1.50			2-1-2017		2,350,000		1,812,962
Canadian Government Bond (CAD)		1.50			3-1-2017		1,000,000		772,203
Canadian Government Bond (CAD)		1.50			9-1-2017		1,600,000		1,241,788
Canadian Government Bond (CAD)		1.50			3-1-2020		1,000,000		788,910
Canadian Government Bond (CAD)		1.50			6-1-2023		1,550,000		1,200,967
Canadian Government Bond (CAD)		1.75			3-1-2019		1,500,000		1,189,362
Canadian Government Bond (CAD)		1.75			9-1-2019		1,100,000		874,482
Canadian Government Bond (CAD)		2.25			6-1-2025		1,400,000		1,140,027
Canadian Government Bond (CAD)		2.50			6-1-2024		1,300,000		1,081,887
Canadian Government Bond (CAD)		2.75			9-1-2016		1,500,000		1,166,285
Canadian Government Bond (CAD)		2.75			6-1-2022		1,450,000		1,221,523
Canadian Government Bond (CAD)		2.75			12-1-2048		550,000		469,452
Canadian Government Bond (CAD)		2.75			12-1-2064		500,000		444,143


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			85


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Canadian Government Bond (CAD)		3.25	%		6-1-2021		1,550,000	$	1,332,981
Canadian Government Bond (CAD)		3.50			6-1-2020		1,650,000		1,417,638
Canadian Government Bond (CAD)		3.50			12-1-2045		1,750,000		1,706,636
Canadian Government Bond (CAD)		3.75			6-1-2019		1,600,000		1,360,985
Canadian Government Bond (CAD)		4.00			6-1-2017		1,350,000		1,090,169
Canadian Government Bond (CAD)		4.00			6-1-2041		1,250,000		1,282,922
Canadian Government Bond (CAD)		4.25			6-1-2018		1,500,000		1,258,342
Canadian Government Bond (CAD)		5.00			6-1-2037		1,450,000		1,642,029
Canadian Government Bond (CAD)		5.75			6-1-2029		1,400,000		1,567,987
Canadian Government Bond (CAD)		5.75			6-1-2033		1,300,000		1,529,496
Canadian Government Bond (CAD)		8.00			6-1-2023		195,000		222,574
Canadian Government Bond (CAD)		8.00			6-1-2027		593,000		755,142
Canadian Government Bond (CAD)		9.00			6-1-2025		200,000		256,502
Certificato di Credito del Tesoro (EUR) ¤		0.00			8-30-2016		4,850,000		5,438,615
Denmark Government Bond (DKK)		1.50			11-15-2023		7,675,000		1,227,877
Denmark Government Bond (DKK)		1.75			11-15-2025		4,500,000		726,570
Denmark Government Bond (DKK)		2.50			11-15-2016		5,850,000		907,781
Denmark Government Bond (DKK)		3.00			11-15-2021		10,000,000		1,740,880
Denmark Government Bond (DKK)		4.00			11-15-2017		5,700,000		934,396
Denmark Government Bond (DKK)		4.00			11-15-2019		10,400,000		1,818,489
Denmark Government Bond (DKK)		4.50			11-15-2039		13,500,000		3,274,943
Denmark Government Bond (DKK)		7.00			11-10-2024		2,500,000		586,249
France Government Bond (EUR) ¤		0.00			2-25-2018		125,000		140,515
France Government Bond (EUR) ¤		0.00			5-25-2020		1,200,000		1,329,086
France Government Bond (EUR)		0.25			11-25-2016		1,700,000		1,917,747
France Government Bond (EUR)		0.50			11-25-2019		3,000,000		3,410,552
France Government Bond (EUR)		0.50			5-25-2025		2,500,000		2,641,408
France Government Bond (EUR)		1.00			5-25-2018		2,600,000		3,000,008
France Government Bond (EUR)		1.00			11-25-2018		2,500,000		2,893,241
France Government Bond (EUR)		1.00			5-25-2019		2,500,000		2,898,526
France Government Bond (EUR)		1.75			5-25-2023		3,450,000		4,155,582
France Government Bond (EUR)		1.75			11-25-2024		3,300,000		3,934,392
France Government Bond (EUR)		2.25			10-25-2022		2,700,000		3,363,206
France Government Bond (EUR)		2.25			5-25-2024		2,950,000		3,674,085
France Government Bond (EUR)		2.50			10-25-2020		4,600,000		5,731,724
France Government Bond (EUR)		2.50			5-25-2030		3,125,000		3,908,205
France Government Bond (EUR)		2.75			10-25-2027		3,750,000		4,833,678
France Government Bond (EUR)		3.00			4-25-2022		3,825,000		4,968,252
France Government Bond (EUR)		3.25			10-25-2021		4,000,000		5,235,057
France Government Bond (EUR)		3.25			5-25-2045		1,650,000		2,331,100
France Government Bond (EUR)		3.50			4-25-2020		3,900,000		5,033,834
France Government Bond (EUR)		3.50			4-25-2026		3,450,000		4,743,410
France Government Bond (EUR)		3.75			4-25-2017		3,900,000		4,656,739
France Government Bond (EUR)		3.75			10-25-2019		3,650,000		4,701,593
France Government Bond (EUR)		3.75			4-25-2021		3,750,000		4,991,101
France Government Bond (EUR)		4.00			4-25-2018		3,350,000		4,162,169
France Government Bond (EUR)		4.00			10-25-2038		2,550,000		3,961,908
France Government Bond (EUR)		4.00			4-25-2055		1,650,000		2,733,228
France Government Bond (EUR)		4.00			4-25-2060		1,150,000		1,925,929
France Government Bond (EUR)		4.25			10-25-2017		4,475,000		5,492,040


86		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
France Government Bond (EUR)		4.25	%		10-25-2018		2,750,000	$	3,497,600
France Government Bond (EUR)		4.25			4-25-2019		2,950,000		3,811,994
France Government Bond (EUR)		4.25			10-25-2023		4,325,000		6,161,897
France Government Bond (EUR)		4.50			4-25-2041		2,750,000		4,658,403
France Government Bond (EUR)		4.75			4-25-2035		2,550,000		4,238,899
France Government Bond (EUR)		5.00			10-25-2016		2,950,000		3,507,171
France Government Bond (EUR)		5.50			4-25-2029		3,025,000		5,065,281
France Government Bond (EUR)		5.75			10-25-2032		2,800,000		5,026,411
France Government Bond (EUR)		6.00			10-25-2025		2,750,000		4,523,018
France Government Bond (EUR)		8.25			4-25-2022		650,000		1,095,920
France Government Bond (EUR)		8.50			10-25-2019		1,400,000		2,113,544
France Government Bond (EUR)		8.50			4-25-2023		1,050,000		1,863,132
French Treasury Note (EUR)		1.00			7-25-2017		2,250,000		2,578,891
French Treasury Note (EUR)		1.75			2-25-2017		3,050,000		3,518,617
Italy Buoni Poliennali del Tesoro (EUR)		0.75			1-15-2018		1,500,000		1,700,881
Italy Buoni Poliennali del Tesoro (EUR)		1.05			12-1-2019		1,000,000		1,134,250
Italy Buoni Poliennali del Tesoro (EUR)		1.35			4-15-2022		1,500,000		1,677,133
Italy Buoni Poliennali del Tesoro (EUR)		1.50			12-15-2016		2,000,000		2,284,050
Italy Buoni Poliennali del Tesoro (EUR)		1.50			8-1-2019		2,000,000		2,312,227
Italy Buoni Poliennali del Tesoro (EUR)		1.50			6-1-2025		1,500,000		1,618,018
Italy Buoni Poliennali del Tesoro (EUR) 144		1.65			3-1-2032		1,000,000		1,011,215
Italy Buoni Poliennali del Tesoro (EUR)		2.15			12-15-2021		1,500,000		1,761,299
Italy Buoni Poliennali del Tesoro (EUR)		2.50			5-1-2019		2,300,000		2,756,729
Italy Buoni Poliennali del Tesoro (EUR)		2.50			12-1-2024		2,200,000		2,587,971
Italy Buoni Poliennali del Tesoro (EUR)		2.75			11-15-2016		1,950,000		2,257,800
Italy Buoni Poliennali del Tesoro (EUR) 144		3.25			9-1-2046		950,000		1,133,413
Italy Buoni Poliennali del Tesoro (EUR)		3.50			11-1-2017		2,250,000		2,703,092
Italy Buoni Poliennali del Tesoro (EUR)		3.50			6-1-2018		2,325,000		2,829,202
Italy Buoni Poliennali del Tesoro (EUR)		3.50			12-1-2018		2,700,000		3,322,425
Italy Buoni Poliennali del Tesoro (EUR) 144		3.50			3-1-2030		1,800,000		2,277,372
Italy Buoni Poliennali del Tesoro (EUR)		3.75			8-1-2016		3,500,000		4,059,838
Italy Buoni Poliennali del Tesoro (EUR)		3.75			3-1-2021		3,200,000		4,093,605
Italy Buoni Poliennali del Tesoro (EUR)		3.75			5-1-2021		2,300,000		2,939,466
Italy Buoni Poliennali del Tesoro (EUR)		3.75			8-1-2021		2,950,000		3,780,082
Italy Buoni Poliennali del Tesoro (EUR)		3.75			9-1-2024		2,100,000		2,713,623
Italy Buoni Poliennali del Tesoro (EUR)		4.00			2-1-2017		3,000,000		3,550,610
Italy Buoni Poliennali del Tesoro (EUR)		4.00			9-1-2020		3,000,000		3,864,350
Italy Buoni Poliennali del Tesoro (EUR)		4.00			2-1-2037		2,725,000		3,648,945
Italy Buoni Poliennali del Tesoro (EUR)		4.25			2-1-2019		2,550,000		3,218,357
Italy Buoni Poliennali del Tesoro (EUR)		4.25			9-1-2019		2,250,000		2,876,104
Italy Buoni Poliennali del Tesoro (EUR)		4.25			3-1-2020		3,100,000		3,999,204
Italy Buoni Poliennali del Tesoro (EUR)		4.50			2-1-2018		2,750,000		3,394,833
Italy Buoni Poliennali del Tesoro (EUR)		4.50			8-1-2018		2,500,000		3,137,241
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2019		2,750,000		3,505,290
Italy Buoni Poliennali del Tesoro (EUR)		4.50			2-1-2020		2,300,000		2,991,833
Italy Buoni Poliennali del Tesoro (EUR)		4.50			5-1-2023		1,925,000		2,597,035
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2024		2,375,000		3,220,942
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2026		2,825,000		3,893,804
Italy Buoni Poliennali del Tesoro (EUR)		4.75			9-15-2016		2,500,000		2,940,972
Italy Buoni Poliennali del Tesoro (EUR)		4.75			5-1-2017		1,690,000		2,039,998


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			87


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Italy Buoni Poliennali del Tesoro (EUR)		4.75	%		6-1-2017		2,700,000	$	3,270,373
Italy Buoni Poliennali del Tesoro (EUR)		4.75			9-1-2021		2,450,000		3,299,673
Italy Buoni Poliennali del Tesoro (EUR) 144		4.75			8-1-2023		3,250,000		4,462,821
Italy Buoni Poliennali del Tesoro (EUR) 144		4.75			9-1-2028		1,950,000		2,774,656
Italy Buoni Poliennali del Tesoro (EUR) 144		4.75			9-1-2044		1,600,000		2,415,873
Italy Buoni Poliennali del Tesoro (EUR)		5.00			3-1-2022		2,200,000		3,021,974
Italy Buoni Poliennali del Tesoro (EUR) 144		5.00			3-1-2025		2,550,000		3,615,542
Italy Buoni Poliennali del Tesoro (EUR)		5.00			8-1-2034		2,800,000		4,214,494
Italy Buoni Poliennali del Tesoro (EUR)		5.00			8-1-2039		2,200,000		3,377,755
Italy Buoni Poliennali del Tesoro (EUR)		5.00			9-1-2040		2,200,000		3,374,262
Italy Buoni Poliennali del Tesoro (EUR)		5.25			8-1-2017		2,700,000		3,322,789
Italy Buoni Poliennali del Tesoro (EUR)		5.25			11-1-2029		3,100,000		4,657,684
Italy Buoni Poliennali del Tesoro (EUR)		5.50			9-1-2022		2,000,000		2,834,193
Italy Buoni Poliennali del Tesoro (EUR)		5.50			11-1-2022		2,500,000		3,543,331
Italy Buoni Poliennali del Tesoro (EUR)		5.75			2-1-2033		1,600,000		2,581,316
Italy Buoni Poliennali del Tesoro (EUR)		6.00			5-1-2031		3,175,000		5,168,381
Italy Buoni Poliennali del Tesoro (EUR)		6.50			11-1-2027		2,550,000		4,125,516
Italy Buoni Poliennali del Tesoro (EUR)		7.25			11-1-2026		950,000		1,603,009
Italy Buoni Poliennali del Tesoro (EUR)		9.00			11-1-2023		1,230,000		2,134,411
Japan Government Five Year Bond Series 066 (JPY)		0.40			9-20-2016		1,525,000,000		12,630,575
Japan Government Five Year Bond Series 102 (JPY)		0.30			12-20-2016		990,000,000		8,197,398
Japan Government Five Year Bond Series 103 (JPY)		0.30			3-20-2017		600,000,000		4,971,683
Japan Government Five Year Bond Series 105 (JPY)		0.20			6-20-2017		1,400,000,000		11,587,776
Japan Government Five Year Bond Series 106 (JPY)		0.20			9-20-2017		1,325,000,000		10,971,920
Japan Government Five Year Bond Series 107 (JPY)		0.20			12-20-2017		500,000,000		4,142,203
Japan Government Five Year Bond Series 110 (JPY)		0.30			3-20-2018		300,000,000		2,492,894
Japan Government Five Year Bond Series 113 (JPY)		0.30			6-20-2018		800,000,000		6,652,204
Japan Government Five Year Bond Series 117 (JPY)		0.20			3-20-2019		625,000,000		5,186,621
Japan Government Forty Year Bond Series 1 (JPY)		2.40			3-20-2048		211,500,000		2,163,620
Japan Government Forty Year Bond Series 2 (JPY)		2.20			3-20-2049		241,000,000		2,364,358
Japan Government Forty Year Bond Series 3 (JPY)		2.20			3-20-2050		448,000,000		4,398,999
Japan Government Forty Year Bond Series 5 (JPY)		2.00			3-20-2052		400,000,000		3,747,169
Japan Government Forty Year Bond Series 6 (JPY)		1.90			3-20-2053		175,000,000		1,596,732
Japan Government Forty Year Bond Series 7 (JPY)		1.70			3-20-2054		385,000,000		3,326,716
Japan Government Ten Year Bond Series 282 (JPY)		1.70			9-20-2016		515,000,000		4,323,349
Japan Government Ten Year Bond Series 284 (JPY)		1.70			12-20-2016		1,130,000,000		9,526,077
Japan Government Ten Year Bond Series 285 (JPY)		1.70			3-20-2017		1,850,000,000		15,659,422
Japan Government Ten Year Bond Series 286 (JPY)		1.80			6-20-2017		1,165,000,000		9,918,956
Japan Government Ten Year Bond Series 288 (JPY)		1.70			9-20-2017		700,000,000		5,973,918
Japan Government Ten Year Bond Series 289 (JPY)		1.50			12-20-2017		740,000,000		6,313,088
Japan Government Ten Year Bond Series 290 (JPY)		1.40			3-20-2018		475,000,000		4,056,747
Japan Government Ten Year Bond Series 291 (JPY)		1.30			3-20-2018		925,000,000		7,880,373
Japan Government Ten Year Bond Series 292 (JPY)		1.70			3-20-2018		400,000,000		3,441,415
Japan Government Ten Year Bond Series 293 (JPY)		1.80			6-20-2018		550,000,000		4,764,066
Japan Government Ten Year Bond Series 294 (JPY)		1.70			6-20-2018		300,000,000		2,591,677
Japan Government Ten Year Bond Series 296 (JPY)		1.50			9-20-2018		630,000,000		5,431,142
Japan Government Ten Year Bond Series 297 (JPY)		1.40			12-20-2018		525,000,000		4,526,471
Japan Government Ten Year Bond Series 298 (JPY)		1.30			12-20-2018		550,000,000		4,727,092
Japan Government Ten Year Bond Series 299 (JPY)		1.30			3-20-2019		500,000,000		4,309,976
Japan Government Ten Year Bond Series 300 (JPY)		1.50			3-20-2019		375,000,000		3,254,382


88		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Japan Government Ten Year Bond Series 301 (JPY)		1.50	%		6-20-2019		620,000,000	$	5,397,864
Japan Government Ten Year Bond Series 302 (JPY)		1.40			6-20-2019		1,100,000,000		9,542,467
Japan Government Ten Year Bond Series 303 (JPY)		1.40			9-20-2019		970,000,000		8,439,444
Japan Government Ten Year Bond Series 304 (JPY)		1.30			9-20-2019		500,000,000		4,333,526
Japan Government Ten Year Bond Series 305 (JPY)		1.30			12-20-2019		1,400,000,000		12,161,587
Japan Government Ten Year Bond Series 306 (JPY)		1.40			3-20-2020		460,000,000		4,022,320
Japan Government Ten Year Bond Series 307 (JPY)		1.30			3-20-2020		350,000,000		3,047,383
Japan Government Ten Year Bond Series 308 (JPY)		1.30			6-20-2020		758,000,000		6,618,643
Japan Government Ten Year Bond Series 309 (JPY)		1.10			6-20-2020		600,000,000		5,191,719
Japan Government Ten Year Bond Series 311 (JPY)		0.80			9-20-2020		952,000,000		8,133,402
Japan Government Ten Year Bond Series 312 (JPY)		1.20			12-20-2020		650,000,000		5,673,419
Japan Government Ten Year Bond Series 313 (JPY)		1.30			3-20-2021		1,017,000,000		8,944,584
Japan Government Ten Year Bond Series 315 (JPY)		1.20			6-20-2021		865,000,000		7,584,045
Japan Government Ten Year Bond Series 317 (JPY)		1.10			9-20-2021		200,000,000		1,747,845
Japan Government Ten Year Bond Series 318 (JPY)		1.00			9-20-2021		950,000,000		8,255,170
Japan Government Ten Year Bond Series 320 (JPY)		1.00			12-20-2021		725,000,000		6,308,789
Japan Government Ten Year Bond Series 321 (JPY)		1.00			3-20-2022		600,000,000		5,228,540
Japan Government Ten Year Bond Series 322 (JPY)		0.90			3-20-2022		400,000,000		3,464,280
Japan Government Ten Year Bond Series 324 (JPY)		0.80			6-20-2022		500,000,000		4,307,255
Japan Government Ten Year Bond Series 325 (JPY)		0.80			9-20-2022		850,000,000		7,327,030
Japan Government Ten Year Bond Series 326 (JPY)		0.70			12-20-2022		600,000,000		5,135,200
Japan Government Ten Year Bond Series 327 (JPY)		0.80			12-20-2022		850,000,000		7,325,347
Japan Government Ten Year Bond Series 328 (JPY)		0.60			3-20-2023		1,150,000,000		9,763,356
Japan Government Ten Year Bond Series 329 (JPY)		0.80			6-20-2023		900,000,000		7,751,870
Japan Government Ten Year Bond Series 332 (JPY)		0.60			12-20-2023		1,150,000,000		9,743,721
Japan Government Ten Year Bond Series 333 (JPY)		0.60			3-20-2024		1,000,000,000		8,468,017
Japan Government Ten Year Bond Series 335 (JPY)		0.50			9-20-2024		500,000,000		4,190,250
Japan Government Ten Year Bond Series 337 (JPY)		0.30			12-20-2024		1,300,000,000		10,683,301
Japan Government Thirty Year Bond Series 03 (JPY)		2.30			5-20-2030		100,000,000		1,002,351
Japan Government Thirty Year Bond Series 04 (JPY)		2.90			11-20-2030		40,000,000		429,520
Japan Government Thirty Year Bond Series 11 (JPY)		1.70			6-20-2033		247,000,000		2,269,992
Japan Government Thirty Year Bond Series 14 (JPY)		2.40			3-20-2034		125,000,000		1,263,393
Japan Government Thirty Year Bond Series 15 (JPY)		2.50			6-20-2034		245,000,000		2,507,655
Japan Government Thirty Year Bond Series 16 (JPY)		2.50			9-20-2034		150,000,000		1,534,718
Japan Government Thirty Year Bond Series 18 (JPY)		2.30			3-20-2035		965,500,000		9,575,122
Japan Government Thirty Year Bond Series 22 (JPY)		2.50			3-20-2036		325,000,000		3,311,898
Japan Government Thirty Year Bond Series 23 (JPY)		2.50			6-20-2036		375,000,000		3,819,009
Japan Government Thirty Year Bond Series 25 (JPY)		2.30			12-20-2036		390,000,000		3,854,417
Japan Government Thirty Year Bond Series 26 (JPY)		2.40			3-20-2037		915,000,000		9,187,435
Japan Government Thirty Year Bond Series 27 (JPY)		2.50			9-20-2037		140,000,000		1,430,244
Japan Government Thirty Year Bond Series 28 (JPY)		2.50			3-20-2038		325,000,000		3,323,908
Japan Government Thirty Year Bond Series 29 (JPY)		2.40			9-20-2038		130,000,000		1,310,069
Japan Government Thirty Year Bond Series 30 (JPY)		2.30			3-20-2039		210,000,000		2,084,272
Japan Government Thirty Year Bond Series 31 (JPY)		2.20			9-20-2039		255,000,000		2,488,477
Japan Government Thirty Year Bond Series 32 (JPY)		2.30			3-20-2040		590,000,000		5,862,673
Japan Government Thirty Year Bond Series 34 (JPY)		2.20			3-20-2041		545,000,000		5,327,455
Japan Government Thirty Year Bond Series 36 (JPY)		2.00			3-20-2042		490,000,000		4,619,221
Japan Government Thirty Year Bond Series 37 (JPY)		1.90			9-20-2042		500,000,000		4,617,602
Japan Government Thirty Year Bond Series 38 (JPY)		1.80			3-20-2043		325,000,000		2,939,489
Japan Government Thirty Year Bond Series 42 (JPY)		1.70			3-20-2044		900,000,000		7,945,849


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			89


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Japan Government Twenty Year Bond Series 037 (JPY)		3.10	%		9-20-2017		250,000,000	$	2,192,684
Japan Government Twenty Year Bond Series 041 (JPY)		1.50			3-20-2019		295,000,000		2,560,017
Japan Government Twenty Year Bond Series 045 (JPY)		2.40			3-20-2020		430,000,000		3,922,263
Japan Government Twenty Year Bond Series 048 (JPY)		2.50			12-21-2020		100,000,000		929,319
Japan Government Twenty Year Bond Series 050 (JPY)		1.90			3-22-2021		629,000,000		5,704,607
Japan Government Twenty Year Bond Series 052 (JPY)		2.10			9-21-2021		408,000,000		3,768,031
Japan Government Twenty Year Bond Series 055 (JPY)		2.00			3-21-2022		300,000,000		2,776,970
Japan Government Twenty Year Bond Series 058 (JPY)		1.90			9-20-2022		560,000,000		5,181,969
Japan Government Twenty Year Bond Series 059 (JPY)		1.70			12-20-2022		100,000,000		915,503
Japan Government Twenty Year Bond Series 060 (JPY)		1.40			12-20-2022		100,000,000		897,670
Japan Government Twenty Year Bond Series 062 (JPY)		0.80			6-20-2023		257,000,000		2,214,120
Japan Government Twenty Year Bond Series 064 (JPY)		1.90			9-20-2023		428,500,000		3,999,098
Japan Government Twenty Year Bond Series 065 (JPY)		1.90			12-20-2023		250,000,000		2,339,527
Japan Government Twenty Year Bond Series 067 (JPY)		1.90			3-20-2024		678,000,000		6,353,912
Japan Government Twenty Year Bond Series 070 (JPY)		2.40			6-20-2024		293,000,000		2,856,481
Japan Government Twenty Year Bond Series 073 (JPY)		2.00			12-20-2024		898,500,000		8,534,027
Japan Government Twenty Year Bond Series 076 (JPY)		1.90			3-20-2025		300,000,000		2,832,202
Japan Government Twenty Year Bond Series 082 (JPY)		2.10			9-20-2025		455,000,000		4,381,714
Japan Government Twenty Year Bond Series 086 (JPY)		2.30			3-20-2026		680,000,000		6,683,895
Japan Government Twenty Year Bond Series 088 (JPY)		2.30			6-20-2026		375,000,000		3,693,426
Japan Government Twenty Year Bond Series 090 (JPY)		2.20			9-20-2026		250,000,000		2,444,797
Japan Government Twenty Year Bond Series 092 (JPY)		2.10			12-20-2026		230,000,000		2,232,025
Japan Government Twenty Year Bond Series 093 (JPY)		2.00			3-20-2027		420,000,000		4,043,030
Japan Government Twenty Year Bond Series 095 (JPY)		2.30			6-20-2027		165,000,000		1,636,826
Japan Government Twenty Year Bond Series 097 (JPY)		2.20			9-20-2027		200,000,000		1,968,408
Japan Government Twenty Year Bond Series 099 (JPY)		2.10			12-20-2027		100,000,000		975,601
Japan Government Twenty Year Bond Series 100 (JPY)		2.20			3-20-2028		250,000,000		2,466,037
Japan Government Twenty Year Bond Series 102 (JPY)		2.40			6-20-2028		210,000,000		2,116,560
Japan Government Twenty Year Bond Series 105 (JPY)		2.10			9-20-2028		200,000,000		1,956,019
Japan Government Twenty Year Bond Series 108 (JPY)		1.90			12-20-2028		322,000,000		3,081,994
Japan Government Twenty Year Bond Series 110 (JPY)		2.10			3-20-2029		680,000,000		6,656,243
Japan Government Twenty Year Bond Series 112 (JPY)		2.10			6-20-2029		173,000,000		1,694,325
Japan Government Twenty Year Bond Series 113 (JPY)		2.10			9-20-2029		350,000,000		3,426,296
Japan Government Twenty Year Bond Series 115 (JPY)		2.20			12-20-2029		160,000,000		1,585,298
Japan Government Twenty Year Bond Series 116 (JPY)		2.20			3-20-2030		100,000,000		990,531
Japan Government Twenty Year Bond Series 117 (JPY)		2.10			3-20-2030		200,000,000		1,958,708
Japan Government Twenty Year Bond Series 118 (JPY)		2.00			6-20-2030		70,000,000		677,580
Japan Government Twenty Year Bond Series 120 (JPY)		1.60			6-20-2030		326,500,000		3,008,427
Japan Government Twenty Year Bond Series 121 (JPY)		1.90			9-20-2030		235,000,000		2,245,599
Japan Government Twenty Year Bond Series 123 (JPY)		2.10			12-20-2030		240,000,000		2,349,619
Japan Government Twenty Year Bond Series 125 (JPY)		2.20			3-20-2031		100,000,000		990,803
Japan Government Twenty Year Bond Series 126 (JPY)		2.00			3-20-2031		160,000,000		1,546,616
Japan Government Twenty Year Bond Series 127 (JPY)		1.90			3-20-2031		155,000,000		1,479,912
Japan Government Twenty Year Bond Series 128 (JPY)		1.90			6-20-2031		615,000,000		5,868,561
Japan Government Twenty Year Bond Series 130 (JPY)		1.80			9-20-2031		125,000,000		1,176,537
Japan Government Twenty Year Bond Series 133 (JPY)		1.80			12-20-2031		390,000,000		3,665,939
Japan Government Twenty Year Bond Series 134 (JPY)		1.80			3-20-2032		100,000,000		938,920
Japan Government Twenty Year Bond Series 139 (JPY)		1.60			6-20-2032		300,000,000		2,736,066
Japan Government Twenty Year Bond Series 140 (JPY)		1.70			9-20-2032		500,000,000		4,615,334
Japan Government Twenty Year Bond Series 141 (JPY)		1.70			12-20-2032		300,000,000		2,764,647


90		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Japan Government Twenty Year Bond Series 142 (JPY)		1.80	%		12-20-2032		300,000,000	$	2,804,537
Japan Government Twenty Year Bond Series 143 (JPY)		1.60			3-20-2033		300,000,000		2,720,922
Japan Government Twenty Year Bond Series 146 (JPY)		1.70			9-20-2033		550,000,000		5,046,109
Japan Government Twenty Year Bond Series 147 (JPY)		1.60			12-20-2033		500,000,000		4,509,094
Japan Government Twenty Year Bond Series 148 (JPY)		1.50			3-20-2034		900,000,000		7,979,329
Japan Government Twenty Year Bond Series 149 (JPY)		1.50			6-20-2034		680,000,000		6,012,729
Japan Government Twenty Year Bond Series 40 (JPY)		2.30			9-20-2018		200,000,000		1,764,408
Japan Government Twenty Year Bond Series 72 (JPY)		2.10			9-20-2024		175,000,000		1,672,543
Japan Government Twenty Year Bond Series 79 (JPY)		2.00			6-20-2025		1,325,000,000		12,633,812
Japan Government Two Year Bond Series 349 (JPY)		0.10			2-15-2017		1,000,000,000		8,259,908
Netherlands Government Bond (EUR) 144A¤		0.00			4-15-2018		600,000		675,023
Netherlands Government Bond (EUR)		0.25			1-15-2020		1,550,000		1,749,778
Netherlands Government Bond (EUR) 144A		0.25			7-15-2025		850,000		891,722
Netherlands Government Bond (EUR) 144A		0.50			4-15-2017		1,525,000		1,730,275
Netherlands Government Bond (EUR) 144A		1.25			1-15-2018		1,600,000		1,854,024
Netherlands Government Bond (EUR) 144A		1.25			1-15-2019		1,600,000		1,872,176
Netherlands Government Bond (EUR) 144A		1.75			7-15-2023		1,700,000		2,064,975
Netherlands Government Bond (EUR) 144A		2.00			7-15-2024		2,100,000		2,593,949
Netherlands Government Bond (EUR) 144A		2.25			7-15-2022		1,600,000		2,008,641
Netherlands Government Bond (EUR) 144A		2.50			1-15-2017		1,650,000		1,920,017
Netherlands Government Bond (EUR) 144A		2.50			1-15-2033		1,150,000		1,507,931
Netherlands Government Bond (EUR) 144A		2.75			1-15-2047		825,000		1,164,558
Netherlands Government Bond (EUR) 144A		3.25			7-15-2021		1,775,000		2,329,102
Netherlands Government Bond (EUR) 144A		3.50			7-15-2020		1,700,000		2,214,981
Netherlands Government Bond (EUR)		3.75			1-15-2023		1,220,000		1,683,001
Netherlands Government Bond (EUR) 144A		3.75			1-15-2042		1,850,000		3,048,782
Netherlands Government Bond (EUR) 144A		4.00			7-15-2018		1,750,000		2,193,871
Netherlands Government Bond (EUR) 144A		4.00			7-15-2019		1,450,000		1,876,582
Netherlands Government Bond (EUR) 144A		4.00			1-15-2037		1,428,000		2,340,820
Netherlands Government Bond (EUR) 144A		4.50			7-15-2017		1,600,000		1,952,253
Netherlands Government Bond (EUR)		5.50			1-15-2028		1,370,000		2,304,866
Netherlands Government Bond (EUR)		7.50			1-15-2023		335,000		564,241
Spain Government Bond (EUR) 144A		3.80			1-31-2017		2,400,000		2,833,394
Spain Government Bond (EUR) 144A		4.00			4-30-2020		2,525,000		3,223,877
Spain Government Bond (EUR) 144A		4.20			1-31-2037		1,900,000		2,551,510
Spain Government Bond (EUR)		4.25			10-31-2016		2,000,000		2,353,599
Spain Government Bond (EUR) 144A		4.30			10-31-2019		2,250,000		2,886,850
Spain Government Bond (EUR) 144A		4.60			7-30-2019		2,000,000		2,579,600
Spain Government Bond (EUR) 144A		4.65			7-30-2025		2,300,000		3,175,083
Spain Government Bond (EUR) 144A		4.70			7-30-2041		1,425,000		2,049,588
Spain Government Bond (EUR) 144A		4.80			1-31-2024		1,650,000		2,267,777
Spain Government Bond (EUR) 144A		4.85			10-31-2020		2,100,000		2,799,494
Spain Government Bond (EUR) 144A		4.90			7-30-2040		1,550,000		2,285,849
Spain Government Bond (EUR) 144A		5.50			7-30-2017		2,100,000		2,595,608
Spain Government Bond (EUR) 144A		5.50			4-30-2021		2,950,000		4,079,436
Spain Government Bond (EUR)		5.75			7-30-2032		1,850,000		2,927,545
Spain Government Bond (EUR) 144A		5.85			1-31-2022		2,250,000		3,204,556
Spain Government Bond (EUR) 144A		5.90			7-30-2026		1,750,000		2,654,812
Spain Government Bond (EUR)		6.00			1-31-2029		2,100,000		3,286,869
Sweden Government Bond Series 1047 (SEK)		5.00			12-1-2020		9,090,000		1,350,869


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			91


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Sweden Government Bond Series 1051 (SEK)		3.75	%		8-12-2017		7,200,000	$	921,561
Sweden Government Bond Series 1052 (SEK)		4.25			3-12-2019		8,650,000		1,185,260
Sweden Government Bond Series 1053 (SEK)		3.50			3-30-2039		5,250,000		841,075
Sweden Government Bond Series 1054 (SEK)		3.50			6-1-2022		7,650,000		1,095,723
Sweden Government Bond Series 1056 (SEK)		2.25			6-1-2032		1,000,000		133,149
Sweden Government Bond Series 1057 (SEK)		1.50			11-13-2023		7,300,000		928,909
Sweden Government Bond Series 1058 (SEK)		2.50			5-12-2025		6,450,000		890,711
Sweden Government Bond Series 1059 (SEK)		1.00			11-12-2026		2,000,000		237,664
United Kingdom Gilt (GBP)		1.00			9-7-2017		3,520,000		5,433,849
United Kingdom Gilt (GBP)		1.25			7-22-2018		3,900,000		6,040,273
United Kingdom Gilt (GBP)		1.75			1-22-2017		2,800,000		4,367,486
United Kingdom Gilt (GBP)		1.75			7-22-2019		3,250,000		5,092,454
United Kingdom Gilt (GBP)		1.75			9-7-2022		3,600,000		5,559,572
United Kingdom Gilt (GBP)		2.00			7-22-2020		3,700,000		5,838,209
United Kingdom Gilt (GBP)		2.00			9-7-2025		500,000		769,672
United Kingdom Gilt (GBP)		2.25			9-7-2023		2,750,000		4,375,715
United Kingdom Gilt (GBP)		2.75			9-7-2024		2,950,000		4,862,889
United Kingdom Gilt (GBP)		3.25			1-22-2044		3,500,000		6,101,549
United Kingdom Gilt (GBP)		3.50			1-22-2045		1,100,000		2,011,177
United Kingdom Gilt (GBP)		3.50			7-22-2068		2,050,000		4,125,933
United Kingdom Gilt (GBP)		3.75			9-7-2019		2,950,000		4,985,926
United Kingdom Gilt (GBP)		3.75			9-7-2020		3,000,000		5,140,540
United Kingdom Gilt (GBP)		3.75			9-7-2021		3,400,000		5,892,419
United Kingdom Gilt (GBP)		3.75			7-22-2052		2,450,000		4,896,782
United Kingdom Gilt (GBP)		4.00			9-7-2016		3,900,000		6,192,813
United Kingdom Gilt (GBP)		4.00			3-7-2022		3,600,000		6,363,962
United Kingdom Gilt (GBP)		4.00			1-22-2060		2,200,000		4,777,405
United Kingdom Gilt (GBP)		4.25			12-7-2027		2,950,000		5,586,811
United Kingdom Gilt (GBP)		4.25			6-7-2032		3,900,000		7,549,744
United Kingdom Gilt (GBP)		4.25			3-7-2036		2,950,000		5,807,794
United Kingdom Gilt (GBP)		4.25			9-7-2039		2,350,000		4,717,746
United Kingdom Gilt (GBP)		4.25			12-7-2040		2,300,000		4,652,390
United Kingdom Gilt (GBP)		4.25			12-7-2046		2,350,000		4,945,372
United Kingdom Gilt (GBP)		4.25			12-7-2049		2,350,000		5,044,889
United Kingdom Gilt (GBP)		4.25			12-7-2055		2,525,000		5,641,436
United Kingdom Gilt (GBP)		4.50			3-7-2019		3,725,000		6,406,833
United Kingdom Gilt (GBP)		4.50			9-7-2034		3,350,000		6,756,773
United Kingdom Gilt (GBP)		4.50			12-7-2042		2,760,000		5,866,581
United Kingdom Gilt (GBP)		4.75			3-7-2020		3,425,000		6,064,667
United Kingdom Gilt (GBP)		4.75			12-7-2030		3,100,000		6,264,999
United Kingdom Gilt (GBP)		4.75			12-7-2038		2,550,000		5,457,196
United Kingdom Gilt (GBP)		5.00			3-7-2018		3,200,000		5,434,193
United Kingdom Gilt (GBP)		5.00			3-7-2025		3,800,000		7,433,627
United Kingdom Gilt (GBP)		6.00			12-7-2028		2,325,000		5,186,702
United Kingdom Gilt (GBP)		8.00			6-7-2021		2,300,000		4,802,239
United Kingdom Gilt (GBP)		8.75			8-25-2017		1,300,000		2,317,019

Total Foreign Government Bonds (Cost $1,702,134,725)									1,538,871,769


92		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities: 22.18%
U.S. Treasury Bond		2.50	%		2-15-2045	$	12,750,000	$	11,547,050
U.S. Treasury Bond		2.75			8-15-2042		7,000,000		6,715,261
U.S. Treasury Bond		2.75			11-15-2042		8,250,000		7,902,386
U.S. Treasury Bond		2.88			5-15-2043		9,350,000		9,172,986
U.S. Treasury Bond		3.00			5-15-2042		2,000,000		2,018,124
U.S. Treasury Bond		3.00			11-15-2044		10,600,000		10,652,311
U.S. Treasury Bond		3.13			11-15-2041		6,000,000		6,220,938
U.S. Treasury Bond		3.13			2-15-2042		2,250,000		2,329,335
U.S. Treasury Bond		3.13			2-15-2043		6,250,000		6,436,850
U.S. Treasury Bond		3.13			8-15-2044		8,000,000		8,239,168
U.S. Treasury Bond		3.38			5-15-2044		9,000,000		9,716,715
U.S. Treasury Bond		3.50			2-15-2039		3,000,000		3,328,047
U.S. Treasury Bond		3.63			8-15-2043		6,500,000		7,354,477
U.S. Treasury Bond		3.63			2-15-2044		9,750,000		11,023,847
U.S. Treasury Bond		3.75			8-15-2041		6,000,000		6,931,404
U.S. Treasury Bond		3.75			11-15-2043		10,000,000		11,573,180
U.S. Treasury Bond		3.88			8-15-2040		7,000,000		8,211,693
U.S. Treasury Bond		4.25			5-15-2039		3,000,000		3,717,030
U.S. Treasury Bond		4.25			11-15-2040		4,500,000		5,590,899
U.S. Treasury Bond		4.38			2-15-2038		1,750,000		2,212,838
U.S. Treasury Bond		4.38			11-15-2039		800,000		1,009,625
U.S. Treasury Bond		4.38			5-15-2040		6,250,000		7,892,906
U.S. Treasury Bond		4.50			2-15-2036		1,300,000		1,673,936
U.S. Treasury Bond		4.50			5-15-2038		600,000		771,750
U.S. Treasury Bond		4.50			8-15-2039		4,100,000		5,263,055
U.S. Treasury Bond		4.75			2-15-2037		800,000		1,064,646
U.S. Treasury Bond		4.75			2-15-2041		5,200,000		6,949,852
U.S. Treasury Bond		5.00			5-15-2037		800,000		1,101,042
U.S. Treasury Bond		5.50			8-15-2028		1,000,000		1,342,422
U.S. Treasury Bond		6.00			2-15-2026		1,150,000		1,554,387
U.S. Treasury Bond		6.13			11-15-2027		2,400,000		3,358,625
U.S. Treasury Bond		6.25			5-15-2030		6,000,000		8,754,846
U.S. Treasury Bond		6.38			8-15-2027		5,400,000		7,673,908
U.S. Treasury Bond		6.50			11-15-2026		1,500,000		2,124,687
U.S. Treasury Bond		6.63			2-15-2027		950,000		1,364,191
U.S. Treasury Bond		6.75			8-15-2026		1,500,000		2,153,672
U.S. Treasury Bond		6.88			8-15-2025		1,500,000		2,131,446
U.S. Treasury Note		0.50			7-31-2017		5,000,000		4,977,410
U.S. Treasury Note		0.63			12-15-2016		10,000,000		10,009,900
U.S. Treasury Note		0.63			8-31-2017		5,000,000		4,988,345
U.S. Treasury Note		0.63			9-30-2017		24,000,000		23,920,632
U.S. Treasury Note		0.63			11-30-2017		7,600,000		7,557,843
U.S. Treasury Note		0.63			4-30-2018		4,000,000		3,960,520
U.S. Treasury Note		0.75			6-30-2017		15,000,000		15,009,180
U.S. Treasury Note		0.75			12-31-2017		14,000,000		13,953,156
U.S. Treasury Note		0.75			2-28-2018		5,000,000		4,974,870
U.S. Treasury Note		0.75			3-31-2018		3,500,000		3,479,676
U.S. Treasury Note		0.88			9-15-2016		4,000,000		4,017,604
U.S. Treasury Note		0.88			12-31-2016		25,000,000		25,102,550
U.S. Treasury Note		0.88			1-31-2017		10,000,000		10,038,410


