WFMT Form N-CSRS

N-CSRS 1 d419012dncsrs.htm WFMT FORM N-CSRS WFMT Form N-CSRS

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: February 29, 2012

Date of reporting period: August 31, 2012

ITEM 1. REPORT TO SHAREHOLDERS

Wells Fargo Advantage Dow Jones Target Date Funds

LOGO

Semi-Annual Report

August 31, 2012

Wells Fargo Advantage Dow Jones Target Today Fund^SM

Wells Fargo Advantage Dow Jones Target 2010 Fund^SM

Wells Fargo Advantage Dow Jones Target 2015 Fund^SM

Wells Fargo Advantage Dow Jones Target 2020 Fund^SM

Wells Fargo Advantage Dow Jones Target 2025 Fund^SM

Wells Fargo Advantage Dow Jones Target 2030 Fund^SM

Wells Fargo Advantage Dow Jones Target 2035 Fund^SM

Wells Fargo Advantage Dow Jones Target 2040 Fund^SM

Wells Fargo Advantage Dow Jones Target 2045 Fund^SM

Wells Fargo Advantage Dow Jones Target 2050 Fund^SM

Wells Fargo Advantage Dow Jones Target 2055 Fund^SM

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Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			5

Fund expenses			19

Portfolio of investments
Wells Fargo Advantage Dow Jones
Target Today Fund			23
Wells Fargo Advantage Dow Jones
Target 2010 Fund			23
Wells Fargo Advantage Dow Jones
Target 2015 Fund			23
Wells Fargo Advantage Dow Jones
Target 2020 Fund			24
Wells Fargo Advantage Dow Jones
Target 2025 Fund			24
Wells Fargo Advantage Dow Jones
Target 2030 Fund			24
Wells Fargo Advantage Dow Jones
Target 2035 Fund			25
Wells Fargo Advantage Dow Jones
Target 2040 Fund			25
Wells Fargo Advantage Dow Jones
Target 2045 Fund			25
Wells Fargo Advantage Dow Jones
Target 2050 Fund			26
Wells Fargo Advantage Dow Jones
Target 2055 Fund			26

Financial statements
Statements of assets and liabilities			28
Statements of operations			30
Statements of changes in net assets			32
Financial highlights			44

Notes to financial statements			66



Master portfolios

Portfolio of investments
Wells Fargo Advantage Diversified Fixed Income Portfolio (Summary portfolio of investments)			72
Wells Fargo Advantage Diversified Stock Portfolio (Summary portfolio of investments)			80
Wells Fargo Advantage Short-Term Investment Portfolio			90

Financial statements
Statements of assets and liabilities			101
Statements of operations			102
Statements of changes in net assets			103
Financial highlights			106

Notes to financial statements			107

Other information			113

List of abbreviations			120

The views expressed and any forward-looking statements are as of August 31, 2012, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

LOGO

Wells Fargo investment history


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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

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

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

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $213 billion in assets under management, as of August 31, 2012.


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

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

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

†

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

Not part of the semi-annual report.


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The beginning of the period was marked by increased confidence that the U.S. economy was staging a fragile recovery, but some of that positive momentum was offset by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Dow Jones Target Date Funds^SM for the six-month period that ended August 31, 2012. The beginning of the period was marked by increased confidence that the U.S. economy was staging a fragile recovery, but some of that positive momentum was offset by continued concerns about the possible effects that the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain—would have on the global economy. As measured by various Russell Indexes, large-cap U.S. stocks posted solid gains for the period. However, indexes of small-cap stocks—which tend to be more economically sensitive—returned modest gains or minor losses. Major international stock indexes ended the period with losses in U.S. dollar terms. From a fixed-income perspective, both the U.S. and international bond markets realized positive total returns during the reporting period. Specifically, U.S. corporate debt—both investment-grade and high-yield—led the major bond sectors, outperforming both U.S. mortgage-backed securities and U.S. Treasury securities during the six-month period.

Macroeconomic optimism faded as global growth slowed and worries rose.

Early in the reporting period, global economic numbers supported the case for a gradual recovery. Real gross domestic product (GDP) growth for the U.S. remained positive in the first quarter of 2012, with GDP increasing by 2.0% on an annualized basis.

Concerns about the Greek credit crisis waxed and waned ahead of and throughout the six-month period. At the onset of the reporting period, in March 2012, the Greek government came to an agreement with its creditors, allowing the country to write down the principal on most of its bonds in exchange for increased financial austerity. By the end of the reporting period, however, the agreement appeared to be on the verge of unraveling. In May 2012, legislative elections left no single party with enough seats to form a government, and none of the parties were able to form a ruling coalition. Even more worrisome, Spain nationalized Bankia—the nation’s fourth-largest bank—putting more than
19 billion euros into the bank after it suffered heavy losses from property loans. The move refocused investor attention on Spain’s weak economy and depressed property sector, and Spanish bonds sold off.

By mid-June 2012, analysts were openly discussing the possibility of a crisis within the European banking system, a worry that remained near the forefront as the reporting period ended. During the final month of the six-month period, however, the European Central Bank (ECB) and several key members of the eurozone, including France and Germany, announced their commitment to maintaining the integrity of the single currency. Despite the progress made across Europe in further addressing its ongoing debt issues, there remains a prolonged uncertainty about the eurozone and global economic growth.

U.S. economic data remained mixed.

For most of the period, U.S. economic data remained tepid. Reported GDP came in at a 1.7% annualized rate in the second quarter of 2012. Although GDP growth slowed during the period, continued economic growth in the U.S. contrasted with the more uncertain picture in Europe.


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

The main piece of negative economic data was the unemployment rate, which remained at relatively high levels throughout the period. Although the unemployment rate declined—from 8.3% in February 2012 to 8.1% in August 2012—part of the decline could be attributed to a decline in the labor force. (Individuals are only counted as unemployed if they are officially looking for work.) Toward the end of the period, data indicated that the U.S. economy was adding fewer jobs than expected, leading to concerns that the country’s economic growth was slowing.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. In early January 2012, prior to the reporting period, in response to extreme market volatility and signs of a weakening economy, the Federal Reserve (Fed) restated its intention to keep interest rates low until, at least, late 2014. After the reporting period, this timeline was revised to late 2015 following the FOMC meeting on September 13, 2012, based, in part, on the sluggish labor market.

At the beginning of the period, the ECB had a key rate of 1.00%, which it had lowered from its previous level of 1.25% in response to weakness in the southern European economies. In July 2012, the ECB again cut its main interest rate to a historic low of 0.75%, in hopes of offering relief to the eurozone’s sluggish economy amid signs that inflationary pressures were fading.

We use time-tested investment strategies, even as many variables are at work in the market.

The full effect of the credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. In our experience, strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, we believe it helps to manage risk.

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system.


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

Notice to Shareholders

At a meeting held on August 14-15, 2012, the Board of Trustees approved the following changes to the Wells Fargo Advantage Dow Jones Target Date Funds series:

The renaming and modification of Institutional Class shares to assume the features and attributes of Class R6 shares by May 31, 2013.

The implementation of new expense caps for certain classes.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.


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

Wells Fargo Advantage Dow Jones Target Date Funds¹

Investment objective

Each Fund’s objective is to approximate, before fees and expenses, the total return of the appropriate Dow Jones Target Date Index as specified in the following table:


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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Global Index Advisors, Inc.

Portfolio managers

Rodney H. Alldredge

James P. Lauder

Paul T. Torregrosa, Ph.D

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). These Funds are exposed to foreign investment risk, mortgage- and asset-backed securities risk, smaller-company investment risk and allocation methodology risk (risk that the allocation methodology of the Dow Jones Target Date Index, whose total returns the Funds seek to approximate, before fees and expenses, will not meet an investor’s goals). Consult the prospectus for additional information on these and other risks.

Please see footnotes on page 18.


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

Target Today Fund

Average annual total returns (%) as of August 31, 2012


		Including sales charge							Excluding sales charge						Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (STWRX)*	3-1-94		(1.78	)		3.42		4.36		4.23		4.66		4.98		1.07		0.96
Class B (WFOKX)**	8-1-98		(1.61	)		3.53		4.45		3.39		3.87		4.45		1.82		1.71
Class C (WFODX)	12-1-98		2.43			3.86		4.20		3.43		3.86		4.20		1.82		1.71
Administrator Class (WFLOX)	11-8-99		–			–		–		4.34		4.84		5.25		0.91		0.80
Institutional Class (WOTDX)⁴	6-29-04		–			–		–		4.70		5.17		5.48		0.64		0.45
Investor Class (WFBTX)⁴	1-31-07		–			–		–		4.31		4.81		5.22		1.13		0.86
Dow Jones Target Today Index⁵	–		–			–		–		5.03		5.68		6.31		–		–
Russell 3000^® Index⁶	–		–			–		–		17.03		1.50		7.01		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		5.78		6.66		5.48		–		–

Class A shares are closed to new investors.

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 the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

Please see footnotes on page 18.


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

Target 2010 Fund

Average annual total returns (%) as of August 31, 2012


		Including sales charge			Excluding sales charge			Expense ratios² (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net³
Class A (STNRX)*	3-1-94	(1.36)	2.61	4.66	4.62	3.83	5.29	1.08	0.99
Class B (SPTBX)**	3-1-97	(1.23)	2.70	4.76	3.77	3.05	4.76	1.83	1.74
Class C (WFOCX)	12-1-98	2.85	3.06	4.52	3.85	3.06	4.52	1.83	1.74
Administrator Class (WFLGX)	11-8-99	–	–	–	4.77	4.05	5.56	0.92	0.83
Institutional Class (WFOAX)⁴	6-29-04	–	–	–	5.20	4.37	5.78	0.65	0.48
Investor Class (WFCTX)⁴	1-31-07	–	–	–	4.78	4.01	5.52	1.14	0.89
Dow Jones Target 2010 Index⁵	–	–	–	–	5.49	4.89	7.24	–	–
Russell 3000^® Index⁶	–	–	–	–	17.03	1.50	7.01	–	–
Barclays U.S. Aggregate Bond Index⁷	–	–	–	–	5.78	6.66	5.48	–	–

Class A shares are closed to new investors.

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

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

Please see footnotes on page 18.


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

Target 2015 Fund

Average annual total returns (%) as of August 31, 2012


								Expense ratios² (%)
	Inception date	1 year		5 year		Since inception		Gross		Net³
Administrator Class (WFFFX)	6-29-07		5.25		3.36		3.26		0.92		0.84
Institutional Class (WFSCX)	6-29-07		5.57		3.64		3.53		0.65		0.49
Investor Class (WFQEX)	6-29-07		5.18		3.32		3.23		1.14		0.90
Dow Jones Target 2015 Index⁵	–		5.93		4.10		4.04		–		–
Russell 3000^® Index⁶	–		17.03		1.50		1.05		–		–
Barclays U.S. Aggregate Bond Index⁷	–		5.78		6.66		6.86		–		–

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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.

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

Please see footnotes on page 18.


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

Target 2020 Fund

Average annual total returns (%) as of August 31, 2012


		Including sales charge							Excluding sales charge						Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (STTRX)*	3-1-94		(0.36	)		1.20		4.96		5.72		2.41		5.58		1.05		1.01
Class B (STPBX)**	3-1-97		(0.11	)		1.26		5.05		4.89		1.64		5.05		1.80		1.76
Class C (WFLAX)	12-1-98		3.86			1.63		4.81		4.86		1.63		4.81		1.80		1.76
Administrator Class (WFLBX)	11-8-99		–			–		–		5.82		2.63		5.85		0.89		0.85
Institutional Class (WFOBX)⁴	6-30-04		–			–		–		6.25		2.93		6.09		0.62		0.50
Investor Class (WFDTX)⁴	1-31-07		–			–		–		5.76		2.56		5.82		1.11		0.91
Dow Jones Target 2020 Index⁵	–		–			–		–		6.54		3.34		8.09		–		–
Russell 3000^® Index⁶	–		–			–		–		17.03		1.50		7.01		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–			–		–		5.78		6.66		5.48		–		–

Class A shares are closed to new investors.

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

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

Please see footnotes on page 18.


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

Target 2025 Fund

Average annual total returns (%) as of August 31, 2012


								Expense ratios² (%)
	Inception date	1 year		5 year		Since inception		Gross		Net³
Administrator Class (WFTRX)	6-29-07		6.58		2.17		1.80		0.91		0.85
Institutional Class (WFTYX)	6-29-07		6.86		2.42		2.04		0.64		0.50
Investor Class (WFGYX)	6-29-07		6.41		2.11		1.74		1.13		0.91
Dow Jones Target 2025 Index⁵	–		7.25		2.73		2.44		–		–
Russell 3000^® Index⁶	–		17.03		1.50		1.05		–		–
Barclays U.S. Aggregate Bond Index⁷	–		5.78		6.66		6.86		–		–

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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.

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

Please see footnotes on page 18.


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

Target 2030 Fund

Average annual total returns (%) as of August 31, 2012


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (STHRX)*	3-1-94		0.76		0.07		5.18		6.92		1.26		5.80		1.07		1.02
Class B (SGPBX)**	3-1-97		1.13		0.11		5.28		6.13		0.51		5.28		1.82		1.77
Class C (WFDMX)	12-1-98		5.06		0.50		5.03		6.06		0.50		5.03		1.82		1.77
Administrator Class (WFLIX)	11-8-99		–		–		–		7.09		1.48		6.08		0.91		0.86
Institutional Class (WFOOX)⁴	6-29-04		–		–		–		7.47		1.77		6.30		0.64		0.51
Investor Class (WFETX)⁴	1-31-07		–		–		–		7.05		1.43		6.04		1.13		0.92
Dow Jones Target 2030 Index⁵	–		–		–		–		7.79		2.13		8.74		–		–
Russell 3000^® Index⁶	–		–		–		–		17.03		1.50		7.01		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		5.78		6.66		5.48		–		–

Class A shares are closed to new investors.

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

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

Please see footnotes on page 18.


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

Target 2035 Fund

Average annual total returns (%) as of August 31, 2012


								Expense ratios² (%)
	Inception date	1 year		5 year		Since inception		Gross		Net³
Administrator Class (WFQWX)	6-29-07		7.44		1.17		0.66		0.93		0.87
Institutional Class (WFQRX)	6-29-07		7.84		1.52		0.99		0.66		0.52
Investor Class (WFQTX)	6-29-07		7.47		1.13		0.62		1.15		0.93
Dow Jones Target 2035 Index⁵	–		8.19		1.67		1.22		–		–
Russell 3000^® Index⁶	–		17.03		1.50		1.05		–		–
Barclays U.S. Aggregate Bond Index⁷	–		5.78		6.66		6.86		–		–

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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.

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

Please see footnotes on page 18.


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

Target 2040 Fund

Average annual total returns (%) as of August 31, 2012


		Including sales charge							Excluding sales charge							Expense ratios² (%)
	Inception date	1 year		5 year			10 year		1 year		5 year			10 year		Gross		Net³
Class A (STFRX)*	3-1-94		1.33		(0.57	)		5.52		7.54		0.62			6.15		1.08		1.03
Class B (SLPBX)**	3-1-97		1.77		(0.55	)		5.62		6.77		(0.14	)		5.62		1.83		1.78
Class C (WFOFX)	7-1-98		5.79		(0.14	)		5.38		6.79		(0.14	)		5.38		1.83		1.78
Administrator Class (WFLWX)	11-8-99		–		–			–		7.73		0.84			6.43		0.92		0.87
Institutional Class (WFOSX)⁴	6-30-04		–		–			–		8.17		1.14			6.66		0.65		0.52
Investor Class (WFFTX)⁴	1-31-07		–		–			–		7.68		0.77			6.39		1.14		0.93
Dow Jones Target 2040 Index⁵	–		–		–			–		8.45		1.43			8.81		–		–
Russell 3000^® Index⁶	–		–		–			–		17.03		1.50			7.01		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–			–		5.78		6.66			5.48		–		–

Class A shares are closed to new investors.

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

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

Please see footnotes on page 18.


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

Target 2045 Fund

Average annual total returns (%) as of August 31, 2012


								Expense ratios² (%)
	Inception date	1 year		5 year		Since inception		Gross		Net³
Administrator Class (WFQYX)	6-29-07		7.85		1.02		0.51		0.94		0.87
Institutional Class (WFQPX)	6-29-07		8.19		1.30		0.78		0.67		0.52
Investor Class (WFQSX)	6-29-07		7.75		0.96		0.43		1.16		0.93
Dow Jones Target 2045 Index⁵	–		8.57		1.43		0.95		–		–
Russell 3000^® Index⁶	–		17.03		1.50		1.05		–		–
Barclays U.S. Aggregate Bond Index⁷	–		5.78		6.66		6.86		–		–

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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.

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

Please see footnotes on page 18.


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

Target 2050 Fund

Average annual total returns (%) as of August 31, 2012


								Expense ratios² (%)
	Inception date	1 year		5 year		Since inception		Gross		Net³
Administrator Class (WFQDX)	6-29-07		7.90		0.94		0.45		0.93		0.87
Institutional Class (WFQFX)	6-29-07		8.26		1.25		0.76		0.66		0.52
Investor Class (WFQGX)	6-29-07		7.81		0.89		0.40		1.15		0.93
Dow Jones Target 2050 Index⁵	–		8.57		1.43		0.95		–		–
Russell 3000^® Index⁶	–		17.03		1.50		1.05		–		–
Barclays U.S. Aggregate Bond Index⁷	–		5.78		6.66		6.86		–		–

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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.

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

Please see footnotes on page 18.


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

Target 2055 Fund

Average annual total returns (%) as of August 31, 2012


							Expense ratios² (%)
	Inception date	1 year		Since inception			Gross		Net³
Administrator Class (WFLHX)	6-30-11		7.86		(0.19	)		4.08		0.87
Institutional Class (WFQUX)	6-30-11		8.27		0.13			3.81		0.52
Investor Class (WFQHX)	6-30-11		7.81		(0.24	)		4.30		0.93
Dow Jones Target 2055 Index⁵	–		8.57		0.02			–		–
Russell 3000^® Index⁶	–		17.03		6.36			–		–
Barclays U.S. Aggregate Bond Index⁷	–		5.78		7.67			–		–

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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.

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

Please see footnotes on page 18.


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

Portfolio allocations⁸ as of August 31, 2012


Target Today Fund	Target 2010 Fund	Target 2015 Fund


Target 2020 Fund	Target 2025 Fund	Target 2030 Fund


Target 2035 Fund	Target 2040 Fund	Target 2045 Fund

Please see footnotes on page 18.


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


Target 2050 Fund		Target 2055 Fund

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

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

The Adviser has committed through June 30, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio(s) are included in the cap. Without this cap, the Fund’s returns would have been lower.

Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. Historical performance shown for Investor Class shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to the Investor Class shares (except during those periods in which expenses of the Investor Class would have been lower than those of the Administrator Class no such adjustment is reflected).

The Dow Jones Target Date Indexes (each an “index” or collectively the “indexes”) are a series of indexes designed as benchmarks for multi-asset class portfolios with risk profiles that became more conservative over time. The index weightings among the major asset classes are adjusted monthly based on a published set of index rules. The indexes with longer time horizons have higher allocations to equity securities, while the indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. The index returns reflect hypothetical back-tested performance. 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 composed of the Barclays Government/Credit Index and the Barclays U.S. Mortgage-Backed Securities Index and includes U.S. Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities. You cannot invest directly in an index.

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


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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from March 1, 2012, to August 31, 2012.

Actual expenses

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

Hypothetical example for comparison purposes

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

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


Target Today Fund	Beginning account value 3-1-12		Ending account value 8-31-12		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,018.42	$	4.88		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Class B
Actual	$	1,000.00	$	1,014.26	$	8.68		1.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.59	$	8.69		1.71	%
Class C
Actual	$	1,000.00	$	1,013.50	$	8.68		1.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.59	$	8.69		1.71	%
Administrator Class
Actual	$	1,000.00	$	1,018.07	$	4.07		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Institutional Class
Actual	$	1,000.00	$	1,019.84	$	2.29		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Investor Class
Actual	$	1,000.00	$	1,019.00	$	4.38		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%

Please see footnote on page 22.


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


Target 2010 Fund	Beginning account value 3-1-12		Ending account value 8-31-12		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,016.66	$	5.03		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.21	$	5.04		0.99	%
Class B
Actual	$	1,000.00	$	1,012.11	$	8.82		1.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.43	$	8.84		1.74	%
Class C
Actual	$	1,000.00	$	1,012.80	$	8.83		1.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.43	$	8.84		1.74	%
Administrator Class
Actual	$	1,000.00	$	1,017.47	$	4.22		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Institutional Class
Actual	$	1,000.00	$	1,019.01	$	2.44		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%
Investor Class
Actual	$	1,000.00	$	1,017.06	$	4.52		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Target 2015 Fund
Administrator Class
Actual	$	1,000.00	$	1,014.14	$	4.26		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Institutional Class
Actual	$	1,000.00	$	1,015.88	$	2.49		0.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74	$	2.50		0.49	%
Investor Class
Actual	$	1,000.00	$	1,013.82	$	4.57		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Target 2020 Fund
Class A
Actual	$	1,000.00	$	1,008.55	$	5.11		1.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.14		1.01	%
Class B
Actual	$	1,000.00	$	1,005.06	$	8.89		1.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.33	$	8.94		1.76	%
Class C
Actual	$	1,000.00	$	1,004.87	$	8.89		1.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.33	$	8.94		1.76	%
Administrator Class
Actual	$	1,000.00	$	1,009.27	$	4.30		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,011.54	$	2.54		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Investor Class
Actual	$	1,000.00	$	1,008.96	$	4.61		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%

Please see footnote on page 22.


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


Target 2025 Fund	Beginning account value 3-1-12		Ending account value 8-31-12		Expenses paid during the period¹		Net annual expense ratio
Administrator Class
Actual	$	1,000.00	$	1,004.41	$	4.29		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,005.95	$	2.53		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Investor Class
Actual	$	1,000.00	$	1,004.10	$	4.60		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Target 2030 Fund
Class A
Actual	$	1,000.00	$	999.14	$	5.14		1.02	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.06	$	5.19		1.02	%
Class B
Actual	$	1,000.00	$	995.64	$	8.90		1.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.28	$	9.00		1.77	%
Class C
Actual	$	1,000.00	$	995.27	$	8.90		1.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.28	$	9.00		1.77	%
Administrator Class
Actual	$	1,000.00	$	1,000.01	$	4.34		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Institutional Class
Actual	$	1,000.00	$	1,001.60	$	2.57		0.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.63	$	2.60		0.51	%
Investor Class
Actual	$	1,000.00	$	999.74	$	4.64		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Target 2035 Fund
Administrator Class
Actual	$	1,000.00	$	996.35	$	4.38		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Institutional Class
Actual	$	1,000.00	$	997.86	$	2.62		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Investor Class
Actual	$	1,000.00	$	996.05	$	4.68		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Target 2040 Fund
Class A
Actual	$	1,000.00	$	992.66	$	5.17		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Class B
Actual	$	1,000.00	$	989.03	$	8.92		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.23	$	9.05		1.78	%
Class C
Actual	$	1,000.00	$	988.96	$	8.92		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.23	$	9.05		1.78	%

Please see footnote on page 22.


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


Target 2040 Fund	Beginning account value 3-1-12		Ending account value 8-31-12		Expenses paid during the period¹		Net annual expense ratio
Administrator Class
Actual	$	1,000.00	$	993.60	$	4.37		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Institutional Class
Actual	$	1,000.00	$	995.24	$	2.62		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Investor Class
Actual	$	1,000.00	$	993.35	$	4.67		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Target 2045 Fund
Administrator Class
Actual	$	1,000.00	$	992.04	$	4.37		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Institutional Class
Actual	$	1,000.00	$	994.05	$	2.61		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Investor Class
Actual	$	1,000.00	$	991.73	$	4.67		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Target 2050 Fund
Administrator Class
Actual	$	1,000.00	$	992.70	$	4.37		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Institutional Class
Actual	$	1,000.00	$	994.26	$	2.61		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Investor Class
Actual	$	1,000.00	$	992.44	$	4.67		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Target 2055 Fund
Administrator Class
Actual	$	1,000.00	$	991.77	$	4.37		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Institutional Class
Actual	$	1,000.00	$	993.52	$	2.61		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Investor Class
Actual	$	1,000.00	$	992.27	$	4.67		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%

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


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			23

TARGET TODAY FUND

Security name

Shares

Value

Affiliated Master Portfolios: 100.03%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

771,838,130

Wells Fargo Advantage Diversified Stock Portfolio

N/A

150,954,684

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

66,353,349

Total Affiliated Master Portfolios (Cost $930,841,937)

989,146,163


Total investments in securities
(Cost $930,841,937) *	100.03	%		989,146,163
Other assets and liabilities, net	(0.03	)		(289,281	)

Total net assets	100.00	%	$	988,856,882

TARGET 2010 FUND

Security name

Shares

Value

Affiliated Master Portfolios: 100.01%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

636,795,743

Wells Fargo Advantage Diversified Stock Portfolio

N/A

181,415,793

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

33,816,399

Total Affiliated Master Portfolios (Cost $779,850,967)

852,027,935


Total investments in securities
(Cost $779,850,967) *	100.01	%		852,027,935
Other assets and liabilities, net	(0.01	)		(79,333	)

Total net assets	100.00	%	$	851,948,602

TARGET 2015 FUND

Security name

Shares

Value

Affiliated Master Portfolios: 100.00%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

542,044,186

Wells Fargo Advantage Diversified Stock Portfolio

N/A

280,627,667

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

33,919,844

Total Affiliated Master Portfolios (Cost $803,109,040)

856,591,697


Total investments in securities
(Cost $803,109,040) *	100.00	%		856,591,697
Other assets and liabilities, net	0.00			(3,745	)

Total net assets	100.00	%	$	856,587,952

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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


24		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2012 (unaudited)

TARGET 2020 FUND

Security name

Shares

Value

Affiliated Master Portfolios: 100.14%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

1,193,207,382

Wells Fargo Advantage Diversified Stock Portfolio

N/A

1,052,661,494

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

92,364,120

Total Affiliated Master Portfolios (Cost $2,160,947,543)

2,338,232,996


Total investments in securities
(Cost $2,160,947,543) *	100.14	%		2,338,232,996
Other assets and liabilities, net	(0.14	)		(3,221,941	)

Total net assets	100.00	%	$	2,335,011,055

TARGET 2025 FUND

Security name

Shares

Value

Affiliated Master Portfolios: 100.02%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

745,640,151

Wells Fargo Advantage Diversified Stock Portfolio

N/A

1,114,441,545

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

76,298,336

Total Affiliated Master Portfolios (Cost $1,791,016,759)

1,936,380,032


Total investments in securities
(Cost $1,791,016,759) *	100.02	%		1,936,380,032
Other assets and liabilities, net	(0.02	)		(339,789	)

Total net assets	100.00	%	$	1,936,040,243

TARGET 2030 FUND

Security name

Shares

Value

Affiliated Master Portfolios: 99.98%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

537,357,728

Wells Fargo Advantage Diversified Stock Portfolio

N/A

1,402,568,152

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

79,375,543

Total Affiliated Master Portfolios (Cost $1,866,691,051)

2,019,301,423


Total investments in securities
(Cost $1,866,691,051) *	99.98	%		2,019,301,423
Other assets and liabilities, net	0.02			478,557

Total net assets	100.00	%	$	2,019,779,980

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			25

TARGET 2035 FUND

Security name

Shares

Value

Affiliated Master Portfolios: 100.01%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

149,484,941

Wells Fargo Advantage Diversified Stock Portfolio

N/A

717,553,209

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

35,401,731

Total Affiliated Master Portfolios (Cost $839,411,302)

902,439,881


Total investments in securities
(Cost $839,411,302) *	100.01	%		902,439,881
Other assets and liabilities, net	(0.01	)		(95,042	)

Total net assets	100.00	%	$	902,344,839

TARGET 2040 FUND

Security name

Shares

Value

Affiliated Master Portfolios: 99.86%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

127,037,386

Wells Fargo Advantage Diversified Stock Portfolio

N/A

1,164,070,945

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

52,638,086

Total Affiliated Master Portfolios (Cost $1,241,106,038)

1,343,746,417


Total investments in securities
(Cost $1,241,106,038) *	99.86	%		1,343,746,417
Other assets and liabilities, net	0.14			1,946,293

Total net assets	100.00	%	$	1,345,692,710

TARGET 2045 FUND

Security name

Shares

Value

Affiliated Master Portfolios: 99.83%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

26,962,568

Wells Fargo Advantage Diversified Stock Portfolio

N/A

400,850,580

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

17,429,347

Total Affiliated Master Portfolios (Cost $415,977,709)

445,242,495


Total investments in securities
(Cost $415,977,709) *	99.83	%		445,242,495
Other assets and liabilities, net	0.17			754,645

Total net assets	100.00	%	$	445,997,140

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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


26		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2012 (unaudited)

TARGET 2050 FUND

Security name

Shares

Value

Affiliated Master Portfolios: 99.72%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

47,791,825

Wells Fargo Advantage Diversified Stock Portfolio

N/A

740,501,882

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

32,113,970

Total Affiliated Master Portfolios (Cost $753,670,734)

820,407,677


Total investments in securities
(Cost $753,670,734) *	99.72	%		820,407,677
Other assets and liabilities, net	0.28			2,290,774

Total net assets	100.00	%	$	822,698,451

TARGET 2055 FUND

Security name

Shares

Value

Affiliated Master Portfolios: 100.59%

Wells Fargo Advantage Diversified Fixed Income Portfolio

N/A

1,155,924

Wells Fargo Advantage Diversified Stock Portfolio

N/A

17,910,251

Wells Fargo Advantage Short-Term Investment Portfolio

N/A

776,729

Total Affiliated Master Portfolios (Cost $19,188,106)

19,842,904


Total investments in securities
(Cost $19,188,106) *	100.59	%		19,842,904
Other assets and liabilities, net	(0.59	)		(115,601	)

Total net assets	100.00	%	$	19,727,303

*	Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

This page is intentionally left blank.


28		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of assets and liabilities—August 31, 2012 (unaudited)


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

Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	989,146,163	$	852,027,935		$	856,591,697	$	2,338,232,996
Receivable for Fund shares sold		1,117,188		2,440,282			1,810,717		5,007,908
Receivable from adviser		0		0			0		0
Prepaid expenses and other assets		47,660		17,815			50,693		41,908

Total assets		990,311,011		854,486,032			858,453,107		2,343,282,812


Liabilities
Payable for Fund shares redeemed		1,161,509		2,222,428			1,558,587		7,470,812
Advisory fee payable		44,467		70,932			55,041		233,818
Distribution fees payable		3,607		2,613			N/A		3,456
Due to other related parties		150,066		127,483			146,974		338,174
Shareholder servicing fees payable		63,614		73,876			65,720		169,708
Accrued expenses and other liabilities		30,866		40,098			38,833		55,789

Total liabilities		1,454,129		2,537,430			1,865,155		8,271,757

Total net assets	$	988,856,882	$	851,948,602		$	856,587,952	$	2,335,011,055


NET ASSETS CONSIST OF
Paid-in capital	$	914,143,357	$	779,652,042		$	794,478,850	$	2,144,067,642
Undistributed net investment income		12,185,502		2,841,240			2,735,896		6,618,264
Accumulated net realized gains (losses) on investments		4,223,797		(2,721,648	)		5,890,549		7,039,696
Net unrealized gains on investments		58,304,226		72,176,968			53,482,657		177,285,453

Total net assets	$	988,856,882	$	851,948,602		$	856,587,952	$	2,335,011,055


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	20,769,884	$	37,739,113			N/A	$	73,155,229
Shares outstanding – Class A		1,878,637		2,820,741			N/A		5,127,639
Net asset value per share – Class A		$11.06		$13.38			N/A		$14.27
Maximum offering price per share – Class A²		$11.73		$14.20			N/A		$15.14
Net assets – Class B	$	145,398	$	563,226			N/A	$	726,511
Shares outstanding – Class B		12,781		41,743			N/A		51,172
Net asset value per share – Class B		$11.38		$13.49			N/A		$14.20
Net assets – Class C	$	5,031,106	$	3,264,814			N/A	$	4,205,284
Shares outstanding – Class C		446,774		240,838			N/A		295,708
Net asset value per share – Class C		$11.26		$13.56			N/A		$14.22
Net assets – Administrator Class	$	137,250,601	$	213,587,290		$	92,328,707	$	490,461,019
Shares outstanding – Administrator Class		12,173,185		15,818,273			9,100,834		33,918,848
Net asset value per share – Administrator Class		$11.27		$13.50			$10.15		$14.46
Net assets – Institutional Class	$	713,697,354	$	534,531,124		$	573,604,034	$	1,608,809,385
Shares outstanding – Institutional Class		63,078,857		39,569,542			57,177,898		110,982,092
Net asset value per share – Institutional Class		$11.31		$13.51			$10.03		$14.50
Net assets – Investor Class	$	111,962,539	$	62,263,035		$	190,655,211	$	157,653,627
Shares outstanding – Investor Class		9,947,389		4,620,133			18,769,126		10,910,545
Net asset value per share – Investor Class		$11.26		$13.48			$10.16		$14.45

Investments in affiliated Master Portfolios, at cost	$	930,841,937	$	779,850,967		$	803,109,040	$	2,160,947,543

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, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			29


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


$	1,936,380,032	$	2,019,301,423	$	902,439,881	$	1,343,746,417	$	445,242,495	$	820,407,677	$	19,842,904
	3,103,564		6,084,702		1,773,758		5,200,328		1,686,097		3,942,956		214,806
	0		0		0		0		0		0		9,194
	42,541		64,629		57,707		83,856		56,807		40,752		27,793

	1,939,526,137		2,025,450,754		904,271,346		1,349,030,601		446,985,399		824,391,385		20,094,697



	2,873,302		4,977,405		1,572,085		2,849,825		811,092		1,445,687		346,062
	150,994		207,067		68,854		144,740		23,978		77,855		0
	N/A		2,710		N/A		3,157		N/A		N/A		N/A
	310,029		291,526		169,480		200,083		86,232		108,173		2,589
	107,270		143,861		83,444		102,321		43,924		31,240		740
	44,299		48,205		32,644		37,765		23,033		29,979		18,003

	3,485,894		5,670,774		1,926,507		3,337,891		988,259		1,692,934		367,394

$	1,936,040,243	$	2,019,779,980	$	902,344,839	$	1,345,692,710	$	445,997,140	$	822,698,451	$	19,727,303



$	1,758,326,594	$	1,850,158,370	$	828,694,634	$	1,229,959,307	$	412,902,149	$	745,504,615	$	18,913,695
	4,940,031		4,650,886		1,991,215		2,468,750		965,897		1,612,985		58,061
	27,410,345		12,360,352		8,630,411		10,624,274		2,864,308		8,843,908		100,749
	145,363,273		152,610,372		63,028,579		102,640,379		29,264,786		66,736,943		654,798

	$1,936,040,243	$	2,019,779,980	$	902,344,839	$	1,345,692,710	$	445,997,140	$	822,698,451	$	19,727,303



	N/A	$	57,118,807		N/A	$	98,694,238		N/A		N/A		N/A
	N/A		3,904,412		N/A		6,225,269		N/A		N/A		N/A
	N/A		$14.63		N/A		$15.85		N/A		N/A		N/A
	N/A		$15.52		N/A		$16.82		N/A		N/A		N/A
	N/A	$	610,013		N/A	$	943,159		N/A		N/A		N/A
	N/A		42,365		N/A		62,190		N/A		N/A		N/A
	N/A		$14.40		N/A		$15.17		N/A		N/A		N/A
	N/A	$	3,289,769		N/A	$	3,587,254		N/A		N/A		N/A
	N/A		229,531		N/A		238,511		N/A		N/A		N/A
	N/A		$14.33		N/A		$15.04		N/A		N/A		N/A
$	127,761,999	$	417,132,954	$	88,657,282	$	262,777,976	$	44,868,940	$	100,657,161	$	2,686,907
	13,159,833		28,182,151		9,402,036		16,300,396		4,742,200		11,060,450		270,244
	$9.71		$14.80		$9.43		$16.12		$9.46		$9.10		$9.94
$	1,471,696,240	$	1,403,058,680	$	540,483,578	$	906,906,016	$	254,674,350	$	688,482,861	$	16,579,567
	151,958,178		94,790,045		57,481,779		56,156,545		27,066,930		75,912,782		1,667,312
	$9.68		$14.80		$9.40		$16.15		$9.41		$9.07		$9.94
$	336,582,004	$	138,569,757	$	273,203,979	$	72,784,067	$	146,453,850	$	33,558,429	$	460,829
	34,719,867		9,383,133		28,891,905		4,521,570		15,433,671		3,697,240		46,727
	$9.69		$14.77		$9.46		$16.10		$9.49		$9.08		$9.86

$	1,791,016,759	$	1,866,691,051	$	839,411,302	$	1,241,106,038	$	415,977,709	$	753,670,734	$	19,188,106

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


30		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of operations—six months ended August 31, 2012 (unaudited)


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

Investment income
Dividends allocated from affiliated Master Portfolios*	$	1,783,259		$	2,222,428		$	3,240,472		$	12,542,107
Interest allocated from affiliated Master Portfolios**		10,291,994			8,700,779			7,165,955			16,339,063
Expenses allocated from affiliated Master Portfolios		(1,329,256	)		(1,206,151	)		(1,181,170	)		(3,369,660	)
Waivers allocated from affiliated Master Portfolios		92,005			91,925			103,628			337,077

Total investment income		10,838,002			9,808,981			9,328,885			25,848,587


Expenses
Advisory fee		1,187,647			1,055,364			1,012,971			2,601,394
Administration fees
Fund level		247,046			218,289			209,074			582,784
Class A		28,086			51,236			N/A			97,667
Class B		251			825			N/A			1,053
Class C		6,651			4,300			N/A			5,706
Administrator Class		66,862			103,984			46,198			247,586
Institutional Class		286,739			223,891			225,035			641,556
Investor Class		178,916			100,401			292,891			245,248
Shareholder servicing fees
Class A		27,006			49,265			N/A			93,084
Class B		242			794			N/A			1,012
Class C		6,396			4,135			N/A			5,487
Administrator Class		167,154			259,961			115,495			618,965
Investor Class		138,376			77,637			226,639			189,689
Distribution fees
Class B		725			2,381			N/A			3,037
Class C		19,187			12,403			N/A			16,460
Custody and accounting fees		18,536			16,499			15,854			44,528
Professional fees		8,626			9,726			11,222			9,823
Registration fees		62,284			45,710			45,213			64,835
Shareholder report expenses		20,972			2,274			14,506			39,337
Trustees’ fees and expenses		6,388			6,143			6,143			6,143
Other fees and expenses		9,247			17,864			11,437			21,316

Total expenses		2,487,337			2,263,082			2,232,678			5,536,710
Less: Fee waivers and/or expense reimbursements		(952,043	)		(665,121	)		(727,917	)		(1,339,474	)

Net expenses		1,535,294			1,597,961			1,504,761			4,197,236

Net investment income		9,302,708			8,211,020			7,824,124			21,651,351


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains from securities transaction allocated from affiliated Master Portfolios		4,719,304			4,954,148			5,783,831			19,801,608
Net change in unrealized gains (losses) from securities transactions allocated from affiliated Master Portfolios		5,230,798			2,292,570			(593,818	)		(16,942,157	)

Net realized and unrealized gains (losses) on investments		9,950,102			7,246,718			5,190,013			2,859,451

Net increase (decrease) in net assets resulting from operations	$	19,252,810		$	15,457,738		$	13,014,137		$	24,510,802


* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios of		$104,076			$129,994			$188,950			$734,044

** Net of foreign interest withholding taxes allocated from affiliated Master Portfolios of		$114,538			$96,279			$78,740			$176,720

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


Statements of operations—six months ended August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			31


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


$13,252,292	$	16,803,660		$	8,267,249		$	13,889,388		$	4,461,648		$	8,748,610		$	178,400
10,367,716		7,796,086			2,244,616			2,251,429			526,653			1,007,616			20,769
(2,837,288)		(3,031,987	)		(1,328,104	)		(2,065,895	)		(646,764	)		(1,259,864	)		(26,157	)
317,979		372,932			175,104			284,937			90,968			177,432			3,681

21,100,699		21,940,691			9,358,865			14,359,859			4,432,505			8,673,794			176,693



2,166,939		2,258,765			1,042,624			1,544,914			514,979			974,820			20,783

479,343		501,206			215,520			331,242			102,996			200,780			4,156
N/A		77,028			N/A			132,101			N/A			N/A			N/A
N/A		884			N/A			1,501			N/A			N/A			N/A
N/A		4,237			N/A			4,708			N/A			N/A			N/A
61,295		207,641			41,748			132,932			21,214			48,428			1,207
588,362		557,749			207,193			353,671			95,392			270,106			5,524
523,327		213,280			421,106			110,755			211,699			50,083			652

N/A		72,916			N/A			127,020			N/A			N/A			N/A
N/A		850			N/A			1,443			N/A			N/A			N/A
N/A		4,074			N/A			4,527			N/A			N/A			N/A
153,238		519,103			104,370			332,330			53,035			121,070			3,017
404,846		164,973			325,751			85,668			163,844			38,746			505

N/A		2,551			N/A			4,329			N/A			N/A			N/A
N/A		12,221			N/A			13,581			N/A			N/A			N/A
36,663		38,423			16,310			25,277			8,371			16,120			1,021
9,197		8,520			9,144			8,569			10,797			8,787			9,466
40,379		67,247			50,383			59,758			45,020			42,320			30,875
27,940		30,273			17,301			26,414			12,560			12,894			7,989
6,352		6,371			5,419			6,390			6,631			5,419			6,381
19,154		25,679			7,224			24,466			5,625			15,054			4,064

4,517,035		4,773,991			2,464,093			3,331,596			1,252,163			1,804,627			95,640
(1,364,434)		(1,147,531	)		(695,336	)		(772,672	)		(393,851	)		(565,906	)		(69,837	)

3,152,601		3,626,460			1,768,757			2,558,924			858,312			1,238,721			25,803

17,948,098		18,314,231			7,590,108			11,800,935			3,574,193			7,435,073			150,890



19,354,729		23,180,720			10,920,952			18,185,771			5,652,228			11,369,696			196,734
(25,065,652)		(38,310,123	)		(19,076,720	)		(36,148,295	)		(10,191,243	)		(22,704,058	)		(203,354	)

(5,710,923)		(15,129,403	)		(8,155,768	)		(17,962,524	)		(4,539,015	)		(11,334,362	)		(6,620	)

$12,237,175	$	3,184,828		$	(565,660	)	$	(6,161,589	)	$	(964,822	)	$	(3,899,289	)	$	144,270


$774,975		$984,658			$482,847			$813,366			$259,893			$511,683			$10,373

$109,711		$79,124			$21,197			$18,556			$3,880			$7,201			$222

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


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


	Target Today Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012

Operations
Net investment income				$	9,302,708					$	18,103,832
Net realized gains on investments					4,719,304						8,341,557
Net change in unrealized gains (losses) on investments					5,230,798						24,384,374

Net increase in net assets resulting from operations					19,252,810						50,829,763


Distributions to shareholders from
Net investment income
Class A					0						(441,335	)
Class B					0						(4,159	)
Class C					0						(64,594	)
Administrator Class					0						(2,169,932	)
Institutional Class					0						(15,982,869	)
Investor Class					0						(2,025,777	)
Net realized gains
Class A					0						(104,048	)
Class B					0						(1,566	)
Class C					0						(20,300	)
Administrator Class					0						(576,823	)
Institutional Class					0						(3,244,184	)
Investor Class					0						(491,552	)

Total distributions to shareholders					0						(25,127,139	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		40,466			439,494			168,406			1,795,452
Class B		0			0			2,245			24,943
Class C		10,145			112,424			45,022			493,549
Administrator Class		4,184,374			46,140,880			7,057,884			76,983,266
Institutional Class		9,966,373			110,804,633			24,106,220			262,973,342
Investor Class		1,613,591			17,838,958			3,935,267			42,864,180

					175,336,389						385,134,732

Reinvestment of distributions
Class A		0			0			49,084			521,304
Class B		0			0			478			5,247
Class C		0			0			6,518			70,790
Administrator Class		0			0			252,838			2,732,704
Institutional Class		0			0			1,771,367			19,181,020
Investor Class		0			0			231,752			2,503,548

					0						25,014,613

Payment for shares redeemed
Class A		(170,922	)		(1,855,582	)		(374,359	)		(3,998,157	)
Class B		(8,799	)		(98,804	)		(60,772	)		(665,251	)
Class C		(22,561	)		(250,373	)		(112,210	)		(1,222,396	)
Administrator Class		(3,023,108	)		(33,535,023	)		(3,480,359	)		(37,943,656	)
Institutional Class		(10,083,298	)		(111,776,285	)		(16,593,030	)		(181,239,502	)
Investor Class		(1,418,054	)		(15,690,018	)		(2,497,613	)		(27,176,832	)

					(163,206,085	)					(252,245,794	)

Net increase in net assets resulting from capital share transactions					12,130,304						157,903,551

Total increase in net assets					31,383,114						183,606,175


Net assets
Beginning of period					957,473,768						773,867,593

End of period				$	988,856,882					$	957,473,768

Undistributed net investment income				$	12,185,502					$	2,882,794

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			33


	Target 2010 Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012

Operations
Net investment income				$	8,211,020					$	16,483,214
Net realized gains on investments					4,954,148						15,053,302
Net change in unrealized gains (losses) on investments					2,292,570						12,894,935

Net increase in net assets resulting from operations					15,457,738						44,431,451


Distributions to shareholders from
Net investment income
Class A					(281,316	)					(749,683	)
Class B					(1,808	)					(7,890	)
Class C					(12,097	)					(34,986	)
Administrator Class					(1,838,604	)					(3,902,589	)
Institutional Class					(5,100,246	)					(12,535,694	)
Investor Class					(478,907	)					(1,101,774	)

Total distributions to shareholders					(7,712,978	)					(18,332,616	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		45,484			600,399			280,753			3,633,637
Class B		2,622			35,109			17,300			225,174
Class C		17,443			234,455			53,291			701,285
Administrator Class		4,417,541			58,663,779			4,708,663			61,663,211
Institutional Class		6,524,246			87,090,541			18,322,991			239,627,102
Investor Class		607,739			8,091,839			1,306,415			17,057,568

					154,716,122						322,907,977

Reinvestment of distributions
Class A		20,918			272,358			55,380			711,007
Class B		132			1,734			541			6,994
Class C		891			11,767			2,538			33,021
Administrator Class		140,031			1,838,604			301,246			3,902,521
Institutional Class		386,114			5,069,678			962,393			12,460,453
Investor Class		36,508			478,618			84,570			1,093,167

					7,672,759						18,207,163

Payment for shares redeemed
Class A		(238,535	)		(3,150,193	)		(657,988	)		(8,540,611	)
Class B		(16,942	)		(225,134	)		(81,141	)		(1,052,552	)
Class C		(24,741	)		(331,614	)		(47,676	)		(623,957	)
Administrator Class		(2,999,360	)		(40,026,546	)		(5,545,086	)		(72,609,821	)
Institutional Class		(9,422,029	)		(125,560,457	)		(12,306,521	)		(161,054,673	)
Investor Class		(648,188	)		(8,625,535	)		(910,036	)		(11,906,175	)

					(177,919,479	)					(255,787,789	)

Net increase (decrease) in net assets resulting from capital share transactions					(15,530,598	)					85,327,351

Total increase (decrease) in net assets					(7,785,838	)					111,426,186


Net assets
Beginning of period					859,734,440						748,308,254

End of period				$	851,948,602					$	859,734,440

Undistributed net investment income				$	2,841,240					$	2,343,198

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


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


	Target 2015 Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012

Operations
Net investment income				$	7,824,124					$	12,922,382
Net realized gains on investments					5,783,831						9,565,632
Net change in unrealized gains (losses) on investments					(593,818	)					12,592,961

Net increase in net assets resulting from operations					13,014,137						35,080,975


Distributions to shareholders from
Net investment income
Administrator Class					(845,298	)					(1,259,319	)
Institutional Class					(5,806,352	)					(9,219,251	)
Investor Class					(1,546,781	)					(2,530,897	)
Net realized gains
Administrator Class					0						(873,622	)
Institutional Class					0						(5,124,567	)
Investor Class					0						(1,675,940	)

Total distributions to shareholders					(8,198,431	)					(20,683,596	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		2,535,393			25,263,652			4,158,920			41,140,441
Institutional Class		10,662,262			105,604,143			25,474,990			249,645,896
Investor Class		3,824,899			38,273,837			4,599,362			45,636,076

					169,141,632						336,422,413

Reinvestment of distributions
Administrator Class		85,358			843,737			218,572			2,127,967
Institutional Class		588,997			5,759,462			1,475,197			14,201,227
Investor Class		156,209			1,545,702			430,496			4,198,009

					8,148,901						20,527,203

Payment for shares redeemed
Administrator Class		(1,913,212	)		(19,198,400	)		(2,155,246	)		(21,400,770	)
Institutional Class		(7,807,757	)		(77,159,962	)		(12,673,556	)		(124,251,499	)
Investor Class		(1,608,704	)		(16,145,871	)		(2,991,375	)		(29,703,618	)

					(112,504,233	)					(175,355,887	)

Net increase in net assets resulting from capital share transactions					64,786,300						181,593,729

Total increase in net assets					69,602,006						195,991,108


Net assets
Beginning of period					786,985,946						590,994,838

End of period				$	856,587,952					$	786,985,946

Undistributed net investment income				$	2,735,896					$	3,110,203

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			35


	Target 2020 Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012

Operations
Net investment income				$	21,651,351					$	37,174,931
Net realized gains on investments					19,801,608						38,699,684
Net change in unrealized gains (losses) on investments					(16,942,157	)					15,315,986

Net increase in net assets resulting from operations					24,510,802						91,190,601


Distributions to shareholders from
Net investment income
Class A					(507,174	)					(1,191,172	)
Class B					(1,604	)					(7,738	)
Class C					(14,329	)					(37,169	)
Administrator Class					(3,828,098	)					(7,776,737	)
Institutional Class					(14,057,290	)					(29,700,520	)
Investor Class					(1,091,120	)					(2,184,199	)
Net realized gains
Class A					0						(183,633	)
Class B					0						(2,784	)
Class C					0						(9,530	)
Administrator Class					0						(1,157,006	)
Institutional Class					0						(3,724,974	)
Investor Class					0						(343,302	)

Total distributions to shareholders					(19,499,615	)					(46,318,764	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		132,141			1,861,363			631,870			8,829,853
Class B		649			9,099			2,115			29,728
Class C		17,716			248,770			102,609			1,403,302
Administrator Class		6,638,723			94,327,027			10,928,563			153,132,354
Institutional Class		18,724,297			268,274,896			36,774,730			519,301,696
Investor Class		1,903,552			27,140,625			3,144,337			43,997,341

					391,861,780						726,694,274

Reinvestment of distributions
Class A		35,878			491,526			97,188			1,316,845
Class B		110			1,504			714			9,568
Class C		911			12,465			2,878			38,879
Administrator Class		275,547			3,827,343			650,425			8,931,789
Institutional Class		1,004,778			13,976,475			2,412,837			33,191,509
Investor Class		78,444			1,088,806			183,756			2,520,636

					19,398,119						46,009,226

Payment for shares redeemed
Class A		(301,409	)		(4,239,461	)		(1,037,096	)		(14,293,065	)
Class B		(23,591	)		(330,961	)		(104,146	)		(1,436,578	)
Class C		(46,745	)		(659,919	)		(63,273	)		(871,300	)
Administrator Class		(5,442,736	)		(77,501,043	)		(10,171,608	)		(142,872,859	)
Institutional Class		(15,166,534	)		(216,673,467	)		(20,894,664	)		(292,952,998	)
Investor Class		(1,084,905	)		(15,475,311	)		(1,748,805	)		(24,522,722	)

					(314,880,162	)					(476,949,522	)

Net increase in net assets resulting from capital share transactions					96,379,737						295,753,978

Total increase in net assets					101,390,924						340,625,815


Net assets
Beginning of period					2,233,620,131						1,892,994,316

End of period				$	2,335,011,055					$	2,233,620,131

Undistributed net investment income				$	6,618,264					$	4,466,528

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


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


	Target 2025 Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012

Operations
Net investment income				$	17,948,098					$	29,423,935
Net realized gains on investments					19,354,729						48,010,089
Net change in unrealized gains (losses) on investments					(25,065,652	)					(12,306,697	)

Net increase in net assets resulting from operations					12,237,175						65,127,327


Distributions to shareholders from
Net investment income
Administrator Class					(913,368	)					(1,438,716	)
Institutional Class					(12,664,469	)					(25,612,058	)
Investor Class					(2,250,123	)					(4,071,328	)
Net realized gains
Administrator Class					0						(2,443,165	)
Institutional Class					0						(32,907,519	)
Investor Class					0						(6,747,046	)

Total distributions to shareholders					(15,827,960	)					(73,219,832	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		3,515,257			33,486,936			6,405,861			61,633,506
Institutional Class		16,686,325			159,967,053			34,405,149			330,935,765
Investor Class		6,289,259			60,124,686			8,333,284			79,658,298

					253,578,675						472,227,569

Reinvestment of distributions
Administrator Class		97,584			913,368			423,018			3,881,881
Institutional Class		1,345,869			12,602,295			6,351,544			58,229,396
Investor Class		240,546			2,248,948			1,177,391			10,792,589

					15,764,611						72,903,866

Payment for shares redeemed
Administrator Class		(1,923,663	)		(18,439,672	)		(2,449,180	)		(23,720,760	)
Institutional Class		(13,468,170	)		(128,534,530	)		(25,183,744	)		(240,890,064	)
Investor Class		(2,715,056	)		(25,964,443	)		(4,786,211	)		(45,849,039	)

					(172,938,645	)					(310,459,863	)

Net increase in net assets resulting from capital share transactions					96,404,641						234,671,572

Total increase in net assets					92,813,856						226,579,067


Net assets
Beginning of period					1,843,226,387						1,616,647,320

End of period				$	1,936,040,243					$	1,843,226,387

Undistributed net investment income				$	4,940,031					$	2,819,893

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			37


	Target 2030 Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012

Operations
Net investment income				$	18,314,231					$	27,115,516
Net realized gains on investments					23,180,720						34,051,829
Net change in unrealized gains (losses) on investments					(38,310,123	)					(9,847,187	)

Net increase in net assets resulting from operations					3,184,828						51,320,158


Distributions to shareholders from
Net investment income
Class A					(366,752	)					(772,673	)
Class B					(1,097	)					(4,327	)
Class C					(11,292	)					(26,667	)
Administrator Class					(2,975,177	)					(5,246,485	)
Institutional Class					(11,508,226	)					(20,783,811	)
Investor Class					(905,895	)					(1,460,166	)
Net realized gains
Class A					0						(750,613	)
Class B					0						(11,291	)
Class C					0						(31,621	)
Administrator Class					0						(4,884,346	)
Institutional Class					0						(16,233,953	)
Investor Class					0						(1,489,261	)

Total distributions to shareholders					(15,768,439	)					(51,695,214	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		102,767			1,483,332			485,942			7,057,216
Class B		1,740			24,573			4,456			61,365
Class C		37,514			529,188			57,591			820,045
Administrator Class		5,997,773			87,266,007			9,685,806			140,322,433
Institutional Class		17,975,561			263,347,301			33,363,352			486,113,377
Investor Class		1,862,510			27,002,266			2,858,201			41,223,052

					379,652,667						675,597,488

Reinvestment of distributions
Class A		25,454			353,047			106,044			1,454,839
Class B		79			1,084			1,090			14,627
Class C		789			10,734			3,326			44,636
Administrator Class		212,044			2,974,989			729,253			10,130,072
Institutional Class		813,376			11,403,534			2,640,535			36,665,586
Investor Class		64,660			905,235			212,158			2,937,640

					15,648,623						51,247,400

Payment for shares redeemed
Class A		(301,498	)		(4,340,247	)		(715,433	)		(10,355,181	)
Class B		(19,651	)		(281,928	)		(80,331	)		(1,134,786	)
Class C		(24,696	)		(349,909	)		(13,965	)		(194,454	)
Administrator Class		(4,527,739	)		(65,952,554	)		(8,876,276	)		(128,685,126	)
Institutional Class		(13,610,925	)		(198,091,894	)		(16,386,961	)		(235,278,754	)
Investor Class		(889,680	)		(12,941,334	)		(1,363,828	)		(19,737,382	)

					(281,957,866	)					(395,385,683	)

Net increase in net assets resulting from capital share transactions					113,343,424						331,459,205

Total increase in net assets					100,759,813						331,084,149


Net assets
Beginning of period					1,919,020,167						1,587,936,018

End of period				$	2,019,779,980					$	1,919,020,167

Undistributed net investment income				$	4,650,886					$	2,105,094

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


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


	Target 2035 Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012

Operations
Net investment income				$	7,590,108					$	9,638,691
Net realized gains on investments					10,920,952						8,246,970
Net change in unrealized gains (losses) on investments					(19,076,720	)					1,151,064

Net increase (decrease) in net assets resulting from operations					(565,660	)					19,036,725


Distributions to shareholders from
Net investment income
Administrator Class					(569,670	)					(750,692	)
Institutional Class					(4,153,296	)					(5,781,114	)
Investor Class					(1,639,539	)					(2,433,324	)
Net realized gains
Administrator Class					0						(1,031,832	)
Institutional Class					0						(6,258,998	)
Investor Class					0						(3,315,052	)

Total distributions to shareholders					(6,362,505	)					(19,571,012	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		2,590,654			23,879,585			4,970,249			46,433,738
Institutional Class		11,532,444			107,260,315			23,050,944			213,557,274
Investor Class		5,234,302			48,862,411			7,187,781			66,379,605