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			93


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities (continued)
U.S. Treasury Note		0.88	%		2-28-2017	$	20,000,000	$	20,075,520
U.S. Treasury Note		0.88			4-30-2017		7,000,000		7,022,694
U.S. Treasury Note		0.88			5-15-2017		12,400,000		12,439,717
U.S. Treasury Note		0.88			1-31-2018		5,000,000		4,993,620
U.S. Treasury Note		0.88			7-31-2019		2,500,000		2,452,018
U.S. Treasury Note		1.00			9-30-2016		10,000,000		10,058,200
U.S. Treasury Note		1.00			10-31-2016		5,000,000		5,028,515
U.S. Treasury Note		1.00			3-31-2017		12,000,000		12,066,408
U.S. Treasury Note		1.00			5-31-2018		7,000,000		6,994,351
U.S. Treasury Note		1.00			6-30-2019		25,000,000		24,682,300
U.S. Treasury Note		1.00			9-30-2019		23,500,000		23,112,626
U.S. Treasury Note		1.00			11-30-2019		10,000,000		9,813,150
U.S. Treasury Note		1.13			12-31-2019		5,000,000		4,928,125
U.S. Treasury Note		1.13			4-30-2020		15,000,000		14,728,125
U.S. Treasury Note		1.25			10-31-2018		10,000,000		10,029,820
U.S. Treasury Note		1.25			11-30-2018		10,000,000		10,021,610
U.S. Treasury Note		1.25			1-31-2019		2,500,000		2,501,498
U.S. Treasury Note		1.25			4-30-2019		12,000,000		11,982,192
U.S. Treasury Note		1.25			1-31-2020		7,000,000		6,932,737
U.S. Treasury Note		1.25			2-29-2020		10,000,000		9,888,020
U.S. Treasury Note		1.38			6-30-2018		10,000,000		10,092,060
U.S. Treasury Note		1.38			7-31-2018		5,000,000		5,043,165
U.S. Treasury Note		1.38			9-30-2018		11,000,000		11,082,357
U.S. Treasury Note		1.38			12-31-2018		10,000,000		10,052,860
U.S. Treasury Note		1.38			2-28-2019		5,000,000		5,019,920
U.S. Treasury Note		1.38			1-31-2020		3,000,000		2,985,780
U.S. Treasury Note		1.38			4-30-2020		15,500,000		15,403,528
U.S. Treasury Note		1.38			5-31-2020		10,000,000		9,923,700
U.S. Treasury Note		1.50			8-31-2018		12,000,000		12,141,876
U.S. Treasury Note		1.50			1-31-2019		7,000,000		7,060,067
U.S. Treasury Note		1.50			5-31-2019		25,000,000		25,153,650
U.S. Treasury Note		1.63			3-31-2019		20,000,000		20,235,680
U.S. Treasury Note		1.63			8-31-2019		5,000,000		5,046,420
U.S. Treasury Note		1.63			8-15-2022		6,100,000		5,968,630
U.S. Treasury Note		1.63			11-15-2022		12,500,000		12,200,850
U.S. Treasury Note		1.75			9-30-2019		30,000,000		30,401,160
U.S. Treasury Note		1.75			2-28-2022		15,000,000		14,860,155
U.S. Treasury Note		1.75			5-15-2022		7,500,000		7,417,185
U.S. Treasury Note		1.75			5-15-2023		12,500,000		12,219,725
U.S. Treasury Note		1.88			8-31-2017		6,500,000		6,639,815
U.S. Treasury Note		1.88			9-30-2017		6,000,000		6,130,392
U.S. Treasury Note		2.00			7-31-2020		6,000,000		6,122,346
U.S. Treasury Note		2.00			11-30-2020		10,000,000		10,169,790
U.S. Treasury Note		2.00			5-31-2021		5,000,000		5,059,635
U.S. Treasury Note		2.00			11-15-2021		16,000,000		16,126,256
U.S. Treasury Note		2.00			2-15-2023		11,000,000		10,988,252
U.S. Treasury Note		2.00			2-15-2025		21,500,000		21,099,111
U.S. Treasury Note		2.13			8-31-2020		8,000,000		8,202,712
U.S. Treasury Note		2.13			8-15-2021		10,000,000		10,176,300
U.S. Treasury Note		2.25			11-30-2017		7,500,000		7,730,273


94		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal			Value


U.S. Treasury Securities (continued)
U.S. Treasury Note		2.25	%		3-31-2021	$	15,000,000		$	15,406,245
U.S. Treasury Note		2.25			7-31-2021		7,000,000			7,174,272
U.S. Treasury Note		2.25			11-15-2024		18,500,000			18,573,704
U.S. Treasury Note		2.38			7-31-2017		3,500,000			3,608,374
U.S. Treasury Note		2.38			5-31-2018		5,000,000			5,182,290
U.S. Treasury Note		2.38			6-30-2018		8,000,000			8,294,480
U.S. Treasury Note		2.38			8-15-2024		15,000,000			15,238,275
U.S. Treasury Note		2.50			6-30-2017		4,500,000			4,645,841
U.S. Treasury Note		2.50			8-15-2023		14,250,000			14,697,165
U.S. Treasury Note		2.50			5-15-2024		15,500,000			15,928,265
U.S. Treasury Note		2.63			1-31-2018		4,000,000			4,162,604
U.S. Treasury Note		2.63			4-30-2018		5,500,000			5,734,036
U.S. Treasury Note		2.63			8-15-2020		12,000,000			12,584,844
U.S. Treasury Note		2.63			11-15-2020		15,000,000			15,718,365
U.S. Treasury Note		2.75			11-30-2016		24,000,000			24,664,056
U.S. Treasury Note		2.75			5-31-2017		10,000,000			10,356,380
U.S. Treasury Note		2.75			12-31-2017		6,000,000			6,257,346
U.S. Treasury Note		2.75			2-28-2018		4,000,000			4,176,564
U.S. Treasury Note		2.75			2-15-2019		16,950,000			17,811,399
U.S. Treasury Note		2.75			11-15-2023		15,500,000			16,279,836
U.S. Treasury Note		2.75			2-15-2024		18,250,000			19,146,349
U.S. Treasury Note		2.88			3-31-2018		5,000,000			5,241,665
U.S. Treasury Note		3.00			9-30-2016		5,000,000			5,135,255
U.S. Treasury Note		3.00			2-28-2017		3,000,000			3,106,914
U.S. Treasury Note		3.13			10-31-2016		6,000,000			6,181,092
U.S. Treasury Note		3.13			1-31-2017		5,000,000			5,176,890
U.S. Treasury Note		3.13			4-30-2017		3,000,000	��		3,121,329
U.S. Treasury Note		3.13			5-15-2019		8,000,000			8,521,664
U.S. Treasury Note		3.13			5-15-2021		4,000,000			4,294,584
U.S. Treasury Note		3.25			3-31-2017		5,000,000			5,204,295
U.S. Treasury Note		3.38			11-15-2019		8,000,000			8,626,872
U.S. Treasury Note		3.50			2-15-2018		5,000,000			5,310,025
U.S. Treasury Note		3.50			5-15-2020		10,000,000			10,880,470
U.S. Treasury Note		3.63			8-15-2019		9,500,000			10,319,375
U.S. Treasury Note		3.63			2-15-2020		20,500,000			22,374,889
U.S. Treasury Note		3.63			2-15-2021		20,000,000			22,000,780
U.S. Treasury Note		3.75			11-15-2018		7,000,000			7,574,672
U.S. Treasury Note		3.88			5-15-2018		3,000,000			3,230,040
U.S. Treasury Note		4.00			8-15-2018		2,525,000			2,742,913
U.S. Treasury Note		4.25			11-15-2017		4,000,000			4,297,604
U.S. Treasury Note		4.50			5-15-2017		2,000,000			2,130,234
U.S. Treasury Note		4.63			11-15-2016		30,000,000			31,476,305
U.S. Treasury Note		4.63			2-15-2017		5,000,000			5,289,975
U.S. Treasury Note		4.75			8-15-2017		23,000,000			24,775,002
U.S. Treasury Note		6.25			8-15-2023		3,500,000			4,584,181
U.S. Treasury Note		7.13			2-15-2023		3,000,000			4,079,610
U.S. Treasury Note		7.25			8-15-2022		3,000,000			4,048,203
U.S. Treasury Note		7.50			11-15-2016		2,000,000			2,167,136
U.S. Treasury Note		7.50			11-15-2024		2,000,000			2,897,812
U.S. Treasury Note		7.88			2-15-2021		500,000			661,745


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			95


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities (continued)
U.S. Treasury Note		8.00	%		11-15-2021	$	4,100,000	$	5,590,629
U.S. Treasury Note		8.13			8-15-2019		1,350,000		1,703,003
U.S. Treasury Note		8.50			2-15-2020		1,700,000		2,215,666
U.S. Treasury Note		8.75			5-15-2017		2,500,000		2,841,065
U.S. Treasury Note		8.75			8-15-2020		400,000		536,901
U.S. Treasury Note		8.88			8-15-2017		1,275,000		1,476,294
U.S. Treasury Note		8.88			2-15-2019		1,200,000		1,513,031
U.S. Treasury Note		9.13			5-15-2018		2,900,000		3,534,224

Total U.S. Treasury Securities (Cost $1,326,315,337)									1,360,077,561


Yankee Corporate Bonds and Notes: 3.92%

Consumer Discretionary: 0.05%

Media: 0.05%
Grupo Televisa SAB		5.00			5-13-2045		500,000		463,760
Grupo Televisa SAB		6.00			5-15-2018		250,000		273,505
Grupo Televisa SAB		6.63			1-15-2040		500,000		556,600
WPP Finance 2010		3.63			9-7-2022		350,000		349,140
WPP Finance 2010		3.75			9-19-2024		1,000,000		976,344
WPP Finance 2010		5.63			11-15-2043		200,000		206,977

									2,826,326


Consumer Staples: 0.06%

Beverages: 0.06%
Coca-Cola Femsa SAB de CV		2.38			11-26-2018		500,000		504,300
Coca-Cola Femsa SAB de CV		3.88			11-26-2023		300,000		310,173
Coca-Cola Femsa SAB de CV		4.63			2-15-2020		200,000		216,558
Coca-Cola Femsa SAB de CV		5.25			11-26-2043		300,000		332,814
Diageo Capital plc		1.13			4-29-2018		500,000		492,904
Diageo Capital plc		2.63			4-29-2023		300,000		285,502
Diageo Capital plc		3.88			4-29-2043		230,000		207,076
Diageo Capital plc		5.75			10-23-2017		1,050,000		1,140,880
Diageo Capital plc		5.88			9-30-2036		175,000		204,708
Fomento Economico Mexicano SAB de CV		2.88			5-10-2023		200,000		187,738
Fomento Economico Mexicano SAB de CV		4.38			5-10-2043		150,000		138,302

									4,020,955


Energy: 0.65%

Energy Equipment & Services: 0.03%
Ensco plc		4.50			10-1-2024		500,000		428,850
Ensco plc		4.70			3-15-2021		500,000		457,813
Ensco plc «		5.20			3-15-2025		1,250,000		1,117,033

									2,003,696


Oil, Gas & Consumable Fuels: 0.62%
Alberta Energy Company Limited		7.38			11-1-2031		350,000		363,781
Alberta Energy Company Limited		8.13			9-15-2030		150,000		166,964
BP Capital Markets plc		1.38			11-6-2017		400,000		398,182


96		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
BP Capital Markets plc		1.38	%		5-10-2018	$	350,000	$	345,899
BP Capital Markets plc		1.85			5-5-2017		500,000		504,046
BP Capital Markets plc		2.24			5-10-2019		400,000		400,385
BP Capital Markets plc		2.25			11-1-2016		500,000		506,046
BP Capital Markets plc		2.50			11-6-2022		500,000		472,734
BP Capital Markets plc		2.52			1-15-2020		1,000,000		1,007,835
BP Capital Markets plc		2.75			5-10-2023		600,000		569,479
BP Capital Markets plc		3.25			5-6-2022		750,000		743,852
BP Capital Markets plc		3.51			3-17-2025		1,500,000		1,471,826
BP Capital Markets plc		3.81			2-10-2024		500,000		502,441
BP Capital Markets plc		4.50			10-1-2020		500,000		544,302
BP Capital Markets plc		4.74			3-11-2021		1,000,000		1,094,442
BP Capital Markets plc		4.75			3-10-2019		450,000		490,274
Canadian Natural Resources Limited		3.90			2-1-2025		300,000		277,046
Canadian Natural Resources Limited		5.70			5-15-2017		1,150,000		1,216,557
Canadian Natural Resources Limited		5.85			2-1-2035		565,000		551,289
Canadian Natural Resources Limited		6.25			3-15-2038		500,000		497,961
Cenovus Energy Incorporated		3.00			8-15-2022		250,000		226,780
Cenovus Energy Incorporated		3.80			9-15-2023		250,000		234,368
Cenovus Energy Incorporated		4.45			9-15-2042		250,000		196,811
Cenovus Energy Incorporated		5.70			10-15-2019		700,000		764,678
Cenovus Energy Incorporated		6.75			11-15-2039		500,000		517,324
Enbridge Incorporated		3.50			6-10-2024		1,000,000		886,963
Enbridge Incorporated		5.60			4-1-2017		100,000		105,014
Encana Corporation		5.15			11-15-2041		500,000		401,599
Encana Corporation		6.50			5-15-2019		400,000		437,656
Encana Corporation		6.50			8-15-2034		250,000		232,925
Encana Corporation		6.50			2-1-2038		350,000		327,140
Husky Energy Incorporated		4.00			4-15-2024		500,000		464,823
Husky Energy Incorporated		6.80			9-15-2037		100,000		110,177
Husky Energy Incorporated		7.25			12-15-2019		565,000		646,702
Noble Holdings International Limited Corporation		3.95			3-15-2022		150,000		121,464
Noble Holdings International Limited Corporation		4.63			3-1-2021		200,000		173,118
Noble Holdings International Limited Corporation «		4.90			8-1-2020		250,000		229,581
Noble Holdings International Limited Corporation		5.25			3-15-2042		200,000		134,217
Noble Holdings International Limited Corporation		6.05			3-1-2041		200,000		145,020
Petro-Canada		5.95			5-15-2035		700,000		776,698
Petro-Canada		6.80			5-15-2038		400,000		486,860
Suncor Energy Incorporated		3.60			12-1-2024		600,000		585,662
Suncor Energy Incorporated		5.95			12-1-2034		75,000		83,400
Suncor Energy Incorporated		6.10			6-1-2018		900,000		995,223
Suncor Energy Incorporated		6.50			6-15-2038		400,000		473,440
Suncor Energy Incorporated		6.85			6-1-2039		250,000		306,216
Talisman Energy Incorporated		3.75			2-1-2021		150,000		145,351
Talisman Energy Incorporated		5.50			5-15-2042		1,000,000		839,296
Talisman Energy Incorporated		6.25			2-1-2038		400,000		364,443
Talisman Energy Incorporated		7.75			6-1-2019		415,000		468,105
Total Capital Canada Limited		2.75			7-15-2023		350,000		333,493
Total Capital International SA		1.00			1-10-2017		200,000		199,843
Total Capital International SA		1.50			2-17-2017		500,000		501,847


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			97


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Total Capital International SA		1.55	%		6-28-2017	$	500,000	$	502,327
Total Capital International SA		2.13			1-10-2019		500,000		503,875
Total Capital International SA		2.70			1-25-2023		350,000		334,869
Total Capital International SA		2.88			2-17-2022		1,000,000		988,481
Total Capital International SA		3.70			1-15-2024		1,000,000		1,017,504
Total Capital International SA		3.75			4-10-2024		500,000		508,646
Total Capital SA		4.13			1-28-2021		100,000		107,514
Total Capital SA		4.25			12-15-2021		250,000		272,662
Total Capital SA		4.45			6-24-2020		500,000		548,685
TransCanada PipeLines Limited		2.50			8-1-2022		500,000		466,272
TransCanada PipeLines Limited		3.75			10-16-2023		250,000		246,353
TransCanada PipeLines Limited		3.80			10-1-2020		300,000		316,706
TransCanada PipeLines Limited		4.63			3-1-2034		500,000		478,483
TransCanada PipeLines Limited		5.00			10-16-2043		500,000		473,710
TransCanada PipeLines Limited		5.60			3-31-2034		100,000		105,288
TransCanada PipeLines Limited		6.10			6-1-2040		300,000		325,696
TransCanada PipeLines Limited		6.20			10-15-2037		585,000		650,300
TransCanada PipeLines Limited ±		6.35			5-15-2067		500,000		420,000
TransCanada PipeLines Limited		7.13			1-15-2019		1,500,000		1,739,937
TransCanada PipeLines Limited		7.63			1-15-2039		500,000		651,243
Weatherford International Limited		4.50			4-15-2022		300,000		252,863
Weatherford International Limited		5.13			9-15-2020		200,000		178,769
Weatherford International Limited		5.95			4-15-2042		250,000		191,393
Weatherford International Limited		6.00			3-15-2018		100,000		101,175
Weatherford International Limited		6.50			8-1-2036		300,000		246,392
Weatherford International Limited		6.75			9-15-2040		300,000		250,868
Weatherford International Limited		7.00			3-15-2038		50,000		42,247
Weatherford International Limited		9.63			3-1-2019		1,000,000		1,091,457

									38,055,293


Financials: 1.87%

Banks: 1.27%
Australia & New Zealand Banking Group Limited		1.25			1-10-2017		250,000		250,292
Australia & New Zealand Banking Group Limited		1.45			5-15-2018		250,000		248,030
Australia & New Zealand Banking Group Limited		1.88			10-6-2017		250,000		252,231
Australia & New Zealand Banking Group Limited		2.25			6-13-2019		1,000,000		1,003,840
Bancolombia SA		5.95			6-3-2021		1,000,000		1,063,750
Bank of Montreal		1.30			7-14-2017		1,000,000		998,587
Bank of Montreal «		1.40			9-11-2017		1,000,000		1,000,341
Bank of Montreal		2.50			1-11-2017		500,000		508,857
Bank of Montreal		2.55			11-6-2022		1,000,000		966,406
Bank of Nova Scotia		1.10			12-13-2016		500,000		499,869
Bank of Nova Scotia		1.25			4-11-2017		1,000,000		997,304
Bank of Nova Scotia		1.30			7-21-2017		300,000		299,817
Bank of Nova Scotia		1.38			12-18-2017		500,000		497,138
Bank of Nova Scotia		1.45			4-25-2018		500,000		495,263
Bank of Nova Scotia		1.70			6-11-2018		300,000		298,519
Bank of Nova Scotia		2.05			10-30-2018		100,000		100,479
Bank of Nova Scotia		2.55			1-12-2017		750,000		763,261


98		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Banks (continued)
Bank of Nova Scotia		2.80	%		7-21-2021	$	750,000	$	750,023
Bank of Nova Scotia		4.38			1-13-2021		500,000		541,479
Barclays Bank plc		2.50			2-20-2019		500,000		504,640
Barclays Bank plc		3.65			3-16-2025		1,500,000		1,424,850
Barclays Bank plc		3.75			5-15-2024		1,000,000		1,004,298
Barclays Bank plc		5.00			9-22-2016		900,000		935,295
Barclays Bank plc		5.13			1-8-2020		1,000,000		1,111,566
Barclays Bank plc		5.14			10-14-2020		800,000		870,338
Barclays Bank plc		6.75			5-22-2019		1,000,000		1,155,572
BNP Paribas		1.25			12-12-2016		294,000		293,914
BNP Paribas		1.38			3-17-2017		500,000		499,551
BNP Paribas		2.40			12-12-2018		600,000		604,006
BNP Paribas		2.45			3-17-2019		500,000		503,487
BNP Paribas		2.70			8-20-2018		1,000,000		1,017,060
BNP Paribas		3.25			3-3-2023		500,000		500,266
BNP Paribas		4.25			10-15-2024		400,000		398,714
BNP Paribas		5.00			1-15-2021		1,150,000		1,285,685
BPCE SA		1.63			2-10-2017		1,000,000		1,003,598
BPCE SA		2.50			7-15-2019		1,000,000		1,008,758
BPCE SA		4.00			4-15-2024		500,000		514,765
Canadian Imperial Bank		1.55			1-23-2018		300,000		299,841
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.50			1-11-2021		500,000		545,019
Corpbanca 144A		3.88			9-22-2019		600,000		606,760
Credit Suisse (New York)		3.00			10-29-2021		1,000,000		994,592
Credit Suisse (New York)		3.63			9-9-2024		1,500,000		1,494,176
Credit Suisse (New York)		4.38			8-5-2020		1,000,000		1,086,505
Credit Suisse (New York)		5.30			8-13-2019		1,500,000		1,660,889
Credit Suisse (New York)		5.40			1-14-2020		1,500,000		1,655,391
Credit Suisse Group Funding Limited 144A		3.75			3-26-2025		1,000,000		967,448
Credit Suisse Group Funding Limited 144A		4.88			5-15-2045		500,000		487,784
HSBC Holdings plc		4.00			3-30-2022		1,000,000		1,037,356
HSBC Holdings plc		4.25			3-14-2024		1,000,000		1,001,076
HSBC Holdings plc		4.88			1-14-2022		250,000		273,274
HSBC Holdings plc		5.10			4-5-2021		1,000,000		1,103,145
HSBC Holdings plc		5.25			3-14-2044		500,000		509,600
HSBC Holdings plc		6.10			1-14-2042		500,000		616,967
HSBC Holdings plc		6.50			5-2-2036		1,000,000		1,162,935
HSBC Holdings plc		6.50			9-15-2037		850,000		999,621
HSBC Holdings plc		6.80			6-1-2038		350,000		426,257
Intesa Sanpaolo SpA		2.38			1-13-2017		500,000		501,093
Intesa Sanpaolo SpA		3.88			1-16-2018		700,000		718,647
Intesa Sanpaolo SpA		3.88			1-15-2019		500,000		515,407
Intesa Sanpaolo SpA		5.25			1-12-2024		500,000		534,204
Lloyds TSB Bank plc		1.75			5-14-2018		1,750,000		1,738,006
Lloyds TSB Bank plc		2.30			11-27-2018		200,000		201,127
Lloyds TSB Bank plc		2.40			3-17-2020		1,500,000		1,487,259
Lloyds TSB Bank plc		4.20			3-28-2017		1,000,000		1,041,554
National Australia Bank Limited		2.75			3-9-2017		1,000,000		1,023,832
National Australia Bank Limited		3.00			1-20-2023		350,000		348,968
NIBC Bank NV		4.88			11-19-2019		800,000		877,159


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			99


Security name	Interest rate			Maturity date		Principal		Value


Banks (continued)
Rabobank Nederland NV		1.70	%		3-19-2018	$	500,000	$	496,952
Rabobank Nederland NV		2.25			1-14-2019		500,000		503,536
Rabobank Nederland NV		3.38			1-19-2017		1,000,000		1,028,034
Rabobank Nederland NV		3.38			5-21-2025		500,000		488,104
Rabobank Nederland NV		3.88			2-8-2022		500,000		522,652
Rabobank Nederland NV		3.95			11-9-2022		750,000		747,540
Rabobank Nederland NV		4.63			12-1-2023		750,000		771,185
Rabobank Nederland NV		5.25			5-24-2041		725,000		789,318
Rabobank Nederland NV		5.75			12-1-2043		1,000,000		1,081,958
Royal Bank of Canada		1.20			1-23-2017		250,000		250,414
Royal Bank of Canada		1.25			6-16-2017		500,000		498,832
Royal Bank of Canada		1.45			9-9-2016		500,000		502,878
Royal Bank of Canada		1.50			1-16-2018		450,000		448,159
Royal Bank of Canada		2.15			3-15-2019		500,000		503,209
Royal Bank of Canada		2.20			7-27-2018		1,000,000		1,009,782
Royal Bank of Scotland Group plc		5.63			8-24-2020		1,000,000		1,130,274
Royal Bank of Scotland Group plc		6.40			10-21-2019		575,000		643,343
Societe Generale		2.75			10-12-2017		700,000		713,889
Sumitomo Mitsui Banking Corporation		1.30			1-10-2017		500,000		498,681
Sumitomo Mitsui Banking Corporation		1.50			1-18-2018		500,000		495,278
Sumitomo Mitsui Banking Corporation		2.25			7-11-2019		500,000		498,196
Sumitomo Mitsui Banking Corporation		2.45			1-10-2019		500,000		502,501
Sumitomo Mitsui Banking Corporation		3.20			7-18-2022		1,000,000		1,003,096
Sumitomo Mitsui Banking Corporation		3.40			7-11-2024		250,000		245,950
Sumitomo Mitsui Banking Corporation		3.95			7-19-2023		250,000		261,981
Svenska Handelsbanken AB		1.63			3-21-2018		400,000		399,637
Svenska Handelsbanken AB		2.25			6-17-2019		500,000		504,258
Svenska Handelsbanken AB		2.88			4-4-2017		1,000,000		1,025,348
Toronto Dominion Bank		1.13			5-2-2017		1,500,000		1,499,903
Toronto Dominion Bank		1.40			4-30-2018		1,250,000		1,237,825
Toronto Dominion Bank		1.50			9-9-2016		500,000		502,815
Toronto Dominion Bank		2.13			7-2-2019		1,000,000		998,296
Toronto Dominion Bank		2.63			9-10-2018		600,000		613,090
Westpac Banking Corporation		1.05			11-25-2016		200,000		200,238
Westpac Banking Corporation		1.20			5-19-2017		1,000,000		999,200
Westpac Banking Corporation		1.55			5-25-2018		1,000,000		993,469
Westpac Banking Corporation		2.00			8-14-2017		100,000		101,137
Westpac Banking Corporation		2.25			1-17-2019		250,000		250,891
Westpac Banking Corporation		2.30			5-26-2020		1,000,000		992,534

									78,042,124


Capital Markets: 0.05%
Invesco Finance plc		4.00			1-30-2024		250,000		259,419
Invesco Finance plc		5.38			11-30-2043		250,000		273,503
Nomura Holdings Incorporated		2.00			9-13-2016		1,100,000		1,107,272
Nomura Holdings Incorporated		2.75			3-19-2019		500,000		505,250
Nomura Holdings Incorporated		6.70			3-4-2020		356,000		416,893
Sasol Financing International Company		4.50			11-14-2022		500,000		493,500

									3,055,837


100		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Diversified Financial Services: 0.49%
Abbey National Treasury Services plc		1.38	%		3-13-2017	$	750,000	$	749,557
Abbey National Treasury Services plc		3.05			8-23-2018		500,000		514,800
Abbey National Treasury Services plc		4.00			3-13-2024		750,000		776,435
Barrick Australian Finance Proprietary Limited		5.95			10-15-2039		550,000		461,190
BHP Billiton Finance USA Limited		1.63			2-24-2017		500,000		502,146
BHP Billiton Finance USA Limited		2.88			2-24-2022		350,000		337,127
BHP Billiton Finance USA Limited		3.25			11-21-2021		500,000		499,052
BHP Billiton Finance USA Limited		3.85			9-30-2023		1,500,000		1,519,214
BHP Billiton Finance USA Limited		4.13			2-24-2042		650,000		580,965
BHP Billiton Finance USA Limited		5.00			9-30-2043		500,000		511,926
BHP Billiton Finance USA Limited		5.40			3-29-2017		200,000		212,310
Burlington Resources Finance Company		7.20			8-15-2031		500,000		632,640
ConocoPhillips Canada Funding Company		5.63			10-15-2016		150,000		157,273
ConocoPhillips Canada Funding Company		5.95			10-15-2036		300,000		341,402
Deutsche Bank AG (London)		1.35			5-30-2017		1,000,000		993,027
Deutsche Bank AG (London)		1.88			2-13-2018		1,500,000		1,492,626
Deutsche Bank AG (London)		2.50			2-13-2019		500,000		502,449
Deutsche Bank AG (London)		3.70			5-30-2024		1,000,000		989,798
Deutsche Bank AG (London) ±		4.30			5-24-2028		1,600,000		1,530,611
Schlumberger Investment SA		3.65			12-1-2023		604,000		615,564
Shell International Finance BV		1.90			8-10-2018		1,000,000		1,006,947
Shell International Finance BV		2.00			11-15-2018		500,000		502,031
Shell International Finance BV		2.13			5-11-2020		750,000		744,679
Shell International Finance BV		2.25			1-6-2023		250,000		236,545
Shell International Finance BV		2.38			8-21-2022		250,000		238,767
Shell International Finance BV		3.25			5-11-2025		1,000,000		984,310
Shell International Finance BV		3.40			8-12-2023		250,000		251,818
Shell International Finance BV		3.63			8-21-2042		250,000		214,842
Shell International Finance BV		4.13			5-11-2035		500,000		484,306
Shell International Finance BV		4.30			9-22-2019		1,000,000		1,079,406
Shell International Finance BV		4.38			3-25-2020		500,000		546,318
Shell International Finance BV		4.38			5-11-2045		1,000,000		985,309
Shell International Finance BV		4.55			8-12-2043		500,000		505,404
Shell International Finance BV		5.20			3-22-2017		250,000		265,266
Shell International Finance BV		5.50			3-25-2040		300,000		335,321
Shell International Finance BV		6.38			12-15-2038		850,000		1,071,118
Syngenta Finance NV		3.13			3-28-2022		500,000		497,347
UBS AG (Stamford)		1.38			6-1-2017		1,000,000		995,250
UBS AG (Stamford)		2.38			8-14-2019		1,750,000		1,749,669
UBS AG (Stamford)		4.88			8-4-2020		1,488,000		1,648,328
UBS AG (Stamford)		5.75			4-25-2018		738,000		809,145
UBS AG (Stamford)		5.88			12-20-2017		872,000		949,426

									30,021,664


Insurance: 0.06%
AON plc		4.00			11-27-2023		150,000		152,374
AON plc		4.45			5-24-2043		100,000		93,703
AON plc		4.60			6-14-2044		600,000		575,859
Aspen Insurance Holdings Limited		4.65			11-15-2023		200,000		205,689
AXA SA		8.60			12-15-2030		650,000		871,000


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			101


Security name	Interest rate			Maturity date		Principal		Value


Insurance (continued)
Montpelier Re Holdings Limited		4.70	%		10-15-2022	$	100,000	$	101,645
Trinity Acquisition plc		4.63			8-15-2023		350,000		358,348
Trinity Acquisition plc		6.13			8-15-2043		350,000		379,230
XLIT Limited		2.30			12-15-2018		350,000		351,727
XLIT Limited		5.25			12-15-2043		200,000		208,340

									3,297,915


Real Estate Management & Development: 0.00%
Brookfield Asset Management Incorporated		5.80			4-25-2017		125,000		132,333


Health Care: 0.28%

Health Care Equipment & Supplies: 0.03%
Covidien International Finance SA		3.20			6-15-2022		500,000		499,531
Covidien International Finance SA		6.00			10-15-2017		600,000		653,668
Covidien International Finance SA		6.55			10-15-2037		400,000		497,006

									1,650,205


Pharmaceuticals: 0.25%
Actavis Funding SCS		1.30			6-15-2017		500,000		495,586
Actavis Funding SCS		3.00			3-12-2020		2,150,000		2,140,026
Actavis Funding SCS		3.80			3-15-2025		2,500,000		2,421,873
Actavis Funding SCS		3.85			6-15-2024		500,000		486,852
Actavis Funding SCS		4.75			3-15-2045		1,000,000		916,466
Actavis Funding SCS		4.85			6-15-2044		500,000		455,812
AstraZeneca plc		4.00			9-18-2042		550,000		531,024
AstraZeneca plc		5.90			9-15-2017		800,000		871,912
AstraZeneca plc		6.45			9-15-2037		1,150,000		1,461,256
GlaxoSmithKline Capital plc		1.50			5-8-2017		1,000,000		1,004,310
Novartis Securities Investment Limited		5.13			2-10-2019		1,000,000		1,108,623
Perrigo Company plc		1.30			11-8-2016		200,000		198,784
Perrigo Company plc		2.30			11-8-2018		295,000		294,263
Perrigo Company plc		4.00			11-15-2023		250,000		247,487
Sanofi Aventis		1.25			4-10-2018		591,000		586,111
Sanofi Aventis		4.00			3-29-2021		700,000		744,093
Teva Pharmaceutical Finance BV		2.95			12-18-2022		500,000		472,679
Teva Pharmaceutical Finance BV		3.65			11-10-2021		500,000		496,785
Teva Pharmaceutical Finance BV		3.65			11-10-2021		500,000		496,785

									15,430,727


Industrials: 0.11%

Aerospace & Defense: 0.01%
Embraer Netherlands Finance BV		5.05			6-15-2025		400,000		378,880
Empresa Brasileira de Aeronautica		5.15			6-15-2022		200,000		197,750

									576,630


Industrial Conglomerates: 0.05%
Koninklijke Philips Electronics NV		3.75			3-15-2022		500,000		496,469
Koninklijke Philips Electronics NV		5.00			3-15-2042		500,000		475,524


102		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Industrial Conglomerates (continued)
Koninklijke Philips Electronics NV		5.75	%		3-11-2018	$	650,000	$	702,012
Koninklijke Philips Electronics NV		6.88			3-11-2038		250,000		289,949
Tyco Electronics Group SA		3.45			8-1-2024		200,000		200,279
Tyco Electronics Group SA		4.88			1-15-2021		500,000		547,258
Tyco Electronics Group SA		7.13			10-1-2037		350,000		450,745

									3,162,236


Machinery: 0.01%
Pentair Finance SA		3.15			9-15-2022		250,000		240,575
Pentair Finance SA		5.00			5-15-2021		300,000		327,575

									568,150


Road & Rail: 0.04%
Canadian National Railway Company		2.25			11-15-2022		350,000		334,975
Canadian National Railway Company		5.55			3-1-2019		435,000		485,765
Canadian National Railway Company		6.20			6-1-2036		200,000		253,916
Canadian National Railway Company		6.38			11-15-2037		550,000		711,792
Canadian Pacific Railway Company		4.45			3-15-2023		200,000		211,915
Canadian Pacific Railway Company		5.75			3-15-2033		360,000		402,330
Canadian Pacific Railway Company		5.95			5-15-2037		65,000		73,827
Canadian Pacific Railway Company		7.25			5-15-2019		65,000		75,952
Kansas City Southern de Mexico SA de CV		3.00			5-15-2023		73,000		69,766

									2,620,238


Information Technology: 0.10%

Communications Equipment: 0.01%
Ericsson LM		4.13			5-15-2022		400,000		414,215


Internet Software & Services: 0.06%
Alibaba Group Holding Limited 144A		2.50			11-28-2019		1,000,000		981,834
Alibaba Group Holding Limited 144A		3.60			11-28-2024		1,000,000		948,003
Alibaba Group Holding Limited 144A		4.50			11-28-2034		300,000		279,666
Baidu Incorporated		2.75			6-9-2019		750,000		741,429
Baidu Incorporated		3.25			8-6-2018		576,000		585,821

									3,536,753


Technology Hardware, Storage & Peripherals: 0.03%
Seagate HDD (Cayman)		4.75			6-1-2023		1,000,000		969,309
Seagate Technology HDD Holdings		4.75			1-1-2025		1,000,000		950,263

									1,919,572


Materials: 0.37%

Chemicals: 0.08%
Agrium Incorporated		3.50			6-1-2023		300,000		290,763
Agrium Incorporated		4.90			6-1-2043		200,000		188,043
Agrium Incorporated		5.25			1-15-2045		400,000		393,278
Agrium Incorporated		6.13			1-15-2041		165,000		185,805
Agrium Incorporated		6.75			1-15-2019		300,000		341,883


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			103


Security name	Interest rate			Maturity date		Principal		Value


Chemicals (continued)
LYB International Finance BV		4.88	%		3-15-2044	$	500,000	$	477,118
LyondellBasell Industries NV		4.63			2-26-2055		500,000		428,807
LyondellBasell Industries NV		5.00			4-15-2019		400,000		432,354
LyondellBasell Industries NV		5.75			4-15-2024		500,000		559,676
LyondellBasell Industries NV		6.00			11-15-2021		500,000		566,121
Methanex Corporation		3.25			12-15-2019		100,000		100,368
Potash Corporation of Saskatchewan Incorporated		4.88			3-30-2020		255,000		278,063
Potash Corporation of Saskatchewan Incorporated		5.63			12-1-2040		200,000		215,069
Potash Corporation of Saskatchewan Incorporated		5.88			12-1-2036		225,000		251,707
Potash Corporation of Saskatchewan Incorporated		6.50			5-15-2019		65,000		74,252

									4,783,307


Metals & Mining: 0.28%
Barrick Gold Corporation		3.85			4-1-2022		500,000		443,412
Barrick Gold Corporation		4.10			5-1-2023		700,000		618,420
Barrick Gold Corporation		5.25			4-1-2042		500,000		399,405
Barrick Gold Corporation		6.95			4-1-2019		300,000		335,461
Goldcorp Incorporated		2.13			3-15-2018		100,000		98,460
Goldcorp Incorporated		3.70			3-15-2023		300,000		276,742
Kinross Gold Corporation		5.13			9-1-2021		200,000		183,623
Rio Tinto Alcan Incorporated		6.13			12-15-2033		600,000		660,137
Rio Tinto Finance (USA) Limited		1.63			8-21-2017		500,000		496,879
Rio Tinto Finance (USA) Limited		2.00			3-22-2017		500,000		501,715
Rio Tinto Finance (USA) Limited		2.25			12-14-2018		1,000,000		992,756
Rio Tinto Finance (USA) Limited		2.88			8-21-2022		500,000		474,649
Rio Tinto Finance (USA) Limited		3.50			3-22-2022		1,000,000		996,218
Rio Tinto Finance (USA) Limited		3.75			9-20-2021		500,000		505,209
Rio Tinto Finance (USA) Limited		4.13			8-21-2042		250,000		219,314
Rio Tinto Finance (USA) Limited		4.75			3-22-2042		250,000		233,423
Rio Tinto Finance (USA) Limited		5.20			11-2-2040		300,000		299,400
Rio Tinto Finance (USA) Limited		6.50			7-15-2018		750,000		835,163
Rio Tinto Finance (USA) Limited		7.13			7-15-2028		500,000		626,335
Rio Tinto Finance (USA) Limited		9.00			5-1-2019		480,000		588,486
Teck Resources Limited		3.00			3-1-2019		1,000,000		833,750
Teck Resources Limited		3.15			1-15-2017		250,000		236,250
Teck Resources Limited		3.75			2-1-2023		500,000		375,000
Teck Resources Limited		4.50			1-15-2021		350,000		278,950
Teck Resources Limited		4.75			1-15-2022		202,000		160,768
Teck Resources Limited		5.20			3-1-2042		500,000		322,500
Teck Resources Limited		6.00			8-15-2040		175,000		117,250
Teck Resources Limited		6.25			7-15-2041		300,000		201,750
Vale Overseas Limited «		4.38			1-11-2022		1,200,000		1,106,172
Vale Overseas Limited «		4.63			9-15-2020		300,000		301,800
Vale Overseas Limited		6.25			1-23-2017		1,405,000		1,457,168
Vale Overseas Limited		6.88			11-21-2036		1,260,000		1,072,260
Vale Overseas Limited		6.88			11-10-2039		130,000		110,565
Vale Overseas Limited		8.25			1-17-2034		300,000		299,040
Vale SA		5.63			9-11-2042		750,000		574,650

									17,233,080


104		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Paper & Forest Products: 0.01%
Celulosa Arauco y Constitucion SA		4.75	%		1-11-2022	$	500,000	$	510,592
Celulosa Arauco y Constitucion SA		7.25			7-29-2019		350,000		399,075

									909,667


Telecommunication Services: 0.42%

Diversified Telecommunication Services: 0.21%
British Telecommunications plc		1.25			2-14-2017		500,000		498,643
British Telecommunications plc		5.95			1-15-2018		250,000		273,704
British Telecommunications plc		9.63			12-15-2030		650,000		946,319
Deutsche Telekom International Finance BV		6.00			7-8-2019		500,000		569,508
Deutsche Telekom International Finance BV		8.75			6-15-2030		830,000		1,173,366
Deutsche Telekom International Finance BV		9.25			6-1-2032		500,000		741,657
France Telecom SA		2.75			9-14-2016		500,000		508,068
France Telecom SA		5.38			7-8-2019		600,000		666,379
France Telecom SA		5.38			1-13-2042		500,000		526,209
France Telecom SA		9.00			3-1-2031		925,000		1,305,970
Orange SA		2.75			2-6-2019		1,000,000		1,019,170
Royal KPN NV		8.38			10-1-2030		375,000		486,127
Telefonica Emisiones SAU		3.19			4-27-2018		500,000		512,236
Telefonica Emisiones SAU		4.57			4-27-2023		300,000		314,284
Telefonica Emisiones SAU		5.13			4-27-2020		445,000		490,203
Telefonica Emisiones SAU		7.05			6-20-2036		1,050,000		1,281,371
Telefonica Europe BV		8.25			9-15-2030		420,000		561,383
Telefonica SA		5.88			7-15-2019		645,000		719,566

									12,594,163


Wireless Telecommunication Services: 0.21%
America Movil SAB de CV		2.38			9-8-2016		750,000		757,875
America Movil SAB de CV		3.13			7-16-2022		500,000		490,155
America Movil SAB de CV		4.38			7-16-2042		500,000		455,640
America Movil SAB de CV		5.00			3-30-2020		1,000,000		1,100,100
America Movil SAB de CV		5.63			11-15-2017		450,000		487,179
America Movil SAB de CV		6.13			11-15-2037		100,000		112,386
America Movil SAB de CV		6.13			3-30-2040		1,000,000		1,128,750
America Movil SAB de CV		6.38			3-1-2035		565,000		648,831
Rogers Communications Incorporated		3.00			3-15-2023		200,000		189,408
Rogers Communications Incorporated		4.50			3-15-2043		200,000		181,609
Rogers Communications Incorporated		5.00			3-15-2044		1,000,000		980,459
Rogers Communications Incorporated		6.80			8-15-2018		750,000		845,297
Vodafone Group plc		1.25			9-26-2017		250,000		247,451
Vodafone Group plc		1.50			2-19-2018		500,000		493,085
Vodafone Group plc		1.63			3-20-2017		500,000		499,495
Vodafone Group plc		2.50			9-26-2022		500,000		457,141
Vodafone Group plc		2.95			2-19-2023		600,000		564,809
Vodafone Group plc		4.38			2-19-2043		500,000		432,704
Vodafone Group plc		4.63			7-15-2018		180,000		190,996
Vodafone Group plc		5.45			6-10-2019		400,000		437,999
Vodafone Group plc		5.63			2-27-2017		500,000		528,341
Vodafone Group plc		6.15			2-27-2037		1,000,000		1,059,933


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			105


Security name	Interest rate			Maturity date		Principal		Value

Wireless Telecommunication Services (continued)
Vodafone Group plc		6.25	%		11-30-2032	$	300,000	$	316,607
Vodafone Group plc		7.88			2-15-2030		250,000		303,030

									12,909,280


Utilities: 0.01%

Electric Utilities: 0.00%
Scottish Power Limited		5.81			3-15-2025		150,000		172,573


Independent Power & Renewable Electricity Producers: 0.01%
TransAlta Corporation		6.50			3-15-2040		90,000		82,272
TransAlta Corporation		6.65			5-15-2018		200,000		217,871

									300,143


Water Utilities: 0.00%
United Utilities Group plc		5.38			2-1-2019		250,000		268,269


Total Yankee Corporate Bonds and Notes (Cost $240,262,644)									240,505,351


Yankee Government Bonds: 0.03%
Ukraine Government Aid		1.84			5-16-2019		2,000,000		2,013,720


Total Yankee Government Bonds (Cost $2,000,987)									2,013,720


	Yield					Shares

Short-Term Investments: 2.37%

Investment Companies: 2.37%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15					3,815,736		3,815,736
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.15					141,369,976		141,369,976

Total Short-Term Investments (Cost $145,185,712)									145,185,712


Total investments in securities (Cost $6,192,122,462) *	99.83	%		6,121,894,238
Other assets and liabilities, net	0.17			10,638,220

Total net assets	100.00	%	$	6,132,532,458

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

%%	The security is issued on a when-issued basis.

¤	The security is issued in zero coupon form with no periodic interest payments.

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

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

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

@	Foreign bond principal is denominated in the local currency of the issuer.

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

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

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

*	Cost for federal income tax purposes is $6,193,965,926 and unrealized gains (losses) consists of:


Gross unrealized gains	$	152,371,409
Gross unrealized losses		(224,443,097	)

Net unrealized losses	$	(72,071,688	)


106		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2015 (unaudited)

The following table shows the percent of total long-term investments by geographic location as of August 31, 2015:


United States	70.01	%
Japan	10.97
United Kingdom	4.24
France	2.92
Italy	2.87
Germany	2.12
Spain	1.49
Canada	1.46
Netherlands	1.11
Other	2.81

	100.00	%


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			1


Security name	Shares		Value


Common Stocks: 99.13%

Consumer Discretionary: 13.58%

Auto Components: 0.89%
Aisin Seiki Company Limited		31,500	$	1,138,038
Akebono Brake Industry Company Limited		22,700		67,968
Autoliv Incorporated «		51,122		5,222,112
BorgWarner Incorporated		118,880		5,187,923
Bosch Limited		2,730		953,208
Bridgestone Corporation		106,800		3,583,198
Calsonic Kansei Corporation		25,000		174,867
Cheng Shin Rubber Industry Company Limited		588,369		943,966
Compagnie Generale des Etablissements Michelin SCA Class B		18,498		1,791,168
Continental AG		9,343		1,986,242
Cooper Tire & Rubber Company		127,104		4,906,214
Daido Metal Company Limited		7,000		61,434
Dana Holding Corporation		373,341		6,548,401
Denso Corporation		82,900		3,712,328
Exedy Corporation		6,200		141,914
Exide Industries Limited		78,617		181,656
Faurecia		2,059		74,329
FCC Company Limited		7,000		106,817
Futaba Industrial Company Limited		6,100		22,894
Gentex Corporation		166,340		2,578,270
GKN plc		150,914		675,512
Halla Climate Control Corporation		5,070		155,819
Halla Holdings Corporation		1,219		51,945
Hankook Tire Company Limited		9,595		299,755
Hi-Lex Corporation		5,800		180,600
Hyundai Mobis		11,126		1,942,523
Hyundai Wia Corporation		3,195		282,289
Johnson Controls Incorporated		79,600		3,274,744
Kayaba Industry Company Limited		38,000		112,212
Keihin Corporation		9,300		128,874
Kenda Rubber Industrial Company Limited		186,458		251,010
Koito Manufacturing Company Limited		20,900		717,153
Kumho Tire Company Incorporated †		22,990		123,624
Lear Corporation		46,216		4,750,543
Leoni AG		4,204		255,359
Linamar Corporation		2,422		127,230
Magna International Incorporated Class A		43,600		2,151,499
Mando Corporation		1,330		131,566
Martinrea International Incorporated		3,001		26,666
Mitsuba Corporation		8,000		138,640
Motherson Sumi Systems Limited		88,862		405,708
Musashi Seimitsu Industry Company Limited		4,100		76,295
Nan Kang Rubber Tire Company Limited †		148,145		113,832
NGK Spark Plug Company Limited		30,500		750,204
NHK Spring Company Limited		44,000		426,082
Nifco Incorporated		9,400		367,518
Nippon Seiki Company Limited		10,000		200,025


2		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Auto Components (continued)
Nissan Shatai Company Limited		17,000	$	199,538
Nissin Kogyo Company Limited		8,500		117,437
NOK Corporation		19,200		475,110
Nokian Renkaat Oyj		13,330		360,345
Pacific Industrial Company Limited		10,300		106,114
Pirelli & Company SpA		24,552		411,613
Press Kogyo Company Limited		13,000		51,149
Riken Corporation		27,000		91,978
Sanden Corporation		27,000		101,109
Showa Corporation		13,400		113,292
Somboon Advance Technology PCL		70		31
Stanley Electric Company Limited		25,100		489,226
Sumitomo Riko Company Limited		6,500		54,634
Sumitomo Rubber Industries Limited		30,400		430,793
Tachi-S Company Limited		5,700		71,370
Takata Corporation «†		7,500		78,443
Tenneco Automotive Incorporated †		117,100		5,509,555
The Goodyear Tire & Rubber Company		133,200		3,965,364
Tokai Rika Company Limited		8,200		174,572
Tong Yang Industry Company Limited		100,374		84,221
Topre Corporation		8,900		172,883
Toyo Tire & Rubber Company Limited		18,000		402,953
Toyota Boshoku Corporation		15,600		260,182
Toyota Gosei Company Limited		14,500		284,295
Toyota Industries Corporation		33,000		1,641,358
TPR Company Limited		5,200		125,802
TS Tech Company Limited		9,900		265,802
Unipres Corporation		6,700		125,561
Valeo SA		7,819		982,699
Visteon Corporation †		23,577		2,349,684
Xinyi Glass Holdings Limited		149		67
Yarnapund PCL †(a)		1,551,500		0
Yokohama Rubber Company Limited		24,500		481,371
Yorozu Corporation		3,500		69,720

				77,548,445


Automobiles: 1.22%
Bajaj Auto		25,817		867,117
Bayerische Motoren Werke AG		30,555		2,819,103
Brilliance China Automotive Holdings Limited		564,000		681,162
BYD Company Limited H Shares †		218,000		890,278
China Motor Company Limited		198,150		134,593
Daihatsu Motor Company Limited		33,100		404,894
Daimler AG		89,801		7,221,196
Dongfeng Motor Group Company Limited H Shares		748,000		752,821
Fiat Chrysler Automobiles NV †		83,018		1,168,210
Ford Motor Company		492,201		6,826,828
Ford Otomotiv Sanayi AS		14,299		144,941
Fuji Heavy Industries Limited		102,800		3,621,128


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			3


Security name	Shares		Value


Automobiles (continued)
Geely Automobile Holdings Limited		1,395,000	$	539,997
General Motors Company		158,193		4,657,202
Ghabbour Auto †		25,801		9,259
Great Wall Motor Company Limited H Shares		271,000		723,828
Guangzhou Automobile Group Company Limited H Shares		493,454		347,007
Hero Honda Motors Limited		20,559		741,392
Honda Motor Company Limited		295,000		9,304,904
Honda Motor Company Limited ADR		25		787
Hyundai Motor Company		24,353		3,067,932
Isuzu Motors Limited		105,000		1,196,499
Kia Motors Corporation		43,683		1,798,657
Mahindra & Mahindra Limited		74,466		1,367,665
Mahindra & Mahindra Limited GDR		10,726		200,576
Maruti Suzuki India Limited		20,295		1,272,258
Mazda Motor Corporation		95,000		1,638,120
Mitsubishi Motors Corporation		120,000		921,516
Nissan Motor Company Limited		402,900		3,645,658
Oriental Holdings Bhd		46,320		75,105
Peugeot SA †		32,543		562,379
PT Astra International Tbk		6,419,940		2,707,341
Renault SA		19,824		1,648,170
Sanyang Industry Company Limited †		184,000		115,650
Suzuki Motor Corporation		70,200		2,391,149
Tata Motors Limited †		222,094		1,136,446
Tata Motors Limited ADR †		10,643		269,481
Tata Motors Limited Class A (Differential Voting Rights) †		132,940		475,464
Tesla Motors Incorporated «†		18,400		4,582,704
Thor Industries Incorporated		87,020		4,749,552
Tofas Turk Otomobil Fabrikasi AS		25,253		156,622
Toyota Motor Corporation		467,014		27,704,579
UMW Holdings Bhd		137,800		278,881
Volkswagen AG		3,151		589,434
Yamaha Motor Company Limited		49,900		964,373
Yulon Motor Company Limited		230,929		209,026

				105,581,884


Distributors: 0.14%
Canon Marketing Japan Incorporated		10,300		151,567
D’ieteren SA NV		1,530		56,537
DOSHISHA Company Limited		4,400		83,075
Imperial Holdings Limited		47,334		658,599
Inchcape plc		38,717		433,999
Jardine Cycle & Carriage Limited		21,598		437,761
LKQ Corporation †		159,300		4,777,407
Pacific Brands Limited †		177,242		75,050
Paltac Corporation		4,300		81,116
Pool Corporation		83,300		5,804,344
Uni-Select Incorporated		432		18,976

				12,578,431


4		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Diversified Consumer Services: 0.41%
Apollo Education Group Incorporated †		229,100	$	2,545,301
Benesse Corporation		14,400		382,464
DeVry Incorporated		136,000		3,557,760
Educomp Solutions Limited †		5,295		868
Grand Canyon Education Incorporated †		89,820		3,319,747
H&R Block Incorporated		158,711		5,399,348
InvoCare Limited		18,207		150,301
Kaya Limited †		1,401		25,538
Kroton Educacional SA		361,800		865,930
Navitas Limited «		46,793		132,535
New Oriental Education & Technology Group Incorporated †		38,053		779,706
Raffles Education Corporation Limited		55,177		10,949
Service Corporation International		477,702		14,163,864
Sotheby’s «		118,000		4,154,780

				35,489,091


Hotels, Restaurants & Leisure: 2.17%
Accor SA		17,394		825,250
Accordia Golf Company Limited		14,600		147,042
Ajisen China Holdings Limited		200		78
Amax International Holdings Limited †		4,175		431
Amaya Incorporated «†		9,782		203,878
Ardent Leisure Group		59,533		103,798
Aristocrat Leisure Limited		88,978		534,431
Autogrill SpA †		9,260		80,271
Banyan Tree Holdings Limited		13,000		3,547
Berjaya Land Bhd		408,500		66,138
Berjaya Sports Toto Bhd		167,304		117,511
Betfair Group plc		7,093		352,648
Brinker International Incorporated		116,700		6,200,271
Buffalo Wild Wings Incorporated †		36,300		6,885,384
Cafe de Coral Holdings Limited		52,000		165,392
Carnival Corporation		54,000		2,658,420
Carnival plc		20,101		1,024,054
Chipotle Mexican Grill Incorporated †		5,494		3,900,795
Choice Hotels International Incorporated		65,940		3,362,940
Colowide Company Limited		10,000		151,359
Compass Group plc		164,978		2,620,193
Cracker Barrel Old Country Store Incorporated «		45,700		6,589,026
Crown Limited		59,986		488,363
Darden Restaurants Incorporated		70,000		4,760,700
Domino’s Pizza Incorporated		109,000		11,547,460
Doutor Nichires Holdings Company Limited		5,200		80,079
Dunkin Brands Group Incorporated		45,824		2,298,532
Echo Entertainment Group Limited		140,622		492,362
Egyptian Resorts Company †		16,982		2,256
Flight Centre Limited «		11,645		306,708
Formosa International Hotels Corporation		19,491		128,199
Fu Ji Food & Catering Services †		1,669		170


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			5


Security name	Shares		Value


Hotels, Restaurants & Leisure (continued)
Fuji Kyuko Company Limited		10,000	$	101,373
Fujita Kanko Incorporated		30,000		96,259
Galaxy Entertainment Group Limited		385,000		1,234,476
Genting Bhd		624,500		1,018,530
Genting Malaysia Bhd		621,815		586,283
Genting Singapore plc		1,113,320		607,531
Grand Korea Leisure Company Limited		4,800		127,026
Great Canadian Gaming Corporation †		676		9,460
Greene King plc		17,051		214,813
H.I.S Company Limited		8,400		287,887
Hilton Worldwide Holdings Incorporated		92,494		2,296,626
Hong Kong & Shanghai Hotels Limited		94,530		107,581
Hotel Properties Limited		32,000		84,363
Hyatt Hotels Corporation Class A †		30,259		1,550,169
Imperial Hotel Limited		6,400		138,152
Intercontinental Hotels Group plc		26,328		992,232
Intralot SA-Integrated Lottery Systems & Services †		4,444		7,580
J D Wetherspoon plc		8,168		94,254
Jack in the Box Incorporated		71,300		5,574,234
Jollibee Foods Corporation		94,580		387,507
Kangwon Land Incorporated		17,620		633,888
Kentucky Fried Chicken (Japan) Limited		100		1,878
Kingston Financial Group Limited «		1,024,000		330,320
Kisoji Company Limited		3,500		61,203
Kuoni Reisen Holding AG		214		44,808
Ladbrokers plc		95,658		146,787
Las Vegas Sands Corporation		67,455		3,118,445
Macau Legend Development Limited «†		840,000		114,890
Magnum Bhd		221,370		137,039
Marriott International Incorporated Class A		36,600		2,586,156
Marriott Vacations Worldwide Corporation		55,033		3,907,893
Marston’s plc		50,669		118,027
McDonald’s Corporation		173,614		16,496,802
McDonald’s Holdings Company Japan Limited «		12,400		273,089
Melco Crown Entertainment Limited ADR «		32,470		572,121
Melco International Development Limited		180,000		279,637
MGM China Holdings Limited		177,200		293,121
MGM Resorts International †		204,100		4,169,763
Millennium & Copthorne Hotels plc		18,690		160,033
Minor International PCL		480,587		355,295
Miramar Hotel & Investment Company Limited		48,000		73,950
Mitchells & Butlers plc †		19,207		106,693
MOS Food Services Incorporated		6,100		135,147
Norwegian Cruise Line Holdings Limited †		83,511		4,810,234
Ohsho Food Service Corporation		1,600		53,582
OPAP SA		58,349		458,335
Oriental Land Company Limited		36,400		2,008,928
Paddy Power plc		3,683		405,022
Panera Bread Company Class A †		13,449		2,397,957
Paradise Company Limited «		11,315		218,120


6		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Hotels, Restaurants & Leisure (continued)
PartyGaming plc		58,620	$	104,705
Plenus Company Limited		4,100		67,096
Punch Taverns plc †		1,618		3,104
Resorttrust Incorporated		14,700		391,644
Restaurant Brands International Incorporated		19,733		757,162
Restaurant Group plc		15,681		160,377
REXLot Holdings Limited (a)		16,544		939
Round One Corporation		8,500		38,351
Royal Caribbean Cruises Limited		96,470		8,504,795
Royal Holdings Company Limited		5,300		96,789
Saizeriya Company Limited		4,700		109,209
Sands China Limited		395,123		1,371,450
Shangri-La Asia Limited		274,166		269,212
Six Flags Entertainment Corporation		212,119		9,538,991
SJM Holdings Limited		390,000		352,759
SKYCITY Entertainment Group Limited		118,856		292,284
Sodexho Alliance SA		9,330		821,136
St. Marc Holdings Company Limited		2,400		74,038
Starbucks Corporation		270,400		14,793,584
TA Global Bhd		34,080		2,110
Tabcorp Holdings Limited		160,020		527,256
Tattersall’s Limited		233,609		611,792
The Cheesecake Factory Incorporated		86,600		4,699,782
The Wendy’s Company		522,643		4,761,278
Thomas Cook Group plc †		117,612		193,470
Tokyo Dome Corporation		36,000		147,284
Tokyotokeiba Company Limited		32,000		83,408
Transat A.T. Incorporated Class A †		1,458		8,123
TUI AG		12,319		221,180
TUI AG-DI		24,427		433,306
Vail Resorts Incorporated		69,420		7,491,112
Watami Food Service Company «†		3,900		33,102
Whitbread plc		16,280		1,198,370
William Hill plc		82,355		454,946
Wowprime Corporation		12,463		67,226
Wyndham Worldwide Corporation		60,200		4,604,096
Wynn Macau Limited		273,600		422,224
Wynn Resorts Limited		16,437		1,233,597
Yoshinoya D&C Company Limited		11,800		140,450
Yum! Brands Incorporated		80,300		6,405,531
Zensho Company Limited «†		18,000		171,931

				187,742,384


Household Durables: 1.01%
Alpine Electronics Incorporated		7,900		111,298
Altek Corporation		436		275
Amtran Technology Company Limited		169,006		76,878
Arcelik AS		78,008		365,876
Barratt Developments plc		86,863		852,398


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			7


Security name	Shares		Value


Household Durables (continued)
Bellway plc		9,497	$	362,726
Berkeley Group Holdings plc		11,306		585,010
Bovis Homes Group plc		9,917		167,851
Casio Computer Company Limited «		43,600		839,381
Chofu Seisakusho Company Limited		3,500		75,754
Coway Company Limited		8,430		601,557
D.R. Horton Incorporated		196,976		5,982,161
Dorel Industries Incorporated Class B		2,467		66,438
Ekornes ASA		800		9,042
Electrolux AB Class B		25,871		730,659
Fleetwood Corporation Limited		5,908		6,853
Foster Electric Company Limited		4,400		86,523
Fujitsu General Limited		11,000		136,281
Garmin Limited		69,900		2,628,939
GUD Holdings Limited		7,917		50,200
Haier Electronics Group Company		262,000		469,907
Harman International Industries Incorporated		36,370		3,554,804
Haseko Corporation		44,800		527,320
Husqvarna AB Class A		1		7
Husqvarna AB Class B		37,065		240,796
Iida Group Holdings Company		25,700		455,344
Jarden Corporation †		101,775		5,225,129
JM AB		8,886		233,433
JVC Kenwood Holdings Incorporated		26,300		57,704
Leggett & Platt Incorporated		79,219		3,518,908
Lennar Corporation Class A		102,600		5,222,340
LG Electronics Incorporated		17,628		663,239
Mohawk Industries Incorporated †		32,400		6,381,828
Newell Rubbermaid Incorporated		158,149		6,662,817
Nikon Corporation «		63,500		814,472
NVR Incorporated †		2,034		3,091,578
Panahome Corporation		18,000		120,114
Panasonic Corporation		360,610		3,978,355
Peace Mark Holdings Limited †(a)		10,000		0
Persimmon plc		31,295		1,009,907
Pioneer Corporation †		54,900		99,625
Pulte Homes Incorporated		175,100		3,622,819
Rinnai Corporation		7,000		524,848
Sangetsu Company Limited		13,000		226,684
SEB SA		3,036		282,700
Sekisui Chemical Company Limited		74,000		817,305
Sekisui House Limited		103,000		1,539,881
Sharp Corporation «†		269,000		392,733
Skyworth Digital Holdings Limited		5,619		3,241
Sony Corporation †		207,694		5,416,987
Steinhoff International Holdings Limited		877,868		5,260,528
Sumitomo Foresting Company Limited		31,600		354,485
Takamatsu Corporation		3,600		76,255
Tamron Company Limited		4,000		80,241
Tatung Company Limited †		394,770		62,608


8		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Household Durables (continued)
Taylor Woodrow plc		300,372	$	927,834
Techtronic Industries Company Limited		263,500		953,694
Tempur-Pedic International Incorporated †		121,100		8,842,722
Token Corporation		1,340		92,623
TopBuild Corporation †		21,077		668,562
Tupperware Brands Corporation «		26,400		1,352,472
Welling Holding Limited		800		129

				87,563,078


Internet & Catalog Retail: 1.13%
Amazon.com Incorporated †		69,127		35,454,547
Askul Corporation «		4,000		138,574
ASOS plc †		7,672		352,474
CJ O Shopping Company Limited		949		159,832
Ctrip.com International Limited ADR †		40,963		2,721,991
Expedia Incorporated		52,114		5,992,589
Groupon Incorporated †		233,000		1,048,500
GS Home Shopping Incorporated		834		141,027
Home Retail Group plc		62,866		146,728
HSN Incorporated		62,087		3,775,510
Hyundai Home Shopping Network Corporation		1,833		199,146
JD.com Incorporated ADR †		94,785		2,453,036
Liberty Interactive Corporation Series A		255,400		6,906,016
Liberty TripAdvisor Holdings Incorporated Class A †		139,992		3,551,597
Liberty Ventures Series A		66,793		2,653,686
N Brown Group plc		13,911		64,103
Netflix Incorporated †		78,582		9,039,287
Nissen Company Limited †		2,200		3,684
Ocado Group plc †		44,034		231,631
Rakuten Incorporated		156,400		2,236,958
Senshukai Company Limited		7,500		50,728
Shutterfly Incorporated †		73,000		2,836,780
Start Today Company Limited		8,700		265,517
The Priceline Group Incorporated †		9,296		11,607,357
TripAdvisor Incorporated †		59,314		4,146,049
Vipshop Holdings Limited ADR †		89,052		1,602,045

				97,779,392


Leisure Products: 0.40%
Amer Sports Oyj		13,925		381,742
Brunswick Corporation		183,870		9,140,178
Fields Corporation		2,900		39,206
Giant Manufacturing Company Limited		113,687		822,882
Hasbro Incorporated		65,221		4,864,834
Heiwa Corporation		9,000		177,201
Mattel Incorporated		194,995		4,568,733
Merida Industry Limited		47,250		257,046
Mizuno Corporation		17,000		78,245
Namco Bandai Holdings Incorporated		36,000		833,819


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			9


Security name		Shares		Value


Leisure Products (continued)
Polaris Industries Incorporated			32,356	$	4,202,074
Sankyo Company Limited			7,900		303,984
Sega Sammy Holdings Incorporated			37,300		393,506
Shimano Incorporated			13,700		1,845,350
Tomy Company Limited			14,100		70,596
Universal Entertainment Corporation			4,400		86,233
Vista Outdoor Incorporated †			121,003		5,658,100
Yamaha Corporation			29,100		666,802

					34,390,531


Media: 1.85%
Agora SA †			4,761		14,122
Aimia Incorporated			16,463		143,407
Altice NV Class A			24,543		700,228
Altice NV Class B †			8,181		256,865
Amalgamated Holdings Limited	��		22,965		207,720
AMC Networks Incorporated Class A †			30,632		2,217,144
Arnoldo Mondadori Editore SpA †			1,753		1,819
Asatsu-DK Incorporated			5,100		105,462
Astro Malaysia Holdings Bhd			365,200		252,162
Avex Group Holdings Incorporated			7,200		91,815
Axel Springer AG			4,131		250,184
BEC World PCL			121,700		125,621
Cablevision Systems Corporation New York Group Class A			133,600		3,362,712
Charter Communication Incorporated Class A «†			43,048		7,817,947
Cheil Worldwide Incorporated †			13,120		193,015
Cinemark Holdings Incorporated			59,400		2,111,670
Cineplex Incorporated			8,140		296,124
CJ E&M Corporation †			3,006		209,931
Cogeco Cable Incorporated			1,258		63,502
Corus Entertainment Incorporated Class B «			12,391		134,591
CyberAgent Incorporated			9,100		361,043
Cyfrowy Polsat SA †			44,163		264,560
Daiichikosho Company Limited			8,500		322,164
Daily Mail & General Trust plc Class A			23,399		294,786
Dentsu Incorporated			41,000		2,103,518
Discovery Communications Incorporated Class A			28,702		763,473
Discovery Communications Incorporated Class C †			53,048		1,345,297
DISH Network Corporation Class A †			25,770		1,527,388
eSun Holdings Limited †			3,000		271
Eutelsat Communications SA			14,572		439,459
Fairfax Media Limited			382,378		232,662
Fuji Television Network Incorporated			8,900		104,391
Gannett Company Incorporated			58,999		773,477
GFK SE			2,287		89,797
Grupo Televisa SA			670,102		4,094,951
Hakuhodo DY Holdings Incorporated			47,400		474,645
Havas SA			33,703		284,783
Informa plc			60,450		537,084


10		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Media (continued)
Interpublic Group of Companies Incorporated		233,383	$	4,406,271
Ipsos		1,688		38,537
ITV plc		319,668		1,227,308
JC Decaux SA		5,375		193,191
Kabel Deutschland Holding AG †		1,781		241,525
Kadokawa Dwango Corporation		4,900		57,999
Lagardere SCA		10,820		294,435
Liberty Broadband Corporation Class A †		47,379		2,580,734
Liberty Broadband Corporation Class C †		123,834		6,628,834
Liberty Global plc Class A		128,126		6,165,423
Liberty Global plc Class C		105,756		4,745,272
Liberty Global plc LiLAC Class A †		6,406		220,174
Liberty Global plc LiLAC Class C †		5,287		175,793
Liberty Media Corporation Class A		52,226		1,945,419
Liberty Media Corporation Class C		98,768		3,577,377
Live Nation Incorporated †		83,055		2,044,814
M6 Metropole Television SA		5,835		112,850
Madison Square Garden Incorporated Class A †		31,600		2,225,904
Mediaset Espana Comunicacion SA		15,943		190,444
Mediaset SpA		67,736		324,715
Meredith Corporation		82,700		3,905,094
Modern Times Group Class B		4,115		111,648
Naspers Limited		124,680		16,163,084
New York Times Company Class A		295,087		3,588,258
News Corporation Class A †		290,218		3,955,671
Nippon Television Network Corporation		10,000		173,465
NOS SGPS		7,553		61,067
Numericable Group SA †		23,192		1,193,112
Omnicom Group Incorporated		31,200		2,089,776
Pearson plc		78,175		1,359,142
ProSiebenSat.1 Media AG		20,366		991,966
PT Media Nusantara Citra Tbk		1,052,000		141,889
Publicis Groupe SA		16,558		1,180,238
Quebecor Incorporated Class B		6,882		147,516
REA Group Limited		7,600		223,427
Regal Entertainment Group Class A «		180,493		3,432,977
RELX NV - Netherlands Exchange		100,662		1,551,477
RELX plc - United Kingdom Exchange		118,539		1,900,835
Rightmove plc		11,307		645,616
RTL Group		1,962		171,289
Schibsted ASA Class A		8,244		269,176
Schibsted ASA Class B †		8,244		257,117
Scripps Networks Interactive Incorporated Class A		49,664		2,636,662
Seat Pagine Gialle SpA †		2		0
SES SA		43,074		1,279,683
Seven West Media Limited - Athens Exchange		254,688		150,436
Shaw Communications Incorporated Class B		37,500		753,363
Shochiku Company Limited		26,000		207,597
Sinclair Broadcast Group Incorporated Class A «		162,974		4,364,444
Singapore Press Holdings Limited		289,000		806,959


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			11


Security name	Shares		Value


Media (continued)
Sirius XM Holdings Incorporated †		517,471	$	1,974,152
SKY Network Television Limited		62,990		202,410
Sky Perfect JSAT Holdings Incorporated		30,600		139,074
Sky plc		92,582		1,481,760
SM Entertainment Company †		3,747		139,394
Societe Television Francaise 1 SA		10,997		176,836
Solocal Group †		18,416		6,799
Starz Incorporated Class A †		48,743		1,833,224
Sun TV Network Limited		19,075		98,366
Technicolor		23,402		173,819
TEGNA Incorporated		130,218		3,097,886
Telenet Group Holding NV †		5,930		334,315
Television Broadcasts Limited		55,000		206,515
Thomson Corporation		34,752		1,351,936
Time Incorporated		250,616		5,205,294
Toei Company Limited		16,000		119,305
Toho Company Limited Tokyo		23,300		525,828
Tokyo Broadcasting System Incorporated		5,700		78,188
TV Asahi Corporation		3,800		56,670
TVN SA		35,718		185,214
Twenty-First Century Fox Incorporated Class A		341,489		9,353,384
United Business Media Limited		35,107		265,318
Viacom Incorporated Class B		45,563		1,857,604
Vivendi SA		113,848		2,816,350
Wolters Kluwer NV		33,251		1,054,082
WPP plc		120,952		2,507,468
Yellow Pages Limited †		225		3,090
Zee Entertainment Enterprises Limited		153,249		887,104
Zenrin Company Limited		5,000		64,874

				159,876,052


Multiline Retail: 0.46%
Aeon Company Bhd		165,600		109,611
Canadian Tire Corporation Limited Class A «		7,500		708,042
Debenhams plc		147,783		171,667
Dollar General Corporation		54,600		4,067,154
Dollar Tree Incorporated †		111,986		8,540,052
Dollarama Incorporated		12,916		737,496
Don Quijote Company Limited		18,200		707,073
El Puerto De Liverpool SAB de CV		139,200		1,666,209
Far Eastern Department Stores Company Limited		185,584		89,267
Fuji Company Limited		5,100		124,350
H2O Retailing Corporation		14,100		281,221
Harvey Norman Holdings Limited		101,944		314,860
Hudson’s Bay Company		10,727		186,067
Hyundai Department Store Company Limited		3,673		467,374
Isetan Mitsukoshi Holdings Limited		64,100		1,026,784
Izumi Company Limited		8,900		381,738
J.Front Retailing Company Limited		42,500		690,250


12		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Multiline Retail (continued)
Kintetsu Department Store Company Limited †		27,000	$	71,935
Kohl’s Corporation		110,633		5,645,602
Lifestyle International Holdings Limited		119,500		184,723
Lotte Shopping Company Limited		2,095		473,822
Macy’s Incorporated		40,912		2,397,852
Marks & Spencer Group plc		149,257		1,194,417
Marui Company Limited		43,400		525,518
Matsuya Company Limited		9,600		157,657
Metro Holdings Limited		163,200		103,514
Myer Holdings Limited «		106,299		91,534
New World Department Store China Limited		150,000		26,903
Next plc		15,421		1,880,067
Parkson Holdings Bhd †		148,441		37,110
Ryohin Keikaku Company Limited		4,200		933,988
SACI Falabella		339,045		2,079,279
Sears Canada Incorporated †		655		4,107
Sears Holdings Corporation «†		29,801		795,091
Seria Company Limited		3,700		178,538
Shinsegae Company Limited		1,463		309,855
Takashimaya Company Limited		65,000		562,956
Warehouse Group Limited		10,254		16,897
Woolworths Holdings Limited		208,267		1,562,770

				39,503,350


Specialty Retail: 2.55%
ABC-Mart Incorporated		4,200		254,976
Abercrombie & Fitch Company Class A «		41,000		814,260
Adastria Company Limited		3,600		193,607
Advance Auto Parts Incorporated		38,196		6,693,849
Alpen Company Limited		2,900		42,172
American Eagle Outfitters Incorporated «		99,402		1,691,822
AOKI Holdings Incorporated		6,600		79,700
Aoyama Trading Company Limited		8,300		310,133
Asbury Automotive Group Incorporated †		51,980		4,188,029
Ascena Retail Group Incorporated †		414,000		4,996,980
Autobacs Seven Company Limited		16,500		303,638
AutoNation Incorporated †		38,300		2,291,872
AutoZone Incorporated †		5,700		4,081,143
Bed Bath & Beyond Incorporated †		84,996		5,279,102
Best Buy Company Incorporated		172,719		6,345,696
Best Denki Company Limited		8,000		8,446
BIC Camera Incorporated «		22,100		213,645
Cabela’s Incorporated «†		27,600		1,241,172
CarMax Incorporated †		107,100		6,533,100
Chico’s FAS Incorporated		324,095		4,832,256
Chiyoda Company Limited		8,400		234,883
Chow Sang Sang Holdings International Limited		81,000		159,491
Chow Tai Fook Jewellery Company Limited «		230,800		204,592
CST Brands Incorporated		184,837		6,417,541


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			13


Security name	Shares		Value


Specialty Retail (continued)
DCM Japan Holdings Company Limited		27,000	$	212,909
Delek Automotive Systems Limited		1,187		12,519
Dick’s Sporting Goods Incorporated		52,407		2,627,163
Dixons Carphone plc		67,062		443,939
DSW Incorporated Class A		134,400		3,990,336
Dufry Group Register Shares †		3,543		476,481
Edion Corporation		14,400		104,762
Esprit Holdings Limited		355,658		298,292
Fast Retailing Company Limited		10,000		4,063,596
Fielmann AG		1,552		102,422
Foot Locker Incorporated		79,035		5,594,888
Fourlis Holdings SA †		1,820		4,289
Futures Lifestyle Fashions Limited		5,607		5,812
Gamestop Corporation Class A «		60,300		2,561,544
Genesco Incorporated †		45,900		2,748,951
GEO Company Limited		10,200		154,891
Giordano International Limited		338,000		184,045
GNC Holdings Incorporated Class A		43,421		2,032,103
Group 1 Automotive Incorporated		42,000		3,670,800
Guess? Incorporated		38,400		849,024
Gulliver International Company Limited «		11,100		98,058
Halfords Group plc		10,381		82,993
Hennes & Mauritz AB Class B		89,703		3,452,072
Hikari Tsushin Incorporated		3,600		239,931
Hotai Motor Company Limited		85,000		935,272
Hotel Shilla Company Limited		5,410		551,177
Howden Joinery Group plc		55,350		409,045
Industria de Diseno Textil SA		106,685		3,560,373
JB Hi-Fi Limited «		17,769		240,261
JIN Company Limited		2,300		107,378
Joshin Denki Company Limited		10,000		78,938
Jumbo SA		9,157		77,067
K’s Holdings Corporation		9,400		300,062
Kingfisher plc		235,574		1,287,621
Kohnan Shoji Company Limited		4,900		64,062
Komeri Company Limited		6,500		144,975
L Brands Incorporated		45,034		3,778,353
Lithia Motors Incorporated Class A		44,800		4,775,680
LOTTE Himart Company Limited		2,142		117,536
Luk Fook Holdings International Limited		65,000		167,741
Lumber Liquidators Holdings Incorporated «†		55,300		835,583
Mr Price Group Limited		65,912		1,186,204
Murphy USA Incorporated †		97,360		4,976,070
Nafco Company Limited		1,400		22,368
Nishimatsuya Chain Company Limited		8,400		75,176
Nitori Company Limited		13,600		1,082,526
O’Reilly Automotive Incorporated †		52,006		12,485,080
OSIM International Limited		55,515		58,031
Praktiker Bau Und Heimwerkermaerkte AG †		3,061		24
Premier Investments Limited		16,893		149,072


14		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Specialty Retail (continued)
Reitman’s Canada Limited Class A		2,386	$	10,519
Restoration Hardware Holdings Incorporated «†		69,396		6,417,742
Right On Company Limited		1,000		8,232
RONA Incorporated		10,259		110,731
Ross Stores Incorporated		210,988		10,258,237
Sa Sa International Holdings Limited «		182,000		76,087
Sally Beauty Holdings Incorporated †		65,900		1,722,626
Sanrio Company Limited		11,000		363,385
Shimachu Company Limited		9,900		241,794
Shimamura Company Limited		4,400		406,846
Sports Direct International plc †		23,788		289,831
Staples Incorporated		379,945		5,399,018
Super Cheap Auto Group Limited		27,099		170,094
The Foschini Limited		43,808		495,230
The Home Depot Incorporated		239,077		27,842,907
The Men’s Wearhouse Incorporated		105,142		5,935,266
The TJX Companies Incorporated		124,900		8,782,968
Tiffany & Company		59,100		4,860,975
Tractor Supply Company		70,272		5,994,904
Trinity Limited		202,000		22,155
Truworths International Limited		104,568		693,011
Ulta Salon, Cosmetics and Fragrance Incorporated †		31,800		5,027,262
United Arrows Limited		4,100		161,991
Urban Outfitters Incorporated †		53,713		1,657,583
USS Company Limited		36,600		650,278
WH Smith plc		12,180		280,353
Williams-Sonoma Incorporated		45,500		3,459,365
World Duty Free SpA †		9,260		106,301
Xebio Company Limited		4,100		77,715
Yamada Denki Company Limited		144,300		555,847

				220,968,853


Textiles, Apparel & Luxury Goods: 1.35%
Adidas AG		19,806		1,482,873
ASICS Corporation		30,800		901,885
Belle International Holdings Limited		1,590,000		1,454,584
Billabong International Limited †		56,684		26,220
Burberry Group plc		41,524		899,069
Carter’s Incorporated		28,000		2,752,680
CCC SA		3,479		157,460
China Hongxing Sports Limited †(a)		37,000		0
Christian Dior SA		4,809		892,568
Coach Incorporated		164,200		4,967,050
Compagnie Financiere Richemont SA		49,685		3,718,729
Daidoh Limited		1,200		5,028
Daphne International Holdings Limited		130,000		24,993
Deckers Outdoor Corporation †		63,598		4,095,075
Descente Limited		9,000		125,310
Eclat Textile Company Limited		69,371		1,043,678


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			15


Security name	Shares		Value


Textiles, Apparel & Luxury Goods (continued)
Feng Tay Enterprise Company Limited		91,052	$	540,111
Fibrechem Technologies Limited †(a)		20,000		0
Formosa Taffeta Company Limited		209,000		181,789
Fossil Group Incorporated †		24,510		1,509,326
Fujibo Holdings Incorporated		23,000		43,445
Geox SpA †		950		3,648
Gildan Activewear Incorporated		21,862		686,303
Global Brands Group Holding Limited †		1,128,530		214,055
Gunze Limited		36,000		112,542
HanesBrands Incorporated		199,500		6,006,945
Hermes International		3,019		1,072,738
Hugo Boss AG		2,130		243,559
Iconix Brand Group Incorporated «†		108,256		1,503,676
Jaybharat Textiles & Real Estate Limited †		15,488		5,312
Kate Spade & Company †		66,600		1,262,736
Kering		7,111		1,218,886
Kurabo Industries Limited		43,000		84,060
Li & Fung Limited		1,128,530		744,097
LPP SA		207		427,601
lululemon athletica Incorporated †		52,395		3,353,804
Luxottica Group SpA		12,870		872,302
LVMH Moet Hennessy Louis Vuitton SA		26,096		4,353,013
Makalot Industrial Company Limited		41,663		350,862
Michael Kors Holdings Limited †		102,360		4,448,566
Nike Incorporated Class B		126,000		14,080,500
Onward Kashiyama Company Limited		27,000		170,149
Pacific Textiles Holdings Limited		106,000		151,818
Pandora AS		11,925		1,377,820
Pou Chen Corporation		853,600		1,379,990
Prada SpA		47,800		193,666
Puma AG Rudolf Dassler Sport		229		45,921
PVH Corporation		43,464		5,171,347
Ralph Lauren Corporation		31,817		3,537,732
Ruentex Industries Limited		153,911		245,512
Sanyo Shokai Limited		23,000		78,352
Seiko Holdings Corporation Class C		23,000		136,784
Seiren Company Limited		9,500		106,883
Shenzhou International Group Holdings Limited		201,000		1,015,368
Skechers U.S.A. Incorporated Class A †		81,200		11,428,088
Stella International		100,000		246,708
Steven Madden Limited †		106,550		4,353,633
Tainan Spinning Company Limited		361,640		150,609
Texwinca Holdings Limited		100,000		95,225
The Japan Wool Textile Company Limited		13,000		109,160
The Swatch Group AG - Bearer Shares		2,953		1,131,222
The Swatch Group AG - Regular Shares		4,901		363,018
Titan Industries Limited		44,383		225,537
Tod’s SpA		810		74,124
TSI Holdings Company Limited		20,900		161,704
Under Armour Incorporated Class A †		87,192		8,329,452


16		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Textiles, Apparel & Luxury Goods (continued)
Unitika Limited †		168,000	$	92,844
VF Corporation		59,916		4,339,716
Wacoal Corporation		26,000		334,342
Wolverine World Wide Incorporated		196,980		5,308,611
Youngone Corporation		5,630		291,794
Yue Yuen Industrial Holdings Limited		151,500		542,464

				117,056,671


Consumer Staples: 6.90%

Beverages: 1.60%
Ambev SA		1,384,300		7,286,694
Anadolu Efes Biracilik Ve Malt Sanayii AS		41,874		312,224
Anheuser-Busch InBev NV		75,521		8,259,339
Anheuser-Busch InBev NV Strip VVPR †(a)		6,960		0
Arca Continental SAB de CV		178,900		1,035,211
Asahi Breweries Limited		76,600		2,528,903
Britvic plc		18,843		193,583
Brown-Forman Corporation Class B		78,121		7,663,670
C&C Group plc		40,510		161,377
Carlsberg AS Class B		10,130		764,546
Carlsberg Brewery Malaysia Bhd		27,300		76,050
Coca-Cola Amatil Limited		99,451		594,504
Coca-Cola East Japan Company Limited		8,300		150,206
Coca-Cola Enterprises Incorporated		125,519		6,462,973
Coca-Cola Femsa SA		171,700		1,232,070
Coca-Cola HBC AG - London Exchange		17,518		359,404
Coca-Cola Icecek Uretim AS		15,881		196,446
Coca-Cola West Japan Company Limited		14,900		306,640
Compania Cervecerias Unidas SA		59,871		663,509
Constellation Brands Incorporated Class A		85,459		10,938,752
Cott Corporation		9,100		96,077
Davide Campari-Milano SpA		22,742		169,963
Diageo plc		237,194		6,296,754
Dr Pepper Snapple Group Incorporated		112,185		8,607,955
Fomento Economico Mexicano Sab de CV		635,400		5,659,663
Fraser & Neave Holdings		12,000		52,000
Guinness Anchor Bhd		33,500		103,052
Heineken Holding NV		9,870		688,904
Heineken NV		20,410		1,614,668
Hite Jinro Company Limited		6,516		121,753
ITO EN Limited «		11,400		269,779
Kirin Brewery Company Limited		142,900		2,100,448
Lotte Chilsung Beverage Company Limited		132		255,016
Molson Coors Brewing Company Class B		94,142		6,410,129
Monster Beverage Corporation †		74,222		10,276,778
PepsiCo Incorporated		179,819		16,710,580
Pernod Ricard SA		18,977		1,991,513
Remy Cointreau SA «		1,992		118,159
SABMiller plc		91,828		4,303,394


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			17


Security name	Shares		Value


Beverages (continued)
Sapporo Holdings Limited		76,000	$	296,515
Suntory Beverage & Food Limited		20,064		848,998
Takara Holdings Incorporated		39,000		262,820
Thai Beverage PCL		2,812,000		1,414,918
The Coca-Cola Company		477,474		18,774,278
Treasury Wine Estates Limited		114,523		485,742
Tsingtao Brewery Company Limited H Shares		70,000		344,127
United Spirits Limited †		17,882		889,715