					180,002,311						326,370,617

Reinvestment of distributions
Administrator Class		62,963			569,670			203,344			1,782,524
Institutional Class		452,636			4,101,313			1,361,889			11,893,990
Investor Class		180,440			1,637,387			652,519			5,739,759

					6,308,370						19,416,273

Payment for shares redeemed
Administrator Class		(1,336,116	)		(12,496,313	)		(2,295,179	)		(21,785,589	)
Institutional Class		(5,216,475	)		(48,116,288	)		(8,919,127	)		(82,073,140	)
Investor Class		(2,070,627	)		(19,386,141	)		(3,417,772	)		(31,600,228	)

					(79,998,742	)					(135,458,957	)

Net increase in net assets resulting from capital share transactions					106,311,939						210,327,933

Total increase in net assets					99,383,774						209,793,646


Net assets
Beginning of period					802,961,065						593,167,419

End of period				$	902,344,839					$	802,961,065

Undistributed net investment income				$	1,991,215					$	763,612

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			39


	Target 2040 Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012

Operations
Net investment income				$	11,800,935					$	15,964,547
Net realized gains on investments					18,185,771						23,556,443
Net change in unrealized gains (losses) on investments					(36,148,295	)					(20,260,995	)

Net increase (decrease) in net assets resulting from operations					(6,161,589	)					19,259,995


Distributions to shareholders from
Net investment income
Class A					(602,364	)					(1,102,225	)
Class B					(1,384	)					(6,776	)
Class C					(11,541	)					(22,294	)
Administrator Class					(1,797,596	)					(2,941,627	)
Institutional Class					(7,061,207	)					(11,077,151	)
Investor Class					(446,666	)					(609,439	)
Net realized gains
Class A					0						(1,674,412	)
Class B					0						(26,426	)
Class C					0						(55,987	)
Administrator Class					0						(3,924,109	)
Institutional Class					0						(12,787,455	)
Investor Class					0						(962,543	)

Total distributions to shareholders					(9,920,758	)					(35,190,444	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		112,995			1,774,841			385,565			6,150,436
Class B		0			0			1,770			27,341
Class C		27,267			408,270			72,352			1,091,671
Administrator Class		3,621,796			57,429,876			6,594,449			104,747,908
Institutional Class		12,889,185			205,464,527			21,402,909			340,971,459
Investor Class		1,018,587			16,118,281			1,494,557			23,650,060

					281,195,795						476,638,875

Reinvestment of distributions
Class A		39,816			592,864			183,673			2,704,479
Class B		96			1,367			2,158			30,135
Class C		762			10,780			4,938			68,820
Administrator Class		118,723			1,797,468			457,843			6,865,179
Institutional Class		463,211			7,017,639			1,579,969			23,701,715
Investor Class		29,495			445,957			105,078			1,569,513

					9,866,075						34,939,841

Payment for shares redeemed
Class A		(388,824	)		(6,094,215	)		(1,028,279	)		(16,153,396	)
Class B		(39,737	)		(601,982	)		(84,812	)		(1,286,454	)
Class C		(26,973	)		(400,944	)		(34,593	)		(493,456	)
Administrator Class		(3,129,689	)		(49,427,143	)		(6,992,963	)		(110,429,417	)
Institutional Class		(8,917,815	)		(141,512,143	)		(10,482,716	)		(165,305,790	)
Investor Class		(476,376	)		(7,607,501	)		(587,489	)		(9,252,261	)

					(205,643,928	)					(302,920,774	)

Net increase in net assets resulting from capital share transactions					85,417,942						208,657,942

Total increase in net assets					69,335,595						192,727,493


Net assets
Beginning of period					1,276,357,115						1,083,629,622

End of period				$	1,345,692,710					$	1,276,357,115

Undistributed net investment income				$	2,468,750					$	588,573

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 2045 Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012

Operations
Net investment income				$	3,574,193					$	4,027,377
Net realized gains on investments					5,652,228						20,438
Net change in unrealized gains (losses) on investments					(10,191,243	)					3,769,925

Net increase (decrease) in net assets resulting from operations					(964,822	)					7,817,740


Distributions to shareholders from
Net investment income
Administrator Class					(233,185	)					(334,860	)
Institutional Class					(1,989,168	)					(2,238,426	)
Investor Class					(674,486	)					(952,893	)
Net realized gains
Administrator Class					0						(172,327	)
Institutional Class					0						(917,408	)
Investor Class					0						(498,858	)

Total distributions to shareholders					(2,896,839	)					(5,114,772	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		1,309,562			12,183,962			2,311,584			21,505,695
Institutional Class		7,423,270			69,244,666			12,521,284			114,806,260
Investor Class		4,542,985			42,074,211			4,874,575			45,030,944

					123,502,839						181,342,899

Reinvestment of distributions
Administrator Class		25,546			233,185			58,104			507,143
Institutional Class		218,688			1,978,844			361,910			3,140,564
Investor Class		73,829			674,425			165,575			1,451,257

					2,886,454						5,098,964

Payment for shares redeemed
Administrator Class		(760,934	)		(7,163,679	)		(1,068,069	)		(10,147,921	)
Institutional Class		(3,099,624	)		(28,687,609	)		(5,108,831	)		(46,290,482	)
Investor Class		(1,199,170	)		(11,255,910	)		(1,782,836	)		(16,578,656	)

					(47,107,198	)					(73,017,059	)

Net increase in net assets resulting from capital share transactions					79,282,095						113,424,804

Total increase in net assets					75,420,434						116,127,772


Net assets
Beginning of period					370,576,706						254,448,934

End of period				$	445,997,140					$	370,576,706

Undistributed net investment income				$	965,897					$	288,543

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 2050 Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012

Operations
Net investment income				$	7,435,073					$	10,070,892
Net realized gains on investments					11,369,696						16,964,872
Net change in unrealized gains (losses) on investments					(22,704,058	)					(14,861,405	)

Net increase (decrease) in net assets resulting from operations					(3,899,289	)					12,174,359


Distributions to shareholders from
Net investment income
Administrator Class					(643,701	)					(784,638	)
Institutional Class					(5,440,788	)					(7,793,105	)
Investor Class					(195,478	)					(255,238	)
Net realized gains
Administrator Class					0						(2,209,078	)
Institutional Class					0						(16,622,909	)
Investor Class					0						(721,604	)

Total distributions to shareholders					(6,279,967	)					(28,386,572	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		3,123,887			27,860,906			5,831,652			52,243,078
Institutional Class		15,111,553			135,358,762			26,532,137			238,408,872
Investor Class		850,026			7,508,876			1,089,520			9,835,817

					170,728,544						300,487,767

Reinvestment of distributions
Administrator Class		14,020			643,686			357,859			2,993,632
Institutional Class		619,853			5,422,739			2,897,951			24,322,029
Investor Class		22,353			194,918			115,833			971,812

					6,261,343						28,287,473

Payment for shares redeemed
Administrator Class		(1,874,484	)		(16,803,124	)		(3,719,855	)		(33,304,448	)
Institutional Class		(10,607,906	)		(94,678,103	)		(17,696,508	)		(157,973,765	)
Investor Class		(282,079	)		(2,538,278	)		(703,054	)		(6,386,504	)

					(114,019,505	)					(197,664,717	)

Net increase in net assets resulting from capital share transactions					62,970,382						131,110,523

Total increase in net assets					52,791,126						114,898,310


Net assets
Beginning of period					769,907,325						655,009,015

End of period				$	822,698,451					$	769,907,325

Undistributed net investment income				$	1,612,985					$	457,879

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 2055 Fund
	Six months ended August 31, 2012 (unaudited)						Year ended February 29, 2012¹

Operations
Net investment income				$	150,890					$	26,081
Net realized gains (losses) on investments					196,734						(95,617	)
Net change in unrealized gains (losses) on investments					(203,354	)					858,152

Net increase in net assets resulting from operations					144,270						788,616


Distributions to shareholders from
Net investment income
Administrator Class					(8,872	)					0
Institutional Class					(105,715	)					0
Investor Class					(4,553	)					0

Total distributions to shareholders					(119,140	)					0


Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		177,257			1,746,988			194,786			1,768,579
Institutional Class		1,645,446			16,084,766			1,009,100			9,505,271
Investor Class		45,230			449,792			41,455			396,905

					18,281,546						11,670,755

Reinvestment of distributions
Administrator Class		952			8,872			0			0
Institutional Class		11,352			105,683			0			0
Investor Class		489			4,521			0			0

					119,076						0

Payment for shares redeemed
Administrator Class		(86,318	)		(847,359	)		(16,433	)		(160,556	)
Institutional Class		(878,769	)		(8,620,594	)		(119,817	)		(1,132,852	)
Investor Class		(24,493	)		(244,213	)		(15,954	)		(152,246	)

					(9,712,166	)					(1,445,654	)

Net increase in net assets resulting from capital share transactions					8,688,456						10,225,101

Total increase in net assets					8,713,586						11,013,717


Net assets
Beginning of period					11,013,717						0

End of period				$	19,727,303					$	11,013,717

Undistributed net investment income				$	58,061					$	26,311

1.	For the eight months ended February 29, 2012. The Fund commenced operations on June 30, 2011.

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

This page is intentionally left blank.


44		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target Today Fund
Class A
March 1, 2012 to August 31, 2012 (unaudited)	$	10.86		0.08	⁴		0.12			0.00			0.00
March 1, 2011 to February 29, 2012	$	10.56		0.18	⁴		0.39			(0.22	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.04		0.18	⁴		0.57			(0.23	)		0.00
March 1, 2009 to February 28, 2010	$	8.86		0.22	⁴		1.20			(0.24	)		0.00
March 1, 2008 to February 28, 2009	$	10.10		0.26	⁴		(1.15	)		(0.29	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.07		0.35	⁴		0.15			(0.36	)		(0.11	)
Class B
March 1, 2012 to August 31, 2012 (unaudited)	$	11.22		0.04	⁴		0.12			0.00			0.00
March 1, 2011 to February 29, 2012	$	10.87		0.10	⁴		0.41			(0.11	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.31		0.11	⁴		0.58			(0.13	)		0.00
March 1, 2009 to February 28, 2010	$	9.08		0.16	⁴		1.22			(0.15	)		0.00
March 1, 2008 to February 28, 2009	$	10.33		0.19	⁴		(1.17	)		(0.21	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.29		0.28	⁴		0.15			(0.28	)		(0.11	)
Class C
March 1, 2012 to August 31, 2012 (unaudited)	$	11.11		0.05			0.10			0.00			0.00
March 1, 2011 to February 29, 2012	$	10.78		0.10	⁴		0.41			(0.13	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.25		0.11	⁴		0.57			(0.15	)		0.00
March 1, 2009 to February 28, 2010	$	9.04		0.15	⁴		1.23			(0.17	)		0.00
March 1, 2008 to February 28, 2009	$	10.30		0.19	⁴		(1.18	)		(0.21	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.26		0.28	⁴		0.15			(0.28	)		(0.11	)
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	11.07		0.09			0.11			0.00			0.00
March 1, 2011 to February 29, 2012	$	10.75		0.20			0.40			(0.23	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.19		0.20	⁴		0.58			(0.22	)		0.00
March 1, 2009 to February 28, 2010	$	9.03		0.25	⁴		1.21			(0.30	)		0.00
March 1, 2008 to February 28, 2009	$	10.29		0.29	⁴		(1.17	)		(0.32	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.25		0.38	⁴		0.16			(0.39	)		(0.11	)
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	11.09		0.11			0.11			0.00			0.00
March 1, 2011 to February 29, 2012	$	10.77		0.24			0.40			(0.27	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.24		0.24	⁴		0.58			(0.29	)		0.00
March 1, 2009 to February 28, 2010	$	9.03		0.27	⁴		1.22			(0.28	)		0.00
March 1, 2008 to February 28, 2009	$	10.29		0.32	⁴		(1.18	)		(0.34	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.26		0.41	⁴		0.14			(0.41	)		(0.11	)
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	11.05		0.09			0.12			0.00			0.00
March 1, 2011 to February 29, 2012	$	10.74		0.19			0.40			(0.23	)		(0.05	)
March 1, 2010 to February 28, 2011	$	10.21		0.20	⁴		0.58			(0.25	)		0.00
March 1, 2009 to February 28, 2010	$	9.01		0.24	⁴		1.22			(0.26	)		0.00
March 1, 2008 to February 28, 2009	$	10.28		0.28	⁴		(1.17	)		(0.32	)		(0.06	)
March 1, 2007 to February 29, 2008	$	10.26		0.37	⁴		0.15			(0.39	)		(0.11	)

Please see footnotes on page 64.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			45


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



$	11.06		1.48	%		1.08	%		0.96	%		1.84	%		18	%	$	20,770
$	10.86		1.69	%		1.08	%		0.96	%		5.47	%		46	%	$	21,822
$	10.56		1.82	%		1.10	%		0.97	%		7.56	%		51	%	$	22,862
$	10.04		2.29	%		1.24	%		1.13	%		16.13	%		91	%	$	22,145
$	8.86		2.71	%		1.27	%		1.15	%		(9.06	)%		45	%	$	20,151
$	10.10		3.49	%		1.25	%		1.15	%		5.06	%		51	%	$	30,416

$	11.38		0.74	%		1.82	%		1.71	%		1.43	%		18	%	$	145
$	11.22		0.97	%		1.82	%		1.70	%		4.73	%		46	%	$	242
$	10.87		1.08	%		1.85	%		1.72	%		6.78	%		51	%	$	865
$	10.31		1.58	%		2.00	%		1.89	%		15.23	%		91	%	$	2,155
$	9.08		1.96	%		2.02	%		1.90	%		(9.73	)%		45	%	$	3,563
$	10.33		2.74	%		2.00	%		1.90	%		4.21	%		51	%	$	8,411

$	11.26		0.73	%		1.83	%		1.71	%		1.35	%		18	%	$	5,031
$	11.11		0.94	%		1.83	%		1.71	%		4.81	%		46	%	$	5,100
$	10.78		1.07	%		1.85	%		1.72	%		6.69	%		51	%	$	5,605
$	10.25		1.56	%		1.93	%		1.82	%		15.30	%		91	%	$	5,498
$	9.04		1.97	%		2.01	%		1.90	%		(9.80	)%		45	%	$	4,741
$	10.30		2.74	%		1.99	%		1.90	%		4.25	%		51	%	$	6,877

$	11.27		1.64	%		0.92	%		0.80	%		1.81	%		18	%	$	137,251
$	11.07		1.84	%		0.92	%		0.80	%		5.74	%		46	%	$	121,886
$	10.75		1.99	%		0.93	%		0.80	%		7.70	%		51	%	$	77,216
$	10.19		2.53	%		1.00	%		0.82	%		16.30	%		91	%	$	63,796
$	9.03		3.02	%		1.09	%		0.85	%		(8.80	)%		45	%	$	43,072
$	10.29		3.71	%		1.08	%		0.85	%		5.39	%		51	%	$	48,453

$	11.31		2.00	%		0.65	%		0.45	%		1.98	%		18	%	$	713,697
$	11.09		2.20	%		0.65	%		0.45	%		6.09	%		46	%	$	700,645
$	10.77		2.31	%		0.66	%		0.45	%		8.14	%		51	%	$	580,536
$	10.24		2.73	%		0.72	%		0.53	%		16.67	%		91	%	$	254,513
$	9.03		3.26	%		0.82	%		0.62	%		(8.60	)%		45	%	$	76,391
$	10.29		3.96	%		0.81	%		0.62	%		5.52	%		51	%	$	50,105

$	11.26		1.59	%		1.14	%		0.86	%		1.90	%		18	%	$	111,963
$	11.05		1.79	%		1.15	%		0.86	%		5.59	%		46	%	$	107,779
$	10.74		1.91	%		1.18	%		0.86	%		7.72	%		51	%	$	86,784
$	10.21		2.41	%		1.28	%		0.89	%		16.33	%		91	%	$	39,395
$	9.01		2.97	%		1.37	%		0.91	%		(8.93	)%		45	%	$	12,397
$	10.28		3.58	%		1.40	%		0.91	%		5.21	%		51	%	$	2,719

Please see footnotes on page 64.

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


46		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target 2010 Fund
Class A
March 1, 2012 to August 31, 2012 (unaudited)	$	13.26		0.10	⁴		0.12			(0.10	)		0.00
March 1, 2011 to February 29, 2012	$	12.86		0.21	⁴		0.43			(0.24	)		0.00
March 1, 2010 to February 28, 2011	$	12.04		0.22	⁴		0.88			(0.28	)		0.00
March 1, 2009 to February 28, 2010	$	10.15		0.25	⁴		1.93			(0.29	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.71		0.31	⁴		(2.42	)		(0.35	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.68		0.38	⁴		0.20			(0.39	)		(0.16	)
Class B
March 1, 2012 to August 31, 2012 (unaudited)	$	13.37		0.05			0.11			(0.04	)		0.00
March 1, 2011 to February 29, 2012	$	12.93		0.12	⁴		0.44			(0.12	)		0.00
March 1, 2010 to February 28, 2011	$	12.10		0.12	⁴		0.88			(0.17	)		0.00
March 1, 2009 to February 28, 2010	$	10.18		0.17	⁴		1.93			(0.18	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.73		0.22	⁴		(2.42	)		(0.25	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.70		0.29	⁴		0.18			(0.28	)		(0.16	)
Class C
March 1, 2012 to August 31, 2012 (unaudited)	$	13.44		0.05			0.12			(0.05	)		0.00
March 1, 2011 to February 29, 2012	$	13.03		0.12	⁴		0.43			(0.14	)		0.00
March 1, 2010 to February 28, 2011	$	12.19		0.12	⁴		0.91			(0.19	)		0.00
March 1, 2009 to February 28, 2010	$	10.27		0.16	⁴		1.96			(0.20	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.85		0.22	⁴		(2.45	)		(0.25	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.82		0.29	⁴		0.19			(0.29	)		(0.16	)
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	13.38		0.11	⁴		0.12			(0.11	)		0.00
March 1, 2011 to February 29, 2012	$	12.97		0.24			0.43			(0.26	)		0.00
March 1, 2010 to February 28, 2011	$	12.14		0.24			0.89			(0.30	)		0.00
March 1, 2009 to February 28, 2010	$	10.24		0.27	⁴		1.95			(0.32	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.82		0.34	⁴		(2.44	)		(0.38	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.79		0.42	⁴		0.20			(0.43	)		(0.16	)
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	13.39		0.14			0.11			(0.13	)		0.00
March 1, 2011 to February 29, 2012	$	12.97		0.28			0.45			(0.31	)		0.00
March 1, 2010 to February 28, 2011	$	12.15		0.28			0.88			(0.34	)		0.00
March 1, 2009 to February 28, 2010	$	10.24		0.31	⁴		1.95			(0.35	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.81		0.37	⁴		(2.43	)		(0.41	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.78		0.44	⁴		0.21			(0.46	)		(0.16	)
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	13.36		0.11	⁴		0.12			(0.11	)		0.00
March 1, 2011 to February 29, 2012	$	12.95		0.23			0.43			(0.25	)		0.00
March 1, 2010 to February 28, 2011	$	12.12		0.22	⁴		0.90			(0.29	)		0.00
March 1, 2009 to February 28, 2010	$	10.22		0.27	⁴		1.94			(0.31	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	12.80		0.33	⁴		(2.43	)		(0.38	)		(0.10	)
March 1, 2007 to February 29, 2008	$	12.78		0.40	⁴		0.21			(0.43	)		(0.16	)

Please see footnotes on page 64.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			47


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



$	13.38		1.51	%		1.08	%		0.99	%		1.67	%		17	%	$	37,739
$	13.26		1.63	%		1.08	%		0.99	%		5.05	%		43	%	$	39,691
$	12.86		1.72	%		1.10	%		1.00	%		9.24	%		47	%	$	42,615
$	12.04		2.16	%		1.16	%		1.10	%		21.64	%		86	%	$	42,316
$	10.15		2.62	%		1.25	%		1.18	%		(16.98	)%		43	%	$	39,175
$	12.71		2.99	%		1.25	%		1.18	%		4.67	%		61	%	$	60,969

$	13.49		0.77	%		1.83	%		1.74	%		1.21	%		17	%	$	563
$	13.37		0.90	%		1.83	%		1.74	%		4.35	%		43	%	$	748
$	12.93		0.98	%		1.85	%		1.75	%		8.45	%		47	%	$	1,542
$	12.10		1.45	%		1.92	%		1.86	%		20.69	%		86	%	$	2,716
$	10.18		1.87	%		2.00	%		1.93	%		(17.58	)%		43	%	$	4,269
$	12.73		2.25	%		2.00	%		1.93	%		3.81	%		61	%	$	9,715

$	13.56		0.76	%		1.83	%		1.74	%		1.28	%		17	%	$	3,265
$	13.44		0.88	%		1.83	%		1.74	%		4.28	%		43	%	$	3,323
$	13.03		0.96	%		1.85	%		1.75	%		8.48	%		47	%	$	3,114
$	12.19		1.42	%		1.91	%		1.85	%		20.76	%		86	%	$	2,580
$	10.27		1.87	%		2.00	%		1.93	%		(17.59	)%		43	%	$	2,464
$	12.85		2.23	%		2.00	%		1.93	%		3.81	%		61	%	$	3,609

$	13.50		1.66	%		0.92	%		0.83	%		1.75	%		17	%	$	213,587
$	13.38		1.79	%		0.92	%		0.83	%		5.25	%		43	%	$	190,863
$	12.97		1.88	%		0.93	%		0.83	%		9.44	%		47	%	$	191,943
$	12.14		2.36	%		0.98	%		0.86	%		21.86	%		86	%	$	172,322
$	10.24		2.92	%		1.07	%		0.88	%		(16.73	)%		43	%	$	110,425
$	12.82		3.26	%		1.07	%		0.88	%		4.95	%		61	%	$	138,418

$	13.51		2.03	%		0.65	%		0.48	%		1.90	%		17	%	$	534,531
$	13.39		2.14	%		0.65	%		0.48	%		5.61	%		43	%	$	563,343
$	12.97		2.23	%		0.66	%		0.48	%		9.90	%		47	%	$	455,447
$	12.15		2.63	%		0.71	%		0.59	%		22.15	%		86	%	$	359,320
$	10.24		3.15	%		0.80	%		0.65	%		(16.47	)%		43	%	$	239,731
$	12.81		3.45	%		0.81	%		0.65	%		5.18	%		61	%	$	206,461

$	13.48		1.61	%		1.14	%		0.89	%		1.71	%		17	%	$	62,263
$	13.36		1.73	%		1.15	%		0.89	%		5.21	%		43	%	$	61,766
$	12.95		1.79	%		1.18	%		0.89	%		9.40	%		47	%	$	53,646
$	12.12		2.27	%		1.26	%		0.92	%		21.86	%		86	%	$	25,103
$	10.22		2.86	%		1.36	%		0.94	%		(16.78	)%		43	%	$	11,265
$	12.80		3.10	%		1.39	%		0.94	%		4.89	%		61	%	$	4,856

Please see footnotes on page 64.

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


48		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target 2015 Fund
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	10.10		0.08			0.06			(0.09	)		0.00
March 1, 2011 to February 29, 2012	$	9.92		0.17			0.29			(0.17	)		(0.11	)
March 1, 2010 to February 28, 2011	$	9.15		0.17			0.85			(0.20	)		(0.05	)
March 1, 2009 to February 28, 2010	$	7.31		0.17	⁴		1.82			(0.15	)		0.00
March 1, 2008 to February 28, 2009	$	10.04		0.24	⁴		(2.37	)		(0.30	)		0.00
June 29, 2007⁶ to February 29, 2008	$	10.00		0.20	⁴		(0.11	)		(0.05	)		0.00
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.98		0.10			0.06			(0.11	)		0.00
March 1, 2011 to February 29, 2012	$	9.81		0.19			0.29			(0.20	)		(0.11	)
March 1, 2010 to February 28, 2011	$	9.05		0.19			0.85			(0.23	)		(0.05	)
March 1, 2009 to February 28, 2010	$	7.23		0.21	⁴		1.77			(0.16	)		0.00
March 1, 2008 to February 28, 2009	$	9.92		0.25	⁴		(2.33	)		(0.31	)		0.00
June 29, 2007⁶ to February 29, 2008	$	10.00		0.19	⁴		(0.10	)		(0.17	)		0.00
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	10.11		0.08			0.06			(0.09	)		0.00
March 1, 2011 to February 29, 2012	$	9.93		0.16			0.29			(0.16	)		(0.11	)
March 1, 2010 to February 28, 2011	$	9.16		0.16	⁴		0.85			(0.19	)		(0.05	)
March 1, 2009 to February 28, 2010	$	7.32		0.15	⁴		1.83			(0.14	)		0.00
March 1, 2008 to February 28, 2009	$	10.03		0.22	⁴		(2.34	)		(0.29	)		0.00
June 29, 2007⁶ to February 29, 2008	$	10.00		0.19	⁴		(0.10	)		(0.06	)		0.00

Please see footnotes on page 64.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			49


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



	0.00		$	10.15		1.64	%		0.92	%		0.84	%		1.41	%		15	%	$	92,329
	0.00		$	10.10		1.70	%		0.92	%		0.84	%		4.74	%		40	%	$	84,759
	0.00		$	9.92		1.76	%		0.93	%		0.84	%		11.28	%		44	%	$	61,227
	0.00		$	9.15		1.89	%		1.03	%		0.86	%		27.28	%		77	%	$	42,190
	(0.30	)	$	7.31		2.69	%		1.37	%		0.89	%		(22.21	)%		41	%	$	12,138
	0.00		$	10.04		2.90	%		3.58	%		0.56	%		0.88	%		54	%	$	9,354

	0.00		$	10.03		2.01	%		0.65	%		0.49	%		1.59	%		15	%	$	573,604
	0.00		$	9.98		2.05	%		0.65	%		0.49	%		5.06	%		40	%	$	536,453
	0.00		$	9.81		2.11	%		0.66	%		0.49	%		11.68	%		44	%	$	387,146
	0.00		$	9.05		2.43	%		0.72	%		0.54	%		27.56	%		77	%	$	235,807
	(0.30	)	$	7.23		2.91	%		1.06	%		0.66	%		(22.00	)%		41	%	$	22,002
	0.00		$	9.92		2.91	%		3.71	%		0.53	%		0.92	%		54	%	$	10,088

	0.00		$	10.16		1.59	%		1.15	%		0.90	%		1.38	%		15	%	$	190,655
	0.00		$	10.11		1.65	%		1.15	%		0.90	%		4.67	%		40	%	$	165,774
	0.00		$	9.93		1.69	%		1.18	%		0.90	%		11.22	%		44	%	$	142,622
	0.00		$	9.16		1.75	%		1.31	%		0.93	%		27.19	%		77	%	$	43,004
	(0.30	)	$	7.32		2.62	%		1.60	%		0.95	%		(22.15	)%		41	%	$	8,959
	0.00		$	10.03		2.85	%		3.79	%		0.60	%		0.85	%		54	%	$	2,249

Please see footnotes on page 64.

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


50		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target 2020 Fund
Class A
March 1, 2012 to August 31, 2012 (unaudited)	$	14.25		0.11			0.01			(0.10	)		0.00
March 1, 2011 to February 29, 2012	$	13.97		0.21			0.33			(0.22	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.54		0.20			1.46			(0.23	)		0.00
March 1, 2009 to February 28, 2010	$	9.58		0.21	⁴		2.97			(0.22	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.78		0.26	⁴		(4.04	)		(0.27	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.22		0.33	⁴		(0.08	)		(0.32	)		(0.37	)
Class B
March 1, 2012 to August 31, 2012 (unaudited)	$	14.16		0.05	⁴		0.02			(0.03	)		0.00
March 1, 2011 to February 29, 2012	$	13.85		0.10	⁴		0.33			(0.08	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.41		0.09	⁴		1.46			(0.11	)		0.00
March 1, 2009 to February 28, 2010	$	9.50		0.12	⁴		2.95			(0.16	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.66		0.17	⁴		(4.01	)		(0.17	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.09		0.20	⁴		(0.06	)		(0.20	)		(0.37	)
Class C
March 1, 2012 to August 31, 2012 (unaudited)	$	14.20		0.06			0.01			(0.05	)		0.00
March 1, 2011 to February 29, 2012	$	13.93		0.08			0.35			(0.12	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.51		0.08			1.48			(0.14	)		0.00
March 1, 2009 to February 28, 2010	$	9.58		0.12	⁴		2.98			(0.17	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.78		0.17	⁴		(4.05	)		(0.17	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.21		0.21	⁴		(0.06	)		(0.21	)		(0.37	)
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	14.44		0.12	⁴		0.01			(0.11	)		0.00
March 1, 2011 to February 29, 2012	$	14.15		0.23			0.35			(0.25	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.70		0.21			1.50			(0.26	)		0.00
March 1, 2009 to February 28, 2010	$	9.71		0.23	⁴		3.01			(0.25	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.96		0.30	⁴		(4.09	)		(0.31	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.39		0.36	⁴		(0.06	)		(0.36	)		(0.37	)
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	14.47		0.15			0.01			(0.13	)		0.00
March 1, 2011 to February 29, 2012	$	14.19		0.27	⁴		0.35			(0.30	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.73		0.26			1.50			(0.30	)		0.00
March 1, 2009 to February 28, 2010	$	9.73		0.27	⁴		3.01			(0.28	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.98		0.32	⁴		(4.08	)		(0.34	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.41		0.39	⁴		(0.06	)		(0.39	)		(0.37	)
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	14.43		0.11			0.02			(0.11	)		0.00
March 1, 2011 to February 29, 2012	$	14.14		0.22			0.35			(0.24	)		(0.04	)
March 1, 2010 to February 28, 2011	$	12.70		0.20	⁴		1.49			(0.25	)		0.00
March 1, 2009 to February 28, 2010	$	9.71		0.22	⁴		3.02			(0.25	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	13.96		0.29	⁴		(4.08	)		(0.31	)		(0.15	)
March 1, 2007 to February 29, 2008	$	14.40		0.33	⁴		(0.03	)		(0.37	)		(0.37	)

Please see footnotes on page 64.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			51


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



$	14.27		1.47	%		1.06	%		1.01	%		0.86	%		14	%	$	73,155
$	14.25		1.45	%		1.05	%		1.01	%		3.97	%		35	%	$	74,955
$	13.97		1.46	%		1.08	%		1.02	%		13.41	%		39	%	$	77,784
$	12.54		1.77	%		1.15	%		1.11	%		33.45	%		66	%	$	72,653
$	9.58		2.10	%		1.25	%		1.20	%		(27.90	)%		38	%	$	59,671
$	13.78		2.17	%		1.27	%		1.20	%		1.60	%		48	%	$	124,555

$	14.20		0.73	%		1.81	%		1.76	%		0.51	%		14	%	$	727
$	14.16		0.78	%		1.80	%		1.76	%		3.11	%		35	%	$	1,048
$	13.85		0.73	%		1.83	%		1.77	%		12.57	%		39	%	$	2,428
$	12.41		1.04	%		1.90	%		1.86	%		32.44	%		66	%	$	5,030
$	9.50		1.36	%		2.00	%		1.95	%		(28.43	)%		38	%	$	5,495
$	13.66		1.43	%		2.02	%		1.95	%		0.87	%		48	%	$	11,516

$	14.22		0.72	%		1.81	%		1.76	%		0.49	%		14	%	$	4,205
$	14.20		0.68	%		1.81	%		1.76	%		3.14	%		35	%	$	4,600
$	13.93		0.70	%		1.83	%		1.77	%		12.65	%		39	%	$	3,922
$	12.51		1.00	%		1.90	%		1.86	%		32.35	%		66	%	$	2,752
$	9.58		1.36	%		2.00	%		1.95	%		(28.46	)%		38	%	$	1,840
$	13.78		1.42	%		2.02	%		1.95	%		0.90	%		48	%	$	3,318

$	14.46		1.62	%		0.90	%		0.85	%		0.93	%		14	%	$	490,461
$	14.44		1.63	%		0.90	%		0.85	%		4.17	%		35	%	$	468,494
$	14.15		1.62	%		0.91	%		0.85	%		13.60	%		39	%	$	439,314
$	12.70		1.96	%		0.97	%		0.88	%		33.64	%		66	%	$	342,078
$	9.71		2.42	%		1.07	%		0.90	%		(27.66	)%		38	%	$	196,606
$	13.96		2.44	%		1.09	%		0.90	%		1.96	%		48	%	$	234,169

$	14.50		1.98	%		0.63	%		0.50	%		1.15	%		14	%	$	1,608,809
$	14.47		1.95	%		0.63	%		0.50	%		4.47	%		35	%	$	1,540,045
$	14.19		1.96	%		0.64	%		0.50	%		14.03	%		39	%	$	1,250,249
$	12.73		2.22	%		0.69	%		0.60	%		33.98	%		66	%	$	822,479
$	9.73		2.63	%		0.81	%		0.67	%		(27.46	)%		38	%	$	414,090
$	13.98		2.63	%		0.82	%		0.67	%		2.18	%		48	%	$	367,360

$	14.45		1.57	%		1.12	%		0.91	%		0.90	%		14	%	$	157,654
$	14.43		1.54	%		1.13	%		0.91	%		4.12	%		35	%	$	144,478
$	14.14		1.53	%		1.15	%		0.91	%		13.56	%		39	%	$	119,297
$	12.70		1.84	%		1.24	%		0.94	%		33.51	%		66	%	$	53,535
$	9.71		2.34	%		1.36	%		0.96	%		(27.70	)%		38	%	$	15,254
$	13.96		2.27	%		1.41	%		0.96	%		1.91	%		48	%	$	12,140

Please see footnotes on page 64.

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


52		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target 2025 Fund
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.74		0.08			(0.04	)		(0.07	)
March 1, 2011 to February 29, 2012	$	9.81		0.14	⁴		0.17			(0.15	)
March 1, 2010 to February 28, 2011	$	8.69		0.13	⁴		1.26			(0.15	)
March 1, 2009 to February 28, 2010	$	6.25		(0.04	)⁴		2.61			(0.13	)
March 1, 2008 to February 28, 2009	$	9.53		0.20	⁴		(3.29	)		(0.19	)
June 29, 2007⁶ to February 29, 2008	$	10.00		0.14	⁴		(0.57	)		(0.04	)
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.71		0.10			(0.05	)		(0.08	)
March 1, 2011 to February 29, 2012	$	9.79		0.17	⁴		0.16			(0.18	)
March 1, 2010 to February 28, 2011	$	8.68		0.16			1.26			(0.19	)
March 1, 2009 to February 28, 2010	$	6.24		0.18	⁴		2.39			(0.13	)
March 1, 2008 to February 28, 2009	$	9.49		0.20	⁴		(3.26	)		(0.19	)
June 29, 2007⁶ to February 29, 2008	$	10.00		0.14	⁴		(0.55	)		(0.10	)
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.72		0.08			(0.04	)		(0.07	)
March 1, 2011 to February 29, 2012	$	9.80		0.14	⁴		0.15			(0.14	)
March 1, 2010 to February 28, 2011	$	8.68		0.13	⁴		1.25			(0.14	)
March 1, 2009 to February 28, 2010	$	6.25		(0.08	)⁴		2.64			(0.13	)
March 1, 2008 to February 28, 2009	$	9.51		0.18	⁴		(3.26	)		(0.18	)
June 29, 2007⁶ to February 29, 2008	$	10.00		0.14	⁴		(0.57	)		(0.06	)

Please see footnotes on page 64.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			53


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



0.00	$	9.71		1.60	%		0.90	%		0.85	%		0.44	%		12	%	$	127,762
(0.23)	$	9.74		1.47	%		0.91	%		0.85	%		3.49	%		31	%	$	111,673
(0.12)	$	9.81		1.46	%		0.91	%		0.85	%		16.32	%		33	%	$	69,590
0.00	$	8.69		(0.51	)%		1.01	%		0.89	%		41.33	%		54	%	$	39,111
0.00	$	6.25		2.42	%		1.35	%		0.63	%		(32.95	)%		35	%	$	9,410
0.00	$	9.53		2.13	%		3.68	%		0.51	%		(4.30	)%		42	%	$	7,206

0.00	$	9.68		1.96	%		0.63	%		0.50	%		0.60	%		12	%	$	1,471,696
(0.23)	$	9.71		1.83	%		0.64	%		0.50	%		3.77	%		31	%	$	1,431,120
(0.12)	$	9.79		1.83	%		0.64	%		0.50	%		16.75	%		33	%	$	1,290,513
0.00	$	8.68		2.07	%		0.66	%		0.53	%		41.46	%		54	%	$	1,057,514
0.00	$	6.24		2.50	%		1.07	%		0.53	%		(32.81	)%		35	%	$	26,335
0.00	$	9.49		2.09	%		3.41	%		0.47	%		(4.16	)%		42	%	$	17,248

0.00	$	9.69		1.55	%		1.13	%		0.91	%		0.41	%		12	%	$	336,582
(0.23)	$	9.72		1.42	%		1.14	%		0.91	%		3.32	%		31	%	$	300,434
(0.12)	$	9.80		1.39	%		1.15	%		0.91	%		16.22	%		33	%	$	256,544
0.00	$	8.68		(0.93	)%		1.29	%		0.95	%		41.19	%		54	%	$	70,228
0.00	$	6.25		2.32	%		1.60	%		0.70	%		(32.90	)%		35	%	$	9,564
0.00	$	9.51		2.19	%		4.33	%		0.52	%		(4.29	)%		42	%	$	2,432

Please see footnotes on page 64.

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


54		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target 2030 Fund
Class A
March 1, 2012 to August 31, 2012 (unaudited)	$	14.74		0.10	⁴		(0.12	)		(0.09	)		0.00
March 1, 2011 to February 29, 2012	$	14.81		0.17	⁴		0.13			(0.18	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.65		0.15	⁴		2.19			(0.18	)		0.00
March 1, 2009 to February 28, 2010	$	8.65		0.15	⁴		4.00			(0.15	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.36		0.21	⁴		(5.55	)		(0.20	)		(0.17	)
March 1, 2007 to February 29, 2008	$	15.16		0.24	⁴		(0.32	)		(0.23	)		(0.49	)
Class B
March 1, 2012 to August 31, 2012 (unaudited)	$	14.49		0.05	⁴		(0.11	)		(0.03	)		0.00
March 1, 2011 to February 29, 2012	$	14.53		0.07	⁴		0.12			(0.04	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.41		0.06	⁴		2.14			(0.08	)		0.00
March 1, 2009 to February 28, 2010	$	8.49		0.07	⁴		3.91			(0.06	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.09		0.11	⁴		(5.44	)		(0.10	)		(0.17	)
March 1, 2007 to February 29, 2008	$	14.88		0.12	⁴		(0.31	)		(0.11	)		(0.49	)
Class C
March 1, 2012 to August 31, 2012 (unaudited)	$	14.45		0.05			(0.12	)		(0.05	)		0.00
March 1, 2011 to February 29, 2012	$	14.53		0.06	⁴		0.14			(0.09	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.43		0.05	⁴		2.14			(0.09	)		0.00
March 1, 2009 to February 28, 2010	$	8.50		0.06	⁴		3.93			(0.06	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.11		0.11	⁴		(5.45	)		(0.10	)		(0.17	)
March 1, 2007 to February 29, 2008	$	14.91		0.12	⁴		(0.32	)		(0.11	)		(0.49	)
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	14.91		0.11			(0.12	)		(0.10	)		0.00
March 1, 2011 to February 29, 2012	$	14.98		0.20	⁴		0.13			(0.21	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.79		0.18	⁴		2.21			(0.20	)		0.00
March 1, 2009 to February 28, 2010	$	8.74		0.17	⁴		4.06			(0.18	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.50		0.24	⁴		(5.59	)		(0.24	)		(0.17	)
March 1, 2007 to February 29, 2008	$	15.31		0.28	⁴		(0.32	)		(0.28	)		(0.49	)
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	14.91		0.15	⁴		(0.13	)		(0.13	)		0.00
March 1, 2011 to February 29, 2012	$	14.98		0.25	⁴		0.12			(0.25	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.79		0.23	⁴		2.21			(0.25	)		0.00
March 1, 2009 to February 28, 2010	$	8.75		0.21	⁴		4.03			(0.20	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.51		0.26	⁴		(5.58	)		(0.27	)		(0.17	)
March 1, 2007 to February 29, 2008	$	15.31		0.31	⁴		(0.31	)		(0.31	)		(0.49	)
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	14.88		0.11			(0.12	)		(0.10	)		0.00
March 1, 2011 to February 29, 2012	$	14.95		0.19	⁴		0.13			(0.20	)		(0.19	)
March 1, 2010 to February 28, 2011	$	12.77		0.17	⁴		2.21			(0.20	)		0.00
March 1, 2009 to February 28, 2010	$	8.74		0.16	⁴		4.04			(0.17	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	14.50		0.22	⁴		(5.58	)		(0.23	)		(0.17	)
March 1, 2007 to February 29, 2008	$	15.31		0.25	⁴		(0.29	)		(0.28	)		(0.49	)

Please see footnotes on page 64.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			55


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



$	14.63		1.43	%		1.06	%		1.02	%		(0.09	)%		10	%	$	57,119
$	14.74		1.21	%		1.06	%		1.02	%		2.27	%		26	%	$	60,087
$	14.81		1.15	%		1.09	%		1.03	%		18.71	%		28	%	$	62,209
$	12.65		1.32	%		1.16	%		1.12	%		48.17	%		43	%	$	55,735
$	8.65		1.64	%		1.28	%		1.21	%		(37.78	)%		33	%	$	45,556
$	14.36		1.53	%		1.29	%		1.21	%		(0.77	)%		36	%	$	95,985

$	14.40		0.70	%		1.82	%		1.77	%		(0.44	)%		10	%	$	610
$	14.49		0.50	%		1.81	%		1.77	%		1.43	%		26	%	$	872
$	14.53		0.42	%		1.84	%		1.78	%		17.88	%		28	%	$	1,962
$	12.41		0.60	%		1.92	%		1.88	%		46.98	%		43	%	$	3,173
$	8.49		0.90	%		2.03	%		1.96	%		(38.22	)%		33	%	$	3,233
$	14.09		0.79	%		2.04	%		1.96	%		(1.50	)%		36	%	$	7,358

$	14.33		0.68	%		1.82	%		1.77	%		(0.47	)%		10	%	$	3,290
$	14.45		0.45	%		1.82	%		1.77	%		1.47	%		26	%	$	3,120
$	14.53		0.38	%		1.84	%		1.78	%		17.80	%		28	%	$	2,456
$	12.43		0.58	%		1.91	%		1.87	%		47.11	%		43	%	$	1,671
$	8.50		0.89	%		2.02	%		1.96	%		(38.22	)%		33	%	$	1,261
$	14.11		0.77	%		2.04	%		1.96	%		(1.53	)%		36	%	$	2,385

$	14.80		1.59	%		0.91	%		0.86	%		0.00	%		10	%	$	417,133
$	14.91		1.37	%		0.91	%		0.86	%		2.41	%		26	%	$	395,067
$	14.98		1.30	%		0.92	%		0.86	%		18.85	%		28	%	$	373,853
$	12.79		1.49	%		0.98	%		0.89	%		48.60	%		43	%	$	254,340
$	8.74		1.93	%		1.10	%		0.91	%		(37.56	)%		33	%	$	117,363
$	14.50		1.79	%		1.11	%		0.91	%		(0.53	)%		36	%	$	162,897

$	14.80		1.95	%		0.64	%		0.51	%		0.16	%		10	%	$	1,403,059
$	14.91		1.71	%		0.64	%		0.51	%		2.78	%		26	%	$	1,335,729
$	14.98		1.65	%		0.65	%		0.51	%		19.35	%		28	%	$	1,048,222
$	12.79		1.74	%		0.71	%		0.61	%		48.76	%		43	%	$	639,598
$	8.75		2.15	%		0.83	%		0.68	%		(37.38	)%		33	%	$	265,829
$	14.51		1.97	%		0.85	%		0.68	%		(0.24	)%		36	%	$	263,663

$	14.77		1.53	%		1.13	%		0.92	%		(0.03	)%		10	%	$	138,570
$	14.88		1.30	%		1.14	%		0.92	%		2.36	%		26	%	$	124,145
$	14.95		1.21	%		1.17	%		0.92	%		18.84	%		28	%	$	99,234
$	12.77		1.36	%		1.25	%		0.94	%		48.33	%		43	%	$	46,963
$	8.74		1.84	%		1.39	%		0.97	%		(37.58	)%		33	%	$	13,400
$	14.50		1.62	%		1.43	%		0.97	%		(0.52	)%		36	%	$	9,799

Please see footnotes on page 64.

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


56		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target 2035 Fund
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.53		0.07			(0.11	)		(0.06	)
March 1, 2011 to February 29, 2012	$	9.65		0.12	⁴		0.01			(0.11	)
March 1, 2010 to February 28, 2011	$	8.22		0.10			1.59			(0.13	)
March 1, 2009 to February 28, 2010	$	5.40		0.09	⁴		2.81			(0.08	)
March 1, 2008 to February 28, 2009	$	9.24		0.14	⁴		(3.84	)		(0.14	)
June 29, 2007⁶ to February 29, 2008	$	10.00		0.10	⁴		(0.85	)		(0.01	)
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.50		0.09			(0.11	)		(0.08	)
March 1, 2011 to February 29, 2012	$	9.61		0.15	⁴		0.02			(0.14	)
March 1, 2010 to February 28, 2011	$	8.19		0.13			1.58			(0.16	)
March 1, 2009 to February 28, 2010	$	5.36		0.11	⁴		2.82			(0.10	)
March 1, 2008 to February 28, 2009	$	9.15		0.14	⁴		(3.80	)		(0.13	)
June 29, 2007⁶ to February 29, 2008	$	10.00		0.10	⁴		(0.84	)		(0.11	)
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.56		0.07			(0.11	)		(0.06	)
March 1, 2011 to February 29, 2012	$	9.67		0.11	⁴		0.02			(0.10	)
March 1, 2010 to February 28, 2011	$	8.24		0.10			1.58			(0.12	)
March 1, 2009 to February 28, 2010	$	5.42		0.08	⁴		2.82			(0.08	)
March 1, 2008 to February 28, 2009	$	9.24		0.12	⁴		(3.82	)		(0.12	)
June 29, 2007⁶ to February 29, 2008	$	10.00		0.10	⁴		(0.86	)		(0.00	)⁵

Please see footnotes on page 64.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			57


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



	0.00		$	9.43		1.55	%		0.93	%		0.87	%		(0.37	)%		9	%	$	88,657
	(0.14	)	$	9.53		1.26	%		0.93	%		0.87	%		1.55	%		22	%	$	77,039
	(0.13	)	$	9.65		1.17	%		0.94	%		0.87	%		20.87	%		24	%	$	50,226
	0.00		$	8.22		1.20	%		1.06	%		0.89	%		53.96	%		34	%	$	25,950
	0.00		$	5.40		1.83	%		1.60	%		0.83	%		(40.58	)%		30	%	$	4,101
	0.00		$	9.24		1.58	%		5.39	%		0.53	%		(7.52	)%		33	%	$	3,524

	0.00		$	9.40		1.92	%		0.66	%		0.52	%		(0.21	)%		9	%	$	540,484
	(0.14	)	$	9.50		1.60	%		0.66	%		0.52	%		1.96	%		22	%	$	481,784
	(0.13	)	$	9.61		1.52	%		0.68	%		0.52	%		21.21	%		24	%	$	338,577
	0.00		$	8.19		1.40	%		0.75	%		0.57	%		54.85	%		34	%	$	170,172
	0.00		$	5.36		1.97	%		1.31	%		0.64	%		(40.44	)%		30	%	$	16,279
	0.00		$	9.15		1.52	%		5.64	%		0.49	%		(7.48	)%		33	%	$	8,983

	0.00		$	9.46		1.51	%		1.16	%		0.93	%		(0.39	)%		9	%	$	273,204
	(0.14	)	$	9.56		1.21	%		1.16	%		0.93	%		1.60	%		22	%	$	244,138
	(0.13	)	$	9.67		1.09	%		1.19	%		0.93	%		20.74	%		24	%	$	204,364
	0.00		$	8.24		1.09	%		1.34	%		0.95	%		53.70	%		34	%	$	60,611
	0.00		$	5.42		1.69	%		1.82	%		0.92	%		(40.50	)%		30	%	$	7,025
	0.00		$	9.24		1.59	%		5.74	%		0.50	%		(7.59	)%		33	%	$	1,736

Please see footnotes on page 64.

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


58		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target 2040 Fund
Class A
March 1, 2012 to August 31, 2012 (unaudited)	$	16.07		0.12			(0.24	)		(0.10	)		0.00
March 1, 2011 to February 29, 2012	$	16.40		0.17			(0.07	)		(0.16	)		(0.27	)
March 1, 2010 to February 28, 2011	$	13.60		0.15			2.81			(0.16	)		0.00
March 1, 2009 to February 28, 2010	$	8.73		0.12	⁴		4.87			(0.12	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	16.04		0.19	⁴		(6.92	)		(0.18	)		(0.40	)
March 1, 2007 to February 29, 2008	$	17.42		0.22	⁴		(0.49	)		(0.22	)		(0.89	)
Class B
March 1, 2012 to August 31, 2012 (unaudited)	$	15.36		0.05	⁴		(0.22	)		(0.02	)		0.00
March 1, 2011 to February 29, 2012	$	15.67		0.05	⁴		(0.06	)		(0.03	)		(0.27	)
March 1, 2010 to February 28, 2011	$	12.99		0.03	⁴		2.70			(0.05	)		0.00
March 1, 2009 to February 28, 2010	$	8.35		0.10	⁴		4.57			(0.03	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	15.40		0.09	⁴		(6.64	)		(0.10	)		(0.40	)
March 1, 2007 to February 29, 2008	$	16.75		0.09	⁴		(0.47	)		(0.08	)		(0.89	)
Class C
March 1, 2012 to August 31, 2012 (unaudited)	$	15.26		0.05			(0.22	)		(0.05	)		0.00
March 1, 2011 to February 29, 2012	$	15.60		0.04	⁴		(0.05	)		(0.06	)		(0.27	)
March 1, 2010 to February 28, 2011	$	12.95		0.03	⁴		2.69			(0.07	)		0.00
March 1, 2009 to February 28, 2010	$	8.33		0.05	⁴		4.61			(0.04	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	15.36		0.09	⁴		(6.62	)		(0.10	)		(0.40	)
March 1, 2007 to February 29, 2008	$	16.73		0.08	⁴		(0.47	)		(0.09	)		(0.89	)
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	16.34		0.13	⁴		(0.24	)		(0.11	)		0.00
March 1, 2011 to February 29, 2012	$	16.67		0.19			(0.06	)		(0.19	)		(0.27	)
March 1, 2010 to February 28, 2011	$	13.82		0.16			2.88			(0.19	)		0.00
March 1, 2009 to February 28, 2010	$	8.88		0.16	⁴		4.93			(0.15	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	16.29		0.23	⁴		(7.02	)		(0.22	)		(0.40	)
March 1, 2007 to February 29, 2008	$	17.67		0.27	⁴		(0.49	)		(0.27	)		(0.89	)
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	16.37		0.16			(0.25	)		(0.13	)		0.00
March 1, 2011 to February 29, 2012	$	16.69		0.24			(0.05	)		(0.24	)		(0.27	)
March 1, 2010 to February 28, 2011	$	13.84		0.22			2.87			(0.24	)		0.00
March 1, 2009 to February 28, 2010	$	8.88		0.18	⁴		4.95			(0.17	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	16.29		0.25	⁴		(7.02	)		(0.24	)		(0.40	)
March 1, 2007 to February 29, 2008	$	17.67		0.30	⁴		(0.48	)		(0.31	)		(0.89	)
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	16.32		0.12			(0.23	)		(0.11	)		0.00
March 1, 2011 to February 29, 2012	$	16.65		0.18			(0.06	)		(0.18	)		(0.27	)
March 1, 2010 to February 28, 2011	$	13.81		0.16			2.86			(0.18	)		0.00
March 1, 2009 to February 28, 2010	$	8.87		0.15	⁴		4.93			(0.14	)		(0.00	)⁵
March 1, 2008 to February 28, 2009	$	16.28		0.21	⁴		(7.01	)		(0.21	)		(0.40	)
March 1, 2007 to February 29, 2008	$	17.67		0.23	⁴		(0.46	)		(0.27	)		(0.89	)

Please see footnotes on page 64.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			59


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



$	15.85		1.41	%		1.08	%		1.03	%		(0.73	)%		8	%	$	98,694
$	16.07		1.06	%		1.08	%		1.03	%		0.85	%		20	%	$	103,841
$	16.40		0.95	%		1.10	%		1.04	%		21.98	%		21	%	$	113,494
$	13.60		1.03	%		1.17	%		1.12	%		57.33	%		29	%	$	100,278
$	8.73		1.39	%		1.30	%		1.22	%		(42.65	)%		29	%	$	67,928
$	16.04		1.22	%		1.29	%		1.22	%		(2.02	)%		31	%	$	142,158

$	15.17		0.67	%		1.83	%		1.78	%		(1.10	)%		8	%	$	943
$	15.36		0.34	%		1.83	%		1.78	%		0.12	%		20	%	$	1,564
$	15.67		0.23	%		1.86	%		1.79	%		21.08	%		21	%	$	2,863
$	12.99		0.86	%		1.93	%		1.89	%		56.01	%		29	%	$	3,876
$	8.35		0.65	%		2.05	%		1.97	%		(43.10	)%		29	%	$	3,623
$	15.40		0.50	%		2.04	%		1.97	%		(2.69	)%		31	%	$	9,899

$	15.04		0.66	%		1.83	%		1.78	%		(1.10	)%		8	%	$	3,587
$	15.26		0.30	%		1.83	%		1.78	%		0.14	%		20	%	$	3,623
$	15.60		0.19	%		1.85	%		1.79	%		21.08	%		21	%	$	3,038
$	12.95		0.41	%		1.92	%		1.87	%		56.02	%		29	%	$	2,226
$	8.33		0.65	%		2.05	%		1.97	%		(43.07	)%		29	%	$	1,362
$	15.36		0.46	%		2.04	%		1.97	%		(2.75	)%		31	%	$	3,023

$	16.12		1.56	%		0.92	%		0.87	%		(0.64	)%		8	%	$	262,778
$	16.34		1.22	%		0.92	%		0.87	%		1.00	%		20	%	$	256,378
$	16.67		1.11	%		0.94	%		0.87	%		22.21	%		21	%	$	260,524
$	13.82		1.26	%		0.99	%		0.90	%		57.54	%		29	%	$	176,917
$	8.88		1.67	%		1.12	%		0.92	%		(42.46	)%		29	%	$	72,233
$	16.29		1.49	%		1.11	%		0.92	%		(1.69	)%		31	%	$	117,859

$	16.15		1.92	%		0.65	%		0.52	%		(0.48	)%		8	%	$	906,906
$	16.37		1.55	%		0.65	%		0.52	%		1.37	%		20	%	$	846,499
$	16.69		1.44	%		0.67	%		0.52	%		22.66	%		21	%	$	654,804
$	13.84		1.42	%		0.72	%		0.62	%		58.11	%		29	%	$	377,937
$	8.88		1.88	%		0.85	%		0.69	%		(42.36	)%		29	%	$	136,386
$	16.29		1.66	%		0.85	%		0.69	%		(1.47	)%		31	%	$	125,256

$	16.10		1.50	%		1.15	%		0.93	%		(0.66	)%		8	%	$	72,784
$	16.32		1.14	%		1.15	%		0.93	%		0.96	%		20	%	$	64,452
$	16.65		1.01	%		1.18	%		0.93	%		22.10	%		21	%	$	48,906
$	13.81		1.16	%		1.27	%		0.96	%		57.54	%		29	%	$	20,959
$	8.87		1.58	%		1.41	%		0.98	%		(42.51	)%		29	%	$	6,970
$	16.28		1.29	%		1.43	%		0.98	%		(1.74	)%		31	%	$	5,133

Please see footnotes on page 64.