				138,349,799


Food & Staples Retailing: 1.40%
Aeon Company Limited		139,200		2,090,842
Ain Pharmaciez Incorporated		4,400		202,153
Alimentation Couche-Tard Incorporated Class B		39,729		1,683,560
ARCS Company Limited		9,300		183,645
Axfood AB		6,336		107,321
Big C Supercenter PCL ADR		174,400		965,780
Bim Birlesik Magazalar AS		67,584		1,171,567
Booker Group plc		194,495		504,086
C.P. Seven Eleven PCL		1,232,200		1,753,165
Carrefour SA		63,872		2,077,113
Casey’s General Stores Incorporated		73,910		7,824,113
Casino Guichard Perrachon SA		5,420		343,028
Cawachi Limited		2,100		33,916
Cencosud SA		443,098		914,437
China Resources Enterprise Limited		407,836		1,281,386
Cocokara Fine Incorporated		4,000		160,515
Colruyt SA		6,243		304,778
Cosmos Pharmaceutical Corporation		1,800		230,874
Costco Wholesale Corporation		80,727		11,305,816
Dairy Farm International Holdings Limited		52,200		339,300
Delhaize Group SA		10,066		902,629
Distribuidora Internacional SA		61,010		367,369
Dongsuh Company Incorporated		12,182		461,428
E-MART Company Limited		3,311		639,665
Empire Company Limited Class A		4,972		333,180
Eurocash SA		15,296		168,517
FamilyMart Company Limited		10,400		482,105
George Weston Limited		5,500		455,769
Heiwado Company Limited		8,100		171,441
Hyundai Greenfood Company Limited		13,680		315,759
ICA Gruppen AB		11,898		441,811
Inageya Company Limited		5,500		63,332
J Sainsbury plc «		119,290		444,264
Jeronimo Martins SA		20,490		283,962
Kato Sangyo Company Limited		5,600		126,241
Kesko Oyj Class A		1,500		50,244
Kesko Oyj Class B		7,559		272,029
Koninklijke Ahold NV		92,779		1,833,933


18		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Food & Staples Retailing (continued)
Lawson Incorporated		11,100	$	792,890
Life Corporation		4,000		117,623
Loblaw Companies Limited		20,909		1,116,015
Magnit OJSC Sponsored GDR		68,877		3,443,506
Massmart Holdings Limited		23,414		202,354
Matsumotokiyoshi Holdings Company Limited		9,100		437,605
Metcash Limited «		174,566		134,789
Metro AG		12,722		371,604
Metro Incorporated		29,037		766,757
Mitsubishi Shokuhin Company Limited		4,200		90,939
OKUWA Company Limited		6,000		45,630
President Chain Store Corporation		194,032		1,297,085
Puregold Price Club Incorporated		289,300		196,209
Rallye SA		2,005		49,026
Rite Aid Corporation †		522,680		4,312,110
Seven & I Holdings Company Limited		124,780		5,444,683
Shoprite Holdings Limited		105,840		1,296,007
Shufersal Limited †		1,882		4,939
Sligro Food Group NV		1,429		56,565
Sonae SGPS SA		93,661		119,396
Sprouts Farmers Market Incorporated «†		72,048		1,467,618
Sugi Pharmacy Company Limited		6,100		294,849
Sun Art Retail Group Limited		518,000		431,775
Sundrug Company Limited		6,600		371,279
Sysco Corporation		76,948		3,067,917
Tesco plc		770,024		2,260,995
The Jean Coutu Group PJC Incorporated Class A		9,211		141,638
The Kroger Company		123,100		4,246,950
Tsuruha Holdings Incorporated		6,600		536,776
United Natural Foods Incorporated †		95,579		4,602,129
United Super Markets Holdings Incorporated		11,000		94,816
UNY Company Limited		43,900		273,028
Valor Company Limited		9,100		255,957
Wal-Mart de Mexico SAB de CV		1,629,328		3,930,028
Wal-Mart Stores Incorporated		188,391		12,194,549
Walgreens Boots Alliance Incorporated		105,841		9,160,539
Welcia Holdings Company		4,800		230,429
Wesfarmers Limited		181,762		5,259,409
Whole Foods Market Incorporated		179,661		5,885,694
William Morrison Supermarkets plc		218,799		565,734
Woolworths Limited		199,634		3,750,636
Yaoko Company Limited		4,600		240,178
Yokohama Reito Company		7,100		58,798

				120,908,526


Food Products: 2.05%
Ajinomoto Company Incorporated		95,000		2,093,393
Alicorp SA †		148,947		213,981
Archer Daniels Midland Company		77,400		3,482,226


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			19


Security name	Shares		Value


Food Products (continued)
Ariake Japan Company Limited		5,600	$	233,728
Aryzta AG		9,603		492,543
Associated British Foods plc		34,117		1,676,328
Barry Callebaut AG		233		255,742
Boustead Plantations Bhd		16,100		4,983
BRF Brasil Foods SA		191,200		3,665,152
Bunge Limited		81,678		5,917,571
CALBEE Incorporated		17,300		662,833
Campbell Soup Company		104,000		4,990,960
Charoen Pokphand Food PCL		866,900		459,509
China Agri-Industries Holdings Limited †		700		266
China Culiangwang Beverages Holdings Limited †		48,000		879
China Fishery Group Limited †		36,922		2,067
China Huishan Dairy Holdings Company Limited «		1,506,000		551,873
China Huiyuan Juice Group †		21,500		7,130
China Mengniu Dairy Company		347,000		1,213,373
CJ Cheiljedang Corporation		1,371		455,551
ConAgra Foods Incorporated		248,977		10,377,361
Corbion NV		9,177		201,840
Dairy Crest Group plc		6,886		61,920
Danone SA		57,249		3,558,364
Darling Ingredients Incorporated †		399,400		5,128,296
Dean Foods Company		215,700		3,550,422
Dydo Drinco Incorporated		1,900		84,786
Ebro Puleva SA		6,042		122,244
Elders Limited †		3,653		10,373
Ezaki Glico Company Limited		10,000		501,505
Felda Global Ventures Holdings Bhd		469,000		136,233
Flowers Foods Incorporated		110,450		2,563,545
Fuji Oil Company Limited		13,300		184,303
General Mills Incorporated		73,500		4,171,860
Genting Plantations Bhd		46,000		108,100
Global Bio-Chem Technology Group Company Limited †		179,200		7,399
Golden Agri-Resources Limited		1,248,045		278,611
GrainCorp Limited Class A		43,413		251,793
Grupo Bimbo Sab de CV Series A †		544,700		1,408,391
Hain Celestial Group Incorporated †		202,466		12,322,081
Hokuto Corporation		5,200		94,362
House Foods Corporation		16,400		300,309
Indofood Agri Resources Limited		39,000		13,267
Ingredion Incorporated		40,443		3,491,849
IOI Corporation Bhd		654,346		623,187
Itoham Foods Incorporated		35,000		217,388
J-Oil Mills Incorporated		19,000		61,905
JBS SA		181,023		706,292
Kagome Company Limited		16,000		270,813
KAMEDA SEIKA Company Limited		2,900		121,994
Kellogg Company		30,700		2,034,796
Kerry Group plc Class A - Dublin Exchange		15,076		1,122,479
Keurig Green Mountain Incorporated		23,592		1,335,307


20		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Food Products (continued)
Kewpie Corporation		18,700	$	412,762
Khon Kaen Sugar Industry PCL		55,968		5,559
Kikkoman Corporation		32,000		1,030,725
Kuala Lumpur Kepong Bhd		99,100		491,253
Kulim (Malaysia) Bhd		101,600		67,008
Lancaster Colony Corporation		37,569		3,562,668
Lindt & Spruengli AG		10		673,305
Lindt & Spruengli AG - Participation Certificate		96		542,244
Lotte Confectionery Company Limited		228		375,518
Maple Leaf Foods Incorporated		14,491		245,849
Marine Harvest ASA		25,295		305,168
Marudai Food Company Limited		35,000		148,101
Maruha Nichiro Corporation		8,700		130,749
McCormick & Company Incorporated		63,400		5,026,352
Mead Johnson Nutrition Company		39,220		3,072,495
Megmilk Snow Brand Company Limited		9,100		172,790
Meiji Holdings Company Limited		12,600		2,052,625
Mitsui Sugar Company Limited		17,000		70,252
Mondelez International Incorporated Class A		200,211		8,480,938
Morinaga & Company Limited		51,000		272,174
Morinaga Milk Industry Company Limited		43,000		208,908
Nestle India Limited		8,749		785,127
Nestle Malaysia Bhd		10,000		171,810
Nestle SA		300,165		22,140,138
Nestle SA ADR		15		1,105
NH Foods Limited		33,000		762,156
Nichirei Corporation		52,000		318,258
Nippon Flour Mills Company Limited		38,000		242,290
Nippon Suisan Kaisha Limited		41,400		129,765
Nisshin Seifun Group Incorporated		42,400		579,859
Nissin Food Products Company Limited		14,900		707,914
Nong Shim Company Limited		901		280,337
Orion Corporation		539		425,185
Orkla ASA		72,715		536,201
Osem Investment Limited		3,453		65,209
PPB Group Bhd		119,200		435,364
PT Astra Agro Lestari Tbk		71,500		87,149
PT Charoen Pokphand Indonesia Tbk		1,636,000		217,745
PT Indofood CBP Sukses Makmur Tbk		384,000		348,470
PT Indofood Sukses Makmur Tbk		993,924		374,932
Ridley Corporation Limited		11,389		10,131
Riken Vitamin Company Limited		2,000		67,390
Sakata Seed Corporation		5,700		92,293
Saputo Incorporated		25,208		580,573
Showa Sangyo Company Limited		27,000		106,900
Shree Renuka Sugars Limited †		50,603		5,671
Standard Foods Corporation		78,648		178,636
Strauss Group Limited †		1,291		17,600
Suedzucker AG		5,793		84,508
Tate & Lyle plc		44,144		367,145


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			21


Security name	Shares		Value


Food Products (continued)
Thai Union Frozen Products PCL		148,176	$	71,928
The Hershey Company		28,600		2,560,272
The Kraft Heinz Company		73,728		5,357,076
The Nisshin Oillio Group Limited		21,000		79,160
Tiger Brands Limited		53,732		1,214,832
Tingyi Holding Corporation		498,000		765,951
Toyo Suisan Kaisha Limited		16,600		623,005
TreeHouse Foods Incorporated †		81,823		6,494,292
Tyson Foods Incorporated Class A		168,809		7,137,245
Uni-President Enterprises Corporation		1,266,925		2,258,472
Unilever plc		111,355		4,482,032
United Plantations Bhd		17,000		105,319
Universal Robina Corporation		238,100		988,263
Viscofan SA		4,011		234,049
Vitasoy International Holdings Limited		188,000		278,966
Want Want China Holdings Limited		2,237,000		1,804,021
Wei Chuan Food Corporation †		140,000		83,907
WH Group Limited †144A		1,847,118		970,029
Wilmar International Limited		474,930		959,251
Yakult Honsha Company Limited		27,300		1,526,737
Yamazaki Baking Company Limited		28,000		472,306

				177,737,880


Household Products: 0.78%
Church & Dwight Company Incorporated		66,600		5,746,248
Colgate-Palmolive Company		153,016		9,610,935
Earth Chemical Company Limited		2,900		110,154
Henkel AG & Company KGaA		11,153		1,024,006
Hindustan Unilever Limited		225,127		2,915,560
Kimberly-Clark Corporation		44,816		4,774,248
Kimberly-Clark de Mexico SAB de CV Class A		424,300		951,820
LG Household & Health Care Limited H Shares		1,529		1,036,785
Lion Corporation «		52,000		455,512
Pigeon Corporation		21,000		556,894
PT Unilever Indonesia Tbk		402,000		1,136,616
PZ Cussons plc		28,166		136,966
Reckitt Benckiser Group plc		61,638		5,445,173
ST Corporation		700		5,959
Svenska Cellulosa AB Class A		7,500		213,324
Svenska Cellulosa AB Class B		56,712		1,617,089
The Clorox Company		66,900		7,437,273
The Procter & Gamble Company		325,868		23,029,092
Uni-Charm Corporation		79,600		1,609,268

				67,812,922


Personal Products: 0.38%
Aderans Company Limited		6,500		47,932
Amorepacific Corporation		5,000		1,600,085
Amorepacific Group		4,680		680,583


22		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Personal Products (continued)
Avon Products Incorporated		277,900	$	1,442,301
BaWang International Group Holding Limited †		82,000		6,031
Beiersdorf AG		10,132		838,851
Colgate-Palmolive Company India Limited		6,799		199,935
Dabur India Limited		131,061		538,341
Dr. Ci Labo Company Limited		4,000		71,827
Emami Limited		9,988		179,100
Euglena Company Limited «†		10,800		142,355
FANCL Corporation		7,300		102,002
Godrej Consumer Products Limited		26,964		540,436
Hengan International Group Company Limited		250,000		2,453,210
Herbalife Limited «†		35,900		2,066,763
Kao Corporation		78,800		3,608,674
Kobayashi Pharmaceutical Company Limited		5,600		435,584
Kose Corporation		4,900		485,413
L’Oreal SA		22,921		3,927,568
Mandom Corporation		3,200		116,798
Marico Limited		70,088		427,592
Milbon Company Limited		2,000		71,761
Natura Cosmeticos SA		45,000		293,949
NU Skin Enterprises Incorporated Class A		30,200		1,379,536
Oriflame Holding AG †		2,947		39,474
Pola Orbis Holdings Incorporated		3,800		227,558
Shiseido Company Limited		66,200		1,389,416
The Estee Lauder Companies Incorporated Class A		41,020		3,272,165
Unilever NV		161,087		6,459,597

				33,044,837


Tobacco: 0.69%
Altria Group Incorporated		240,369		12,878,971
British American Tobacco Malaysia Bhd		28,400		420,455
British American Tobacco plc		173,539		9,264,425
Eastern Company		2,662		67,994
Imperial Tobacco Group plc		91,452		4,433,123
ITC Limited		605,692		2,962,629
Japan Tobacco Incorporated		181,400		6,478,090
KT&G Corporation		19,046		1,779,398
Philip Morris International Incorporated		188,943		15,077,651
PT Gudang Garam Tbk		106,500		337,313
Reynolds American Incorporated		50,359		4,217,566
Souza Cruz SA		136,500		998,914
Swedish Match AB		21,840		645,707

				59,562,236


Energy: 5.42%

Energy Equipment & Services: 0.94%
Akastor ASA «		17,388		24,908
Aker Solutions ASA		17,388		72,517
Amec Foster Wheeler plc «		200,685		2,510,569


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			23


Security name	Shares		Value


Energy Equipment & Services (continued)
AMEC plc		31,672	$	391,965
Atwood Oceanics Incorporated «		114,700		2,191,917
Baker Hughes Incorporated		49,600		2,777,600
Bourbon SA «		4,428		60,869
Bristow Group Incorporated		66,500		2,464,490
Bumi Armada Bhd		340,600		69,336
Calfrac Well Services Limited		3,918		13,699
Cameron International Corporation †		39,238		2,619,529
CARBO Ceramics Incorporated «		43,100		1,181,802
CGG SP ADR †		689		3,287
China Oilfield Services Limited H Shares		474,000		510,082
Compagnie Generale de Geophysique Veritas «†		16,437		78,630
Core Laboratories NV «		23,384		2,705,061
Diamond Offshore Drilling Incorporated «		38,900		922,319
Dril-Quip Incorporated †		74,310		5,122,931
Enerflex Limited		4,043		38,875
Ensco plc Class A		134,300		2,432,173
Ensign Energy Services Incorporated		11,978		95,780
Ezra Holdings Limited †		377,000		34,733
FMC Technologies Incorporated †		114,404		3,978,971
Fred Olsen Energy ASA †		4,001		18,133
Fugro NV †		7,340		153,448
Halliburton Company		1		39
Helix Energy Solutions Group Incorporated †		236,495		1,643,640
Helmerich & Payne Incorporated		62,900		3,711,729
Hunting plc		13,249		105,312
John Wood Group plc		30,475		298,587
KNM Group Bhd †		14		2
McDermott International Incorporated «†		573,600		2,913,888
Modec Incorporated «		3,100		41,245
Mullen Group Limited		6,400		92,964
Nabors Industries Limited		169,100		1,951,414
Noble Corporation plc «		141,853		1,846,926
Oceaneering International Incorporated		49,268		2,158,924
Oil States International Incorporated †		25,100		712,087
Pason Systems Incorporated		10,745		167,431
Patterson-UTI Energy Incorporated		75,179		1,223,914
Petrofac Limited		25,283		346,067
Petroleum Geo-Services ASA		19,980		89,317
Precision Drilling Corporation		20,412		98,367
Prosafe ASA		26,130		69,808
Rowan Companies plc Class A		71,700		1,288,449
Saipem SpA «†		23,203		223,530
Sapurakencana Petroleum Bhd		640,922		262,473
Savanna Energy Services Corporation		11,539		15,437
SBM Offshore NV †		17,972		214,782
Schlumberger Limited		230,905		17,865,120
Schoeller-Bleckmann Oilfield Equipment AG		1,839		100,499
Seacor Holdings Incorporated †		36,000		2,322,360
Seadrill Limited «		33,756		252,998


24		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Energy Equipment & Services (continued)
Shawcor Limited Class A		4,528	$	100,844
Shinko Plantech Company Limited		7,600		61,873
Subsea 7 SA †		26,952		229,370
Technip SA		10,664		581,099
Tecnicas Reunidas SA		2,168		104,405
Tenaris SA		45,222		587,637
TGS Nopec Geophysical Company ASA «		10,707		207,091
Tidewater Incorporated «		19,940		357,524
Toyo Kanetsu K. K.		23,000		40,789
Transocean Limited «		41,000		583,430
Trican Well Service Limited		16,245		22,720
Trinidad Drilling Limited		7,400		15,524
U.S. Silica Holdings Incorporated «		104,550		2,101,455
Unit Corporation †		111,300		1,691,760
Weatherford International plc †		394,556		4,004,743
WorleyParsons Limited		36,573		195,464

				81,376,661


Oil, Gas & Consumable Fuels: 4.48%
Advantage Oil & Gas Limited †		8,522		47,481
AET&D Holdings No. 1 Limited (a)		20,314		0
Afren plc «†(a)		100,824		0
Altagas Limited		11,048		303,744
Anadarko Petroleum Corporation		94,000		6,728,520
Antero Resources Corporation «†		28,700		741,608
Apache Corporation		45,800		2,071,992
ARC Resources Limited «		29,540		444,133
Athabasca Oil Corporation †		28,194		34,289
Australian Worldwide Exploration Limited †		77,909		51,563
Bankers Petroleum Limited †		23,555		42,075
Banpu PCL		142,000		81,607
Bayan Resources Group †		170,500		98,902
Baytex Energy Corporation «		11,349		65,648
Beach Petroleum Limited		249,773		119,093
BG Group plc		307,585		4,694,405
Bharat Petroleum Corporation Limited		64,424		855,950
Birchcliff Energy Limited †		4,522		23,648
Bonavista Energy Corporation		16,745		52,058
BP plc		1,741,095		9,631,517
Brightoil Petroleum Holdings Limited «†		514,000		169,121
Cabot Oil & Gas Corporation		213,454		5,052,456
Cairn Energy plc †		48,348		112,472
California Resources Corporation		707,066		2,743,416
Caltex Australia Limited		41,964		952,054
Cameco Corporation - Toronto Exchange		37,200		523,390
Canadian Natural Resources Limited - Toronto Exchange		103,154		2,324,807
Canadian Oil Sands Limited		45,830		268,236
Carrizo Oil & Gas Incorporated †		94,200		3,431,706
Cenovus Energy Incorporated		72,271		1,047,589


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			25


Security name	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Cheniere Energy Incorporated †		111,833	$	6,950,421
Chesapeake Energy Corporation «		74,832		584,438
Chevron Corporation		229,016		18,548,006
China Coal Energy Company H Shares «		929,962		434,379
China Petroleum & Chemical Corporation H Shares		7,833,600		5,215,628
China Shenhua Energy Company Limited H Shares		1,109,500		1,924,075
Cimarex Energy Company		46,500		5,138,715
CNOOC Limited		4,913,000		6,092,081
Coal India Limited		351,411		1,936,659
Coal of Africa Limited †		38,864		1,936
Columbia Pipeline Group Incorporated		178,587		4,528,966
Concho Resources Incorporated †		60,728		6,568,340
Connacher Oil and Gas Limited †		28		22
ConocoPhillips Company		149,356		7,340,847
CONSOL Energy Incorporated «		132,200		2,013,406
Continental Resources Incorporated †		19,734		633,461
Corridor Resources Incorporated †		1,363		559
Cosan SA Industria e Comercio		23,400		117,108
Cosmo Oil Company Limited †		129,000		201,105
Crescent Point Energy Corporation «		49,703		637,722
Crew Energy Incorporated †		7,839		26,634
Delek Group Limited		312		73,541
Diamondback Energy Incorporated †		29,700		2,028,213
DNO ASA «†		102,500		118,022
Ecopetrol SA Sponsored ADR «		63,212		662,462
Empresas Copec SA		168,585		1,661,859
Enbridge Income Fund Holdings Incorporated		5,200		130,711
Enbridge Incorporated		77,200		3,190,456
Encana Corporation		70,534		527,021
Energen Corporation		45,126		2,346,552
Energy Absolute PCL Class A		511,600		291,160
Energy Fuels Incorporated †		1,133		3,927
Energy XXI (Bermuda) Limited «		224,500		426,550
Enerplus Corporation		20,247		128,968
Eni SpA		247,150		4,057,477
EnQuest plc - United Kingdom Exchange †		56,296		29,155
EOG Resources Incorporated		102,496		8,026,462
EQT Corporation		75,600		5,883,192
Esso Thailand PCL †		26,300		3,669
Establissements Maurel et Prom †		5,783		30,461
Exxaro Resources Limited «		30,766		157,355
Exxon Mobil Corporation		502,152		37,781,916
Formosa Petrochemical Corporation		593,590		1,329,995
Galp Energia SGPS SA		20,077		211,709
Gazprom ADR		1,577,489		6,956,726
Gibson Energy Incorporated		11,458		168,961
Golar LNG Limited (a)		2,733		106,502
Gran Tierra Energy Incorporated †		23,505		58,423
Grupa Lotos SA - Warsaw Exchange †		14,414		114,138
GS Holdings Corporation		8,189		321,606


26		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Gulf Keystone Petroleum Limited «†		88,919	$	41,616
Gulfport Energy Corporation †		59,100		2,117,553
Hess Corporation		30,100		1,789,445
Hidili Industry International Development Limited †		88,000		4,996
HollyFrontier Corporation		110,786		5,191,432
Husky Energy Incorporated		26,600		473,729
Idemitsu Kosan Company Limited		21,600		370,230
Igas Energy plc †		2,782		1,121
Imperial Oil Limited «		23,700		836,778
Indian Oil Corporation Limited		99,929		623,025
Inpex Holdings Incorporated		177,600		1,790,137
Inter Pipeline Limited «		28,473		610,321
IRPC PCL		974,221		103,279
Itochu Enex Company Limited		6,000		51,866
Ivanhoe Energy Incorporated †(a)		426		0
Japan Petroleum Exploration Company		7,300		214,963
JX Holdings Incorporated		409,900		1,585,368
Karoon Gas Australia Limited †		31,102		42,607
Keyera Corporation		14,048		431,178
Kinder Morgan Incorporated		214,584		6,954,667
Koninklijke Vopak NV		6,083		250,652
Kunlun Energy Company Limited		780,000		551,532
Laredo Petroleum Incorporated «†		59,637		607,701
Lightstream Resources Limited		12,979		5,623
Long Run Exploration Limited		449		154
Lubelski Wegiel Bogdanka SA «		8,893		110,104
LUKOIL ADR - London Exchange		110,894		4,182,922
LUKOIL OAO ADR		27,399		1,057,875
Lundin Petroleum AB †		23,462		306,508
Marathon Oil Corporation		88,361		1,527,762
Marathon Petroleum Corporation		67,838		3,209,416
Meg Energy Corporation †		12,100		108,712
Mitsuuroko Holdings Company Limited		10,000		48,831
MOL Hungarian Oil & Gas plc		18,943		939,883
Mongolia Energy Corporation Limited †		69,250		2,234
Murphy Oil Corporation		97,000		3,007,000
Neste Oil Oyj		15,503		398,037
New Hope Corporation Limited		33,755		42,879
New Zealand Oil and Gas Limited		18,645		5,318
Newfield Exploration Company †		80,900		2,694,779
Niko Resource Limited †		5,137		293
Nippon Gas Company Limited		8,800		289,619
Noble Energy Incorporated		79,674		2,661,908
NovaTek OAO		6,672		633,000
NovaTek OAO Sponsored GDR		27,002		2,586,792
NuVista Energy Limited †		3,905		16,889
Oasis Petroleum Incorporated «†		57,000		636,120
Occidental Petroleum Corporation		94,085		6,869,146
Oil & Natural Gas Corporation Limited		582,446		2,096,718
Oil India Limited		23,455		158,584


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			27


Security name	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Oil Search Limited		194,808	$	942,719
OMV AG		14,891		381,655
Ophir Energy plc †		50,585		75,178
Origin Energy Limited		183,516		1,078,749
PA Resources AB †		1,136		107
Pacific Exploration and Production Corporation «		30,807		104,438
Paladin Energy Limited «†		284,174		39,435
Paramount Resources Limited Class A †		12,300		131,639
Parkland Fuel Corporation		7,600		131,192
Paz Oil Company Limited		173		25,128
PBF Energy Incorporated Class A		194,922		5,832,066
Peabody Energy Corporation «		173,000		467,100
Pembina Pipeline Corporation «		37,455		1,039,151
Pengrowth Energy Corporation «		42,515		62,370
Penn West Petroleum Limited «		42,170		33,015
PetroChina Company Limited H Shares		6,464,000		5,371,341
Petroleo Brasileiro SA †		943,645		2,763,297
Petronas Dagangan Bhd		54,000		272,057
Petronet LNG Limited		37,495		100,090
Peyto Exploration & Development Corporation «		13,213		313,151
Phillips 66		66,908		5,290,416
Pioneer Natural Resources Company		27,800		3,421,068
Polish Oil & Gas		592,108		1,064,742
Polski Koncern Naftowy Orlen SA		100,002		1,955,309
PrairieSky Royalty Limited		13,744		287,918
Premier Oil plc †		62,107		100,354
PT Adaro Energy Tbk		4,031,000		170,708
PT Indika Energy Tbk †		202,500		3,301
PT Indo Tambangraya Megah Tbk		86,500		57,564
PT Tambang Batubara Bukit Asam Tbk		159,500		66,411
PTT Exploration & Production PCL		388,971		862,692
PTT PCL - Bangkok Exchange		239,900		1,793,645
QEP Resources Incorporated		95,600		1,342,224
Questerre Energy Corporation Class A †		8,414		1,349
Range Resources Corporation		81,945		3,164,716
Reliance Industries Limited		439,691		5,661,249
Reliance Industries Limited GDR 144A		2,006		52,357
Repsol YPF SA		94,191		1,348,159
Rosneft OJSC GDR		256,180		941,103
Royal Dutch Shell plc Class A - Amsterdam Exchange		54,758		1,430,480
Royal Dutch Shell plc Class A - London Exchange		316,943		8,243,617
Royal Dutch Shell plc Class B		228,377		5,980,336
S-Oil Corporation		8,742		443,475
SandRidge Energy Incorporated «†		255,550		136,234
Santos Limited		176,930		645,930
Saras SpA †		12,269		31,198
Sasol Limited		156,208		5,005,550
Semgroup Corporation Class A		83,788		4,608,340
Seven Generations Energy Limited Class A †		16,242		169,630
Showa Shell Sekiyu KK		37,700		322,472


28		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Oil, Gas & Consumable Fuels (continued)
SK Energy Company Limited †		9,812	$	828,762
SM Energy Company		34,400		1,262,480
SOCO International plc		30,069		71,057
Southwestern Energy Company †		72,317		1,174,428
Spectra Energy Corporation		81,449		2,367,722
Spyglass Resources Corporation		2,042		256
Statoil ASA		99,008		1,482,912
Stone Energy Corporation †		130,200		738,234
Storm Resources Limited †		281		889
Suncor Energy Incorporated		136,487		3,865,541
Surgutneftegas SP ADR		257,109		1,342,109
Targa Resources Corporation		22,499		1,486,284
Tatneft ADR		78,690		2,235,583
Teekay Corporation		94,414		3,470,659
Tesoro Corporation		74,100		6,817,941
Thai Oil PCL		104,800		150,571
The Williams Companies Incorporated		84,900		4,092,180
TonenGeneral Sekiyu KK		53,000		528,973
Total SA		224,589		10,283,785
Touchstone Exploration Incorporated †		3,067		501
Tourmaline Oil Corporation †		13,128		332,291
TransCanada Corporation		66,600		2,323,609
Transglobe Energy Corporation		11,093		38,112
Tullow Oil plc		85,595		293,163
Tupras Turkiye Petrol Rafinerileri AS †		43,221		1,115,314
Ultra Petroleum Corporation «†		64,200		546,984
Ultrapar Participacoes SA		138,300		2,420,388
Valero Energy Corporation		63,266		3,754,204
Veresen Incorporated «		41,157		425,147
Vermilion Energy Incorporated «		9,494		328,927
Washington H. Soul Pattinson & Company Limited		25,619		247,223
Western Refining Incorporated		43,500		1,871,370
White Energy Company Limited «†		56,094		9,980
Whitecap Resources Incorporated		23,314		201,136
Whitehaven Coal Limited «†		113,230		93,876
Whiting Petroleum Corporation †		103,785		2,006,164
Woodside Petroleum Limited		112,217		2,576,259
World Fuel Services Corporation		145,689		5,630,880
WPX Energy Incorporated †		128,282		937,741
Yanchang Petroleum International Limited †		280,000		8,418

				387,804,957


Financials: 23.76%

Banks: 8.79%
Abu Dhabi Commercial Bank PJSC		442,233		963,208
Affin Holdings Bhd		93,730		50,882
Agricultural Bank of China Limited H Shares		7,519,000		3,036,686
Agricultural Bank of Greece †(a)		342		0
Akbank TAS		548,661		1,285,733


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			29


Security name	Shares		Value


Banks (continued)
Alior Bank SA †		10,058	$	233,926
Alliance Financial Group Bhd		96,700		86,570
Alpha Bank AE †		1,140,516		107,506
AMMB Holdings Bhd		186,100		208,255
Aozora Bank Limited		186,000		681,189
Associated Banc-Corp		365,605		6,712,508
Australia & New Zealand Banking Group Limited		464,375		9,230,097
Axis Bank Limited		367,572		2,807,592
Banca Carige SpA †		332		617
Banca Monte dei Paschi di Sien SpA †		340,385		715,417
Banca Piccolo Credito Valtellinese Scarl †		9,849		13,671
Banca Popolare dell’Emilia Romagna Scarl		38,724		331,990
Banca Popolare dell’Etruria e del Lazio †(a)		258		0
Banca Popolare di Milano Scarl		484,767		514,879
Banca Popolare di Sondrio Scarl		27,109		133,971
Banco Bilbao Vizcaya Argentaria SA		577,747		5,357,061
Banco Bradesco SA		217,504		1,509,541
Banco Comercial Portugues SA †		3,424,278		242,081
Banco Continental Peru		43,597		43,102
Banco de Brasil SA		363,485		1,787,031
Banco de Chile		6,398,907		660,975
Banco de Credito del Peru Class C		7,368		8,195
Banco de Credito e Inversiones		10,160		442,607
Banco de Sabade SA		418,172		891,579
Banco Itau Holding Financeira SA		64,448		445,865
Banco Popolare Societa Cooperativa †		39,538		679,711
Banco Popular Espanol SA		151,188		648,254
Banco Santander Brasil SA		131,500		523,223
Banco Santander Central Hispano SA		1,210,712		7,417,962
Banco Santander Central Hispano SA ADR «		87,065		530,226
Banco Santander Chile SA		22,027,452		1,063,747
Bancolombia SA ADR «		36,000		1,242,000
BancorpSouth Incorporated		208,136		4,945,311
Bangkok Bank PCL		31,000		142,265
Bangkok Bank PCL - Non-voting		76,900		352,910
Bank BPH SA †		309		3,232
Bank Handlowy w Warszawie SA		8,631		199,846
Bank Hapoalim Limited		105,587		535,691
Bank Leumi Le - Israel Exchange †		148,085		539,987
Bank Millennium SA †		93,393		147,165
Bank of America Corporation		1,277,045		20,866,915
Bank of Ayudhya PCL		470,600		400,427
Bank of Baroda		81,560		226,675
Bank of China Limited H Shares		20,705,100		9,457,494
Bank of Communications Limited H Shares		6,354,350		4,788,279
Bank of East Asia Limited		278,896		959,036
Bank of Hawaii Corporation		104,617		6,492,531
Bank of India		22,645		48,424
Bank of Ireland †		2,392,830		953,216
Bank of Kyoto Limited		60,000		651,792


30		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Banks (continued)
Bank of Montreal		62,035	$	3,347,891
Bank of Nova Scotia		111,405		5,099,429
Bank of Queensland Limited		58,049		523,405
Bank of the Philippine Islands		347,596		629,153
Bank of the Ryukyus Limited		7,500		106,529
Bank of Yokohama Limited		210,000		1,285,965
Bank Pekao SA		43,062		1,835,519
Bank Zachodni WBK SA †		6,822		547,429
Bankia SA		318,040		384,369
Bankinter SA		39,803		300,149
BankUnited Incorporated		246,378		8,780,912
Banque Cantonale Vaudoise Waadtlaender Kantonalbank		244		145,140
Barclays Africa Group Limited «		90,379		1,184,320
Barclays plc		1,415,118		5,677,384
BDO Unibank Incorporated		350,788		739,252
Bendigo Bank Limited		73,124		570,865
Berner Kantonalbank AG		648		121,603
BNP Paribas SA		98,106		6,194,748
BOC Hong Kong Holdings Limited		659,000		2,227,831
BOK Financial Corporation		15,062		953,123
Branch Banking & Trust Corporation		194,127		7,167,169
BS Financial Group Incorporated		42,203		495,981
CaixaBank SA		209,253		906,380
Canadian Imperial Bank of Commerce «		38,100		2,800,159
Canadian Western Bank		8,239		154,685
Canara Bank		13,142		56,571
Capitec Bank Holdings Limited		15,169		552,358
Cathay General Bancorp		179,409		5,315,889
Chang Hwa Commercial Bank		1,918,943		931,869
Chiba Bank Limited		142,000		1,036,582
China Banking Corporation		155,580		141,467
China CITIC Bank H Shares †		2,621,000		1,606,409
China Construction Bank H Shares		24,487,990		17,220,475
China Development Financial Holding Corporation		4,863,338		1,403,576
China Merchants Bank Company Limited H Shares		1,435,022		3,418,108
China Minsheng Banking Corporation Limited H Shares		2,085,780		2,021,175
Chong Hing Bank Limited		5,771		12,867
CIMB Group Holdings Bhd		760,541		905,406
CIT Group Incorporated		89,742		3,898,392
Citigroup Incorporated		369,144		19,741,821
City National Corporation		27,300		2,396,394
Comerica Incorporated		100,609		4,426,796
Commerce Bancshares Incorporated		47,189		2,114,539
Commercial International Bank		155,635		996,217
Commerzbank AG †		110,488		1,238,850
Commonwealth Bank of Australia		274,364		14,659,457
Corpbanca		35,444,248		331,694
Credicorp Limited		17,248		1,896,935
Credit Agricole d’Ile de France «		154		13,415
Credit Agricole SA		111,138		1,507,164


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			31


Security name	Shares		Value


Banks (continued)
Credito Emiliano SpA		1,169	$	9,399
CTBC Financial Holding Company Limited		5,185,071		3,123,537
Cullen Frost Bankers Incorporated		31,053		2,007,887
Dah Sing Banking Group Limited		36,901		69,707
Dah Sing Financial Holdings Limited		32,795		178,996
Danske Bank AS		76,789		2,378,244
DBS Group Holdings Limited		288,837		3,635,410
Dexia SA †		39,586		2,132
DGB Financial Group Incorporated		34,107		299,905
DnB Nor ASA		85,061		1,217,463
E.SUN Financial Holding Company Limited		1,504,012		903,720
East West Bancorp Incorporated		81,820		3,306,346
EnTie Commercial Bank		238,977		122,294
Erste Bank Der Oesterreichischen Sparkassen AG †		26,833		799,589
Eurobank Ergasias SA †		2,511,462		101,457
Far Eastern International Bank		616,661		200,904
Fifth Third Bancorp		96,500		1,922,280
First Financial Holding Company Limited		1,781,002		862,146
First Gulf Bank PJSC		306,590		1,197,813
First Horizon National Corporation		557,220		8,096,407
First Niagara Financial Group Incorporated		199,145		1,842,091
First Republic Bank		79,458		4,792,112
FirstMerit Corporation		380,546		6,834,606
FNB Corporation PA		398,716		5,007,873
Fukuoka Financial Group Incorporated		139,000		691,360
Fulton Financial Corporation		412,840		5,020,134
Getin Noble Bank SA «†		246,433		57,432
Glacier Bancorp Incorporated		183,118		4,762,899
Grupo Elektra SA de CV		16,094		277,998
Grupo Financiero Banorte SAB de CV		858,900		4,111,554
Grupo Financiero Inbursa SAB de CV		637,564		1,346,659
Grupo Financiero Santander SAB de CV Class B		551,179		862,673
Gunma Bank Limited		75,000		501,712
Hana Financial Group Incorporated		47,314		1,088,092
Hancock Holding Company		181,732		5,103,035
Hang Seng Bank Limited		137,700		2,450,156
HDFC Bank Limited		245,309		3,791,542
HDFC Bank Limited ADR		4,473		254,916
Higashi-Nippon Bank Limited		24,000		88,093
Hokuhoku Financial Group Incorporated		219,000		494,956
Hong Leong Bank Bhd		97,760		304,453
Hong Leong Financial Group Bhd		68,900		229,010
HSBC Holdings plc		1,846,477		14,696,946
Hua Nan Financial Holdings Company Limited Class C		1,733,735		820,615
Huishang Bank H Shares		2,143,000		962,270
Huntington Bancshares Incorporated		456,996		4,985,826
IBERIABANK Corporation		76,800		4,677,120
ICICI Bank Limited		728,975		3,047,494
ICICI Bank Limited ADR		21,140		184,341
Indusind Bank Limited		81,278		1,049,125


32		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Banks (continued)
Industrial & Commercial Bank of China Limited H Shares		24,486,442	$	14,470,604
Industrial Bank of Korea		44,220		493,514
Industrial Development Bank of India Limited		65,269		59,795
ING Bank Slaski SA		7,363		247,939
ING Groep NV		364,202		5,576,568
International Bancshares Corporation		132,240		3,391,956
Intesa Sanpaolo RSP		86,693		286,400
Intesa Sanpaolo SpA		1,335,380		4,876,111
Investors Bancorp Incorporated		194,700		2,293,566
Israel Discount Bank Limited Class A †		70,341		130,309
Itausa Investimentos Itau SA		58,216		117,984
Jimoto Holdings Incorporated		34,300		59,696
Joyo Bank Limited		119,000		637,036
JPMorgan Chase & Company		450,193		28,857,371
Jyske Bank AS †		7,244		404,928
Kansai Urban Banking Corporation		7,600		84,504
Kasikornbank PCL - Bangkok Exchange		145,600		735,210
Kasikornbank PCL - Non-voting		182,700		919,999
KB Financial Group Incorporated		63,082		1,909,394
KBC Groep NV		30,404		2,018,754
KeyCorp		481,113		6,610,493
Kiatnakin Finance		6,000		5,398
King’s Town Bank		212,000		145,955
Komercni Banka AS		5,312		1,210,583
Kotak Mahindra Bank Limited		234,016		2,294,219
Krung Thai Bank PCL ADR		937,725		476,122
Kwangju Bank †		5,204		34,407
Laurentian Bank of Canada		1,861		68,493
Lloyds Banking Group plc		4,992,846		5,928,487
M&T Bank Corporation		77,717		9,189,258
Malayan Banking Bhd		750,573		1,565,481
Masraf Al Rayan		100,153		1,199,272
MB Financial Incorporated		156,041		5,139,991
mBank SA †		3,102		299,853
Mega Financial Holding Company Limited		3,199,187		2,399,194
Metropolitan Bank & Trust Company		288,101		516,227
Mitsubishi UFJ Financial Group Incorporated		2,289,770		15,111,519
Mitsubishi UFJ Financial Group Incorporated ADR		440		2,922
Miyazaki Bank Limited		34,000		113,020
Mizrahi Tefahot Bank Limited		8,324		96,956
Mizuho Financial Group Incorporated		4,020,100		8,246,784
National Australia Bank Limited		426,774		9,466,757
National Bank of Abu Dhabi PJSC		354,945		1,005,017
National Bank of Canada		30,600		1,007,130
National Bank of Greece SA †		398,640		232,614
National Bank of Greece SA ADR †		486		311
Natixis		85,430		542,598
Nedbank Group Limited «		43,668		777,124
Nishi-Nippon City Bank Limited		144,000		400,280
Nordea Bank AB		282,459		3,343,065


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			33


Security name	Shares		Value


Banks (continued)
North Pacific Bank Limited		60,600	$	243,930
OTP Bank		66,278		1,278,139
Oversea-Chinese Banking Corporation Limited		552,105		3,494,063
PacWest Bancorp		55,300		2,357,992
People’s United Financial Incorporated		180,841		2,803,036
Piraeus Bank SA †		433,121		41,798
PKO Bank Polski SA		235,464		1,854,553
PNC Financial Services Group Incorporated		63,902		5,822,750
Popular Incorporated †		236,747		6,950,892
PrivateBancorp Incorporated		161,900		6,127,915
Prosperity Bancshares Incorporated		138,570		7,159,912
PT Bank Central Asia Tbk		4,214,500		3,869,541
PT Bank Danamon Indonesia Tbk		786,234		197,818
PT Bank Mandiri Persero Tbk		3,037,712		1,967,486
PT Bank Negara Indonesia Persero Tbk		2,701,500		951,774
PT Bank Pan Indonesia Tbk †		506,500		38,754
PT Bank Rakyat Indonesia Tbk		3,377,500		2,554,159
Public Bank Bhd		324,251		1,389,647
Punjab National Bank		87,525		190,718
Qatar National Bank		47,674		2,343,700
Raiffeisen Bank International AG «†		3,869		52,403
Regions Financial Corporation		776,512		7,446,750
Resona Holdings Incorporated		346,000		1,751,761
RHB Capital Bhd		197,954		305,415
Royal Bank of Canada		137,200		7,648,410
Royal Bank of Scotland Group plc †		119,543		617,822
Sberbank of Russia ADR		555,515		2,694,248
Sberbank Sponsored ADR		137,254		680,780
Senshu Ikeda Holdings Incorporated		45,180		198,258
Seven Bank Limited		119,800		511,869
Shiga Bank		52,000		265,930
Shimizu Bank Limited		1,000		26,313
Shinhan Financial Group Company Limited		75,949		2,539,660
Shinsei Bank Limited		305,000		659,133
Shizuoka Bank Limited		105,000		1,108,591
Siam Commercial Bank PCL		437,100		1,731,572
Signature Bank †		26,400		3,524,136
Sinopac Financial Holdings Company Limited		2,142,395		737,485
Skandinaviska Enskilda Banken AB Class A		159,842		1,860,670
Sociedad Matriz Banco de Chile Class B		1,087,348		293,466
Societe Generale SA		75,627		3,687,803
St. Galler Kantonalbank Class A		210		78,534
Standard Bank Group Limited		370,798		4,086,002
Standard Chartered plc		193,527		2,271,799
State Bank of India		370,260		1,377,718
State Bank of India Limited GDR 144A		3,576		134,636
Sumitomo Mitsui Financial Group Incorporated		230,184		9,424,946
Sumitomo Mitsui Financial Group Incorporated ADR		494		4,051
Sumitomo Mitsui Trust Holdings Incorporated		618,000		2,554,886


34		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Banks (continued)
SunTrust Banks Incorporated		63,600	$	2,567,532
Suruga Bank Limited		37,600		721,389
SVB Financial Group †		27,046		3,382,914
Svenska Handelsbanken AB Class A		140,664		2,101,819
Swedbank AB Class A		92,146		2,105,013
Sydbank AG		8,747		332,976
Synovus Financial Corporation		316,775		9,639,463
Ta Chong Bank Limited †		403,291		169,815
Taishin Financial Holdings Company Limited		3,331,892		1,167,432
Taiwan Business Bank †		842,576		212,353
Taiwan Cooperative Financial Holdings		1,882,400		798,412
TCF Financial Corporation		405,698		6,296,433
Texas Capital Bancshares Incorporated †		87,400		4,707,364
Thanachart Capital PCL		15,516		12,769
The 77 Bank Limited		73,000		432,936
The Aichi Bank Limited - Tokai		1,900		101,241
The Akita Bank Limited - Akita		37,000		111,090
The Aomori Bank Limited		40,000		123,397
The Awa Bank Limited		49,000		279,688
The Bank of Iwate Limited		3,600		159,162
The Bank of Nagoya Limited		35,000		133,955
The Bank of Okinawa Limited		4,000		158,205
The Bank of Saga Limited		25,000		56,502
The Chiba Kogyo Bank Limited		4,700		26,595
The Chugoku Bank Limited		33,000		489,685
The Daisan Bank Limited		49,000		76,389
The Daishi Bank Limited		76,000		325,352
The Ehime Bank Limited		27,000		57,236
The Eighteenth Bank Limited		34,000		98,717
The Fukui Bank Limited		32,000		64,932
The Hachijuni Bank Limited		81,000		559,888
The Higo Bank Limited		41,000		235,716
The Hiroshima Bank Limited		99,000		560,185
The Hokkoku Bank Limited		58,000		222,461
The Hokuetsu Bank Limited		48,000		95,814
The Hyakugo Bank Limited		49,000		236,442
The Hyakujushi Bank Limited		60,000		208,356
The Iyo Bank Limited		51,300		575,477
The Juroku Bank Limited		69,000		282,295
The Kagoshima Bank Limited		37,000		235,609
The Kanto Tsukuba Bank Limited		15,600		57,518
The Keiyo Bank Limited		55,000		289,438
The Kiyo Bank Limited		15,200		233,075
The Michinoku Bank Limited		27,000		47,660
The Minato Bank Limited		79,000		152,481
The Musashino Bank Limited		6,600		232,185
The Nanto Bank Limited		51,000		162,800
The Ogaki Kyoritsu Bank Limited		68,000		241,184
The Oita Bank Limited		32,000		134,615
The San-in Godo Bank Limited		30,000		267,744


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			35


Security name	Shares		Value


Banks (continued)
The Shikoku Bank Limited		41,000	$	84,547
The Tochigi Bank Limited		22,000		117,771
The Toho Bank Limited		57,000		230,849
The Towa Bank Limited		58,000		54,060
Tisco Financial Group PCL		6,820		7,515
TMB Bank PCL		5,991,165		394,452
Tokyo TY Financial Group Incorporated		4,800		133,031
Tomony Holdings Incorporated		27,500		109,333
Toronto-Dominion Bank		176,262		7,031,187
Trustmark Corporation		152,167		3,504,406
TT Hellenic Postbank SA †(a)		8,178		0
Turkiye Garanti Bankasi AS		646,636		1,639,753
Turkiye Halk Bankasi AS		227,219		870,526
Turkiye Is Bankasi Class C		315,808		528,463
Turkiye Vakiflar Bankasi Tao		219,660		290,586
Umpqua Holdings Corporation		525,531		8,781,623
UniCredit SpA		539,724		3,530,949
Unione di Banche SpA		86,182		673,096
United Bankshares Incorporated «		146,193		5,470,542
United Overseas Bank Limited		239,421		3,288,316
US Bancorp		217,878		9,227,133
Valiant Holding AG		1,769		199,656
Valley National Bancorp		508,549		4,810,874
VTB Bank OJSC «		437,100		909,168
Webster Financial Corporation		216,841		7,671,835
Wells Fargo & Company (l)		562,784		30,013,271
Westpac Banking Corporation		510,578		11,300,274
Wintrust Financial Corporation		108,500		5,533,500
Woori Bank		46,055		355,123
Yamagata Bank Limited		33,000		136,372
Yamaguchi Financial Group		42,000		518,959
Yamanashi Chou Bank Limited		35,000		171,485
Yapi Ve Kredi Bankasi AS «		184,289		227,330
Yes Bank Limited		56,788		588,981
Zions Bancorporation		118,200		3,427,800

				761,804,865


Capital Markets: 1.74%
3i Group plc		93,011		701,924
Aberdeen Asset Management plc		107,379		525,461
Affiliated Managers Group Incorporated †		27,186		5,068,558
AGF Management Limited Class B		6,067		28,776
Allied Properties (Hong Kong) Limited		297,208		62,509
Ameriprise Financial Incorporated		34,500		3,887,115
Apollo Investment Corporation		1		7
Ashmore Group plc «		39,880		160,762
Azimut Holding SpA		9,036		199,348
Bank of New York Mellon Corporation		135,456		5,391,149
BCP Capital SAA (a)		112		87


36		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Capital Markets (continued)
BHF Kleinwort Benson Group SA †		1,117	$	6,903
BlackRock Incorporated		23,374		7,069,934
Brait SE		75,105		822,294
Brewin Dolphin Holding plc		23,817		103,575
Canaccord Financial Incorporated		5,064		23,827
Capital Securities Corporation		362,713		92,306
Charles Schwab Corporation		145,100		4,408,138
China Cinda Asset Management Company Limited H Shares		3,330,000		1,237,463
CI Financial Corporation «		21,303		509,258
CITIC Securities Company Limited H Shares		182,000		364,937
Close Brothers Group plc		13,950		319,168
Coronation Fund Managers Limited		69,712		388,301
Credit Suisse Group AG		132,898		3,567,685
Daewoo Securities Company Limited		41,552		435,633
Daiwa Securities Group Incorporated		249,000		1,729,763
Deutsche Bank AG		127,306		3,753,555
Dundee Corporation Class A †		3,983		31,395
ETRADE Financial Corporation †*		151,700		3,988,193
Eaton Vance Corporation		68,200		2,364,494
EFG International AG		1,432		16,444
Egyptian Financial Group-Hermes Holding Company †		57,952		63,577
Federated Investors Incorporated Class B		55,014		1,705,434
Financial Engines Incorporated «		99,300		3,223,278
Financiere de Tubize «		2,881		178,586
Franklin Resources Incorporated		71,620		2,906,340
GAM Holding AG		21,185		391,199
GIMV NV		1,389		65,932
Goldman Sachs Group Incorporated		73,143		13,794,770
Grupo BTG Pactual		71,900		586,834
Guoco Group Limited		14,000		152,373
Haitong Securities Company Limited H Shares		1,127,600		1,626,643
Hargreaves Lansdown plc		24,237		418,406
Henderson Group plc		106,112		422,378
Hyundai Securities Company Limited		27,692		172,321
ICAP plc		54,134		377,215
Ichiyoshi Securities Company Limited		7,400		64,274
IGM Financial Incorporated		10,400		297,628
Intermediate Capital Group plc		35,724		292,731
Invesco Limited		248,062		8,461,395
Investec Limited		52,895		430,495
Investec plc		47,156		386,769
IOOF Holdings Limited		40,299		256,962
Iwai Securities Company Limited		1,000		12,249
JAFCO Company Limited		5,300		231,699
Janus Capital Group Incorporated		340,296		5,063,604
Julius Baer Group Limited		19,658		957,226
Jupiter Fund Management plc		46,400		317,769
Kabu.com Securities Company Limited		18,800		61,563
Korea Investment Holdings Company Limited		9,034		533,142
Kyokuto Securities Company Limited		4,800		70,554


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			37


Security name	Shares		Value


Capital Markets (continued)
Legg Mason Incorporated		59,200	$	2,624,336
LPL Financial Holdings Incorporated «		40,688		1,636,471
Macquarie Group Limited		50,952		2,753,221
Macquarie Korea Infrastructure Fund		44,095		295,644
Man Group plc		173,995		430,130
Masterlink Securities Corporation		135,223		34,080
Matsui Securities Company Limited		24,800		215,608
Mediobanca SpA		44,444		446,362
Mercantile Investment Company Limited †		5,857		542
Mirae Asset Securities Company Limited		5,831		192,518
Mito Securities Company Limited		3,000		10,269
MLP AG		1,057		4,740
Monex Beans Holdings Incorporated		39,100		101,592
Morgan Stanley		181,452		6,251,021
NH Investment & Securities Company Class C		32,427		266,215
Nomura Holdings Incorporated		597,800		3,777,577
Northern Trust Corporation		26,100		1,822,824
NorthStar Asset Management Group Incorporated		462,899		7,776,703
Okasan Holdings Incorporated		33,000		204,149
Partners Group Holding AG		1,488		480,658
Perpetual Trustees Australia Limited		7,563		232,189
Pioneers Holding †		11,002		10,861
Platinum Asset Management Limited		43,875		211,384
President Securities Corporation		352,468		126,206
Rathbone Brothers		6,015		200,753
Ratos AB Class B		21,869		135,228
Raymond James Financial Incorporated		76,607		4,059,405
Richemont SA		1,457		31,277
Samsung Securities Company Limited		13,029		497,917
SBI Holdings Incorporated		33,816		411,700
Schroders plc		11,497		500,684
Schroders plc - Non-Voting		4,395		150,327
Stifel Financial Corporation †		133,452		6,218,863
T. Rowe Price Group Incorporated		50,900		3,658,692
TD Ameritrade Holding Corporation		161,030		5,388,064
Tokai Tokyo Securities Company Limited		40,900		273,263
Tullett Prebon plc		11,401		66,008
UBS Group AG		326,047		6,756,035
UOB-Kay Hian Holdings Limited		52,955		53,666
Value Partners Group Limited		67,000		60,429
Verwaltungs-und Privat-Bank AG		62		5,279
Virtus Investment Partners Incorporated		1		115
Vontobel Holdings AG		3,142		165,445
Waterland Financial Holdings		701,197		167,455
Yuanta Financial Holding Company Limited		2,385,425		956,780
Yuanta Securities Korea Company Limited †		7,124		25,117

				150,470,110


38		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Consumer Finance: 0.42%
Acom Company Limited †		65,700	$	297,516
Aeon Financial Service Company Limited		16,900		384,183
Aiful Corporation †		54,100		209,287
American Express Company		160,389		12,305,044
Capital One Financial Corporation		67,200		5,224,800
Credit Saison Company Limited		25,526		511,636
Discover Financial Services		55,326		2,972,666
Hitachi Capital Corporation		8,400		202,387
Hong Leong Singapore Finance Limited		46,000		76,936
International Personal Finance plc		23,636		144,207
J Trust Company Limited		11,400		96,853
Jaccs Company Limited		22,000		88,918
Mahindra & Mahindra Financial Services Limited		51,709		196,529
Navient Corporation		231,408		2,959,708
Orient Corporation †		93,000		151,887
Portfolio Recovery Associates Incorporated «†		92,224		4,914,617
Provident Financial plc		12,082		546,925
Samsung Card Company Limited		9,337		286,169
Santander Consumer USA Holdings Incorporated †		58,400		1,311,664
Shriram Transport Finance Company Limited		46,998		574,828
SLM Corporation †		244,100		2,069,968
Synchrony Financial «†		14,908		491,219

				36,017,947


Diversified Financial Services: 1.23%
Ackermans & Van Haaren NV		2,400		356,036
ASX Limited		5,334		149,712
Ayala Corporation		69,362		1,095,189
Bajaj Auto Limited		5,564		132,619
Bank of Greece		900		8,887
Berkshire Hathaway Incorporated Class B †		219,052		29,361,730
BM&F Bovespa SA		566,694		1,684,464
Bolsas y Mercados Espanoles		6,793		264,891
Bursa Malaysia Bhd		59,100		115,949
CBOE Holdings Incorporated		41,900		2,650,594
Century Leasing System Incorporated		11,100		342,884
Chailease Holding Company Limited		274,560		441,342
Challenger Financial Services Group Limited		104,111		529,748
Corporation Financiera Alba		1,616		76,144
D.Carnegie & Company AB †		1		6
Deutsche Boerse AG		18,044		1,615,595
ECM Libra Bhd †(a)		46,763		0
Element Financial Corporation †		24,304		347,675
Eurazeo		3,667		238,254
Exor SpA		5,847		268,813
Fimalac		158		13,565
First Pacific Company Limited		479,650		312,544
FirstRand Limited		996,648		3,976,776
FNFV Group		36,681		530,774


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			39


Security name	Shares		Value


Diversified Financial Services (continued)
Fubon Financial Holding Company Limited		2,259,579	$	3,882,176
Fuyo General Lease Company Limited		4,100		160,300
Goldin Financial Holdings Limited «†		440,000		751,685
Groupe Bruxelles Lambert SA		7,755		602,633
GT Capital Holdings Incorporated		19,520		530,389
Haci Omer Sabanci Holding AS		362,072		1,082,372
Hankook Tire Worldwide Company Limited		3,596		52,294
Hong Kong Exchanges & Clearing Limited		180,699		4,248,148
IBJ Leasing Company Limited		6,500		134,413
IG Group Holdings plc		37,974		422,466
Industrivarden AB Class A		18,200		343,964
Industrivarden AB Class C		13,675		249,077
Intercontinental Exchange Incorporated		21,083		4,815,568
Investment AB Kinnevik Class B		21,989		621,541
Investor AB Class A		17,400		613,501
Investor AB Class B		40,618		1,462,843
Japan Exchange Group Incorporated		45,200		1,409,296
Japan Securities Finance Company Limited		17,700		96,212
Leucadia National Corporation		184,711		3,963,898
London Stock Exchange Group plc		29,389		1,136,455
Lundbergforetagen AB Class B		5,095		245,482
MarketAxess Holdings Incorporated		71,200		6,437,904
Metro Pacific Investments Corporation		2,050,000		219,298
Mitsubishi UFJ Lease & Finance Company Limited		85,100		411,338
Moody’s Corporation		90,696		9,279,108
Onex Corporation		8,400		511,432
ORIX Corporation		209,600		2,824,980
Pargesa Holding SA		2,020		123,919
Power Finance Corporation Limited		84,672		285,509
Reliance Capital Limited		23,714		112,193
Remgro Limited		125,787		2,399,792
Ricoh Leasing Company Limited		4,800		134,417
RMB Holdings Limited		252,615		1,279,254
Rural Electrification Corporation Limited		59,789		227,778
Singapore Exchange Limited		152,000		782,056
SNS REAAL NV «†(a)		4,259		0
Sofina SA		2,215		256,013
The NASDAQ OMX Group Incorporated		66,900		3,424,611
TMX Group Limited		2,056		76,029
Voya Financial Incorporated		127,448		5,490,460
Wendel		3,495		448,471
Zenkoku Hosho Company Limited		9,000		324,782

				106,388,248


Insurance: 4.43%
ACE Limited		40,236		4,110,510
Admiral Group plc		19,943		474,339
Aegon NV «		189,549		1,166,886
AFLAC Incorporated		54,400		3,187,840


40		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Insurance (continued)
Ageas NV		24,124	$	988,083
AIA Group Limited		1,929,000		10,665,434
Alleghany Corporation †		8,500		3,993,215
Allianz AG		42,233		6,741,481
Allianz AG ADR		5		80
Allied World Assurance Company		55,634		2,222,022
American Financial Group Incorporated		41,748		2,883,117
American International Group Incorporated		163,645		9,874,339
Amlin plc		48,663		385,315
AMP Limited		475,526		2,013,528
Arch Capital Group Limited †		70,066		4,784,106
Arthur J. Gallagher & Company		93,993		4,109,374
Aspen Insurance Holdings Limited		35,024		1,607,952
Assicurazioni Generali SpA		129,712		2,376,936
Assurant Incorporated		38,399		2,854,966
Assured Guaranty Limited		93,384		2,358,880
Aviva plc		368,601		2,736,461
AXA SA		176,076		4,440,696
Axis Capital Holdings Limited		60,822		3,406,032
Bajaj Finserv		7,957		216,631
Baloise Holding AG		4,595		562,818
BB Seguridade Participacoes SA		221,952		1,756,448
Beazley plc		46,327		237,934
Brown & Brown Incorporated		68,355		2,191,461
Cathay Financial Holding Company Limited		2,622,719		3,780,598
China Insurance International Holdings Company Limited †		415,000		1,172,702
China Life Insurance Company - Taiwan Exchange		1,220,770		932,387
China Life Insurance Company H Shares		2,257,000		7,804,801
China Pacific Insurance Group Company Limited H Shares		625,000		2,274,179
Cincinnati Financial Corporation		86,034		4,502,159
Clal Insurance Enterprise Holdings Limited †		832		13,431
CNO Financial Group Incorporated		469,600		8,401,144
CNP Assurances		18,792		289,952
Dai-Ichi Mutual Life Insurance Company		184,600		3,368,130
Delta Lloyd NV		14,876		158,034
Direct Line Insurance Group plc		130,127		705,070
Discovery Holdings Limited		93,109		940,980
Dongbu Insurance Company Limited		5,940		267,181
E-L Financial Corporation Limited		200		104,895
Endurance Specialty Holdings Limited		144,178		9,191,348
Erie Indemnity Company Class A		12,600		1,032,822
Euler Hermes SA		1,281		132,248
Everest Reinsurance Group Limited		25,143		4,420,391
Fairfax Financial Holdings Limited		1,900		883,509
First American Financial Corporation		257,579		10,009,520
FNF Group		161,634		5,885,094
Genworth Financial Incorporated Class A †		281,134		1,456,274
Gjensidige Forsikring ASA		20,511		304,728
Great Eastern Holdings Limited		10,000		147,479
Great-West Lifeco Incorporated		23,800		608,387


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			41


Security name	Shares		Value


Insurance (continued)
Grupo Catalana Occidente SA		4,581	$	145,324
Hannover Rueckversicherung AG		5,268		535,699
Hanwha Life Insurance Company Limited		51,670		347,306
Harel Insurance Investments & Finances Limited		4,380		20,023
HCC Insurance Holdings Incorporated		55,808		4,312,284
Helvetia Holding AG		513		270,126
Hiscox Limited		26,165		361,352
Hyundai Marine & Fire Insurance Company Limited		14,670		347,292
Industrial Alliance Insurance & Financial Services Incorporated		9,339		298,286
Insurance Australia Group Limited		382,174		1,378,909
Intact Financial Corporation		12,815		886,900
Jardine Lloyd Thompson Group plc		11,879		192,127
KB Insurance Company Limited		12,020		248,479
Kemper Corporation		112,880		3,998,210
Korea Reinsurance Company		11,222		131,884
Lancashire Holdings plc		19,049		190,584
Legal & General Group plc		564,612		2,189,386
Liberty Holdings Limited		27,424		266,378
Lincoln National Corporation		143,053		7,265,662
Loews Corporation		40,300		1,468,935
Manulife Financial Corporation «		194,200		3,155,971
Mapfre SA		59,378		175,240
Markel Corporation †		7,299		6,012,551
Mediolanum SpA		18,175		143,581
Mercury General Corporation		83,322		4,237,757
Meritz Fire & Marine Insurance Company Limited		13,130		171,514
MetLife Incorporated		136,645		6,845,915
Migdal Insurance & Financial Holding Limited		10,202		10,477
MMI Holdings Limited		225,444		477,915
MPHB Capital Bhd †		85		28
MS&AD Insurance Group Holdings Incorporated		84,200		2,657,229
Muenchener Rueckversicherungs Gesellschaft AG		15,459		2,841,492
New China Life Insurance Company Limited H Shares		112,300		439,054
NIB Holdings Limited		69,823		151,553
Old Mutual plc		447,204		1,373,842
Old Mutual plc - Johannesburg Exchange		360		1,079
Old Republic International Corporation		149,285		2,345,267
PartnerRe Limited		26,857		3,717,277
People’s Insurance Company Group of China Limited H Shares		2,502,000		1,184,810
Phoenix Group Holdings		18,917		244,852
PICC Property & Casualty Company Limited H Shares		1,448,435		2,751,074
Ping An Insurance (Group) Company of China Limited H Shares		1,427,000		6,987,652
Power Corporation of Canada		32,500		711,462
Power Financial Corporation «		24,500		602,258
Powszechny Zaklad Ubezpieczen SA		18,206		2,077,132
Primerica Incorporated		119,891		5,094,169
Principal Financial Group Incorporated		154,893		7,798,863
ProAssurance Corporation		127,398		6,144,406
Prudential Financial Incorporated		55,062		4,443,503
Prudential plc		241,947		5,264,576


42		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Insurance (continued)
QBE Insurance Group Limited		216,170	$	2,030,654
Rand Merchant Insurance Holdings Limited		276,245		874,558
Reinsurance Group of America Incorporated		37,439		3,402,456
RenaissanceRe Holdings Limited		26,485		2,700,146
RLI Corporation		70,924		3,695,850
RSA Insurance Group plc		97,743		770,931
Sampo Oyj Class A		45,762		2,209,670
Samsung Fire & Marine Insurance Company Limited		5,879		1,339,582
Samsung Life Insurance Company		15,067		1,252,239
Sanlam Limited		488,659		2,350,770
Santam Limited		1		16
SCOR SE		17,098		603,225
Shin Kong Financial Holding Company Limited		3,485,718		827,076
Societa Cattolica di Assicurazione Societa Cooperativa		2,135		15,129
Sompo Japan Nipponkoa Holdings Incorporated		65,000		2,156,927
Sony Financial Holdings Incorporated		27,600		517,692
St. James’s Place plc		47,271		664,080
Stancorp Financial Group Incorporated		100,033		11,374,752
Standard Life plc		184,742		1,179,588
Storebrand ASA †		21,988		75,568
Sun Life Financial Incorporated		57,400		1,824,618
Suncorp Group Limited		209,986		1,917,271
Swiss Life Holding AG		2,683		628,388
Swiss Reinsurance AG		32,594		2,800,322
Symetra Financial Corporation		217,920		6,857,942
T&D Holdings Incorporated		112,500		1,516,734
Taiwan Life Insurance Company Limited †		118,227		111,374
The Allstate Corporation		51,927		3,026,306
The Chubb Corporation		28,458		3,438,011
The Hanover Insurance Group Incorporated		101,959		8,044,565
The Hartford Financial Services Group Incorporated		237,345		10,906,003
The Progressive Corporation		311,785		9,341,079
The Travelers Companies Incorporated		38,190		3,801,815
Tokio Marine Holdings Incorporated		120,300		4,838,395
Tong Yang Life Insurance Company		13,010		164,997
Topdanmark AS †		12,150		338,304
Torchmark Corporation		71,331		4,170,010
Tryg A/S		10,915		214,481
Unipol Gruppo Finanziario SpA		73,717		347,762
UnipolSai SpA		197,970		453,635
Unum Group		141,053		4,730,918
Validus Holdings Limited		47,847		2,118,665
Vienna Insurance Group AG		4,394		144,076
W.R. Berkley Corporation		59,412		3,224,883
White Mountain Insurance Group Limited		3,214		2,311,862
Willis Group Holdings plc		103,700		4,468,433
XL Group plc		174,693		6,514,302
XL Group plc (Shares from Merger) (a)		1,145		41,522
Zurich Insurance Group AG		13,809		3,795,636

				384,185,190


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			43


Security name	Shares		Value


Real Estate Management & Development: 0.97%
Aeon Mall Company Limited		20,800	$	350,856
Africa Israel Investments Limited †		1,061		715
Agile Property Holdings Limited		308,250		151,141
Aldar Properties PJSC		857,106		543,713
Alexander & Baldwin Incorporated		86,713		2,933,501
Altisource Portfolio Solutions SA †		37,400		1,006,434
Argosy Property Trust		137,850		96,980
Ascendas India Trust		83,000		52,057
Atrium European Real Estate Limited		10,857		49,110
Atrium Ljungberg AB Class B		1,011		14,163
Ayala Land Incorporated		1,588,900		1,222,100
Brookfield Asset Management Incorporated Class A		79,275		2,495,270
Bukit Sembawang Estates Limited		28,000		94,058
Bund Center Investment Limited		85,000		10,662
Buwog AG		5,071		107,350
C C Land Holdings Limited		511		122
CA Immobilien Anlagen AG		3,951		73,576
Capital & Counties Properties plc		89,133		606,595
CapitaLand Limited		485,500		970,277
Castellum AB		18,738		265,378
Cathay Real Estate Development Company Limited		260,000		100,688
Central Pattana PCL		354,500		445,041
Cheung Kong Property Holding Limited †		450,296		3,154,957
China Overseas Land & Investment Limited		1,392,480		4,078,593
China Resources Land Limited		808,888		2,018,554
China Vanke Company Limited H Shares		359,280		816,835
Chinese Estates Holdings Limited		69,696		162,413
City Developments Limited		83,000		517,041
Colliers International Group		2,138		94,289
Country Garden Holdings Company Limited		2,973,580		1,043,624
Daibiru Corporation		10,800		91,934
Daikyo Incorporated		67,000		105,003
Daito Trust Construction Company Limited		12,800		1,401,048
Daiwa House Industry Company Limited		103,300		2,540,003
DB Realty Limited †		11,179		9,232
Deutsche Euroshop AG		4,842		215,572
Deutsche Wohnen AG		27,669		727,784
DLF Limited		85,755		143,065
Dream Unlimited Class A †		3,983		24,977
Elbit Imaging Limited †		40		49
Emaar Properties PJSC		956,093		1,757,045
Emperor International Holdings Limited		200,000		39,226
Evergrande Real Estate Group Limited «		1,557,000		1,024,600
Fabege AB		13,162		186,407
Far East Consortium International Limited		147,598		59,039
Farglory Land Development Company Limited		52,252		48,500
First Capital Realty Incorporated		7,489		98,992
FirstService Corporation		2,138		68,531
Future Mall Management Limited †		504		115
Gazit Globe Limited		4,376		44,983


44		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Real Estate Management & Development (continued)
Global Logistic Properties Limited		679,000	$	1,068,268
Goldcrest Company Limited		3,340		60,141
Goldin Properties Holdings Limited «†		326,000		311,275
Grainger plc		37,054		133,904
Great Eagle Holdings Limited		70,196		218,286
Greentown China Holdings Limited †		122,000		94,608
Guocoland Limited		42,554		58,204
Hang Lung Group Limited		147,000		568,080
Hang Lung Properties Limited		439,000		991,284
Heiwa Real Estate Company Limited		10,100		128,796
Heliopolis Housing		1,417		7,682
Henderson Land Development Company Limited		270,849		1,668,769
Highwealth Construction Corporation		207,600		320,945
HKR International Limited		125,600		56,884
Hong Kong Land Holdings Limited		217,000		1,501,640
Huaku Development Company Limited		62,336		100,585
Hufvudstaden AB Class A		14,497		186,478
Hulic Company Limited		62,900		579,011
Hysan Development Company Limited		117,533		473,162
Immoeast AG Interim Shares †(a)		15,082		0
Immofinanz AG †		101,423		252,776
Immofinanz AG Interim Shares †(a)		19,870		0
Jones Lang LaSalle Incorporated		22,455		3,342,876
K Wah International Holdings Limited		169,116		76,374
Kenedix Incorporated		44,000		155,698
Kerry Properties Limited		145,053		434,220
Kowloon Development Company Limited		45,000		51,271
Kungsleden		25,316		169,700
Land & Houses PCL		456,840		101,322
LEG Immobilien AG		4,572		343,126
Lend Lease Corporation Limited		85,652		849,702
Leopalace21 Corporation †		45,200		219,969
Lifestyle Properties Development Limited †		5,975		1,411
Longfor Properties Company Limited		306,000		369,961
Medinet Nasr Housing †		6,682		18,168
Megaworld Corporation		2,758,000		255,502
Midland Holdings Limited †		56,000		22,544
Mitsubishi Estate Company Limited		217,189		4,673,948
Mitsui Fudosan Company Limited		155,000		4,295,789
Mobimo Holding AG		799		165,231
Multiplan Empreendimentos Imobiliarios SA		19,999		227,085
New World China Land Limited		526,000		318,991
New World Development Limited		707,377		719,238
Nexity SA		1,566		70,019
Nomura Real Estate Holding Incorporated		20,000		375,799
NTT Urban Development Corporation		20,600		192,517
Palm Hills Developments SAE †		75,415		19,937
Polytec Asset Holdings Limited		100,000		13,806
Precinct Properties New Zealand Limited		145,054		106,185
Prelios SpA †		1,105		478


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			45


Security name	Shares		Value


Real Estate Management & Development (continued)
Prince Housing & Development Corporation		265,310	$	75,265
PSP Swiss Property AG		3,653		316,305
PT Bumi Serpong Damai Tbk		2,777,000		317,230
PT Lippo Karawaci Terbuka Tbk		4,995,500		380,440
Radium Life Tech Company Limited		83,339		26,255
Realogy Holdings Corporation †		76,931		3,100,319
Relo Holdings Incorporated		2,000		209,675
Robinsons Land Company		372,100		230,871
Ruentex Development Company Limited		202,996		217,121
Savills plc		10,369		143,678
Shimao Property Holding Limited		283,500		397,995
Shree Precoated Steels Limited †		3,781		112
Sinarmas Land Limited		85,000		34,035
Sino Land Company		670,463		996,604
Sino-Ocean Land Holdings Limited		1,039,500		543,219
SM Prime Holdings Incorporated		2,748,554		1,146,701
SOHO China Limited		374,000		159,733
SP Setia Bhd		247,638		182,191
Sumitomo Real Estate Sales Company Limited		4,700		123,863
Sumitomo Realty & Development Company Limited		77,000		2,604,669
Sun Hung Kai Properties Limited		293,284		3,716,168
Swire Pacific Limited Class A		97,500		1,069,977
Swire Pacific Limited Class B		195,000		395,030
Swire Properties Limited		200,183		612,169
Swiss Prime Site AG		5,716		448,517
The Howard Hughes Corporation †		19,223		2,414,217
Tian An China Investment		224,097		127,228
TMG Holdings LLC		108,625		102,520
TOC Company Limited		13,900		93,786
Tokyo Tatemono Company Limited		34,500		433,687
Tokyu Fudosan Holdings Corporation		83,200		572,350
UEM Land Holdings Bhd		413,675		83,227
United Industrial Corporation Limited		64,177		145,087
United Overseas Land Limited		106,331		471,728
Vonovia SE		29,549		967,729
Wharf Holdings Limited		287,500		1,622,973
Wheelock & Company Limited		145,000		657,641
Wheelock Properties (Singapore) Limited		39,000		41,735
Wing Tai Holdings Limited		88,730		103,441

				83,719,334


REITs: 5.79%
Abacus Property Group		39,747		86,838
Activia Properties Incorporated		44		360,754
Advance Residence Investment Corporation		206		429,043
AEON REIT Investment Corporation		168		188,322
Alexandria Real Estate Equities Incorporated		41,500		3,568,585
Allied Properties REIT		9,500		251,725
American Campus Communities Incorporated		63,500		2,174,875
American Capital Agency Corporation		199,400		3,814,522


46		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares			Value


REITs (continued)
American Homes 4 Rent Class A		341,724		$	5,460,750
American Tower Corporation		75,248			6,937,113
ANF Immobilier SA		47			1,086
Annaly Capital Management Incorporated		550,753			5,540,575
Apartment Investment & Management Company Class A		88,337	��		3,182,782
ARMOUR Residential REIT Incorporated		107,770			2,303,045
Ascendas REIT		349,000			551,554
Astro Japan Properties Trust		1,780			6,397
AvalonBay Communities Incorporated		25,200			4,159,512
Befimmo S.C.A. Sicafi		1,008			62,212
Beni Stabili SpA		6,222			4,678
BioMed Realty Trust Incorporated		124,886			2,310,391
Boardwalk REIT		1,855			76,887
Boston Properties Incorporated		29,689			3,366,139
Brandywine Realty Trust		411,594			4,988,519
British Land Company plc		95,683			1,203,970
Bunnings Warehouse Property Trust		74,476			167,483
Camden Property Trust		45,600			3,284,568
Canadian Apartment Properties		5,440			115,780
Canadian REIT		4,006			124,845
CapitaCommerical Trust		360,464			339,759
CapitaMall Trust		468,636			637,668
Care Capital Properties Incorporated †		10,008			318,138
Cathay No.1 REIT		400,000			213,917
CBL & Associates Properties Incorporated		108,068			1,608,052
CDL Hospitality Trusts		121,000			113,192
Champion REIT		571,653			286,931
Charter Hall Group		44,748			141,391
Charter Hall Retail REIT		57,229			163,723
Chimera Investment Corporation		118,454			1,659,541
Cofinimmo SA		2,555			268,274
Colony Financial Incorporated Class A		269,927			5,860,115
Columbia Property Trust Incorporated		287,535			6,147,498
Comforia Residential REIT Incorporated		72			131,843
Cominar REIT		20,000			246,732
Communications Sales & Leasing Incorporated		274,276			5,512,948
Corporate Office Properties Trust		228,700			4,809,561
Corrections Corporation of America		66,600			1,956,708
Cousins Properties Incorporated		484,687			4,444,580
Cromwell Group		285,800			208,474
Crown Castle International Corporation		63,146			5,265,745
CubeSmart REIT		395,111			9,992,357
CYS Investments Incorporated		357,516			2,792,200
DA Office Investment Corporation «		41			192,766
Daiwa House REIT Investment Corporation		57			207,811
Daiwa House Residential Investment Corporation		144			268,675
DCT Industrial Trust Incorporated		201,205			6,460,693
DDR Corporation		169,388			2,589,943
Derwent Valley Holdings plc		8,130			450,240
Dexus Property Group		143,410			752,166


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			47


Security name	Shares		Value


REITs (continued)
DiamondRock Hospitality		455,581	$	5,357,633
Douglas Emmett Incorporated		326,255		9,014,426
Duke Realty Corporation		195,078		3,523,109
DuPont Fabros Technology Incorporated		148,600		3,972,078
EastGroup Properties Incorporated		61,675		3,330,450
Emlak Konut Gayrimenkul Yati		469,570		401,756
EPR Properties		131,240		6,678,804
Equinix Incorporated		29,098		7,849,767
Equity Commonwealth †		298,486		7,668,105
Equity Lifestyle Properties Incorporated		158,750		8,851,900
Equity Residential		44,100		3,142,125
Essex Property Trust Incorporated		34,009		7,299,012
Eurocommercial Properties NV		3,156		140,067
Extra Space Storage Incorporated		61,200		4,496,976
Federal Realty Investment Trust		34,401		4,440,481
Federation Centres		633,196		1,275,238
Fibra Uno Administracion SAB de CV		718,045		1,543,296
Fonciere des Regions		3,503		292,341
Fortune REIT		246,000		240,602
Frontier Real Estate Investment Corporation		90		361,158
Fukuoka REIT Corporation		100		155,648
Gaming and Leisure Properties Incorporated		51,200		1,584,128
Gecina SA		2,316		292,116
General Growth Properties Incorporated		75,100		1,906,038
Geo Group Incorporated		170,695		5,125,971
Global One Real Estate Investment Corporation		36		108,681
GLP J-REIT		383		358,880
Goodman Group		247,832		1,075,855
Goodman Property Trust		181,257		136,708
GPT Group		268,424		857,698
Granite Real Estate Investment Trust		4,243		124,039
Great Portland Estates plc		28,410		361,186
Growthpoint Properties Limited		698,432		1,377,886
H&R REIT		11,358		178,278
Hammerson plc		65,021		626,585
Hankyu REIT Incorporated		115		114,682
Hatteras Financial Corporation		218,198		3,541,354
HCP Incorporated		60,504		2,242,278
Health Care REIT Incorporated		44,884		2,843,401
Healthcare Realty Trust Incorporated		229,675		5,259,558
Healthcare Trust of America Incorporated Class A		299,313		7,186,505
Heiwa Real Estate REIT Incorporated		149		105,081
Home Properties Incorporated		110,527		8,202,209
Hospitality Properties Trust		92,521		2,379,640
Host Hotels & Resorts Incorporated		428,300		7,593,759
Hulic REIT Incorporated		121		140,228
ICADE		3,119		223,474
Ichigo Real Estate Investment Corporation		189		132,044
Industrial & Infrastructure Fund Investment Corporation		64		266,062
ING Office Fund		109,870		301,028


48		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


REITs (continued)
Intu Properties plc		87,770	$	435,026
Invesco Mortgage Capital Incorporated		278,078		3,781,861
Invincible Investment Corporation		360		204,594
Iron Mountain Incorporated		105,925		3,001,915
Japan Excellent Incorporated		231		249,797
Japan Hotel REIT Investment Corporation		503		311,173
Japan Logistics Fund Incorporated		162		293,440
Japan Prime Realty Investment Corporation		149		483,619
Japan Real Estate Investment Corporation		203		853,961
Japan Rental Housing Investment Incorporated		139		88,971
Japan Retail Fund Investment Corporation		385		710,075
Kenedix Realty Investment		52		232,474
Kenedix Residential Investment Corporation		43		104,170
Keppel REIT		206,614		143,497
Kilroy Realty Corporation		43,795		2,840,544
Kimco Realty Corporation		238,880		5,506,184
Kite Realty Group Trust		193,700		4,553,887
Kiwi Property Group Limited		195,913		162,662
KLCC Property Holdings Bhd		105,300		175,500
Klepierre		21,292		937,077
Lamar Advertising Company Class A		41,138		2,194,301
Land Securities Group plc		74,578		1,432,788
LaSalle Hotel Properties		269,152		8,467,522
Lexington Corporate Properties Trust		499,058		4,027,398
Liberty Property Trust		84,532		2,598,514
Mack-Cali Realty Corporation		188,734		3,534,988
Mapletree Logistics Trust		301,210		209,196
Medical Properties Trust Incorporated		535,238		6,246,227
Mercialys SA		3,326		74,832
Merlin Properties Socimi SA †		44,472		515,088
MFA Mortgage Investments Incorporated		852,066		6,058,189
MID REIT Incorporated		33		82,204
Mid-America Apartment Communities Incorporated		40,155		3,155,781
Mirvac Group		619,201		771,145
Mori Hills REIT Corporation		189		217,942
Mori Trust Sogo REIT Incorporated		165		285,128
National Retail Properties Incorporated		81,154		2,820,102
Nippon Accommodations Fund Incorporated		76		253,574
Nippon Building Fund Incorporated		231		971,749
Nippon Prologis REIT Incorporated		290		527,447
NIPPON REIT Investment Corporation		47		101,726
Nomura Real Estate Master Fund Incorporated		326		352,258
Nomura Real Estate Office Fund		68		268,388
Nomura Real Estate Residential REIT		25		121,665
NorthStar Realty Finance Corporation		651,934		9,159,673
Omega Healthcare Investors Incorporated		91,274		3,083,236
ORIX JREIT Incorporated		355		448,014
Outfront Media Incorporated		85,220		1,928,529
Parkway Life REIT		64,000		103,412
Pebblebrook Hotel Trust		172,240		6,555,454


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			49


Security name	Shares		Value


REITs (continued)
Piedmont Office Realty Trust Incorporated Class A		89,400	$	1,516,224
Plum Creek Timber Company		103,000		3,964,470
Post Properties Incorporated		104,246		5,771,059
Potlatch Corporation		91,622		3,025,358
Premier Investment Corporation «		43		215,647
Prologis Incorporated		66,630		2,531,940
Public Storage Incorporated		25,597		5,151,908
Rayonier Incorporated		72,800		1,674,400
Realty Income Corporation «		130,162		5,816,940
Redefine Properties Limited		1,246,736		1,079,364
Redwood Trust Incorporated		187,934		2,741,957
Regency Centers Corporation		53,283		3,160,215
Retail Properties of America Incorporated Class A		137,529		1,877,271
RioCan REIT		14,088		260,322
RLJ Lodging Trust		314,850		8,670,969
Scentre Group		843,224		2,286,306
Segro plc		78,987		508,579
Sekisui House SI Investment Corporation		125		110,220
Senior Housing Properties Trust		144,289		2,265,337
Shaftesbury plc		24,082		332,585
Shopping Centres Australasia Property Group		113,861		159,628
SIA REIT Incorporated		14		47,577
Simon Property Group Incorporated		58,286		10,451,846
Smart REIT		5,367		119,407
Sovran Self Storage Incorporated		68,468		6,143,634
Spirit Realty Capital Incorporated		253,355		2,432,208
Starhill Global REIT		254,000		138,606
Starwood Property Trust Incorporated		137,300		2,921,744
Stockland Australia		382,733		1,064,974
Strategic Hotel & Resorts Incorporated †		655,500		8,842,695
Sunstone Hotel Investors Incorporated		479,719		6,634,514
Suntec REIT		384,000		416,371
Tanger Factory Outlet Centers Incorporated		182,900		5,786,956
Taubman Centers Incorporated		33,373		2,302,403
The Link REIT		450,655		2,389,910
The Macerich Company		72,650		5,534,477
Tokyu REIT Incorporated		182		213,173
Top REIT Incorporated		29		113,742
Two Harbors Investment Corporation		873,886		8,266,962
UDR Incorporated		153,800		4,967,740
Unibail-Rodamco SE		8,909		2,311,862
United Urban Investment Corporation		457		602,372
Urban Edge Properties REIT		223,624		4,675,978
Vastned Retail NV		1,059		48,360
Ventas Incorporated		40,030		2,202,451
VEREIT Incorporated		520,685		4,238,376
Vornado Realty Trust		21,159		1,844,853
Washington Real Estate Investment Trust «		165,975		4,082,985
Weingarten Realty Investors		70,500		2,230,620
Wereldhave NV		4,146		237,460