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


60		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target 2045 Fund
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.59		0.07			(0.15	)		(0.05	)		0.00
March 1, 2011 to February 29, 2012	$	9.66		0.11			(0.05	)		(0.09	)		(0.04	)
March 1, 2010 to February 28, 2011	$	8.12		0.09			1.72			(0.16	)		(0.11	)
March 1, 2009 to February 28, 2010	$	5.21		0.08	⁴		2.92			(0.07	)		(0.02	)
March 1, 2008 to February 28, 2009	$	9.18		0.12	⁴		(3.94	)		(0.15	)		0.00
June 29, 2007⁶ to February 29, 2008	$	10.00		0.09	⁴		(0.91	)		0.00			0.00
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.55		0.09			(0.15	)		(0.08	)		0.00
March 1, 2011 to February 29, 2012	$	9.62		0.14			(0.05	)		(0.12	)		(0.04	)
March 1, 2010 to February 28, 2011	$	8.08		0.13			1.70			(0.18	)		(0.11	)
March 1, 2009 to February 28, 2010	$	5.19		0.10	⁴		2.90			(0.09	)		(0.02	)
March 1, 2008 to February 28, 2009	$	9.09		0.13	⁴		(3.91	)		(0.12	)		0.00
June 29, 2007⁶ to February 29, 2008	$	10.00		0.09	⁴		(0.90	)		(0.10	)		0.00
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.62		0.07			(0.15	)		(0.05	)		0.00
March 1, 2011 to February 29, 2012	$	9.69		0.11			(0.05	)		(0.09	)		(0.04	)
March 1, 2010 to February 28, 2011	$	8.14		0.08			1.73			(0.15	)		(0.11	)
March 1, 2009 to February 28, 2010	$	5.23		0.09	⁴		2.91			(0.07	)		(0.02	)
March 1, 2008 to February 28, 2009	$	9.17		0.11	⁴		(3.95	)		(0.10	)		0.00
June 29, 2007⁶to February 29, 2008	$	10.00		0.09	⁴		(0.92	)		0.00			0.00

Please see footnotes on page 64.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			61


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



$	9.46		1.55	%		0.96	%		0.87	%		(0.80	)%		7	%	$	44,869
$	9.59		1.18	%		0.94	%		0.87	%		0.85	%		19	%	$	39,964
$	9.66		1.02	%		0.97	%		0.87	%		22.56	%		20	%	$	27,698
$	8.12		1.11	%		1.22	%		0.89	%		57.87	%		27	%	$	14,948
$	5.21		1.62	%		2.34	%		0.92	%		(42.22	)%		29	%	$	1,656
$	9.18		1.45	%		13.36	%		0.56	%		(8.20	)%		30	%	$	948

$	9.41		1.91	%		0.69	%		0.52	%		(0.59	)%		7	%	$	254,674
$	9.55		1.51	%		0.67	%		0.52	%		1.16	%		19	%	$	215,067
$	9.62		1.26	%		0.70	%		0.52	%		23.08	%		20	%	$	141,871
$	8.08		1.26	%		0.95	%		0.59	%		58.02	%		27	%	$	51,776
$	5.19		1.84	%		2.02	%		0.69	%		(42.06	)%		29	%	$	8,287
$	9.09		1.46	%		12.60	%		0.53	%		(8.12	)%		30	%	$	4,339

$	9.49		1.48	%		1.19	%		0.93	%		(0.83	)%		7	%	$	146,454
$	9.62		1.12	%		1.17	%		0.93	%		0.80	%		19	%	$	115,546
$	9.69		0.98	%		1.21	%		0.93	%		22.58	%		20	%	$	84,881
$	8.14		1.12	%		1.51	%		0.95	%		57.49	%		27	%	$	12,352
$	5.23		1.55	%		2.58	%		0.98	%		(42.22	)%		29	%	$	1,205
$	9.17		1.43	%		12.57	%		0.56	%		(8.30	)%		30	%	$	547

Please see footnotes on page 64.

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


62		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target 2050 Fund
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.18		0.07	⁴		(0.09	)		(0.06	)		0.00
March 1, 2011 to February 29, 2012	$	9.48		0.11			(0.07	)		(0.09	)		(0.25	)
March 1, 2010 to February 28, 2011	$	8.10		0.09	⁴		1.71			(0.15	)		(0.27	)
March 1, 2009 to February 28, 2010	$	5.20		0.09			2.91			(0.07	)		(0.03	)
March 1, 2008 to February 28, 2009	$	9.14		0.12	⁴		(3.96	)		(0.10	)		0.00
June 29, 2007⁶ to February 29, 2008	$	10.00		0.08	⁴		(0.92	)		(0.02	)		0.00
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.20		0.09			(0.15	)		(0.07	)		0.00
March 1, 2011 to February 29, 2012	$	9.50		0.14			(0.07	)		(0.12	)		(0.25	)
March 1, 2010 to February 28, 2011	$	8.10		0.12	⁴		1.72			(0.17	)		(0.27	)
March 1, 2009 to February 28, 2010	$	5.20		0.10			2.92			(0.09	)		(0.03	)
March 1, 2008 to February 28, 2009	$	9.13		0.13	⁴		(3.94	)		(0.12	)		0.00
June 29, 2007⁶ to February 29, 2008	$	10.00		0.08	⁴		(0.90	)		(0.05	)		0.00
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	9.21		0.07			(0.14	)		(0.06	)		0.00
March 1, 2011 to February 29, 2012	$	9.51		0.10			(0.06	)		(0.09	)		(0.25	)
March 1, 2010 to February 28, 2011	$	8.11		0.09	⁴		1.71			(0.13	)		(0.27	)
March 1, 2009 to February 28, 2010	$	5.21		0.07			2.93			(0.07	)		(0.03	)
March 1, 2008 to February 28, 2009	$	9.16		0.11	⁴		(3.96	)		(0.10	)		0.00
June 29, 2007⁶ to February 29, 2008	$	10.00		0.07	⁴		(0.91	)		0.00			0.00

Please see footnotes on page 64.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			63


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



$	9.10		1.55	%		0.94	%		0.87	%		(0.73	)%		7	%	$	100,657
$	9.18		1.18	%		0.93	%		0.87	%		0.81	%		19	%	$	89,984
$	9.48		1.07	%		0.94	%		0.87	%		22.58	%		20	%	$	69,492
$	8.10		1.49	%		1.04	%		0.90	%		57.99	%		27	%	$	37,853
$	5.20		1.60	%		1.48	%		0.92	%		(42.36	)%		29	%	$	10,984
$	9.14		1.18	%		5.13	%		0.87	%		(8.37	)%		30	%	$	5,420

$	9.07		1.91	%		0.67	%		0.52	%		(0.57	)%		7	%	$	688,483
$	9.20		1.53	%		0.66	%		0.52	%		1.11	%		19	%	$	651,308
$	9.50		1.43	%		0.67	%		0.52	%		23.17	%		20	%	$	560,746
$	8.10		1.19	%		0.71	%		0.57	%		58.33	%		27	%	$	389,918
$	5.20		1.80	%		1.19	%		0.69	%		(42.19	)%		29	%	$	26,763
$	9.13		1.32	%		5.32	%		0.67	%		(8.26	)%		30	%	$	8,102

$	9.08		1.49	%		1.16	%		0.93	%		(0.76	)%		7	%	$	33,558
$	9.21		1.12	%		1.16	%		0.93	%		0.75	%		19	%	$	28,615
$	9.51		1.02	%		1.19	%		0.93	%		22.54	%		20	%	$	24,771
$	8.11		1.00	%		1.28	%		0.95	%		57.89	%		27	%	$	19,359
$	5.21		1.48	%		1.73	%		0.98	%		(42.39	)%		29	%	$	983
$	9.16		1.06	%		5.27	%		0.94	%		(8.40	)%		30	%	$	335

Please see footnotes on page 64.

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


64		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


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

Target 2055 Fund
Administrator Class
March 1, 2012 to August 31, 2012 (unaudited)	$	10.06		0.07			(0.16	)		(0.03	)
June 30, 2011⁶ to February 29, 2012	$	10.00		0.06	⁴		0.00	⁵		0.00
Institutional Class
March 1, 2012 to August 31, 2012 (unaudited)	$	10.08		0.09	⁴		(0.16	)		(0.07	)
June 30, 2011⁶ to February 29, 2012	$	10.00		0.08	⁴		0.00	⁵		0.00
Investor Class
March 1, 2012 to August 31, 2012 (unaudited)	$	10.05		0.06			(0.14	)		(0.11	)
June 30, 2011⁶ to February 29, 2012	$	10.00		0.06	⁴		(0.01	)		0.00

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

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

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

4.	Calculated based upon average shares outstanding.

5.	Amount is less than $0.005.

6.	Commencement of class operations.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			65


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



$	9.94		1.55	%		1.65	%		0.87	%		(0.82	)%		7	%	$	2,687
$	10.06		0.87	%		2.14	%		0.87	%		0.60	%		19	%	$	1,794

$	9.94		1.87	%		1.37	%		0.52	%		(0.65	)%		7	%	$	16,580
$	10.08		1.33	%		4.06	%		0.52	%		0.80	%		19	%	$	8,963

$	9.86		1.46	%		1.87	%		0.93	%		(0.77	)%		7	%	$	461
$	10.05		0.94	%		6.32	%		0.93	%		0.50	%		19	%	$	256

Please see footnotes on page 64.

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


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

1. ORGANIZATION

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

The Funds each seek to achieve their investment objective by investing all investable assets in one or more separate diversified portfolios (each, a “Master Portfolio”, collectively, the “Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each Master Portfolio directly acquires portfolio securities, and a Fund investing in a Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the Master Portfolios as partnership investments and records daily its share of the Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the Master Portfolios for the six months ended August 31, 2012 are included in this report and should be read in conjunction with each Fund’s financial statements. As of August 31, 2012, the Funds own the following percentages of the Master Portfolios:


	Target Today Fund	Target 2010 Fund	Target 2015 Fund	Target 2020 Fund	Target 2025 Fund	Target 2030 Fund	Target 2035 Fund	Target 2040 Fund	Target 2045 Fund	Target 2050 Fund	Target 2055 Fund
Wells Fargo Advantage Diversified Fixed Income Portfolio	16%	13%	11%	25%	16%	11%	3%	3%	1%	1%	0%*
Wells Fargo Advantage Diversified Stock Portfolio	2%	3%	4%	15%	15%	19%	10%	16%	6%	10%	0%*
Wells Fargo Advantage Short-Term Investment Portfolio	13%	6%	7%	18%	15%	15%	7%	10%	3%	6%	0%*

*	The amount invested is less than 1%.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method by each Master Portfolio. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			67

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

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from 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.

As of February 29, 2012, Target 2055 Fund had post-enactment capital loss carryforwards (losses incurred on taxable years which began after December 22, 2010) which consist of $51,204 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 securities are not necessarily an indication of the risk associated with investing in those securities.

At August 31, 2012, each Fund’s investment in an affiliated Master Portfolio is carried at fair value with Level 2 inputs. Further details on the investments of the affiliated Master Portfolios can be found in the Summary Portfolio of Investments or Portfolio of Investments of each affiliated Master Portfolio which is contained elsewhere in this report.


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

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended August 31, 2012, the Funds did not have any transfers into/out of Level 1 and Level 2.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fees

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

Funds Management is the adviser for each Fund and is entitled to receive an advisory fee for providing such advisory services, including the determination of the asset allocations of each Fund’s investments in the various Master Portfolios. Funds Management is entitled to receive an annual advisory fee starting at 0.25% and declining to 0.19% as the average daily net assets of each Fund increase. For the six months ended August 31, 2012, the advisory fee was equivalent to an annual rate for each Fund as follows:


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

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

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

Administration and transfer agent fees

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


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

*	Prior to May 1, 2012, the class level administration fee for Investor Class was 0.33%.


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			69

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Funds. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through June 30, 2013 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		Administrator Class		Institutional Class		Investor Class
Target Today Fund		0.96%		1.71%		1.71%		0.80%		0.45%		0.86%
Target 2010 Fund		0.99		1.74		1.74		0.83		0.48		0.89
Target 2015 Fund		N/A		N/A		N/A		0.84		0.49		0.90
Target 2020 Fund		1.01		1.76		1.76		0.85		0.50		0.91
Target 2025 Fund		N/A		N/A		N/A		0.85		0.50		0.91
Target 2030 Fund		1.02		1.77		1.77		0.86		0.51		0.92
Target 2035 Fund		N/A		N/A		N/A		0.87		0.52		0.93
Target 2040 Fund		1.03		1.78		1.78		0.87		0.52		0.93
Target 2045 Fund		N/A		N/A		N/A		0.87		0.52		0.93
Target 2050 Fund		N/A		N/A		N/A		0.87		0.52		0.93
Target 2055 Fund		N/A		N/A		N/A		0.87		0.52		0.93

Distribution fees

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

For the six months ended August 31, 2012, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges:


	Front-end sales charges Class A		Contingent deferred sales charges
	Front-end sales charges Class A		Class B		Class C
Target Today Fund	$	121	$	0	$	0
Target 2010 Fund		382		0		0
Target 2020 Fund		511		16		0
Target 2030 Fund		278		29		0
Target 2040 Fund		1,258		46		182

Shareholder servicing fees

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

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


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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. Government obligations (if any) and short-term securities, for the six months ended August 31, 2012 were as follows:


	Purchases at cost*		Sales proceeds*
Target Today Fund	$	219,379,102	$	157,813,912
Target 2010 Fund		189,383,722		133,691,380
Target 2015 Fund		179,817,496		121,541,108
Target 2020 Fund		459,975,731		294,229,975
Target 2025 Fund		354,785,085		211,878,010
Target 2030 Fund		344,086,194		189,466,007
Target 2035 Fund		144,002,126		72,790,153
Target 2040 Fund		204,122,491		95,861,945
Target 2045 Fund		66,003,917		29,780,102
Target 2050 Fund		121,415,711		54,625,395
Target 2055 Fund		2,936,638		1,321,205

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

6. BANK BORROWINGS

Each Fund and certain funds in the Trust are party to a $25,000,000 revolving credit agreement with the Bank of New York Mellon, whereby the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.15% of the unused balance is allocated to each participating fund. For the six months ended August 31, 2012, the Funds paid the following amounts in commitment fees:


	Commitment fee
Target Today Fund	$	1,187
Target 2010 Fund		1,068
Target 2015 Fund		975
Target 2020 Fund		2,772
Target 2025 Fund		3,034
Target 2030 Fund		3,154
Target 2035 Fund		1,320
Target 2040 Fund		2,081
Target 2045 Fund		612
Target 2050 Fund		1,258
Target 2055 Fund		19

For the six months ended August 31, 2012, there were no borrowings by the Funds under the agreement.

7. INDEMNIFICATION

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			71

8. NEW ACCOUNTING PRONOUNCEMENT

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

9. SUBSEQUENT DISTRIBUTIONS

On September 24, 2012, the Funds declared distributions from net investment income to shareholders of record on September 21, 2012. The per share amounts payable on September 25, 2012 were as follows:


Net investment income	Target Today Fund	Target 2010 Fund		Target 2015 Fund		Target 2020 Fund		Target 2025 Fund		Target 2030 Fund		Target 2035 Fund		Target 2040 Fund
Class A	$0.11761	$	0.04722		N/A	$	0.04559		N/A	$	0.04267		N/A	$	0.04350
Class B	0.00505		0.01417		N/A		0.01650		N/A		0.01189		N/A		0.01324
Class C	0.05942		0.02257		N/A		0.01744		N/A		0.01565		N/A		0.01871
Administrator Class	0.13149		0.05251	$	0.03684		0.05120	$	0.03330		0.04849	$	0.02951		0.04959
Institutional Class	0.15830		0.06431		0.04572		0.06368		0.04170		0.06118		0.03754		0.06352
Investor Class	0.12686		0.05077		0.03565		0.04927		0.03215		0.04651		0.02825		0.04772


Net investment income	Target 2045 Fund	Target 2050 Fund		Target 2055 Fund
Administrator Class	$0.02825	$	0.02781	$	0.02866
Institutional Class	0.03616		0.03549		0.03659
Investor Class	0.02701		0.02639		0.02649

These distributions are not reflected in the accompanying financial statements.


72		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2012 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website:

http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/diversifiedfixedincome.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSR, is also available on the SEC’s website at sec.gov.


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


Agency Securities: 28.00%
FHLB		2.86-6.50	%		3-1-14 to 10-1-41	$	232,472,913	$	253,083,040		5.28	%
FHLB		4.50			2-1-41		9,441,945		10,630,952		0.22
FHLB		0.40-6.75			9-27-13 to 7-15-32		46,480,000		50,329,289		1.01
FHLMC %%		3.00			9-1-27		18,000,000		18,914,062		0.40
FHLMC %%		3.50			9-1-42		33,000,000		34,923,280		0.73
FHLMC		4.50			2-1-40		11,728,791		12,865,549		0.27
FHLMC		5.00			8-1-39		10,964,056		11,912,952		0.25
FNMA		0.00-7.25			9-17-13 to 8-6-38		50,600,000		54,863,125		1.14
FNMA		2.68-7.00			12-1-12 to 5-25-42		408,812,962		444,872,122		9.32
FNMA %%		3.00			9-1-27		12,000,000		12,658,126		0.27
FNMA		3.50			12-1-25		9,750,970		10,521,352		0.22
FNMA		3.50			12-1-26		16,426,528		17,477,889		0.37
FNMA %%		3.50			9-1-42		30,500,000		32,334,664		0.68
FNMA		3.50			9-1-42		14,868,425		15,772,427		0.33
FNMA		4.00			5-1-41		9,144,356		9,819,582		0.21
FNMA		4.50			5-1-29		12,072,262		13,095,849		0.27
FNMA		4.50			2-1-41		12,883,601		14,008,188		0.29
FNMA		5.00			7-1-40		12,323,160		13,726,161		0.29
GNMA		3.50-7.00			11-15-23 to 7-15-42		196,432,652		217,452,146		4.55
GNMA		3.50			6-15-42		13,916,107		15,085,438		0.32
GNMA		4.00			9-15-40		11,058,572		12,160,416		0.26
GNMA		4.50			3-15-39		9,676,657		10,662,905		0.22
GNMA		5.00			9-15-39		9,213,469		10,373,929		0.22
Other securities									40,649,589		0.88

Total Agency Securities (Cost $1,274,633,629)									1,338,193,032		28.00


Corporate Bonds and Notes: 21.08%

Consumer Discretionary: 2.04%

Auto Components: 0.04%
Other securities									2,125,783		0.04


Automobiles: 0.03%
Other securities									1,235,000		0.03


Diversified Consumer Services: 0.07%
Other securities									3,422,181		0.07


Hotels, Restaurants & Leisure: 0.17%
Other securities									8,246,754		0.17


Household Durables: 0.04%
Other securities									1,667,494		0.04

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


Summary portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			73

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name								Value		Percent of net assets


Internet & Catalog Retail: 0.01%
Other securities								$	657,412		0.01	%


Leisure Equipment & Products: 0.02%
Other securities									1,030,843		0.02


Media: 1.24%
Other securities									59,440,844		1.24


Multiline Retail: 0.19%
Other securities									9,174,922		0.19


Specialty Retail: 0.22%
Other securities									10,287,128		0.22


Textiles, Apparel & Luxury Goods: 0.01%
Other securities									328,508		0.01


Consumer Staples: 1.96%

Beverages: 0.53%
Other securities									25,039,392		0.53


Food & Staples Retailing: 0.48%
Other securities									22,880,608		0.48


Food Products: 0.46%
Other securities									22,137,790		0.46


Household Products: 0.17%
Other securities									8,136,551		0.17


Personal Products: 0.02%
Other securities									1,134,815		0.02


Tobacco: 0.30%
Other securities									14,119,426		0.30


Energy: 1.56%

Energy Equipment & Services: 0.12%
Other securities									6,007,576		0.12


Oil, Gas & Consumable Fuels: 1.44%
Other securities									68,768,989		1.44


Financials: 7.42%

Capital Markets: 1.33%
Other securities									63,655,601		1.33


	Interest rate			Maturity date		Principal

Commercial Banks: 0.94%
Wachovia Bank NA (l)		5.85-6.60	%		2 -1-37 to 1-15-38	$	1,600,000		2,060,198		0.05
Wachovia Corporation (l)		5.25-5.75			8 -1-14 to 8-1-35		4,900,000		5,655,847		0.13

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


74		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2012 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


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


Commercial Banks (continued)
Wells Fargo & Company (l)		1.50-5.63	%		10 -16-13 to 4-1-21	$	7,300,000	$	8,047,354		0.17	%
Wells Fargo Bank NA (l)		5.95			8-26-36		350,000		444,718		0.01
Wells Fargo Capital X (l)		5.95			12-15-36		500,000		507,500		0.01
Other securities									28,091,147		0.57

									44,806,764		0.94


Consumer Finance: 0.97%
Other securities									46,188,407		0.97


Diversified Financial Services: 2.61%
Other securities									124,957,738		2.61


Insurance: 1.03%
Other securities									49,034,680		1.03


Real Estate Management & Development: 0.02%
Other securities									932,494		0.02


REITs: 0.52%
Other securities									24,805,621		0.52


Thrifts & Mortgage Finance: 0.00%
Other securities									102,422		0.00


Health Care: 1.64%

Biotechnology: 0.23%
Other securities									11,037,842		0.23


Health Care Equipment & Supplies: 0.23%
Other securities									11,080,975		0.23


Health Care Providers & Services: 0.42%
Other securities									20,085,055		0.42


Life Sciences Tools & Services: 0.07%
Other securities									3,265,028		0.07


Pharmaceuticals: 0.69%
Other securities									32,816,571		0.69


Industrials: 1.60%

Aerospace & Defense: 0.46%
Other securities									21,922,466		0.46


Air Freight & Logistics: 0.08%
Other securities									3,852,784		0.08


Airlines: 0.07%
Other securities									3,157,821		0.07

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


Summary portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			75

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets


Building Products: 0.01%
Other securities	$	557,858		0.01	%


Commercial Services & Supplies: 0.22%
Other securities		10,257,205		0.22


Construction & Engineering: 0.01%
Other securities		502,007		0.01


Electrical Equipment: 0.06%
Other securities		2,864,841		0.06


Industrial Conglomerates: 0.11%
Other securities		5,159,823		0.11


Machinery: 0.24%
Other securities		11,619,421		0.24


Road & Rail: 0.34%
Other securities		16,425,875		0.34


Information Technology: 1.14%

Communications Equipment: 0.17%
Other securities		8,089,445		0.17


Computers & Peripherals: 0.20%
Other securities		9,673,622		0.20


Electronic Equipment, Instruments & Components: 0.06%
Other securities		2,730,379		0.06


Internet Software & Services: 0.04%
Other securities		1,782,543		0.04


IT Services: 0.22%
Other securities		10,583,846		0.22


Office Electronics: 0.07%
Other securities		3,578,631		0.07


Semiconductors & Semiconductor Equipment: 0.11%
Other securities		5,521,870		0.11


Software: 0.27%
Other securities		12,735,810		0.27


Materials: 0.82%

Chemicals: 0.41%
Other securities		19,504,300		0.41


Construction Materials: 0.00%
Other securities		138,675		0.00

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


76		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2012 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name								Value		Percent of net assets


Containers & Packaging: 0.02%
Other securities								$	777,894		0.02	%


Metals & Mining: 0.28%
Other securities									13,522,110		0.28


Paper & Forest Products: 0.11%
Other securities									5,232,100		0.11


Telecommunication Services: 0.95%

Diversified Telecommunication Services: 0.95%
Other securities									45,333,956		0.95


Utilities: 1.95%

Electric Utilities: 1.54%
Other securities									73,557,274		1.54


Gas Utilities: 0.10%
Other securities									5,067,360		0.10


Independent Power Producers & Energy Traders: 0.02%
Other securities									908,082		0.02


Multi-Utilities: 0.27%
Other securities									12,732,636		0.27


Water Utilities: 0.02%
Other securities									892,714		0.02


Total Corporate Bonds and Notes (Cost $901,780,216)									1,007,294,562		21.08


	Interest rate			Maturity date		Principal
Foreign Government Bonds @: 24.44%
Germany Government Bond (EUR)		2.25-6.50	%		1- 4-14 to 7-4-42		44,855,000		69,743,088		1.47
France Government Bond (EUR)		2.50-8.50			10-25-13 to 4-25-60		57,900,000		84,931,689		1.78
Italy Buoni Poliennali del Tesoro (EUR) 144A		2.25-9.00			8-1-13 to 9-1-40		77,630,000		94,363,410		2.01
Japan Government Five Year Bond Series 66 (JPY)		0.40			9-20-16		1,525,000,000		19,667,212		0.41
Japan Government Five Year Bond Series 78 (JPY)		0.90			12-20-13		880,000,000		11,354,838		0.24
Japan Government Ten Year Bond Series 253 (JPY)		1.60			9-20-13		1,037,000,000		13,452,285		0.28
Japan Government Ten Year Bond Series 308 (JPY)		1.30			6-20-20		758,000,000		10,237,923		0.21
Japan Government Two Year Bond Series 315 (JPY)		1.20			6-20-21		865,000,000		11,540,456		0.24
Other securities									852,930,113		17.80


Total Foreign Government Bonds (Cost $1,102,379,517)									1,168,221,014		24.44


U.S. Treasury Securities: 21.66%
U.S. Treasury Bond		2.75-8.50			2-15-20 to 5-15-42	$	105,100,000		140,704,973		2.84
U.S. Treasury Bond		3.63			2-15-20		13,000,000		15,380,625		0.32
U.S. Treasury Bond		4.25			11-15-40		9,500,000		12,688,438		0.27
U.S. Treasury Bond		4.38			11-15-39		7,800,000		10,599,467		0.22
U.S. Treasury Note		0.25-11.25			9-30-13 to 8-15-42		465,145,000		502,532,068		10.62

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


Summary portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			77

DIVERSIFIED FIXED INCOME PORTFOLIO


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

U.S. Treasury Securities (continued)

U.S. Treasury Note		0.13	%		12-31-13	$	20,000,000	$	19,978,120		0.42	%
U.S. Treasury Note		0.25			11-30-13		10,000,000		10,005,470		0.21
U.S. Treasury Note		0.25			2-28-14		20,000,000		20,010,940		0.42
U.S. Treasury Note		0.25			4-30-14		15,000,000		15,005,865		0.31
U.S. Treasury Note		0.25			6-30-14		20,000,000		20,008,600		0.42
U.S. Treasury Note		0.25			7-15-15		15,000,000		14,984,760		0.31
U.S. Treasury Note		0.38			3-15-15		30,000,000		30,084,360		0.63
U.S. Treasury Note		0.63			7-15-14		10,000,000		10,072,660		0.21
U.S. Treasury Note		0.75			9-15-13		11,000,000		11,062,733		0.23
U.S. Treasury Note		0.75			6-30-17		15,000,000		15,126,570		0.32
U.S. Treasury Note		1.00			3-31-17		12,000,000		12,255,000		0.26
U.S. Treasury Note		1.25			2-15-14		15,000,000		15,223,245		0.32
U.S. Treasury Note		1.25			4-30-19		12,000,000		12,244,692		0.26
U.S. Treasury Note		1.38			12-31-18		10,000,000		10,313,280		0.22
U.S. Treasury Note		1.75			3-31-14		10,000,000		10,239,060		0.21
U.S. Treasury Note		2.00			11-15-21		21,000,000		22,036,875		0.46
U.S. Treasury Note		2.13			8-15-21		10,000,000		10,632,810		0.22
U.S. Treasury Note		2.25			5-31-14		13,500,000		13,973,553		0.29
U.S. Treasury Note		2.38			2-28-15		10,000,000		10,524,220		0.22
U.S. Treasury Note		2.63			8-15-20		12,000,000		13,315,308		0.28
U.S. Treasury Note		2.63			11-15-20		10,000,000		11,087,500		0.23
U.S. Treasury Note		2.75			2-15-19		8,950,000		9,998,833		0.21
U.S. Treasury Note		3.63			8-15-19		9,500,000		11,203,322		0.23
U.S. Treasury Note		3.63			2-15-21		20,000,000		23,787,500		0.50


Total U.S. Treasury Securities (Cost $966,152,754)									1,035,080,847		21.66


Yankee Corporate Bonds and Notes: 3.68%

Consumer Discretionary: 0.05%

Media: 0.05%
Other securities									2,271,116		0.05


Consumer Staples: 0.06%

Beverages: 0.06%
Other securities									2,797,831		0.06


Energy: 0.66%

Energy Equipment & Services: 0.04%
Other securities									1,895,871		0.04


Oil, Gas & Consumable Fuels: 0.62%
Other securities									29,751,723		0.62


Financials: 1.65%

Capital Markets: 0.18%
Other securities									8,731,648		0.18


Commercial Banks: 0.77%
Other securities									36,839,732		0.77

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


78		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2012 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets


Diversified Financial Services: 0.65%
Other securities	$	30,951,257		0.65	%


Insurance: 0.05%
Other securities		2,106,641		0.05


Real Estate Management & Development: 0.00%
Other securities		137,407		0.00


Health Care: 0.15%

Pharmaceuticals: 0.15%
Other securities		7,066,610		0.15


Industrials: 0.12%

Aerospace & Defense: 0.01%
Other securities		774,500		0.01


Commercial Services & Supplies: 0.02%
Other securities		870,789		0.02


Industrial Conglomerates: 0.06%
Other securities		2,719,694		0.06


Road & Rail: 0.03%
Other securities		1,599,871		0.03


Materials: 0.34%

Chemicals: 0.04%
Other securities		1,973,142		0.04


Metals & Mining: 0.28%
Other securities		13,353,525		0.28


Paper & Forest Products: 0.02%
Other securities		1,017,286		0.02


Telecommunication Services: 0.60%

Diversified Telecommunication Services: 0.37%
Other securities		17,635,306		0.37


Wireless Telecommunication Services: 0.23%
Other securities		11,131,677		0.23


Utilities: 0.05%

Electric Utilities: 0.01%
Other securities		266,764		0.01


Independent Power Producers & Energy Traders: 0.01%
Other securities		510,527		0.01

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


Summary portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			79

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name						Value			Percent of net assets


Multi-Utilities: 0.02%
Other securities						$	1,270,674			0.02	%


Water Utilities: 0.01%
Other securities							269,870			0.01


Total Yankee Corporate Bonds and Notes (Cost $161,537,695)							175,943,461			3.68


Other: 0.01%
Other securities							385,167			0.01


	Yield			Shares
Short-Term Investments: 3.69%

Investment Companies: 3.69%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.16	%		169,874,378		169,874,378			3.55
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.19			6,632,384		6,632,384			0.14

Total Short-Term Investments (Cost $176,506,762)							176,506,762			3.69

Total investments in securities (Cost $4,583,152,627)*							4,901,624,845			102.56
Other assets and liabilities, net							(122,308,881	)		(2.56	)

Total Net Assets						$	4,779,315,964			100.00	%

%%	Security issued on a when-issued basis

(l)	Investment in an affiliate

@	Foreign bond principal is denominated in local currency.

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

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

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

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

*	Cost for federal income tax purposes is $4,585,180,634 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	345,632,197
Gross unrealized depreciation		(29,187,986	)

Net unrealized appreciation	$	316,444,211

The following table shows the percent of total long-term investments by geographic location as of August 31, 2012:


United States	71.22	%
Japan	12.31	%
United Kingdom	3.70	%
France	2.50	%
Germany	2.07	%
Italy	2.05	%
Canada	1.68	%
Netherlands	0.97	%
Spain	0.95	%
Other	2.55	%

	100.00	%

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


80		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2012 (unaudited)

DIVERSIFIED STOCK PORTFOLIO

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


Security name	Shares		Value		Percent of net assets


Common Stocks: 96.21%

Consumer Discretionary: 12.54%

Auto Components: 0.71%
Other securities			$	51,060,014		0.71	%


Automobiles: 0.99%
Toyota Motor Corporation		520,714		20,583,815		0.29
Other securities				51,239,122		0.70

				71,822,937		0.99


Distributors: 0.22%
Other securities				15,653,222		0.22


Diversified Consumer Services: 0.42%
Other securities				30,131,814		0.42


Hotels, Restaurants & Leisure: 1.86%
McDonald’s Corporation		127,314		11,393,330		0.16
Other securities				122,675,276		1.70

				134,068,606		1.86


Household Durables: 0.88%
Other securities				63,683,669		0.88


Internet & Catalog Retail: 0.67%
Amazon.com Incorporated †		73,327		18,201,961		0.25
Other securities				30,379,592		0.42

				48,581,553		0.67


Leisure Equipment & Products: 0.35%
Other securities				25,592,528		0.35


Media: 2.47%
Other securities				178,126,604		2.47


Multiline Retail: 0.71%
Other securities				51,278,278		0.71


Specialty Retail: 2.02%
Other securities				146,104,471		2.02


Textiles, Apparel & Luxury Goods: 1.24%
Other securities				89,936,439		1.24

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


Summary portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			81

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Consumer Staples: 7.43%

Beverages: 1.61%
Coca-Cola Company		520,266	$	19,457,948		0.27	%
PepsiCo Incorporated		325,163		23,551,556		0.33
Other securities				73,119,680		1.01

				116,129,184		1.61


Food & Staples Retailing: 1.57%
Wal-Mart Stores Incorporated		216,943		15,750,062		0.22
Other securities				97,749,348		1.35

				113,499,410		1.57


Food Products: 2.02%
Nestle SA		306,956		19,082,265		0.26
Other securities				126,446,964		1.76

				145,529,229		2.02


Household Products: 0.90%
Procter & Gamble Company		571,582		38,404,595		0.53
Other securities				26,882,650		0.37

				65,287,245		0.90


Personal Products: 0.53%
Other securities				38,345,432		0.53


Tobacco: 0.80%
Philip Morris International Incorporated		214,250		19,132,525		0.26
Other securities				38,594,114		0.54

				57,726,639		0.80


Energy: 7.58%

Energy Equipment & Services: 1.36%
Schlumberger Limited		277,605		20,093,050		0.28
Other securities				78,634,664		1.08

				98,727,714		1.36


Oil, Gas & Consumable Fuels: 6.22%
BP plc		1,804,655		12,646,987		0.18
Chevron Corporation		245,723		27,560,292		0.38
Exxon Mobil Corporation		585,831		51,143,046		0.71
Gazprom ADR		1,894,171		18,447,331		0.26
Occidental Petroleum Corporation		168,462		14,320,955		0.20
Other securities				325,097,981		4.49

				449,216,592		6.22


Financials: 19.75%

Capital Markets: 1.08%
Other securities				78,026,197		1.08

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


82		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2012 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Commercial Banks: 7.20%
Australia & New Zealand Banking Group Limited «		485,220	$	12,442,387		0.17	%
Commonwealth Bank of Australia		280,103		15,841,116		0.22
HSBC Holdings plc		1,710,701		14,861,087		0.21
Mitsubishi UFJ Financial Group Incorporated		2,483,270		11,291,195		0.16
Wells Fargo & Company (l)		620,620		21,119,699		0.29
Westpac Banking Corporation		552,138		14,129,828		0.20
Other securities				430,228,121		5.95

				519,913,433		7.20


Consumer Finance: 0.28%
Other securities				20,140,359		0.28


Diversified Financial Services: 1.55%
Bank of America Corporation		2,232,466		17,837,403		0.25
JPMorgan Chase & Company		472,477		17,547,796		0.24
Other securities				76,487,602		1.06

				111,872,801		1.55


Insurance: 3.30%
Other securities				238,844,128		3.30


Real Estate Management & Development: 0.96%
Other securities				69,460,430		0.96


REITs: 4.97%
Other securities				358,878,508		4.97


Thrifts & Mortgage Finance: 0.41%
Other securities				29,368,940		0.41


Health Care: 8.89%

Biotechnology: 1.04%
Other securities				75,104,999		1.04


Health Care Equipment & Supplies: 1.37%
Other securities				99,156,875		1.37


Health Care Providers & Services: 1.92%
Other securities				138,382,225		1.92


Health Care Technology: 0.15%
Other securities				11,062,447		0.15


Life Sciences Tools & Services: 0.45%
Other securities				32,104,711		0.45


Pharmaceuticals: 3.96%
Abbott Laboratories		196,294		12,865,109		0.18
GlaxoSmithKline plc		490,873		11,106,923		0.15

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


Summary portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			83

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Pharmaceuticals (continued)
Johnson & Johnson		340,676	$	22,971,783		0.32	%
Merck & Company Incorporated		377,858		16,266,787		0.23
Novartis AG		251,316		14,807,295		0.21
Pfizer Incorporated		932,550		22,250,643		0.31
Roche Holding AG Genusschein		67,552		12,297,620		0.17
Other securities				173,550,500		2.39

				286,116,660		3.96


Industrials: 11.77%

Aerospace & Defense: 1.31%
United Technologies Corporation		164,459		13,132,051		0.18
Other securities				81,339,876		1.13

				94,471,927		1.31


Air Freight & Logistics: 0.48%
United Parcel Service Incorporated Class B		151,300		11,167,453		0.15
Other securities				23,865,762		0.33

				35,033,215		0.48


Airlines: 0.42%
Other securities				30,200,382		0.42


Building Products: 0.36%
Other securities				26,447,350		0.36


Commercial Services & Supplies: 1.38%
Other securities				99,552,353		1.38


Construction & Engineering: 0.77%
Other securities				55,640,466		0.77


Electrical Equipment: 1.06%
Other securities				76,429,101		1.06


Industrial Conglomerates: 1.00%
General Electric Company		1,322,607		27,391,191		0.38
Other securities				44,835,042		0.62

				72,226,233		1.00


Machinery: 2.68%
Other securities				193,522,125		2.68


Marine: 0.14%
Other securities				9,924,456		0.14


Professional Services: 0.07%
Other securities				5,052,092		0.07

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


84		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2012 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Road & Rail: 1.15%
Union Pacific Corporation		99,100	$	12,034,704		0.17	%
Other securities				71,043,890		0.98

				83,078,594		1.15


Trading Companies & Distributors: 0.79%
Other securities				57,315,686		0.79


Transportation Infrastructure: 0.16%
Other securities				11,345,635		0.16


Information Technology: 14.51%

Communications Equipment: 1.29%
Cisco Systems Incorporated		1,118,249		21,336,191		0.30
Qualcomm Incorporated		356,597		21,916,452		0.30
Other securities				49,584,861		0.69

				92,837,504		1.29


Computers & Peripherals: 2.67%
Apple Incorporated		193,588		128,782,481		1.78
EMC Corporation †		438,420		11,526,062		0.16
Other securities				52,815,189		0.73

				193,123,732		2.67


Electronic Equipment, Instruments & Components: 1.43%
Other securities				103,114,726		1.43


Internet Software & Services: 1.54%
Google Incorporated Class A †		53,642		36,749,598		0.51
Other securities				74,328,205		1.03

				111,077,803		1.54


IT Services: 2.28%
International Business Machines Corporation		229,846		44,785,493		0.62
Visa Incorporated «		108,811		13,955,011		0.19
Other securities				105,983,575		1.47

				164,724,079		2.28


Office Electronics: 0.14%
Other securities				10,239,372		0.14


Semiconductors & Semiconductor Equipment: 2.57%
Intel Corporation		626,534		15,556,839		0.22
Samsung Electronics Company Limited		22,630		24,592,081		0.34
Taiwan Semiconductor Manufacturing Company Limited		5,166,298		14,368,556		0.20
Other securities				131,277,361		1.81

				185,794,837		2.57

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


Summary portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			85

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Software: 2.59%
Microsoft Corporation		936,171	$	28,852,790		0.40	%
Oracle Corporation		794,615		25,149,565		0.35
Other securities				133,035,518		1.84

				187,037,873		2.59


Materials: 6.56%

Chemicals: 2.74%
Other securities				197,756,344		2.74


Construction Materials: 0.39%
Other securities				27,979,793		0.39


Containers & Packaging: 0.43%
Other securities				31,475,476		0.43


Metals & Mining: 2.68%
BHP Billiton Limited		570,695		18,743,808		0.26
Other securities				174,639,097		2.42

				193,382,905		2.68


Paper & Forest Products: 0.32%
Other securities				23,028,614		0.32


Telecommunication Services: 2.87%

Diversified Telecommunication Services: 1.59%
AT&T Incorporated		734,498		26,912,007		0.37
Verizon Communications Incorporated		351,224		15,081,559		0.21
Other securities				73,095,703		1.01

				115,089,269		1.59


Wireless Telecommunication Services: 1.28%
China Mobile Limited		1,093,500		11,673,850		0.16
Vodafone Group plc		4,524,924		13,040,603		0.18
Other securities				67,782,559		0.94

				92,497,012		1.28


Utilities: 4.31%

Electric Utilities: 1.83%
Other securities				132,347,504		1.83


Gas Utilities: 0.78%
Other securities				56,018,145		0.78


Independent Power Producers & Energy Traders: 0.27%
Other securities				19,677,971		0.27


Multi-Utilities: 1.28%
Other securities				92,540,439		1.28

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


86		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2012 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Value		Percent of net assets


Water Utilities: 0.15%
Other securities	$	10,485,149		0.15	%


Total Common Stocks (Cost $6,353,480,085)		6,949,402,455		96.21


Foreign Corporate Bonds and Notes: 0.00%

Materials: 0.00%

Chemicals: 0.00%
Other securities		6,757		0.00


Total Foreign Corporate Bonds and Notes (Cost $7,063)		6,757		0.00


Foreign Government Bonds: 0.00%
Other securities		10,027		0.00

Total Foreign Government Bonds (Cost $34,489)		10,027		0.00


Investment Companies: 0.01%
Other securities		581,002		0.01

Total Investment Companies (Cost $421,726)		581,002		0.01


Preferred Stocks: 0.75%

Consumer Discretionary: 0.05%

Automobiles: 0.05%
Other securities		3,554,994		0.05


Media: 0.00%
Other securities		303,068		0.00


Consumer Staples: 0.11%

Beverages: 0.09%
Other securities		6,541,809		0.09


Household Products: 0.02%
Other securities		1,244,747		0.02


Energy: 0.12%

Oil, Gas & Consumable Fuels: 0.12%
Other securities		9,049,265		0.12


Financials: 0.24%

Capital Markets: 0.00%
Other securities		42,238		0.00


Commercial Banks: 0.24%
Other securities		17,721,266		0.24


Insurance: 0.00%
Other securities		263		0.00

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


Summary portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			87

DIVERSIFIED STOCK PORTFOLIO


Security name	Value		Percent of net assets


Materials: 0.17%

Chemicals: 0.03%
Other securities	$	1,847,553		0.03	%


Metals & Mining: 0.14%
Other securities		10,138,439		0.14


Telecommunication Services: 0.03%

Diversified Telecommunication Services: 0.03%
Other securities		1,899,471		0.03


Utilities: 0.03%

Electric Utilities: 0.03%
Other securities		2,129,948		0.03


Total Preferred Stocks (Cost $58,673,342)		54,473,061		0.75


Rights: 0.00%

Consumer Discretionary: 0.00%

Internet & Catalog Retail: 0.00%
Other securities		69,156		0.00


Financials: 0.00%

Commercial Banks: 0.00%
Other securities		11,071		0.00


Real Estate Management & Development: 0.00%
Other securities		8,322		0.00


Industrials: 0.00%

Road & Rail: 0.00%
Other securities		1,071		0.00


Information Technology: 0.00%

Semiconductors & Semiconductor Equipment: 0.00%
Other securities		575		0.00


Materials: 0.00%

Metals & Mining: 0.00%
Other securities		0		0.00


Total Rights (Cost $31,368)		90,195		0.00

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


88		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2012 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name						Value			Percent of net assets


Warrants: 0.00%

Consumer Discretionary: 0.00%

Distributors: 0.00%
Other securities						$	146			0.00	%


Hotels, Restaurants & Leisure: 0.00%
Other securities							1,032			0.00


Media: 0.00%
Other securities							1			0.00


Consumer Staples: 0.00%

Food & Staples Retailing: 0.00%
Other securities							5,728			0.00


Food Products: 0.00%
Other securities							3,110			0.00


Energy: 0.00%

Oil, Gas & Consumable Fuels: 0.00%
Other securities							1,200			0.00


Industrials: 0.00%

Construction & Engineering: 0.00%
Other securities							5,123			0.00


Materials: 0.00%

Metals & Mining: 0.00%
Other securities							753			0.00


Total Warrants (Cost $16,964)							17,093			0.00


Other: 0.02%
Other securities							1,373,516			0.02

Total Other (Cost $577,889)							1,373,516			0.02


	Yield			Shares
Short-Term Investments: 14.76%

Investment Companies: 14.76%
Wells Fargo Advantage Cash Investment Fund, Select Class (l)(u)		0.16	%		169,049,881		169,049,881			2.34
Wells Fargo Securities Lending Cash Investments, LLC (l)(v)(u)(r)		0.19			897,043,281		897,043,281			12.42

Total Short-Term Investments (Cost $1,066,093,162)							1,066,093,162			14.76

Total investments in securities (Cost $7,479,336,088)*							8,072,047,268			111.75	%
Other assets and liabilities, net							(848,491,067	)		(11.75	)

Total net assets						$	7,223,556,201			100.00	%

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


Summary portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			89

DIVERSIFIED STOCK PORTFOLIO

†	Non-income-earning security

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

(l)	Investment in an affiliate

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

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

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

*	Cost for federal income tax purposes is $7,563,760,199 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,091,786,180
Gross unrealized depreciation		(583,499,111	)

Net unrealized appreciation	$	508,287,069

The following table shows percent of total long-term investments by geographic locations as of August 31, 2012:


United States	65.67	%
Japan	6.52	%
United Kingdom	3.48	%
Australia	2.52	%
Canada	2.00	%
Sourth Korea	1.61	%
Switzerland	1.50	%
Taiwan	1.33	%
France	1.30	%
Brazil	1.25	%
Germany	1.19	%
Hong Kong	1.04	%
Other	10.59	%

	100.00	%

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


90		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2012 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities: 1.15%
FHLB ±		0.29	%		2-5-13	$	1,000,000	$	999,830
FHLB ±		0.30			3-7-13		1,000,000		999,847
FHLB ±		0.32			3-28-13		1,000,000		999,882
FHLB ±		0.32			5-2-13		1,000,000		999,866
FHLB ±		0.34			4-1-13		1,000,000		1,000,000
FHLB ±		0.34			5-17-13		1,000,000		1,000,000

Total Agency Securities (Cost $5,999,425)									5,999,425


Certificates of Deposit: 20.17%
Banco Del Estado De Chile		0.27			9-27-12		4,000,000		4,000,000
Banco Del Estado De Chile		0.37			10-22-12		1,000,000		1,000,000
Bank Of Montreal		0.18			10-10-12		3,000,000		3,000,000
Bank Of Montreal		0.18			10-23-12		4,000,000		4,000,000
Bank of Montreal		0.23			9-20-12		1,000,000		1,000,000
Bank of Nova Scotia ±		0.29			10-18-12		1,000,000		1,000,000
Bank of Tokyo Mitsubishi LLC		0.18			9-4-12		4,000,000		4,000,000
Bank of Tokyo Mitsubishi LLC		0.18			9-28-12		1,000,000		1,000,000
Bank of Tokyo Mitsubishi LLC		0.19			9-5-12		2,000,000		2,000,000
Barclays Bank plc ±		0.92			3-15-13		5,000,000		5,000,000
Citibank NA		0.33			9-11-12		3,000,000		3,000,000
Citibank NA		0.33			9-17-12		2,000,000		2,000,000
DNB Nor Bank ASA		0.31			9-13-12		2,000,000		2,000,000
DNB Nor Bank ASA 144A (z)		0.31			9-11-12		2,000,000		1,999,879
Mitsubishi Trust & Bank Company		0.20			9-14-12		4,000,000		4,000,000
Mitsubishi Trust & Bank Company		0.20			9-20-12		2,000,000		2,000,000
National Bank of Australia Limited		0.24			11-13-12		1,000,000		1,000,117
National Bank of Canada		0.18			10-15-12		4,000,000		4,000,000
National Bank of Kuwait		0.18			9-4-12		3,000,000		3,000,000
Nordea Bank plc (Finland)		0.87			9-13-12		1,000,000		1,000,025
Norinchukin Bank		0.17			9-4-12		4,000,000		4,000,000
Norinchukin Bank		0.17			9-7-12		4,000,000		4,000,000
Norinchukin Bank		0.40			9-11-12		1,000,000		1,000,039
Oversea-Chinese Banking Corporation Limited		0.26			9-4-12		1,000,000		1,000,000
Oversea-Chinese Banking Corporation Limited		0.27			9-28-12		1,000,000		1,000,000
Royal Bank of Canada ±		0.49			8-12-13		2,000,000		2,000,000
Royal Bank of Canada ±		0.49			8-6-13		1,000,000		1,000,000
Royal Bank of Canada ±		0.50			7-26-13		2,000,000		2,000,000
Royal Bank of Canada ±		0.74			12-17-12		1,000,000		1,000,000
Skandinaviska Enskilda Banken AG		0.50			10-15-12		4,000,000		4,000,000
Skandinaviska Enskilda Banken AG		0.70			11-28-12		5,000,000		5,000,000
Skandinaviska Enskilda Banken AG		0.75			10-12-12		1,000,000		1,000,221
State Street Bank & Trust		0.25			9-17-12		2,000,000		2,000,000
State Street Bank & Trust		0.18			10-16-12		7,000,000		7,000,000
State Street Bank & Trust		0.18			10-18-12		4,000,000		4,000,000
Sumitomo Mitsui Banking Corporation		0.16			9-6-12		5,000,000		5,000,000
Toronto-Dominion Bank		0.17			10-30-12		3,000,000		3,000,000
Toronto-Dominion Bank		0.17			11-2-12		3,000,000		3,000,000
Toronto-Dominion Bank ±		0.29			2-4-13		3,000,000		3,000,000
Toronto-Dominion Bank ±		0.45			7-26-13		1,000,000		1,000,000

Total Certificates of Deposit (Cost $105,000,281)									105,000,281

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


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			91

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper: 42.45%
ANZ National Limited 144A (z)		0.28	%		9-20-12	$	2,000,000	$	1,999,751
ANZ National Limited 144A (z)		0.29			9-25-12		2,000,000		1,999,662
ANZ National Limited 144A (z)		0.29			10-2-12		1,000,000		999,774
ASB Finance Limited ±144A		0.50			2-25-13		2,000,000		2,000,000
ASB Finance Limited ±144A		0.54			9-5-13		1,000,000		1,000,000
ASB Finance Limited ±144A		0.64			4-8-13		1,000,000		1,000,000
Axis Bank Limited (Dubai) (z)		0.65			9-28-12		2,000,000		1,999,133
Banco De Chile 144A (z)		0.66			9-25-12		1,000,000		999,615
Barclays Bank plc 144A (z)		0.31			10-25-12		2,000,000		1,999,122
BNZ International Funding Limited 144A (z)		0.28			9-12-12		1,000,000		999,938
BNZ International Funding Limited 144A (z)		0.28			9-14-12		1,000,000		999,922
BNZ International Funding Limited 144A		0.52			2-28-13		1,000,000		1,000,006
CAFCO LLC 144A (z)		0.42			9-19-12		1,000,000		999,825
Caisse Centrale Desjardins du Quebec 144A (z)		0.18			9-7-12		1,000,000		999,985
Caisse Centrale Desjardins du Quebec 144A (z)		0.18			9-19-12		5,000,000		4,999,625
Caisse Centrale Desjardins du Quebec 144A (z)		0.19			9-27-12		1,000,000		999,879
Caisse Centrale Desjardins du Quebec 144A (z)		0.22			10-22-12		1,000,000		999,707
Caisse Centrale Desjardins du Quebec 144A (z)		0.22			10-16-12		1,000,000		999,743
Caisse Centrale Desjardins du Quebec 144A (z)		0.22			11-6-12		1,000,000		999,615
Caisse Centrale Desjardins du Quebec 144A (z)		0.22			11-7-12		1,000,000		999,609
Caisse Centrale Desjardins du Quebec 144A (z)		0.22			11-16-12		1,000,000		999,554
Caisse Centrale Desjardins du Quebec 144A (z)		0.23			11-8-12		1,000,000		999,585
Caisse Centrale Desjardins du Quebec 144A (z)		0.25			9-4-12		1,000,000		1,000,000
Chariot Funding LLC 144A (z)(p)		0.18			9-12-12		3,000,000		2,999,873
Ciesco LLC 144A (z)(p)		0.52			9-6-12		1,000,000		999,971
CNPC Finance 144A (z)		0.32			10-9-12		2,000,000		1,999,378
CNPC Finance 144A (z)		0.37			10-22-12		1,000,000		999,507
CNPC Finance 144A (z)		0.37			10-23-12		1,000,000		999,496
CNPC Finance 144A (z)		0.38			9-17-12		2,000,000		1,999,726
CNPC Finance 144A (z)		0.39			9-24-12		1,000,000		999,783
Commonwealth Bank of Australia 144A (z)		0.19			10-3-12		1,000,000		999,847
Commonwealth Bank of Australia (New York)		0.32			9-27-12		1,000,000		1,000,089
CRC Funding LLC 144A (z)(p)		0.35			9-7-12		1,000,000		999,971
CRC Funding LLC 144A (z)(p)		0.50			9-4-12		2,000,000		2,000,000
DBS Bank Limited 144A (z)		0.22			9-4-12		1,000,000		1,000,000
DBS Bank Limited 144A (z)		0.26			9-13-12		1,000,000		999,935
DBS Bank Limited 144A (z)		0.26			10-5-12		1,000,000		999,776
DBS Bank Limited 144A (z)		0.26			10-25-12		2,000,000		1,999,263
DBS Bank Limited 144A (z)		0.26			10-29-12		1,000,000		999,603
Fairway Finance Corporation 144A (z)(p)		0.19			10-26-12		1,000,000		999,726
Fairway Finance Corporation 144A (z)(p)		0.20			9-5-12		1,000,000		999,994
Fairway Finance Corporation 144A (z)(p)		0.21			10-2-12		1,000,000		999,837
General Electric Capital Company (z)		0.17			9-26-12		4,000,000		3,999,584
General Electric Capital Company (z)		0.23			12-27-12		2,000,000		1,998,543
General Electric Capital Company (z)		0.28			12-26-12		2,000,000		1,998,242
General Electric Capital Company (z)		0.28			12-28-12		1,000,000		999,106
Gotham Funding Corporation 144A (z)(p)		0.21			9-7-12		1,000,000		999,983
Gotham Funding Corporation 144A (z)(p)		0.21			9-11-12		1,000,000		999,959
Gotham Funding Corporation 144A (z)(p)		0.21			9-13-12		1,000,000		999,948
Gotham Funding Corporation 144A (z)(p)		0.21			9-18-12		1,000,000		999,918

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


92		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2012 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Gotham Funding Corporation 144A (z)(p)		0.21	%		9-19-12	$	1,000,000	$	999,913
Gotham Funding Corporation 144A (z)(p)		0.21			9-20-12		1,000,000		999,907
Gotham Funding Corporation 144A (z)(p)		0.21			9-21-12		2,000,000		1,999,802
Govco LLC 144A (z)(p)		0.35			9-10-12		1,000,000		999,942
Govco LLC 144A (z)(p)		0.50			9-5-12		1,000,000		999,986
Govco LLC 144A (z)(p)		0.50			9-6-12		2,000,000		1,999,944
ICICI Bank Limited (z)		0.64			9-10-12		1,000,000		999,893
JPMorgan Chase & Company (z)		0.28			10-30-12		5,000,000		4,997,822
Jupiter Securitization Company LLC 144A (z)(p)		0.18			9-12-12		3,000,000		2,999,873
Legacy Capital Company 144A (z)(p)		0.48			10-19-12		1,000,000		999,400
Legacy Capital Company 144A (z)(p)		0.48			11-7-12		2,000,000		1,998,293
Lexington Parker Capital Company LLC 144A (z)(p)		0.48			10-19-12		2,000,000		1,998,800
Lexington Parker Capital Company LLC 144A (z)(p)		0.48			11-9-12		2,000,000		1,998,240
Liberty Street Funding LLC 144A (z)(p)		0.18			9-17-12		2,000,000		1,999,870
Liberty Street Funding LLC 144A (z)(p)		0.18			9-18-12		4,000,000		3,999,720
Liberty Street Funding LLC 144A (z)(p)		0.19			9-13-12		1,000,000		999,953
Liberty Street Funding LLC 144A (z)(p)		0.22			10-25-12		1,000,000		999,688
Liberty Street Funding LLC 144A (z)(p)		0.22			11-15-12		1,000,000		999,560
Liberty Street Funding LLC 144A (z)(p)		0.23			10-26-12		1,000,000		999,668
Liberty Street Funding LLC 144A (z)(p)		0.23			11-13-12		2,000,000		1,999,106
Louis Dreyfus Commodities LLC (z)		0.50			9-7-12		1,000,000		999,958
Louis Dreyfus Commodities LLC (z)		0.53			9-4-12		1,000,000		1,000,000
Market Street Funding Corporation 144A (z)(p)		0.26			10-17-12		1,000,000		999,689
Market Street Funding Corporation 144A (z)(p)		0.26			10-18-12		1,000,000		999,682
MetLife Short Term Funding LLC 144A (z)(p)		0.20			10-10-12		1,000,000		999,800
MetLife Short Term Funding LLC 144A (z)(p)		0.21			9-12-12		1,000,000		999,953
MetLife Short Term Funding LLC 144A (z)(p)		0.22			10-4-12		1,000,000		999,817
MetLife Short Term Funding LLC 144A (z)(p)		0.24			11-5-12		1,000,000		999,587
MetLife Short Term Funding LLC 144A (z)(p)		0.24			10-24-12		1,000,000		999,667
MetLife Short Term Funding LLC 144A (z)(p)		0.25			9-6-12		1,000,000		999,986
MetLife Short Term Funding LLC 144A (z)(p)		0.25			10-15-12		1,000,000		999,715
Mitsubishi UFJ Trust & Banking Corporation 144A (z)		0.20			9-12-12		1,000,000		999,956
Nationwide Building Society 144A (z)		0.42			12-5-12		2,000,000		1,997,853
Nationwide Building Society 144A (z)		0.42			12-6-12		1,000,000		998,915
Nationwide Building Society 144A (z)		0.42			12-12-12		1,000,000		998,845
Nationwide Building Society 144A (z)		0.42			12-19-12		1,000,000		998,763
Nationwide Building Society 144A (z)		0.55			10-1-12		1,000,000		999,588
Nationwide Building Society 144A (z)		0.58			10-12-12		1,000,000		999,388
Nordea North America (z)		0.30			9-7-12		2,000,000		1,999,950
Old Line Funding LLC 144A (z)(p)		0.18			10-22-12		1,000,000		999,760
Old Line Funding LLC 144A (z)(p)		0.20			12-3-12		1,000,000		999,500
Old Line Funding LLC 144A (z)(p)		0.35			2-8-13		2,000,000		1,996,948
Oversea Chinese Banking Corporation Limited (z)		0.22			10-30-12		1,000,000		999,658
Oversea-Chinese Banking Corporation Limited (z)(p)		0.23			9-18-12		2,000,000		1,999,821
Oversea-Chinese Banking Corporation Limited (z)		0.27			9-26-12		2,000,000		1,999,676
Oversea-Chinese Banking Corporation Limited (z)		0.27			10-11-12		1,000,000		999,723
Principal Life Insurance Company 144A (z)(p)		0.20			9-7-12		1,000,000		999,983
Prudential plc 144A (z)		0.40			11-1-12		1,000,000		999,356
Prudential plc 144A (z)		0.40			11-5-12		1,000,000		999,311
Regency Markets No. 1 LLC 144A (z)(p)		0.21			9-6-12		1,000,000		999,988

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


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			93

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Regency Markets No. 1 LLC 144A (z)(p)		0.21	%		9-25-12	$	1,000,000	$	999,878
Salisbury Receivables Company 144A (z)(p)		0.24			9-10-12		1,000,000		999,960
Salisbury Receivables Company 144A (z)(p)		0.27			9-25-12		1,000,000		999,843
Salisbury Receivables Company 144A (z)(p)		0.27			9-26-12		1,000,000		999,835
Salisbury Receivables Company 144A (z)(p)		0.27			9-27-12		1,000,000		999,828
Salisbury Receivables Company 144A (z)(p)		0.28			9-6-12		1,000,000		999,984
Salisbury Receivables Company 144A (z)(p)		0.33			11-7-12		1,000,000		999,413
Sheffield Receivables Corporation 144A (z)(p)		0.27			10-4-12		1,000,000		999,775
Sheffield Receivables Corporation 144A (z)(p)		0.27			10-5-12		2,000,000		1,999,536
Sheffield Receivables Corporation 144A (z)(p)		0.27			10-12-12		1,000,000		999,715
Sheffield Receivables Corporation 144A (z)(p)		0.27			10-15-12		2,000,000		1,999,385
Sheffield Receivables Corporation 144A (z)(p)		0.27			10-16-12		2,000,000		1,999,370
Sheffield Receivables Corporation 144A (z)(p)		0.27			10-18-12		1,000,000		999,670
Straight-A Funding LLC 144A (z)(p)		0.18			10-3-12		1,000,000		999,855
Straight-A Funding LLC 144A (z)(p)		0.18			10-15-12		2,000,000		1,999,590
Straight-A Funding LLC 144A (z)(p)		0.18			10-17-12		2,000,000		1,999,570
Straight-A Funding LLC 144A (z)(p)		0.18			10-18-12		3,000,000		2,999,340
Straight-A Funding LLC 144A (z)(p)		0.18			10-23-12		2,000,000		1,999,510
Sumitomo Trust & Banking Corporation		0.16			9-5-12		4,000,000		4,000,000
Suncorp Group Limited 144A (z)		0.45			9-13-12		2,000,000		1,999,775
Suncorp Group Limited 144A (z)		0.45			10-18-12		1,000,000		999,450
Suncorp Group Limited 144A (z)		0.45			9-12-12		1,000,000		999,900
Suncorp Group Limited 144A (z)		0.45			9-17-12		1,000,000		999,838
Surrey Funding Corporation 144A (z)		0.27			10-2-12		1,000,000		999,790
Surrey Funding Corporation 144A (z)		0.27			10-5-12		1,000,000		999,768
Surrey Funding Corporation 144A (z)		0.28			9-18-12		1,000,000		999,891
Swedbank (z)		0.30			11-14-12		1,000,000		999,408
Swedbank (z)		0.31			11-9-12		1,000,000		1,000,000
Swedbank (z)		0.31			11-8-12		2,000,000		1,998,881
Swedbank (z)		0.31			11-13-12		1,000,000		999,397
Swedbank (z)		0.42			9-10-12		2,000,000		1,999,860
Swedbank (z)		0.42			9-11-12		1,000,000		999,918
Sydney Capital Corporation 144A (z)(p)		0.30			9-13-12		1,000,000		999,925
Sydney Capital Corporation 144A (z)(p)		0.30			11-14-12		1,000,000		999,408
Thunder Bay Funding LLC 144A (z)(p)		0.18			10-22-12		1,000,000		999,760
Thunder Bay Funding LLC 144A (z)(p)		0.20			11-20-12		1,000,000		999,572
Thunder Bay Funding LLC 144A (z)(p)		0.20			12-3-12		1,000,000		999,500
Thunder Bay Funding LLC 144A (z)(p)		0.35			2-1-13		1,000,000		998,542
Thunder Bay Funding LLC 144A (z)(p)		0.35			2-7-13		1,000,000		998,483
Toyota Credit Canada Incorporated (z)		0.20			9-25-12		1,000,000		999,883
Toyota Motor Credit Corporation (z)		0.35			2-25-13		3,000,000		2,994,925
UOB Funding LLC (z)		0.25			9-13-12		1,000,000		999,938
UOB Funding LLC (z)		0.25			12-4-12		1,000,000		999,368
Victory Receivables 144A (p)		0.01			9-18-12		1,000,000		999,918
Victory Receivables 144A (p)		0.21			9-18-12		1,000,000		999,918
Victory Receivables 144A (p)		0.21			9-21-12		1,000,000		999,901
Victory Receivables 144A (z)(p)		0.21			9-12-12		4,000,000		3,999,813
Victory Receivables 144A (z)(p)		0.21			9-13-12		1,000,000		999,948
Victory Receivables 144A (z)(p)		0.21			9-20-12		1,000,000		999,907
Victory Receivables 144A(z)(p)		0.21			9-25-12		1,000,000		999,878

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


94		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2012 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Westpac Banking Corporation 144A (z)		0.26	%		9-17-12	$	1,000,000	$	999,906
Westpac Securities NZ Limited 144A (z)		0.30			9-21-12		1,000,000		999,858
Westpac Securities NZ Limited 144A (z)		0.30			9-17-12		1,000,000		999,892
Westpac Securities NZ Limited ±144A		0.50			2-25-13		1,000,000		1,000,000
Westpac Securities NZ Limited ±144A		0.50			2-22-13		2,000,000		2,000,000
Westpac Securities NZ Limited 144A		0.61			7-22-13		1,000,000		1,000,000
Westpac Securities NZ Limited 144A		0.64			4-8-13		1,000,000		1,000,000
Westpac Securities NZ Limited ±144A		0.66			4-15-13		1,000,000		1,000,308
White Point Funding Incorporated 144A (z)(p)		0.52			11-19-12		1,000,000		998,902
Working Capital Management Company 144A (z)(p)		0.22			9-6-12		1,000,000		999,988

Total Commercial Paper (Cost $220,936,698)									220,936,698


Corporate Bonds and Notes: 1.85%

Financials: 1.61%

Commercial Banks: 0.19%
JPMorgan Chase Bank NA ±		0.36			11-21-12		1,000,000		1,000,155


Consumer Finance: 0.39%
Toyota Motor Credit Corporation ±		0.53			7-19-13		2,000,000		2,000,000


Diversified Financial Services: 1.03%
JPMorgan Chase & Company ±		0.53			1-18-13		1,000,000		999,926
JPMorgan Chase & Company ±		0.59			11-1-12		1,000,000		1,000,365
JPMorgan Chase & Company ±		0.97			9-21-12		1,000,000		1,000,232
JPMorgan Chase & Company ±		1.08			2-26-13		1,000,000		1,002,215
LTF Real Estate LLC ±144A§		0.30			6-1-33		380,000		380,000
Overseas Private Investment Corporation ±§		0.19			7-9-26		1,000,000		1,000,000

									5,382,738


Health Care: 0.24%

Health Care Providers & Services: 0.24%
Acts Retirement Life Communities Incorporated ±§		0.22			11-15-29		225,000		225,000
Providence Health & Services ±§		0.24			10-1-42		1,000,000		1,000,000

									1,225,000


Total Corporate Bonds and Notes (Cost $9,607,893)									9,607,893


Municipal Obligations: 21.14%

Alabama: 0.19%
Birmingham AL Special Care Facilities Finance Authority Ascension Health Series 2006-C (Hospital Revenue) ±144A§		0.24			11-15-46		1,000,000		1,000,000


Arizona: 0.19%
Arizona Health Facilities Authority Catholic Healthcare West Loan Program (Health Revenue, Citibank NA LOC) ±§		0.21			7-1-35		1,000,000		1,000,000


California: 2.17%
California HFFA Series H (Health Revenue, Bank of America NA LOC) ±§		0.22			7-1-35		1,200,000		1,200,000
California Infrastructure & Economic Development Bank Contemporary Jewish Museum (Miscellaneous Revenue, Bank of America NA LOC) ±§		0.23			12-1-36		1,000,000		1,000,000

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


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			95

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


California (continued)
California Stanford Hospital Series B (Health Revenue, FNMA LOC) ±§		0.17	%		8-1-36	$	150,000	$	150,000
California State (Tax Revenue, GO - State)		0.17			9-17-12		1,000,000		1,000,000
JPMorgan Chase PUTTER Trust (Miscellaneous Revenue) ±144A		0.21			5-30-13		3,000,000		3,000,000
Roseville CA Electric System Series A (Utilities Revenue, Morgan Stanley Bank LOC) ±§		0.18			2-1-35		2,000,000		2,000,000
San Bernardino County CA COP Series B (Miscellaneous Revenue) ±§		0.27			3-1-17		459,000		459,000
San Bernardino County CA Flood Control District (Tax Revenue, Bank of America NA LOC) ±§		0.20			8-1-37		500,000		500,000
San Francisco CA City & County RDA Notre Dame Apartments Series G (Housing Revenue, Citibank NA LOC) ±§		0.23			12-1-33		985,000		985,000
San Francisco City and County CA Public Utilities Commission (Utilities Revenue)		0.19			10-2-12		1,000,000		1,000,000

									11,294,000


Colorado: 0.81%
Colorado HFA Class I Series B-2 (Housing Revenue) ±§		0.18			5-1-38		1,000,000		1,000,000
Colorado HFA Taxable MFHR Project Series A1 (Housing Revenue) ±§		0.19			10-1-33		965,000		965,000
Colorado HFA Taxable MFHR Project Series B2 (Housing Revenue) ±§		0.18			5-1-50		250,000		250,000
Denver CO City & County Subseries G1 (Airport Revenue, Assured Guaranty Insured) ±§		0.21			11-15-25		1,000,000		1,000,000
Denver CO City & County Subseries G2 (Airport Revenue, Assured Guaranty Insured) ±§		0.21			11-15-25		1,000,000		1,000,000

									4,215,000


Delaware: 0.20%
PFOTER Series TNP-1002 (Miscellaneous Revenue) ±144A§		0.90			9-1-34		1,060,000		1,060,000


District of Columbia: 0.19%
Metro Washington DC Airport Authority (Airport Revenue)		0.18			9-4-12		1,000,000		1,000,000


Florida: 0.76%
Jacksonville FL Capital Projects Series A (Utilities Revenue, Bank of America NA LOC) ±§		0.21			10-1-34		1,955,000		1,955,000
JPMorgan Chase PUTTER Trust Series 4128 (Miscellaneous Revenue, JPMorgan Chase Bank LIQ) ±144A§		0.19			3-1-21		1,000,000		1,000,000
Miami-Dade County FL Eclipse Funding Trust (Tax Revenue, U.S. Bank NA) ±§		0.17			7-1-13		995,000		995,000

									3,950,000


Georgia: 0.19%
Richmond County GA Development Authority (Education Revenue) ±§		0.18			7-1-37		975,000		975,000


Illinois: 0.58%
Chicago IL Deutsche Bank PFOTER Trust Series DB-393 (GO, JPMorgan Chase Bank SPA) ±§		0.19			1-1-34		1,000,000		1,000,000
Illinois Educational Facilities Authority Field Museum National History (Miscellaneous Revenue, Bank of America NA LOC) ±§		0.27			11-1-32		1,000,000		1,000,000
Springfield IL PUTTER Series 1314 (Utilities Revenue, BHAC-CR, MBIA Insured) ±§		0.18			3-1-14		1,000,000		1,000,000

									3,000,000

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


96		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2012 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Indiana: 0.82%
Indiana Finance Authority Parkview Health System Obligation Group Project Series 2009 C (Health Revenue, PNC Bank NA LOC) ±§		0.14	%		11-1-39	$	3,000,000	$	3,000,000
Indiana Housing & CDA (Housing Revenue) ±§		0.22			7-1-36		1,000,000		1,000,000
Richmond IN Reid Hospital & Health Care Services Incorporated Hospital Authority Series A (Health Revenue, AGM Insured) ±§		0.20			1-1-40		240,000		240,000

									4,240,000


Louisiana: 0.87%
East Baton Rouge Parish LA IDR Series A (IDR) ±§		0.19			8-1-35		1,000,000		1,000,000
East Baton Rouge Parish LA Road and Street Improvement Project Series A (Transportation Revenue, JPMorgan Chase Bank LOC) ±§		0.19			8-1-30		2,000,000		2,000,000
Louisiana State GO JPMorgan Chase PUTTER Series 4049 (GO, AGM Insured, JPMorgan Chase Bank LIQ) ±144A§		0.22			5-1-13		1,000,000		1,000,000
St. James Parish LA Series A-1 (IDR) ±§		0.18			11-1-40		500,000		500,000

									4,500,000


Maryland: 0.83%
Baltimore MD Package Systems Facilities (Transportation Revenue, Bank of America NA LOC) ±§		0.24			7-1-32		970,000		970,000
Maryland CDA Department Housing & Community Development Series 2006-G (Housing Revenue) ±§		0.20			9-1-40		500,000		500,000
Maryland Health & HEFAR Series D (Miscellaneous Revenue, Bank of America NA LOC) ±§		0.23			1-1-29		845,000		845,000
Maryland State Housing & Community Development Residential Series 2007-F (Housing Revenue, PNC Bank NA LOC) ±§		0.15			9-1-31		1,000,000		1,000,000
Montgomery County MD Series 2009 (Tax Revenue)		0.18			9-5-12		1,000,000		1,000,000

									4,315,000


Massachusetts: 0.06%
Massachusetts Development Finance Agency Babson College Series B (Education Revenue, Citizens Bank LOC) ±§		0.18			10-1-31		325,000		325,000


Michigan: 0.19%
RBC Municipal Products Incorporated (Education Revenue) ±§		0.22			9-1-33		1,000,000		1,000,000


Minnesota: 0.03%
Minnesota State HFA Residential Housing Series T (Housing Revenue, GO of Agency Insured) ±§		0.21			7-1-48		170,000		170,000


Missouri: 0.19%
Missouri Joint Municipal Electric Utility Commission Power Prairie Eclipse Funding Trust Series 2007-0111 (Miscellaneous Revenue, U.S. Bank NA LOC) ±§		0.17			1-1-32		995,000		995,000


Nebraska: 0.19%
Central Plains NE Nebraska Gas Project #2 Series 2009 (Utilities Revenue, Royal Bank of Canada SPA) ±§		0.18			8-1-39		995,000		995,000


Nevada: 0.10%
Las Vegas NV EDA Revenue Keep Memory Alive Project (Miscellaneous Revenue, PNC Bank NA LOC) ±§		0.15			5-1-37		500,000		500,000

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


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			97

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


New Jersey: 0.87%
New Jersey Housing & Mortgage Finance Agency AMT SFMR Series Y (Housing Revenue, Royal Bank of Canada SPA) ±§		0.16	%		10-1-39	$	1,000,000	$	1,000,000
New Jersey TRAN Series A (Miscellaneous Revenue) ±		0.50			6-27-13		2,500,000		2,500,420
Salem County NJ PCFA Atlantic City Electric (Utilities Revenue, JPMorgan Chase Bank LOC) ±§		0.20			4-15-14		1,000,000		1,000,000

									4,500,420


New Mexico: 0.19%
New Mexico Municipal Energy Acquisition Authority Gas Supply Series 2009 (Utilities Revenue, Royal Bank of Canada SPA) ±§		0.18			11-1-39		1,000,000		1,000,000


New York: 2.66%
JPMorgan Chase PUTTER/DRIVER (Miscellaneous Revenue) ±144A		0.19			10-1-13		1,000,000		1,000,000
Nassau County NY Interim Finance Authority Series E (Tax Revenue) ±§		0.17			11-15-14		1,000,000		1,000,000
New York City NY Abraham Joshua Hesehal School (Miscellaneous Revenue, TD Bank NA LOC) ±§		0.18			1-1-40		250,000		250,000
New York City NY Transitional Finance Authority Revenue Subseries A-7 (Miscellaneous Revenue) ±§		0.16			8-1-39		1,000,000		1,000,000
New York Dormitory Authority Revenue (Education Revenue, JPMorgan Chase Bank SPA) ±§		0.17			7-1-39		1,000,000		1,000,000
New York HFA 50th Street Housing Series 1999-A (Housing Revenue, FNMA Insured) ±§		0.17			5-1-29		500,000		500,000
New York HFA Biltmore Tower Housing Project Series A (Housing Revenue, FNMA Insured) ±§		0.18			5-15-34		1,000,000		1,000,000
New York HFA Victory Housing Series 2004-A (Housing Revenue, FHLMC Insured) ±§		0.18			11-1-33		500,000		500,000
New York Housing Finance Agency Eleventh Avenue Housing Project Series A (Housing Revenue, FNMA Insured) ±§		0.18			5-15-41		2,000,000		2,000,000
New York Mortgage Agency Homeowner Mortgage Series 132 (Housing Revenue) ±§		0.22			4-1-37		1,000,000		1,000,000
New York Mortgage Agency Homeowner ROC RR-II-R-11703 (Housing Revenue, CitiBank NA LIQ) ±144A§		0.37			10-1-31		920,000		920,000
New York NY Municipal Water Finance Authority Series DD-1 (Water & Sewer Revenue) ±§		0.18			6-15-43		1,000,000		1,000,000
New York NY Municipal Water Finance Authority Series CC-1 (Water & Sewer Revenue) ±§		0.18			6-15-38		1,000,000		1,000,000
New York PFOTER (Miscellaneous Revenue) ±144A§		0.48			6-15-53		1,000,000		1,000,000
PFOTER Series TNP-1004 (Resource Recovery Revenue, AMBAC Insured) ±144A§		0.75			1-29-46		670,000		670,000

									13,840,000


North Carolina: 0.09%
North Carolina Medical Care Commission University Health System Series B-2 (Health Revenue, Branch Banking & Trust LOC) ±§		0.15			12-1-36		475,000		475,000


Ohio: 0.79%
Lancaster OH Port Authority Gas Supply Series 2008 (Utilities Revenue, Royal Bank of Canada SPA) ±§		0.18			5-1-38		1,990,000		1,990,000
Montgomery County OH Catholic Health Series C-2 (Health Revenue) ±§		0.15			10-1-41		1,000,000		1,000,000
Ohio State HFA Residential Management Taxable Series I (Housing Revenue, FNMA Insured) ±§		0.19			9-1-39		204,000		204,000
Warren County OH Health Care Facilities Otterbein Homes Series 1998 B (Health Revenue, U.S. Bank NA LOC) ±§		0.14			7-1-23		925,000		925,000

									4,119,000

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


98		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2012 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Oregon: 0.38%
Oregon State Department PFOTER (Miscellaneous Revenue, Bank of America NA LIQ) ±144A§		0.48	%		5-1-35	$	1,000,000	$	1,000,000
Oregon State Housing & Community Services Pearl Family Housing Project 2009 Series B-1 (Housing Revenue, U.S. Bank NA LOC) ±§		0.15			2-1-42		1,000,000		1,000,000

									2,000,000


Pennsylvania: 1.20%
Doylestown PA Hospital Authority Series B (Health Revenue, PNC Bank NA LOC) ±§		0.15			7-1-37		500,000		500,000
Montgomery County PA Lower Merion School District Series 2009 A (GO, State Street Bank & Trust Company LOC, State Aid Withholding Insured) ±§		0.15			4-1-27		1,000,000		1,000,000
Pennsylvania Housing Finance PUTTER Series PT-4653 (Housing Revenue, Bank of America NA LIQ) ±144A§		0.20			10-1-39		1,000,000		1,000,000
Pennsylvania State Public School Building Authority (Education Revenue, FSA Insured) ±§		0.24			6-1-32		1,000,000		1,000,000
Philadelphia PA Airport Revenue Series 2005 C-2 (Airport Revenue, Royal Bank of Canada LOC) ±§		0.17			6-15-25		960,000		960,000
Pittsburgh and Allegheny Counties PA Sports and Exhibition Authority Series B (Miscellaneous Revenue, AGM Insured, PNC Bank NA SPA) ±§		0.39			11-1-39		1,000,000		1,000,000
PFOTER Notes Series TNP-1003 (Education Revenue) ±144A§		0.75			6-1-47		800,000		800,000

									6,260,000


Puerto Rico: 0.19%
Puerto Rico Sales Tax Financing Corporation Series 3036 (Tax Revenue, Morgan Stanley Bank LIQ) ±		0.17			8-1-57		1,000,000		1,000,000


South Carolina: 1.06%
PFOTER Series 730 (Lease Revenue) ±144A§		0.20			12-1-28		500,000		500,000
South Carolina Public Service Authority (Miscellaneous Revenue)		0.17			9-5-12		1,000,000		1,000,000
South Carolina Public Service Authority (Miscellaneous Revenue)		0.18			9-18-12		1,000,000		1,000,000
South Carolina Public Service Authority (Miscellaneous Revenue)		0.19			9-19-12		1,000,000		1,000,000
South Carolina Public Service Authority (Miscellaneous Revenue) ±144A§		0.21			1-1-50		1,000,000		1,000,000
South Carolina Public Service Authority JPMorgan Chase PUTTER Series 4046 (Miscellaneous Revenue, AMBAC Insured, JPMorgan Chase Bank LIQ) ±144A§		0.19			7-1-13		1,000,000		1,000,000

									5,500,000


Tennessee: 0.94%
Johnson City TN Health & Educational Facilities Board (Health Revenue, PNC Bank NA LOC) ±§		0.19			7-1-33		480,000		480,000
JPMorgan Chase PUTTER Trust Series 4149 (Tax Revenue, JPMorgan Chase Bank LOC) ±144A§		0.22			10-1-13		2,000,000		2,000,000
Montgomery County TN Public Building Authority (Miscellaneous Revenue, Bank of America NA LOC) ±		0.25			2-1-36		410,000		410,000
Montgomery County TN Public Building Authority Pooled Financing Revenue (Miscellaneous Revenue, Bank of America NA LOC) ±§		0.25			7-1-34		2,000,000		2,000,000

									4,890,000


Texas: 2.94%
Bexar County TX Health Facilities Development (Health Revenue, JPMorgan Chase Bank LOC) ±§		0.19			12-1-32		1,920,000		1,920,000
Harris County TX Cultural Education Facilities Finance Corporation Hermann Health Series D1 (Health Revenue, JPMorgan Chase Bank LOC) ±§		0.17			6-1-29		1,000,000		1,000,000
JPMorgan Chase PUTTER Trust (Miscellaneous Revenue) ±144A		0.20			8-30-13		4,000,000		4,000,000

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


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			99

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Texas: (continued)
Pasadena TX Independent School District Series B (Tax Revenue, AGM Insured, Bank of America NA SPA) ±§		0.46	%		2-1-35	$	1,000,000	$	1,000,000
PFOTER (Miscellaneous Revenue) ±144A§		0.49			8-1-15		4,000,000		4,000,000
Port Arthur TX Navigation District Environmental Facilities Motiva Enterprises Project Subseries 2009C (Resource Recovery Revenue) ±§		0.18			12-1-39		1,000,000		1,000,000
Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-18 (Miscellaneous Revenue, Royal Bank of Canada LOC & SPA) ±144A§		0.17			6-1-32		1,000,000		1,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Miscellaneous Revenue, Morgan Stanley Bank LIQ) ±§		0.47			12-15-26		1,000,000		1,000,000
Texas State Taxable Product Development Program Series A (Miscellaneous Revenue, Nations Bank NA LOC) ±§		0.21			6-1-45		100,000		100,000
Tyler TX Health Facilities Development Corporation Mother Frances Hospital Series B (Health Revenue, Bank of America NA LOC) ±§		0.21			7-1-20		300,000		300,000

									15,320,000


Utah: 0.18%
Utah State Board of Regents Series A (Education Revenue, Royal Bank of Canada LOC) ±§		0.20			11-1-45		923,000		923,000



Vermont: 0.19%
Vermont Educational & Health Buildings Financing Agency Various Norwich University Project Series 2008 (Education Revenue, TD Bank NA LOC) ±§		0.14			9-1-38		975,000		975,000


Washington: 0.38%
Seattle WA Eclipse Funding Trust (Port Authority Revenue, U.S. Bank NA LOC) ±144A§		0.17			3-1-35		1,995,000		1,995,000


Wisconsin: 0.48%
Wisconsin Housing & EDA Series F (Housing Revenue, GO of Authority Insured) ±§		0.23			5-1-30		485,000		485,000
Wisconsin PFA Cleveland State University Housing Project Series 2011 (Housing Revenue, Bank of America NA LOC) ±§		0.36			1-1-42		1,000,000		1,000,000
Wisconsin Public Power PUTTER Series 1232 (Utilities Revenue, BHAC-CR, AMBAC Insured, JPMorgan Chase Bank LIQ) ±§		0.21			7-1-13		1,000,000		1,000,000

									2,485,000


Wyoming: 0.04%
Wyoming Student Loan Corporation Series A (Education Revenue, Royal Bank of Canada LOC) ±§		0.18			6-1-35		225,000		225,000


Total Municipal Obligations (Cost $110,041,420)									110,041,420


Other Instruments: 1.00%
City of Austin Texas Municipal Commercial Paper (z)		0.19			10-3-12		1,000,000		999,847
District Of Columbia Variable Rate Demand Note		0.18			9-17-12		1,000,000		1,000,000
GBG LLC Custody Receipts Special Purpose Entity ±144A§		0.22			9-1-27		179,000		179,000
HSBC Bank plc Private Placement ±144A		0.86			1-18-13		1,000,000		1,001,660
Oakland-Alameda County Series A-2 Other Commercial Paper		0.23			9-5-12		1,000,000		1,000,000
University of Chicago Municipal Commercial Paper (z)		0.20			10-23-12		1,000,000		999,728

Total Other Instruments (Cost $5,180,235)									5,180,235

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


100		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2012 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Repurchase Agreements ^^: 10.51%
Barclays Capital Incorporated, dated 8/31/2012, maturity value $24,000,533 (1)		0.20	%		9-4-12	$	24,000,000	$	24,000,000
BNP Paribas Securities Corporation, dated 08/31/2012, maturity value $6,000,153 (2)		0.23			9-4-12		6,000,000		6,000,000
GX Clarke & Company, dated 08/31/12, maturity value $2,000,064 (3)		0.29			9-4-12		2,000,000		2,000,000
Societe Generale New York, dated 08/31/2012, maturity value $22,699,124 (4)		0.20			9-4-12		22,698,220		22,698,220

Total Repurchase Agreements (Cost $54,698,220)									54,698,220


	Yield
U.S. Treasury Securities: 1.73%
U.S. Treasury Bill (z)		0.12			10-4-12		2,000,000		1,999,765
U.S. Treasury Bill (z)		0.13			10-11-12		2,000,000		1,999,702
U.S. Treasury Bill (z)		0.14			2-21-13		3,000,000		3,018,585
U.S. Treasury Bill (z)		0.14			2-28-13		2,000,000		1,998,623

Total U.S. Treasury Securities (Cost $8,996,071)									9,016,675


Total investments in securities
(Cost $520,460,243)*	100.00	%		520,480,847
Other assets and liabilities, net	0.00			6,612

Total net assets	100.00	%	$	520,487,459

±	Variable rate investment

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

(z)	Zero coupon security. Rate represents yield to maturity at time of purchase.

(p)	Asset-backed commercial paper

§	These securities are subject to a demand feature which reduces the effective maturity.

^^	Collateralized by:

(1)

U.S. government securities, 2.35% to 5.22%, 4-1-38 to 7-1-42, fair value including accrued interest is $24,720,000.

(2)

U.S. government securities, 0.25% to 4.00%, 2-15-15 to 8-15-15, fair value including accrued interest is $6,120,001.

(3)

U.S. government securities, 0.50% to 10.00%, 11-15-12 to 8-1-42, fair value including accrued interest is $2,053,388.

(4)

U.S. government securities, 1.35% to 7.00%, 11-1-15 to 3-1-48, fair value including accrued interest is $23,379,167.

*	Cost for federal income tax purposes is $520,460,243 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	29,811
Gross unrealized depreciation		(9,207	)

Net unrealized appreciation	$	20,604

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


Statements of assets and liabilities—August 31, 2012 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			101


	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)	$	4,708,402,466	$	6,984,834,407	$	465,782,627
In affiliated securities, at value (see cost below)		193,222,379		1,087,212,861		0
In repurchase agreements, at amortized cost		0		0		54,698,220

Total investments, at value (see cost below)		4,901,624,845		8,072,047,268		520,480,847
Segregated cash		0		9,779,800		0
Foreign currency, at value (see cost below)		18,118,342		23,540,846		0
Receivable for investments sold		10,243,187		252,197		981,000
Principal paydown receivable		87,890		0		0
Receivable for dividends and interest		36,300,065		14,655,584		99,952
Receivable for daily variation margin on open futures contracts		0		2,356,615		0
Receivable for securities lending income		372		459,153		0
Prepaid expenses and other assets		0		1,297		3,040

Total assets		4,966,374,701		8,123,092,760		521,564,839


Liabilities
Payable for investments purchased		179,081,146		22,447		1,000,000
Payable upon receipt of securities loaned		6,794,438		897,621,170		0
Due to custodian bank		0		0		396
Advisory fee payable		1,080,820		1,710,292		48,349
Accrued expenses and other liabilities		102,333		182,650		28,635

Total liabilities		187,058,737		899,536,559		1,077,380

Total net assets	$	4,779,315,964	$	7,223,556,201	$	520,487,459


Investments in unaffiliated securities, at cost	$	4,391,768,906	$	6,395,642,283	$	465,762,023

Investments in affiliated securities, at cost	$	191,383,721	$	1,083,693,805	$	0

Total investments, at cost	$	4,583,152,627	$	7,479,336,088	$	520,460,243

Securities on loan, at value	$	6,658,126	$	872,530,000	$	0

Foreign currency, at cost	$	18,009,276	$	23,323,445	$	0

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


102		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of operations—six months ended August 31, 2012 (unaudited)


	Diversified Fixed Income Portfolio			Diversified Stock Portfolio			Short-Term Investment Portfolio

Investment income
Dividends*	$	0		$	85,129,464		$	0
Interest**		62,115,650			17,927			644,037
Securities lending income, net		17,890			3,140,047			0
Income from affiliated securities		658,552			377,135			0

Total investment income		62,792,092			88,664,573			644,037


Expenses
Advisory fee		6,215,929			10,688,782			261,737
Custody and accounting fees		194,243			661,893			22,582
Professional fees		29,624			24,974			18,524
Shareholder report expenses		6,949			6,311			4,666
Trustees’ fees and expenses		6,154			6,150			6,371
Other fees and expenses		40,098			79,047			8,260

Total expenses		6,492,997			11,467,157			322,140
Less: Fee waivers and/or expense reimbursements		(349,714	)		(1,697,953	)		0

Net expenses		6,143,283			9,769,204			322,140

Net investment income		56,648,809			78,895,369			321,897


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		14,830,126			103,178,641			25,960
Affiliated securities		133,664			117,510			0
Futures transactions		0			5,793,464			0

Net realized gains on investments		14,963,790			109,089,615			25,960


Net change in unrealized gains (losses) on:
Unaffiliated securities		60,295,460			(218,583,833	)		17,605
Affiliated securities		518,642			1,518,231			0
Futures transactions		0			(5,478,162	)		0

Net change in unrealized gains (losses) on investments		60,814,102			(222,543,764	)		17,605

Net realized and unrealized gains (losses) on investments		75,777,892			(113,454,149	)		43,565

Net increase (decrease) in net assets resulting from operations	$	132,426,701		$	(34,558,780	)	$	365,462


* Net of foreign dividend withholding taxes of		$0			$4,998,300			$0
** Net of foreign interest withholding taxes of		$706,159			$11			$13

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			103


	Diversified Fixed Income Portfolio
	Six months ended August 31, 2012 (unaudited)			Year ended February 29, 2012

Operations
Net investment income	$	56,648,809		$	113,360,487
Net realized gains on investments		14,963,790			40,793,256
Net change in unrealized gains (losses) on investments		60,814,102			154,825,020

Net increase in net assets resulting from operations		132,426,701			308,978,763


Capital share transactions
Contributions		495,754,388			1,188,403,780
Withdrawals		(446,265,733	)		(692,293,729	)

Net increase in net assets resulting from capital share transactions		49,488,655			496,110,051

Total increase in net assets		181,915,356			805,088,814


Net assets
Beginning of period		4,597,400,608			3,792,311,794

End of period	$	4,779,315,964		$	4,597,400,608

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


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


	Diversified Stock Portfolio
	Six months ended August 31, 2012 (unaudited)			Year ended February 29, 2012

Operations
Net investment income	$	78,895,369		$	105,026,738
Net realized gains on investments		109,089,615			161,685,813
Net change in unrealized gains (losses) on investments		(222,543,764	)		(141,258,476	)

Net increase (decrease) in net assets resulting from operations		(34,558,780	)		125,454,075


Capital share transactions
Contributions		902,408,249			1,725,737,499
Withdrawals		(411,764,372	)		(704,510,357	)

Net increase in net assets resulting from capital share transactions		490,643,877			1,021,227,142

Total increase in net assets		456,085,097			1,146,681,217


Net assets
Beginning of period		6,767,471,104			5,620,789,887

End of period	$	7,223,556,201		$	6,767,471,104

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			105


	Short-Term Investment Portfolio
	Six months ended August 31, 2012 (unaudited)			Year ended February 29, 2012

Operations
Net investment income	$	321,897		$	577,464
Net realized gains on investments		25,960			3,474
Net change in unrealized gains (losses) on investments		17,605			(4,578	)

Net increase in net assets resulting from operations		365,462			576,360


Capital share transactions
Contributions		135,403,375			172,320,496
Withdrawals		(87,732,214	)		(93,094,375	)

Net increase in net assets resulting from capital share transactions		47,671,161			79,226,121

Total increase in net assets		48,036,623			79,802,481


Net assets
Beginning of period		472,450,836			392,648,355

End of period	$	520,487,459		$	472,450,836

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


106		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
March 1, 2012 to August 31, 2012 (unaudited)		2.39	%		0.27	%		0.26	%		2.80	%		20	%
March 1, 2011 to February 29, 2012		2.66	%		0.27	%		0.26	%		7.41	%		52	%
March 1, 2010 to February 28, 2011		2.84	%		0.28	%		0.26	%		5.58	%		57	%
March 1, 2009 to February 28, 2010		3.47	%		0.31	%		0.28	%		10.44	%		113	%
March 1, 2008 to February 28, 2009		4.18	%		0.35	%		0.35	%		0.00	%		51	%
March 1, 2007 to February 29, 2008		4.54	%		0.35	%		0.35	%		9.56	%		84	%

Diversified Stock Portfolio
March 1, 2012 to August 31, 2012 (unaudited)		2.24	%		0.33	%		0.28	%		(0.77	)%		7	%
March 1, 2011 to February 29, 2012		1.79	%		0.33	%		0.28	%		0.86	%		17	%
March 1, 2010 to February 28, 2011		1.65	%		0.34	%		0.28	%		25.76	%		18	%
March 1, 2009 to February 28, 2010		1.66	%		0.38	%		0.31	%		66.83	%		22	%
March 1, 2008 to February 28, 2009		2.02	%		0.43	%		0.42	%		(46.36	)%		29	%
March 1, 2007 to February 29, 2008		1.66	%		0.43	%		0.43	%		(2.23	)%		29	%

Short-Term Investment Portfolio
March 1, 2012 to August 31, 2012 (unaudited)		0.12	%		0.12	%		0.12	%		0.00	%		N/A
March 1, 2011 to February 29, 2012		0.13	%		0.12	%		0.12	%		0.00	%		N/A
March 1, 2010 to February 28, 2011		0.20	%		0.14	%		0.14	%		0.00	%		N/A
March 1, 2009 to February 28, 2010		0.24	%		0.17	%		0.16	%		0.45	%		N/A
March 1, 2008 to February 28, 2009		2.32	%		0.19	%		0.18	%		0.92	%		N/A
March 1, 2007 to February 29, 2008		4.99	%		0.17	%		0.16	%		4.81	%		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			107

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: 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 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Portfolios’ Valuation Procedures.

Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation.

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 securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. As a result of the fair value pricing procedures, these securities which are normally categorized as Level 1 in the fair value hierarchy will represent a transfer from a Level 1 to a Level 2 security and will be categorized as Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On August 31, 2012, fair value pricing was not used in pricing foreign securities.

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

Debt securities of sufficient credit quality acquired with maturities of 60 days or less generally are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the


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

valuation of portfolio securities that the Valuation Committee deems necessary in determining the fair value of portfolio securities, unless the responsibility has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives a report on any valuation actions taken by the Valuation Committee or the Management Valuation Team.

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

Foreign currency translation

The accounting records of the Portfolios are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the prevailing rates of exchange at the date of valuation. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Repurchase agreements

The Portfolios may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other 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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral 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 Cash


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			109

Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as subadviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statements of Operations.

When-issued transactions

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

Futures contracts

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

Futures contracts are valued based upon their quoted daily settlement prices when available. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset or liability and in the Statements of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Mortgage dollar roll transactions

The Portfolios may engage in mortgage dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, a Portfolio foregoes principal and interest paid on the securities. A Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolios account for TBA dollar roll transactions as purchases and sales.

Security transactions and income recognition

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

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

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

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

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Portfolio are deemed to have been “passed through” to the interestholders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.


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

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

3. FAIR VALUATION MEASUREMENTS

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

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 securities are not necessarily an indication of the risk associated with investing in those securities.

As of August 31, 2012, the inputs used in valuing each Portfolio’s assets, which were carried at fair value, were as follows:


Investments in Securities	Quoted prices (Level 1)		Significant other observable Inputs (Level 2)		Significant unobservable Inputs (Level 3)		Total
Diversified Fixed Income Portfolio

Agency securities	$	0	$	1,338,193,032	$	0	$	1,338,193,032

Corporate bonds and notes		0		1,007,294,562		0		1,007,294,562

Foreign government bonds		0		1,168,221,014		0		1,168,221,014

U.S. Treasury securities		1,035,080,847		0		0		1,035,080,847

Yankee corporate bonds and notes		0		175,943,461		0		175,943,461

Other		0		0		385,167		385,167

Short-term investments
Investment companies		169,874,378		6,632,384		0		176,506,762
	$	1,204,955,225	$	3,696,284,453	$	385,167	$	4,901,624,845
Diversified Stock Portfolio

Equity securities

Common stocks	$	6,921,503,218	$	27,883,541	$	15,696	$	6,949,402,455

Investment companies		581,002		0		0		581,002

Preferred stocks		54,473,061		0		0		54,473,061

Rights		0		90,195		0		90,195

Warrants		0		17,093		0		17,093

Foreign corporate bonds		0		6,757		0		6,757

Foreign government bonds		0		10,027		0		10,027

Other		0		0		1,373,516		1,373,516

Short-term investments
Investment companies		169,049,881		897,043,281		0		1,066,093,162
	$	7,145,607,162	$	925,050,894	$	1,389,212	$	8,072,047,268


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			111


Investments in Securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Short-Term Investment Portfolio

Agency securities	$	0	$	5,999,425	$	0	$	5,999,425

Certificates of deposit		0		105,000,281		0		105,000,281

Commercial paper		0		220,936,698		0		220,936,698

Corporate bonds and notes		0		9,607,893		0		9,607,893

Municipal obligations		0		110,041,420		0		110,041,420

Other instruments		0		5,180,235		0		5,180,235

Repurchase agreements		0		54,698,220		0		54,698,220

U.S. Treasury securities		9,016,675		0		0		9,016,675
	$	9,016,675	$	511,464,172	$	0	$	520,480,847

Further details on the major security types listed above can be found in the Summary Portfolio of Investments or Portfolio of Investments.

As of August 31, 2012, the inputs used in valuing Diversified Stock Portfolio’s other financial instruments, which are carried at fair value, were as follows:

Futures contracts +

Quoted prices

(Level 1)

Significant other
observable inputs

(Level 2)

Significant

unobservable inputs

(Level 3)

Total

Diversified Stock Portfolio

10,024,379

+	Futures contracts are presented at the unrealized gains or losses on the instruments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended August 31, 2012, the Portfolios did not have any transfers into/out of Level 1 and Level 2.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory Fees

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.24% as the average daily net assets of Diversified Fixed Income Portfolio increase. Funds Management is entitled to receive an annual advisory fee starting at 0.35% and declining to 0.29% as the average daily net assets of Diversified Stock 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, 2012, the advisory fee was equivalent to an annual rate for each Portfolio as follows:


	Advisory Fee
Diversified Fixed Income Portfolio		0.26	%
Diversified Stock Portfolio		0.30
Short-Term Investment Portfolio		0.10

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Portfolios. The fees related to subadvisory services are borne directly by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to Short-Term Investment Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of Short-Term Investment Portfolio increase. SSgA Funds Management Incorporated, is the subadviser to both Diversified Fixed Income Portfolio and Diversified Stock Portfolio and is entitled to receive an annual subadvisory fee starting at 0.10% and declining to 0.05% as the average daily net assets of each respective Portfolio increases.


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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2012 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	$	945,976,310	$	274,590,452	$	715,376,388	$	204,484,423
Diversified Stock Portfolio		0		1,065,341,451		0		443,138,381

6. DERIVATIVE TRANSACTIONS

During the six months ended August 31, 2012, Diversified Stock Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

At August 31, 2012, Diversified Stock Portfolio had long futures contracts outstanding as follows:


Expiration date	Contracts	Type	Contract value at August 31, 2012	Unrealized gains
9-21-12	629 Long	MSCI EAFE E-Mini Index	$46,184,325	$3,428,079
9-21-12	514 Long	Russell 2000 E-Mini Index	41,690,540	2,128,550
9-21-12	572 Long	S&P 500 E-Mini Index	40,185,860	2,449,460
9-21-12	456 Long	S&P Midcap 400 E-Mini Index	44,268,480	2,018,290

Diversified Stock Portfolio had an average notional amount of $169,970,831 in long futures contracts during the six months ended August 31, 2012. As of August 31, 2012, Diversified Stock Portfolio had segregated $9,779,800 as cash collateral for open futures contracts.

The receivable 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 losses on futures contracts are reflected in the Statements of Operations.

7. INDEMNIFICATION

8. NEW ACCOUNTING PRONOUNCEMENT


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			113

TAX INFORMATION

Current tax law generally provides for a maximum tax rate for individual taxpayers of 15% on long-term capital gains and qualifying dividends on corporate stocks. This rate is scheduled to expire at the end of 2012. In the absence of further Congressional action, the maximum tax rate on long-term capital gains for individual taxpayers would increase to 20% and income from dividends would be taxed at the rates applicable to ordinary income.

In addition, for taxable years beginning after December 31, 2012, absent further Congressional action, an additional 3.8% Medicare tax will be imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceed certain threshold amounts.

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 Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds’ website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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


114		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 138 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 Information¹. All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of Corporate Governance Research Program and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			115


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Nancy Wiser (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1.	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.


116		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

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, Diversified Stock Portfolio, Diversified Fixed Income Portfolio and Short-Term Investment Portfolio

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Wells Fargo Funds Trust (“Funds Trust”) and Wells Fargo Master Trust (“Master Trust”) (collectively, the “Trusts”), all the members of which have no direct or indirect interest in the investment advisory and subadvisory agreements and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trusts’ investment advisory and subadvisory agreements. In this regard, at an in person meeting held on March 29-30, 2012 (the “Meeting”), the Funds Trust Board reviewed and re-approved investment advisory agreements with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the 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 and Target 2055 Fund (the “Target Date Funds”). The Master Trust Board reviewed and re-approved an investment advisory agreement with Funds Management for each of the Diversified Stock Portfolio, Diversified Fixed Income Portfolio and Short-Term Investment Portfolio (the “Master Portfolios”). The Target Date Funds and the Master Portfolios are, collectively, the “Funds.”

The Funds Trust Board also reviewed and re-approved an investment subadvisory agreement with Global Index Advisors, Inc. (“GIA”) for the Target Date Funds. The Master Trust Board also reviewed and re-approved: an investment subadvisory agreement with (i) SSgA Funds Management, Inc. (“SSgA”) for the Diversified Stock Portfolio and Diversified Fixed Income Portfolio; and (ii) Wells Capital Management Incorporated (“WellsCap”) for the Short-Term Investment Portfolio. The investment advisory agreements with Funds Management and the investment subadvisory agreements with WellsCap, GIA and SSgA (the “Subadvisers”) are collectively referred to as the “Advisory Agreements.”

The Target Date Funds are gateway blended funds that invest all of their assets in the Master Portfolios.

At the Meeting, the Boards considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Subadvisers and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Boards also met throughout the year and received information that was useful to them in considering the continuation of the Advisory Agreements. 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 from Funds Management.

In providing information to the Boards, Funds Management was guided by a detailed set of requests submitted by the Independent Trustees’ independent legal counsel on their behalf at the start of the Boards’ annual contract renewal process earlier in 2012. In approving the Advisory Agreements, the Boards did not identify any particular information or consideration that was all-important or controlling, and each Trustee likely attributed different weights to various factors.

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 Subadvisers under the Advisory Agreements. The Boards also received and considered, among other things, information about the background and experience of senior management of Funds Management, and the qualifications, backgrounds, tenures and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds.

The Boards evaluated the ability of Funds Management and the Subadvisers, based on their respective financial condition, resources, reputation and other attributes, 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 Subadvisers. In addition, the Boards took into account the administrative services provided to the Funds by Funds Management and its affiliates.

The Boards’ decision to approve the continuation of the Advisory Agreements was based on a comprehensive evaluation of information provided to them. In considering these matters, the Boards considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Subadvisers about various topics, including Funds Management’s oversight of service providers.


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			117

The above factors, together with those referenced below, are some of the most important, but not necessarily all, factors considered by the Boards in concluding that the nature, extent and quality of the investment advisory services provided to the Funds by Funds Management and the Subadvisers supported the re-approval of the Advisory Agreements. Although the Boards considered the continuation of the Advisory Agreements for the Funds as part of the larger process of considering the continuation of the advisory agreements for all of the funds, their decision to continue the Advisory Agreements for the Funds was ultimately made on a fund-by-fund basis.

Fund performance and expenses

The Boards considered the performance results for each of the Funds over various time periods ended December 31, 2011. The Boards also considered these results in comparison to the median performance of a universe of relevant funds (the “Universe”) that was determined by Lipper Inc. (“Lipper”) to be similar to the Funds, and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Boards received a description of the methodology used by Lipper to select the mutual funds in the Universe.

The Funds Trust Board noted that the performance of the Target Date Funds was higher than or in range of the median performance of each Fund’s respective Universe for the periods under review except for the three-year period of the Dow Jones Target Today Fund, Dow Jones Target 2010 Fund, Dow Jones Target 2015 Fund, Dow Jones Target 2020 Fund and Dow Jones Target 2025 Fund. The Funds Trust Board further noted that the performance results for the three-year period for these Target Date Funds warranted further discussion. As part of its further review, the Funds Trust Board received an analysis of, and discussed factors contributing to, the underperformance of these Target Date Funds for the three-year period. The Funds Trust Board noted that the nearer-dated Target Date Funds had a greater allocation of assets to bonds and cash compared to funds in each respective Target Date Fund’s Universe. The Funds Trust Board was satisfied that Funds Management was taking appropriate actions with respect to each of these Target Date Funds’ investment performance.

The Master Trust Board took note of the performance of the Master Portfolios in the context of reviewing the performance of the Target Date Funds that invest substantially all of their assets in the Master Portfolios.

The Funds Trust Board received and considered information regarding the Target Date Funds’ contractual advisory fee and net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement arrangements. The Funds Trust Board also considered these ratios in comparison to the median ratios of an expense Universe and a narrower expense group of mutual funds (each, an “Expense Group”) that was determined by Lipper to be similar to each Target Date Fund. The Funds Trust Board received a description of the methodology used by Lipper to select the mutual funds in each Target Date Fund’s Expense Group. The Funds Trust Board noted that the net operating expense ratios of each of the Target Date Funds were in range of or lower than each Target Date Fund’s respective Expense Group’s median net operating expense ratios. The Funds Trust Board further noted that Funds Management had agreed to continue contractual fee cap arrangements for the Target Date Funds designed to lower the Funds’ expenses.

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) relative to an Expense Group.

Based on the above-referenced considerations and other factors, the Boards concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements.

Investment advisory and subadvisory fee rates

The Boards reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and, with respect to the Target Date Funds, on a combined basis with the Funds’ administration fee rates. The Funds Trust Board took into account the separate administrative and other services covered by the administration fee rates. The Funds Trust Board also reviewed and considered the contractual investment subadvisory fee rates that are payable by Funds Management to the Subadvisers for investment subadvisory services (the “Subadvisory Agreement Rates”). In addition, the Funds Trust Board reviewed and considered the existing fee waiver/cap arrangements applicable to the Advisory Agreement Rates and considered the Advisory Agreement Rates after taking the waivers/caps into account (the “Net Advisory Rates”).

The Funds Trust Board received and considered information comparing the Advisory Agreement Rates and Net Advisory Rates, combined with the administration fee rates, with those of other funds in each Target Date Fund’s Expense Group. The Funds Trust Board noted that the Advisory Agreement Rates and Net Advisory Rates for each of the Target Date Funds were in range of or lower than the median rates of each Fund’s respective Expense Group.


118		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

The Funds Trust Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to certain Subadvisers for subadvisory services. The Boards also considered these amounts in comparison to the median amount paid by a sub-advised expense Universe that was determined by Lipper to be similar to the Target Date Funds.

The Boards also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Subadvisers to other types of clients. In this regard, the Boards received information about differences between the services, and the compliance, reporting, and other legal burdens and risks of providing investment advice to mutual funds and those associated with providing advice to non-mutual fund clients such as collective funds or institutional separate accounts.

In each case, the Funds Trust Board determined, with respect to the Target Date Funds, that the Advisory Agreement Rates, both with and without the administration fee rate and before and after waivers, were reasonable in light of the Target Date Funds’ Expense Group information, the net expense ratio commitments, the services covered by the Advisory Agreements and other information provided.

The Master Trust Board received and considered information comparing the Advisory Agreement Rate with the median rate of other funds in each Master Portfolio’s Expense Group. The Master Trust Board noted that the Master Portfolios’ Advisory Agreement Rates were in range of each Master Portfolio’s respective Expense Group median.

The Master Trust Board concluded that the Advisory Agreement Rates were reasonable in light of the Master Portfolios’ Expense Group information and the services covered by the Advisory Agreements.

Both the Funds Trust Board and the Master Trust Board also reviewed and considered the Subadvisory Agreement Rates and concluded that the Subadvisory Agreement Rates were reasonable in light of the services covered by the subadvisory agreements, the sub-advised expense information provided by Lipper, and other information provided.

Profitability

The Boards received and considered a profitability analysis of Funds Management, as well as an analysis of the profitability to the collective Wells Fargo businesses that provide services to the Funds. They considered that the information provided to them was necessarily estimated, and that the profitability information provided to them, especially on a fund-by-fund basis, did not necessarily provide a precise tool for evaluating the appropriateness of each Fund’s Advisory Agreement Rates in isolation. They noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on, among other things, the size and type of fund. The Boards concluded that the profitability reported by Funds Management was not unreasonable.

The Boards did not consider separate profitability information with respect to WellsCap, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management. The Master Trust Board did not consider separate profitability information with respect to GIA and SSgA, which are not affiliated with Funds Management. The Master Trust Board considered that the subadvisory fees paid to these Subadvisers had been negotiated by Funds Management on an arm’s-length basis and concluded that GIA’s and SSgA’s profitability from their relationships with the Master Portfolios managed by them was not a material factor in determining whether to renew their subadvisory agreements.

Economies of scale

With respect to possible economies of scale, the Boards reviewed the breakpoints in each Fund’s advisory fee and/or administration fee structure (except Short-Term Investment Portfolio), which operate generally to reduce the expenses of the Funds (as a percentage of Fund assets) as the Funds grow in size. They considered that, as a fund shrinks in size, breakpoints conversely result in increasing fee levels. The Boards noted that they would have on-going opportunities to review the appropriate levels of breakpoints in the future, and concluded that the breakpoints as implemented appeared to be a reasonable step toward sharing economies of scale, if any, with the Funds. However, the Boards acknowledged the inherent limitations of any analysis of economies of scale and of any attempt to correlate breakpoints with such economies, stemming largely from the Boards’ understanding that economies of scale are realized, if at all, across a variety of products and services, not just with respect to a single fund.

Other benefits to Funds Management and the Subadvisers

The Boards received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates and the Subadvisers as a result of their relationship with the Funds. Ancillary benefits could include, among others, benefits directly attributable to the relationship of Funds Management and the Subadvisers with the Funds and benefits potentially derived from an increase in Funds Management’s and each Subadviser’s business as a


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			119

result of their relationship with the Funds (such as the ability to market to shareholders other financial products offered by Funds Management and its affiliates or the Subadvisers).

The Boards considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Funds and receives certain compensation for those services. The Boards noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Boards also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized and any benefits that may be realized by using an affiliated broker.

Other factors and broader review

The Boards also considered the markets for distribution of the Target Date Funds’ shares, including the channels through which the Target Date Funds’ shares are offered and sold. The Boards noted that the Target Date Funds are part of one of the few fund families that have both direct-to-fund and intermediary distribution channels. As discussed above, the Boards review detailed materials received from Funds Management and the Subadvisers annually as part of the re-approval process under Section 15 of the 1940 Act and also review and assess information about the quality of the services that the Funds receive throughout the year. In this regard, the Boards have reviewed reports of Funds Management at each of its quarterly meetings, which include, among other things, portfolio reviews and performance reports. In addition, the Boards confer with portfolio managers at various times throughout the year.

Conclusion

After considering the above-described factors and based on their deliberations and their evaluation of the information described above, the Boards unanimously approved the continuation of the Advisory Agreements for an additional one-year period.


120		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.

ACB	— Agricultural Credit Bank

ADR	— American depositary receipt

ADS	— American depositary shares

AGC-ICC

— Assured Guaranty Corporation - Insured Custody Certificates

AGM	— Assured Guaranty Municipal

AMBAC

— American Municipal Bond Assurance Corporation

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Certificate of participation

CR	— Custody receipts

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

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FGLMC

— Federal Government Loan Mortgage 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

HUF	— Hungarian forint

IBC	— Insured bond certificate

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Industrial development revenue

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

NATL-RE

— National Public Finance Guarantee Corporation

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

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

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SKK	— Slovakian koruna

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

STRIPS

— Separate trading of registered interest and principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TCR	— Transferable custody receipts

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

XLCA	— XL Capital Assurance

ZAR	— South African rand

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LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

211738 10-12

SOFLD/SAR101 08-12

ITEM 2. CODE OF ETHICS

Not required in this filing

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not required in this filing.