50		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


REITs (continued)
Westfield Corporation		311,997	$	2,164,819
Weyerhaeuser Company		63,654		1,778,493
WP Carey Incorporated		54,849		3,152,172
WP Glimcher Incorporated		423,769		5,131,843
Yuexiu Real Estate Investment Trust		325,000		171,096

				501,865,190


Thrifts & Mortgage Finance: 0.39%
Capitol Federal Financial Incorporated		305,315		3,679,046
Genworth Mortgage Insurance Canada Incorporated		2,068		47,912
Home Capital Group Incorporated «		4,758		99,457
Housing Development Finance Corporation Limited		476,930		8,510,124
Hudson City Bancorp Incorporated		272,361		2,532,957
MGIC Investment Corporation †		809,574		8,549,101
New York Community Bancorp Incorporated		255,138		4,505,737
Ocwen Financial Corporation «†		72,800		541,632
Paragon Group of Companies plc		26,738		168,959
Washington Federal Incorporated		229,109		5,198,483

				33,833,408


Health Care: 11.10%

Biotechnology: 1.86%
3-D Matrix Limited †		3,100		30,556
Actelion Limited		11,077		1,512,610
Alexion Pharmaceuticals Incorporated †		41,508		7,147,263
Alnylam Pharmaceuticals Incorporated †		141,319		14,543,138
Baxalta Incorporated		62,822		2,208,193
Biogen Idec Incorporated †		42,407		12,607,601
BioMarin Pharmaceutical Incorporated †		82,749		10,694,481
Biota Pharmaceuticals Incorporated †		2,053		4,496
Celgene Corporation †		144,624		17,077,202
Cepheid Incorporated †		137,054		6,680,012
CK Life Sciences International Holdings Incorporated		702,000		59,783
CSL Limited		75,162		4,914,038
Genmab AS †		5,982		537,705
Gilead Sciences Incorporated		270,400		28,410,928
Green Cross Corporation		1,207		201,549
Grifols SA		14,254		584,702
Grifols SA Class B		11,206		344,864
Incyte Corporation †		84,280		9,792,493
Intercept Pharmaceuticals Incorporated †		7,224		1,370,826
ISIS Pharmaceuticals Incorporated †		236,300		11,857,534
Japan Tissue Engineering Company Limited †		3,200		29,008
Medigen Biotechnology Corporation †		29,000		74,158
Medivation Incorporated †		41,000		3,610,460
Mesoblast Limited «†		31,890		75,346
Myriad Genetics Incorporated «†		132,600		4,980,456
NanoCarrier Company Limited †		6,400		53,793
Nicox SA †		1,380		3,003


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			51


Security name	Shares		Value


Biotechnology (continued)
PDL BioPharma Incorporated «		387,668	$	2,190,324
Puma Biotechnology Incorporated «†		11,784		1,083,185
Regeneron Pharmaceuticals Incorporated †		13,513		6,938,926
Savient Pharmaceuticals Incorporated †(a)		2,670		0
Seattle Genetics Incorporated †		53,300		2,146,391
Sirtex Medical Limited		15,755		388,852
Takara Bio Incorporated		6,300		63,398
United Therapeutics Corporation †		22,605		3,404,765
Valneva SE - Paris Exchange †		264		1,084
Valneva SE - Vienna Exchange †		847		3,459
Vertex Pharmaceuticals Incorporated †		46,138		5,883,518

				161,510,100


Health Care Equipment & Supplies: 1.59%
Abbott Laboratories		178,594		8,088,522
Align Technology Incorporated †		37,100		2,099,860
Ansell Limited		26,316		414,446
ASAHI INTECC Company Limited		9,200		372,978
Baxter International Incorporated		62,822		2,415,506
bioMerieux SA		1,765		200,040
Biosensors International Group Limited †		247,000		119,907
Boston Scientific Corporation †		778,878		13,038,418
C.R. Bard Incorporated		36,994		7,169,067
Cochlear Limited		10,052		611,124
Coloplast Class B		10,575		720,385
Cooper Companies Incorporated		25,708		4,175,493
DexCom Incorporated †		146,960		13,834,814
DiaSorin SpA		1,623		74,744
Edwards Lifesciences Corporation †		54,991		7,747,132
Elekta AB Class B «		35,308		218,746
Essilor International SA Cie Generale d’Optique		19,946		2,381,489
Fisher & Paykel Healthcare Corporation		89,568		411,569
Fukuda Denshi Company Limited		2,200		112,509
Getinge AB Class B		18,499		411,235
GN Store Nord A/S		17,550		313,461
Golden Meditech Holdings Limited		31,610		4,119
Haemonetics Corporation †		103,692		3,744,318
Halyard Health Incorporated †		107,766		3,388,163
Hogy Medical Company Limited		2,000		97,167
Hoya Corporation		67,400		2,640,461
IDEXX Laboratories Incorporated †		48,674		3,478,731
Intuitive Surgical Incorporated †		6,942		3,547,015
Mindray Medical International Limited ADR		25,317		613,178
Nagaileben Company Limited		8,000		162,197
Nakanishi Incorporated		4,000		157,380
Nihon Kohden Corporation		16,600		331,493
Nikkiso Company Limited		14,000		110,513
Nipro Corporation		22,400		256,269
Olympus Corporation		50,400		1,841,646
Paramount Bed Holdings Company Limited		3,500		104,796


52		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Health Care Equipment & Supplies (continued)
ResMed Incorporated		74,951	$	3,892,955
Sirona Dental Systems Incorporated †		109,881		10,480,450
Smith & Nephew plc		83,542		1,490,910
Sonova Holding AG		4,488		584,533
St. Jude Medical Incorporated		34,745		2,460,293
St. Shine Optical Company Limited		12,000		119,130
Straumann Holding AG		989		296,449
Sysmex Corporation		27,300		1,657,343
Teleflex Incorporated		82,090		10,737,372
Terumo Corporation		58,900		1,610,537
Thoratec Corporation †		106,530		6,692,215
Varian Medical Systems Incorporated †		51,076		4,149,925
West Pharmaceutical Services Incorporated		137,273		7,666,697
William Demant Holding AS †		3,503		284,660

				137,532,360


Health Care Providers & Services: 2.57%
Acadia Healthcare Company Incorporated †		108,245		7,905,132
Aetna Incorporated		43,477		4,978,986
Alfresa Holdings Corporation		34,600		631,867
AmerisourceBergen Corporation		105,900		10,594,236
Anthem Incorporated		31,093		4,385,668
Apollo Hospitals Enterprise Limited		21,420		431,848
AS ONE Corporation		2,400		79,977
Bangkok Chain Hospital PCL		87		16
Bangkok Dusit Medical Services PCL Class F		644,000		350,342
Brookdale Senior Living Incorporated †		95,300		2,613,126
Bumrungrad Hospital PCL		28,900		186,244
Cardinal Health Incorporated		42,200		3,471,794
Celesio AG		9,643		269,927
Centene Corporation †		234,164		14,452,602
Chemed Corporation		32,551		4,438,329
Cigna Corporation		47,300		6,659,367
Community Health Systems Incorporated †		67,096		3,603,055
DaVita HealthCare Partners Incorporated †		88,843		6,720,085
Express Scripts Holding Company †		130,724		10,928,526
Fresenius Medical Care AG & Company KGaA		19,133		1,464,476
Fresenius SE & Company KGaA		36,249		2,564,675
Health Net Incorporated †		182,782		11,709,015
Henry Schein Incorporated †		43,082		5,894,048
Humana Incorporated		86,828		15,871,290
IHH Healthcare Bhd		615,700		857,582
Korian SA		11,431		401,484
Laboratory Corporation of America Holdings †		49,885		5,876,952
Life Healthcare Group Holdings Limited		235,988		677,346
LifePoint Hospitals Incorporated †		105,656		8,254,903
Magellan Health Services Incorporated †		50,957		2,853,592
McKesson Corporation		43,400		8,574,972
Medi-Clinic Corporation		126,073		1,012,946
Mediceo Paltac Holdings Company Limited		38,000		658,539


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			53


Security name	Shares		Value


Health Care Providers & Services (continued)
MEDNAX Incorporated †		47,456	$	3,822,581
Message Company Limited		2,200		79,391
Miraca Holdings Incorporated		9,300		399,662
Netcare Limited		414,008		1,244,508
Nichii Gakkan Company		7,200		55,350
Orpea		3,644		281,127
Owens & Minor Incorporated		144,500		4,911,555
Patterson Companies Incorporated		48,400		2,218,172
Pharmaniaga Bhd		7,405		11,372
Primary Health Care Limited «		92,654		272,980
Quest Diagnostics Incorporated		83,000		5,627,400
Ramsay Health Care Limited		20,419		907,618
Rhoen Klinikum AG		5,080		136,186
Ryman Healthcare Limited		72,433		351,196
Ship Healthcare Holdings Incorporated		6,600		145,136
Sigma Pharmaceuticals Limited		257,710		147,636
Sinopharm Group Company Limited H Shares		367,600		1,392,128
Sonic Healthcare Limited		69,727		1,028,152
Suzuken Company Limited		14,800		509,061
Team Health Holdings Incorporated †		143,100		8,405,694
Tenet Healthcare Corporation †		52,292		2,574,335
Toho Pharmaceutical		12,300		270,684
TOKAI Corporation		2,600		79,243
United Drug plc		34,039		263,515
UnitedHealth Group Incorporated		116,263		13,451,629
Universal Health Services Incorporated Class B		47,500		6,514,150
VCA Incorporated †		194,882		10,792,565
Vital KSK Holdings Incorporated		9,000		62,061
WellCare Health Plans Incorporated †		84,100		7,625,347

				222,953,381


Health Care Technology: 0.22%
AGFA-Gevaert NV Strip VVPR †(a)		2,275		0
Allscripts Healthcare Solutions Incorporated †		389,100		5,357,907
athenahealth Incorporated «†		19,963		2,654,480
Cerner Corporation †		58,724		3,626,794
HMS Holdings Corporation †		179,279		1,873,466
M3 Incorporated		28,600		663,366
Medidata Solutions Incorporated †		105,500		5,066,110

				19,242,123


Life Sciences Tools & Services: 0.68%
Bio Techne Corporation		70,909		6,699,482
Bio-Rad Laboratories Incorporated Class A †		39,467		5,498,937
Charles River Laboratories International Incorporated †		90,420		6,229,034
Divi’s Laboratories Limited		12,947		460,444
Gerresheimer AG		3,694		267,906
ICON plc ADR †		5,230		402,710
Illumina Incorporated †		26,957		5,326,973


54		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Life Sciences Tools & Services (continued)
Lonza Group AG		5,820	$	798,357
Mettler-Toledo International Incorporated †		13,960		4,139,838
Parexel International Corporation †		105,296		6,920,053
PerkinElmer Incorporated		66,100		3,217,748
QIAGEN NV †		22,655		599,077
Quintiles Transnational Holdings Incorporated †		48,462		3,610,904
Tecan Group AG		803		103,423
Thermo Fisher Scientific Incorporated		73,100		9,164,547
Waters Corporation †		41,365		5,020,884

				58,460,317


Pharmaceuticals: 4.18%
AbbVie Incorporated		205,983		12,855,399
Akorn Incorporated †		154,800		6,159,492
Alapis Holding Industrial & Commercial SA of Pharmaceutical Chemical Products †(a)		1,231		0
Allergan plc †		70,742		21,487,175
Aspen Pharmacare Holdings Limited		82,217		2,123,667
Astellas Pharma Incorporated		353,400		5,247,000
AstraZeneca plc		118,158		7,470,115
Aurobindo Pharma Limited		73,202		829,201
Bayer AG		74,876		10,162,479
Bristol-Myers Squibb Company		203,885		12,125,041
BTG plc †		29,198		282,715
Cadila Healthcare Limited		9,434		269,389
Cardiome Pharma Corporation †		781		6,773
Celltrion Incorporated «†		18,486		1,109,707
China Medical System Holding Limited		329,000		357,440
Chugai Pharmaceutical Company Limited		33,600		1,256,865
Cipla Limited India		112,548		1,154,940
Daiichi Sankyo Company Limited		110,400		2,128,593
Dainippon Sumitomo Pharma Company Limited		32,900		351,700
Dong-A ST Company Limited		1,090		108,747
Dr. Reddys Laboratories Limited		23,358		1,511,866
Eisai Company Limited		42,200		2,880,049
Eli Lilly & Company		119,819		9,867,095
Endo International plc †		101,707		7,831,439
Fuso Pharmaceutical Industries Limited		16,000		38,537
Galenica AG		419		539,219
GlaxoSmithKline Pharmaceuticals Limited		4,235		216,433
GlaxoSmithKline plc		460,804		9,478,727
Glenmark Pharmaceuticals Limited †		35,144		610,520
H. Lundbeck AS †		7,172		222,233
Haw Par Corporation Limited		27,500		160,590
Hikma Pharmaceuticals plc		10,618		370,673
Hisamitsu Pharmaceutical Company Incorporated		15,000		520,271
Hua Han Bio-Pharmaceutical Holdings Limited H Shares		4,987		637
Impax Laboratories Incorporated †		127,220		5,210,931
Indivior plc †		61,638		211,394
Ipsen SA		2,572		172,506
Jazz Pharmaceuticals plc †		31,190		5,265,496


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			55


Security name	Shares		Value


Pharmaceuticals (continued)
Johnson & Johnson		333,096	$	31,304,362
Kaken Pharmaceutical Company Limited		13,000		614,427
Kissei Pharmaceutical Company Limited		7,200		183,511
Kyorin Company Limited		8,900		157,834
Kyowa Hakko Kogyo Company Limited		41,000		689,562
Lupin Limited		41,487		1,207,975
Luye Pharma Group Limited †		418,000		355,972
Mallinckrodt plc †		229,591		19,799,928
Meda AB Class A		27,508		422,075
Merck & Company Incorporated		343,885		18,518,207
Merck KGaA		12,492		1,195,307
Mitsubishi Tanabe Pharma Corporation		39,100		700,501
Mochida Pharmaceutical Company Limited		3,000		193,261
Mylan NV †		239,363		11,870,011
Nichi-Iko Pharmaceutical Company Limited		10,000		301,893
Nicholas Piramal India Limited		18,361		268,986
Nippon Shinyaku Company Limited		12,000		412,752
Novartis AG		251,893		24,677,254
Novo Nordisk AS Class B		179,836		9,982,252
Ono Pharmaceutical Company Limited		16,800		2,145,123
Orion Oyj Class A		3,628		144,038
Orion Oyj Class B		8,702		345,484
Otsuka Holdings Company Limited		88,300		3,012,040
Pacira Pharmaceuticals Incorporated †		69,554		4,002,833
Perrigo Company plc		26,614		4,869,564
Pfizer Incorporated		739,571		23,828,978
Pharmaxis Limited †		22,924		3,344
PT Kalbe Farma Tbk		7,442,000		887,214
Recordati SpA		6,569		156,495
Richter Gedeon		38,159		583,566
Roche Holding AG		2,539		694,078
Roche Holding AG Genusschein		65,388		17,857,996
Rohto Pharmaceutical Company Limited		21,000		363,237
Sanofi-Aventis SA		110,160		10,899,232
Santen Pharmaceutical Company Limited		67,000		1,047,264
Sawai Pharmaceutical Company Limited		6,700		423,327
Seikagaku Corporation		7,900		111,689
Shionogi & Company Limited		51,500		2,022,023
Shire Limited plc		56,561		4,361,341
Sihuan Pharmaceutical Holdings Group limited (a)		405,000		230,457
Sino Biopharmaceutical Limited		812,000		963,916
Sosei Group Corporation «		2,300		97,323
Stada Arzneimittel AG		5,207		179,323
Sun Pharmaceutical Industries Limited		312,288		4,223,111
Taisho Pharmaceutical Holding Company Limited		9,500		615,911
Takeda Pharmaceutical Company Limited		114,900		5,650,462
Teva Pharmaceutical Industries Limited		90,328		5,915,450
The United Laboratories International Holdings Limited †		500		250
Towa Pharmaceutical Company Limited		1,900		147,944
Tsumura & Company		13,600		302,771


56		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Pharmaceuticals (continued)
UCB SA		9,628	$	729,707
Valeant Pharmaceuticals International Incorporated †		30,257		7,014,353
Yuhan Corporation		1,877		394,364
Zeria Pharmaceutical Company Limited		9,000		125,978
Zoetis Incorporated		91,805		4,119,290

				361,920,600


Industrials: 11.58%

Aerospace & Defense: 1.86%
Airbus Group NV		54,584		3,558,098
B/E Aerospace Incorporated		57,400		2,798,250
BAE Systems plc		307,386		2,132,954
Bharat Electronics Limited		9,027		457,502
Bombardier Incorporated Class B		143,159		140,373
BWX Technologies Incorporated		244,817		6,492,547
CAE Incorporated		24,800		272,393
Chemring Group plc		8,445		29,157
Cobham plc		107,360		463,919
Curtiss-Wright Corporation		113,696		7,470,964
DigitalGlobe Incorporated †		137,100		3,161,526
Elbit Systems Limited		1,785		137,183
Embraer SA		217,900		1,380,707
Esterline Technologies Corporation †		58,845		4,808,225
Finmeccanica SpA †		34,904		472,752
General Dynamics Corporation		38,026		5,400,833
HEICO Corporation		111,325		5,666,443
Hexcel Corporation		191,000		9,217,660
Huntington Ingalls Industries Incorporated		96,182		10,828,170
KLX Incorporated †		29,200		1,141,720
L-3 Communications Holdings Incorporated		47,985		5,060,978
Lockheed Martin Corporation		33,100		6,659,058
MacDonald Dettwiler & Associates Limited		2,966		174,700
Meggitt plc		77,064		564,548
Moog Incorporated Class A †		73,940		4,665,614
MTU Aero Engines AG		4,407		395,032
Northrop Grumman Corporation		23,251		3,807,119
Orbital ATK Incorporated		117,938		8,929,086
Precision Castparts Corporation		25,796		5,939,529
Qinetiq Group plc		51,946		185,647
Raytheon Company		37,200		3,815,232
Rockwell Collins Incorporated		77,896		6,375,788
Rolls-Royce Holdings plc - London Exchange		181,553		2,071,340
Saab AB Class B		5,318		135,934
Safran SA		31,081		2,428,176
Singapore Technologies Engineering Limited		264,000		574,381
Teledyne Technologies Incorporated †		67,476		6,606,575
Thales SA		9,751		671,954
The Boeing Company		118,400		15,472,512
TransDigm Group Incorporated †		26,140		6,007,756


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			57


Security name	Shares		Value


Aerospace & Defense (continued)
Ultra Electronics Holdings		5,405	$	145,725
United Technologies Corporation		149,359		13,682,778
Zodiac Aerospace SA		17,330		527,107

				160,927,945


Air Freight & Logistics: 0.45%
Bollore Investissement		95,623		516,988
C.H. Robinson Worldwide Incorporated		72,323		4,876,740
Deutsche Post AG		84,258		2,321,679
Expeditors International of Washington Incorporated		111,700		5,469,949
FedEx Corporation		47,100		7,093,731
Freightways Limited		37,588		125,072
Glovis Company Limited		2,877		418,384
Hub Group Incorporated Class A †		65,201		2,457,426
Kerry Logistics Network Limited		72,526		105,185
Kintetsu World Express Incorporated		4,600		172,450
Mainfreight Limited		9,747		87,228
Mitsui-Soko Company Limited		20,000		60,874
Oesterreichische Post AG		4,954		190,873
Panalpina Welttransport Holdings AG		1,522		191,618
PostNL †		25,238		95,356
Royal Mail plc		51,790		368,749
Singapore Post Limited		260,000		327,983
The Shibusawa Warehouse Company Limited		12,000		33,159
TNT Express NV		40,256		340,426
United Parcel Service Incorporated Class B		125,100		12,216,015
Yamato Holdings Company Limited		63,500		1,239,516

				38,709,401


Airlines: 0.50%
Air Canada †		26,372		225,112
Air China H Shares		534,000		385,856
Air France-KLM «†		16,025		111,096
Airasia Bhd		365,000		75,607
All Nippon Airways Company Limited		184,000		540,154
American Airlines Group Incorporated		87,122		3,396,016
Asiana Airlines †		21,610		92,634
Cathay Pacific Airways Limited		167,000		301,675
China Airlines †		594,775		213,882
Chorus Aviation Incorporated		63		260
Delta Air Lines Incorporated		150,800		6,602,024
Deutsche Lufthansa AG †		24,014		292,513
easyJet plc		22,179		572,787
Eva Airways Corporation †		407,476		246,094
International Consolidated Airlines - United Kingdom Exchange †		72,922		603,135
Japan Airlines Company Limited		19,419		691,162
JetBlue Airways Corporation †		519,845		11,602,940
Korean Air Lines Company Limited †		7,538		212,230
LAN Airlines SA †		79,059		442,380
Qantas Airways Limited †		203,671		487,007


58		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Airlines (continued)
Ryanair Holdings plc ADR		16,200	$	1,181,790
Singapore Airlines Limited		90,200		634,126
Spirit Airlines Incorporated †		38,823		1,989,679
Thai Airways International PCL †		76,300		21,712
Turk Hava Yollari Anonim Ortakligi †		270,807		749,062
United Continental Holdings Incorporated †		195,000		11,109,150
Virgin Australia International Holdings (a)		177,317		0
WestJet Airlines Limited		11,787		215,026

				42,995,109


Building Products: 0.68%
A.O. Smith Corporation		148,500		9,579,735
Aica Kogyo Company Limited		12,200		260,131
Allegion plc		55,300		3,296,433
Armstrong World Industries Incorporated †		86,500		4,810,265
Asahi Glass Company Limited		193,000		1,147,796
Assa Abloy AB Class B		92,949		1,779,711
Bunka Shutter Company Limited		12,000		91,261
Central Glass Company Limited		41,000		169,769
Compagnie de Saint-Gobain SA		45,570		2,094,803
Daikin Industries Limited		45,800		2,734,362
Fortune Brands Home & Security Incorporated		79,934		3,824,842
Geberit AG		3,718		1,181,960
GWA International Limited «		44,009		82,995
KCC Corporation		841		279,089
Kingspan Group plc		16,453		404,334
Lennox International Incorporated		82,058		9,686,126
LIXIL Group Corporation		47,200		974,095
Masco Corporation		205,900		5,400,757
Nibe Industrier AB Class B		13,413		405,115
Nichias Corporation		22,000		140,817
Nichiha Corporation		5,800		81,617
Nippon Sheet Glass Company Limited †		171,000		155,153
Nitto Boseki Company Limited		38,000		180,228
Noritz Corporation		8,300		124,943
Okabe Company Limited		8,500		71,304
Owens Corning Incorporated		60,100		2,661,829
Rockwool International AS Class B		400		54,485
Sankyo Tateyama Incorporated		4,600		70,763
Sanwa Holdings Corporation		45,000		343,341
Sekisui Jushi Corporation		6,000		79,235
Taiwan Glass Industrial Corporation †		343,581		138,336
Takara Standard Company Limited		24,000		164,507
Takasago Thermal Engineering Company		13,300		202,185
TOTO Limited		52,000		766,907
Uponor Oyj		2,800		45,057
USG Corporation †		172,000		5,247,720
Wienerberger AG		10,742		191,299

				58,923,305


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			59


Security name	Shares		Value


Commercial Services & Supplies: 1.04%
AA plc †		52,430	$	267,589
Aeon Delight Company Limited		3,500		111,148
Aggreko plc		24,032		393,479
Babcock International Group plc		46,368		689,460
Berendsen plc		15,297		234,263
Bilfinger SE «		4,408		177,206
Brambles Limited		255,174		1,786,891
Cabcharge Australia Limited «		26,928		59,790
China Everbright International Limited		717,000		938,108
Cintas Corporation		53,700		4,563,963
Civeo Corporation		248,000		483,600
Clean Harbors Incorporated †		101,904		5,005,524
Copart Incorporated †		62,790		2,198,906
Covanta Holding Corporation		85,400		1,690,920
Dai Nippon Printing Company Limited		105,000		1,081,309
Daiseki Company Limited		6,700		116,885
De La Rue plc		11,470		86,200
Deluxe Corporation		114,834		6,661,520
Downer EDI Limited		82,141		211,609
Duskin Company Limited		11,300		225,096
Edenred		14,465		306,864
Essendant Incorporated		87,745		3,027,203
G4S plc		126,965		499,733
Herman Miller Incorporated		134,167		3,637,267
HNI Corporation		103,800		4,851,612
HomeServe plc		12,155		78,506
Intrum Justitia AB		10,031		344,319
Inui Global Logistics Company Limited		300		2,079
ISS A/S		13,842		483,207
Itoki Corporation		1,000		7,003
Kaba Holding AG Class B		280		185,383
KAR Auction Services Incorporated		80,100		2,966,904
KEPCO Plant Service & Engineering Company Limited		3,274		348,784
Kokuyo Company Limited		21,900		221,646
Loomis AB Class B		8,827		224,376
Mineral Resources Limited «		31,646		98,416
Mitie Group plc		40,984		186,595
Mitsubishi Pencil Company Limited		5,700		250,126
Moshi Moshi Hotline Incorporated		8,300		84,825
Msa Safety Incorporated		59,161		2,690,642
Nippon Kanzai Company Limited		500		14,579
Nissha Printing Company Limited		7,200		123,647
Okamura Corporation		20,000		179,321
Oyo Corporation		3,900		49,862
Park24 Company Limited		16,100		316,064
Pilot Corporation		5,800		281,783
Pitney Bowes Incorporated		114,000		2,258,340
PMP Limited †		14,400		5,431
Progressive Waste Solutions Limited		12,017		331,755
Prosegur Compania de Seguridad SA		26,730		130,779


60		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Commercial Services & Supplies (continued)
Recall Holdings Limited		54,476	$	271,375
Regus plc		55,194		242,059
Rentokil Initial plc		173,799		395,508
Republic Services Incorporated		141,000		5,778,180
Ritchie Bros. Auctioneers Incorporated		6,229		172,012
RR Donnelley & Sons Company		498,122		7,820,515
S1 Corporation Incorporated (Korea)		2,828		224,518
Salmat Limited		5,981		2,682
Santa Fe Group †		250		1,774
Sato Corporation		7,500		157,380
Secom Company Limited		33,300		2,132,288
Securitas AB Class B		25,461		324,804
Serco Group plc		97,398		168,887
Shanks Group plc		6,285		9,017
Societe BIC SA		2,766		439,042
Sohgo Security Services Company Limited		15,700		686,353
Stericycle Incorporated †		42,331		5,974,597
Taiwan Secom Company Limited		64,960		181,886
Tetra Tech Incorporated		139,700		3,629,406
The ADT Corporation		99,400		3,258,332
Tomra Systems ASA		7,776		67,915
Toppan Forms Company Limited		6,500		79,564
Toppan Printing Company Limited		104,000		863,843
Transcontinental Incorporated Class A		3,424		37,348
Transpacific Industries Group Limited		162,245		79,091
Uchida Yoko Company Limited		2,000		6,401
Waste Connections Incorporated		66,148		3,145,999
Waste Management Incorporated		52,253		2,615,785

				89,937,078


Construction & Engineering: 0.46%
Abengoa SA Class A		2,071		3,960
Actividades de Construccion y Servicios SA		17,474		567,371
Aecon Group Incorporated		8,690		84,284
Arcadis NV		6,755		169,795
Ausenco Limited †		9,573		2,521
Balfour Beatty plc		61,174		255,800
Boart Longyear Group Limited †		89,116		4,756
Bouygues SA		16,989		647,040
Cardno Limited «		36,176		71,828
Carillion plc «		47,881		250,765
Chicago Bridge & Iron Company NV «		51,400		2,275,992
China Communications Construction Company Limited H Shares		1,454,779		1,730,707
China State Construction International Holdings Limited		438,000		578,721
Chiyoda Corporation		33,000		238,174
Chudenko Corporation		6,500		129,105
CIMIC Group Limited		17,730		295,377
Comsys Holdings Corporation		25,400		316,361
CTCI Corporation		123,000		158,778
Daelim Industrial Company Limited		6,425		365,591


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			61


Security name	Shares		Value


Construction & Engineering (continued)
Daewoo Engineering & Construction Company Limited †		31,654	$	170,481
Dialog Group Bhd		784,124		293,113
Eiffage SA		4,842		310,522
EMCOR Group Incorporated		119,632		5,513,839
EverChina International Holdings Company Limited †		960,000		32,206
Ferrovial SA		40,604		971,420
Flsmidth & Company AS		5,428		205,488
Fluor Corporation		75,400		3,439,748
Gamuda Bhd		314,200		324,673
GS Engineering & Construction Corporation †		11,855		244,066
Hazama Ando Corporation		30,100		197,381
Hibiya Engineering Limited		6,000		74,088
HKC Holdings Limited †		217,196		4,372
Hochtief AG		4,214		355,980
Hyundai Development Company		9,673		489,886
Hyundai Engineering & Construction Company Limited		11,463		321,768
IJM Corporation Bhd		241,820		362,730
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV †		189,001		361,424
Interserve plc		12,112		108,634
JGC Corporation		42,000		614,229
Kajima Corporation		160,000		900,070
Kandenko Company Limited		21,000		140,133
KBR Incorporated		81,500		1,421,360
KEPCO Engineering & Construction Company Incorporated		1,785		38,032
Kinden Corporation		23,000		289,124
Koninklijke Bam Groep NV †		28,776		159,453
Koninklijke Boskalis Westminster NV		7,715		401,963
Kumagai Gumi Company Limited		61,000		199,249
Kumho Industrial Company Limited †		9		136
Kyowa Exeo Corporation		21,600		222,173
Larsen & Toubro Limited		54,392		1,311,545
Larsen & Toubro Limited GDR		8,011		195,468
Macmahon Holdings Limited †		139,645		7,950
Maeda Corporation		31,000		248,798
Maeda Road Construction Company Limited		12,000		214,592
Malaysia Marine & Heavy Engineering †		135,600		32,609
Malaysian Resources Corporation Bhd		50		10
Mirait Holdings Corporation		11,700		109,632
Monadelphous Group Limited «		19,272		102,999
NCC AB Class B		8,600		251,011
Nippo Corporation		8,000		136,264
Nippon Densetsu Kogyo Company Limited		8,000		147,680
Nippon Koei Company Limited		15,000		60,007
Nishimatsu Construction Company Limited		45,000		202,293
Obayashi Corporation		117,000		1,013,321
Obrascon Huarte Lain SA		3,542		55,049
Okumura Corporation		38,000		208,125
Outotec Oyj «		15,988		93,024
Peab AB		21,523		153,046
Penta-Ocean Construction Company Limited		55,000		264,940


62		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Construction & Engineering (continued)
Polimex Mostostal SA †		86,564	$	2,293
Power Line Engineering PCL		244,400		7,296
PYI Corporation Limited		111,318		2,456
Samsung Engineering Company Limited †		7,013		156,536
Sanki Engineering Company Limited		10,000		76,958
Shimizu Corporation		118,000		1,155,326
Sho-Bond Holdings Company Limited		4,700		195,001
Sino Thai Engineering & Construction PCL		374,529		266,439
Skanska AB Class B		34,816		682,667
SNC-Lavalin Group Incorporated		14,400		432,350
Socam Development Limited †		63		34
Sumitomo Mitsui Construction Company Limited		150,200		198,227
Taikisha Limited		8,000		181,268
Taisei Corporation		185,000		1,254,341
Toa Corporation		31,000		64,693
Toda Corporation		49,000		249,779
Tokyo Energy & Systems Incorporated		1,000		7,886
Tokyu Construction Company Limited		80		757
Toshiba Plant Systems & Services Corporation		6,000		65,575
Totetsu Kogyo Company Limited		5,900		125,704
Toyo Engineering Corporation		28,000		71,596
United Construction Group Limited		30,880		43,952
United Engineers Limited		59,000		81,953
Vinci SA		43,394		2,795,557
WSP Global Incorporated		5,250		168,402
YIT Oyj		11,040		64,173
Yokogawa Bridge Holdings Corporation		8,000		68,297

				39,542,546


Electrical Equipment: 0.78%
ABB Limited		205,224		3,963,722
ABB Limited - Natl India Exchange		14,757		272,508
Acuity Brands Incorporated		21,762		4,240,761
Alstom SA «†		20,310		630,624
AMETEK Incorporated		122,868		6,612,756
Babcock & Wilcox Enterprises Incorporated †		134,527		2,482,023
Bharat Heavy Electricals limited		223,538		761,492
Cosel Company Limited		4,900		55,170
Daihen Corporation		18,000		87,005
Denyo Company Limited		3,200		50,045
Doosan Heavy Industries & Construction Company Limited		13,384		208,214
Eaton Corporation plc		57,361		3,273,019
Elswedy Cables Holding Company †		9,692		49,660
Emerson Electric Company		83,804		3,999,127
EnerSys		86,900		4,646,543
FDG Electric Vehicles Limited †		1,480,000		91,664
Fuji Electric Holdings Company Limited		102,000		405,526
Fujikura Limited		69,000		342,055
Furukawa Electric Company Limited		135,000		218,254
Futaba Corporation		6,900		94,478


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			63


Security name	Shares		Value


Electrical Equipment (continued)
Gamesa Corporation Tecnologica SA		31,855	$	480,070
Generac Holdings Incorporated «†		135,500		4,189,660
GS Yuasa Corporation		79,000		295,187
Hubbell Incorporated Class B		26,700		2,634,489
Johnson Electric Holdings Limited		54,750		189,681
Legrand SA		23,684		1,366,856
LS Cable Limited		7,178		189,046
LS Industrial Systems Company Limited		3,641		132,988
Mabuchi Motor Company Limited		9,600		448,979
Mitsubishi Electric Corporation		336,000		3,356,259
Nidec Corporation		39,500		3,097,183
Nitto Kogyo Corporation		9,700		183,463
Nordex AG †		816		23,542
Osram Licht AG		7,623		403,414
Prysmian SpA		18,370		393,107
Rockwell Automation Incorporated		67,000		7,492,610
Sanyo Denki Company Limited		6,000		36,277
Schneider Electric Infrastructure Limited †		5,981		16,569
Schneider Electric SA - London Exchange		1,614		102,258
Schneider Electric SE		52,663		3,328,867
SGL Carbon AG «†		3,056		49,588
Shihlin Electric		118,000		140,899
SolarCity Corporation «†		25,600		1,235,968
Sumitomo Electric Industries Limited		130,300		1,791,645
Suzlon Energy Limited †		89,769		29,844
Teco Electric & Machinery Company Limited		774,000		582,831
Ushio Incorporated		25,200		295,162
Vestas Wind Systems AS		23,748		1,269,278
Walsin Lihwa Corporation †		600,000		134,067
Ya Hsin Industrial Company Limited †(a)		40,000		0
Zhuzhou CSR Times Electric Company Limited H Shares		151,000		1,000,490

				67,374,923


Industrial Conglomerates: 1.12%
Aboitiz Equity Ventures Incorporated		548,400		646,488
Aditya Birla Nuvo Limited		5,674		174,594
Alfa SA de CV Class A		1,170,200		2,336,513
Alliance Global Group Incorporated		970,700		411,208
Antarchile SA		32,607		324,733
Beijing Enterprises Holdings Limited		135,000		788,221
Bidvest Group Limited		77,274		1,858,401
Boustead Holdings Bhd		80,800		73,105
CITIC Pacific Limited		1,719,000		3,149,631
CJ Corporation		1,980		481,294
CK Hutchison Holdings Limited		450,296		6,001,971
Danaher Corporation		114,394		9,954,566
DCC plc - United Kingdom Exchange		9,251		689,767
Discount Investment Corporation		1,353		2,837
DMCI Holdings Incorporated		808,000		196,727
Dogan Sirketler Grubu Holdings †		170,145		30,401


64		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Industrial Conglomerates (continued)
Doosan Corporation		2,425	$	211,182
Enka Insaat Ve Sanayi AS		326,311		557,250
Far Eastern New Century Corporation		1,360,496		1,233,545
Fosun International		246,500		413,481
Gallant Venture Limited †		42,000		6,697
General Electric Company		1,210,176		30,036,568
Grupo Carso SAB de CV		111,000		504,450
Hopewell Holdings		123,000		419,784
Industries Qatar		18,137		662,498
Jardine Matheson Holdings Limited		43,585		2,176,635
Jardine Strategic Holdings Limited		39,394		1,123,911
JG Summit Holdings		615,492		934,958
Katakura Industries Company Limited		5,400		59,329
Keihan Electric Railway Company Limited		90,000		580,525
Keppel Corporation Limited		270,051		1,309,060
Koc Holding AS		227,557		887,459
Koninklijke Philips Electronics NV		92,466		2,378,197
LG Corporation		21,404		1,053,234
LT Group Incorporated		735,600		204,596
MMC Corporation Bhd		109,200		43,940
Nisshinbo Industries Incorporated		31,000		373,325
NWS Holdings Limited		286,681		361,401
Quinenco SA		62,686		129,376
Rheinmetall AG		3,555		219,488
Roper Industries Incorporated		52,093		8,443,754
Samsung Techwin Company Limited †		9,105		240,952
San Miguel Corporation		214,380		238,506
SembCorp Industries Limited		165,000		399,915
Shun Tak Holdings Limited		294,250		129,089
Siemens AG		73,803		7,326,087
Siemens India Limited		21,727		413,409
Sime Darby Bhd		682,021		1,209,775
SK C&C Company Limited		6,119		1,396,855
SM Investments Corporation		89,168		1,675,000
Smiths Group plc		35,162		609,164
Tokai Holdings Corporation		26,800		110,308
Top Frontier Investment Holdings Incorporated †		8		12
Toshiba Corporation		671,000		2,125,327
Turk Sise Ve Cam Fabrikalari AS		140,595		137,199
Yazicilar Holding AS Class A		9,222		56,087

				97,512,785


Machinery: 2.31%
Aalberts Industries NV		11,130		346,085
AG Growth International Incorporated		1,000		28,823
AGCO Corporation		48,300		2,368,632
Aida Engineering Limited		11,300		104,579
Airtac International Group		16,852		80,282
Alfa Laval AB		28,699		484,080
Allison Transmission Holdings Incorporated		95,464		2,730,270


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			65


Security name	Shares		Value


Machinery (continued)
Amada Company Limited		62,700	$	549,760
Andritz AG		7,071		338,972
Asahi Diamond Industrial Company Limited		12,000		112,344
Atlas Copco AB Class A		61,897		1,560,951
Atlas Copco AB Class B		37,370		852,809
ATS Automation Tooling Systems Incorporated †		4,800		49,656
Austal Limited		9,718		14,523
Bando Chemical Industries Limited		15,000		60,874
Bodycote plc		18,289		179,893
Bradken Limited		25,084		20,796
Bucher Industries AG		862		195,915
Cargotec Oyj Corporation Class B		3,652		115,812
Caterpillar Incorporated		73,093		5,587,229
Chart Industries Incorporated †		58,300		1,490,148
China Conch Venture Holdings Limited		277,500		611,570
China International Marine Containers (Group) Company Limited H Shares		157,100		279,738
CKD Corporation		12,000		109,869
CLARCOR Incorporated		95,738		5,396,751
CNH Industrial NV		78,164		617,491
Colfax Corporation «†		44,464		1,724,759
Cosco Corporation Singapore Limited (a)		190,000		50,699
Crane Company		92,959		4,884,066
CSBC Corporation Taiwan		102		38
Cummins Incorporated		30,300		3,689,025
Cummins India Limited		13,858		229,108
Daewoo Shipbuilding & Marine Engineering Company Limited «		16,970		96,561
Daifuku Company Limited		21,500		313,717
Deere & Company		40,000		3,271,200
DMG Mori Seiki AG		3,643		139,544
Donaldson Company Incorporated		59,100		1,850,421
Doosan Infracore Company Limited †		19,520		110,246
Dover Corporation		83,100		5,148,045
Ebara Corporation		89,000		355,310
FANUC Corporation		30,700		4,992,374
Flowserve Corporation		64,800		2,924,424
Fuji Machine Manufacturing Company Limited		17,200		154,358
Fujitec Company Limited		13,000		115,379
Furukawa Company Limited		61,000		148,431
GEA Group AG		16,445		642,191
Georg Fischer AG		456		274,076
Glory Limited		13,000		339,918
Graco Incorporated		31,700		2,186,983
Hanjin Heavy Industries & Construction Company Limited †		14,343		48,386
Harsco Corporation		195,080		2,255,125
Hillenbrand Incorporated		145,386		3,919,607
Hino Motors Limited		46,600		513,528
Hitachi Construction Machinery Company Limited		18,600		270,021
Hitachi Koki Company Limited		9,300		69,960
Hitachi Zosen Corporation		30,600		159,013
Hiwin Technologies Corporation		58,514		300,339


66		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Machinery (continued)
Hong Leong Asia Limited		11,000	$	7,172
Hoshizaki Electric Company Limited		8,700		557,587
Hyundai Heavy Industries Company Limited «†		7,814		604,507
Hyundai Mipo Dockyard Company Limited †		2,652		120,856
Hyundai Rotem Company Limited «†		9,250		134,126
IDEX Corporation		42,063		3,021,385
IMI plc		29,234		465,642
Iseki & Company Limited		44,000		70,409
Ishikawajima-Harima Heavy Industries Company Limited		251,000		778,455
ITT Corporation		206,661		7,731,188
Jain Irrigation Systems Limited (Differential Voting Rights)		1,993		1,279
Japan Steel Works		72,000		239,337
Jaya Holdings Limited †		61,000		1,383
Joy Global Incorporated		57,200		1,385,384
JTEKT Corporation		39,100		551,177
Kawasaki Heavy Industries Limited		273,000		1,033,588
Kennametal Incorporated		182,100		5,554,050
King Slide Works Company Limited		17,000		215,792
Kitz Corporation		21,100		90,328
Komatsu Limited		153,730		2,554,453
Komori Corporation		11,000		125,847
Kone Oyj Class B		38,458		1,522,532
Konecranes Oyj		3,753		118,468
KOPEX SA		1,096		1,785
Krones AG		626		67,043
Kubota Corporation		188,865		2,957,563
Kurita Water Industries Limited		17,900		372,957
Kyokuto Kaihatsu Kogyo Company		6,900		71,257
Lincoln Electric Holdings Incorporated		37,900		2,222,835
Makino Milling Machine Company Limited		25,000		194,045
Makita Corporation		23,100		1,309,003
Makita Corporation ADR		1		57
MAN SE		3,130		328,403
Max Company Limited		6,000		63,991
Meidensha Corporation		41,000		132,231
Melrose Industries plc		89,931		368,458
Metso Oyj		12,945		319,577
Minebea Company Limited		62,000		743,069
Mitsubishi Heavy Industries Limited		534,000		2,552,065
Mitsuboshi Belting Company Limited		10,000		82,814
Mitsui Engineering & Shipbuilding Company Limited		152,000		236,961
Miura Company Limited		22,200		248,671
Morgan Advanced Materials plc		21,935		112,759
Mori Seiki Company Limited		22,100		317,733
Morita Holdings Corporation		7,000		71,481
Mueller Industries Incorporated		115,100		3,661,331
Nabtesco Corporation		20,300		405,380
Nachi-Fujikoshi Corporation		45,000		207,861
Namura Shipbuilding Company Limited		1,500		10,962
Navistar International Corporation «†		136,221		2,430,183