ITEM 6. PORTFOLIO OF INVESTMENTS


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			1


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities: 28.00%
FFCB		2.63	%		4-17-14	$	2,600,000	$	2,698,869
FHLB		0.38			11-27-13		9,000,000		9,016,110
FHLB		0.38			1-29-14		2,750,000		2,755,079
FHLB		0.55			10-25-13		200,000		200,080
FHLB		0.88			12-27-13		1,000,000		1,008,380
FHLB		2.75			3-13-15		1,000,000		1,059,942
FHLB		3.50			12-1-25		8,106,728		8,741,909
FHLB		4.00			6-1-24		82,620		88,037
FHLB		4.00			7-1-25		1,055,446		1,124,650
FHLB		4.00			4-1-26		5,015,914		5,351,069
FHLB		4.00			11-1-40		6,093,450		6,524,015
FHLB		4.00			2-1-41		4,490,959		4,886,883
FHLB		4.00			4-1-41		7,225,354		7,912,017
FHLB		4.50			9-16-13		1,500,000		1,566,332
FHLB		4.50			6-1-14		128,787		131,380
FHLB		4.50			3-1-23		187,927		202,157
FHLB		4.50			3-1-23		85,483		91,956
FHLB		4.50			11-1-23		160,328		172,469
FHLB		4.50			2-1-24		199,628		214,745
FHLB		4.50			5-1-24		207,328		222,866
FHLB		4.50			9-1-24		79,424		85,376
FHLB		4.50			9-1-24		136,983		147,248
FHLB		4.50			12-1-24		259,090		278,507
FHLB		4.50			2-1-41		1,505,330		1,630,059
FHLB		4.50			2-1-41		9,441,945		10,630,952
FHLB		4.75			12-16-16		1,000,000		1,178,545
FHLB		4.88			9-8-17		1,000,000		1,195,677
FHLB		5.00			11-17-17		2,000,000		2,430,254
FHLB		5.00			7-1-25		2,696,745		2,921,142
FHLB		5.00			1-1-40		3,454,586		3,800,033
FHLB		5.25			6-18-14		400,000		435,797
FHLB		5.38			5-18-16		3,250,000		3,832,296
FHLB		5.38			9-30-22		100,000		130,583
FHLB		5.50			12-1-35		2,079,055		2,287,380
FHLB		6.00			4-1-33		66,037		74,037
FHLB		6.00			9-1-37		8,368		9,203
FHLB		6.00			10-1-37		89,659		98,615
FHLB		6.00			11-1-37		148,269		163,079
FHLB		6.00			6-1-38		281,235		310,470
FHLB		6.00			7-1-38		262,035		288,209
FHLB		6.00			8-1-39		950,033		1,043,744
FHLB		6.00			5-1-40		3,787,207		4,165,508
FHLMC		0.40			2-27-14		500,000		500,498
FHLMC		0.45			8-7-14		2,000,000		2,001,166
FHLMC		0.50			10-18-13		500,000		500,143
FHLMC		0.55			12-27-13		1,000,000		1,000,854
FHLMC		0.55			1-9-14		1,000,000		1,001,030
FHLMC		0.55			2-13-15		200,000		200,714
FHLMC		0.55			2-27-15		1,000,000		1,001,467
FHLMC		0.55			2-27-15		200,000		200,706


2		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		0.60	%		8-24-15	$	250,000	$	250,054
FHLMC		0.63			7-25-14		500,000		500,766
FHLMC		0.65			1-30-15		200,000		200,959
FHLMC		0.80			1-13-15		200,000		201,010
FHLMC		0.80			1-30-15		500,000		500,956
FHLMC		0.85			1-9-15		1,000,000		1,001,765
FHLMC		0.85			2-24-16		300,000		301,683
FHLMC		0.88			10-28-13		1,500,000		1,511,232
FHLMC		0.88			12-19-14		1,000,000		1,001,441
FHLMC		1.00			7-30-14		2,000,000		2,026,606
FHLMC		1.00			12-5-14		100,000		100,132
FHLMC		1.00			12-19-14		200,000		200,279
FHLMC		1.00			6-30-15		500,000		503,176
FHLMC		1.00			2-24-16		200,000		202,029
FHLMC		1.05			9-28-15		100,000		100,044
FHLMC		1.10			7-25-17		500,000		501,005
FHLMC		1.38			2-25-14		1,000,000		1,016,569
FHLMC		1.60			11-2-16		200,000		200,441
FHLMC		1.63			11-14-16		200,000		200,492
FHLMC		1.75			9-10-15		1,000,000		1,040,898
FHLMC		2.00			7-30-19		100,000		101,567
FHLMC		2.25			1-23-17		200,000		205,624
FHLMC		2.38			1-13-22		2,580,000		2,713,360
FHLMC		2.50			1-7-14		800,000		824,660
FHLMC		2.50			4-23-14		1,250,000		1,296,160
FHLMC ±		2.86			10-1-36		145,081		154,470
FHLMC		2.88			2-9-15		2,750,000		2,917,005
FHLMC		3.00			7-28-14		1,000,000		1,050,163
FHLMC		3.00			7-10-19		500,000		509,345
FHLMC %%		3.00			9-1-27		18,000,000		18,914,062
FHLMC		3.00			1-1-27		4,700,598		4,947,713
FHLMC %%		3.50			9-1-42		33,000,000		34,923,280
FHLMC		3.63			10-18-13		1,500,000		1,556,859
FHLMC		3.75			3-27-19		1,900,000		2,214,361
FHLMC		4.00			3-1-14		421,495		427,613
FHLMC		4.00			5-1-23		143,018		152,529
FHLMC		4.00			2-1-24		351,007		374,351
FHLMC		4.00			5-1-24		193,499		206,186
FHLMC		4.00			5-1-24		388,988		414,493
FHLMC		4.00			8-1-24		434,366		462,846
FHLMC		4.00			2-1-25		610,211		650,222
FHLMC		4.00			3-1-25		3,846,843		4,099,073
FHLMC		4.00			6-1-25		1,335,809		1,423,395
FHLMC		4.00			6-1-25		352,642		375,764
FHLMC		4.00			7-1-25		41,092		43,786
FHLMC		4.00			8-1-25		231,349		246,518
FHLMC		4.00			10-1-25		141,518		150,797
FHLMC		4.00			3-1-26		736,723		785,950
FHLMC		4.00			5-1-26		702,647		749,596
FHLMC		4.00			4-1-39		1,222,854		1,346,711


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			3


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		4.00	%		5-1-39	$	759,099	$	812,263
FHLMC		4.00			6-1-39		422,262		451,836
FHLMC		4.00			2-1-40		650,721		696,294
FHLMC %%		4.00			9-1-42		5,000,000		5,347,656
FHLMC		4.00			10-1-40		2,557,724		2,800,797
FHLMC		4.00			12-1-40		8,470,718		9,069,261
FHLMC		4.13			9-27-13		2,000,000		2,083,474
FHLMC		4.38			7-17-15		1,000,000		1,114,052
FHLMC		4.50			4-1-18		106,787		115,441
FHLMC		4.50			8-1-18		1,411,582		1,494,370
FHLMC		4.50			10-1-18		289,901		313,394
FHLMC		4.50			5-1-23		1,888,197		2,031,180
FHLMC		4.50			4-1-24		163,974		179,604
FHLMC		4.50			8-1-24		1,013,863		1,101,378
FHLMC		4.50			11-1-24		439,203		474,382
FHLMC		4.50			2-1-25		1,037,188		1,128,045
FHLMC		4.50			8-1-35		137,071		147,786
FHLMC		4.50			9-1-35		244,476		263,587
FHLMC		4.50			1-1-37		201,096		216,501
FHLMC		4.50			10-1-38		1,064,796		1,146,368
FHLMC		4.50			2-1-39		121,073		130,348
FHLMC		4.50			5-1-39		157,231		169,276
FHLMC		4.50			6-1-39		4,717,201		5,078,576
FHLMC		4.50			9-1-39		2,983,921		3,212,512
FHLMC		4.50			10-1-39		550,703		592,892
FHLMC		4.50			10-1-39		421,964		454,290
FHLMC		4.50			1-1-40		3,932,677		4,359,305
FHLMC		4.50			2-1-40		11,728,791		12,865,549
FHLMC		4.50			3-1-40		4,703,648		5,247,720
FHLMC		4.50			8-1-40		3,067,302		3,310,908
FHLMC		4.50			9-1-40		588,163		634,875
FHLMC		4.50			9-1-40		4,341,399		4,812,366
FHLMC		4.50			2-1-41		157,460		170,507
FHLMC		4.50			4-1-41		7,270,072		7,872,455
FHLMC		4.50			7-1-41		413,040		447,264
FHLMC		4.50			10-1-41		3,272,502		3,523,202
FHLMC ±		4.71			6-1-38		1,397,015		1,497,372
FHLMC		4.75			11-17-15		2,000,000		2,275,046
FHLMC		4.88			11-15-13		2,300,000		2,429,462
FHLMC		4.88			6-13-18		1,700,000		2,075,051
FHLMC		5.00			1-1-22		1,440,896		1,564,170
FHLMC		5.00			7-1-22		6,818		7,385
FHLMC		5.00			7-1-22		47,524		51,590
FHLMC		5.00			7-1-22		111,371		120,639
FHLMC		5.00			7-1-22		94,757		102,642
FHLMC		5.00			8-1-22		24,582		26,627
FHLMC		5.00			9-1-22		99,589		107,876
FHLMC		5.00			6-1-23		28,710		31,054
FHLMC		5.00			6-1-23		80,991		87,604
FHLMC		5.00			6-1-23		13,895		15,029


4		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		5.00	%		10-1-23	$	8,312	$	8,991
FHLMC		5.00			4-1-24		6,539		7,067
FHLMC		5.00			8-1-24		34,229		36,991
FHLMC		5.00			10-1-24		535,836		579,083
FHLMC		5.00			10-1-24		470,322		508,281
FHLMC		5.00			5-1-25		970,854		1,050,122
FHLMC		5.00			8-1-33		3,132,179		3,477,003
FHLMC		5.00			11-1-33		312,146		341,730
FHLMC		5.00			3-1-34		295,086		322,592
FHLMC		5.00			7-1-35		1,432,285		1,559,978
FHLMC		5.00			8-1-35		490,251		533,959
FHLMC		5.00			9-1-35		1,239,788		1,386,738
FHLMC		5.00			4-1-36		175,496		191,142
FHLMC		5.00			12-1-36		185,643		201,816
FHLMC		5.00			2-1-37		251,210		273,095
FHLMC		5.00			3-1-39		950,412		1,049,965
FHLMC		5.00			8-1-39		1,829,577		2,016,131
FHLMC		5.00			8-1-39		10,964,056		11,912,952
FHLMC		5.00			9-1-39		2,951,691		3,246,888
FHLMC		5.00			12-1-39		3,591,031		3,975,149
FHLMC		5.00			6-1-40		7,041,897		7,759,929
FHLMC		5.00			6-1-40		6,940,573		7,648,274
FHLMC		5.13			11-17-17		1,000,000		1,217,774
FHLMC		5.25			4-18-16		650,000		760,989
FHLMC		5.50			8-13-14		2,500,000		2,756,333
FHLMC		5.50			7-18-16		650,000		773,289
FHLMC		5.50			12-1-16		47,069		50,807
FHLMC		5.50			8-1-17		2,583		2,806
FHLMC		5.50			8-23-17		3,000,000		3,689,778
FHLMC		5.50			9-1-17		52,314		56,522
FHLMC		5.50			10-1-17		3,313		3,599
FHLMC		5.50			11-1-17		725,976		752,530
FHLMC		5.50			11-1-17		48,709		52,653
FHLMC		5.50			12-1-17		1,475,720		1,594,439
FHLMC		5.50			3-1-18		55,236		59,552
FHLMC		5.50			2-1-19		723,448		780,887
FHLMC		5.50			6-1-19		51,247		55,546
FHLMC		5.50			1-1-22		39,825		43,522
FHLMC		5.50			5-1-22		92,325		100,896
FHLMC		5.50			11-1-23		236,492		258,446
FHLMC		5.50			12-1-24		1,368,275		1,500,000
FHLMC		5.50			12-1-33		493,036		544,842
FHLMC		5.50			12-1-34		530,493		583,650
FHLMC		5.50			1-1-35		1,205,031		1,324,271
FHLMC		5.50			6-1-35		832,338		935,768
FHLMC		5.50			1-1-36		380,867		418,555
FHLMC		5.50			2-1-36		402,910		442,778
FHLMC		5.50			7-15-36		850,000		1,192,431
FHLMC		5.50			12-1-36		569,248		623,619
FHLMC		5.50			2-1-37		546,298		597,453


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			5


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		5.50	%		3-1-37	$	570,260	$	623,659
FHLMC		5.50			4-1-37		126,496		138,341
FHLMC		5.50			1-1-38		1,352,081		1,481,224
FHLMC		5.50			4-1-38		1,425,276		1,565,820
FHLMC		5.50			5-1-38		1,025,071		1,126,823
FHLMC		5.50			5-1-38		5,567,345		6,083,447
FHLMC		5.50			5-1-38		3,577,273		3,908,892
FHLMC		5.50			7-1-38		1,055,014		1,152,815
FHLMC		5.50			7-1-38		784,011		856,690
FHLMC		5.50			8-1-38		1,338,722		1,466,588
FHLMC		5.50			9-1-38		289,948		316,827
FHLMC		5.50			8-1-39		2,130,200		2,340,254
FHLMC		5.50			11-1-39		2,033,452		2,226,404
FHLMC		5.50			3-1-40		5,837,531		6,384,152
FHLMC		5.50			4-1-40		2,950,957		3,227,282
FHLMC ±		5.59			8-1-38		1,233,300		1,337,960
FHLMC ±		5.59			4-1-37		145,658		158,203
FHLMC		6.00			6-1-21		1,423		1,562
FHLMC		6.00			3-1-22		216,585		239,711
FHLMC		6.00			5-1-22		6,535		7,233
FHLMC		6.00			7-1-22		155,894		170,793
FHLMC		6.00			8-1-22		13,330		14,690
FHLMC		6.00			9-1-22		235,277		259,279
FHLMC		6.00			3-1-23		490,632		540,686
FHLMC		6.00			9-1-23		175,774		194,545
FHLMC		6.00			11-1-33		672,475		753,938
FHLMC		6.00			7-1-34		688,838		764,749
FHLMC		6.00			1-1-36		106,110		118,964
FHLMC		6.00			2-1-36		1,081,061		1,190,736
FHLMC		6.00			11-1-36		706,042		775,685
FHLMC		6.00			11-1-36		325,049		358,025
FHLMC		6.00			12-1-36		132,700		146,163
FHLMC		6.00			2-1-37		7,880		8,679
FHLMC		6.00			3-1-37		420,370		463,017
FHLMC		6.00			3-1-37		72,438		79,674
FHLMC		6.00			4-1-37		6,005		6,604
FHLMC		6.00			8-1-37		65,086		71,588
FHLMC		6.00			8-1-37		157,076		172,766
FHLMC		6.00			8-1-37		179,490		197,419
FHLMC		6.00			8-1-37		346,873		381,522
FHLMC		6.00			8-1-37		212,962		235,100
FHLMC		6.00			9-1-37		19,770		21,745
FHLMC		6.00			9-1-37		134,466		147,897
FHLMC		6.00			10-1-37		197,752		217,505
FHLMC		6.00			10-1-37		124,098		136,736
FHLMC		6.00			11-1-37		68,045		74,842
FHLMC		6.00			11-1-37		493,928		545,273
FHLMC		6.00			12-1-37		191,632		210,774
FHLMC		6.00			12-1-37		1,537,325		1,690,887
FHLMC		6.00			1-1-38		108,308		119,127


6		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC		6.00	%		2-1-38	$	74,863	$	82,341
FHLMC		6.00			2-1-38		251,278		276,378
FHLMC		6.00			5-1-38		179,866		198,564
FHLMC		6.00			6-1-38		137,736		151,495
FHLMC		6.00			6-1-38		173,101		190,392
FHLMC		6.00			6-1-38		123,536		135,876
FHLMC		6.00			7-1-38		363,555		399,870
FHLMC		6.00			7-1-38		1,670,483		1,837,346
FHLMC		6.00			8-1-38		129,578		142,521
FHLMC		6.00			8-1-38		382,396		420,594
FHLMC		6.00			8-1-38		223,736		246,085
FHLMC		6.00			9-1-38		182,178		200,376
FHLMC		6.00			9-1-38		222,573		244,805
FHLMC		6.00			9-1-38		247,654		272,392
FHLMC		6.00			10-1-38		173,757		191,113
FHLMC		6.00			12-1-38		4,347		4,781
FHLMC		6.00			3-1-39		94,321		103,742
FHLMC		6.00			4-1-39		245,956		270,216
FHLMC		6.00			6-1-39		10,233		11,255
FHLMC		6.00			8-1-39		248,321		272,815
FHLMC		6.00			9-1-39		304,987		335,071
FHLMC		6.00			10-1-39		10,488		11,522
FHLMC		6.25			7-15-32		500,000		765,136
FHLMC		6.50			6-1-36		210,175		239,574
FHLMC		6.50			10-1-37		217,960		248,610
FHLMC		6.50			12-1-37		320,336		362,312
FHLMC		6.50			3-1-38		183,296		209,193
FHLMC		6.50			3-1-38		558,465		624,784
FHLMC		6.50			1-1-39		81,785		93,286
FHLMC		6.50			4-1-39		722,718		824,345
FHLMC		6.50			4-1-39		1,328,958		1,515,835
FHLMC		6.75			3-15-31		1,000,000		1,580,994
FICO		9.65			11-2-18		500,000		742,751
FNMA ¤		0.00			6-1-17		300,000		286,342
FNMA ¤		0.00			10-9-19		200,000		174,436
FNMA		0.50			12-27-13		1,000,000		1,000,791
FNMA		0.50			4-17-15		4,000,000		4,015,104
FNMA		0.60			10-25-13		500,000		500,180
FNMA		0.60			8-20-15		250,000		250,196
FNMA		0.63			12-6-13		250,000		250,139
FNMA		0.70			9-19-14		1,000,000		1,000,156
FNMA		0.75			12-18-13		2,500,000		2,517,565
FNMA		0.75			11-21-14		200,000		200,179
FNMA		0.75			12-19-14		4,000,000		4,038,140
FNMA		0.75			12-19-14		500,000		500,626
FNMA		0.75			9-14-15		100,000		100,017
FNMA		0.80			2-13-15		500,000		503,695
FNMA		0.88			8-28-14		2,000,000		2,023,216
FNMA		0.90			12-5-14		250,000		250,457
FNMA		1.00			9-23-13		2,500,000		2,520,098


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			7


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		1.00	%		10-15-13	$	100,000	$	100,644
FNMA		1.00			1-26-15		200,000		200,144
FNMA		1.00			1-3-17		400,000		400,897
FNMA		1.13			9-17-13		500,000		504,297
FNMA		1.13			10-8-13		500,000		504,953
FNMA		1.13			6-27-14		2,000,000		2,031,444
FNMA		1.20			3-8-17		200,000		200,946
FNMA		1.25			9-28-16		4,000,000		4,114,464
FNMA		1.25			2-27-17		100,000		100,370
FNMA		1.25			3-6-17		100,000		100,469
FNMA		1.35			2-24-14		250,000		254,043
FNMA		1.38			11-15-16		2,000,000		2,064,326
FNMA		1.63			10-26-15		1,000,000		1,040,467
FNMA		1.75			11-14-16		200,000		200,534
FNMA		1.75			1-30-19		200,000		202,577
FNMA		1.88			10-15-15		200,000		208,396
FNMA		2.38			7-28-15		1,500,000		1,586,030
FNMA		2.38			4-11-16		1,000,000		1,067,767
FNMA		2.50			5-15-14		1,500,000		1,556,699
FNMA		2.63			11-20-14		700,000		736,143
FNMA ±		2.68			2-1-42		5,843,049		6,097,594
FNMA		2.75			3-13-14		2,000,000		2,075,980
FNMA ±		2.84			3-1-37		130,810		140,176
FNMA		2.88			12-11-13		1,500,000		1,550,799
FNMA ±		2.93			3-1-41		5,385,894		5,638,894
FNMA ±		2.95			6-1-35		335,126		360,223
FNMA		3.00			9-16-14		2,500,000		2,640,085
FNMA		3.00			11-1-26		4,522,685		4,777,279
FNMA %%		3.00			9-1-27		12,000,000		12,658,126
FNMA %%		3.00			9-1-42		5,000,000		5,189,063
FNMA ±		3.02			3-1-41		6,349,346		6,658,586
FNMA ±		3.45			10-1-40		4,858,503		5,137,311
FNMA		3.50			11-1-25		5,040,452		5,363,069
FNMA		3.50			12-1-25		9,750,970		10,521,352
FNMA		3.50			12-1-26		16,426,528		17,477,889
FNMA		3.50			1-1-36		39,930		42,381
FNMA		3.50			10-1-40		2,537,580		2,691,766
FNMA		3.50			12-1-40		310,637		329,512
FNMA		3.50			1-1-41		1,805,766		1,926,773
FNMA		3.50			1-1-41		67,766		71,884
FNMA		3.50			1-1-41		194,656		206,484
FNMA		3.50			1-1-41		81,249		86,186
FNMA		3.50			1-1-41		542,258		575,206
FNMA		3.50			2-1-41		726,454		776,950
FNMA		3.50			2-1-41		148,324		157,336
FNMA		3.50			2-1-41		671,942		712,770
FNMA		3.50			2-1-41		4,608,917		4,888,959
FNMA %%		3.50			9-1-42		30,500,000		32,334,664
FNMA		3.50			9-1-42		14,868,425		15,772,427
FNMA		4.00			6-1-19		739,106		797,394


8		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.00	%		2-1-24	$	26,112	$	27,951
FNMA		4.00			3-1-24		1,270,225		1,359,682
FNMA		4.00			4-1-24		2,370,452		2,537,394
FNMA		4.00			5-1-24		85,414		91,429
FNMA		4.00			6-1-24		518,756		555,290
FNMA		4.00			6-1-24		270,532		289,585
FNMA		4.00			6-1-24		734,935		786,694
FNMA		4.00			9-1-24		198,213		212,172
FNMA		4.00			10-1-24		224,230		240,021
FNMA		4.00			1-1-25		685,586		730,539
FNMA		4.00			2-1-25		1,329,358		1,422,980
FNMA		4.00			3-1-25		3,857,720		4,218,614
FNMA		4.00			3-1-25		207,288		221,886
FNMA		4.00			5-1-25		1,565,426		1,668,068
FNMA		4.00			7-1-25		3,166,902		3,389,934
FNMA		4.00			4-1-26		1,215,873		1,297,115
FNMA		4.00			5-1-26		3,669,604		3,928,040
FNMA		4.00			2-1-39		1,049,229		1,126,049
FNMA		4.00			2-1-39		174,103		186,796
FNMA		4.00			8-1-39		4,868,489		5,369,472
FNMA		4.00			8-1-39		863,503		926,725
FNMA		4.00			8-1-39		2,537,145		2,722,904
FNMA		4.00			8-1-39		680,637		730,471
FNMA		4.00			11-1-39		38,956		41,808
FNMA		4.00			1-1-40		659,925		708,242
FNMA		4.00			1-1-40		641,008		687,939
FNMA		4.00			3-1-40		29,644		31,823
FNMA		4.00			3-1-40		906,219		972,852
FNMA		4.00			4-1-40		3,795,031		4,074,073
FNMA %%		4.00			9-1-42		5,000,000		5,360,938
FNMA		4.00			8-1-40		164,088		176,013
FNMA		4.00			8-1-40		3,512,937		3,771,237
FNMA		4.00			8-1-40		2,416,842		2,594,548
FNMA		4.00			8-1-40		905,705		972,300
FNMA		4.00			9-1-40		42,076		45,170
FNMA		4.00			9-1-40		41,701		44,768
FNMA		4.00			10-1-40		86,133		92,467
FNMA		4.00			10-1-40		105,423		113,174
FNMA		4.00			10-1-40		388,525		417,093
FNMA		4.00			10-1-40		1,348,806		1,447,982
FNMA		4.00			11-1-40		5,690,962		6,187,882
FNMA		4.00			11-1-40		826,358		887,119
FNMA		4.00			11-1-40		776,830		833,949
FNMA		4.00			11-1-40		551,182		591,710
FNMA		4.00			11-1-40		88,130		94,610
FNMA		4.00			11-1-40		48,626		52,202
FNMA		4.00			11-1-40		369,853		397,048
FNMA		4.00			12-1-40		4,445,714		4,886,521
FNMA		4.00			12-1-40		23,580		25,314
FNMA		4.00			12-1-40		764,551		820,767


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			9


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.00	%		12-1-40	$	1,552,975	$	1,667,163
FNMA		4.00			12-1-40		219,062		235,169
FNMA		4.00			12-1-40		48,727		52,309
FNMA		4.00			12-1-40		745,826		800,666
FNMA		4.00			1-1-41		6,849,033		7,352,630
FNMA		4.00			1-1-41		20,645		22,164
FNMA		4.00			2-1-41		8,385,464		9,002,032
FNMA		4.00			2-1-41		669,228		718,435
FNMA		4.00			4-1-41		522,721		561,156
FNMA		4.00			5-1-41		9,144,356		9,819,582
FNMA		4.00			7-1-41		25,116		26,971
FNMA		4.00			8-1-41		91,376		98,124
FNMA		4.00			8-1-41		764,124		820,548
FNMA		4.00			10-1-41		3,346,025		3,593,098
FNMA		4.00			10-1-41		2,851,476		3,062,031
FNMA		4.00			11-1-41		762,135		818,411
FNMA		4.00			12-1-41		706,608		758,784
FNMA		4.00			12-1-41		503,839		541,043
FNMA		4.00			12-1-41		529,854		568,978
FNMA		4.00			1-1-42		42,810		45,971
FNMA		4.00			2-1-42		256,948		279,269
FNMA		4.00			2-1-42		329,498		355,891
FNMA		4.00			2-1-42		33,363		35,827
FNMA ±		4.32			4-1-38		183,714		196,617
FNMA		4.50			7-1-13		5,228		5,481
FNMA		4.50			9-1-13		24,548		25,739
FNMA		4.50			11-1-14		27,992		29,264
FNMA		4.50			5-1-15		31,686		34,208
FNMA		4.50			3-1-18		70,099		75,978
FNMA		4.50			4-1-18		355,251		385,044
FNMA		4.50			12-1-18		40,668		44,078
FNMA		4.50			5-1-19		37,210		40,167
FNMA		4.50			1-1-20		68,438		74,134
FNMA		4.50			8-1-20		45,238		48,975
FNMA		4.50			10-1-20		116,643		126,279
FNMA		4.50			10-1-20		78,930		85,451
FNMA		4.50			12-1-20		169,334		183,324
FNMA		4.50			1-1-21		72,672		78,675
FNMA		4.50			3-1-22		146,386		158,480
FNMA		4.50			3-1-22		937,005		1,015,586
FNMA		4.50			5-1-22		21,192		23,152
FNMA		4.50			11-1-22		193,035		208,982
FNMA		4.50			2-1-23		752,979		813,068
FNMA		4.50			3-1-23		495,288		534,967
FNMA		4.50			3-1-23		93,780		101,264
FNMA		4.50			3-1-23		15,668		16,918
FNMA		4.50			5-1-23		260,822		281,636
FNMA		4.50			5-1-23		99,885		107,856
FNMA		4.50			5-1-23		73,740		79,624
FNMA		4.50			5-1-23		61,497		66,404


10		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.50	%		6-1-23	$	648,717	$	700,486
FNMA		4.50			12-1-23		235,672		254,479
FNMA		4.50			3-1-24		66,393		71,681
FNMA		4.50			5-1-24		838,314		905,213
FNMA		4.50			5-1-24		58,904		64,304
FNMA		4.50			7-1-24		2,832,071		3,057,631
FNMA		4.50			8-1-24		319,578		345,031
FNMA		4.50			8-1-24		209,379		226,054
FNMA		4.50			8-1-24		18,167		19,614
FNMA		4.50			1-1-25		2,781,071		3,002,569
FNMA		4.50			3-1-25		3,251,960		3,510,962
FNMA		4.50			3-1-25		223,866		241,731
FNMA		4.50			4-1-25		102,689		112,744
FNMA		4.50			4-1-25		373,222		402,947
FNMA		4.50			10-1-25		626,870		687,074
FNMA		4.50			2-1-26		645,653		707,660
FNMA		4.50			2-1-26		65,431		70,939
FNMA		4.50			4-1-26		1,627,448		1,762,915
FNMA		4.50			5-1-26		97,147		105,233
FNMA		4.50			6-1-26		52,858		57,257
FNMA		4.50			4-1-28		164,219		179,272
FNMA		4.50			4-1-28		72,107		78,717
FNMA		4.50			4-1-28		122,008		133,954
FNMA		4.50			3-1-29		145,432		157,763
FNMA		4.50			5-1-29		12,072,262		13,095,849
FNMA		4.50			10-1-29		726,488		787,631
FNMA		4.50			9-1-33		696,535		757,226
FNMA		4.50			4-1-35		150,074		162,610
FNMA		4.50			5-1-35		39,553		42,857
FNMA		4.50			7-1-35		10,626		11,514
FNMA		4.50			8-1-35		42,645		46,208
FNMA		4.50			9-1-35		752,969		815,871
FNMA		4.50			9-1-35		6,062,709		6,569,177
FNMA		4.50			9-1-35		85,257		92,379
FNMA		4.50			10-1-35		234,809		254,424
FNMA		4.50			3-1-38		1,571,912		1,701,262
FNMA		4.50			2-1-39		154,222		166,912
FNMA		4.50			2-1-39		74,739		80,889
FNMA		4.50			2-1-39		865,504		936,725
FNMA		4.50			2-1-39		40,064		43,360
FNMA		4.50			3-1-39		4,414,689		4,777,966
FNMA		4.50			3-1-39		5,000,004		5,411,445
FNMA		4.50			4-1-39		4,002,399		4,331,750
FNMA		4.50			4-1-39		1,592,800		1,723,869
FNMA		4.50			4-1-39		31,108		33,668
FNMA		4.50			5-1-39		3,345,944		3,723,746
FNMA		4.50			5-1-39		1,285,769		1,430,950
FNMA		4.50			6-1-39		2,517,891		2,725,084
FNMA		4.50			9-1-39		2,906,792		3,228,649
FNMA		4.50			12-1-39		381,741		413,154


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			11


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.50	%		2-1-40	$	6,396,112	$	7,118,319
FNMA		4.50			2-1-40		5,283,284		5,718,037
FNMA		4.50			3-1-40		4,341,395		4,877,723
FNMA		4.50			5-1-40		1,967,158		2,167,761
FNMA		4.50			5-1-40		3,992,767		4,434,869
FNMA		4.50			6-1-40		1,664,484		1,806,653
FNMA		4.50			8-1-40		551,418		598,517
FNMA		4.50			9-1-40		52,425		56,739
FNMA		4.50			10-1-40		4,103,780		4,454,297
FNMA		4.50			10-1-40		791,656		856,543
FNMA		4.50			11-1-40		3,204,416		3,478,116
FNMA		4.50			2-1-41		12,883,601		14,008,188
FNMA		4.50			4-1-41		3,772,054		4,156,712
FNMA		4.50			5-1-41		56,992		61,967
FNMA		4.63			10-15-13		600,000		629,457
FNMA		4.63			10-15-14		1,000,000		1,091,353
FNMA		4.88			12-15-16		950,000		1,124,166
FNMA		5.00			4-15-15		1,000,000		1,120,403
FNMA		5.00			2-13-17		500,000		595,930
FNMA		5.00			5-11-17		1,200,000		1,443,652
FNMA		5.00			6-1-19		236,044		258,381
FNMA		5.00			9-1-19		753,695		821,014
FNMA		5.00			10-1-19		293,273		321,025
FNMA		5.00			6-1-20		163,724		178,373
FNMA		5.00			5-1-23		1,100,043		1,193,999
FNMA		5.00			5-1-23		195,091		212,943
FNMA		5.00			6-1-23		519,839		564,240
FNMA		5.00			6-1-23		221,298		240,200
FNMA		5.00			4-1-24		270,955		294,394
FNMA		5.00			9-1-24		237,635		263,613
FNMA		5.00			3-1-25		3,159,325		3,429,169
FNMA		5.00			4-1-34		416,174		466,157
FNMA		5.00			4-1-34		1,021,083		1,124,570
FNMA		5.00			4-1-35		4,601,111		5,057,373
FNMA		5.00			6-1-35		1,577,533		1,729,037
FNMA		5.00			7-1-35		144,995		158,920
FNMA		5.00			7-1-35		68,559		75,143
FNMA		5.00			7-1-35		205,531		225,269
FNMA		5.00			8-1-35		201,703		221,286
FNMA		5.00			11-1-35		1,855,097		2,033,258
FNMA		5.00			2-1-36		7,709,307		8,457,973
FNMA		5.00			11-1-36		836,045		913,986
FNMA		5.00			11-1-36		475,837		523,023
FNMA		5.00			5-1-37		675,049		737,348
FNMA		5.00			5-1-37		162,715		177,731
FNMA		5.00			8-1-37		1,310,250		1,431,170
FNMA		5.00			2-1-38		3,915,333		4,291,355
FNMA		5.00			6-1-39		2,085,919		2,278,425
FNMA		5.00			8-1-39		7,533,131		8,228,351
FNMA		5.00			10-1-39		1,709,994		1,867,806


12		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		5.00	%		7-1-40	$	12,323,160	$	13,726,161
FNMA		5.00			4-1-41		4,421,979		4,857,713
FNMA %%		5.00			9-1-42		7,000,000		7,645,313
FNMA		5.38			7-15-16		1,000,000		1,184,546
FNMA		5.38			6-12-17		1,500,000		1,825,431
FNMA		5.45			10-18-21		200,000		234,038
FNMA ±		5.47			4-1-36		224,857		242,754
FNMA ±		5.50			12-1-36		52,723		56,970
FNMA		5.50			12-1-12		183		183
FNMA		5.50			3-1-13		48,846		51,239
FNMA		5.50			4-1-14		71,415		77,248
FNMA		5.50			7-1-14		251,939		273,624
FNMA		5.50			12-1-14		8,723		9,488
FNMA		5.50			2-1-15		55,207		59,970
FNMA		5.50			2-1-16		21,288		23,154
FNMA		5.50			6-1-16		481,126		523,288
FNMA		5.50			8-1-16		70,051		76,197
FNMA		5.50			11-1-16		495,597		539,027
FNMA		5.50			11-1-16		20,483		22,278
FNMA		5.50			1-1-17		271,304		294,880
FNMA		5.50			2-1-17		189,122		205,714
FNMA		5.50			2-1-17		9,009		9,820
FNMA		5.50			4-1-17		233,104		253,531
FNMA		5.50			6-1-17		410,383		446,346
FNMA		5.50			7-1-17		370,766		403,256
FNMA		5.50			8-1-17		103,078		112,111
FNMA		5.50			10-1-17		403,854		439,284
FNMA		5.50			3-1-18		120,932		131,542
FNMA		5.50			4-1-18		133,239		144,914
FNMA		5.50			12-1-18		1,601,319		1,745,471
FNMA		5.50			5-1-21		411,160		454,919
FNMA		5.50			12-1-21		116,347		127,257
FNMA		5.50			5-1-23		399,040		436,458
FNMA		5.50			8-1-23		7,607		8,320
FNMA		5.50			9-1-23		153,276		167,649
FNMA		5.50			10-1-23		262,671		287,302
FNMA		5.50			10-1-23		14,142		15,468
FNMA		5.50			11-1-23		127,728		139,706
FNMA		5.50			11-1-23		18,050		19,743
FNMA		5.50			2-1-24		40,930		44,768
FNMA		5.50			6-1-24		415,524		454,489
FNMA		5.50			7-1-24		741,961		812,926
FNMA		5.50			5-1-25		566,819		617,845
FNMA		5.50			8-1-25		223,864		247,602
FNMA		5.50			7-1-33		378,840		418,775
FNMA		5.50			9-1-33		971,227		1,074,822
FNMA		5.50			11-1-33		406,271		449,098
FNMA		5.50			7-1-34		507,412		560,583
FNMA		5.50			9-1-34		182,413		201,527
FNMA		5.50			10-1-34		202,441		223,654


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			13


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		5.50	%		12-1-34	$	859,899	$	950,006
FNMA		5.50			1-1-35		925,328		1,021,135
FNMA		5.50			1-1-35		5,108,043		5,643,307
FNMA		5.50			8-1-35		140,729		155,300
FNMA		5.50			8-1-35		607,360		670,245
FNMA		5.50			8-1-35		1,266,499		1,397,630
FNMA		5.50			9-1-35		729,893		809,525
FNMA		5.50			12-1-35		1,782,693		1,967,270
FNMA		5.50			1-1-36		3,940,795		4,348,819
FNMA		5.50			1-1-36		111,929		123,005
FNMA		5.50			2-1-36		1,077,769		1,183,971
FNMA		5.50			4-1-36		1,173,062		1,294,519
FNMA		5.50			4-1-36		4,080,906		4,483,032
FNMA		5.50			9-1-36		129,922		142,725
FNMA		5.50			2-1-37		453,538		511,694
FNMA		5.50			3-1-37		226,924		249,285
FNMA		5.50			5-1-37		547,515		603,348
FNMA		5.50			6-1-37		581,476		645,679
FNMA		5.50			2-1-38		332,381		364,718
FNMA		5.50			2-1-38		232,796		255,445
FNMA		5.50			2-1-38		2,245,277		2,463,716
FNMA		5.50			2-1-38		1,546,144		1,689,474
FNMA		5.50			4-1-38		3,964,140		4,349,805
FNMA		5.50			5-1-38		252,155		275,530
FNMA		5.50			5-1-38		3,552,284		3,902,320
FNMA		5.50			6-1-38		4,012,791		4,403,189
FNMA		5.50			6-1-38		33,337		36,428
FNMA		5.50			7-1-38		3,907,987		4,288,189
FNMA		5.50			8-1-38		287,948		314,641
FNMA		5.50			9-1-38		649,510		712,700
FNMA		5.50			9-1-38		414,865		453,324
FNMA		5.50			11-1-38		1,457,585		1,599,391
FNMA		5.50			1-1-39		1,418,140		1,556,108
FNMA		5.50			1-1-39		610,719		667,333
FNMA		5.50			5-1-39		1,412,514		1,549,935
FNMA		5.50			6-1-39		2,796,037		3,068,058
FNMA ±		5.54			1-1-37		60,819		65,729
FNMA ±		5.55			10-1-37		687,294		726,768
FNMA ±		5.59			3-1-36		488,583		522,614
FNMA		5.63			7-15-37		150,000		219,027
FNMA		6.00			4-1-13		6,398		6,485
FNMA		6.00			8-1-13		4,363		4,448
FNMA		6.00			1-1-14		99,372		101,689
FNMA		6.00			1-1-14		23,356		25,741
FNMA		6.00			4-1-14		57,496		62,873
FNMA		6.00			7-1-16		20,148		21,505
FNMA		6.00			9-1-16		10,378		10,878
FNMA		6.00			11-1-17		47,596		48,444
FNMA		6.00			11-1-17		406,456		430,421
FNMA		6.00			1-1-18		274,312		290,458


14		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		6.00	%		1-1-18	$	116,918	$	123,890
FNMA		6.00			5-1-21		319,381		350,061
FNMA		6.00			5-1-21		263,085		289,809
FNMA		6.00			9-1-21		128,299		141,331
FNMA		6.00			8-1-22		148,128		163,877
FNMA		6.00			10-1-22		334,390		369,944
FNMA		6.00			2-1-23		65,173		72,100
FNMA		6.00			7-1-23		369,124		408,361
FNMA		6.00			10-1-23		150,416		166,405
FNMA		6.00			11-1-23		99,803		109,607
FNMA		6.00			12-1-23		224,182		248,012
FNMA		6.00			9-1-24		16,865		18,522
FNMA		6.00			11-1-33		72,760		82,010
FNMA		6.00			8-1-34		284,607		319,994
FNMA		6.00			9-1-34		321,488		360,652
FNMA		6.00			10-1-34		244,542		274,332
FNMA		6.00			11-1-34		359,529		403,327
FNMA		6.00			3-1-35		145,720		161,992
FNMA		6.00			1-1-36		1,288,796		1,432,707
FNMA		6.00			3-1-36		72,870		81,192
FNMA		6.00			4-18-36		500,000		585,925
FNMA		6.00			9-1-36		398,191		439,854
FNMA		6.00			9-1-36		319,583		353,021
FNMA		6.00			9-1-36		14,690		16,227
FNMA		6.00			11-1-36		3,067,169		3,388,093
FNMA		6.00			1-1-37		1,833,354		2,029,479
FNMA		6.00			2-1-37		5,616		6,204
FNMA		6.00			3-1-37		1,304,604		1,441,107
FNMA		6.00			4-1-37		34,654		38,280
FNMA		6.00			5-1-37		1,847,429		2,040,730
FNMA		6.00			5-1-37		25,934		28,648
FNMA		6.00			6-1-37		39,205		43,307
FNMA		6.00			7-1-37		3,454,532		3,815,987
FNMA		6.00			8-1-37		406,269		451,634
FNMA		6.00			8-1-37		160,690		177,503
FNMA		6.00			8-1-37		21,797		24,078
FNMA		6.00			8-1-37		2,766,306		3,055,750
FNMA		6.00			9-1-37		185,976		205,435
FNMA		6.00			9-1-37		1,324,751		1,463,363
FNMA		6.00			9-1-37		183,519		202,721
FNMA		6.00			9-1-37		87,970		97,174
FNMA		6.00			9-1-37		163,360		180,453
FNMA		6.00			9-1-37		211,873		234,042
FNMA		6.00			9-1-37		193,390		213,625
FNMA		6.00			9-1-37		17,204		19,004
FNMA		6.00			9-1-37		132,356		146,205
FNMA		6.00			10-1-37		5,487		6,062
FNMA		6.00			10-1-37		4,759,606		5,257,613
FNMA		6.00			10-1-37		1,818,497		2,036,445
FNMA		6.00			10-1-37		138,446		152,931


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			15


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		6.00	%		10-1-37	$	327,008	$	361,224
FNMA		6.00			10-1-37		2,267,288		2,493,766
FNMA		6.00			10-1-37		15,040		16,613
FNMA		6.00			10-1-37		884,842		977,978
FNMA		6.00			11-1-37		120,138		132,709
FNMA		6.00			11-1-37		65,798		72,683
FNMA		6.00			11-1-37		144,587		159,716
FNMA		6.00			11-1-37		19,378		21,406
FNMA		6.00			11-1-37		24,114		26,637
FNMA		6.00			12-1-37		98,019		108,275
FNMA		6.00			1-1-38		122,858		135,713
FNMA		6.00			1-1-38		103,237		114,039
FNMA		6.00			1-1-38		1,199,724		1,325,253
FNMA		6.00			2-1-38		210,291		231,834
FNMA		6.00			2-1-38		212,779		235,790
FNMA		6.00			2-1-38		4,743		5,228
FNMA		6.00			5-1-38		130,048		143,371
FNMA		6.00			6-1-38		94,032		103,665
FNMA		6.00			7-1-38		436,549		482,499
FNMA		6.00			7-1-38		50,483		55,654
FNMA		6.00			7-1-38		956,705		1,054,714
FNMA		6.00			7-1-38		267,616		295,032
FNMA		6.00			7-1-38		22,360		24,700
FNMA		6.00			8-1-38		187,227		206,408
FNMA		6.00			8-1-38		69,540		76,664
FNMA		6.00			8-1-38		39,958		44,051
FNMA		6.00			8-1-38		214,560		236,540
FNMA		6.00			8-1-38		136,002		149,934
FNMA		6.00			8-1-38		3,413		3,772
FNMA		6.00			9-1-38		153,397		169,112
FNMA		6.00			9-1-38		76,954		85,415
FNMA		6.00			9-1-38		138,014		152,153
FNMA		6.00			9-1-38		73,403		80,923
FNMA		6.00			9-1-38		9,600		10,584
FNMA		6.00			9-1-38		248,315		273,753
FNMA		6.00			9-1-38		186,083		205,146
FNMA		6.00			9-1-38		113,378		124,993
FNMA		6.00			9-1-38		205,716		226,791
FNMA		6.00			9-1-38		170,017		187,434
FNMA		6.00			9-1-38		36,771		40,744
FNMA		6.00			9-1-38		13,759		15,169
FNMA		6.00			9-1-38		34,199		37,895
FNMA		6.00			10-1-38		193,731		213,578
FNMA		6.00			10-1-38		107,069		118,038
FNMA		6.00			10-1-38		45,798		50,490
FNMA		6.00			10-1-38		45,822		50,516
FNMA		6.00			11-1-38		1,946,113		2,145,482
FNMA		6.00			11-1-38		145,692		160,617
FNMA		6.00			11-1-38		77,432		85,364
FNMA		6.00			11-1-38		134,163		147,565


16		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		6.00	%		11-1-38	$	33,442	$	36,852
FNMA		6.00			11-1-38		113,672		125,317
FNMA		6.00			11-1-38		22,194		24,526
FNMA		6.00			12-1-38		238,538		262,975
FNMA		6.00			12-1-38		263,901		290,937
FNMA		6.00			12-1-38		130,325		143,676
FNMA		6.00			1-1-39		139,433		153,717
FNMA		6.00			1-1-39		132,142		145,679
FNMA		6.00			3-1-39		22,362		24,716
FNMA		6.00			4-1-39		197,026		217,210
FNMA		6.00			9-1-39		516,296		570,317
FNMA		6.00			9-1-39		7,176		7,927
FNMA		6.00			4-1-40		708,181		781,912
FNMA		6.21			8-6-38		200,000		306,480
FNMA		6.50			8-1-15		33,409		34,071
FNMA		6.50			6-1-36		47,505		54,119
FNMA		6.50			7-1-36		668,900		760,433
FNMA		6.50			9-1-36		301,124		342,330
FNMA		6.50			9-1-36		13,619		15,515
FNMA		6.50			12-1-36		590,978		673,259
FNMA		6.50			4-1-37		54,730		62,210
FNMA		6.50			5-1-37		3,317		3,782
FNMA		6.50			5-1-37		120,198		135,801
FNMA		6.50			6-1-37		521,877		591,417
FNMA		6.50			6-1-37		237,529		269,952
FNMA		6.50			8-1-37		137,976		157,287
FNMA		6.50			9-1-37		1,521,877		1,734,888
FNMA		6.50			9-1-37		7,550		8,606
FNMA		6.50			10-1-37		121,596		138,615
FNMA		6.50			10-1-37		2,865,869		3,266,994
FNMA		6.50			10-1-37		166,949		190,193
FNMA		6.50			11-1-37		190,427		217,080
FNMA		6.50			11-1-37		1,151,548		1,312,726
FNMA		6.50			11-1-37		18,859		21,498
FNMA		6.50			1-1-38		87,977		100,350
FNMA		6.50			3-1-38		25,714		29,313
FNMA		6.50			7-1-38		41,004		46,771
FNMA		6.50			9-1-38		91,290		104,000
FNMA		6.50			9-1-38		214,431		244,587
FNMA		6.50			9-1-38		42,284		48,230
FNMA		6.50			9-1-38		6,654		7,528
FNMA		6.50			10-1-38		177,284		202,098
FNMA		6.50			1-1-39		1,754,667		2,000,261
FNMA		6.50			2-1-39		154,431		176,242
FNMA		6.50			10-1-39		1,378,211		1,571,114
FNMA		6.63			11-15-30		1,300,000		2,019,095
FNMA		7.00			6-1-36		306,625		354,087
FNMA		7.00			5-1-37		131,430		151,881
FNMA		7.00			8-1-37		96,291		110,470
FNMA		7.00			10-1-38		6,153		7,115


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			17


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		7.13	%		1-15-30	$	500,000	$	802,899
FNMA		7.25			5-15-30		1,300,000		2,122,016
GNMA		3.50			12-15-40		692,772		753,825
GNMA		3.50			1-15-41		695,151		753,562
GNMA		3.50			10-15-41		4,747,738		5,146,677
GNMA %%		3.50			9-1-42		5,000,000		5,413,281
GNMA %%		3.50			9-1-42		3,000,000		3,243,750
GNMA		3.50			3-20-42		2,947,642		3,191,179
GNMA		3.50			4-20-42		1,976,068		2,139,332
GNMA		3.50			6-15-42		13,916,107		15,085,438
GNMA		3.50			7-15-42		4,441,739		4,814,966
GNMA		4.00			6-15-39		669,271		735,955
GNMA		4.00			7-15-39		164,577		180,975
GNMA		4.00			7-15-39		601,252		661,159
GNMA		4.00			8-15-40		7,311,951		8,040,492
GNMA		4.00			9-15-40		11,058,572		12,160,416
GNMA		4.00			10-15-40		2,686,225		2,976,538
GNMA		4.00			12-15-40		4,479,358		4,985,859
GNMA		4.00			1-15-41		4,498,092		5,006,712
GNMA		4.00			1-15-41		1,824,357		2,030,646
GNMA		4.00			7-15-41		1,834,660		2,017,461
GNMA		4.00			11-20-41		8,836,753		9,729,782
GNMA		4.00			4-20-42		7,343,874		8,085,300
GNMA		4.50			3-15-37		108,902		119,765
GNMA		4.50			3-15-38		109,177		119,895
GNMA		4.50			3-15-39		1,044,043		1,149,473
GNMA		4.50			3-15-39		9,676,657		10,662,905
GNMA		4.50			4-15-39		1,878,141		2,069,561
GNMA		4.50			5-15-39		2,120,982		2,350,409
GNMA		4.50			6-15-39		1,263,407		1,392,174
GNMA		4.50			6-15-39		596,515		657,312
GNMA		4.50			7-15-39		2,742,449		3,021,960
GNMA		4.50			7-15-39		1,466,059		1,615,481
GNMA		4.50			9-15-39		1,043,558		1,149,918
GNMA		4.50			9-15-39		6,257,154		6,894,885
GNMA		4.50			10-15-39		2,052,850		2,262,077
GNMA		4.50			12-15-39		1,622,052		1,797,509
GNMA		4.50			1-15-40		2,597,264		2,866,591
GNMA		4.50			4-15-40		348,764		385,618
GNMA		4.50			5-15-40		2,970,982		3,305,352
GNMA		4.50			5-15-40		4,426,667		4,905,501
GNMA		4.50			5-15-40		86,654		95,820
GNMA		4.50			6-15-40		1,873,858		2,076,554
GNMA		4.50			6-15-40		1,546,190		1,709,576
GNMA		4.50			6-15-40		305,189		337,439
GNMA		4.50			7-15-40		5,934,649		6,561,765
GNMA		4.50			9-15-40		864,602		955,965
GNMA		4.50			9-15-40		298,995		330,590
GNMA		4.50			9-15-40		850,555		940,434
GNMA		4.50			10-15-40		138,835		153,506


18		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		4.50	%		10-15-40	$	115,815	$	128,343
GNMA		4.50			11-15-40		3,193,549		3,531,012
GNMA		4.50			11-15-40		107,165		118,489
GNMA		4.50			12-15-40		202,151		223,513
GNMA		4.50			2-15-41		2,307,579		2,557,191
GNMA		4.50			3-15-41		103,930		114,082
GNMA		4.50			3-15-41		257,322		283,549
GNMA		4.50			4-15-41		409,933		451,713
GNMA		4.50			4-15-41		3,286,885		3,621,886
GNMA		4.50			4-15-41		493,042		545,142
GNMA		4.50			5-15-41		146,496		161,427
GNMA		4.50			6-15-41		3,819,230		4,208,487
GNMA		4.50			6-15-41		260,835		287,420
GNMA		4.50			6-15-41		401,608		442,540
GNMA		4.50			7-15-41		344,133		379,207
GNMA		4.50			10-15-41		436,798		481,317
GNMA		4.50			10-15-41		158,524		174,680
GNMA		4.50			10-15-41		203,678		224,437
GNMA		5.00			3-15-35		889,055		987,420
GNMA		5.00			5-15-38		7,586,053		8,389,815
GNMA		5.00			6-15-39		5,313,892		5,896,840
GNMA		5.00			9-15-39		9,213,469		10,373,929
GNMA		5.00			11-15-39		2,148,723		2,419,360
GNMA		5.00			1-15-40		3,624,963		4,081,537
GNMA		5.00			2-15-40		2,143,941		2,413,976
GNMA		5.00			3-15-40		7,626,559		8,482,279
GNMA		5.00			5-15-40		3,846,248		4,260,979
GNMA		5.00			7-15-40		2,722,406		3,021,628
GNMA		5.50			9-15-34		448,348		503,207
GNMA		5.50			11-15-35		537,983		603,137
GNMA		5.50			12-15-35		594,460		666,454
GNMA		5.50			2-15-36		340,284		380,539
GNMA		5.50			3-15-36		312,758		351,882
GNMA		5.50			2-15-38		1,175,245		1,314,824
GNMA		5.50			2-15-38		789,651		882,324
GNMA		5.50			3-15-38		210,490		235,193
GNMA		5.50			6-15-38		103,613		115,773
GNMA		5.50			8-15-38		4,026,957		4,534,162
GNMA		5.50			8-15-38		117,628		131,433
GNMA		5.50			9-15-38		2,935,598		3,281,798
GNMA		5.50			9-15-38		281,025		316,420
GNMA		5.50			9-15-38		219,946		245,804
GNMA		5.50			10-15-38		2,590,997		2,895,073
GNMA		5.50			12-15-38		965,037		1,078,293
GNMA		5.50			1-15-39		481,469		537,974
GNMA		5.50			7-15-39		81,133		90,655
GNMA		5.50			10-15-39		3,197,267		3,572,995
GNMA		5.50			2-15-40		203,668		227,570
GNMA		5.50			2-15-40		74,706		83,473
GNMA		5.50			3-15-40		109,569		122,428


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			19


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		5.50	%		3-15-40	$	342,019	$	382,157
GNMA		5.50			7-15-40		140,402		156,879
GNMA		5.50			2-15-41		302,561		338,069
GNMA		5.50			4-15-41		709,692		794,533
GNMA		6.00			12-15-31		23,360		26,599
GNMA		6.00			6-15-36		482,485		551,261
GNMA		6.00			8-15-36		20,373		22,959
GNMA		6.00			5-15-37		79,466		89,490
GNMA		6.00			5-15-37		407,359		458,743
GNMA		6.00			5-15-37		15,648		17,652
GNMA		6.00			6-15-37		189,798		213,739
GNMA		6.00			6-15-37		46,475		52,379
GNMA		6.00			7-15-37		87,080		98,065
GNMA		6.00			8-15-37		205,639		231,578
GNMA		6.00			8-15-37		16,075		18,102
GNMA		6.00			1-15-38		7,246		8,156
GNMA		6.00			1-15-38		886,049		997,260
GNMA		6.00			2-15-38		17,631		19,844
GNMA		6.00			7-15-38		1,192,867		1,343,567
GNMA		6.00			8-15-38		452,222		509,077
GNMA		6.00			8-15-38		1,277,915		1,438,312
GNMA		6.00			8-15-38		656,292		738,666
GNMA		6.00			9-15-38		494,842		557,235
GNMA		6.00			9-15-38		1,371,747		1,543,920
GNMA		6.00			9-15-38		17,099		19,246
GNMA		6.00			9-15-38		8,572		9,648
GNMA		6.00			9-15-38		10,791		12,145
GNMA		6.00			10-15-38		322,273		362,722
GNMA		6.00			10-15-38		748,346		842,274
GNMA		6.00			10-15-38		107,074		120,513
GNMA		6.00			10-15-38		123,122		138,575
GNMA		6.00			10-15-38		85,484		96,213
GNMA		6.00			11-15-38		197,900		222,739
GNMA		6.00			12-15-38		17,094		19,283
GNMA		6.00			12-15-38		1,050,134		1,181,940
GNMA		6.00			1-15-39		8,620		9,702
GNMA		6.00			1-15-39		489,301		550,715
GNMA		6.00			2-15-39		10,501		11,819
GNMA		6.00			6-15-39		34,072		38,342
GNMA		6.00			8-15-39		13,432		15,117
GNMA		6.00			8-15-39		67,197		75,799
GNMA		6.00			10-15-39		97,773		110,044
GNMA		6.00			11-15-39		9,447		10,634
GNMA		6.00			12-15-39		926,328		1,043,234
GNMA		6.00			3-15-40		3,069		3,454
GNMA		6.00			3-15-40		11,700		13,368
GNMA		6.00			12-15-40		684,179		770,374
GNMA		6.50			11-15-23		980		1,129
GNMA		6.50			12-15-23		1,350		1,552
GNMA		6.50			9-15-36		146,122		172,294


20		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
GNMA		6.50	%		9-15-36	$	140,384	$	165,528
GNMA		6.50			10-15-36		155,571		178,650
GNMA		6.50			12-15-36		26,521		30,450
GNMA		6.50			2-15-37		29,519		33,926
GNMA		6.50			12-15-37		90,975		105,421
GNMA		6.50			4-15-38		98,965		112,948
GNMA		6.50			5-15-38		100,975		115,867
GNMA		6.50			5-15-38		16,130		18,409
GNMA		6.50			7-15-38		7,375		8,461
GNMA		6.50			8-15-38		117,899		134,557
GNMA		6.50			8-15-38		25,951		29,618
GNMA		6.50			10-15-38		143,152		163,378
GNMA		6.50			11-15-38		190,091		216,949
GNMA		6.50			11-15-38		4,565		5,244
GNMA		6.50			12-15-38		385,826		440,339
GNMA		6.50			2-15-39		4,423		5,051
GNMA		7.00			3-15-37		28,809		33,972
TVA		3.88			2-15-21		1,320,000		1,553,615
TVA		4.50			4-1-18		200,000		238,389
TVA		5.25			9-15-39		400,000		532,188
TVA		5.50			7-18-17		650,000		796,120
TVA		6.15			1-15-38		400,000		593,364
TVA 1997 Series C		5.88			4-1-36		300,000		427,586
TVA Series A		4.65			6-15-35		200,000		243,129
TVA Series A		4.88			1-15-48		200,000		257,660

Total Agency Securities (Cost $1,274,633,629)									1,338,193,032


Corporate Bonds and Notes: 21.08%

Consumer Discretionary: 2.04%

Auto Components: 0.04%
Borgwarner Incorporated		4.63			9-15-20		100,000		109,992
Johnson Controls Incorporated		1.75			3-1-14		200,000		203,463
Johnson Controls Incorporated		3.75			12-1-21		500,000		528,413
Johnson Controls Incorporated		4.25			3-1-21		120,000		131,891
Johnson Controls Incorporated		4.88			9-15-13		250,000		260,092
Johnson Controls Incorporated		5.00			3-30-20		100,000		114,152
Johnson Controls Incorporated		5.50			1-15-16		250,000		282,872
Johnson Controls Incorporated		5.70			3-1-41		240,000		289,673
O’Reilly Automotive Incorporated		3.80			9-1-22		150,000		154,901
O’Reilly Automotive Incorporated		4.88			1-14-21		45,000		50,334

									2,125,783


Automobiles: 0.03%
Ford Motor Company		7.45			7-16-31		1,000,000		1,235,000


Diversified Consumer Services: 0.07%
Cornell University		5.45			2-1-19		100,000		121,353
Dartmouth College		4.75			6-1-19		75,000		88,615
Johns Hopkins University		5.25			7-1-19		250,000		306,573


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			21


Security name	Interest rate			Maturity date		Principal		Value


Diversified Consumer Services (continued)
President & Fellows of Harvard College		4.88	%		10-15-40	$	300,000	$	384,174
Princeton University		5.70			3-1-39		500,000		695,395
Stanford University		4.75			5-1-19		500,000		596,615
University of Pennsylvania §		4.67			9-1-12		500,000		582,640
Vanderbilt University		5.25			4-1-19		250,000		304,965
Yale University		2.90			10-15-14		325,000		341,851

									3,422,181


Hotels, Restaurants & Leisure: 0.17%
Darden Restaurants Incorporated		6.20			10-15-17		105,000		122,189
Darden Restaurants Incorporated		6.80			10-15-37		20,000		24,277
Hyatt Hotels Corporation		3.88			8-15-16		100,000		106,420
International Game Technology		5.50			6-15-20		250,000		273,039
Marriott International Incorporated		3.00			3-1-19		200,000		205,710
Marriott International Incorporated		5.81			11-10-15		425,000		475,117
McDonald’s Corporation		2.63			1-15-22		1,000,000		1,055,453
McDonald’s Corporation		3.50			7-15-20		200,000		222,744
McDonald’s Corporation		3.63			5-20-21		100,000		112,726
McDonald’s Corporation		3.70			2-15-42		500,000		524,319
McDonald’s Corporation		5.35			3-1-18		400,000		484,732
McDonald’s Corporation		5.80			10-15-17		100,000		122,820
McDonald’s Corporation		6.30			10-15-37		300,000		436,584
McDonald’s Corporation		6.30			3-1-38		600,000		875,734
Starbucks Corporation		6.25			8-15-17		500,000		606,778
Wyndham Worldwide Corporation		2.95			3-1-17		1,000,000		1,007,712
Wyndham Worldwide Corporation		4.25			3-1-22		500,000		506,003
Yum! Brands Incorporated		5.30			9-15-19		250,000		293,031
Yum! Brands Incorporated		6.25			3-15-18		600,000		722,888
Yum! Brands Incorporated		6.88			11-15-37		50,000		68,478

									8,246,754


Household Durables: 0.04%
Fortune Brands Incorporated		5.38			1-15-16		36,000		41,005
Fortune Brands Incorporated		6.38			6-15-14		250,000		273,448
Leggett & Platt Incorporated		3.40			8-15-22		100,000		104,088
MDC Holdings Incorporated		5.38			7-1-15		65,000		69,154
Newell Rubbermaid Incorporated		4.00			6-15-22		100,000		104,164
Newell Rubbermaid Incorporated		4.70			8-15-20		200,000		218,357
Newell Rubbermaid Incorporated		6.25			4-15-18		165,000		191,257
Whirlpool Corporation		4.70			6-1-22		200,000		206,249
Whirlpool Corporation		4.85			6-15-21		100,000		104,105
Whirlpool Corporation		8.60			5-1-14		320,000		355,667

									1,667,494


Internet & Catalog Retail: 0.01%
Expedia Incorporated		5.95			8-15-20		600,000		657,412


Leisure Equipment & Products: 0.02%
Hasbro Incorporated		6.13			5-15-14		300,000		323,724
Hasbro Incorporated		6.35			3-15-40		155,000		184,630


22		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Leisure Equipment & Products (continued)
Mattel Incorporated		2.50	%		11-1-16	$	280,000	$	292,578
Mattel Incorporated		4.35			10-1-20		100,000		108,026
Mattel Incorporated		6.20			10-1-40		100,000		121,885

									1,030,843


Media: 1.24%
CBS Corporation		1.95			7-1-17		200,000		204,233
CBS Corporation		4.63			5-15-18		180,000		204,952
CBS Corporation		4.85			7-1-42		200,000		208,119
CBS Corporation		7.88			7-30-30		600,000		814,945
CBS Corporation		8.88			5-15-19		500,000		673,144
Comcast Corporation		3.13			7-15-22		150,000		156,765
Comcast Corporation		4.65			7-15-42		48,000		51,261
Comcast Corporation		4.95			6-15-16		350,000		398,252
Comcast Corporation		5.15			3-1-20		500,000		595,476
Comcast Corporation		5.30			1-15-14		500,000		530,838
Comcast Corporation		5.70			7-1-19		1,000,000		1,213,212
Comcast Corporation		5.85			11-15-15		500,000		575,418
Comcast Corporation		5.88			2-15-18		75,000		90,891
Comcast Corporation		5.90			3-15-16		975,000		1,134,057
Comcast Corporation		6.30			11-15-17		500,000		615,687
Comcast Corporation		6.40			3-1-40		500,000		657,979
Comcast Corporation		6.45			3-15-37		900,000		1,162,868
Comcast Corporation		6.50			11-15-35		550,000		716,213
Comcast Corporation		6.55			7-1-39		650,000		865,458
Comcast Corporation		6.95			8-15-37		400,000		544,054
Cox Communications Incorporated		5.45			12-15-14		180,000		198,150
DIRECTV Holdings LLC		2.40			3-15-17		1,000,000		1,029,787
DIRECTV Holdings LLC		3.55			3-15-15		285,000		302,172
DIRECTV Holdings LLC		3.80			3-15-22		500,000		516,853
DIRECTV Holdings LLC		4.60			2-15-21		350,000		382,659
DIRECTV Holdings LLC		4.75			10-1-14		500,000		537,471
DIRECTV Holdings LLC		5.00			3-1-21		700,000		787,284
DIRECTV Holdings LLC		5.15			3-15-42		500,000		511,034
DIRECTV Holdings LLC		5.20			3-15-20		330,000		372,813
DIRECTV Holdings LLC		5.88			10-1-19		1,000,000		1,176,112
DIRECTV Holdings LLC		6.00			8-15-40		400,000		452,900
DIRECTV Holdings LLC		6.35			3-15-40		145,000		170,784
DIRECTV Holdings LLC		6.38			3-1-41		500,000		590,481
Discovery Communications		3.70			6-1-15		250,000		268,009
Discovery Communications		4.38			6-15-21		300,000		336,947
Discovery Communications		5.05			6-1-20		750,000		874,956
Discovery Communications		6.35			6-1-40		250,000		321,613
Interpublic Group of Companies		4.00			3-15-22		1,000,000		1,041,595
McGraw-Hill Company Incorporated		5.90			11-15-17		250,000		293,631
NBC Universal Incorporated		2.10			4-1-14		500,000		510,527
NBC Universal Incorporated		2.88			4-1-16		500,000		529,481
NBC Universal Incorporated		3.65			4-30-15		300,000		321,202
NBC Universal Incorporated		4.38			4-1-21		1,500,000		1,694,351
NBC Universal Incorporated		6.40			4-30-40		1,000,000		1,297,650


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			23


Security name	Interest rate			Maturity date		Principal		Value


Media (continued)
News America Incorporated		4.50	%		2-15-21	$	500,000	$	574,319
News America Incorporated		5.30			12-15-14		180,000		197,887
News America Incorporated		6.15			2-15-41		735,000		904,438
News America Incorporated		6.40			12-15-35		750,000		928,465
News America Incorporated		6.65			11-15-37		600,000		769,957
News America Incorporated		6.90			3-1-19		1,300,000		1,644,707
News America Incorporated		6.90			8-15-39		500,000		649,940
News America Incorporated		8.15			10-17-36		250,000		341,812
Omnicom Group Incorporated		4.45			8-15-20		90,000		100,013
Omnicom Group Incorporated		5.90			4-15-16		500,000		579,219
Omnicom Group Incorporated		6.25			7-15-19		650,000		791,151
TCI Communications Incorporated		7.13			2-15-28		350,000		465,159
TCI Communications Incorporated		8.75			8-1-15		500,000		606,678
Thompson Reuters Corporation		5.85			4-15-40		134,000		163,986
Time Warner Cable Incorporated		3.50			2-1-15		250,000		264,598
Time Warner Cable Incorporated		4.00			1-15-22		300,000		329,112
Time Warner Cable Incorporated		4.13			2-15-21		500,000		549,771
Time Warner Cable Incorporated		4.50			9-15-42		100,000		99,567
Time Warner Cable Incorporated		4.70			1-15-21		250,000		286,918
Time Warner Cable Incorporated		4.88			3-15-20		500,000		577,545
Time Warner Cable Incorporated		5.00			2-1-20		535,000		619,267
Time Warner Cable Incorporated		5.85			5-1-17		500,000		592,608
Time Warner Cable Incorporated		5.88			11-15-16		1,500,000		1,776,143
Time Warner Cable Incorporated		5.88			11-15-40		250,000		297,109
Time Warner Cable Incorporated		6.20			3-15-40		300,000		368,763
Time Warner Cable Incorporated		6.25			3-29-41		500,000		621,498
Time Warner Cable Incorporated		6.50			11-15-36		252,000		315,167
Time Warner Cable Incorporated		6.55			5-1-37		500,000		625,131
Time Warner Cable Incorporated		6.63			5-15-29		800,000		999,481
Time Warner Cable Incorporated		6.75			7-1-18		2,000,000		2,502,758
Time Warner Cable Incorporated		6.75			6-15-39		500,000		650,030
Time Warner Cable Incorporated		7.30			7-1-38		800,000		1,093,262
Time Warner Cable Incorporated		7.50			4-1-14		150,000		165,223
Time Warner Cable Incorporated		7.57			2-1-24		250,000		332,346
Time Warner Cable Incorporated		7.63			4-15-31		825,000		1,121,321
Time Warner Cable Incorporated		7.70			5-1-32		700,000		966,759
Time Warner Cable Incorporated		8.25			2-14-14		150,000		165,729
Time Warner Cable Incorporated		8.25			4-1-19		650,000		867,989
Time Warner Cable Incorporated		8.38			3-15-23		250,000		349,972
Time Warner Cable Incorporated		8.38			7-15-33		300,000		432,386
Time Warner Cable Incorporated		8.75			2-14-19		204,000		276,304
Time Warner Cable Incorporated		9.15			2-1-23		250,000		357,270
Time Warner Incorporated		3.40			6-15-22		100,000		105,246
Time Warner Incorporated		4.90			6-15-42		51,000		55,421
Viacom Incorporated		1.25			2-27-15		100,000		100,985
Viacom Incorporated		2.50			12-15-16		1,000,000		1,047,052
Viacom Incorporated		3.50			4-1-17		100,000		108,648
Viacom Incorporated		4.38			9-15-14		150,000		160,693
Viacom Incorporated		4.50			3-1-21		500,000		566,106
Viacom Incorporated		5.50			5-15-33		200,000		218,608


24		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Media (continued)
Viacom Incorporated		5.63	%		9-15-19	$	150,000	$	179,462
Viacom Incorporated		6.13			10-5-17		250,000		301,552
Viacom Incorporated		6.75			10-5-37		50,000		66,479
Viacom Incorporated		6.88			4-30-36		680,000		912,826
Walt Disney Company		1.35			8-16-16		500,000		510,794
Walt Disney Company		2.75			8-16-21		500,000		527,922
Walt Disney Company		4.13			12-1-41		500,000		571,249
Walt Disney Company		4.50			12-15-13		700,000		736,939
Walt Disney Company		5.50			3-15-19		500,000		607,471
Walt Disney Company Series B		7.00			3-1-32		75,000		112,463
Walt Disney Company Series C		5.63			9-15-16		250,000		296,886

									59,440,844


Multiline Retail: 0.19%
Kohl’s Corporation		6.00			1-15-33		65,000		75,095
Kohl’s Corporation		6.25			12-15-17		500,000		609,138
Macy’s Retail Holdings Incorporated		3.88			1-15-22		200,000		215,627
Macy’s Retail Holdings Incorporated		5.75			7-15-14		355,000		386,116
Macy’s Retail Holdings Incorporated		5.90			12-1-16		500,000		582,502
Macy’s Retail Holdings Incorporated		6.70			7-15-34		500,000		607,953
Macy’s Retail Holdings Incorporated		6.90			4-1-29		500,000		603,866
Nordstrom Incorporated		4.75			5-1-20		135,000		157,024
Nordstrom Incorporated		6.25			1-15-18		500,000		607,934
Nordstrom Incorporated		6.75			6-1-14		60,000		66,276
Target Corporation		1.13			7-18-14		105,000		106,399
Target Corporation		2.90			1-15-22		750,000		795,283
Target Corporation		4.00			7-1-42		500,000		519,001
Target Corporation		5.38			5-1-17		350,000		418,505
Target Corporation		5.88			7-15-16		300,000		355,677
Target Corporation		6.00			1-15-18		500,000		616,491
Target Corporation		6.50			10-15-37		400,000		562,622
Target Corporation		7.00			7-15-31		500,000		696,782
Target Corporation		7.00			1-15-38		800,000		1,192,631

									9,174,922


Specialty Retail: 0.22%
Advance Auto Parts Incorporated		4.50			1-15-22		100,000		106,273
AutoZone Incorporated		5.75			1-15-15		150,000		165,108
AutoZone Incorporated		6.50			1-15-14		450,000		483,442
Family Dollar Stores Incorporated		5.00			2-1-21		100,000		108,238
Gap Incorporated		5.95			4-12-21		700,000		756,461
Home Depot Incorporated		3.95			9-15-20		400,000		457,468
Home Depot Incorporated		4.40			4-1-21		500,000		592,208
Home Depot Incorporated		5.25			12-16-13		550,000		583,975
Home Depot Incorporated		5.40			3-1-16		680,000		789,034
Home Depot Incorporated		5.40			9-15-40		200,000		256,684
Home Depot Incorporated		5.88			12-16-36		1,000,000		1,333,576
Home Depot Incorporated		5.95			4-1-41		500,000		685,719
Lowe’s Companies Incorporated		3.75			4-15-21		150,000		164,037


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			25


Security name	Interest rate			Maturity date		Principal		Value


Specialty Retail (continued)
Lowe’s Companies Incorporated		4.63	%		4-15-20	$	400,000	$	461,456
Lowe’s Companies Incorporated		4.65			4-15-42		500,000		541,466
Lowe’s Companies Incorporated		5.00			10-15-15		600,000		674,386
Lowe’s Companies Incorporated		5.80			10-15-36		250,000		313,524
Lowe’s Companies Incorporated		5.80			4-15-40		110,000		140,601
Lowe’s Companies Incorporated		6.50			3-15-29		75,000		96,601
Lowe’s Companies Incorporated		6.65			9-15-37		350,000		470,964
O’Reilly Automotive Incorporated		4.63			9-15-21		150,000		164,047
Staples Incorporated		9.75			1-15-14		500,000		558,445
TJX Companies Incorporated		4.20			8-15-15		250,000		274,333
TJX Companies Incorporated		6.95			4-15-19		85,000		109,082

									10,287,128


Textiles, Apparel & Luxury Goods: 0.01%
VF Corporation		5.95			11-1-17		100,000		119,880
VF Corporation		6.45			11-1-37		150,000		208,628

									328,508


Consumer Staples: 1.96%

Beverages: 0.53%
Anheuser-Busch Companies Incorporated		1.50			7-14-14		300,000		305,377
Anheuser-Busch Companies Incorporated		3.75			7-15-42		36,000		36,942
Anheuser-Busch Companies Incorporated		5.50			1-15-18		200,000		240,318
Anheuser-Busch Companies Incorporated		5.60			3-1-17		50,000		59,189
Anheuser-Busch Companies Incorporated		5.75			4-1-36		250,000		323,790
Anheuser-Busch InBev Worldwide Incorporated		2.88			2-15-16		45,000		48,111
Anheuser-Busch InBev Worldwide Incorporated		4.13			1-15-15		625,000		676,772
Anheuser-Busch InBev Worldwide Incorporated		4.38			2-15-21		30,000		34,994
Anheuser-Busch InBev Worldwide Incorporated		5.00			4-15-20		1,000,000		1,202,681
Anheuser-Busch InBev Worldwide Incorporated		5.38			11-15-14		1,000,000		1,102,461
Anheuser-Busch InBev Worldwide Incorporated		5.38			1-15-20		900,000		1,099,760
Anheuser-Busch InBev Worldwide Incorporated		6.38			1-15-40		750,000		1,087,294
Anheuser-Busch InBev Worldwide Incorporated		7.75			1-15-19		1,500,000		2,017,512
Anheuser-Busch InBev Worldwide Incorporated		8.20			1-15-39		500,000		838,234
Bottling Group LLC		5.00			11-15-13		500,000		527,017
Bottling Group LLC		6.95			3-15-14		750,000		822,454
Brown-Forman Corporation		2.50			1-15-16		100,000		105,030
Coca-Cola Company		0.75			11-15-13		450,000		452,310
Coca-Cola Company		0.75			3-13-15		350,000		352,777
Coca-Cola Company		1.50			11-15-15		500,000		514,958
Coca-Cola Company		1.65			3-14-18		1,100,000		1,139,342
Coca-Cola Company		1.80			9-1-16		660,000		686,291
Coca-Cola Company		3.15			11-15-20		1,010,000		1,101,091
Coca-Cola Company		3.30			9-1-21		70,000		77,250
Coca-Cola Company		3.63			3-15-14		300,000		314,892
Coca-Cola Enterprises Incorporated		2.00			8-19-16		100,000		102,365
Coca-Cola Enterprises Incorporated		3.50			9-15-20		500,000		528,583
Coca-Cola Enterprises Incorporated		4.50			9-1-21		100,000		112,720
Diageo Investment Corporation		7.45			4-15-35		150,000		228,429


26		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Beverages (continued)
Dr Pepper Snapple Group Incorporated		2.90	%		1-15-16	$	500,000	$	534,154
Dr Pepper Snapple Group Incorporated		3.20			11-15-21		250,000		260,821
Dr Pepper Snapple Group Incorporated		7.45			5-1-38		100,000		148,118
Molson Coors Brewing Company		5.00			5-1-42		750,000		854,500
PepsiCo Americas Incorporated		4.38			2-15-14		500,000		527,216
PepsiCo Incorporated		1.25			8-13-17		100,000		100,177
PepsiCo Incorporated		3.10			1-15-15		700,000		738,834
PepsiCo Incorporated		3.13			11-1-20		1,000,000		1,079,301
PepsiCo Incorporated		3.60			8-13-42		250,000		250,178
PepsiCo Incorporated		3.75			3-1-14		500,000		524,656
PepsiCo Incorporated		4.00			3-5-42		500,000		535,593
PepsiCo Incorporated		4.50			1-15-20		200,000		233,707
PepsiCo Incorporated		5.00			6-1-18		1,000,000		1,186,638
PepsiCo Incorporated		5.50			1-15-40		300,000		390,180
PepsiCo Incorporated		7.90			11-1-18		500,000		677,462
PepsiCo Incorporated Series B		7.00			3-1-29		600,000		858,913

									25,039,392


Food & Staples Retailing: 0.48%
Costco Wholesale Corporation		5.50			3-15-17		400,000		482,730
CVS Caremark Corporation		3.25			5-18-15		250,000		265,200
CVS Caremark Corporation		4.75			5-18-20		250,000		290,646
CVS Caremark Corporation		5.75			6-1-17		400,000		481,025
CVS Caremark Corporation		5.75			5-15-41		300,000		380,880
CVS Caremark Corporation		6.13			8-15-16		250,000		296,274
CVS Caremark Corporation		6.13			9-15-39		700,000		925,275
CVS Caremark Corporation		6.25			6-1-27		515,000		671,156
CVS Caremark Corporation		6.60			3-15-19		700,000		895,903
Delhaize America Incorporated		9.00			4-15-31		500,000		574,191
Kroger Company		2.20			1-15-17		200,000		202,891
Kroger Company		3.90			10-1-15		150,000		163,149
Kroger Company		4.95			1-15-15		100,000		108,954
Kroger Company		6.15			1-15-20		800,000		972,732
Kroger Company		6.90			4-15-38		300,000		379,439
Kroger Company		7.50			1-15-14		250,000		272,731
Kroger Company		7.50			4-1-31		75,000		99,079
Safeway Incorporated		4.75			12-1-21		500,000		494,336
Safeway Incorporated		5.00			8-15-19		750,000		765,713
Safeway Incorporated		6.25			3-15-14		500,000		532,709
Safeway Incorporated		7.25			2-1-31		75,000		78,700
Sysco Corporation		0.55			6-12-15		100,000		99,937
Sysco Corporation		5.25			2-12-18		300,000		361,390
Sysco Corporation		6.63			3-17-39		200,000		293,650
Wal-Mart Stores Incorporated		1.50			10-25-15		250,000		256,877
Wal-Mart Stores Incorporated		1.63			4-15-14		350,000		356,821
Wal-Mart Stores Incorporated		2.25			7-8-15		1,250,000		1,307,496
Wal-Mart Stores Incorporated		2.88			4-1-15		150,000		159,032
Wal-Mart Stores Incorporated		3.20			5-15-14		500,000		524,204
Wal-Mart Stores Incorporated		3.63			7-8-20		1,100,000		1,238,168
Wal-Mart Stores Incorporated		4.25			4-15-21		500,000		587,990


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			27


Security name	Interest rate			Maturity date		Principal		Value


Food & Staples Retailing (continued)
Wal-Mart Stores Incorporated		4.88	%		7-8-40	$	850,000	$	1,036,780
Wal-Mart Stores Incorporated		5.25			9-1-35		825,000		1,034,218
Wal-Mart Stores Incorporated		5.63			4-15-41		1,000,000		1,354,052
Wal-Mart Stores Incorporated		5.80			2-15-18		700,000		871,508
Wal-Mart Stores Incorporated		5.88			4-5-27		100,000		133,524
Wal-Mart Stores Incorporated		6.20			4-15-38		1,000,000		1,414,321
Wal-Mart Stores Incorporated		6.50			8-15-37		1,000,000		1,456,401
Wal-Mart Stores Incorporated		7.55			2-15-30		500,000		769,918
Walgreen Company		5.25			1-15-19		250,000		290,608

									22,880,608


Food Products: 0.46%
Archer-Daniels-Midland Company		4.48			3-1-21		535,000		619,803
Archer-Daniels-Midland Company		5.38			9-15-35		350,000		433,718
Archer-Daniels-Midland Company		5.45			3-15-18		100,000		120,380
Archer-Daniels-Midland Company		5.77			3-1-41		340,000		450,186
Archer-Daniels-Midland Company		5.94			10-1-32		500,000		636,158
Campbell Soup Company		2.50			8-2-22		121,000		120,861
Campbell Soup Company		3.38			8-15-14		300,000		315,878
Campbell Soup Company		4.50			2-15-19		285,000		326,136
Campbell Soup Company		4.88			10-1-13		250,000		261,711
ConAgra Foods Incorporated		7.00			4-15-19		500,000		629,207
ConAgra Foods Incorporated		8.25			9-15-30		120,000		161,522
Corn Products International Incorporated		4.63			11-1-20		300,000		329,265
General Mills Incorporated		5.40			6-15-40		345,000		433,239
General Mills Incorporated		5.65			2-15-19		1,000,000		1,209,278
General Mills Incorporated		5.70			2-15-17		100,000		119,584
H.J. Heinz Company		2.85			3-1-22		1,000,000		1,027,639
H.J. Heinz Company		6.75			3-15-32		250,000		320,429
Hershey Company		4.13			12-1-20		500,000		569,988
Hormel Foods Corporation		4.13			4-15-21		100,000		113,650
J.M. Smucker Company		3.50			10-15-21		300,000		322,195
Kellogg Company		3.25			5-21-18		65,000		71,151
Kellogg Company		4.00			12-15-20		350,000		394,508
Kellogg Company		4.15			11-15-19		300,000		339,725
Kellogg Company		4.45			5-30-16		300,000		334,289
Kellogg Company Series B		7.45			4-1-31		350,000		492,485
Kraft Foods Incorporated 144A		1.63			6-4-15		300,000		304,710
Kraft Foods Incorporated 144A		3.50			6-6-22		750,000		794,961
Kraft Foods Incorporated		4.13			2-9-16		1,500,000		1,646,094
Kraft Foods Incorporated 144A		5.00			6-4-42		750,000		854,656
Kraft Foods Incorporated		5.25			10-1-13		350,000		366,404
Kraft Foods Incorporated		5.38			2-10-20		1,250,000		1,503,201
Kraft Foods Incorporated		6.13			8-23-18		1,000,000		1,236,960
Kraft Foods Incorporated		6.50			8-11-17		250,000		307,412
Kraft Foods Incorporated		6.50			11-1-31		384,000		496,656
Kraft Foods Incorporated		6.50			2-9-40		950,000		1,310,402
Kraft Foods Incorporated		6.88			2-1-38		600,000		822,772
Kraft Foods Incorporated		6.88			1-26-39		100,000		138,879
Kraft Foods Incorporated		7.00			8-11-37		360,000		502,485


28		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Food Products (continued)
McCormick & Company		3.90	%		7-15-21	$	75,000	$	83,376
Mead Johnson Nutrition Company		3.50			11-1-14		200,000		207,584
Mead Johnson Nutrition Company		4.90			11-1-19		250,000		286,196
Mead Johnson Nutrition Company		5.90			11-1-39		100,000		125,183
Ralcorp Holdings Incorporated		6.63			8-15-39		200,000		213,903
Sara Lee Corporation		4.10			9-15-20		266,000		277,971
Tyson Foods Incorporated		4.50			6-15-22		500,000		505,000

									22,137,790


Household Products: 0.17%
Clorox Company		5.00			1-15-15		300,000		326,844
Clorox Company		5.95			10-15-17		90,000		107,262
Colgate-Palmolive Company		1.95			2-1-23		200,000		196,232
Colgate-Palmolive Company		2.95			11-1-20		200,000		214,963
Colgate-Palmolive Company		5.20			11-7-16		100,000		117,678
Colgate-Palmolive Company Series F		3.15			8-5-15		340,000		366,102
Kimberly-Clark Corporation		3.63			8-1-20		750,000		836,753
Kimberly-Clark Corporation		5.30			3-1-41		245,000		323,784
Kimberly-Clark Corporation		6.13			8-1-17		200,000		246,085
Kimberly-Clark Corporation		6.63			8-1-37		200,000		300,845
Kimberly-Clark Corporation		7.50			11-1-18		100,000		134,139
Procter & Gamble Company		1.45			8-15-16		1,000,000		1,026,625
Procter & Gamble Company		1.80			11-15-15		400,000		414,596
Procter & Gamble Company		3.50			2-15-15		1,000,000		1,071,119
Procter & Gamble Company		4.70			2-15-19		500,000		593,735
Procter & Gamble Company		4.85			12-15-15		500,000		568,057
Procter & Gamble Company		5.50			2-1-34		350,000		465,192
Procter & Gamble Company		5.55			3-5-37		500,000		688,421
Procter & Gamble Company		5.80			8-15-34		100,000		138,119

									8,136,551


Personal Products: 0.02%
Avon Products Incorporated		4.20			7-15-18		350,000		344,576
Avon Products Incorporated		5.63			3-1-14		500,000		526,197
Estee Lauder Companies Incorporated		6.00			5-15-37		200,000		264,042

									1,134,815


Tobacco: 0.30%
Altria Group Incorporated		2.85			8-9-22		250,000		249,289
Altria Group Incorporated		4.13			9-11-15		500,000		547,166
Altria Group Incorporated		4.25			8-9-42		250,000		244,357
Altria Group Incorporated		4.75			5-5-21		500,000		577,316
Altria Group Incorporated		8.50			11-10-13		500,000		545,232
Altria Group Incorporated		9.25			8-6-19		1,000,000		1,426,029
Altria Group Incorporated		9.70			11-10-18		1,050,000		1,507,541
Altria Group Incorporated		9.95			11-10-38		350,000		598,581
Altria Group Incorporated		10.20			2-6-39		500,000		872,634
Lorillard Tobacco Company		2.30			8-21-17		100,000		101,253
Lorillard Tobacco Company		3.50			8-4-16		45,000		47,906


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			29


Security name	Interest rate			Maturity date		Principal		Value


Tobacco (continued)
Lorillard Tobacco Company		6.88	%		5-1-20	$	250,000	$	306,523
Lorillard Tobacco Company		8.13			6-23-19		155,000		199,070
Lorillard Tobacco Company		8.13			5-1-40		250,000		328,043
Philip Morris International Incorporated		1.63			3-20-17		500,000		510,184
Philip Morris International Incorporated		2.50			5-16-16		500,000		527,824
Philip Morris International Incorporated		4.50			3-26-20		750,000		875,545
Philip Morris International Incorporated		4.50			3-20-42		500,000		558,369
Philip Morris International Incorporated		5.65			5-16-18		700,000		855,702
Philip Morris International Incorporated		6.38			5-16-38		600,000		838,849
Philip Morris International Incorporated		6.88			3-17-14		750,000		821,981
Reynolds American Incorporated		7.25			6-15-37		200,000		256,522
Reynolds American Incorporated		7.63			6-1-16		1,000,000		1,204,307
UST Incorporated		5.75			3-1-18		100,000		119,203

									14,119,426


Energy: 1.56%

Energy Equipment & Services: 0.12%
Baker Hughes Incorporated		5.13			9-15-40		500,000		619,007
Baker Hughes Incorporated		6.88			1-15-29		250,000		340,937
Baker Hughes Incorporated		7.50			11-15-18		375,000		505,101
Cameron International Corporation		4.50			6-1-21		200,000		217,713
Cameron International Corporation		5.95			6-1-41		100,000		120,379
Cameron International Corporation		7.00			7-15-38		100,000		133,181
Diamond Offshore Drilling Incorporated		5.70			10-15-39		300,000		386,509
Diamond Offshore Drilling Incorporated		5.88			5-1-19		365,000		442,723
Halliburton Company		6.15			9-15-19		350,000		434,848
Halliburton Company		7.45			9-15-39		650,000		1,024,918
Petrohawk Energy Corporation		6.25			6-1-19		1,250,000		1,415,860
Rowan Companies Incorporated		7.88			8-1-19		300,000		366,400

									6,007,576


Oil, Gas & Consumable Fuels: 1.44%
Anadarko Petroleum Corporation		5.95			9-15-16		600,000		693,906
Anadarko Petroleum Corporation		6.20			3-15-40		300,000		365,044
Anadarko Petroleum Corporation		6.38			9-15-17		500,000		597,922
Anadarko Petroleum Corporation		6.45			9-15-36		750,000		927,041
Anadarko Petroleum Corporation		7.63			3-15-14		500,000		547,373
Anadarko Petroleum Corporation		8.70			3-15-19		450,000		598,676
Apache Corporation		3.25			4-15-22		500,000		536,607
Apache Corporation		3.63			2-1-21		500,000		554,261
Apache Corporation		4.75			4-15-43		1,000,000		1,148,615
Apache Corporation		5.10			9-1-40		350,000		420,748
Apache Corporation		5.25			2-1-42		100,000		123,372
Apache Corporation		5.63			1-15-17		380,000		451,134
Apache Corporation		6.00			9-15-13		200,000		211,393
Apache Corporation		6.00			1-15-37		500,000		670,249
BJ Services Company		6.00			6-1-18		150,000		185,539
Boardwalk Pipelines LP		5.75			9-15-19		150,000		166,198
Boardwalk Pipelines LP		5.88			11-15-16		100,000		112,571


30		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Buckeye Partners LP		4.88	%		2-1-21	$	560,000	$	562,351
Buckeye Partners LP		5.50			8-15-19		150,000		157,913
Buckeye Partners LP		6.05			1-15-18		100,000		110,489
Centerpoint Energy Resources Corporation		6.00			5-15-18		100,000		120,322
Centerpoint Energy Resources Corporation		6.13			11-1-17		150,000		179,716
Centerpoint Energy Resources Corporation		6.63			11-1-37		50,000		68,178
Chevron Corporation		3.95			3-3-14		600,000		630,927
Chevron Corporation		4.95			3-3-19		500,000		609,328
ConocoPhillips Company		4.60			1-15-15		500,000		547,591
ConocoPhillips Company		4.75			2-1-14		380,000		401,564
ConocoPhillips Company		5.75			2-1-19		1,250,000		1,551,329
ConocoPhillips Company		5.90			10-15-32		250,000		325,167
ConocoPhillips Company		5.90			5-15-38		100,000		133,927
ConocoPhillips Company		6.00			1-15-20		750,000		954,129
ConocoPhillips Company		6.50			2-1-39		900,000		1,299,644
ConocoPhillips Company		6.95			4-15-29		300,000		425,456
Devon Energy Corporation		2.40			7-15-16		200,000		209,187
Devon Energy Corporation		4.00			7-15-21		200,000		221,423
Devon Energy Corporation		5.60			7-15-41		200,000		241,017
Devon Energy Corporation		6.30			1-15-19		600,000		743,074
Devon Energy Corporation		7.95			4-15-32		500,000		745,645
El Paso Natural Gas Company		5.95			4-15-17		150,000		171,805
El Paso Natural Gas Company		8.38			6-15-32		650,000		912,516
Enbridge Energy Partners LP		5.20			3-15-20		380,000		433,109
Enbridge Energy Partners LP		5.50			9-15-40		200,000		227,295
Enbridge Energy Partners LP		5.88			12-15-16		65,000		75,434
Enbridge Energy Partners LP		6.50			4-15-18		200,000		241,231
Enbridge Energy Partners LP		7.50			4-15-38		270,000		362,240
Enbridge Energy Partners LP		9.88			3-1-19		125,000		168,865
Enbridge Incorporated		5.80			6-15-14		300,000		324,834
Energen Corporation		4.63			9-1-21		100,000		104,272
Energy Transfer Partners LP		4.65			6-1-21		100,000		106,624
Energy Transfer Partners LP		5.20			2-1-22		500,000		550,726
Energy Transfer Partners LP		6.05			6-1-41		300,000		327,062
Energy Transfer Partners LP		6.13			2-15-17		55,000		63,249
Energy Transfer Partners LP		6.50			2-1-42		500,000		568,278
Energy Transfer Partners LP		6.63			10-15-36		230,000		255,865
Energy Transfer Partners LP		6.70			7-1-18		100,000		118,543
Energy Transfer Partners LP		7.50			7-1-38		100,000		119,465
Energy Transfer Partners LP		9.00			4-15-19		1,000,000		1,267,602
Enterprise Products Operating LLC		1.25			8-13-15		249,000		250,775
Enterprise Products Operating LLC		3.20			2-1-16		100,000		105,506
Enterprise Products Operating LLC		4.45			2-15-43		250,000		246,463
Enterprise Products Operating LLC		5.20			9-1-20		500,000		586,786
Enterprise Products Operating LLC		5.25			1-31-20		700,000		817,300
Enterprise Products Operating LLC		5.70			2-15-42		200,000		230,793
Enterprise Products Operating LLC		5.95			2-1-41		100,000		118,669
Enterprise Products Operating LLC		6.13			10-15-39		1,000,000		1,190,091
Enterprise Products Operating LLC		6.30			9-15-17		400,000		484,116
Enterprise Products Operating LLC		6.65			4-15-18		250,000		307,898


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			31


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC		7.55	%		4-15-38	$	100,000	$	134,696
Enterprise Products Operating LLC Series D		6.88			3-1-33		75,000		96,237
Enterprise Products Operating LLC Series G		5.60			10-15-14		565,000		618,858
EOG Resources Incorporated		2.95			6-1-15		500,000		528,432
EOG Resources Incorporated		4.10			2-1-21		200,000		227,311
EOG Resources Incorporated		4.40			6-1-20		300,000		344,337
EOG Resources Incorporated		5.63			6-1-19		75,000		91,771
EOG Resources Incorporated		6.88			10-1-18		400,000		504,840
EQT Corporation		4.88			11-15-21		300,000		316,393
EQT Corporation		8.13			6-1-19		325,000		391,662
Equitable Resources Incorporated		6.50			4-1-18		100,000		115,425
Gulf South Pipeline Limited 144A		4.00			6-15-22		200,000		200,421
Hess Corporation		5.60			2-15-41		300,000		341,288
Hess Corporation		6.00			1-15-40		350,000		413,214
Hess Corporation		7.30			8-15-31		384,000		498,797
Hess Corporation		7.88			10-1-29		180,000		241,043
Hess Corporation		8.13			2-15-19		500,000		652,726
Kerr-McGee Corporation		6.95			7-1-24		200,000		256,586
Kinder Morgan Energy Partners LP		3.45			2-15-23		250,000		255,992
Kinder Morgan Energy Partners LP		3.50			3-1-16		500,000		535,197
Kinder Morgan Energy Partners LP		5.00			12-15-13		100,000		105,069
Kinder Morgan Energy Partners LP		5.00			8-15-42		250,000		257,590
Kinder Morgan Energy Partners LP		5.13			11-15-14		500,000		540,866
Kinder Morgan Energy Partners LP		5.30			9-15-20		125,000		144,376
Kinder Morgan Energy Partners LP		5.80			3-1-21		1,000,000		1,187,547
Kinder Morgan Energy Partners LP		5.80			3-15-35		100,000		111,812
Kinder Morgan Energy Partners LP		5.95			2-15-18		500,000		594,726
Kinder Morgan Energy Partners LP		6.38			3-1-41		500,000		603,296
Kinder Morgan Energy Partners LP		6.50			9-1-39		750,000		900,979
Kinder Morgan Energy Partners LP		6.95			1-15-38		500,000		626,912
Magellan Midstream Partners LP		6.40			7-15-18		100,000		122,145
Magellan Midstream Partners LP		6.55			7-15-19		575,000		702,137
Marathon Oil Corporation		6.00			10-1-17		625,000		747,175
Marathon Oil Corporation		6.60			10-1-37		450,000		594,773
Marathon Petroleum Corporation		3.50			3-1-16		555,000		588,810
Marathon Petroleum Corporation		5.13			3-1-21		35,000		40,244
Marathon Petroleum Corporation		6.50			3-1-41		545,000		665,931
Murphy Oil Corporation		7.05			5-1-29		200,000		245,798
Nabors Industries Incorporated		5.00			9-15-20		300,000		326,363
Nabors Industries Incorporated		6.15			2-15-18		500,000		583,084
Nabors Industries Incorporated		9.25			1-15-19		500,000		647,579
Nexen Incorporated		7.88			3-15-32		120,000		162,947
Nextera Energy Capital		4.50			6-1-21		200,000		223,337
Noble Energy Incorporated		6.00			3-1-41		565,000		695,485
Noble Energy Incorporated		8.25			3-1-19		350,000		452,715
Northwest Pipeline Corporation		6.05			6-15-18		170,000		203,948
Nustar Logistics LP		4.80			9-1-20		250,000		237,214
Occidental Petroleum Corporation		1.45			12-13-13		500,000		506,155
Occidental Petroleum Corporation		1.50			2-15-18		250,000		254,231
Occidental Petroleum Corporation		2.50			2-1-16		100,000		105,317


32		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corporation		2.70	%		2-15-23	$	500,000	$	514,708
Occidental Petroleum Corporation		3.13			2-15-22		500,000		536,881
Occidental Petroleum Corporation		4.10			2-1-21		460,000		526,597
Occidental Petroleum Corporation		4.13			6-1-16		400,000		446,802
ONEOK Partners LP		6.13			2-1-41		500,000		588,548
ONEOK Partners LP		6.15			10-1-16		200,000		233,277
ONEOK Partners LP		6.85			10-15-37		500,000		610,382
ONEOK Partners LP		8.63			3-1-19		350,000		455,572
Phillips 66 144A		2.95			5-1-17		1,000,000		1,049,574
Phillips 66 144A		4.30			4-1-22		1,000,000		1,089,775
Plains All American Pipeline LP		3.65			6-1-22		500,000		528,622
Plains All American Pipeline LP		5.00			2-1-21		200,000		232,038
Plains All American Pipeline LP		5.15			6-1-42		500,000		566,098
Plains All American Pipeline LP		6.50			5-1-18		150,000		183,540
Plains All American Pipeline LP		6.65			1-15-37		200,000		256,684
Plains All American Pipeline LP		8.75			5-1-19		400,000		536,235
Southern Natural Gas Company 144A		5.90			4-1-17		500,000		588,738
Southwestern Energy Company 144A		4.10			3-15-22		1,000,000		1,052,129
Spectra Energy Capital LLC		4.60			6-15-21		100,000		108,615
Spectra Energy Capital LLC		5.67			8-15-14		125,000		134,737
Spectra Energy Capital LLC		5.90			9-15-13		100,000		104,808
Spectra Energy Capital LLC		7.50			9-15-38		100,000		135,336
Spectra Energy Capital LLC		8.00			10-1-19		100,000		129,834
Sunoco Logistics Partner LP		6.85			2-15-40		250,000		291,342
TC Pipelines LP		4.65			6-15-21		300,000		319,925
Texas Eastern Transmission LP		7.00			7-15-32		325,000		435,789
TransCanada PipeLines Limited		4.88			1-15-15		65,000		70,835
TransCanada PipeLines Limited		5.60			3-31-34		100,000		123,700
Transcontinental Gas Pipe Line Corporation		6.05			6-15-18		105,000		125,968
Transocean Incorporated		6.50			11-15-20		300,000		358,804
Transocean Incorporated		6.80			3-15-38		450,000		561,064
Transocean Incorporated		7.50			4-15-31		220,000		270,657
Valero Energy Corporation		4.50			2-1-15		65,000		69,996
Valero Energy Corporation		6.13			6-15-17		500,000		595,148
Valero Energy Corporation		6.13			2-1-20		65,000		77,901
Valero Energy Corporation		6.63			6-15-37		500,000		604,438
Valero Energy Corporation		7.50			4-15-32		300,000		377,465
Valero Energy Corporation		9.38			3-15-19		450,000		602,311
Weatherford International Limited		6.50			8-1-36		300,000		323,856
Williams Companies Incorporated		7.88			9-1-21		200,000		259,724
Williams Companies Incorporated		8.75			3-15-32		275,000		378,857
Williams Partners LP		3.35			8-15-22		250,000		254,172
Williams Partners LP		3.80			2-15-15		600,000		636,781
Williams Partners LP		4.13			11-15-20		300,000		324,953
Williams Partners LP		5.25			3-15-20		640,000		736,676
Williams Partners LP		6.30			4-15-40		390,000		489,037
XTO Energy Incorporated		5.75			12-15-13		600,000		639,835

									68,768,989


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			33


Security name	Interest rate			Maturity date		Principal		Value


Financials: 7.42%

Capital Markets: 1.33%
Ameriprise Financial Incorporated		5.30	%		3-15-20	$	300,000	$	347,196
Ameriprise Financial Incorporated		5.65			11-15-15		400,000		455,120
Ameriprise Financial Incorporated		7.30			6-28-19		65,000		81,706
Bank of New York Mellon Corporation		1.20			2-20-15		45,000		45,614
Bank of New York Mellon Corporation		1.50			1-31-14		400,000		404,919
Bank of New York Mellon Corporation		1.70			11-24-14		500,000		512,000
Bank of New York Mellon Corporation		2.30			7-28-16		500,000		523,141
Bank of New York Mellon Corporation		2.50			1-15-16		500,000		524,485
Bank of New York Mellon Corporation		3.55			9-23-21		600,000		648,660
Bank of New York Mellon Corporation		4.15			2-1-21		100,000		112,007
Bank of New York Mellon Corporation		4.30			5-15-14		415,000		441,471
Bank of New York Mellon Corporation		5.45			5-15-19		1,000,000		1,189,996
Bear Stearns Companies Incorporated		5.30			10-30-15		180,000		200,947
Bear Stearns Companies Incorporated		5.55			1-22-17		1,025,000		1,160,072
Bear Stearns Companies Incorporated		6.40			10-2-17		620,000		744,550
Bear Stearns Companies Incorporated		7.25			2-1-18		1,500,000		1,871,444
Berkshire Hathaway Finance Corporation		1.50			1-10-14		100,000		101,585
Berkshire Hathaway Finance Corporation		3.20			2-11-15		500,000		531,533
Berkshire Hathaway Finance Corporation		4.25			1-15-21		500,000		570,762
Berkshire Hathaway Finance Corporation		4.85			1-15-15		500,000		550,143
Berkshire Hathaway Finance Corporation		5.40			5-15-18		350,000		422,219
Berkshire Hathaway Finance Corporation		5.75			1-15-40		250,000		318,616
BlackRock Incorporated		3.38			6-1-22		500,000		529,018
BlackRock Incorporated		3.50			12-10-14		550,000		585,918
BlackRock Incorporated		4.25			5-24-21		500,000		563,419
BlackRock Incorporated		5.00			12-10-19		250,000		290,842
BlackRock Incorporated		6.25			9-15-17		350,000		429,170
Charles Schwab Corporation 144A		3.23			9-1-22		425,000		431,245
Charles Schwab Corporation		4.45			7-22-20		200,000		227,373
Credit Suisse USA Incorporated		4.88			1-15-15		1,000,000		1,076,857
Credit Suisse USA Incorporated		5.38			3-2-16		500,000		559,949
Eaton Vance Corporation		6.50			10-2-17		50,000		59,358
Franklin Resources Incorporated		4.63			5-20-20		250,000		287,905
Goldman Sachs Group Incorporated		3.63			2-7-16		2,000,000		2,073,738
Goldman Sachs Group Incorporated		3.70			8-1-15		500,000		523,805
Goldman Sachs Group Incorporated		5.13			1-15-15		1,500,000		1,603,365
Goldman Sachs Group Incorporated		5.15			1-15-14		1,360,000		1,425,192
Goldman Sachs Group Incorporated		5.25			7-27-21		1,100,000		1,170,387
Goldman Sachs Group Incorporated		5.35			1-15-16		275,000		298,302
Goldman Sachs Group Incorporated		5.38			3-15-20		1,500,000		1,617,405
Goldman Sachs Group Incorporated		5.75			10-1-16		500,000		559,350
Goldman Sachs Group Incorporated		5.75			1-24-22		1,500,000		1,656,285
Goldman Sachs Group Incorporated		5.95			1-15-27		1,070,000		1,117,344
Goldman Sachs Group Incorporated		6.00			5-1-14		1,045,000		1,115,632
Goldman Sachs Group Incorporated		6.13			2-15-33		1,500,000		1,638,266
Goldman Sachs Group Incorporated		6.15			4-1-18		1,750,000		1,990,074
Goldman Sachs Group Incorporated		6.25			9-1-17		1,250,000		1,434,776
Goldman Sachs Group Incorporated		6.25			2-1-41		500,000		559,301
Goldman Sachs Group Incorporated		6.35			2-15-34		950,000		945,436


34		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Capital Markets (continued)
Goldman Sachs Group Incorporated		6.45	%		5-1-36	$	1,000,000	$	1,016,235
Goldman Sachs Group Incorporated		6.75			10-1-37		1,925,000		2,006,972
Goldman Sachs Group Incorporated		7.50			2-15-19		1,300,000		1,559,931
Jefferies Group Incorporated		3.88			11-9-15		500,000		502,500
Jefferies Group Incorporated		6.25			1-15-36		150,000		147,813
Jefferies Group Incorporated		6.45			6-8-27		150,000		152,625
Jefferies Group Incorporated		6.88			4-15-21		150,000		159,375
Jefferies Group Incorporated		8.50			7-15-19		700,000		799,750
Lazard Group LLC		6.85			6-15-17		500,000		564,053
Morgan Stanley		2.88			1-24-14		500,000		504,717
Morgan Stanley		2.88			7-28-14		240,000		243,532
Morgan Stanley		4.10			1-26-15		500,000		511,728
Morgan Stanley		4.20			11-20-14		1,000,000		1,025,862
Morgan Stanley «		4.75			4-1-14		1,500,000		1,543,925
Morgan Stanley		5.38			10-15-15		525,000		552,737
Morgan Stanley		5.45			1-9-17		1,000,000		1,051,795
Morgan Stanley		5.50			1-26-20		1,000,000		1,024,743
Morgan Stanley		5.50			7-24-20		500,000		514,355
Morgan Stanley		5.50			7-28-21		570,000		584,756
Morgan Stanley		5.55			4-27-17		850,000		902,194
Morgan Stanley		5.63			9-23-19		2,000,000		2,070,660
Morgan Stanley		5.75			10-18-16		1,500,000		1,596,720
Morgan Stanley		6.00			5-13-14		800,000		845,806
Morgan Stanley		6.00			4-28-15		1,500,000		1,598,037
Morgan Stanley		6.25			8-9-26		300,000		315,607
Morgan Stanley		6.63			4-1-18		2,500,000		2,761,248
Morgan Stanley		7.25			4-1-32		470,000		534,389
Morgan Stanley		7.30			5-13-19		400,000		451,387
Northern Trust Corporation		3.45			11-4-20		500,000		545,158
Northern Trust Corporation		4.63			5-1-14		540,000		576,448
Raymond James Financial Incorporated		4.25			4-15-16		100,000		105,529
Raymond James Financial Incorporated		8.60			8-15-19		100,000		125,683
TD Ameritrade Holding Corporation		5.60			12-1-19		200,000		231,433

									63,655,601


Commercial Banks: 0.94%
Bank One Corporation		7.63			10-15-26		240,000		310,252
Bank One Corporation		8.00			4-29-27		550,000		721,007
Branch Banking & Trust Corporation		2.05			4-28-14		250,000		255,514
Branch Banking & Trust Corporation		2.15			3-22-17		500,000		517,416
Branch Banking & Trust Corporation		3.20			3-15-16		100,000		107,315
Branch Banking & Trust Corporation		3.38			9-25-13		150,000		154,232
Branch Banking & Trust Corporation		3.95			4-29-16		350,000		383,940
Branch Banking & Trust Corporation		3.95			3-22-22		500,000		540,031
Branch Banking & Trust Corporation		5.20			12-23-15		500,000		555,479
Branch Banking & Trust Corporation		5.63			9-15-16		100,000		114,523
Branch Banking & Trust Corporation		6.85			4-30-19		500,000		638,000
Capital One Bank USA NA		8.80			7-15-19		750,000		974,323
Comerica Bank		5.75			11-21-16		500,000		567,870
Comerica Incorporated		3.00			9-16-15		100,000		105,052
Compass Bank		6.40			10-1-17		250,000		256,085


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			35


Security name	Interest rate			Maturity date		Principal		Value


Commercial Banks (continued)
Discover Bank		8.70	%		11-18-19	$	550,000	$	696,362
Fifth Third Bancorp		3.63			1-25-16		500,000		537,986
Fifth Third Bancorp		5.45			1-15-17		500,000		556,531
Fifth Third Bancorp		8.25			3-1-38		750,000		1,048,538
First Horizon National Corporation		5.38			12-15-15		500,000		534,770
General Electric Capital Corporation		4.65			10-17-21		1,000,000		1,142,431
HSBC Bank USA NA		2.38			2-13-15		500,000		512,324
HSBC Bank USA NA		4.63			4-1-14		700,000		732,371
HSBC Bank USA NA		4.88			8-24-20		800,000		849,978
HSBC Bank USA NA		5.00			9-27-20		500,000		528,039
HSBC Bank USA NA		5.63			8-15-35		225,000		244,188
HSBC Bank USA NA		7.00			1-15-39		500,000		642,389
Huntington Bancshares Incorporated		7.00			12-15-20		25,000		29,843
KeyBank NA		4.95			9-15-15		250,000		269,685
KeyBank NA		5.45			3-3-16		500,000		559,100
KeyBank NA		5.80			7-1-14		350,000		375,082
KeyCorp		5.10			3-24-21		500,000		576,502
Manufacturers & Traders Trust Company		6.63			12-4-17		500,000		591,770
National Australia Bank Limited		1.60			8-7-15		200,000		201,590
National Australia Bank Limited		2.75			3-9-17		1,000,000		1,035,632
PNC Bank NA		6.00			12-7-17		500,000		598,327
PNC Bank NA		6.88			4-1-18		175,000		217,421
Sovereign Bank		8.75			5-30-18		250,000		281,829
SunTrust Bank Incorporated		3.60			4-15-16		250,000		264,186
SunTrust Bank Incorporated		5.00			9-1-15		34,000		36,748
SunTrust Bank Incorporated		6.00			9-11-17		750,000		864,077
SunTrust Bank Incorporated		7.25			3-15-18		500,000		592,537
SVB Financial Group		5.38			9-15-20		160,000		176,092
Union Bank NA		2.13			12-16-13		250,000		254,477
Union Bank NA		2.13			6-16-17		250,000		254,472
Union Bank NA		5.95			5-11-16		450,000		510,476
UnionBanCal Corporation		3.50			6-18-22		200,000		211,323
US Bancorp NA		2.45			7-27-15		500,000		525,106
US Bancorp NA		2.95			7-15-22		75,000		75,617
US Bancorp NA		3.44			2-1-16		500,000		527,942
US Bancorp NA		4.13			5-24-21		1,000,000		1,135,509
US Bancorp NA		4.20			5-15-14		1,000,000		1,063,506
US Bank NA ±		3.78			4-29-20		1,000,000		1,058,571
US Bank NA		4.95			10-30-14		275,000		299,412
Wachovia Bank NA (l)		5.85			2-1-37		1,000,000		1,242,218
Wachovia Bank NA (l)		6.60			1-15-38		600,000		817,980
Wachovia Corporation (l)		5.25			8-1-14		1,000,000		1,075,795
Wachovia Corporation (l)		5.50			8-1-35		700,000		804,198
Wachovia Corporation (l)		5.63			10-15-16		1,200,000		1,381,834
Wachovia Corporation (l)		5.75			6-15-17		1,000,000		1,193,428
Wachovia Corporation (l)		5.75			2-1-18		1,000,000		1,200,592
Wells Fargo & Company (l)		1.50			7-1-15		750,000		761,593
Wells Fargo & Company (l)		2.63			12-15-16		1,000,000		1,059,501
Wells Fargo & Company (l)		3.68			6-15-16		1,000,000		1,087,919
Wells Fargo & Company (l)		3.75			10-1-14		1,500,000		1,586,558


36		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Commercial Banks (continued)
Wells Fargo & Company (l)		4.60	%		4-1-21	$	1,250,000	$	1,441,646
Wells Fargo & Company (l)		4.95			10-16-13		300,000		313,509
Wells Fargo & Company (l)		5.63			12-11-17		1,500,000		1,796,628
Wells Fargo Bank NA (l)		5.95			8-26-36		350,000		444,718
Wells Fargo Capital X (l)		5.95			12-15-36		500,000		507,500
Westpac Banking Corporation		3.00			12-9-15		1,000,000		1,058,888
Zions Bancorporation		7.75			9-23-14		200,000		218,481

									44,806,764


Consumer Finance: 0.97%
ABB Finance (USA) Incorporated		1.63			5-8-17		100,000		101,637
ABB Finance (USA) Incorporated		2.88			5-8-22		1,100,000		1,141,657
ABB Finance (USA) Incorporated		4.38			5-8-42		37,000		41,864
Ahold Finance USA LLC		6.88			5-1-29		300,000		384,245
American Express Centurion Bank		6.00			9-13-17		500,000		604,548
American Express Company		5.50			9-12-16		500,000		581,222
American Express Company ± §		6.80			9-1-66		200,000		213,000
American Express Company		7.00			3-19-18		800,000		1,015,214
American Express Company		7.25			5-20-14		650,000		719,479
American Express Company		8.13			5-20-19		650,000		880,962
American Express Company		8.15			3-19-38		300,000		485,451
American Express Credit Corporation		1.75			6-12-15		78,000		79,822
American Express Credit Corporation		2.38			3-24-17		750,000		788,463
American Express Credit Corporation		2.75			9-15-15		1,000,000		1,055,607
American Express Credit Corporation		2.80			9-19-16		500,000		532,384
American Express Credit Corporation		5.13			8-25-14		500,000		542,911
American Express Credit Corporation		5.30			12-2-15		500,000		564,531
Anadarko Finance Company Series B		7.50			5-1-31		325,000		435,915
Barrick Gold Finance Company LLC		4.40			5-30-21		600,000		649,082
Barrick Gold Finance Company LLC		5.70			5-30-41		300,000		345,649
Barrick Gold Finance Company LLC		6.13			9-15-13		250,000		263,581
BellSouth Capital Funding Corporation		7.88			2-15-30		750,000		1,019,710
Bunge Limited Finance Corporation		4.10			3-15-16		100,000		105,807
Bunge Limited Finance Corporation		5.10			7-15-15		300,000		321,096
Bunge Limited Finance Corporation		8.50			6-15-19		500,000		631,547
Capital One Financial Corporation		2.13			7-15-14		300,000		305,205
Capital One Financial Corporation		3.15			7-15-16		260,000		275,991
Capital One Financial Corporation		4.75			7-15-21		450,000		505,150
Capital One Financial Corporation		6.15			9-1-16		500,000		562,297
Capital One Financial Corporation		6.75			9-15-17		283,000		346,004
Capital One Financial Corporation		7.38			5-23-14		700,000		772,863
Caterpillar Financial Services Corporation		1.38			5-20-14		120,000		121,723
Caterpillar Financial Services Corporation		1.65			4-1-14		100,000		101,735
Caterpillar Financial Services Corporation		2.65			4-1-16		100,000		106,050
Caterpillar Financial Services Corporation		5.50			3-15-16		275,000		317,208
Caterpillar Financial Services Corporation		6.13			2-17-14		750,000		810,095
Caterpillar Financial Services Corporation		6.20			9-30-13		500,000		531,047
Caterpillar Financial Services Corporation		7.15			2-15-19		1,000,000		1,317,378
Caterpillar Financial Services Corporation Series F		4.75			2-17-15		415,000		455,251
Daimler Finance North America LLC		6.50			11-15-13		830,000		887,038


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			37


Security name	Interest rate			Maturity date		Principal		Value


Consumer Finance (continued)
Daimler Finance North America LLC		8.50	%		1-18-31	$	425,000	$	667,893
Devon Financing Corporation LLC		7.88			9-30-31		120,000		174,709
Ford Motor Credit Company LLC		3.00			6-12-17		5,200,000		5,219,859
Ford Motor Credit Company LLC		3.88			1-15-15		5,000,000		5,202,710
John Deere Capital Corporation		0.95			6-29-15		200,000		201,541
John Deere Capital Corporation		1.40			3-15-17		500,000		511,217
John Deere Capital Corporation		1.60			3-3-14		500,000		508,104
John Deere Capital Corporation		2.25			6-7-16		200,000		209,312
John Deere Capital Corporation		3.90			7-12-21		300,000		338,154
John Deere Capital Corporation		5.50			4-13-17		100,000		119,233
John Deere Capital Corporation		5.75			9-10-18		500,000		617,727
National City Corporation		4.90			1-15-15		360,000		390,938
National City Corporation		6.88			5-15-19		500,000		618,597
Reed Elsevier Capital Incorporated		8.63			1-15-19		500,000		641,848
SLM Corporation		5.63			8-1-33		315,000		283,500
SLM Corporation		6.25			1-25-16		1,000,000		1,070,000
SLM Corporation		8.00			3-25-20		400,000		453,000
SLM Corporation		8.45			6-15-18		750,000		866,250
SLM Corporation Series A		5.00			10-1-13		800,000		824,000
SLM Corporation Series A		5.00			4-15-15		500,000		521,300
Teva Pharmaceutical Finance LLC		3.65			11-10-21		500,000		540,782
Teva Pharmaceutical Finance LLC		5.55			2-1-16		200,000		228,002
Teva Pharmaceutical Finance LLC		6.15			2-1-36		400,000		536,846
Toyota Motor Credit Corporation		0.88			7-17-15		500,000		503,002
Toyota Motor Credit Corporation		1.00			2-17-15		150,000		151,536
Toyota Motor Credit Corporation		2.00			9-15-16		500,000		521,027
Toyota Motor Credit Corporation		2.05			1-12-17		750,000		781,057
Toyota Motor Credit Corporation		3.20			6-17-15		1,000,000		1,068,916
Toyota Motor Credit Corporation		3.30			1-12-22		500,000		536,047
Toyota Motor Credit Corporation		3.40			9-15-21		350,000		381,125
Toyota Motor Credit Corporation		4.50			6-17-20		500,000		579,756