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			67


Security name	Shares		Value


Machinery (continued)
NGK Insulators Limited		47,000	$	1,059,521
Nippon Sharyo Limited		14,000		39,609
Nippon Thompson Company Limited		13,000		58,226
Nitta Corporation		3,300		79,101
NKT Holding AS		1,131		61,249
Nordson Corporation		31,242		2,078,218
Noritake Company Limited		17,000		37,860
NSK Limited		79,000		973,531
NTN Corporation		84,000		437,893
OILES Corporation		5,900		92,270
Okuma Corporation		29,000		229,876
OSG Corporation		18,700		379,291
Oshkosh Corporation		46,000		1,934,300
Paccar Incorporated		42,956		2,533,115
Pentair plc		93,022		5,143,186
Rotork plc		77,250		247,867
Ryobi Limited		20,000		79,845
Samsung Heavy Industries Company Limited		28,640		272,416
Sandvik AB		105,184		1,016,307
Schindler Holding AG		2,474		385,439
Schindler Holding AG - Participation Certificate		5,042		773,526
SembCorp Marine Limited «		147,200		249,324
Shima Seiki Manufacturing Limited		4,400		62,533
Shin Zu Shing Company Limited		649		1,540
Shinmaywa Industries Limited		17,000		178,084
Shinwa Company Limited Nagoya		500		6,797
Singamas Container Holding		180,000		23,226
Sintokogio Limited		10,700		87,288
SKF AB Class A		976		18,676
SKF AB Class B		35,091		671,065
SMC Corporation		10,900		2,649,140
Snap-on Incorporated		29,200		4,665,284
Spirax-Sarco Engineering plc		7,515		363,712
SPX Corporation		22,700		1,333,171
Star Micronics Company Limited		6,100		87,146
Sulzer AG		2,037		207,883
Sumitomo Heavy Industries Limited		97,000		422,452
Tadano Limited		23,000		312,839
Takuma Company Limited		14,000		109,358
Terex Corporation		245,000		5,715,850
The Manitowoc Company Incorporated «		311,546		5,321,206
The Middleby Corporation †		110,500		11,994,775
The Timken Company		41,900		1,330,325
The Toro Company		105,070		7,491,491
THK Company Limited		19,500		339,221
Toshiba Machine Company Limited		18,000		64,585
Trelleborg AB Class B		21,858		357,071
Trinity Industries Incorporated		89,158		2,406,374
Triyards Holdings Limited		7,100		1,635
Tsubakimoto Chain Company		30,000		231,369


68		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Machinery (continued)
Tsugami Corporation		18,000	$	76,463
Tsukishima Kikai Company Limited		5,000		42,356
United Tractors		352,380		479,663
Vallourec SA «		11,805		151,281
Valmet Corporation		12,945		130,446
Valmont Industries Incorporated		12,977		1,379,325
Vesuvius plc		23,880		146,136
Volvo AB Class A		43,600		473,286
Volvo AB Class B		132,230		1,438,505
WABCO Holdings Incorporated †		29,200		3,367,344
Wabtec Corporation		50,880		4,872,269
Wartsila Oyj		17,118		709,195
WEG SA		209,260		966,486
Weir Group plc		19,255		414,837
Woodward Governor Company		111,000		5,061,600
Xylem Incorporated		105,428		3,421,139
Yangzijiang Shipbuilding Holdings Limited		789,000		615,074
Yungtay Engineering Company Limited		78,000		113,634
Zardoya Otis SA		15,132		161,823
Zardoya Otis SA INT Shares †(a)		605		6,470

				200,483,522


Marine: 0.09%
A.P. Moller Maersk AS Class A		200		334,068
A.P. Moller Maersk AS Class B		645		1,098,702
Chinese Maritime Transport Limited		6,000		4,020
Compagnie Maritime Belge SA †		227		3,439
Daiichi Chuo Kisen Kaisha †		12,000		3,464
DS Norden AS †		1,300		30,686
Evergreen Marine Corporation (Taiwan) Limited		336,630		147,436
Hanjin Shipping Company Limited †		16,787		78,205
Hyundai Merchant Marine Company Limited †		17,778		127,764
Iino Kaiun Kaisha Limited		15,900		75,543
Kawasaki Kisen Kaisha Limited		149,000		331,835
Kirby Corporation †		30,418		2,145,382
Kuehne & Nagel International AG		5,401		719,649
Malaysian Bulk Carriers Bhd		14,000		2,783
MISC Bhd		242,400		467,486
Mitsui OSK Lines Limited		191,000		538,805
Neptune Orient Lines Limited †		184,000		107,579
Nippon Yusen Kabushiki Kaisha		276,000		726,226
NS United Kaiun Kaisha Limited		2,000		4,273
Orient Overseas International Limited		30,500		151,318
Pacific Basin Shipping Limited		252,000		79,014
Pan Ocean Company Limited - Singapore Exchange †(a)		360		1,514
Pan Ocean Company Limited - South Korea Exchange †		159		668
Sincere Navigation Corporation		128,800		74,423
U-Ming Transport Corporation		113,000		112,007


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			69


Security name	Shares		Value


Marine (continued)
Wan Hai Lines Limited		209,212	$	144,036
Yang Ming Marine Transport †		285,357		91,652

				7,601,977


Professional Services: 0.35%
Adecco SA		17,602		1,382,995
ALS Limited		74,573		279,678
Bureau Veritas SA		23,580		538,600
Capita plc		61,090		1,158,659
CEB Incorporated		63,861		4,573,725
Dun & Bradstreet Corporation		19,395		2,055,288
Experian Group Limited		96,629		1,644,394
Hays plc		95,742		234,625
IHS Incorporated Class A †		35,823		4,156,184
Intertek Group plc		15,050		585,670
Meitec Corporation		4,600		177,383
Michael Page International plc		20,623		160,445
Nihon M&A Center Incorporated		5,400		220,481
Poyry Oyj †		835		3,154
Randstad Holdings NV		9,424		595,910
Recruit Holdings Company Limited		10,100		310,744
SAI Global Limited		32,441		101,581
SEEK Limited		58,955		517,729
SGS SA		519		915,961
Stantec Incorporated		7,070		165,733
Teleperformance SA		6,495		457,418
Temp Holdings Company Limited		8,800		393,418
The Advisory Board Company †		81,008		3,939,419
Verisk Analytics Incorporated Class A †		82,124		6,001,622
WS Atkins plc		8,888		200,215

				30,771,031


Road & Rail: 0.98%
Asciano Group		170,137		1,027,952
Aurizon Holdings Limited		59,294		209,295
Avis Budget Group Incorporated †		54,300		2,396,259
BTS Group Holdings PCL		1,605,700		436,758
Canadian National Railway Company		73,500		4,090,100
Canadian Pacific Railway Limited		14,300		2,077,065
Central Japan Railway Company		32,200		5,281,453
China Auto Rental Incorporated «†		323,000		562,642
ComfortDelGro Corporation Limited		275,000		547,642
Container Corporation of India		13,018		279,072
Cosan Logistica SA		23,400		10,969
CSX Corporation		119,700		3,277,386
DSV AS		17,460		623,707
East Japan Railway Company		61,500		5,684,064
Evergreen International Storage & Transport Corporation		124,000		48,973
Firstgroup plc †		137,119		229,346
Fukuyama Transporting Company Limited «		37,000		203,869


70		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Road & Rail (continued)
Genesee & Wyoming Incorporated Class A †		26,140	$	1,787,453
Go-Ahead Group plc		3,179		123,467
Hankyu Hanshin Holdings Incorporated		210,000		1,261,022
Hertz Global Holdings Incorporated †		237,000		4,367,910
Hitachi Transport System Limited		8,700		147,111
J.B. Hunt Transport Services Incorporated		49,114		3,574,517
Kansas City Southern		54,618		5,065,273
Keikyu Corporation		87,000		699,674
Keio Corporation		94,000		705,572
Keisei Electric Railway Company Limited		56,000		597,715
Kintetsu Corporation		315,000		1,125,046
Korea Express Company Limited †		2,016		303,401
Landstar System Incorporated		84,794		5,613,363
Maruzen Showa Unyu Company Limited		16,000		55,957
MTR Corporation Limited		250,208		1,115,436
Nagoya Railroad Company Limited		144,000		573,696
Nankai Electric Railway Company Limited		100,000		516,353
National Express Group plc		29,635		134,606
Nippon Express Company Limited		157,000		761,463
Nippon Konpo Unyu Soko Company Limited		12,800		226,575
Nishi-Nippon Railroad Company Limited		75,000		380,459
Norfolk Southern Corporation		38,000		2,960,580
Odakyu Electric Railway Company Limited		103,000		941,345
Old Dominion Freight Line Incorporated †		36,313		2,414,451
Ryder System Incorporated		30,136		2,470,248
Sankyu Incorporated		56,000		281,767
SBS Transit Limited		1,684		1,969
SEINO Holdings Company Limited		34,000		377,762
Senko Company Limited		15,000		105,786
SMRT Corporation Limited		98,000		84,731
Sotetsu Holdings Incorporated		88,000		501,571
Stagecoach Group plc		49,321		274,654
Tobu Railway Company Limited		174,000		776,459
Tokyu Corporation		176,000		1,249,936
TransForce Incorporated		6,211		111,794
Transport International Holdings Limited		45,600		121,501
Union Pacific Corporation		159,200		13,649,808
West Japan Railway Company		31,500		2,127,455

				84,574,438


Trading Companies & Distributors: 0.76%
Adani Enterprises Limited		63,989		72,340
Aercap Holdings NV †		9,828		413,169
Applied Industrial Technologies Incorporated		76,600		3,243,244
Ashtead Group plc		48,201		699,334
BayWa AG		313		10,583
Brenntag AG		14,433		802,998
Bunzl plc		31,676		845,273
Daewoo International Corporation		7,912		145,831
Emeco Holdings Limited †		72,033		3,076


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			71


Security name	Shares		Value


Trading Companies & Distributors (continued)
Fastenal Company		138,624	$	5,342,569
Finning International Incorporated		16,500		279,808
GATX Corporation		100,434		4,978,513
Grafton Group plc		18,582		213,570
Hanwa Company Limited		40,000		167,938
iMarketKorea Incorporated		5,870		158,320
Inaba Denki Sangyo Company Limited		4,100		132,738
Inabata & Company Limited		8,900		96,903
Itochu Corporation		263,400		3,162,277
Iwatani International Corporation		36,000		215,581
Japan Pulp & Paper Company Limited		25,000		70,524
Kanamoto Company Limited		6,000		158,865
Kanematsu Corporation		81,000		124,939
Kloeckner & Company «		8,856		80,337
Kuroda Electric Company Limited		5,800		107,547
LG International Corporation		5,460		121,410
Marubeni Corporation		285,900		1,568,695
Misumi Group Incorporated		46,200		536,177
Mitsubishi Corporation		254,000		4,724,461
Mitsubishi Corporation ADR		33		1,224
Mitsui & Company Limited		280,900		3,657,365
MonotaRO Company Limited		5,900		298,808
MRC Global Incorporated †		66,200		859,938
MSC Industrial Direct Company Class A		25,325		1,714,249
Nagase & Company Limited		24,600		297,469
Nichiden Corporation		3,600		83,887
Noble Group Limited «		918,576		354,788
NOW Incorporated «†		249,100		4,249,646
Onoken Company Limited		700		6,103
Paperlinx Limited †		60,182		1,114
Reece Australia Limited		7,414		189,415
Rexel SA		26,522		406,991
Russel Metals Incorporated		4,649		78,131
Samsung Corporation (a)		20,907		1,101,567
Seven Network Limited		22,953		81,019
SIG plc		78,253		225,509
SK Networks Company Limited		31,860		176,978
Sojitz Corporation		240,500		509,824
STX Corporation Company Limited †		116		399
Sumitomo Corporation		198,100		2,103,796
Tat Hong Holdings Limited		7,000		2,356
Toromont Industries Limited		6,843		182,258
Toyota Tsusho Corporation		38,500		887,277
Travis Perkins plc		23,342		733,559
Trusco Nakayama Corporation		3,400		132,091
United Rentals Incorporated †		47,745		3,310,161
W.W. Grainger Incorporated		11,680		2,609,779
Wakita & Company Limited		7,000		64,264
Watsco Incorporated		52,380		6,414,455
Wesco International Incorporated †		84,424		4,725,211


72		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Trading Companies & Distributors (continued)
Wolseley plc		26,144	$	1,687,763
Yamazen Corporation		18,000		141,048
Yuasa Trading Company Limited		3,800		81,495

				65,846,957


Transportation Infrastructure: 0.20%
Abertis Infraestructuras SA		41,989		695,461
Adani Ports & Special Economic Zone		277,615		1,484,442
Aeroports de Paris		3,323		381,654
Airports of Thailand PCL		115,000		885,479
Ansaldo STS SpA		6,620		70,461
Atlantia SpA		40,773		1,091,677
Auckland International Airport Limited		167,179		524,492
BBA Aviation plc		37,408		167,271
Bintulu Port Holdings Bhd		6,400		10,347
CCR SA		296,720		1,217,430
China Merchants Holdings International Company Limited		489,709		1,636,565
China Resources & Transportation Group Limited †		2,600,000		20,129
COSCO Pacific Limited (a)		409,575		539,050
DP World Limited		45,239		1,008,830
Flughafen Zuerich AG		455		362,202
Fraport AG		3,869		233,925
Groupe Eurotunnel SE		53,575		725,338
Henderson Investments Limited		18,000		1,486
Hong Kong Aircraft Engineering Company Limited		10,000		88,645
Hopewell Highway Infrastructure Limited		173,650		83,127
Hutchison Port Holdings Trust		977,000		512,925
International Container Term Services Incorporated		175,300		348,612
Japan Airport Terminal Company Limited		11,500		515,074
Kamigumi Company Limited		48,000		402,260
Macquarie Atlas Roads Limited		53,146		129,349
Malaysia Airports Holdings Berhad		104,804		107,798
Mitsubishi Logistics Corporation		30,000		362,024
Nissin Corporation		18,000		54,786
Port of Tauranga Limited		9,453		103,230
PT Jasa Marga Tbk		395,500		144,970
SIA Engineering Company		42,000		104,178
Singapore Airport Terminal Services Limited		108,666		274,158
Sumitomo Warehouse Company Limited		29,000		147,350
Sydney Airport Holdings Limited		170,285		696,804
TAV Havalimanlari Holding AS		40,981		330,912
Transurban Group		300,336		2,068,946
Westshore Terminals Investment Corporation		8,100		163,096

				17,694,483


Information Technology: 15.25%

Communications Equipment: 1.07%
Alcatel-Lucent SA †		273,639		919,350
ARRIS Group Incorporated †		69,700		1,841,474


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			73


Security name	Shares		Value


Communications Equipment (continued)
Brocade Communications Systems Incorporated		246,836	$	2,628,803
Ciena Corporation †		240,680		5,381,605
Cisco Systems Incorporated		619,950		16,044,306
Comba Telecom Systems Holdings Limited		256		50
CommScope Holdings Incorporated †		69,987		2,264,079
D-Link Corporation		801		231
Denki Kogyo Company Limited		13,000		57,153
EVS Broadcast Equipment SA		552		15,479
F5 Networks Incorporated †		35,638		4,326,810
Finisar Corporation †		234,982		3,625,772
Harris Corporation		69,677		5,352,587
Hitachi Kokusai Electric Incorporated		9,000		112,245
InterDigital Incorporated		68,832		3,405,119
Japan Radio Company Limited		2,000		7,358
Juniper Networks Incorporated		202,152		5,197,328
Motorola Solutions Incorporated		19,900		1,289,918
Nokia Oyj		354,521		2,219,869
Palo Alto Networks Incorporated †		36,299		5,961,022
Plantronics Incorporated		74,700		3,971,052
Polycom Incorporated †		308,390		3,318,276
QUALCOMM Incorporated		298,697		16,900,276
Spirent plc		75,771		90,982
Telefonaktiebolaget LM Ericsson Class B		289,375		2,821,628
Viasat Incorporated †		83,800		4,924,926
VTech Holdings Limited		27,900		322,738
Zinwell Corporation		446		418

				93,000,854


Electronic Equipment, Instruments & Components: 1.43%
AAC Technologies Holdings Incorporated		190,000		1,070,122
Alps Electric Company Limited		28,800		903,897
Amano Corporation		12,600		159,741
Amphenol Corporation Class A		157,468		8,245,024
Anixter International Incorporated †		53,641		3,414,786
Anritsu Corporation		27,600		184,175
Arrow Electronics Incorporated †		57,614		3,221,775
AU Optronics Corporation		3,247,319		1,047,973
Avnet Incorporated		79,038		3,351,211
Azbil Corporation		13,400		340,982
Canon Electronics Incorporated		3,800		67,045
CDW Corporation of Delaware		85,017		3,379,426
Celestica Incorporated †		1,675		20,473
Cheng Uei Precision Industry Company Limited		71,855		99,934
Chroma ATE Incorporated		84,624		139,930
Chunghwa Picture Tubes Limited †		75		2
Citizen Holdings Company Limited		52,300		395,157
CMK Corporation		4,800		9,463
Cognex Corporation		166,300		5,913,628
Corning Incorporated		154,300		2,655,503
Daiwabo Company Limited		29,000		50,951


74		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Electronic Equipment, Instruments & Components (continued)
Delta Electronics Incorporated		580,531	$	2,908,365
Delta Electronics Thailand PCL		22,600		54,853
Electrocomponents plc		44,350		124,881
Enplas Corporation		2,000		71,102
FEI Company		79,300		5,985,564
FIH Mobile Limited		528,000		235,044
Flextronics International Limited †		106,400		1,118,223
Halma plc		39,753		460,557
Hamamatsu Photonics		23,600		584,963
Hannstar Display Corporation		899,226		105,024
Hexagon AB Class B		23,900		770,130
Hioki EE Corporation		900		18,433
Hirose Electric Company Limited		5,300		605,914
Hitachi High Technologies Corporation		12,500		281,375
Hitachi Limited		756,000		4,251,584
Hon Hai Precision Industry Company Limited		3,840,629		10,918,926
Horiba Limited		8,200		289,149
Hosiden Corporation		12,200		65,813
Ibiden Company Limited		22,000		311,214
Ingenico SA		5,435		673,317
Ingram Micro Incorporated Class A		89,673		2,426,551
Innolux Display Corporation		3,328,666		1,176,532
IPG Photonics Corporation †		18,100		1,528,002
Jabil Circuit Incorporated		114,800		2,221,380
Japan Aviation Electronics Industry Limited		13,000		238,050
Japan Display Incorporated «†		62,500		196,932
Keyence Corporation		6,900		3,209,395
Kingboard Chemicals Holdings Limited		140		182
Knowles Corporation «†		49,200		800,976
KOA Corporation		3,700		32,839
Kyocera Corporation		55,500		2,726,131
Kyocera Corporation ADR		60		2,961
Laird Group plc		37,748		220,807
Largan Precision Company Limited		31,244		2,900,076
LG Display Company Limited		36,210		705,678
LG Innotek Company Limited		2,021		157,032
Littelfuse Incorporated		43,051		3,863,827
Mitsumi Electric Company Limited		16,600		94,752
Muramoto Electron (Thailand) PCL		300		1,933
Murata Manufacturing Company Limited		33,100		4,791,562
Nan Ya Printed Circuit Board Corporation		26,197		25,282
Nichicon Corporation		13,600		99,615
Nippon Chemi-Con Corporation		32,000		76,810
Nippon Electric Glass Company Limited		80,000		353,693
Nippon Signal Company Limited		10,900		100,787
Oki Electric Industry Company Limited		138,000		241,316
Omron Corporation		34,004		1,278,989
Optex Company Limited		30		667
Pan-International Industrial		770		266
Premier Farnell plc		32,868		65,869


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			75


Security name	Shares		Value


Electronic Equipment, Instruments & Components (continued)
Ryosan Company Limited		6,500	$	156,609
Samsung Electro-Mechanics Company Limited		8,990		461,376
Samsung SDI Company Limited		8,978		641,421
Shimadzu Corporation		44,000		647,833
Silitech Technology Corporation		381		181
Simplo Technology Company Limited		67,000		222,400
Spectris plc		9,963		278,857
Synnex Technology International Corporation		261,462		278,048
Taiyo Yuden Company Limited		21,700		265,265
TDK Corporation		21,000		1,307,791
TE Connectivity Limited		48,995		2,904,914
Tech Data Corporation †		88,500		5,773,740
Teikoky Tsushin Kogyo Company		2,000		3,431
Topcon Corporation		14,800		235,364
Toyo Corporation		3,700		32,045
TPK Holding Company Limited †		58,033		145,368
Trimble Navigation Limited †		137,118		2,591,530
Tripod Technology Corporation		120,261		168,549
Truly International		250,000		61,613
Unimicron Technology Corporation		312,402		120,982
Venture Corporation Limited		49,000		278,155
Vishay Intertechnology Incorporated		306,554		3,028,754
Vishay Precision Group †		200		2,238
WPG Holdings Company Limited		352,227		332,892
Yageo Corporation		124,325		175,964
Yaskawa Electric Corporation		40,000		458,613
Yokogawa Electric Corporation		36,200		425,795
Young Fast Optoelectronics Company Limited †		13,071		4,078
Zebra Technologies Corporation Class A †		102,700		8,511,776
Zhen Ding Technology Holding		195,750		555,315

				124,115,418


Internet Software & Services: 2.31%
Akamai Technologies Incorporated †		89,048		6,350,013
Alibaba Group Holding Limited ADR †		113,482		7,503,430
Baidu.com Incorporated ADR †		83,050		12,229,113
Bitauto Holdings Limited ADR †		6,624		177,854
Carsales.com Limited		34,942		242,448
CoStar Group Incorporated †		16,500		2,921,160
Daum Communications Corporation «		2,430		277,157
Dena Company Limited		19,400		354,604
eBay Incorporated		205,608		5,574,033
Facebook Incorporated Class A †		381,176		34,088,570
GMO Internet Incorporated		12,000		171,238
Google Incorporated Class A †		51,842		33,584,284
Google Incorporated Class C †		52,076		32,195,987
Gree Incorporated «		21,300		100,496
HC International Incorporated †		66,000		28,359
Internet Initiative Japan Incorporated		6,600		116,882
J2 Global Incorporated		87,406		6,081,709


76		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares			Value


Internet Software & Services (continued)
Just Eat plc †		40,457	��	$	244,662
Kakaku.com Incorporated		27,500			437,332
LinkedIn Corporation Class A †		20,328			3,671,237
Mixi Incorporated «		5,800			199,497
Naver Corporation		4,844			2,029,340
NetEase Incorporated ADR		20,606			2,290,975
Pandora Media Incorporated †		96,788			1,736,377
Qihoo 360 Technology Company Limited ADR «†		29,623			1,566,168
Rackspace Hosting Incorporated †		60,904			1,852,091
SINA Corporation †		18,709			724,974
Telecity Group plc		21,802			363,658
Tencent Holdings Limited		1,595,288			27,130,013
Twitter Incorporated †		98,400			2,734,536
United Internet AG		13,768			669,670
VeriSign Incorporated «†		53,600			3,695,184
Yahoo Japan Corporation		206,000			834,297
Yahoo! Incorporated †		154,800			4,990,752
Yandex NV Class A †		58,587			714,761
Yelp Incorporated «†		31,800			772,104
Zillow Group Incorporated Class A «		21,505			545,797
Zillow Group Incorporated Class C «†		43,010			1,060,627

					200,261,389


IT Services: 2.77%
Alliance Data Systems Corporation †		31,128			8,005,810
Amadeus IT Holding SA Class A		39,511			1,654,224
Amdocs Limited		92,070			5,267,325
Atos Origin SA		9,417			715,723
Broadridge Financial Solutions Incorporated		69,213			3,653,754
CACI International Incorporated Class A †		55,359			4,341,253
Cap Gemini SA		14,926			1,341,947
CGI Group Incorporated Class A †		24,400			901,368
Cielo SA		256,046			2,707,558
Cognizant Technology Solutions Corporation Class A †		111,674			7,028,762
Computer Sciences Corporation		76,596			4,748,186
Computershare Limited		80,644			568,164
Convergys Corporation		238,377			5,387,320
Corelogic Incorporated †		215,216			8,167,447
DH Corporation		7,953			258,007
Digital Garage Incorporated		7,000			99,369
DST Systems Incorporated		16,300			1,669,446
DTS Corporation		4,200			95,166
Euronet Worldwide Incorporated †		94,080			6,065,338
Fidelity National Information Services Incorporated		165,000			11,394,900
Fiserv Incorporated †		118,728			10,123,937
FleetCor Technologies Incorporated †		37,417			5,581,120
Fujitsu Limited		305,000			1,514,748
Gartner Incorporated †		44,200			3,779,542
Genpact Limited †		82,000			1,886,000
HCL Technologies Limited		170,968			2,497,457


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			77


Security name	Shares		Value


IT Services (continued)
Henry Jack & Associates Incorporated		44,000	$	2,990,240
Indra Sistemas SA †		6,012		71,377
Infosys Limited ADR		11,028		189,130
Infosys Technologies Limited		571,285		9,405,255
International Business Machines Corporation		166,846		24,674,855
Iress Market Technology Limited		16,055		108,086
IT Holdings Corporation		15,406		361,276
Itochu Techno-Science Corporation		10,200		224,638
Leidos Holdings Incorporated		35,893		1,510,377
MasterCard Incorporated Class A		176,300		16,284,831
MAXIMUS Incorporated		125,770		7,615,374
NEC Networks & System Integration Corporation		5,800		105,872
Net One Systems Company Limited		17,400		105,633
NeuStar Incorporated Class A «†		28,100		785,395
Nihon Unisys Limited		9,400		99,788
Nomura Research Institute Limited		18,300		743,412
NS Solutions Corporation		2,600		100,689
NTT Data Corporation		20,900		1,006,772
OBIC Company Limited		10,600		473,015
Otsuka Corporation		8,700		459,273
Paychex Incorporated		38,800		1,732,808
PayPal Holdings Incorporated †		205,608		7,196,280
Science Applications International Corporation		90,581		4,417,635
Sumisho Computer Systems		9,400		339,993
Tata Consultancy Services Limited		143,879		5,549,649
Tech Mahindra Limited		123,108		953,751
Teradata Corporation †		74,001		2,163,049
TietoEnator Oyj		8,394		215,609
TKC AS		2,200		56,073
Total System Services Incorporated		97,850		4,484,466
Transcosmos Incorporated		4,400		100,968
Visa Incorporated Class A		351,744		25,079,347
Western Union Company		292,548		5,394,585
WEX Incorporated †		73,764		6,972,911
Wipro Limited		178,082		1,531,813
Wipro Limited ADR		13,142		153,893
Wirecard AG		9,255		385,458
Xerox Corporation		604,384		6,146,585

				239,644,032




Semiconductors & Semiconductor Equipment: 2.74%
Advanced Micro Devices Incorporated «†		1,416,886		2,564,564
Advanced Semiconductor Engineering Incorporated		2,046,821		2,113,757
Advantest Corporation «		33,400		268,611
Aixtron AG «†		8,010		51,234
Altera Corporation		156,500		7,598,075
Analog Devices Incorporated		182,800		10,211,208
Applied Materials Incorporated		147,259		2,368,661


78		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Semiconductors & Semiconductor Equipment (continued)
ARM Holdings plc		132,795	$	1,902,230
ASM International NV		4,894		184,607
ASM Pacific Technology		46,000		356,424
ASML Holdings NV		43,275		3,966,468
Atmel Corporation		239,800		1,959,166
Avago Technologies Limited		133,370		16,800,619
Cavium Incorporated †		105,557		7,179,987
Chipbond Technology Corporation		155,000		225,811
Cree Incorporated «†		54,663		1,487,927
Cypress Semiconductor Corporation		792,486		7,924,860
Disco Corporation		5,400		408,001
Elan Microelectronics Corporation		82,000		82,035
Epistar Corporation		213,210		172,345
Everlight Electronics Company Limited		83,210		99,997
Fairchild Semiconductor International Incorporated †		264,682		3,599,675
Faraday Technology Corporation		527		458
First Solar Incorporated †		46,000		2,200,640
Formosa Sumco Technology Corporation		12,600		12,257
GCL-Poly Energy Holdings Limited «†		4,156,000		664,956
Gintech Energy Corporation †		8		3
Global PVQ SE †		3,594		40
Global Unichip Corporation		4,386		7,751
Hanergy Thin Film Power Group Limited †(a)		5,441,305		1,524,283
Hermes Microvision Incorporated		21,000		890,706
Himax Technologies Incorporated «		29,262		202,493
Infineon Technologies AG		102,520		1,122,128
Inotera Memories Incorporated †		415,888		250,535
Intel Corporation		578,302		16,504,739
King Yuan Electronics Company Limited		341,063		219,087
Kinsus Interconnect Technology Corporation		53,582		95,517
KLA-Tencor Corporation		95,170		4,768,969
Lam Research Corporation		81,500		5,930,755
Linear Technology Corporation		138,600		5,582,808
Macronix International †		849,267		118,766
Marvell Technology Group Limited		257,700		2,904,279
Maxim Integrated Products Incorporated		164,800		5,548,816
Media Tek Incorporated		467,531		3,606,783
Megachips Corporation		3,200		33,522
Microchip Technology Incorporated		117,700		5,002,250
Microsemi Corporation †		217,800		6,917,328
Mimasu Semiconductor Industry Company Limited		600		5,845
Nanya Technology Corporation		180,688		222,972
Novatek Microelectronics Corporation Limited		119,790		401,313
NVIDIA Corporation		300,700		6,759,736
NXP Semiconductors NV †		24,738		2,094,072
ON Semiconductor Corporation †		257,100		2,456,591
Phison Electronics Corporation		34,000		236,692
Powertech Technology Incorporated		181,914		313,105
PV Crystalox Solar plc †		3,180		439
Qorvo Incorporated †		352,091		19,544,571


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			79


Security name	Shares		Value


Semiconductors & Semiconductor Equipment (continued)
Radiant Opto-Electronics Corporation		114,735	$	334,303
Realtek Semiconductor Corporation		99,440		178,488
Renesas Electronics Corporation «†		33,400		191,471
Richtek Technology Corporation		29,166		151,047
Rohm Company Limited		15,800		858,844
Sanken Electric Company Limited		24,000		92,251
SCREEN Holdings Company Limited		45,000		216,027
Semtech Corporation †		136,300		2,310,285
Seoul Semiconductor Company Limited «†		9,698		116,023
Shindengen Electric Manufacturing Company Limited		9,000		34,446
Shinkawa Limited †		2,200		13,066
Shinko Electric Industries		12,800		81,930
Silicon Laboratories Incorporated †		78,965		3,433,398
Silicon Motion Technology Corporation		12,675		320,678
Siliconware Precision Industries Company		1,065,471		1,309,898
Sino-American Silicon Products Incorporated		122,000		111,741
SK Hynix Incorporated		91,427		2,767,353
Skyworks Solutions Incorporated		97,300		8,499,155
Solarworld AG †		26		429
STMicroelectronics NV		66,138		480,183
Sumco Corporation		21,800		200,855
SunEdison Incorporated †		162,559		1,690,614
Synaptics Incorporated †		70,100		4,913,309
Taiwan Semiconductor Manufacturing Company Limited		5,583,298		22,136,877
Teradyne Incorporated		510,535		9,210,051
Texas Instruments Incorporated		128,267		6,136,293
Tokyo Electron Limited		29,400		1,546,692
Tokyo Seimitsu Company Limited		7,800		149,972
Tower Semiconductor Limited †		470		5,743
Transcend Information Incorporated		68,130		183,643
ULVAC Incorporated		9,400		149,876
United Microelectronics Corporation		4,087,301		1,350,458
Vanguard International Semiconductor Corporation		191,000		217,206
VIA Technologies Incorporated †		485		79
Windbond Electronics Corporation †		630,000		130,314
Xinyi Solar Holdings Limited		149		50

				237,194,515


Software: 2.65%
ACI Worldwide Incorporated †		227,200		4,846,176
Activision Blizzard Incorporated		60,389		1,728,937
Ansys Incorporated †		47,545		4,212,487
Aspen Technology Incorporated †		168,380		6,376,551
Asseco Poland SA		17,110		237,395
Autodesk Incorporated †		112,898		5,277,982
AVEVA Group plc		4,997		166,010
CA Incorporated		178,900		4,882,181
Capcom Company Limited		7,500		176,310
Check Point Software Technologies Limited †		13,229		1,031,994
Citrix Systems Incorporated †		82,300		5,605,453


80		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Software (continued)
Colopl Incorporated «		5,900	$	106,529
CommVault Systems Incorporated †		81,100		2,906,624
Constellation Software Incorporated		1,591		679,900
Dassault Systemes SA		12,679		880,555
FactSet Research Systems Incorporated		19,441		3,070,123
Fair Isaac Corporation		59,300		5,074,301
Fidessa Group plc		2,334		67,261
Financial Technologies Limited		3,146		5,608
Fortinet Incorporated †		72,600		3,059,364
Fuji Soft Incorporated		4,700		78,815
Gemalto NV «		6,728		484,699
Guidewire Software Incorporated †		133,909		7,486,852
GungHo Online Entertainment Incorporated «		66,800		201,114
IGG Incorporated		195,000		73,722
Intuit Incorporated		50,242		4,308,252
Koei Techmo Holdings Company Limited		8,000		144,711
Konami Corporation		20,000		439,477
Manhattan Associates Incorporated †		146,520		8,568,490
Micro Focus International plc		13,826		276,869
Microsoft Corporation		979,473		42,626,665
NCsoft Corporation		2,292		423,422
NetSuite Incorporated †		18,800		1,670,380
Nexon Company Limited		26,600		370,801
NHN Entertainment Corporation †		4,635		222,982
Nice Systems Limited		6,731		421,422
Nintendo Company Limited		17,900		3,692,655
Nippon System Development Company Limited		8,000		99,575
Open Text Corporation		11,200		507,984
Oracle Corporation (Japan)		5,800		242,554
Oracle Financials Services		4,122		257,065
Playtech plc		18,069		237,758
PTC Incorporated †		219,471		7,268,880
Qlik Technologies Incorporated †		177,700		6,727,722
Red Hat Incorporated †		91,311		6,593,567
Rovi Corporation †		211,089		2,336,755
Salesforce.com Incorporated †		112,868		7,828,524
SAP AG		84,470		5,686,336
ServiceNow Incorporated †		69,251		4,914,051
Software AG		6,805		188,310
SolarWinds Incorporated †		126,800		5,040,300
Solera Holdings Incorporated		35,360		1,703,291
Splunk Incorporated †		63,321		3,924,002
Square Enix Company Limited		12,400		323,718
SS&C Technologies Holdings		148,100		10,032,294
Symantec Corporation		82,300		1,686,327
Tableau Software Incorporated Class A †		20,500		1,930,485
Take-Two Interactive Software Incorporated †		193,640		5,640,733
Temenos Group AG		5,073		180,007
The Sage Group plc		119,600		946,078
TiVo Incorporated †		233,067		2,120,910


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			81


Security name	Shares		Value


Software (continued)
Trend Micro Incorporated		17,600	$	626,420
Tyler Technologies Incorporated †		66,824		9,224,385
Ubisoft Entertainment SA †		8,390		157,181
Ultimate Software Group Incorporated †		56,585		9,969,711
V1 Group Limited †		1,400		94
Verint Systems Incorporated †		117,080		6,243,876
VMware Incorporated Class A †		16,511		1,306,846
Workday Incorporated Class A †		49,200		3,456,792
Xero Limited «†		14,012		123,443

				229,409,043


Technology Hardware, Storage & Peripherals: 2.28%
3D Systems Corporation «†		58,900		808,697
Acer Incorporated †		679,311		250,545
Advantech Company Limited		130,836		832,403
Apple Incorporated		1,057,843		119,282,377
Asustek Computer Incorporated		229,601		2,088,821
Blackberry Limited †		42,015		318,721
Brother Industries Limited		44,000		601,377
Canon Incorporated		177,300		5,421,298
Canon Incorporated ADR		7		213
Catcher Technology Company Limited		222,614		2,271,571
Chicony Electronics Company Limited		116,539		289,413
Clevo Company		125,978		116,159
Compal Electronic Incorporated		1,550,754		905,592
Diebold Incorporated		148,336		4,616,216
Eizo Nanao Corporation		3,500		79,911
Electronics For Imaging Incorporated †		90,700		3,969,939
Foxconn Technology Company Limited		274,505		771,982
FUJIFILM Holdings Corporation		76,600		3,152,204
Gigabyte Technology Company Limited		100,000		84,675
Hewlett-Packard Company		214,104		6,007,758
HTC Corporation		165,691		234,512
Inventec Company Limited		871,583		399,145
Jess Link Products Company Limited		143		123
Konica Minolta Holdings Incorporated		83,000		911,915
Lenovo Group Limited		2,090,000		1,715,137
Lexmark International Incorporated Class A		137,700		4,128,246
Lite-On Technology Corporation		533,177		488,341
Logitech International SA		18,355		243,999
Micro-Star International Company Limited		218		169
Mitac Holdings Corporation		183,065		113,656
NEC Corporation		431,149		1,362,066
Neopost SA		3,201		110,544
NetApp Incorporated		161,026		5,146,391
Pegatron Corporation		620,150		1,604,888
Qisda Corporation		171,392		51,097
Quanta Computer Incorporated		913,766		1,679,469
Ricoh Company Limited		121,965		1,192,638
Riso Kagaku Corporation		7,400		144,600


82		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Technology Hardware, Storage & Peripherals (continued)
Ritek Corporation †		159	$	14
Samsung Electronics Company Limited		19,400		17,862,270
SanDisk Corporation		37,200		2,029,632
Seagate Technology plc «		40,007		2,056,360
Seiko Epson Corporation		50,400		817,724
Stratasys Limited «†		3,967		121,628
Toshiba TEC Corporation		25,000		93,001
Wacom Company Limited «		32,000		115,610
Western Digital Corporation		26,600		2,180,136
Wincor Nixdorf AG		2,644		112,745
Wistron Corporation		549,400		271,863

				197,057,791


Materials: 4.80%

Chemicals: 2.42%
Adeka Corporation		19,600		246,708
Agrium Incorporated		14,300		1,484,891
Air Liquide SA		32,542		3,901,844
Air Water Incorporated		30,000		479,812
Airgas Incorporated		35,805		3,455,899
Akzo Nobel NV		24,499		1,658,841
Alent plc		22,841		167,186
Alexandria Mineral Oils Company		1,424		6,302
Arkema SA		6,977		492,538
Asahi Kasei Corporation		211,000		1,685,424
Asahi Organic Chemicals Industry Company Limited		3,000		5,939
Asian Paints Limited		98,719		1,260,217
Axiall Corporation		40,000		1,010,400
BASF SE		83,164		6,702,424
Batu Kawan Bhd		35,500		145,888
Cabot Corporation		144,207		4,884,291
Castrol India Limited		27,072		175,240
Celanese Corporation Series A		86,600		5,251,424
China Petrochemical Development Corporation †		458,261		112,819
China Steel Chemical Corporation		35,000		107,573
Christian Hansen Holding AS		8,826		444,395
Chugoku Marine Paints Limited		12,000		81,165
Ciech SA †		645		12,377
Clariant AG		25,999		469,335
Croda International plc		12,671		562,310
Cytec Industries Incorporated		141,310		10,485,202
Daicel Chemical Industries Limited		64,000		845,696
Dainichiseika Color & Chemicals Manufacturing Company Limited		15,000		71,390
Dainippon Ink & Chemicals Incorporated		166,000		401,188
Daiso Company Limited		20,000		69,617
DC Chemical Company Limited		2,946		203,499
Denki Kagaku Kogyo Kabushiki Kaisha		92,000		392,329
DuluxGroup Limited		61,858		247,840
E.I. du Pont de Nemours & Company		109,999		5,664,949


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			83


Security name	Shares		Value


Chemicals (continued)
Ecolab Incorporated		47,638	$	5,199,211
EMS-Chemie Holdings AG		754		340,086
Essentra plc		22,982		300,642
Eternal Chemical Company Limited		145,041		129,724
Evonik Industries AG		10,659		394,993
FMC Corporation		70,226		2,971,262
Formosa Chemicals & Fibre Corporation		1,130,495		2,418,320
Formosa Plastics Corporation		1,521,709		3,353,410
Frutarom Industries Limited		1,818		69,026
Fufeng Group Limited		200		89
Fujimori Kogyo Company Limited		3,100		85,916
Givaudan SA		948		1,632,876
Hanwha Chem Corporation		19,613		300,973
Hanwha Corporation (Korea)		11,460		408,403
Hexpol AB		40,678		406,964
Hitachi Chemical Company Limited		19,400		298,597
Huntsman Corporation		123,800		2,046,414
Hyosung Corporation		5,120		554,099
Incitec Pivot Limited		260,881		651,652
Indorama Ventures PCL		398,233		242,195
International Flavors & Fragrances Incorporated		42,600		4,666,830
Ishihara Sangyo Kaisha Limited †		110,000		99,806
Israel Chemicals Limited		39,013		219,702
Johnson Matthey plc		19,624		814,558
JSR Corporation		32,000		503,617
K&S AG		16,172		604,944
Kaneka Corporation		60,000		486,493
Kansai Paint Company Limited		44,000		687,392
Kemira Oyj		9,572		113,964
Kolon Industries Incorporated		3,691		172,886
Koninklijke DSM NV		19,457		1,024,218
Korea Kumho Petrochemical Company		2,618		121,299
Kuraray Company Limited		57,100		675,865
Kureha Corporation		28,000		98,849
LANXESS AG		8,492		431,677
LG Chem Limited		7,139		1,412,408
Linde AG		17,717		3,079,589
Lintec Corporation		9,300		214,636
Lotte Chemical Corporation		3,390		707,952
LyondellBasell Industries NV Class A		49,300		4,209,234
Methanex Corporation «		12,000		491,092
Mexichem SAB de CV		342,879		877,527
Minerals Technologies Incorporated		66,284		3,565,416
Mitsubishi Chemical Holdings Corporation		247,000		1,407,208
Mitsubishi Gas Chemical Company Incorporated		85,000		415,062
Mitsui Chemicals Incorporated		162,000		549,198
Monsanto Company		89,208		8,711,161
Nan Ya Plastics Corporation		1,624,125		2,960,125
NewMarket Corporation		5,778		2,214,361
Nihon Nohyaku Company Limited		10,000		78,113