									46,188,407


Diversified Financial Services: 2.61%
AmeriTech Funding Corporation		6.45			1-15-18		300,000		346,480
Aristotle Holding Incorporated 144A		2.75			11-21-14		500,000		518,191
Aristotle Holding Incorporated 144A		3.50			11-15-16		500,000		536,612
Aristotle Holding Incorporated 144A		4.75			11-15-21		750,000		865,603
Aristotle Holding Incorporated 144A		6.13			11-15-41		250,000		326,143
Bank of America Corporation		3.70			9-1-15		500,000		522,106
Bank of America Corporation		3.75			7-12-16		2,000,000		2,096,200
Bank of America Corporation		4.50			4-1-15		1,000,000		1,063,773
Bank of America Corporation		4.75			8-1-15		1,750,000		1,873,160
Bank of America Corporation		5.25			12-1-15		500,000		528,203
Bank of America Corporation		5.38			6-15-14		700,000		741,631
Bank of America Corporation		5.49			3-15-19		250,000		264,973
Bank of America Corporation		5.63			10-14-16		100,000		111,156
Bank of America Corporation		5.65			5-1-18		1,000,000		1,117,340
Bank of America Corporation		5.70			1-24-22		1,500,000		1,697,423
Bank of America Corporation		5.75			12-1-17		1,500,000		1,677,375


38		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Diversified Financial Services (continued)
Bank of America Corporation		5.88	%		1-5-21	$	500,000	$	562,328
Bank of America Corporation		5.88			2-7-42		500,000		568,190
Bank of America Corporation		6.00			9-1-17		1,000,000		1,127,455
Bank of America Corporation		6.00			10-15-36		800,000		903,289
Bank of America Corporation		6.50			8-1-16		1,850,000		2,109,942
Bank of America Corporation		7.38			5-15-14		1,500,000		1,636,866
Bank of America Corporation		7.63			6-1-19		2,500,000		3,054,583
BHP Billiton Finance USA Limited		1.13			11-21-14		150,000		151,731
BHP Billiton Finance USA Limited		3.25			11-21-21		500,000		529,268
BHP Billiton Finance USA Limited		4.13			2-24-42		650,000		680,622
BHP Billiton Finance USA Limited		5.25			12-15-15		150,000		170,889
Citigroup Incorporated		2.65			3-2-15		1,000,000		1,019,788
Citigroup Incorporated		3.95			6-15-16		1,000,000		1,054,848
Citigroup Incorporated		4.50			1-14-22		1,000,000		1,057,626
Citigroup Incorporated		4.59			12-15-15		500,000		537,942
Citigroup Incorporated		4.75			5-19-15		1,500,000		1,610,301
Citigroup Incorporated		5.00			9-15-14		900,000		941,462
Citigroup Incorporated		5.38			8-9-20		500,000		559,498
Citigroup Incorporated		5.50			10-15-14		1,000,000		1,073,861
Citigroup Incorporated		5.50			2-15-17		1,000,000		1,075,922
Citigroup Incorporated		5.88			5-29-37		500,000		579,204
Citigroup Incorporated		6.00			12-13-13		1,000,000		1,056,636
Citigroup Incorporated		6.00			8-15-17		100,000		114,209
Citigroup Incorporated		6.00			10-31-33		1,225,000		1,276,495
Citigroup Incorporated		6.13			11-21-17		1,000,000		1,154,651
Citigroup Incorporated		6.13			5-15-18		3,000,000		3,479,700
Citigroup Incorporated		6.13			8-25-36		500,000		531,922
Citigroup Incorporated		6.38			8-12-14		1,500,000		1,627,163
Citigroup Incorporated		6.88			3-5-38		1,300,000		1,672,384
Citigroup Incorporated		8.13			7-15-39		855,000		1,254,828
Citigroup Incorporated		8.50			5-22-19		900,000		1,151,922
CME Group Incorporated		5.75			2-15-14		500,000		535,868
Deutsche Bank Financial LLC		5.38			3-2-15		300,000		316,794
Discover Financial Services 144A		5.20			4-27-22		600,000		638,177
Equifax Incorporated		4.45			12-1-14		100,000		106,056
General Electric Capital Corporation		1.88			9-16-13		200,000		202,801
General Electric Capital Corporation		2.10			1-7-14		1,000,000		1,019,821
General Electric Capital Corporation		2.30			4-27-17		2,000,000		2,064,822
General Electric Capital Corporation		3.35			10-17-16		2,000,000		2,150,954
General Electric Capital Corporation		3.50			6-29-15		500,000		532,865
General Electric Capital Corporation		3.75			11-14-14		500,000		530,387
General Electric Capital Corporation		4.38			9-16-20		2,000,000		2,221,558
General Electric Capital Corporation		4.88			3-4-15		500,000		547,186
General Electric Capital Corporation		5.00			1-8-16		1,000,000		1,115,870
General Electric Capital Corporation		5.30			2-11-21		845,000		972,968
General Electric Capital Corporation		5.50			1-8-20		1,000,000		1,184,292
General Electric Capital Corporation		5.63			9-15-17		1,500,000		1,772,648
General Electric Capital Corporation		5.63			5-1-18		1,000,000		1,184,415
General Electric Capital Corporation		5.88			1-14-38		2,500,000		3,039,865
General Electric Capital Corporation		5.90			5-13-14		1,625,000		1,767,582


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			39


Security name	Interest rate			Maturity date		Principal		Value


Diversified Financial Services (continued)
General Electric Capital Corporation		6.00	%		8-7-19	$	850,000	$	1,032,337
General Electric Capital Corporation		6.15			8-7-37		650,000		816,392
General Electric Capital Corporation ± §		6.38			11-15-67		1,000,000		1,053,750
General Electric Capital Corporation		6.88			1-10-39		1,500,000		2,053,356
General Electric Capital Corporation Series A		6.75			3-15-32		1,850,000		2,405,272
HSBC Finance Capital Trust IX ±		5.91			11-30-35		200,000		194,500
HSBC Finance Corporation		5.00			6-30-15		1,825,000		1,961,019
HSBC Finance Corporation		6.68			1-15-21		1,179,000		1,338,151
JPMorgan Chase & Company		1.65			9-30-13		500,000		505,076
JPMorgan Chase & Company		2.05			1-24-14		1,000,000		1,017,464
JPMorgan Chase & Company		2.60			1-15-16		1,500,000		1,557,182
JPMorgan Chase & Company		3.40			6-24-15		500,000		529,014
JPMorgan Chase & Company		3.45			3-1-16		500,000		532,416
JPMorgan Chase & Company		3.70			1-20-15		1,500,000		1,591,313
JPMorgan Chase & Company		4.35			8-15-21		2,000,000		2,193,408
JPMorgan Chase & Company		4.40			7-22-20		1,500,000		1,663,760
JPMorgan Chase & Company		4.63			5-10-21		1,500,000		1,678,512
JPMorgan Chase & Company		4.65			6-1-14		1,650,000		1,755,206
JPMorgan Chase & Company		5.25			5-1-15		1,100,000		1,200,156
JPMorgan Chase & Company		5.60			7-15-41		1,100,000		1,350,593
JPMorgan Chase & Company		6.00			1-15-18		1,000,000		1,194,793
JPMorgan Chase & Company		6.30			4-23-19		1,500,000		1,831,572
JPMorgan Chase & Company		6.40			5-15-38		1,350,000		1,791,773
JPMorgan Chase Bank National		6.00			10-1-17		1,250,000		1,471,861
Mellon Funding Corporation		5.00			12-1-14		200,000		214,288
Mellon Funding Corporation		5.20			5-15-14		100,000		107,910
Mellon Funding Corporation		5.50			11-15-18		200,000		236,946
Merrill Lynch & Company Incorporated		5.45			7-15-14		450,000		481,503
Merrill Lynch & Company Incorporated		5.70			5-2-17		700,000		749,960
Merrill Lynch & Company Incorporated		6.05			5-16-16		1,500,000		1,616,660
Merrill Lynch & Company Incorporated		6.11			1-29-37		600,000		603,295
Merrill Lynch & Company Incorporated		6.40			8-28-17		500,000		568,150
Merrill Lynch & Company Incorporated		6.88			4-25-18		1,690,000		1,971,559
Merrill Lynch & Company Incorporated		7.75			5-14-38		750,000		908,759
Moody’s Corporation		4.50			9-1-22		250,000		260,144
Murray Street Investment Trust I		4.65			3-9-17		1,000,000		1,043,925
NASDAQ OMX Group Incorporated		4.00			1-15-15		200,000		209,199
NASDAQ OMX Group Incorporated		5.25			1-16-18		60,000		64,685
NASDAQ OMX Group Incorporated		5.55			1-15-20		500,000		535,684
National Rural Utilities Cooperative Finance Corporation		1.00			2-2-15		675,000		683,092
National Rural Utilities Cooperative Finance Corporation		3.05			3-1-16		100,000		106,464
National Rural Utilities Cooperative Finance Corporation		5.45			4-10-17		250,000		297,563
National Rural Utilities Cooperative Finance Corporation		10.38			11-1-18		700,000		1,028,442
National Rural Utilities Cooperative Finance Corporation Series C		8.00			3-1-32		150,000		230,506
NCUA Guaranteed Notes		3.45			6-12-21		200,000		225,540
Orix Corporation		5.00			1-12-16		500,000		535,205
PACCAR Financial Corporation		0.75			8-14-15		300,000		300,497
PC Financial Partnership		5.00			11-15-14		250,000		271,007
PNC Funding Corporation		2.70			9-19-16		1,000,000		1,066,009
PNC Funding Corporation		3.63			2-8-15		1,100,000		1,171,300


40		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Diversified Financial Services (continued)
PNC Funding Corporation		5.13	%		2-8-20	$	150,000	$	177,602
PNC Funding Corporation		5.63			2-1-17		350,000		401,888
PNC Funding Corporation		6.70			6-10-19		500,000		631,533
PPL Capital Funding Incorporated		4.20			6-15-22		200,000		211,445
Private Export Funding Corporation		1.38			2-15-17		125,000		128,123
Private Export Funding Corporation		2.45			7-15-24		300,000		302,171
Private Export Funding Corporation		4.30			12-15-21		100,000		120,324
Private Export Funding Corporation		4.95			11-15-15		250,000		284,838
Rio Tinto Finance USA Limited		2.25			9-20-16		200,000		208,553
Rio Tinto Finance USA Limited		3.75			9-20-21		500,000		536,333
Santander Holdings USA		4.63			4-19-16		500,000		503,200
Teco Finance Incorporated		4.00			3-15-16		130,000		140,964
Teco Finance Incorporated		5.15			3-15-20		65,000		75,764
Teco Finance Incorporated		6.57			11-1-17		250,000		301,162
UBS AG Stamford Connecticut		5.88			7-15-16		430,000		466,813
Unilever Capital Corporation		2.75			2-10-16		300,000		319,202
Unilever Capital Corporation		3.65			2-15-14		750,000		784,803
Unilever Capital Corporation		4.25			2-10-21		300,000		352,287
Unilever Capital Corporation		5.90			11-15-32		200,000		286,742

									124,957,738


Insurance: 1.03%
ACE INA Holdings Incorporated		2.60			11-23-15		500,000		524,214
ACE INA Holdings Incorporated		5.60			5-15-15		350,000		391,723
ACE INA Holdings Incorporated		5.88			6-15-14		75,000		81,683
ACE INA Holdings Incorporated		5.90			6-15-19		500,000		621,064
Aegon Funding Corporation		5.75			12-15-20		75,000		86,313
AFLAC Incorporated		3.45			8-15-15		150,000		160,477
AFLAC Incorporated		6.90			12-17-39		250,000		323,596
AFLAC Incorporated		8.50			5-15-19		150,000		201,475
Alleghany Corporation		5.63			9-15-20		100,000		110,460
Allied World Assurance		5.50			11-15-20		300,000		326,928
Allstate Corporation		5.00			8-15-14		300,000		325,150
Allstate Corporation		5.20			1-15-42		500,000		605,444
Allstate Corporation		5.55			5-9-35		830,000		1,026,807
Allstate Corporation ± §		6.13			5-15-67		300,000		307,875
Allstate Corporation		6.20			5-16-14		150,000		163,849
Allstate Corporation ± §		6.50			5-15-67		200,000		209,750
Allstate Corporation		7.45			5-16-19		650,000		850,772
American International Group Incorporated		3.00			3-20-15		500,000		514,283
American International Group Incorporated		3.80			3-22-17		1,000,000		1,058,466
American International Group Incorporated		4.25			9-15-14		500,000		525,702
American International Group Incorporated		4.88			9-15-16		500,000		548,153
American International Group Incorporated		5.05			10-1-15		250,000		271,630
American International Group Incorporated		5.45			5-18-17		700,000		786,610
American International Group Incorporated		5.85			1-16-18		850,000		974,411
American International Group Incorporated		6.25			5-1-36		250,000		313,864
American International Group Incorporated		6.40			12-15-20		1,000,000		1,189,077
American International Group Incorporated 144A		6.82			11-15-37		246,000		313,476
American International Group Incorporated ± §		8.18			5-15-68		1,300,000		1,551,875


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			41


Security name	Interest rate			Maturity date		Principal		Value


Insurance (continued)
American International Group Incorporated		8.25	%		8-15-18	$	750,000	$	946,349
AON Corporation		3.13			5-27-16		350,000		369,703
AON Corporation		3.50			9-30-15		100,000		105,439
AON Corporation		5.00			9-30-20		550,000		630,702
AON Corporation		6.25			9-30-40		100,000		131,486
AON Corporation		8.21			1-1-27		75,000		90,975
Assurant Incorporated		6.75			2-15-34		375,000		429,144
AXIS Specialty Finance LLC		5.88			6-1-20		200,000		221,876
Berkshire Hathaway Incorporated		1.90			1-31-17		1,275,000		1,324,103
Berkshire Hathaway Incorporated		3.40			1-31-22		250,000		268,242
CHUBB Corporation		5.75			5-15-18		250,000		309,244
CHUBB Corporation		6.00			5-11-37		280,000		386,088
CHUBB Corporation ± §		6.38			3-29-67		350,000		370,563
CHUBB Corporation		6.50			5-15-38		350,000		511,875
Cincinnati Financial Corporation		6.92			5-15-28		75,000		91,390
CNA Financial Corporation		5.85			12-15-14		365,000		390,789
CNA Financial Corporation		5.88			8-15-20		500,000		576,721
CNA Financial Corporation		6.50			8-15-16		50,000		57,537
CNA Financial Corporation		7.35			11-15-19		295,000		358,205
Endurance Specialty Holdings Limited		7.00			7-15-34		200,000		219,347
Fidelity National Financial Incorporated		5.50			9-1-22		100,000		103,232
GE Global Insurance Holdings		7.00			2-15-26		430,000		515,627
Genworth Financial Incorporated		4.95			10-1-15		100,000		99,882
Genworth Financial Incorporated		6.52			5-22-18		500,000		505,455
Genworth Financial Incorporated		7.20			2-15-21		500,000		502,500
Genworth Financial Incorporated		8.63			12-15-16		500,000		553,167
Hartford Financial Services Group Incorporated		5.50			10-15-16		250,000		273,141
Hartford Financial Services Group Incorporated		5.50			3-30-20		250,000		273,023
Hartford Financial Services Group Incorporated		5.95			10-15-36		75,000		77,576
Hartford Financial Services Group Incorporated		6.00			1-15-19		750,000		835,083
Hartford Financial Services Group Incorporated		6.63			3-30-40		500,000		561,165
Jefferson-Pilot Corporation		4.75			1-30-14		250,000		261,112
Lincoln National Corporation		4.85			6-24-21		80,000		87,462
Lincoln National Corporation		6.15			4-7-36		500,000		556,377
Lincoln National Corporation		6.25			2-15-20		300,000		348,238
Lincoln National Corporation ± §		7.00			5-17-66		350,000		350,000
Lincoln National Corporation		8.75			7-1-19		120,000		155,354
Loews Corporation		5.25			3-15-16		200,000		225,414
Markel Corporation		5.35			6-1-21		100,000		108,308
Markel Corporation		7.13			9-30-19		100,000		117,367
Marsh & McLennan Companies Incorporated		4.80			7-15-21		300,000		336,996
Marsh & McLennan Companies Incorporated		5.75			9-15-15		500,000		556,436
Marsh & McLennan Companies Incorporated		9.25			4-15-19		300,000		401,955
MetLife Incorporated		2.38			2-6-14		500,000		511,584
MetLife Incorporated		4.75			2-8-21		750,000		867,993
MetLife Incorporated		5.00			11-24-13		250,000		263,225
MetLife Incorporated		5.70			6-15-35		250,000		312,430
MetLife Incorporated		5.88			2-6-41		700,000		899,543
MetLife Incorporated		6.38			6-15-34		280,000		370,850
MetLife Incorporated		6.40			12-15-36		800,000		851,899


42		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Insurance (continued)
MetLife Incorporated		6.50	%		12-15-32	$	200,000	$	265,443
MetLife Incorporated		6.75			6-1-16		500,000		597,976
MetLife Incorporated Series A		6.82			8-15-18		750,000		937,928
PartnerRe Finance B LLC		5.50			6-1-20		250,000		279,252
Principal Financial Group Incorporated		7.88			5-15-14		600,000		669,788
Progressive Corporation		3.75			8-23-21		1,000,000		1,099,565
Progressive Corporation		6.25			12-1-32		75,000		98,801
Progressive Corporation ± §		6.70			6-15-67		500,000		537,500
Protective Life Corporation		7.38			10-15-19		500,000		596,556
Prudential Financial Incorporated		3.00			5-12-16		1,000,000		1,051,594
Prudential Financial Incorporated		3.88			1-14-15		100,000		106,042
Prudential Financial Incorporated		4.75			9-17-15		1,000,000		1,098,024
Prudential Financial Incorporated		5.38			6-21-20		500,000		578,067
Prudential Financial Incorporated		5.70			12-14-36		538,000		597,358
Prudential Financial Incorporated		6.20			1-15-15		30,000		33,123
Prudential Financial Incorporated		6.20			11-15-40		250,000		294,812
Prudential Financial Incorporated		6.63			12-1-37		65,000		80,303
Prudential Financial Incorporated		7.38			6-15-19		55,000		69,254
Prudential Financial Incorporated ± §		8.88			6-15-68		200,000		244,000
Prudential Financial Incorporated Series B		5.75			7-15-33		500,000		544,373
Prudential Financial Incorporated Series C		5.40			6-13-35		180,000		190,822
Reinsurance Group of America Incorporated		5.00			6-1-21		60,000		63,914
Reinsurance Group of America Incorporated		6.45			11-15-19		350,000		400,685
St. Paul Travelers Companies Incorporated		5.50			12-1-15		180,000		204,227
Stancorp Financial Group Incorporated		5.00			8-15-22		100,000		102,733
The Travelers Companies Incorporated		5.75			12-15-17		150,000		183,723
The Travelers Companies Incorporated		5.90			6-2-19		500,000		624,029
The Travelers Companies Incorporated		6.25			6-15-37		365,000		500,725
Transatlantic Holdings Incorporated		5.75			12-14-15		475,000		529,166
Transatlantic Holdings Incorporated		8.00			11-30-39		100,000		123,574
Travelers Property Casualty Corporation		6.38			3-15-33		600,000		807,811
Unitrin Incorporated		6.00			5-15-17		100,000		106,565
Unum Group		7.13			9-30-16		115,000		133,926
Willis North America Incorporated		5.63			7-15-15		75,000		81,374
Willis North America Incorporated		7.00			9-29-19		500,000		597,869
WR Berkley Corporation		5.38			9-15-20		200,000		220,114
WR Berkley Corporation		6.25			2-15-37		100,000		115,100
XL Capital Limited		6.25			5-15-27		100,000		112,300
XL Capital Limited		6.38			11-15-24		100,000		118,965

									49,034,680


Real Estate Management & Development: 0.02%
AMB Property LP		6.63			12-1-19		500,000		600,751
Regency Centers LP		4.80			4-15-21		200,000		216,806
Regency Centers LP		5.88			6-15-17		100,000		114,937

									932,494


REITs: 0.52%
American Tower Corporation		4.50			1-15-18		500,000		547,139
American Tower Corporation		4.63			4-1-15		100,000		106,559


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			43


Security name	Interest rate			Maturity date		Principal		Value


REITs (continued)
American Tower Corporation		5.05	%		9-1-20	$	500,000	$	546,917
American Tower Corporation		5.90			11-1-21		65,000		75,722
American Tower Corporation		7.00			10-15-17		350,000		416,145
AvalonBay Communities Incorporated		5.70			3-15-17		150,000		175,077
AvalonBay Communities Incorporated		6.10			3-15-20		100,000		121,849
BioMed Realty Trust Incorporated		3.85			4-15-16		150,000		156,768
Boston Properties LP		4.13			5-15-21		300,000		320,829
Boston Properties LP		5.63			4-15-15		250,000		277,277
Boston Properties LP		5.63			11-15-20		500,000		588,594
Boston Properties LP		5.88			10-15-19		500,000		591,636
BRE Properties Incorporated		5.20			3-15-21		65,000		73,837
Camden Property Trust		4.63			6-15-21		150,000		163,486
Camden Property Trust		4.88			6-15-23		100,000		112,458
Commonwealth REIT		5.88			9-15-20		100,000		105,366
Digital Realty Trust LP		5.25			3-15-21		100,000		110,451
Digital Realty Trust LP		5.88			2-1-20		300,000		340,802
Duke Realty LP		5.95			2-15-17		350,000		393,668
Duke Realty LP		7.38			2-15-15		500,000		561,899
Entertainment Properties Trust		5.75			8-15-22		150,000		151,519
ERP Operating LP		5.25			9-15-14		480,000		518,493
ERP Operating LP		5.75			6-15-17		750,000		883,721
ERP Operation LP		4.63			12-15-21		1,000,000		1,146,966
Federal Realty Investment Trust		3.00			8-1-22		100,000		100,027
HCP Incorporated		2.70			2-1-14		360,000		367,345
HCP Incorporated		3.15			8-1-22		100,000		97,638
HCP Incorporated		3.75			2-1-16		355,000		376,044
HCP Incorporated		3.75			2-1-19		100,000		104,169
HCP Incorporated		5.38			2-1-21		65,000		74,450
HCP Incorporated		5.63			5-1-17		100,000		113,018
HCP Incorporated		6.00			1-30-17		200,000		228,246
HCP Incorporated		6.70			1-30-18		500,000		593,413
HCP Incorporated		6.75			2-1-41		65,000		85,076
Health Care Incorporated		3.63			3-15-16		300,000		315,852
Health Care Incorporated		4.70			9-15-17		500,000		540,997
Health Care Incorporated		4.95			1-15-21		250,000		270,728
Health Care Incorporated		5.25			1-15-22		100,000		111,969
Health Care Incorporated		5.75			1-15-21		250,000		274,661
Health Care Incorporated		6.13			4-15-20		250,000		290,718
Health Care Incorporated		6.50			1-17-17		60,000		67,396
Health Care Incorporated		6.50			3-15-41		100,000		116,628
Highwoods Realty Limited		5.85			3-15-17		300,000		328,174
Hospitality Properties Trust		5.63			3-15-17		75,000		80,373
Hospitality Properties Trust		7.88			8-15-14		500,000		541,321
HRPT Properties Trust		5.75			11-1-15		350,000		367,654
Kilroy Realty Corporation		4.80			7-15-18		150,000		164,252
Kilroy Realty Corporation		5.00			11-3-15		100,000		108,701
Kimco Realty Corporation		5.70			5-1-17		500,000		573,328
Kimco Realty Corporation		6.88			10-1-19		100,000		122,991
Liberty Property LP		4.75			10-1-20		250,000		272,416
Liberty Property LP		5.50			12-15-16		75,000		84,121


44		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


REITs (continued)
Liberty Property LP		6.63	%		10-1-17	$	150,000	$	176,293
Mack-Cali Realty Corporation		7.75			8-15-19		150,000		184,276
National Retail Properties Incorporated		3.80			10-15-22		100,000		101,616
National Retail Properties Incorporated		6.88			10-15-17		100,000		119,620
Omega Healthcare Investors Incorporated		6.75			10-15-22		250,000		274,375
ProLogis Trust		6.25			3-15-17		100,000		114,415
ProLogis Trust		6.63			5-15-18		100,000		118,406
ProLogis Trust		6.88			3-15-20		531,000		638,414
ProLogis Trust		7.63			8-15-14		100,000		110,098
Realty Income Corporation		5.75			1-15-21		300,000		348,372
Realty Income Corporation		5.95			9-15-16		100,000		113,818
Senior Housing Properties Trust		4.30			1-15-16		100,000		102,246
Simon Property Group LP		2.15			9-15-17		500,000		514,156
Simon Property Group LP		3.38			3-15-22		500,000		527,410
Simon Property Group LP		4.20			2-1-15		90,000		95,994
Simon Property Group LP		4.38			3-1-21		500,000		558,994
Simon Property Group LP		4.75			3-15-42		250,000		275,800
Simon Property Group LP		5.10			6-15-15		750,000		825,406
Simon Property Group LP		5.25			12-1-16		50,000		57,060
Simon Property Group LP		5.65			2-1-20		200,000		240,786
Simon Property Group LP		5.75			12-1-15		125,000		140,890
Simon Property Group LP		5.88			3-1-17		250,000		294,508
Simon Property Group LP		6.13			5-30-18		100,000		121,131
Simon Property Group LP		6.75			2-1-40		350,000		479,775
Simon Property Group LP		10.35			4-1-19		600,000		858,808
Tanger Properties LP		6.15			11-15-15		250,000		279,094
UDR Incorporated		4.25			6-1-18		150,000		161,587
UDR Incorporated		4.63			1-10-22		100,000		109,899
Ventas Realty LP		3.13			11-30-15		100,000		104,373
Ventas Realty LP		4.25			3-1-22		1,000,000		1,069,950
Ventas Realty LP		4.75			6-1-21		150,000		164,783
Vornado Realty Trust		4.25			4-1-15		250,000		264,384

									24,805,621


Thrifts & Mortgage Finance: 0.00%
Astoria Financial Corporation		5.00			6-19-17		100,000		102,422


Health Care: 1.64%

Biotechnology: 0.23%
Amgen Incorporated		1.88			11-15-14		750,000		768,668
Amgen Incorporated		2.30			6-15-16		600,000		624,441
Amgen Incorporated		3.88			11-15-21		500,000		541,044
Amgen Incorporated		4.10			6-15-21		100,000		110,024
Amgen Incorporated		4.50			3-15-20		65,000		72,905
Amgen Incorporated		4.95			10-1-41		500,000		530,715
Amgen Incorporated		5.15			11-15-41		350,000		382,758
Amgen Incorporated		5.65			6-15-42		1,100,000		1,284,983
Amgen Incorporated		5.70			2-1-19		1,000,000		1,188,026
Amgen Incorporated		5.75			3-15-40		80,000		93,087
Amgen Incorporated		5.85			6-1-17		350,000		416,115


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			45


Security name	Interest rate			Maturity date		Principal		Value


Biotechnology (continued)
Amgen Incorporated		6.15	%		6-1-18	$	250,000	$	304,393
Amgen Incorporated		6.38			6-1-37		500,000		619,473
Amgen Incorporated		6.40			2-1-39		250,000		310,982
Biogen Idec Incorporated		6.88			3-1-18		500,000		614,862
Celgene Corporation		2.45			10-15-15		200,000		207,026
Celgene Corporation		3.25			8-15-22		250,000		251,413
Celgene Corporation		3.95			10-15-20		200,000		215,928
Genzyme Corporation		3.63			6-15-15		250,000		270,254
Genzyme Corporation		5.00			6-15-20		200,000		239,291
Gilead Sciences Incorporated		4.40			12-1-21		800,000		909,029
Gilead Sciences Incorporated		4.50			4-1-21		500,000		572,426
Gilead Sciences Incorporated		5.65			12-1-41		400,000		509,999

									11,037,842


Health Care Equipment & Supplies: 0.23%
Baxter International Incorporated		2.40			8-15-22		250,000		251,698
Baxter International Incorporated		3.65			8-15-42		250,000		255,700
Baxter International Incorporated		4.25			3-15-20		100,000		114,725
Baxter International Incorporated		5.38			6-1-18		500,000		605,087
Baxter International Incorporated		5.90			9-1-16		50,000		59,630
Baxter International Incorporated		6.25			12-1-37		250,000		356,269
Becton Dickinson and Company		1.75			11-8-16		500,000		516,676
Becton Dickinson and Company		3.13			11-8-21		300,000		322,336
Becton Dickinson and Company		3.25			11-12-20		350,000		380,854
Becton Dickinson and Company		6.00			5-15-39		200,000		276,906
Boston Scientific Corporation		4.50			1-15-15		750,000		800,795
Boston Scientific Corporation		6.00			1-15-20		350,000		418,776
Boston Scientific Corporation		6.40			6-15-16		350,000		406,087
Boston Scientific Corporation		7.38			1-15-40		300,000		416,601
C.R. Bard Incorporated		2.88			1-15-16		100,000		105,453
C.R. Bard Incorporated		4.40			1-15-21		168,000		194,781
CareFusion Corporation		6.38			8-1-19		500,000		600,935
Dentsply International		2.75			8-15-16		55,000		56,655
Hospira Incorporated		6.05			3-30-17		500,000		576,540
Hospira Incorporated		6.40			5-15-15		45,000		49,858
Medtronic Incorporated		3.00			3-15-15		750,000		792,265
Medtronic Incorporated		4.45			3-15-20		1,000,000		1,156,580
Medtronic Incorporated		4.50			3-15-14		250,000		264,865
Medtronic Incorporated		5.55			3-15-40		300,000		385,729
St. Jude Medical Incorporated		2.50			1-15-16		250,000		260,883
St. Jude Medical Incorporated		3.75			7-15-14		500,000		527,360
Stryker Corporation		3.00			1-15-15		150,000		157,899
Stryker Corporation		4.38			1-15-20		150,000		172,905
Zimmer Holdings Incorporated		4.63			11-30-19		250,000		285,794
Zimmer Holdings Incorporated		5.75			11-30-39		250,000		310,333

									11,080,975


Health Care Providers & Services: 0.42%
Aetna Incorporated		3.95			9-1-20		200,000		220,830
Aetna Incorporated		4.13			6-1-21		200,000		220,518


46		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Health Care Providers & Services (continued)
Aetna Incorporated		6.00	%		6-15-16	$	300,000	$	351,372
Aetna Incorporated		6.63			6-15-36		650,000		851,930
AmerisourceBergen Corporation		3.50			11-15-21		300,000		325,081
AmerisourceBergen Corporation		4.88			11-15-19		250,000		292,564
Cardinal Health Incorporated		5.80			10-15-16		350,000		408,629
CIGNA Corporation		4.00			2-15-22		250,000		268,646
CIGNA Corporation		4.38			12-15-20		500,000		549,914
CIGNA Corporation		4.50			3-15-21		100,000		111,185
CIGNA Corporation		5.13			6-15-20		215,000		247,220
CIGNA Corporation		5.38			2-15-42		350,000		397,051
CIGNA Corporation		5.88			3-15-41		330,000		396,705
CIGNA Corporation		6.15			11-15-36		50,000		60,523
Coventry Health Care Incorporated		5.45			6-15-21		580,000		681,404
Express Scripts Incorporated		3.13			5-15-16		400,000		425,286
Express Scripts Incorporated		6.25			6-15-14		750,000		819,395
Humana Incorporated		7.20			6-15-18		500,000		604,279
Laboratory Corporation of America Holdings		2.20			8-23-17		67,000		67,970
Laboratory Corporation of America Holdings		3.75			8-23-22		56,000		58,161
Laboratory Corporation of America Holdings		4.63			11-15-20		500,000		552,749
Laboratory Corporation of America Holdings		5.63			12-15-15		200,000		225,696
McKesson Corporation		3.25			3-1-16		500,000		538,423
McKesson Corporation		6.00			3-1-41		250,000		345,968
McKesson Corporation		7.50			2-15-19		500,000		647,778
Medco Health Solutions Incorporated		4.13			9-15-20		500,000		543,457
Quest Diagnostics Incorporated		4.75			1-30-20		590,000		662,083
Quest Diagnostics Incorporated		5.75			1-30-40		40,000		47,430
Quest Diagnostics Incorporated		6.40			7-1-17		400,000		476,550
Quest Diagnostics Incorporated		6.95			7-1-37		100,000		133,721
UnitedHealth Group Incorporated		2.88			3-15-22		1,000,000		1,025,624
UnitedHealth Group Incorporated		5.00			8-15-14		500,000		539,893
UnitedHealth Group Incorporated		5.80			3-15-36		250,000		305,742
UnitedHealth Group Incorporated		5.95			2-15-41		500,000		650,831
UnitedHealth Group Incorporated		6.00			2-15-18		1,000,000		1,232,940
UnitedHealth Group Incorporated		6.63			11-15-37		150,000		205,735
UnitedHealth Group Incorporated		6.88			2-15-38		500,000		701,294
WellPoint Incorporated		2.38			2-15-17		250,000		257,698
Wellpoint Incorporated		3.13			5-15-22		500,000		498,408
Wellpoint Incorporated		4.63			5-15-42		500,000		499,082
WellPoint Incorporated		5.25			1-15-16		100,000		111,808
WellPoint Incorporated		5.80			8-15-40		135,000		160,906
WellPoint Incorporated		5.85			1-15-36		725,000		855,485
WellPoint Incorporated		5.88			6-15-17		750,000		884,210
WellPoint Incorporated		7.00			2-15-19		500,000		622,881

									20,085,055


Life Sciences Tools & Services: 0.07%
Life Technologies Corporation		4.40			3-1-15		300,000		318,858
Life Technologies Corporation		5.00			1-15-21		150,000		170,212
Life Technologies Corporation		6.00			3-1-20		250,000		298,050


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			47


Security name	Interest rate			Maturity date		Principal		Value


Life Sciences Tools & Services (continued)
Thermo Fisher Scientific Incorporated		2.05	%		2-21-14	$	530,000	$	539,368
Thermo Fisher Scientific Incorporated		2.25			8-15-16		185,000		191,637
Thermo Fisher Scientific Incorporated		3.20			5-1-15		500,000		527,737
Thermo Fisher Scientific Incorporated		3.20			3-1-16		40,000		42,507
Thermo Fisher Scientific Incorporated		4.50			3-1-21		1,040,000		1,176,659

									3,265,028


Pharmaceuticals: 0.69%
Abbott Laboratories		2.70			5-27-15		350,000		370,881
Abbott Laboratories		4.13			5-27-20		500,000		577,509
Abbott Laboratories		5.13			4-1-19		350,000		422,929
Abbott Laboratories		5.30			5-27-40		500,000		652,903
Abbott Laboratories		5.60			11-30-17		1,000,000		1,226,336
Abbott Laboratories		5.88			5-15-16		150,000		177,437
Abbott Laboratories		6.00			4-1-39		300,000		422,098
Abbott Laboratories		6.15			11-30-37		475,000		679,092
Allergan Incorporated		3.38			9-15-20		500,000		542,900
Bristol-Myers Squibb Company		2.00			8-1-22		250,000		244,194
Bristol-Myers Squibb Company		5.45			5-1-18		500,000		608,372
Bristol-Myers Squibb Company		5.88			11-15-36		582,000		788,168
Bristol-Myers Squibb Company		6.13			5-1-38		13,000		18,313
Eli Lilly & Company		4.20			3-6-14		500,000		528,325
Eli Lilly & Company		5.20			3-15-17		500,000		590,176
Eli Lilly & Company		5.50			3-15-27		400,000		522,951
Eli Lilly & Company		5.95			11-15-37		500,000		690,826
Genentech Incorporated		4.75			7-15-15		500,000		557,309
GlaxoSmithKline Capital Incorporated		4.38			4-15-14		250,000		265,798
GlaxoSmithKline Capital Incorporated		5.38			4-15-34		300,000		373,989
GlaxoSmithKline Capital Incorporated		5.65			5-15-18		1,000,000		1,228,449
GlaxoSmithKline Capital Incorporated		6.38			5-15-38		900,000		1,297,693
Johnson & Johnson		2.15			5-15-16		500,000		527,068
Johnson & Johnson		4.50			9-1-40		300,000		363,205
Johnson & Johnson		4.85			5-15-41		200,000		258,258
Johnson & Johnson		4.95			5-15-33		180,000		223,468
Johnson & Johnson		5.15			7-15-18		500,000		614,482
Johnson & Johnson		5.55			8-15-17		250,000		305,481
Johnson & Johnson		5.85			7-15-38		500,000		717,716
Johnson & Johnson		6.73			11-15-23		300,000		431,826
Merck & Company Incorporated		3.88			1-15-21		350,000		398,743
Merck & Company Incorporated		4.75			3-1-15		225,000		248,369
Merck & Company Incorporated		5.00			6-30-19		250,000		302,472
Merck & Company Incorporated		5.75			11-15-36		400,000		553,654
Merck & Company Incorporated		5.85			6-30-39		150,000		212,442
Merck & Company Incorporated		5.95			12-1-28		65,000		86,358
Merck & Company Incorporated		6.00			9-15-17		1,000,000		1,237,079
Merck & Company Incorporated		6.30			1-1-26		250,000		338,279
Merck & Company Incorporated		6.40			3-1-28		500,000		699,771
Novartis Capital Corporation		2.90			4-24-15		850,000		903,460
Novartis Capital Corporation		4.13			2-10-14		475,000		499,401
Novartis Capital Corporation		4.40			4-24-20		500,000		590,516


48		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Pharmaceuticals (continued)
Pfizer Incorporated		4.50	%		2-15-14	$	300,000	$	317,672
Pfizer Incorporated		5.35			3-15-15		750,000		839,483
Pfizer Incorporated		5.45			4-1-17		500,000		597,085
Pfizer Incorporated		5.50			2-1-14		500,000		535,795
Pfizer Incorporated		5.50			2-15-16		180,000		208,819
Pfizer Incorporated		5.95			4-1-37		350,000		482,243
Pfizer Incorporated		6.00			2-15-36		625,000		855,514
Pfizer Incorporated		6.20			3-15-19		2,000,000		2,560,300
Pfizer Incorporated		6.50			2-1-34		500,000		714,509
Pfizer Incorporated		7.20			3-15-39		750,000		1,190,112
Schering-Plough Corporation		5.30			12-1-13		500,000		529,804
Schering-Plough Corporation		6.50			12-1-33		120,000		175,792
Schering-Plough Corporation		6.55			9-15-37		475,000		716,679
Teva Pharmaceutical Finance LLC		1.70			11-10-14		500,000		509,850
Watson Pharmaceuticals Incorporated		5.00			8-15-14		125,000		133,023
Watson Pharmaceuticals Incorporated		6.13			8-15-19		130,000		151,195

									32,816,571


Industrials: 1.60%

Aerospace & Defense: 0.46%
Boeing Capital Corporation		4.70			10-27-19		500,000		594,801
Boeing Company		4.88			2-15-20		140,000		170,052
Boeing Company		5.00			3-15-14		1,000,000		1,067,833
Boeing Company		5.88			2-15-40		30,000		42,730
Boeing Company		6.00			3-15-19		300,000		378,443
Boeing Company		6.13			2-15-33		180,000		245,174
Boeing Company		6.88			3-15-39		800,000		1,249,769
General Dynamics Corporation		1.38			1-15-15		200,000		203,657
General Dynamics Corporation		2.25			7-15-16		200,000		210,426
General Dynamics Corporation		3.88			7-15-21		200,000		227,636
General Dynamics Corporation		5.25			2-1-14		500,000		533,316
Goodrich Corporation		4.88			3-1-20		550,000		652,997
Honeywell International Incorporated		3.88			2-15-14		500,000		523,632
Honeywell International Incorporated		4.25			3-1-21		50,000		58,899
Honeywell International Incorporated		5.00			2-15-19		750,000		899,235
Honeywell International Incorporated		5.30			3-1-18		100,000		121,628
Honeywell International Incorporated		5.38			3-1-41		365,000		487,279
Honeywell International Incorporated		5.70			3-15-37		250,000		338,730
L-3 Communications Corporation		4.95			2-15-21		500,000		550,932
L-3 Communications Corporation		5.20			10-15-19		500,000		560,648
Lockheed Martin Corporation		4.25			11-15-19		1,000,000		1,124,805
Lockheed Martin Corporation		5.50			11-15-39		150,000		182,090
Lockheed Martin Corporation		5.72			6-1-40		162,000		206,628
Lockheed Martin Corporation Series B		6.15			9-1-36		350,000		457,864
Northrop Grumman Corporation		1.85			11-15-15		300,000		308,534
Northrop Grumman Corporation		3.50			3-15-21		300,000		322,832
Northrop Grumman Corporation		3.70			8-1-14		90,000		94,484
Northrop Grumman Corporation		5.05			8-1-19		85,000		99,844
Northrop Grumman Corporation		5.05			11-15-40		100,000		116,600


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			49


Security name	Interest rate			Maturity date		Principal		Value


Aerospace & Defense (continued)
Northrop Grumman Corporation		7.75	%		2-15-31	$	300,000	$	447,997
Raytheon Company		1.63			10-15-15		500,000		511,970
Raytheon Company		4.40			2-15-20		600,000		697,615
Raytheon Company		4.70			12-15-41		500,000		594,326
Raytheon Company		7.20			8-15-27		120,000		170,395
Rockwell Collins Incorporated		5.25			7-15-19		50,000		59,823
Textron Incorporated		4.63			9-21-16		100,000		108,468
United Technologies Corporation		1.80			6-1-17		533,000		551,094
United Technologies Corporation		3.10			6-1-22		839,000		893,232
United Technologies Corporation		4.50			4-15-20		500,000		591,562
United Technologies Corporation		4.50			6-1-42		1,533,000		1,745,130
United Technologies Corporation		4.88			5-1-15		850,000		945,651
United Technologies Corporation		6.05			6-1-36		400,000		534,127
United Technologies Corporation		6.13			2-1-19		565,000		711,249
United Technologies Corporation		6.13			7-15-38		500,000		679,554
United Technologies Corporation		7.50			9-15-29		430,000		648,775

									21,922,466


Air Freight & Logistics: 0.08%
FedEx Corporation		2.63			8-1-22		82,000		82,441
FedEx Corporation		7.38			1-15-14		20,000		21,779
FedEx Corporation		8.00			1-15-19		400,000		533,212
United Parcel Service Incorporated		3.13			1-15-21		900,000		971,585
United Parcel Service Incorporated		3.88			4-1-14		350,000		369,701
United Parcel Service Incorporated		5.13			4-1-19		500,000		608,340
United Parcel Service Incorporated		5.50			1-15-18		100,000		121,479
United Parcel Service Incorporated		6.20			1-15-38		795,000		1,144,247

									3,852,784


Airlines: 0.07%
American Airlines Incorporated		10.38			1-2-21		171,567		185,293
Continental Airlines Incorporated		4.75			7-12-22		477,172		503,416
Continental Airlines Incorporated		7.25			5-10-21		180,349		205,598
Continental Airlines Incorporated		9.00			1-8-18		128,616		148,230
Continental Airlines Incorporated Series A		5.98			10-19-23		387,601		424,423
Delta Air Lines Incorporated		4.95			11-23-20		183,244		196,529
Delta Air Lines Incorporated		6.82			2-10-24		81,615		89,164
Delta Air Lines Incorporated		7.75			6-17-21		369,580		422,245
Northwest Airlines Incorporated		7.03			5-1-21		179,934		191,629
Southwest Airlines Company		5.25			10-1-14		500,000		539,573
United Airlines Incorporated		10.40			5-1-18		218,413		251,721

									3,157,821


Building Products: 0.01%
Owens Corning Incorporated		6.50			12-1-16		500,000		557,858


Commercial Services & Supplies: 0.22%
ADT Corporation 144A		3.50			7-15-22		1,000,000		1,039,500
Avery Dennison Corporation		5.38			4-15-20		350,000		375,055
Black & Decker Corporation		3.40			12-1-21		60,000		62,585


50		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Commercial Services & Supplies (continued)
Cintas Corporation No. 2		2.85	%		6-1-16	$	200,000	$	210,645
Cintas Corporation No. 2		3.25			6-1-22		100,000		102,775
Cintas Corporation No. 2		4.30			6-1-21		60,000		66,425
Cintas Corporation No. 2		6.13			12-1-17		200,000		242,553
Cintas Corporation No. 2		6.15			8-15-36		50,000		61,964
Cooper US Incorporated		2.38			1-15-16		200,000		206,487
Cooper US Incorporated		3.88			12-15-20		200,000		218,979
Cooper US Incorporated		6.10			7-1-17		100,000		118,174
CRH America Incorporated		5.30			10-15-13		180,000		187,386
CRH America Incorporated		6.00			9-30-16		850,000		943,035
CRH America Incorporated		8.13			7-15-18		200,000		242,308
Equifax Incorporated		7.00			7-1-37		50,000		63,070
Pitney Bowes Incorporated		4.75			1-15-16		250,000		260,753
Pitney Bowes Incorporated		5.25			1-15-37		500,000		504,505
Pitney Bowes Incorporated		5.75			9-15-17		100,000		107,503
Republic Services Incorporated		3.55			6-1-22		1,000,000		1,052,756
Republic Services Incorporated		3.80			5-15-18		100,000		109,732
Republic Services Incorporated		4.75			5-15-23		300,000		345,539
Republic Services Incorporated		5.25			11-15-21		50,000		59,273
Republic Services Incorporated		5.50			9-15-19		125,000		148,111
Republic Services Incorporated		5.70			5-15-41		550,000		665,231
Waste Management Incorporated		4.60			3-1-21		200,000		231,885
Waste Management Incorporated		4.75			6-30-20		500,000		578,145
Waste Management Incorporated		5.00			3-15-14		415,000		441,183
Waste Management Incorporated		6.10			3-15-18		326,000		392,121
Waste Management Incorporated		6.13			11-30-39		500,000		639,268
Waste Management Incorporated		7.75			5-15-32		400,000		580,259

									10,257,205


Construction & Engineering: 0.01%
URS Corporation 144A		3.85			4-1-17		500,000		502,007


Electrical Equipment: 0.06%
Emerson Electric Company		4.13			4-15-15		300,000		326,975
Emerson Electric Company		4.25			11-15-20		200,000		231,185
Emerson Electric Company		4.75			10-15-15		100,000		111,471
Emerson Electric Company		4.88			10-15-19		200,000		240,815
Emerson Electric Company		5.25			10-15-18		50,000		60,862
Emerson Electric Company		5.25			11-15-39		500,000		636,573
Emerson Electric Company		5.38			10-15-17		200,000		238,155
Emerson Electric Company		6.13			4-15-39		100,000		141,774
Hubbell Incorporated		3.63			11-15-22		200,000		218,376
Rockwell Automation Incorporated		6.25			12-1-37		300,000		415,191
Roper Industries Incorporated		6.25			9-1-19		200,000		243,464

									2,864,841


Industrial Conglomerates: 0.11%
3M Company		1.00			6-26-17		250,000		251,962
3M Company		2.00			6-26-22		225,000		224,539
3M Company		5.70			3-15-37		325,000		455,717


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			51


Security name	Interest rate			Maturity date		Principal		Value


Industrial Conglomerates (continued)
Danaher Corporation		1.30	%		6-23-14	$	560,000	$	568,732
Danaher Corporation		2.30			6-23-16		100,000		105,279
Danaher Corporation		3.90			6-23-21		100,000		113,572
Danaher Corporation		5.40			3-1-19		450,000		546,205
GATX Corporation		3.50			7-15-16		245,000		252,739
GATX Corporation		4.85			6-1-21		100,000		103,426
GATX Corporation		8.75			5-15-14		200,000		224,383
General Electric Company		5.25			12-6-17		1,600,000		1,898,856
Textron Incorporated		7.25			10-1-19		350,000		414,413

									5,159,823


Machinery: 0.24%
Caterpillar Incorporated		0.95			6-26-15		200,000		201,983
Caterpillar Incorporated		1.38			5-27-14		100,000		101,626
Caterpillar Incorporated		1.50			6-26-17		1,000,000		1,019,471
Caterpillar Incorporated		2.60			6-26-22		200,000		206,808
Caterpillar Incorporated		3.90			5-27-21		1,000,000		1,145,971
Caterpillar Incorporated «		5.20			5-27-41		555,000		718,370
Caterpillar Incorporated		6.05			8-15-36		900,000		1,238,209
Deere & Company		2.60			6-8-22		500,000		515,636
Deere & Company		3.90			6-9-42		500,000		528,283
Deere & Company		4.38			10-16-19		400,000		466,359
Deere & Company		5.38			10-16-29		300,000		395,469
Deere & Company		6.95			4-25-14		1,000,000		1,103,603
Dover Corporation		4.30			3-1-21		500,000		580,750
Dover Corporation		5.38			10-15-35		200,000		251,509
Dover Corporation		5.45			3-15-18		100,000		118,576
Dover Corporation		6.60			3-15-38		60,000		88,501
Eaton Corporation		5.60			5-15-18		500,000		595,385
Eaton Corporation		6.95			3-20-19		200,000		256,256
Harsco Corporation		2.70			10-15-15		100,000		100,465
IDEX Corporation		4.50			12-15-20		100,000		107,030
Illinois Tool Works Incorporated		3.38			9-15-21		120,000		127,906
Illinois Tool Works Incorporated		3.90			9-1-42		200,000		204,386
Illinois Tool Works Incorporated		4.88			9-15-41		45,000		53,408
Illinois Tool Works Incorporated		5.15			4-1-14		300,000		321,642
Illinois Tool Works Incorporated		6.25			4-1-19		155,000		193,168
Kennametal Incorporated		3.88			2-15-22		98,000		102,414
Parker Hannifin Corporation		3.50			9-15-22		100,000		108,513
Parker Hannifin Corporation		5.50			5-15-18		135,000		162,203
Parker Hannifin Corporation		6.25			5-15-38		60,000		85,023
Pentair Incorporated		5.00			5-15-21		300,000		335,055
Snap-on Incorporated		6.13			9-1-21		150,000		185,443

									11,619,421


Road & Rail: 0.34%
Burlington Northern Santa Fe LLC		3.05			3-15-22		1,000,000		1,032,466
Burlington Northern Santa Fe LLC		3.60			9-1-20		200,000		217,301
Burlington Northern Santa Fe LLC		4.40			3-15-42		1,000,000		1,053,080
Burlington Northern Santa Fe LLC		4.70			10-1-19		125,000		143,563


52		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Road & Rail (continued)
Burlington Northern Santa Fe LLC		4.88	%		1-15-15	$	500,000	$	545,127
Burlington Northern Santa Fe LLC		5.65			5-1-17		360,000		428,983
Burlington Northern Santa Fe LLC		5.75			5-1-40		550,000		682,784
Burlington Northern Santa Fe LLC		6.15			5-1-37		650,000		842,715
Canadian National Railway Company		6.38			11-15-37		550,000		794,796
Con-Way Incorporated		7.25			1-15-18		350,000		408,334
CSX Corporation		3.70			10-30-20		250,000		267,927
CSX Corporation		4.25			6-1-21		200,000		223,925
CSX Corporation		4.75			5-30-42		30,000		33,269
CSX Corporation		5.60			5-1-17		100,000		116,724
CSX Corporation		6.00			10-1-36		300,000		378,310
CSX Corporation		6.15			5-1-37		320,000		414,875
CSX Corporation		6.22			4-30-40		200,000		264,266
CSX Corporation		6.25			4-1-15		700,000		796,192
CSX Corporation		7.38			2-1-19		500,000		642,589
Norfolk Southern Corporation 144A		2.90			2-15-23		886,000		905,296
Norfolk Southern Corporation		3.00			4-1-22		500,000		518,435
Norfolk Southern Corporation		4.84			10-1-41		335,000		390,192
Norfolk Southern Corporation		5.59			5-17-25		53,000		66,426
Norfolk Southern Corporation		5.75			4-1-18		1,100,000		1,327,124
Norfolk Southern Corporation		5.90			6-15-19		65,000		79,815
Ryder System Incorporated		2.50			3-1-17		200,000		203,324
Ryder System Incorporated		3.15			3-2-15		115,000		119,067
Ryder System Incorporated		3.50			6-1-17		200,000		211,786
Ryder System Incorporated		5.85			3-1-14		300,000		320,035
Ryder System Incorporated		5.85			11-1-16		250,000		286,735
Union Pacific Corporation		4.00			2-1-21		500,000		560,420
Union Pacific Corporation		4.16			7-15-22		437,000		496,613
Union Pacific Corporation		4.88			1-15-15		360,000		394,263
Union Pacific Corporation		5.78			7-15-40		300,000		385,835
Union Pacific Corporation		6.15			5-1-37		40,000		52,301
Union Pacific Corporation		6.63			2-1-29		600,000		820,982

									16,425,875


Information Technology: 1.14%

Communications Equipment: 0.17%
Cisco Systems Incorporated		2.90			11-17-14		350,000		368,900
Cisco Systems Incorporated		3.15			3-14-17		1,000,000		1,097,947
Cisco Systems Incorporated		4.45			1-15-20		850,000		996,070
Cisco Systems Incorporated		4.95			2-15-19		600,000		716,759
Cisco Systems Incorporated		5.50			2-22-16		775,000		902,672
Cisco Systems Incorporated		5.50			1-15-40		700,000		906,133
Cisco Systems Incorporated		5.90			2-15-39		800,000		1,067,957
Harris Corporation		4.40			12-15-20		300,000		328,193
Harris Corporation		5.95			12-1-17		400,000		474,158
Juniper Networks Incorporated		3.10			3-15-16		250,000		261,374
Motorola Incorporated		6.00			11-15-17		700,000		819,196
Motorola Incorporated		7.50			5-15-25		120,000		150,086

									8,089,445


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			53


Security name	Interest rate			Maturity date		Principal		Value


Computers & Peripherals: 0.20%
Dell Incorporated		5.63	%		4-15-14	$	500,000	$	538,656
Dell Incorporated		5.88			6-15-19		550,000		649,851
Dell Incorporated		6.50			4-15-38		100,000		122,589
Dell Incorporated		7.10			4-15-28		450,000		555,088
Hewlett-Packard Company		1.25			9-13-13		600,000		601,651
Hewlett-Packard Company		2.60			9-15-17		1,000,000		990,079
Hewlett-Packard Company		2.65			6-1-16		1,000,000		1,015,209
Hewlett-Packard Company		3.00			9-15-16		500,000		510,227
Hewlett-Packard Company		3.75			12-1-20		250,000		245,588
Hewlett-Packard Company		4.30			6-1-21		500,000		502,397
Hewlett-Packard Company		4.38			9-15-21		500,000		500,069
Hewlett-Packard Company		4.65			12-9-21		500,000		512,336
Hewlett-Packard Company		4.75			6-2-14		1,000,000		1,055,059
Hewlett-Packard Company		5.40			3-1-17		500,000		554,825
Hewlett-Packard Company		5.50			3-1-18		500,000		559,763
Hewlett-Packard Company		6.00			9-15-41		475,000		496,069
Lexmark International Incorporated		6.65			6-1-18		250,000		264,166

									9,673,622


Electronic Equipment, Instruments & Components: 0.06%
Agilent Technologies Incorporated		5.50			9-14-15		500,000		559,933
Agilent Technologies Incorporated		6.50			11-1-17		260,000		315,118
Amphenol Corporation		4.00			2-1-22		300,000		316,402
Amphenol Corporation		4.75			11-15-14		150,000		161,218
Arrow Electronics Incorporated		5.13			3-1-21		300,000		322,897
Arrow Electronics Incorporated		6.00			4-1-20		100,000		112,649
Avnet Incorporated		5.88			6-15-20		100,000		111,128
Avnet Incorporated		6.63			9-15-16		300,000		342,126
Corning Incorporated		4.25			8-15-20		250,000		279,937
Corning Incorporated		5.75			8-15-40		150,000		184,158
Corning Incorporated		6.63			5-15-19		20,000		24,813

									2,730,379


Internet Software & Services: 0.04%
eBay Incorporated		0.88			10-15-13		65,000		65,407
eBay Incorporated		1.63			10-15-15		400,000		413,070
eBay Incorporated		3.25			10-15-20		200,000		215,035
Google Incorporated		2.13			5-19-16		500,000		526,692
Google Incorporated		3.63			5-19-21		500,000		562,339

									1,782,543


IT Services: 0.22%
Western Union Company		5.25			4-1-20		80,000		93,105
Western Union Company		5.93			10-1-16		75,000		88,612
Western Union Company		6.20			11-17-36		75,000		86,318
Western Union Company		6.20			6-21-40		200,000		239,017
Western Union Company		6.50			2-26-14		500,000		541,412
Computer Sciences Corporation Series WI		6.50			3-15-18		150,000		168,563
Fiserv Incorporated		4.75			6-15-21		500,000		546,728