84		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Chemicals (continued)
Nihon Parkerizing Company Limited		19,000	$	161,892
Nippon Chemical Industrial Company Limited		4,000		10,459
Nippon Kayaku Company Limited		35,000		358,849
Nippon Paint Company Limited		37,000		761,760
Nippon Shokubai Company Limited		32,000		494,115
Nippon Soda Company Limited		28,000		160,746
Nippon Synthetic Chemical Industry Company Limited		7,000		50,464
Nippon Valqua Industries Limited		4,000		10,393
Nissan Chemical Industries Limited		26,100		601,505
Nitto Denko Corporation		27,300		1,840,191
NOF Corporation		39,000		290,807
Novozymes AS Class B		23,343		1,017,057
Nufarm Limited		41,407		210,691
Nuplex Industries Limited		34,891		86,244
OCI Materials Company Limited		682		63,255
Okamoto Industries Incorporated		14,000		125,987
Olin Corporation «		176,648		3,525,894
Orica Limited «		58,314		658,177
Oriental Union Chemical Corporation		186,626		144,547
Petkim Petrokimya Holding SA †		82,074		111,113
Petronas Chemicals Group Bhd		416,600		602,086
PolyOne Corporation		170,200		5,526,394
Potash Corporation of Saskatchewan		82,800		2,156,224
PPG Industries Incorporated		49,400		4,707,326
Praxair Incorporated		53,602		5,668,412
PTT Global Chemical PCL		356,623		567,095
RPM International Incorporated		77,818		3,412,319
Sakai Chemical Industry Company Limited		33,000		95,814
Samsung Fine Chemicals Company		4,271		128,374
Sanyo Chemical Industries Limited		13,000		97,257
Scotts Miracle-Gro Company Class A		85,392		5,310,528
Sensient Technologies Corporation		108,386		7,061,348
Shikoku Chemicals Corporation		9,000		75,201
Shin-Etsu Chemical Company Limited		62,800		3,456,629
Showa Denko KK		267,000		306,124
Sidi Kerir Petrochemcials Company		9,866		16,393
Sigma-Aldrich Corporation		61,929		8,633,522
Sika AG		92		304,652
SK Chemicals Company Limited		3,812		220,775
SKC Company Limited		4,380		142,019
Solvay SA		6,042		711,226
Stella Chemifa Corporation		600		5,761
Sumitomo Bakelite Company Limited		36,000		138,970
Sumitomo Chemical Company Limited		269,000		1,340,174
Symrise AG		9,598		579,340
Syngenta AG		8,855		3,068,768
Synthos SA		150,781		157,731
T. Hasegawa Company Limited		4,600		69,360
Taekwang Industrial Company Limited		176		176,930
Taiwan Fertilizer Company Limited		147,000		185,919


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			85


Security name	Shares			Value


Chemicals (continued)
Taiyo Holdings Company Limited		3,100		$	111,102
Taiyo Nippon Sanso Corporation		36,000			441,259
Takasago International Corporation		13,000			74,096
Teijin Limited		177,000			563,550
Tenma Corporation		1,000			16,670
Tessenderlo Chemie NV Strip VVP †(a)		124			0
The Chemours Company		21,999			212,730
The Dow Chemical Company		134,644			5,892,021
The Israel Corporation Limited		200			60,596
The Mosaic Company		38,900			1,588,287
The Sherwin-Williams Company		14,500			3,709,245
The Valspar Corporation		40,300			2,953,990
Toagosei Company Limited		25,500			187,409
Tokai Carbon Company Limited		40,000			97,992
Tokuyama Corporation «†		66,000			111,601
Tokyo Ohka Kogyo Company Limited		9,000			253,516
Toray Industries Incorporated		258,000			2,281,321
Tosoh Corporation		95,000			449,004
Toyo Ink Manufacturing Company Limited		45,000			171,114
Toyobo Company Limited		171,000			245,424
TSRC Corporation		179,371			112,465
UBE Industries Limited Japan		191,000			330,845
Umicore SA		12,219			488,886
Uralkali Sponsored GDR †		67,000			1,024,283
USI Corporation		140,300			55,195
Victrex plc		9,279			255,726
W.R. Grace & Company †		35,435			3,505,939
Wacker Chemie AG		1,172			101,162
Westlake Chemical Corporation		18,200	��		1,005,186
Yara International ASA		16,864			752,859
Yushiro Chemical Industry Company Limited		600			7,052
Zeon Corporation		32,000			266,062

					209,540,390


Construction Materials: 0.47%
Adelaide Brighton Limited		81,546			261,725
Ambuja Cements Limited		238,447			743,230
Anhui Conch Cement Company Limited H Shares		341,000			1,031,793
Asia Cement Corporation		875,058			939,983
Associated Cement Companies Limited		9,386			188,475
Boral Limited		121,372			487,152
Brickworks Limited		11,048			117,070
Buzzi Unicem SpA		3,462			59,011
Cemex SAB de CV †		4,016,903			3,147,118
China National Building Material Company Limited H Shares		786,000			458,413
China Resources Cement Holdings Limited		336,369			165,362
CRH plc		73,433			2,199,333
CSR Limited		85,052			188,240
Eagle Materials Incorporated		95,900			7,847,497
Fletcher Building Limited - Australia Exchange		8,657			39,860


86		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Construction Materials (continued)
Fletcher Building Limited - New Zealand Exchange		120,402	$	549,438
Goldsun Development & Construction Company Limited		424,675		110,946
Grasim Industries Limited		1,616		83,785
Heidelbergcement AG		13,467		1,017,944
Holcim Limited		21,927		1,395,035
Imerys SA		3,080		212,454
Italcementi SpA		2,260		25,285
Italmobiliare SpA		261		7,533
James Hardie Industries NV		75,959		949,768
Lafarge Malayan Cement Bhd		55,470		122,826
LafargeHolcim Limited		16,047		1,019,925
Martin Marietta Materials Incorporated		31,617		5,305,333
PT Indocement Tunggal Prakarsa Tbk		408,500		570,592
PT Semen Gresik Persero Tbk		663,500		436,824
RHI AG «		2,303		48,146
SA Des Ciments Vicat		887		59,621
Shree Cement Limited		2,671		433,134
Siam City Cement PCL		10,000		95,132
Suez Cement Company		4,510		18,426
Sumitomo Osaka Cement Company Limited		74,000		287,491
Taiheiyo Cement Corporation		196,000		664,462
Taiwan Cement Corporation		832,746		891,972
TCC International Holdings Limited		121,000		22,951
The Siam Cement PCL - Bangkok Exchange		49,400		656,002
The Siam Cement PCL - Non-voting		18,000		241,038
Titan Cement Company SA		5,264		110,579
Ultra Tech Cement Limited		22,119		961,557
Ultratech Cement Limited GDR		1,352		58,774
Vulcan Materials Company		69,300		6,487,866

				40,719,101


Containers & Packaging: 0.41%
Amcor Limited		200,297		1,955,668
AptarGroup Incorporated		119,482		8,048,308
Avery Dennison Corporation		54,000		3,136,320
Bemis Company Incorporated		57,614		2,443,986
Cascades Incorporated		2,512		16,383
CCL Industries Incorporated Class B		1,924		251,542
China Optoelectronics Holding †		192,025		10,778
DS Smith plc		99,241		601,070
FP Corporation		6,600		229,191
Fuji Seal International Incorporated		4,300		147,016
Greif Incorporated Class A		81,920		2,398,618
Huhtamaki Oyj		10,786		351,123
La Seda De Barcelona SA †(a)		482		0
Mayr-Melnhof Karton AG		610		71,771
Nampak Limited		117,445		273,327
Nihon Yamamura Glass Company Limited		9,000		13,511
Orora Limited		243,074		396,133
Owens-Illinois Incorporated †		91,100		1,899,435


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			87


Security name	Shares		Value


Containers & Packaging (continued)
Rengo Company Limited		50,000	$	200,850
Rexam plc		67,076		554,268
RPC Group plc		23,684		238,592
Smurfit Kappa Group plc		16,584		490,646
Sonoco Products Company		57,039		2,242,773
Toyo Seikan Kaisha Limited		32,700		537,021
WestRock Company		148,352		8,804,691

				35,313,021


Metals & Mining: 1.26%
Acerinox SA		8,018		92,628
African Minerals Limited «†(a)		22,055		0
African Rainbow Minerals Limited		22,497		120,526
Agnico-Eagle Mines Limited		19,266		471,838
Aichi Steel Corporation		18,000		70,227
Alacer Gold Corporation †		17,005		37,097
Alamos Gold Incorporated Class A		24,549		101,137
Alcoa Incorporated		163,400		1,544,130
Alkane Resources Limited †		26,657		5,217
Allegheny Technologies Incorporated		57,000		1,100,670
Alumina Limited		454,301		423,527
Anglo American Platinum Limited †		11,072		267,353
Anglo American plc		133,132		1,513,797
Anglogold Ashanti Limited †		103,958		837,221
Antofagasta plc		33,519		313,239
ArcelorMittal		92,503		720,284
Arrium Limited		448,166		35,083
Asahi Holdings Incorporated		8,000		118,778
Assore Limited «		7,325		47,441
Atlas Iron Limited		169,597		3,138
AuRico Metals Incorporated †		10,794		6,153
B2Gold Corporation †		55,517		64,986
Barrick Gold Corporation - Toronto Exchange		107,200		745,576
Beadell Resources Limited		130,759		13,028
Bekaert SA		3,186		92,490
BHP Billiton Limited		525,142		9,410,203
BHP Billiton plc		191,237		3,321,890
BlueScope Steel Limited		113,681		348,684
Boliden AB		25,134		415,337
Carpenter Technology Corporation		96,200		3,751,800
Centerra Gold Incorporated		13,776		69,634
China Daye Non-Ferrous Metal Mining Limited †		660,000		12,604
China Metal Recycling Holdings Limited †(a)		68,664		0
China Rare Earth Holdings Limited †		60		5
China Steel Corporation		3,181,348		1,906,697
Chubu Steel Plate Company Limited		2,600		10,744
Chung Hung Steel Corporation †		954		122
Cia Siderurgica Nacional SA		168,978		163,077
Cia Vale do Rio Doce		403,946		1,995,978
Cliffs Natural Resources Incorporated «		98,816		392,300


88		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Metals & Mining (continued)
Commercial Metals Company		266,605	$	4,185,699
Compania de Minas Buenaventura SA ADR		54,841		346,595
Compass Minerals International Incorporated		64,209		5,200,929
Daido Steel Company Limited		74,000		274,673
Delong Holdings Limited †		7,000		595
Detour Gold Corporation †		15,148		153,023
Dominion Diamond Corporation		10,250		121,853
Dongkuk Steel Mill Company Limited †		6,732		33,866
Dowa Mining Company Limited		49,000		427,212
Eastern Platinum Limited †		3,200		2,603
El Ezz Aldekhela Steel Alexandria		164		8,266
El Ezz Steel Company †		15,612		18,363
Eldorado Gold Corporation		67,207		200,763
Eramet «†		866		49,075
Eregli Demir Ve Celik Fabrikalari Tas		657,512		894,666
Feng Hsin Iron & Steel Company		115,690		122,674
First Majestic Silver Corporation †		10,800		37,270
First Quantum Minerals Limited		56,722		295,768
Fortescue Metals Group Limited «		312,131		424,265
Franco-Nevada Corporation «		13,507		585,208
Freeport-McMoRan Incorporated		135,100		1,437,464
Fresnillo plc		15,690		149,393
G J Steel PCL †		541,830		3,477
G-Resources Group Limited		6,447,000		171,364
Gerdau SA		32,565		40,048
Gindalbie Metals Limited †		94,123		1,742
Glencore International plc		1,001,463		2,278,993
Gold Fields Limited		165,151		530,445
Goldcorp Incorporated		77,180		1,070,641
Golden Star Resources Limited †		13,559		2,422
Grupo Mexico SAB de CV		1,202,456		3,050,087
Hindalco Industries Limited		159,435		191,994
Hindalco Industries Limited GDR 144A		47,917		57,702
Hindustan Zinc Limited		43,032		82,309
Hitachi Metals Limited		32,000		405,955
Hudbay Minerals Incorporated		14,987		75,072
Hyundai Steel Company		13,240		592,176
IAMGOLD Corporation †		35,249		59,213
Iluka Resources Limited		79,595		420,863
Impala Platinum Holdings Limited †		122,990		459,306
Independence Group NL		42,669		100,509
Industrias Penoles SAB de CV		28,068		400,245
JFE Holdings Incorporated		94,592		1,468,796
Jiangxi Copper Company Limited H Shares		314,000		396,650
Jindal Steel & Power Limited †		77,705		78,962
JSW Steel Limited		25,023		346,332
KGHM Polska Miedz SA		48,720		1,013,250
Kinross Gold Corporation †		113,307		202,395
Kobe Steel Limited		556,000		747,540
Korea Zinc Company Limited		2,063		894,795


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			89


Security name	Shares		Value


Metals & Mining (continued)
Koza Altin Isletmeleri AS		13,742	$	115,213
Kumba Iron Ore Limited		16,043		109,299
Kurimoto Limited		22,000		37,019
Kyoei Steel Limited		5,200		90,716
Labrador Iron Ore Royalty Company		2,785		30,843
Lonmin plc «†		70,122		37,768
Lundin Mining Corporation †		45,155		153,423
Lynas Corporation Limited «†		320,009		8,426
Major Drilling Group International		4,509		13,846
Maruichi Steel Tube Limited		15,900		405,254
Medusa Mining Limited †		33,903		11,702
Mercator Minerals Limited †(a)		33,385		0
Midas Holdings Limited		65,000		11,977
Mincor Resources NL		16,028		3,365
Mineral Deposit Limited †		6,406		2,963
Mining & Metallurgical Company Norilsk Nickell		187,999		2,976,964
Mitsubishi Materials Corporation		213,000		685,198
Mitsubishi Steel Manufacturing Company Limited		27,000		52,336
Mitsui Mining & Smelting Company Limited		112,000		230,033
Mongolian Mining Corporation †		408,750		10,285
Mytilineos Holdings SA †		1,209		6,159
Nakayama Steel Works Limited †		14,000		9,354
Neturen Company Limited		6,900		48,662
Nevsun Resources Limited		18,400		55,245
New Gold Incorporated †		45,386		104,530
Newcrest Mining Limited †		120,892		963,567
Newmont Mining Corporation		313,564		5,352,537
Nippon Denko Company Limited		10,000		20,209
Nippon Light Metal Holdings Company Limited		103,200		159,182
Nippon Steel Corporation		1,486,000		3,060,619
Nisshin Steel Holdings Company Limited		17,264		162,622
Nittetsu Mining Company Limited		12,000		56,320
NMDC Limited		207,319		314,994
Norddeutsche Affinerie AG		3,804		252,705
Norsk Hydro ASA		97,893		339,158
Northern Dynasty Minerals †		2,200		1,003
NovaCopper Incorporated †		2,136		1,169
NovaGold Resources Incorporated †		12,820		47,943
Novolipet Steel GDR Register Shares		18,613		221,495
Nucor Corporation		38,100		1,649,349
Nyrstar Strip VVPR †(a)		3,073		0
Om Holdings Limited †		28,126		4,003
OSAKA Titanium Technologies Company		3,700		96,746
Osisko Gold Royalties Limited		3,915		45,441
Outokumpu Oyj †		8,348		35,953
OZ Minerals Limited		56,980		152,467
Pacific Metals Company Limited †		27,000		71,267
Pan American Silver Corporation		16,145		112,043
Petropavlovsk plc †		9,120		830
Philex Mining Corporation		24		3


90		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Metals & Mining (continued)
Pilot Gold Incorporated †		4,936	$	1,576
Polyus Gold International Limited		110,465		322,066
POSCO		12,853		2,064,739
PT Aneka Tambang Tbk †		74		3
PT International Nickel Indonesia Tbk		380,928		41,889
Randgold Resources Limited		8,688		527,803
Real Gold Mining Limited †(a)		41,000		0
Regis Resources Limited †		88,984		92,139
Reliance Steel & Aluminum Company		42,000		2,441,040
Resolute Mining Limited †		139,174		26,246
Rio Tinto Limited		71,120		2,545,305
Rio Tinto plc		117,359		4,300,487
Royal Gold Incorporated		33,285		1,601,674
Salzgitter AG		2,771		86,366
Sandfire Resources NL		24,651		106,310
Sanyo Special Steel Company Limited		26,000		103,798
Semafo Incorporated †		21,405		53,041
Sherritt International Corporation		27,940		25,697
Silver Standard Resources Incorporated †		5,023		32,339
Silver Wheaton Corporation		32,641		400,197
Sims Group Limited «		28,188		230,289
Sociedad Minera Cerro Verde SA †		3,244		55,148
South32 Limited - Athens Exchange †		525,142		568,050
South32 Limited - London Exchange †		191,237		209,085
Southern Copper Corporation «		55,608		1,482,509
SSAB Svenskt Stal AB Class A †		20,546		86,300
SSAB Svenskt Stal AB Class B †		4,150		15,172
St. Barbara Limited †		67,401		25,902
Steel Authority of India Limited		105,948		79,292
Steel Dynamics Incorporated		142,500		2,775,900
Straits Resources Limited †		76,749		328
Sumitomo Metal Mining Company Limited		90,000		1,143,977
Talvivaara Mining Company plc †(a)		152,775		0
Tata Steel Limited		48,920		165,875
Teck Resources Limited Class B		45,708		328,322
Teranga Gold Corporation †		13,496		6,243
Thyssenkrupp AG		36,326		787,750
TimkenSteel Corporation		25,600		457,472
Toho Titanium Company Limited †		7,700		101,367
Toho Zinc Company Limited		26,000		67,769
Tokyo Steel Manufacturing Company Limited		16,100		104,248
Ton Yi Industrial Corporation		243,350		111,069
Topy Industries Limited		36,000		79,284
Trans Hex Group Limited		3,465		640
Tung Ho Steel Enterprise Corporation		217,962		116,564
Turquoise Hill Resources Limited †		57,728		172,886
Tycoons Worldwide Group PCL †		54,500		4,653
UACJ Corporation		44,000		81,660
United States Steel Corporation «		76,400		1,251,432
Vedanta Limited		301,698		447,725


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			91


Security name	Shares		Value


Metals & Mining (continued)
Vedanta Resources plc «		10,041	$	84,358
Viohalco SA †		1,430		3,140
Voestalpine AG		9,874		361,212
Worthington Industries Incorporated		119,819		3,066,168
Yamana Gold Incorporated		78,246		146,905
Yamato Kogyo Company Limited		10,800		243,375
Yieh Phui Enterprise		488,242		120,350
Yodogawa Steel Works Limited		31,000		132,454
Young Poong Corporation		239		262,087
Zhidao International Holding †		102,000		13,688

				109,153,713


Paper & Forest Products: 0.24%
Canfor Corporation †		8,208		125,403
China Sandi Holdings Limited †		181,900		14,317
Chuetsu Pulp & Paper Company Limited		4,000		7,127
Compania Manufacturera De Papeles y Cartones SA		458,328		1,243,671
Daio Paper Corporation		22,000		275,284
Domtar Corporation		146,500		5,890,765
Fibria Celulose SA		78,215		1,104,648
Hokuetsu Paper Mills Limited		29,500		175,684
Holmen AB Class B		6,246		175,885
International Paper Company		54,900		2,368,386
Kapstone Paper & Packaging Corporation		161,700		3,523,443
Mitsubishi Paper Mills Limited †		65,000		45,573
Mondi plc		33,273		754,629
Munksjo Oyj		989		9,600
Nippon Paper Industries Company Limited		22,300		365,489
OJI Paper Company Limited		161,000		746,336
Resolute Forest Products Incorporated †		213,409		2,153,297
Stella-Jones Incorporated		9,800		332,974
Stora Enso Oyj		69,844		621,909
Tokushu Tokai Holdings Company Limited		24,000		68,099
UPM-Kymmene Oyj		55,974		934,003
West Fraser Timber Company Limited		6,150		239,484
Yuen Foong Yu Paper Manufacturing Company Limited		433,565		129,792

				21,305,798


Telecommunication Services: 2.61%

Diversified Telecommunication Services: 1.38%
AT&T Incorporated		746,177		24,773,076
BCE Incorporated		28,401		1,148,475
Belgacom SA		15,466		557,015
Bezeq Israeli Telecommunication Corporation Limited		178,458		320,641
BT Group plc		792,428		5,318,092
Cable & Wireless Communication plc		241,619		222,459
Cellnex Telecom SAU †		24,087		428,161
CenturyLink Incorporated		69,260		1,872,790
China Telecom Corporation Limited H Shares		4,440,000		2,325,972


92		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Diversified Telecommunication Services (continued)
China Unicom Limited		1,479,688	$	1,943,629
Chorus Limited †		60,850		98,731
Chunghwa Telecom Company Limited		1,185,602		3,600,242
Citic 1616 Holdings Limited		481		154
Deutsche Telekom AG		279,410		4,779,919
Elisa Oyj		17,138		571,173
Frontier Communications Corporation		645,641		3,273,400
Hellenic Telecommunications Organization SA		66,898		611,817
Hong Kong Telecommunications Trust & Hong Kong Trust Limited		715,364		827,971
Hutchison Telecommunications Hong Kong Holdings Limited		196,000		79,158
Iliad SA		1,823		411,795
Inmarsat plc		40,614		611,381
KT Corporation †		20,261		494,213
Level 3 Communications Incorporated †		146,228		6,540,778
LG Telecom Limited		33,879		315,087
Mahanagar Telephone Nigam Limited †		8,074		1,907
Manitoba Telecom Services Incorporated		5,945		128,290
Nippon Telegraph & Telephone Corporation		117,400		4,483,056
Ooredoo QSC		33,164		633,022
Orange Polska SA		132,850		249,801
Orange SA		201,914		3,192,483
PCCW Limited		819,477		432,470
Portugal Telecom SGPS SA †		69,503		20,278
PT Telekomunikasi Indonesia Persero Tbk		15,507,084		3,167,639
PT Xl Axiata Tbk †		521,500		111,352
Rostelecom Sponsored ADR		8,973		65,756
Royal KPN NV		274,617		1,069,937
Singapore Telecommunications Limited		1,333,100		3,533,393
Spark New Zealand Limited		198,250		424,700
Swisscom AG		2,129		1,150,781
Taicom PCL		188,600		165,739
TalkTalk Telecom Group plc «		57,843		267,079
TDC AS		101,735		643,783
Telecom Egypt Company		36,313		32,371
Telecom Italia SpA †		885,010		1,075,543
Telecom Italia SpA RSP		592,709		594,275
Telecom Malaysia Bhd		423,650		654,640
Telefonica Brasil SA		8,717		82,924
Telefonica Deutschland Holding AG		91,645		556,219
Telefonica SA		400,798		5,662,424
Telenor ASA		70,077		1,398,609
TeliaSonera AB		206,312		1,164,374
Telstra Corporation Limited		677,674		2,782,679
Telus Corporation		19,486		637,487
Tiscali SpA †		588		39
True Corporation PCL †		679,867		183,979
TT&T PCL †(a)		270,800		0
Turk Telekomunikasyon AS		117,421		246,922


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			93


Security name	Shares		Value


Diversified Telecommunication Services (continued)
Verizon Communications Incorporated		495,597	$	22,802,418
Windstream Holdings Incorporated «		62,301		447,944

				119,190,442


Wireless Telecommunication Services: 1.23%
Advanced Info Service PCL - Foreign Register		299,600		1,989,254
America Movil SAB de CV Class L		12,047,536		11,025,232
Axiata Group Bhd		909,623		1,329,782
Bharti Airtel Limited		447,901		2,387,233
Bharti Infratel Limited		118,676		713,663
Cellcom Israel Limited †		6,225		40,545
China Mobile Limited		1,654,000		20,039,948
Digi.com Bhd		598,500		745,275
Empresa Nacional de Telecomunicaciones SA		22,604		211,066
Far Eastone Telecommunications Company Limited		553,722		1,215,139
Freenet AG		9,566		304,538
Global Telecom Holding †		313,006		83,947
Globe Telecom Incorporated		8,330		459,095
Idea Cellular Limited		292,014		684,624
Intouch Holdings PCL		282,100		605,990
Intouch Holdings PCL Class F		137,100		296,422
KDDI Corporation		294,000		7,318,778
M1 Limited		94,400		196,688
Maxis Bhd		514,200		804,356
MegaFon OAO		22,517		289,343
Millicom International Cellular SA		6,159		411,037
Mobile Telesystems ADR		144,012		1,098,812
MTN Group Limited «		468,308		6,250,040
NTT DOCOMO Incorporated		218,400		4,573,006
Okinawa Cellular Telephone Company		2,400		71,168
Orascom Telecom Media & Technology Holding SAE †		313,006		27,982
Partner Communications Company Limited †		5,768		25,163
Philippine Long Distance Telephone Company		18,020		970,782
PT Indonesian Satellite Corporation Tbk †		241,500		69,528
Reliance Communications Limited †		99,697		90,586
Reliance Communications Limited GDR †144A		32,828		29,828
Rogers Communications Incorporated Class B		35,000		1,194,778
SBA Communications Corporation Class A †		66,698		7,883,704
Sistema JSFC Sponsored GDR - London Exchange		46,976		346,683
SK Telecom Company Limited		6,460		1,332,691
SmarTone Telecommunications Holding Limited		52,289		93,782
SoftBank Corporation		158,345		9,224,982
Sprint Corporation «†		113,174		572,660
StarHub Limited		109,000		282,726
Taiwan Mobile Company Limited		554,202		1,665,876
Tata Teleservices Maharashtra Limited †		30,393		2,972
Tele2 AB Class B		29,579		292,261
Telephone & Data Systems Incorporated		224,976		6,398,317
Tim Participacoes SA		177,415		430,494
Total Access Communication PCL		81,100		152,154
Total Access Communication PCL Non-voting		111,100		208,438


94		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Wireless Telecommunication Services (continued)
Turkcell Iletisim Hizmetleri AS		272,349	$	1,066,824
VimpelCom Limited ADR		49,963		233,327
Vodacom Group Proprietary Limited		138,113		1,473,709
Vodafone Group plc		2,508,570		8,726,592
Vodafone Qatar		126,716		492,442

				106,434,262


Utilities: 4.13%

Electric Utilities: 1.83%
Acciona SA		2,541		189,360
Adani Transmissions Limited †		63,989		30,033
ALLETE Incorporated		102,632		4,903,757
American Electric Power Company Incorporated		59,080		3,207,453
AusNet Services		345,518		320,884
CEZ AS		55,424		1,267,231
Cheung Kong Infrastructure Holdings Limited		104,000		857,491
Chubu Electric Power Company Incorporated		118,800		1,840,770
Cleco Corporation		139,096		7,452,764
CLP Holdings Limited		370,000		3,062,625
Companhia Energetica de Minas Gerais		22,649		46,964
Contact Energy Limited		167,998		552,616
CPFL Energia SA		157,165		680,377
Duke Energy Corporation		83,054		5,889,359
Edison International		39,968		2,337,329
El Paso Electric Company		92,100		3,260,340
Electricite de France SA		26,434		572,198
Emera Incorporated		12,523		433,679
Endesa SA		7,520		156,114
Enea SA		23,564		88,616
Enel SpA		620,103		2,794,529
Energias de Portugal SA		245,535		861,298
Enersis SA		5,359,575		1,492,918
Entergy Corporation		101,446		6,627,467
Eversource Energy		179,552		8,482,036
EVN AG		581		6,455
Exelon Corporation		109,271		3,361,176
FirstEnergy Corporation		244,646		7,818,886
Fortis Incorporated (Canada) «		25,374		688,354
Fortum Oyj		40,768		663,801
Great Plains Energy Incorporated		89,846		2,238,962
Hawaiian Electric Industries Incorporated		245,777		6,948,116
Hokkaido Electric Power Company Incorporated †		37,200		408,714
Hokuriku Electric Power Company		36,400		526,026
Iberdrola SA		522,348		3,549,157
IDACORP Incorporated		115,659		6,866,675
Infratil Limited		115,574		219,752
ITC Holdings Corporation		83,136		2,718,547
Kansai Electric Power Company Incorporated †		132,400		1,652,884
Korea Electric Power Corporation		41,924		1,701,418


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			95


Security name	Shares		Value


Electric Utilities (continued)
Kyushu Electric Power Company Incorporated †		76,900	$	917,205
Manila Electric Company		51,050		310,188
Nextera Energy Incorporated		55,211		5,433,315
OGE Energy Corporation		114,796		3,218,880
Pepco Holdings Incorporated		145,288		3,338,718
Pinnacle West Capital Corporation		63,704		3,792,299
PNM Resources Incorporated		182,237		4,667,090
Polska Grupa Energetyczna SA		252,746		1,044,867
Portland General Electric Company		203,135		7,016,283
Power Assets Holdings Limited		249,105		2,143,896
Power Grid Corporation of India Limited		426,776		838,786
PPL Corporation		83,366		2,583,512
Public Power Corporation SA		10,093		45,983
Red Electrica Corporacion SA		10,670		852,981
Reliance Energy Limited		32,954		169,318
Romande Energie Holding SA		7		7,097
Scottish & Southern Energy plc		95,550		2,156,802
Shikoku Electric Power Company Incorporated		32,900		514,796
Spark Infrastructure Group		222,795		315,519
Tata Power Company Limited		384,258		350,009
Tauron Polska Energia SA		210,484		195,102
Tenaga Nasional Bhd		816,437		2,173,278
Terna SpA		126,682		590,802
The Chugoku Electric Power Company Incorporated		50,000		731,637
The Okinawa Electric Power Company Incorporated		3,900		91,810
The Southern Company		113,445		4,924,647
Tohoku Electric Power Company Incorporated		81,600		1,120,666
Tokyo Electric Power Company Incorporated †		127,300		871,522
Trustpower Limited		3,817		18,096
UIL Holdings Corporation		130,100		5,923,453
Westar Energy Incorporated		85,613		3,129,155
Xcel Energy Incorporated		66,938		2,257,819

				158,522,662


Gas Utilities: 0.67%
AGL Resources Incorporated		68,969		4,206,419
APA Group		176,480		1,101,442
Atmos Energy Corporation		58,766		3,219,789
Aygaz AS		12,972		45,018
China Gas Holdings Limited		654,000		955,256
China Resources Gas Group Limited		210,000		554,125
Enagas SA		21,486		588,779
ENN Energy Holdings Limited		136,000		694,034
Gail India Limited		63,415		282,470
Gas Natural SDG SA		33,541		681,249
Hanjin Heavy Industries & Construction Holdings Company Limited		2,009		11,228
Hong Kong & China Gas Company Limited		1,139,366		2,149,345
Korea Gas Corporation		5,695		193,806
National Fuel Gas Company		45,700		2,465,972
New Jersey Resources Corporation		195,800		5,535,266


96		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Shares		Value


Gas Utilities (continued)
ONE Gas Incorporated		100,380	$	4,313,329
Osaka Gas Company Limited		338,000		1,373,356
Petronas Gas Bhd		91,700		465,487
Piedmont Natural Gas Company «		181,272		6,993,474
PT Perusahaan Gas Negara Persero Tbk		2,360,000		466,961
Questar Corporation		99,303		1,917,541
Rubis SCA		5,279		374,623
Saibu Gas Company Limited		65,000		161,917
Shizuoka Gas Company Limited		11,500		79,490
Snam SpA		230,938		1,130,400
Southwest Gas Corporation		107,207		5,906,034
Superior Plus Corporation «		9,992		87,191
Toho Gas Company Limited		93,000		560,754
Tokyo Gas Company Limited		364,000		1,991,514
Towngas China Company Limited		127,000		80,788
UGI Corporation		100,658		3,430,425
WGL Holdings Incorporated		119,311		6,466,656

				58,484,138


Independent Power & Renewable Electricity Producers: 0.30%
Aboitiz Power Corporation		386,100		357,271
Adani Power Limited †		212,190		71,821
AES Corporation		381,300		4,575,600
AES Gener SA		472,711		236,066
Albioma SA		480		8,198
Algonquin Power & Utilities Corporation		41,900		311,479
Capital Power Corporation		7,700		119,749
China Longyuan Power Group Corporation H Shares		1,165,000		1,237,147
China Renewable Energy Investment Limited †		15,871		502
China Resources Power Holdings Company		464,600		1,137,813
Colbun SA		1,637,920		446,104
Drax Group plc		35,738		160,462
Dynegy Incorporated †		258,162		6,647,672
EDP Renovaveis SA		9,632		65,748
Electric Power Development Company		27,700		868,231
Electricity Generating PCL		29,800		132,186
Empresa Nacional de Electricidad SA (Chile)		742,709		922,933
Enel Green Power SpA		152,321		290,576
Etrion Corporation †		2,567		631
Glow Energy PCL		31,600		87,055
Huaneng Power International Incorporated H Shares		1,186,000		1,366,569
Infigen Energy †		70,286		11,254
Kenon Holdings Limited		1,400		19,621
Malakoff Corporation Bhd		84,800		28,872
Neyveli Lignite Corporation Limited		4,901		5,482
NHPC Limited		186,049		46,040
Northland Power Incorporated «		23,700		295,800
NRG Energy Incorporated		196,289		3,910,077
NTPC Limited		682,862		1,247,591
PNOC Energy Development Corporation		1,562,250		200,546


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			97


Security name	Shares		Value


Independent Power & Renewable Electricity Producers (continued)
Ratchaburi Electricity Generating Holding PCL ADR		20,700	$	30,751
RattanIndia Infrastructure Limited †		128,891		3,975
Reliance Power Limited †		138,060		77,883
Talen Energy Corporation †		10,412		148,371
Tractebel Energia SA		78,129		722,553
Transalta Corporation		24,700		123,538

				25,916,167


Multi-Utilities: 1.18%
A2A SpA		134,739		165,410
AGL Energy Limited		109,173		1,312,234
Alliant Energy Corporation		63,918		3,622,233
Ameren Corporation		143,362		5,776,055
ATCO Limited Class I		8,258		249,196
Avista Corporation		135,920		4,266,529
Black Hills Corporation		102,542		4,079,121
Canadian Utilities Limited Class A		11,598		320,629
CenterPoint Energy Incorporated		250,510		4,664,496
Centrica plc		513,840		1,917,602
CMS Energy Corporation		160,221		5,252,044
Consolidated Edison Incorporated		35,115		2,209,085
Dominion Resources Incorporated		74,045		5,164,639
DTE Energy Company		102,981		8,038,697
Duet Group		354,371		552,292
E.ON SE		187,516		2,126,306
GDF Suez		147,526		2,646,259
Hera SpA		43,571		111,477
Just Energy Group Incorporated «		8,403		50,650
Keppel Infrastructure Trust		56,761		19,107
MDU Resources Group Incorporated		121,303		2,172,537
National Grid plc		359,866		4,749,596
NiSource Incorporated		178,587		2,998,476
Northwestern Corporation		113,117		5,841,362
PG&E Corporation		59,065		2,928,443
Public Service Enterprise Group Incorporated		60,602		2,439,231
RWE AG		45,697		686,881
SCANA Corporation		81,857		4,329,417
Sempra Energy		28,079		2,663,293
Suez Environnement Company SA		28,095		507,109
TECO Energy Incorporated		132,864		2,799,444
Vector Limited		28,886		58,219
Vectren Corporation		189,119		7,608,257
Veolia Environnement SA		45,364		995,197
WEC Energy Group Incorporated		177,701		8,467,453
YTL Corporation Bhd		985,009		365,860
YTL Power International Bhd		429,768		158,605

				102,313,441


98		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name				Shares		Value


Water Utilities: 0.15%
Aguas Andinas SA Class A					613,482	$	318,300
American Water Works Company Incorporated					104,378		5,421,393
Aqua America Incorporated					100,112		2,538,840
Beijing Enterprises Water Group Limited					1,230,000		880,833
Companhia de Saneamento Basico do Estado de Sao Paulo SA					77,100		334,409
Guangdong Investment Limited					804,000		1,087,208
Hyflux Limited					81,500		38,409
Pennon Group plc					35,570		420,556
Puncak Niaga Holdings Bhd †					13,700		8,090
Severn Trent plc					25,380		808,900
United Utilities Group plc					65,169		855,016

							12,711,954


Total Common Stocks (Cost $6,654,087,357)							8,585,762,784


	Dividend yield
Preferred Stocks: 0.39%

Consumer Discretionary: 0.06%

Automobiles: 0.05%
Bayerische Motoren Werke AG ±		4.56	%		4,593		334,549
Hyundai Motor Company ±		4.39			4,236		358,148
Hyundai Motor Company ±		4.47			2,744		225,042
Porsche AG ±		3.28			14,496		1,010,324
Volkswagen AG ±		2.89			13,751		2,615,502

							4,543,565


Multiline Retail: 0.01%
Lojas Americanas SA ±		0.76			196,650		883,845


Consumer Staples: 0.03%

Beverages: 0.00%
ITO EN Limited ±		2.75			4,600		69,815


Food & Staples Retailing: 0.01%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar ±		2.25			41,078		719,246


Household Products: 0.02%
Henkel AG & Company KGaA ±		1.33			17,027		1,782,670


Energy: 0.06%

Oil, Gas & Consumable Fuels: 0.06%
Petroleo Brasileiro SA †		0.00			1,282,258		3,249,266
Surgutneftegaz SP ADR ±		19.95			269,016		1,723,047

							4,972,313


Financials: 0.15%

Banks: 0.15%
Banco Bradesco SA ±		1.69			773,740		4,917,681
Banco Itau Holding Financeira SA ±		3.49			798,185		5,843,360


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			99


Security name	Dividend yield					Shares		Value


Banks (continued)
Itausa Investimentos Itau SA ±		7.14	%				1,013,403	$	2,034,267
Shinkin Central Bank Class A ±		3.18					138		254,862

									13,050,170


Health Care: 0.00%

Life Sciences Tools & Services: 0.00%
Valneva SE †		0.00					612		275


Information Technology: 0.03%

Technology Hardware, Storage & Peripherals: 0.03%
Samsung Electronics Company Limited ±		2.54					3,003		2,208,928


Materials: 0.04%

Chemicals: 0.01%
Braskem SA Class A ±		5.07					30,900		119,880
Fuchs Petrolub AG ±		2.01					6,432		277,520
LG Chem Limited ±		2.52					846		123,744
Sociedad Quimica y Minera de Chile SA Class B ±		3.70					23,458		368,458

									889,602


Metals & Mining: 0.03%
Gerdau SA ±		4.86					263,802		381,884
Vale SA ±		10.03					553,330		2,158,912

									2,540,796


Telecommunication Services: 0.02%

Diversified Telecommunication Services: 0.02%
Telefonica Brasil SA ±		14.98					131,152		1,460,640


Utilities: 0.00%

Electric Utilities: 0.00%
Companhia Energetica de Minas Gerais ±		10.33					167,349		347,005


Multi-Utilities: 0.00%
RWE AG ±		8.95					3,735		45,307


Total Preferred Stocks (Cost $63,930,319)									33,514,177


				Expiration date
Rights: 0.00%

Financials: 0.00%

Banks: 0.00%
Chong Hing Bank Limited †(a)					9-16-2015		2,885		86


Capital Markets: 0.00%
Pioneers Holding †(a)					9-3-2015		3,744		1,305


100		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2015 (unaudited)


Security name	Expiration date		Shares		Value


Health Care: 0.00%

Biotechnology: 0.00%
Intercell AG †(a)		5-16-2013		1,885	$	0


Information Technology: 0.00%

Software: 0.00%
Constellation Software Incorporated †		9-15-2015		1,591		351


Total Rights (Cost $460)						1,742


Warrants: 0.00%

Consumer Discretionary: 0.00%

Automobiles: 0.00%
Peugeot SA †		4-29-2017		32,389		114,270


Hotels, Restaurants & Leisure: 0.00%
Minor International PCL †		11-3-2017		5,790		433
Miramar Hotel & Investment Company Limited †		1-19-2018		9,600		1,561

						1,994


Media: 0.00%
Seat Pagine Gialle SpA †		4-29-2016		147		0
Yellow Pages Limited †		12-20-2022		128		383

						383


Energy: 0.00%

Energy Equipment & Services: 0.00%
KNM Group Bhd †		11-15-2017		47,262		956


Oil, Gas & Consumable Fuels: 0.00%
Maurel et Prom SA †		12-31-2015		3,641		41


Financials: 0.00%

Real Estate Management & Development: 0.00%
Sinarmas Land Limited †		11-18-2015		42,500		11,747


Industrials: 0.00%

Construction & Engineering: 0.00%
HKC Holdings Limited †		10-15-2015		43,439		56
Malaysian Resources Corporation Bhd †		9-16-2018		88,483		1,791
Power Line Engineering PCL †		10-20-2015		122,200		34

						1,881


Materials: 0.00%

Chemicals: 0.00%
Indorama Ventures PCL †		8-24-2017		39,823		2,422
Indorama Ventures PCL †		8-24-2018		30,633		1,692

						4,114


Portfolio of investments—August 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			101


Security name				Expiration date		Shares		Value


Utilities: 0.00%

Water Utilities: 0.00%
Puncak Niaga Holdings Bhd †					7-20-2018		1,370	$	515


Total Warrants (Cost $133,450)									135,901


	Yield
Short-Term Investments: 3.95%

Investment Companies: 3.95%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%				182,616,970		182,616,970
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.15					159,716,872		159,716,872

Total Short-Term Investments (Cost $342,333,842)									342,333,842


Total investments in securities (Cost $7,060,485,428) *	103.47	%		8,961,748,446
Other assets and liabilities, net	(3.47	)		(300,178,775	)

Total net assets	100.00	%	$	8,661,569,671

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

†	Non-income-earning security

(a)	The security is fair valued in accordance with procedures approved by the Board of Trustees.

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

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

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

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

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

*	Cost for federal income tax purposes is $7,133,894,682 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,587,926,961
Gross unrealized losses		(760,073,197	)

Net unrealized gains	$	1,827,853,764

The following table shows percent of total long-term investments by geographic locations as of August 31, 2015:


United States	65.29	%
Japan	7.00
United Kingdom	3.22
China	2.24
Australia	1.60
Taiwan	1.56
Hong Kong	1.53
Switzerland	1.53
France	1.37
Canada	1.35
India	1.24
Germany	1.22
Ireland	1.13
South Korea	1.06
Other	8.66

	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 26, 2015

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 26, 2015

By:		/s/ Jeremy DePalma
		Jeremy DePalma
		Treasurer

Date: October 26, 2015

Wells Fargo Master Trust N-CSRSCertified semi-annual shareholder report (management investment company)