54		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


IT Services (continued)
Fiserv Incorporated		6.80	%		11-20-17	$	100,000	$	119,604
IBM Corporation		0.55			2-6-15		1,000,000		1,000,884
IBM Corporation		0.88			10-31-14		1,000,000		1,008,481
IBM Corporation		1.88			8-1-22		150,000		145,643
IBM Corporation		1.95			7-22-16		725,000		757,251
IBM Corporation		4.00			6-20-42		500,000		553,298
IBM Corporation		5.60			11-30-39		900,000		1,219,171
IBM Corporation		5.70			9-14-17		1,000,000		1,225,087
IBM Corporation		5.88			11-29-32		250,000		346,911
IBM Corporation		7.00			10-30-25		300,000		436,844
IBM Corporation		7.63			10-15-18		1,000,000		1,353,216
SAIC Incorporated		4.45			12-1-20		500,000		538,146
SAIC Incorporated		5.95			12-1-40		100,000		115,555

									10,583,846


Office Electronics: 0.07%
Xerox Corporation		2.95			3-15-17		1,000,000		1,024,182
Xerox Corporation		4.25			2-15-15		500,000		532,307
Xerox Corporation		5.63			12-15-19		200,000		225,666
Xerox Corporation		6.35			5-15-18		150,000		175,651
Xerox Corporation		6.40			3-15-16		500,000		571,160
Xerox Corporation		6.75			2-1-17		250,000		293,425
Xerox Corporation		6.75			12-15-39		100,000		122,515
Xerox Corporation		8.25			5-15-14		570,000		633,725

									3,578,631


Semiconductors & Semiconductor Equipment: 0.11%
Analog Devices Incorporated		5.00			7-1-14		250,000		269,978
Applied Materials Incorporated		2.65			6-15-16		500,000		528,900
Applied Materials Incorporated		4.30			6-15-21		300,000		340,202
Applied Materials Incorporated		5.85			6-15-41		200,000		256,547
Broadcom Corporation		2.38			11-1-15		200,000		209,831
Broadcom Corporation 144A		2.50			8-15-22		250,000		249,933
Intel Corporation		1.95			10-1-16		600,000		629,963
Intel Corporation		3.30			10-1-21		847,000		921,544
Intel Corporation		4.80			10-1-41		643,000		767,521
KLA Tencor Corporation		6.90			5-1-18		300,000		360,696
National Semiconductor Corporation		3.95			4-15-15		350,000		378,940
Texas Instruments Incorporated		0.45			8-3-15		100,000		99,588
Texas Instruments Incorporated		1.38			5-15-14		500,000		508,227

									5,521,870


Software: 0.27%
Adobe Systems Incorporated		3.25			2-1-15		100,000		105,468
Adobe Systems Incorporated		4.75			2-1-20		325,000		365,886
BMC Software Incorporated		4.25			2-15-22		45,000		45,866
CA Incorporated		5.38			12-1-19		500,000		574,145
CA Incorporated		6.13			12-1-14		500,000		547,425
Dun & Bradstreet Corporation		2.88			11-15-15		115,000		118,119


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			55


Security name	Interest rate			Maturity date		Principal		Value


Software (continued)
Intuit Incorporated		5.75	%		3-15-17	$	200,000	$	231,982
Microsoft Corporation		1.63			9-25-15		1,000,000		1,037,348
Microsoft Corporation		2.95			6-1-14		890,000		930,046
Microsoft Corporation		3.00			10-1-20		400,000		439,591
Microsoft Corporation		4.00			2-8-21		500,000		585,474
Microsoft Corporation		4.20			6-1-19		175,000		205,861
Microsoft Corporation		4.50			10-1-40		500,000		601,412
Microsoft Corporation		5.20			6-1-39		110,000		144,446
Microsoft Corporation		5.30			2-8-41		500,000		669,337
Oracle Corporation		3.75			7-8-14		500,000		530,865
Oracle Corporation		3.88			7-15-20		350,000		400,150
Oracle Corporation		5.00			7-8-19		600,000		724,170
Oracle Corporation		5.25			1-15-16		850,000		978,660
Oracle Corporation		5.38			7-15-40		1,350,000		1,733,766
Oracle Corporation		5.75			4-15-18		500,000		618,040
Oracle Corporation		6.13			7-8-39		200,000		275,451
Oracle Corporation		6.50			4-15-38		250,000		356,947
Symantec Corporation		3.95			6-15-22		200,000		202,968
Symantec Corporation		4.20			9-15-20		300,000		312,387

									12,735,810


Materials: 0.82%

Chemicals: 0.41%
Air Products & Chemicals Incorporated		2.00			8-2-16		55,000		57,245
Air Products & Chemicals Incorporated		4.38			8-21-19		150,000		172,192
Airgas Incorporated		2.85			10-1-13		300,000		306,282
Albemarle Corporation		4.50			12-15-20		300,000		333,840
Cabot Corporation		5.00			10-1-16		100,000		111,323
Cytec Industries Incorporated		6.00			10-1-15		250,000		274,194
Dow Chemical Company		2.50			2-15-16		125,000		130,109
Dow Chemical Company		4.25			11-15-20		575,000		633,289
Dow Chemical Company		5.90			2-15-15		500,000		558,007
Dow Chemical Company		7.38			11-1-29		600,000		814,568
Dow Chemical Company		7.60			5-15-14		685,000		760,167
Dow Chemical Company		8.55			5-15-19		1,655,000		2,235,165
Dow Chemical Company		9.40			5-15-39		385,000		629,302
E.I. du Pont de Nemours & Company		2.75			4-1-16		500,000		533,299
E.I. du Pont de Nemours & Company		3.25			1-15-15		700,000		744,340
E.I. du Pont de Nemours & Company		3.63			1-15-21		500,000		556,825
E.I. du Pont de Nemours & Company		4.50			8-15-19		400,000		465,033
E.I. du Pont de Nemours & Company		4.63			1-15-20		200,000		235,408
E.I. du Pont de Nemours & Company		4.88			4-30-14		565,000		605,486
E.I. du Pont de Nemours & Company		4.90			1-15-41		300,000		371,642
E.I. du Pont de Nemours & Company		5.25			12-15-16		250,000		294,548
E.I. du Pont de Nemours & Company		5.60			12-15-36		25,000		32,775
E.I. du Pont de Nemours & Company		6.00			7-15-18		625,000		786,432
E.I. du Pont de Nemours & Company		6.50			1-15-28		250,000		340,100
Eastman Chemical Company		3.60			8-15-22		300,000		315,714
Eastman Chemical Company		4.50			1-15-21		500,000		556,122


56		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Chemicals (continued)
Eastman Chemical Company		4.80	%		9-1-42	$	200,000	$	219,202
Ecolab Incorporated		1.00			8-9-15		94,000		94,371
Ecolab Incorporated		2.38			12-8-14		250,000		259,365
Ecolab Incorporated		3.00			12-8-16		500,000		536,083
Ecolab Incorporated		4.35			12-8-21		500,000		569,213
Ecolab Incorporated		5.50			12-8-41		300,000		376,802
FMC Corporation		3.95			2-1-22		125,000		133,381
Lubrizol Corporation		5.50			10-1-14		65,000		71,472
Lubrizol Corporation		8.88			2-1-19		250,000		348,728
Monsanto Company		2.75			4-15-16		200,000		213,969
Monsanto Company		5.13			4-15-18		500,000		598,534
Monsanto Company		5.50			8-15-25		100,000		127,850
Mosaic Company		3.75			11-15-21		115,000		123,285
PPG Industries Incorporated		1.90			1-15-16		50,000		51,425
PPG Industries Incorporated		3.60			11-15-20		100,000		107,312
PPG Industries Incorporated		5.50			11-15-40		150,000		184,723
PPG Industries Incorporated		6.65			3-15-18		300,000		369,392
PPG Industries Incorporated		7.70			3-15-38		250,000		382,196
Praxair Incorporated		2.20			8-15-22		250,000		247,940
Praxair Incorporated		4.05			3-15-21		200,000		224,435
Praxair Incorporated		5.20			3-15-17		50,000		58,679
Praxair Incorporated		5.25			11-15-14		200,000		219,626
Praxair Incorporated		5.38			11-1-16		75,000		88,103
RPM International Incorporated		6.13			10-15-19		200,000		232,463
RPM International Incorporated		6.50			2-15-18		250,000		289,774
Sherwin-Williams Company		3.13			12-15-14		250,000		263,204
Valspar Corporation		4.20			1-15-22		100,000		107,006
Valspar Corporation		7.25			6-15-19		100,000		123,368
Westlake Chemical Corporation		3.60			7-15-22		29,000		28,992

									19,504,300


Construction Materials: 0.00%
Martin Marietta Materials Incorporated		6.60			4-15-18		125,000		138,675


Containers & Packaging: 0.02%
Bemis Company Incorporated		5.65			8-1-14		515,000		558,712
Bemis Company Incorporated		6.80			8-1-19		10,000		12,142
Packaging Corporation of America		3.90			6-15-22		200,000		207,040

									777,894


Metals & Mining: 0.28%
Alcoa Incorporated		5.40			4-15-21		500,000		516,544
Alcoa Incorporated		5.55			2-1-17		25,000		27,738
Alcoa Incorporated		5.72			2-23-19		350,000		375,477
Alcoa Incorporated		5.87			2-23-22		500,000		530,419
Alcoa Incorporated		5.90			2-1-27		300,000		309,008
Alcoa Incorporated		5.95			2-1-37		158,000		157,868
Alcoa Incorporated		6.75			7-15-18		50,000		57,022
Alcoa Incorporated		6.75			1-15-28		75,000		81,326


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			57


Security name	Interest rate			Maturity date		Principal		Value


Metals & Mining (continued)
Allegheny Technologies Incorporated		5.95	%		1-15-21	$	50,000	$	54,626
Allegheny Technologies Incorporated		9.38			6-1-19		150,000		193,555
ArcelorMittal SA		4.00			2-25-15		500,000		495,000
ArcelorMittal SA		6.50			2-25-22		550,000		534,521
Barrick Gold Corporation		1.75			5-30-14		60,000		60,971
Barrick Gold Corporation		2.90			5-30-16		400,000		421,012
Barrick Gold Corporation		6.95			4-1-19		300,000		373,148
Cliffs Natural Resources		4.80			10-1-20		255,000		250,759
Cliffs Natural Resources		6.25			10-1-40		420,000		402,023
Freeport-McMoRan Copper & Gold Incorporated		1.40			2-13-15		200,000		200,823
Freeport-McMoRan Copper & Gold Incorporated		3.55			3-1-22		1,000,000		994,179
Newmont Mining Corporation		3.50			3-15-22		500,000		505,031
Newmont Mining Corporation		4.88			3-15-42		500,000		513,294
Newmont Mining Corporation		5.13			10-1-19		475,000		543,640
Newmont Mining Corporation		6.25			10-1-39		475,000		570,064
Nucor Corporation		5.75			12-1-17		500,000		608,499
Nucor Corporation		5.85			6-1-18		150,000		181,298
Nucor Corporation		6.40			12-1-37		200,000		280,386
Rio Tinto Alcan Incorporated		5.00			6-1-15		180,000		198,646
Rio Tinto Alcan Incorporated		6.13			12-15-33		600,000		780,842
Rio Tinto Alcan Incorporated		7.13			7-15-28		500,000		678,159
Southern Copper Corporation		5.38			4-16-20		90,000		101,167
Southern Copper Corporation		6.75			4-16-40		440,000		512,313
Southern Copper Corporation		7.50			7-27-35		600,000		745,483
Teck Resources Limited Company		3.00			3-1-19		1,000,000		1,008,646
Teck Resources Limited Company		3.15			1-15-17		250,000		258,623

									13,522,110


Paper & Forest Products: 0.11%
Domtar Corporation		4.40			4-1-22		500,000		504,460
Georgia-Pacific LLC		8.88			5-15-31		500,000		726,742
International Paper Company		4.75			2-15-22		75,000		84,431
International Paper Company		5.30			4-1-15		430,000		471,911
International Paper Company		6.00			11-15-41		535,000		638,564
International Paper Company		7.30			11-15-39		250,000		332,387
International Paper Company		7.50			8-15-21		450,000		585,834
International Paper Company		7.95			6-15-18		1,000,000		1,290,512
MeadWestvaco Corporation		7.95			2-15-31		50,000		64,868
Plum Creek Timberlands LP		4.70			3-15-21		500,000		532,391

									5,232,100


Telecommunication Services: 0.95%

Diversified Telecommunication Services: 0.95%
Alltel Corporation		7.88			7-1-32		350,000		556,888
AT&T Incorporated		0.88			2-13-15		500,000		504,194
AT&T Incorporated		1.60			2-15-17		500,000		512,715
AT&T Incorporated		2.40			8-15-16		70,000		74,105
AT&T Incorporated		2.50			8-15-15		500,000		526,263
AT&T Incorporated		2.95			5-15-16		1,150,000		1,238,319


58		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Diversified Telecommunication Services (continued)
AT&T Incorporated		3.00	%		2-15-22	$	1,000,000	$	1,051,882
AT&T Incorporated		3.88			8-15-21		45,000		50,648
AT&T Incorporated		4.45			5-15-21		650,000		763,255
AT&T Incorporated		5.10			9-15-14		1,075,000		1,171,124
AT&T Incorporated		5.35			9-1-40		2,372,000		2,851,267
AT&T Incorporated		5.50			2-1-18		1,000,000		1,211,279
AT&T Incorporated		5.55			8-15-41		60,000		74,710
AT&T Incorporated		5.60			5-15-18		500,000		613,477
AT&T Incorporated		5.80			2-15-19		300,000		371,583
AT&T Incorporated		6.15			9-15-34		500,000		635,332
AT&T Incorporated		6.30			1-15-38		1,500,000		1,958,703
AT&T Incorporated		6.50			9-1-37		570,000		758,128
AT&T Incorporated		6.55			2-15-39		800,000		1,075,515
AT&T Incorporated		7.13			12-15-31		1,100,000		1,539,204
AT&T Incorporated		8.00			11-15-31		536,000		830,350
AT&T Incorporated		8.75			3-1-31		1,000,000		1,597,479
BellSouth Corporation		5.20			9-15-14		325,000		353,680
BellSouth Corporation		6.00			11-15-34		180,000		209,116
BellSouth Corporation		6.55			6-15-34		180,000		219,306
CenturyLink Incorporated		5.80			3-15-22		2,000,000		2,143,058
CenturyLink Incorporated		6.45			6-15-21		800,000		893,371
CenturyTelephone Incorporated		5.00			2-15-15		100,000		105,902
CenturyTelephone Incorporated		6.00			4-1-17		740,000		811,482
Embarq Corporation		8.00			6-1-36		1,500,000		1,660,866
France Telecom		5.38			1-13-42		500,000		581,163
Qwest Corporation		6.88			9-15-33		300,000		302,265
Qwest Corporation		7.13			4-1-18		500,000		531,750
SBC Communications Incorporated		5.63			6-15-16		350,000		410,627
Verizon Communications Incorporated		1.95			3-28-14		1,000,000		1,023,655
Verizon Communications Incorporated		3.00			4-1-16		500,000		538,943
Verizon Communications Incorporated		3.50			11-1-21		2,000,000		2,201,712
Verizon Communications Incorporated		4.75			11-1-41		500,000		570,187
Verizon Communications Incorporated		4.90			9-15-15		325,000		365,338
Verizon Communications Incorporated		5.50			2-15-18		1,000,000		1,218,016
Verizon Communications Incorporated		5.85			9-15-35		600,000		765,368
Verizon Communications Incorporated		6.25			4-1-37		250,000		331,972
Verizon Communications Incorporated		6.35			4-1-19		1,000,000		1,276,932
Verizon Communications Incorporated		6.90			4-15-38		500,000		709,926
Verizon Communications Incorporated		7.35			4-1-39		850,000		1,267,855
Verizon Communications Incorporated		7.75			12-1-30		850,000		1,258,928
Verizon Communications Incorporated		8.75			11-1-18		1,550,000		2,174,374
Verizon Communications Incorporated		8.95			3-1-39		500,000		873,085
Verizon Wireless Capital LLC		5.55			2-1-14		1,500,000		1,599,222
Verizon Wireless Capital LLC		7.38			11-15-13		250,000		269,834
Verizon Wireless Capital LLC		8.50			11-15-18		500,000		699,603

									45,333,956


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			59


Security name	Interest rate			Maturity date		Principal		Value


Utilities: 1.95%

Electric Utilities: 1.54%
Alabama Power Company		5.50	%		3-15-41	$	65,000	$	86,120
Alabama Power Company		6.00			3-1-39		500,000		682,042
Alabama Power Company		6.13			5-15-38		105,000		144,684
Ameren Corporation		8.88			5-15-14		250,000		277,247
Ameren Illinois Company		6.13			11-15-17		100,000		117,900
Appalachian Power Company		5.80			10-1-35		315,000		383,377
Appalachian Power Company		6.38			4-1-36		300,000		383,461
Appalachian Power Company		7.00			4-1-38		600,000		831,520
Appalachian Power Company		7.95			1-15-20		250,000		337,583
Arizona Public Service Company		4.50			4-1-42		100,000		111,487
Arizona Public Service Company		8.75			3-1-19		500,000		662,997
Atlantic City Electric Company		7.75			11-15-18		65,000		84,750
Baltimore Gas & Electric Company		3.50			11-15-21		500,000		538,562
Carolina Power & Light Company		5.25			12-15-15		180,000		205,568
Carolina Power & Light Company		5.30			1-15-19		500,000		604,918
Centerpoint Energy Houston		2.25			8-1-22		300,000		300,981
Centerpoint Energy Houston		3.55			8-1-42		250,000		251,562
Centerpoint Energy Houston Series K		6.95			3-15-33		250,000		365,842
Cleco Power LLC		6.00			12-1-40		300,000		357,631
Cleveland Electric Illuminating Company		5.70			4-1-17		200,000		225,324
Cleveland Electric Illuminating Company		5.95			12-15-36		500,000		589,397
Columbus Southern Power Company		6.05			5-1-18		200,000		242,096
Commonwealth Edison Company		1.63			1-15-14		500,000		507,072
Commonwealth Edison Company		4.70			4-15-15		250,000		273,124
Commonwealth Edison Company		5.80			3-15-18		500,000		611,716
Commonwealth Edison Company		5.90			3-15-36		250,000		335,612
Commonwealth Edison Company Series 100		5.88			2-1-33		65,000		85,611
Connecticut Light & Power Company		5.65			5-1-18		100,000		119,220
Connecticut Light & Power Company		6.35			6-1-36		200,000		281,005
Consolidated Edison Company of New York Incorporated		6.65			4-1-19		500,000		645,913
Consolidated Edison Company of New York Incorporated		7.13			12-1-18		200,000		262,370
Consolidated Edison Company of New York Incorporated Series 06-C		5.50			9-15-16		100,000		116,705
Consolidated Edison Company of New York Incorporated Series 06-D		5.30			12-1-16		50,000		58,254
Consolidated Edison Company of New York Incorporated Series 06-E		5.70			12-1-36		250,000		332,640
Consolidated Edison Company of New York Incorporated Series 07-A		6.30			8-15-37		250,000		360,172
Consolidated Edison Company of New York Incorporated Series 08-A		5.85			4-1-18		100,000		123,864
Consolidated Edison Company of New York Incorporated Series 08-B		6.75			4-1-38		300,000		453,339
Consolidated Edison Company of New York Incorporated Series 09-C		5.50			12-1-39		600,000		789,775
Consumers Energy Company		5.65			9-15-18		150,000		182,422
Consumers Energy Company		6.70			9-15-19		500,000		651,277
Delmarva Power & Light Company		4.00			6-1-42		200,000		215,444
Detroit Edison Company		2.65			6-15-22		100,000		103,464
Detroit Edison Company		3.45			10-1-20		500,000		549,742
Dominion Resources Incorporated		7.00			6-15-38		500,000		728,750
Duke Energy Carolinas LLC		1.75			12-15-16		750,000		777,218
Duke Energy Carolinas LLC		4.25			12-15-41		500,000		548,321
Duke Energy Carolinas LLC		5.75			11-15-13		150,000		159,384
Duke Energy Carolinas LLC Series C		7.00			11-15-18		100,000		129,770


60		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Duke Energy Corporation		3.35	%		4-1-15	$	750,000	$	792,770
Duke Energy Corporation		3.95			9-15-14		300,000		318,519
Duke Energy Corporation		6.30			2-1-14		450,000		484,267
Duke Energy Corporation		6.45			10-15-32		375,000		500,714
Duke Energy Indiana Incorporated		3.75			7-15-20		500,000		552,862
Duke Energy Indiana Incorporated		6.35			8-15-38		750,000		1,051,855
Duke Energy Indiana Incorporated		6.45			4-1-39		65,000		92,736
Duke Energy Ohio Incorporated		5.45			4-1-19		250,000		302,795
Energy East Corporation		6.75			7-15-36		500,000		488,032
Entergy Corporation		3.63			9-15-15		200,000		208,935
Entergy Corporation		4.70			1-15-17		250,000		269,535
Entergy Corporation		5.13			9-15-20		250,000		269,088
Entergy Gulf States Louisiana LLC		5.59			10-1-24		120,000		140,598
Entergy Gulf States Louisiana LLC		6.00			5-1-18		100,000		116,829
Entergy Louisiana LLC		1.88			12-15-14		130,000		133,507
Entergy Louisiana LLC		5.40			11-1-24		250,000		309,190
Entergy Texas Incorporated		7.13			2-1-19		200,000		245,725
Exelon Corporation		4.90			6-15-15		375,000		410,669
Exelon Corporation		5.63			6-15-35		365,000		419,916
Exelon Generation Company LLC		5.20			10-1-19		500,000		564,395
Exelon Generation Company LLC 144A		5.60			6-15-42		605,000		655,328
Exelon Generation Company LLC		6.25			10-1-39		500,000		579,323
FirstEnergy Corporation Series C		7.38			11-15-31		430,000		567,420
FirstEnergy Solutions Company		4.80			2-15-15		200,000		213,559
FirstEnergy Solutions Company		6.05			8-15-21		1,240,000		1,379,879
FirstEnergy Solutions Company		6.80			8-15-39		164,000		176,663
Florida Power & Light Company		4.13			2-1-42		300,000		336,860
Florida Power & Light Company		5.25			2-1-41		200,000		260,258
Florida Power & Light Company		5.63			4-1-34		150,000		196,466
Florida Power & Light Company		5.65			2-1-37		380,000		505,332
Florida Power & Light Company		5.69			3-1-40		585,000		796,489
Florida Power & Light Company		5.85			5-1-37		100,000		136,440
Florida Power & Light Company		5.95			2-1-38		50,000		69,389
Florida Power & Light Company		6.20			6-1-36		500,000		700,653
Florida Power Corporation		5.65			6-15-18		300,000		365,409
Florida Power Corporation		5.65			4-1-40		125,000		164,140
Florida Power Corporation		5.80			9-15-17		200,000		240,584
Florida Power Corporation		6.40			6-15-38		500,000		703,479
FPL Group Capital Incorporated		2.55			11-15-13		100,000		101,941
FPL Group Capital Incorporated		6.00			3-1-19		750,000		891,298
Georgia Power Company		1.30			9-15-13		500,000		504,198
Georgia Power Company		4.25			12-1-19		375,000		427,421
Georgia Power Company		5.40			6-1-18		200,000		238,069
Georgia Power Company		5.40			6-1-40		250,000		316,383
Georgia Power Company		5.95			2-1-39		250,000		333,702
Georgia Power Company		6.00			11-1-13		525,000		557,653
Georgia Power Company Series B		5.70			6-1-17		100,000		119,977
Great Plains Energy Incorporated		4.85			6-1-21		50,000		55,266
Indiana Michigan Power Company		7.00			3-15-19		500,000		624,337
Interstate Power & Light Company		6.25			7-15-39		30,000		40,405


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			61


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Jersey Central Power & Light Company		5.63	%		5-1-16	$	100,000	$	115,057
Jersey Central Power & Light Company		7.35			2-1-19		250,000		320,416
Kansas City Power & Light Company		6.38			3-1-18		250,000		296,794
Kansas City Power & Light Company		7.15			4-1-19		200,000		256,673
Kentucky Utilities Company		3.25			11-1-20		500,000		540,804
Kentucky Utilities Company		5.13			11-1-40		500,000		638,804
LG&E and KU Energy LLC		2.13			11-15-15		100,000		101,024
LG&E and KU Energy LLC		3.75			11-15-20		100,000		103,545
MidAmerican Energy Holdings Company		5.30			3-15-18		250,000		298,974
MidAmerican Energy Holdings Company		5.80			10-15-36		75,000		99,172
MidAmerican Energy Holdings Company		5.95			5-15-37		300,000		388,648
MidAmerican Energy Holdings Company		6.13			4-1-36		700,000		910,854
MidAmerican Energy Holdings Company		6.50			9-15-37		500,000		683,184
MidAmerican Energy Holdings Company		6.75			12-30-31		150,000		207,472
MidAmerican Energy Holdings Company Series D		5.00			2-15-14		350,000		371,142
Nevada Power Company		5.45			5-15-41		120,000		151,793
Nevada Power Company		6.75			7-1-37		200,000		286,598
Nevada Power Company		7.13			3-15-19		300,000		388,227
Nevada Power Company Series O		6.50			5-15-18		550,000		686,429
NiSource Finance Corporation		5.25			9-15-17		180,000		207,527
NiSource Finance Corporation		5.45			9-15-20		415,000		474,215
NiSource Finance Corporation		6.13			3-1-22		100,000		121,007
NiSource Finance Corporation		6.40			3-15-18		1,000,000		1,197,059
NiSource Finance Corporation		6.80			1-15-19		90,000		107,912
Northern States Power Company Minnesota		1.95			8-15-15		150,000		154,814
Northern States Power Company Minnesota		2.15			8-15-22		250,000		249,932
Northern States Power Company Minnesota		3.40			8-15-42		250,000		247,397
Northern States Power Company Minnesota		5.25			3-1-18		500,000		600,346
Northern States Power Company Minnesota		5.35			11-1-39		40,000		52,429
Northern States Power Company Minnesota		6.20			7-1-37		300,000		430,040
NSTAR Electric Company		4.88			4-15-14		250,000		265,548
NSTAR Electric Company		5.50			3-15-40		100,000		132,250
Oglethorpe Power Corporation		5.38			11-1-40		300,000		369,525
Oglethorpe Power Corporation		5.95			11-1-39		150,000		197,987
Ohio Edison Company		6.88			7-15-36		250,000		333,791
Ohio Edison Company		8.25			10-15-38		200,000		310,024
Ohio Power Company		5.38			10-1-21		65,000		78,595
Ohio Power Company		6.00			6-1-16		250,000		291,782
Ohio Power Company		6.60			2-15-33		194,000		252,516
Oklahoma Gas & Electric Company		5.25			5-15-41		100,000		124,061
Oklahoma Gas & Electric Company		5.85			6-1-40		100,000		131,717
Oncor Electric Delivery Company LLC		4.55			12-1-41		200,000		193,516
Oncor Electric Delivery Company LLC		6.80			9-1-18		500,000		611,589
Oncor Electric Delivery Company LLC		7.50			9-1-38		200,000		261,489
PacifiCorp		4.10			2-1-42		100,000		108,907
PacifiCorp		5.65			7-15-18		600,000		736,754
PacifiCorp		6.00			1-15-39		500,000		691,898
PacifiCorp		6.25			10-15-37		720,000		1,010,232
PECO Energy Company		5.00			10-1-14		500,000		546,394
Pepco Holdings Incorporated		2.70			10-1-15		350,000		360,497


62		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Portland General Electric Company		6.10	%		4-15-19	$	250,000	$	309,083
Potomac Electric Power		6.50			11-15-37		200,000		288,876
PPL Electric Utilities 1st Mortgage		5.20			7-15-41		200,000		254,765
PPL Electric Utilities Ist Mortgage		6.25			5-15-39		45,000		63,810
PPL Energy Supply LLC		6.20			5-15-16		500,000		567,042
Progress Energy Incorporated		4.40			1-15-21		750,000		847,623
Progress Energy Incorporated		4.55			4-1-20		75,000		86,644
Progress Energy Incorporated		6.00			12-1-39		300,000		378,187
Progress Energy Incorporated		6.05			3-15-14		500,000		537,896
Progress Energy Incorporated		6.30			4-1-38		50,000		70,268
Progress Energy Incorporated		7.75			3-1-31		120,000		170,382
PSEG Power LLC		5.13			4-15-20		280,000		322,191
PSEG Power LLC		8.63			4-15-31		75,000		111,168
Public Service Company of Colorado		3.20			11-15-20		300,000		330,576
Public Service Company of Colorado		5.13			6-1-19		50,000		60,490
Public Service Company of Colorado		6.25			9-1-37		500,000		722,847
Public Service Company of Oklahoma		4.40			2-1-21		100,000		111,880
Public Service Company of Oklahoma		5.15			12-1-19		40,000		46,449
Public Service Electric & Gas Company		3.95			5-1-42		100,000		109,312
Public Service Electric & Gas Company		5.30			5-1-18		1,000,000		1,206,217
Public Service Electric & Gas Company		5.80			5-1-37		100,000		136,634
Puget Sound Energy Incorporated		5.76			10-1-39		400,000		543,646
Puget Sound Energy Incorporated		5.80			3-15-40		50,000		68,461
Puget Sound Energy Incorporated		6.27			3-15-37		330,000		472,526
South Carolina Electric & Gas Company		4.35			2-1-42		600,000		663,098
South Carolina Electric & Gas Company		6.50			11-1-18		525,000		663,442
Southern California Edison Company		3.88			6-1-21		270,000		306,840
Southern California Edison Company		4.05			3-15-42		500,000		544,922
Southern California Edison Company		5.50			8-15-18		500,000		613,824
Southern California Edison Company		5.50			3-15-40		700,000		930,179
Southern California Edison Company		5.75			3-15-14		250,000		270,002
Southern California Edison Company		6.05			3-15-39		350,000		491,514
Southern California Edison Company Series 05-A		5.00			1-15-16		100,000		114,129
Southern California Edison Company Series 05-E		5.35			7-15-35		180,000		228,587
Southern Company		2.38			9-15-15		200,000		208,521
Southern Company		4.15			5-15-14		125,000		132,178
Southwestern Electric Power Company		6.20			3-15-40		50,000		64,509
Southwestern Electric Power Company Series E		5.55			1-15-17		100,000		113,255
Southwestern Public Service Company		6.00			10-1-36		100,000		123,501
Tampa Electric Company		6.10			5-15-18		100,000		125,419
Tampa Electric Company		6.15			5-15-37		75,000		102,978
Toleda Edison Company		6.15			5-15-37		50,000		63,483
TXU Electric Delivery Company		7.00			5-1-32		175,000		214,557
TXU Electric Delivery Company		7.25			1-15-33		75,000		94,647
Union Electric Company		5.40			2-1-16		75,000		85,248
Union Electric Company		6.00			4-1-18		100,000		120,204
Union Electric Company		6.40			6-15-17		500,000		600,125
Union Electric Company		8.45			3-15-39		80,000		137,754
Virginia Electric & Power Company		8.88			11-15-38		300,000		521,045
Virginia Electric & Power Company Series A		5.00			6-30-19		200,000		239,418


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			63


Security name	Interest rate			Maturity date		Principal		Value


Electric Utilities (continued)
Virginia Electric & Power Company Series A		5.40	%		1-15-16	$	600,000	$	688,404
Virginia Electric & Power Company Series A		6.00			5-15-37		605,000		839,192
Virginia Electric & Power Company Series B		6.00			1-15-36		100,000		137,379
Westar Energy Incorporated		8.63			12-1-18		250,000		341,657
Wisconsin Electric Power Company		4.25			12-15-19		350,000		402,986
Wisconsin Electric Power Company		5.63			5-15-33		100,000		130,120
Wisconsin Electric Power Company		5.70			12-1-36		150,000		199,001
Wisconsin Power & Light Company		5.00			7-15-19		50,000		59,486
Wisconsin Power & Light Company		6.38			8-15-37		250,000		352,846

									73,557,274


Gas Utilities: 0.10%
AGL Capital Corporation		5.88			3-15-41		570,000		762,011
Atmos Energy Corporation		4.95			10-15-14		100,000		108,268
Atmos Energy Corporation		5.50			6-15-41		60,000		74,276
Atmos Energy Corporation		6.35			6-15-17		50,000		60,662
Atmos Energy Corporation		8.50			3-15-19		250,000		334,388
Centerpoint Energy Resources Corporation		4.50			1-15-21		65,000		73,425
Centerpoint Energy Resources Corporation		5.85			1-15-41		110,000		138,711
Consolidated Natural Gas Company Series A		5.00			12-1-14		300,000		325,574
KeySpan Corporation		5.80			4-1-35		125,000		148,806
Oneok Incorporated		4.25			2-1-22		130,000		139,334
Oneok Incorporated		5.20			6-15-15		65,000		70,875
Oneok Incorporated		6.00			6-15-35		200,000		223,314
Panhandle Eastern Pipe Line Company LP		6.20			11-1-17		400,000		469,367
Questar Corporation		2.75			2-1-16		200,000		209,396
Sempra Energy		6.00			10-15-39		300,000		398,358
Sempra Energy		6.50			6-1-16		1,090,000		1,299,851
Southern California Gas Company		5.13			11-15-40		100,000		129,907
Southern California Gas Company		5.75			11-15-35		75,000		100,837

									5,067,360


Independent Power Producers & Energy Traders: 0.02%
Constellation Energy Group Incorporated		5.15			12-1-20		100,000		115,558
Southern Power Company		5.15			9-15-41		250,000		292,139
Southern Power Company Series D		4.88			7-15-15		250,000		275,640
Transalta Corporation		6.65			5-15-18		200,000		224,745

									908,082


Multi-Utilities: 0.27%
Alliant Energy Corporation		4.00			10-15-14		100,000		105,002
Avista Corporation		5.13			4-1-22		55,000		66,942
Baltimore Gas & Electric Company		5.90			10-1-16		350,000		412,346
Centerpoint Energy Resources Corporation		5.95			2-1-17		250,000		291,610
Dominion Resources Incorporated		1.80			3-15-14		100,000		101,745
Dominion Resources Incorporated		2.25			9-1-15		100,000		103,689
Dominion Resources Incorporated		4.45			3-15-21		100,000		115,444
Dominion Resources Incorporated		4.90			8-1-41		60,000		71,208
Dominion Resources Incorporated		6.40			6-15-18		750,000		934,532


64		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Multi-Utilities (continued)
Dominion Resources Incorporated Series A		5.60	%		11-15-16	$	50,000	$	58,335
Dominion Resources Incorporated Series B		5.95			6-15-35		225,000		289,926
Dominion Resources Incorporated Series C		5.15			7-15-15		350,000		389,323
DTE Energy Company		6.35			6-1-16		350,000		415,189
DTE Energy Company		7.63			5-15-14		50,000		55,561
Integrys Energy Group		4.17			11-1-20		200,000		219,797
Louisville Gas & Electric Company		5.13			11-15-40		125,000		159,728
NSTAR Global Services Incorporated		4.50			11-15-19		100,000		114,481
Pacific Gas & Electric Company		4.25			5-15-21		500,000		578,405
Pacific Gas & Electric Company		4.80			3-1-14		125,000		132,606
Pacific Gas & Electric Company		5.40			1-15-40		700,000		874,788
Pacific Gas & Electric Company		5.80			3-1-37		500,000		651,239
Pacific Gas & Electric Company		6.05			3-1-34		1,000,000		1,323,797
Pacific Gas & Electric Company		6.25			12-1-13		200,000		213,434
Pacific Gas & Electric Company		6.35			2-15-38		100,000		139,384
Pacific Gas & Electric Company		8.25			10-15-18		1,000,000		1,379,660
PG&E Corporation		5.75			4-1-14		250,000		268,371
Puget Sound Power & Light Company		4.43			11-15-41		500,000		579,310
San Diego Gas & Electric Company		3.00			8-15-21		750,000		807,745
San Diego Gas & Electric Company		5.35			5-15-35		100,000		129,986
San Diego Gas & Electric Company		6.00			6-1-39		530,000		758,117
Scana Corporation		4.75			5-15-21		250,000		270,254
Wisconsin Energy Corporation ± §		6.25			5-15-67		125,000		132,344
Xcel Energy Incorporated		4.70			5-15-20		250,000		294,907
Xcel Energy Incorporated		4.80			9-15-41		250,000		293,431

									12,732,636


Water Utilities: 0.02%
American Water Capital Corporation		6.09			10-15-17		750,000		892,714


Total Corporate Bonds and Notes (Cost $901,780,216)									1,007,294,562


Foreign Government Bonds @: 24.44%
Australia Commonwealth (AUD)		5.50			1-21-18		500,000		590,176
Australia Commonwealth (AUD)		5.75			5-15-21		1,250,000		1,569,186
Australia Commonwealth (AUD)		6.25			6-15-14		750,000		822,253
Australia Commonwealth (AUD)		6.25			4-15-15		1,000,000		1,131,495
Australian Government Bond Series 122 (AUD)		5.25			3-15-19		1,000,000		1,188,463
Australian Government Bond Series 126 (AUD)		4.50			4-15-20		1,500,000		1,726,021
Australian Government Bond Series 128 (AUD)		5.75			7-15-22		450,000		572,550
Australian Government Bond Series 128 (AUD)		5.75			7-15-22		300,000		381,700
Australian Government Bond Series 129 (AUD)		5.50			12-15-13		500,000		533,730
Australian Government Bond Series 130 (AUD)		4.75			6-15-16		300,000		335,174
Australian Government Bond Series 131 (AUD)		4.50			10-21-14		1,300,000		1,394,186
Australian Government Bond Series 133 (AUD)		5.50			4-21-23		500,000		628,181
Australian Government Bond Series 134 (AUD)		4.75			10-21-15		2,000,000		2,207,386
Australian Government Bond Series 135 (AUD)		4.25			7-21-17		1,050,000		1,167,480
Australian Government Bond Series 136 (AUD)		4.75			4-21-27		600,000		717,690
Australian Government Bond Series 217 (AUD)		6.00			2-15-17		1,000,000		1,184,268
Belgium (Kingdom) (EUR)		2.75			3-28-16		1,050,000		1,407,063


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			65


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Belgium (Kingdom) (EUR)		3.25	%		9-28-16		1,000,000	$	1,368,109
Belgium (Kingdom) (EUR)		3.50			6-28-17		900,000		1,243,071
Belgium (Kingdom) (EUR)		3.75			9-28-15		700,000		961,330
Belgium (Kingdom) (EUR)		3.75			9-28-20		1,800,000		2,521,167
Belgium (Kingdom) (EUR)		4.00			3-28-14		1,300,000		1,728,997
Belgium (Kingdom) (EUR)		4.00			3-28-22		850,000		1,208,733
Belgium (Kingdom) (EUR)		4.00			3-28-32		400,000		550,641
Belgium (Kingdom) (EUR)		4.25			9-28-13		1,350,000		1,771,724
Belgium (Kingdom) (EUR)		4.25			9-28-21		1,350,000		1,955,315
Belgium (Kingdom) (EUR)		4.25			9-28-22		700,000		1,014,440
Belgium (Kingdom) (EUR)		4.25			3-28-41		1,000,000		1,443,635
Belgium (Kingdom) (EUR)		4.50			3-28-26		550,000		805,513
Belgium (Kingdom) (EUR)		8.00			3-28-15		350,000		523,293
Belgium Government Bond Series 31 (EUR)		5.50			3-28-28		985,000		1,602,173
Belgium Government Bond Series 40 (EUR)		5.50			9-28-17		700,000		1,056,552
Belgium Government Bond Series 43 (EUR)		4.25			9-28-14		1,000,000		1,356,537
Belgium Government Bond Series 44 (EUR)		5.00			3-28-35		1,230,000		1,937,054
Belgium Government Bond Series 49 (EUR) 144A		4.00			3-28-17		1,050,000		1,483,663
Belgium Government Bond Series 55 (EUR)		4.00			3-28-19		900,000		1,283,824
Belgium Government Bond Series 56 (EUR)		3.50			3-28-15		800,000		1,080,903
Bundesrepublik Deutschland (EUR) ¤		0.00			6-13-14		800,000		1,006,934
Bundesrepublik Deutschland (EUR)		0.50			4-7-17		400,000		506,793
Bundesrepublik Deutschland (EUR)		0.75			9-13-13		2,000,000		2,534,844
Bundesrepublik Deutschland (EUR)		1.25			10-14-16		1,350,000		1,769,958
Bundesrepublik Deutschland (EUR)		2.00			2-26-16		1,950,000		2,614,540
Bundesrepublik Deutschland (EUR)		2.25			9-4-20		1,000,000		1,375,656
Bundesrepublik Deutschland (EUR)		2.50			1-4-21		1,950,000		2,729,719
Bundesrepublik Deutschland (EUR)		2.75			4-8-16		1,300,000		1,789,170
Bundesrepublik Deutschland (EUR)		3.00			7-4-20		1,700,000		2,461,330
Bundesrepublik Deutschland (EUR) 144A		3.25			7-15-15		750,000		1,025,591
Bundesrepublik Deutschland (EUR)		3.25			1-4-20		2,550,000		3,744,467
Bundesrepublik Deutschland (EUR)		3.25			7-4-21		1,000,000		1,477,613
Bundesrepublik Deutschland (EUR)		3.25			7-4-42		950,000		1,502,121
Bundesrepublik Deutschland (EUR)		3.50			7-4-19		1,500,000		2,226,212
Bundesrepublik Deutschland (EUR)		4.00			10-11-13		1,500,000		1,970,281
Bundesrepublik Deutschland (EUR)		4.25			7-4-14		1,500,000		2,035,183
Bundesrepublik Deutschland (EUR)		4.25			7-4-17		2,250,000		3,354,458
Bundesrepublik Deutschland (EUR)		4.75			7-4-40		1,300,000		2,545,291
Bundesrepublik Deutschland (EUR)		6.50			7-4-27		1,000,000		2,025,460
Bundesrepublik Deutschland Series 00 (EUR)		5.50			1-4-31		1,200,000		2,316,898
Bundesrepublik Deutschland Series 00 (EUR)		6.25			1-4-30		1,150,000		2,354,868
Bundesrepublik Deutschland Series 03 (EUR)		4.25			1-4-14		2,140,000		2,845,926
Bundesrepublik Deutschland Series 03 (EUR)		4.75			7-4-34		1,860,000		3,444,645
Bundesrepublik Deutschland Series 04 (EUR)		3.75			1-4-15		2,300,000		3,148,936
Bundesrepublik Deutschland Series 05 (EUR)		3.25			7-4-15		1,300,000		1,785,066
Bundesrepublik Deutschland Series 05 (EUR)		3.50			1-4-16		1,900,000		2,662,474
Bundesrepublik Deutschland Series 05 (EUR)		4.00			1-4-37		1,750,000		3,005,010
Bundesrepublik Deutschland Series 06 (EUR)		4.00			7-4-16		1,700,000		2,451,023
Bundesrepublik Deutschland Series 07 (EUR)		4.25			7-4-39		1,150,000		2,082,627
Bundesrepublik Deutschland Series 08 (EUR)		4.25			7-4-18		2,200,000		3,348,540


66		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Bundesrepublik Deutschland Series 09 (EUR)		3.75	%		1-4-19		1,900,000	$	2,843,145
Bundesrepublik Deutschland Series 161 (EUR)		2.25			9-4-21		2,650,000		3,632,488
Bundesrepublik Deutschland Series 94 (EUR)		6.25			1-4-24		855,000		1,605,514
Bundesrepublik Deutschland Series 98 (EUR)		4.75			7-4-28		500,000		873,353
Bundesrepublik Deutschland Series 98 (EUR)		5.63			1-4-28		1,400,000		2,638,157
Canadian Government Bond (CAD)		0.75			5-1-14		200,000		201,552
Canadian Government Bond (CAD)		1.00			2-1-14		1,000,000		1,012,265
Canadian Government Bond (CAD)		1.00			2-1-15		1,000,000		1,009,830
Canadian Government Bond (CAD)		1.50			11-1-13		1,000,000		1,018,585
Canadian Government Bond (CAD)		1.50			3-1-17		500,000		510,865
Canadian Government Bond (CAD)		1.50			9-1-17		500,000		510,576
Canadian Government Bond (CAD)		2.00			3-1-14		2,500,000		2,567,690
Canadian Government Bond (CAD)		2.00			6-1-16		500,000		520,604
Canadian Government Bond (CAD)		2.25			8-1-14		3,000,000		3,106,214
Canadian Government Bond (CAD)		2.75			9-1-16		1,500,000		1,606,716
Canadian Government Bond (CAD)		2.75			6-1-22		1,000,000		1,102,511
Canadian Government Bond (CAD)		3.00			6-1-14		1,000,000		1,046,635
Canadian Government Bond (CAD)		3.00			12-1-15		950,000		1,016,854
Canadian Government Bond (CAD)		3.25			6-1-21		2,000,000		2,285,610
Canadian Government Bond (CAD)		3.50			12-1-45		200,000		257,629
Canadian Government Bond (CAD)		3.75			6-1-19		1,500,000		1,738,250
Canadian Government Bond (CAD)		4.00			6-1-16		1,300,000		1,449,762
Canadian Government Bond (CAD)		4.00			6-1-17		500,000		568,729
Canadian Government Bond (CAD)		4.00			6-1-41		1,250,000		1,706,822
Canadian Government Bond (CAD)		4.25			6-1-18		1,000,000		1,171,676
Canadian Government Bond (CAD)		4.50			6-1-15		400,000		441,796
Canadian Government Bond (CAD)		5.00			6-1-14		1,500,000		1,622,146
Canadian Government Bond (CAD)		5.00			6-1-37		1,000,000		1,512,767
Canadian Government Bond (CAD)		5.75			6-1-29		1,000,000		1,517,545
Canadian Government Bond (CAD)		5.75			6-1-33		1,000,000		1,588,953
Canadian Government Bond (CAD)		8.00			6-1-23		95,000		154,061
Canadian Government Bond (CAD)		8.00			6-1-27		593,000		1,050,658
Canadian Government Bond (CAD)		9.00			6-1-25		200,000		363,993
Denmark Government Bond (DKK)		3.00			11-15-21		4,500,000		885,332
Denmark Government Bond (DKK)		4.00			11-15-15		9,425,000		1,793,648
Denmark Government Bond (DKK)		4.00			11-15-17		5,000,000		1,000,447
Denmark Government Bond (DKK)		4.00			11-15-19		10,400,000		2,153,820
Denmark Government Bond (DKK)		4.50			11-15-39		7,100,000		1,829,798
Denmark Government Bond (DKK)		5.00			11-15-13		7,400,000		1,327,769
Denmark Government Bond (DKK)		7.00			11-10-24		2,000,000		548,669
France Government Bond (EUR)		2.50			10-25-20		2,600,000		3,428,888
France Government Bond (EUR)		3.00			7-12-14		2,450,000		3,245,040
France Government Bond (EUR)		3.00			10-25-15		2,600,000		3,537,462
France Government Bond (EUR)		3.00			4-25-22		2,250,000		3,033,955
France Government Bond (EUR)		3.25			4-25-16		1,900,000		2,622,182
France Government Bond (EUR)		3.25			10-25-21		4,000,000		5,527,477
France Government Bond (EUR)		3.50			4-25-15		2,500,000		3,413,826
France Government Bond (EUR)		3.50			4-25-20		2,700,000		3,822,605
France Government Bond (EUR)		3.50			4-25-26		1,650,000		2,275,560
France Government Bond (EUR)		3.75			4-25-17		1,900,000		2,703,125


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			67


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
France Government Bond (EUR)		3.75	%		10-25-19		2,000,000	$	2,878,224
France Government Bond (EUR)		3.75			4-25-21		1,750,000		2,510,411
France Government Bond (EUR)		4.00			10-25-13		1,850,000		2,431,409
France Government Bond (EUR)		4.00			4-25-14		1,050,000		1,404,791
France Government Bond (EUR)		4.00			10-25-14		2,000,000		2,720,269
France Government Bond (EUR)		4.00			4-25-18		2,750,000		3,995,052
France Government Bond (EUR)		4.00			10-25-38		1,500,000		2,197,439
France Government Bond (EUR)		4.00			4-25-55		1,150,000		1,725,190
France Government Bond (EUR)		4.00			4-25-60		650,000		969,098
France Government Bond (EUR)		4.25			10-25-17		1,350,000		1,971,752
France Government Bond (EUR)		4.25			10-25-18		2,150,000		3,168,052
France Government Bond (EUR)		4.25			4-25-19		2,950,000		4,361,704
France Government Bond (EUR)		4.25			10-25-23		1,150,000		1,714,935
France Government Bond (EUR)		4.50			4-25-41		1,850,000		2,943,799
France Government Bond (EUR)		4.75			4-25-35		2,400,000		3,874,648
France Government Bond (EUR)		5.00			10-25-16		2,550,000		3,770,518
France Government Bond (EUR)		5.50			4-25-29		2,150,000		3,654,280
France Government Bond (EUR)		5.75			10-25-32		1,250,000		2,241,211
France Government Bond (EUR)		6.00			10-25-25		1,600,000		2,778,027
France Government Bond (EUR)		8.50			10-25-19		900,000		1,660,900
France Government Bond (EUR)		8.50			4-25-23		800,000		1,594,900
French Treasury Note (EUR)		1.75			2-25-17		2,400,000		3,141,461
French Treasury Note (EUR)		2.00			9-25-13		1,150,000		1,476,123
French Treasury Note (EUR)		2.00			7-12-15		2,050,000		2,704,578
French Treasury Note (EUR)		2.25			2-25-16		1,500,000		2,002,045
French Treasury Note (EUR)		2.50			1-12-14		2,300,000		2,987,267
French Treasury Note (EUR)		2.50			1-15-15		1,750,000		2,320,870
French Treasury Note (EUR)		2.50			7-25-16		1,400,000		1,888,234
Germany Government Bond (EUR)		0.25			12-13-13		750,000		946,671
Germany Government Bond (EUR)		0.25			3-14-14		900,000		1,136,854
Germany Government Bond (EUR)		0.75			2-24-17		1,250,000		1,602,359
Germany Government Bond (EUR)		1.75			10-9-15		1,100,000		1,456,536
Germany Government Bond (EUR)		2.25			4-11-14		1,650,000		2,151,349
Germany Government Bond (EUR)		2.25			4-10-15		1,750,000		2,330,754
Germany Government Bond (EUR)		2.50			10-10-14		1,200,000		1,589,703
Germany Government Bond (EUR)		2.50			2-27-15		1,300,000		1,737,810
Germany Government Bond (EUR)		3.75			1-4-17		1,200,000		1,735,975
Germany Government Bond (EUR)		4.00			1-4-18		1,000,000		1,490,933
Italy Buoni Poliennali del Tesoro (EUR)		2.25			11-1-13		1,600,000		2,013,881
Italy Buoni Poliennali del Tesoro (EUR)		2.50			3-1-15		1,000,000		1,234,675
Italy Buoni Poliennali del Tesoro (EUR)		3.00			4-1-14		1,350,000		1,707,802
Italy Buoni Poliennali del Tesoro (EUR)		3.00			4-15-15		1,200,000		1,493,512
Italy Buoni Poliennali del Tesoro (EUR)		3.00			6-15-15		1,350,000		1,676,635
Italy Buoni Poliennali del Tesoro (EUR)		3.00			11-1-15		1,250,000		1,539,200
Italy Buoni Poliennali del Tesoro (EUR)		3.50			6-1-14		1,500,000		1,910,661
Italy Buoni Poliennali del Tesoro (EUR)		3.75			12-15-13		1,700,000		2,175,705
Italy Buoni Poliennali del Tesoro (EUR)		3.75			8-1-15		1,800,000		2,269,338
Italy Buoni Poliennali del Tesoro (EUR)		3.75			4-15-16		2,600,000		3,249,023
Italy Buoni Poliennali del Tesoro (EUR)		3.75			8-1-16		1,750,000		2,167,935
Italy Buoni Poliennali del Tesoro (EUR)		3.75			3-1-21		1,700,000		1,893,130


68		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Italy Buoni Poliennali del Tesoro (EUR)		3.75	%		8-1-21		1,900,000	$	2,090,677
Italy Buoni Poliennali del Tesoro (EUR)		4.00			2-1-17		1,000,000		1,238,178
Italy Buoni Poliennali del Tesoro (EUR)		4.00			9-1-20		2,000,000		2,289,797
Italy Buoni Poliennali del Tesoro (EUR)		4.00			2-1-37		1,500,000		1,445,514
Italy Buoni Poliennali del Tesoro (EUR)		4.25			8-1-13		2,100,000		2,691,106
Italy Buoni Poliennali del Tesoro (EUR)		4.25			7-1-14		1,000,000		1,288,993
Italy Buoni Poliennali del Tesoro (EUR)		4.25			8-1-14		2,050,000		2,640,735
Italy Buoni Poliennali del Tesoro (EUR)		4.25			2-1-15		1,650,000		2,124,681
Italy Buoni Poliennali del Tesoro (EUR)		4.25			2-1-19		2,050,000		2,464,211
Italy Buoni Poliennali del Tesoro (EUR)		4.25			9-1-19		1,300,000		1,546,254
Italy Buoni Poliennali del Tesoro (EUR)		4.25			3-1-20		2,150,000		2,519,406
Italy Buoni Poliennali del Tesoro (EUR)		4.50			2-1-18		2,750,000		3,410,248
Italy Buoni Poliennali del Tesoro (EUR)		4.50			8-1-18		1,000,000		1,232,216
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-19		2,000,000		2,423,026
Italy Buoni Poliennali del Tesoro (EUR)		4.50			2-1-20		1,800,000		2,148,483
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-26		1,550,000		1,695,363
Italy Buoni Poliennali del Tesoro (EUR)		4.75			9-15-16		2,500,000		3,187,328
Italy Buoni Poliennali del Tesoro (EUR)		4.75			6-1-17		1,500,000		1,886,247
Italy Buoni Poliennali del Tesoro (EUR)		4.75			9-1-21		2,450,000		2,897,391
Italy Buoni Poliennali del Tesoro (EUR)		4.75			8-1-23		1,750,000		2,017,442
Italy Buoni Poliennali del Tesoro (EUR)		5.00			3-1-22		2,200,000		2,630,592
Italy Buoni Poliennali del Tesoro (EUR) 144A		5.00			3-1-25		1,550,000		1,787,774
Italy Buoni Poliennali del Tesoro (EUR)		5.00			8-1-34		1,400,000		1,517,420
Italy Buoni Poliennali del Tesoro (EUR)		5.00			8-1-39		1,400,000		1,496,958
Italy Buoni Poliennali del Tesoro (EUR)		5.00			9-1-40		1,950,000		2,079,162
Italy Buoni Poliennali del Tesoro (EUR)		5.25			8-1-17		1,700,000		2,189,706
Italy Buoni Poliennali del Tesoro (EUR)		5.25			11-1-29		2,100,000		2,435,405
Italy Buoni Poliennali del Tesoro (EUR)		5.50			9-1-22		1,000,000		1,232,694
Italy Buoni Poliennali del Tesoro (EUR)		5.75			2-1-33		1,450,000		1,733,531
Italy Buoni Poliennali del Tesoro (EUR)		6.00			11-15-14		1,900,000		2,534,915
Italy Buoni Poliennali del Tesoro (EUR)		6.00			5-1-31		2,450,000		3,035,694
Italy Buoni Poliennali del Tesoro (EUR)		6.50			11-1-27		2,050,000		2,658,815
Italy Buoni Poliennali del Tesoro (EUR)		7.25			11-1-26		950,000		1,323,482
Italy Buoni Poliennali del Tesoro (EUR)		9.00			11-1-23		730,000		1,138,469
Italy Certificati di Credito del Tesoro (EUR) ¤		0.00			9-30-13		1,250,000		1,537,415
Italy Certificati di Credito del Tesoro (EUR) ¤		0.00			1-31-14		750,000		910,235
Japan Government Five Year Bond Series 102 (JPY)		0.30			12-20-16		240,000,000		3,081,352
Japan Government Five Year Bond Series 103 (JPY)		0.30			3-20-17		400,000,000		5,132,675
Japan Government Five Year Bond Series 126 (JPY)		2.00			3-20-31		160,000,000		2,175,387
Japan Government Five Year Bond Series 66 (JPY)		0.40			9-20-16		1,525,000,000		19,667,212
Japan Government Five Year Bond Series 78 (JPY)		0.90			12-20-13		880,000,000		11,354,838
Japan Government Five Year Bond Series 79 (JPY)		0.70			12-20-13		275,000,000		3,539,332
Japan Government Five Year Bond Series 81 (JPY)		0.80			3-20-14		270,000,000		3,485,416
Japan Government Five Year Bond Series 82 (JPY)		0.90			3-20-14		75,000,000		969,645
Japan Government Five Year Bond Series 83 (JPY)		0.90			6-20-14		275,000,000		3,562,303
Japan Government Five Year Bond Series 84 (JPY)		0.70			6-20-14		500,000,000		6,455,227
Japan Government Five Year Bond Series 85 (JPY)		0.70			9-20-14		350,000,000		4,524,448
Japan Government Five Year Bond Series 86 (JPY)		0.60			9-20-14		150,000,000		1,935,537
Japan Government Five Year Bond Series 87 (JPY)		0.50			12-20-14		595,000,000		7,667,692
Japan Government Five Year Bond Series 88 (JPY)		0.50			3-20-15		569,000,000		7,339,399


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			69


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Japan Government Five Year Bond Series 89 (JPY)		0.40	%		6-20-15		542,000,000	$	6,978,180
Japan Government Five Year Bond Series 90 (JPY)		0.30			6-20-15		300,000,000		3,851,786
Japan Government Five Year Bond Series 91 (JPY)		0.40			9-20-15		415,000,000		5,346,273
Japan Government Five Year Bond Series 93 (JPY)		0.50			12-20-15		335,000,000		4,331,292
Japan Government Five Year Bond Series 94 (JPY)		0.60			12-20-15		460,000,000		5,966,734
Japan Government Five Year Bond Series 96 (JPY)		0.50			3-20-16		400,000,000		5,174,619
Japan Government Five Year Bond Series 97 (JPY)		0.40			6-20-16		590,000,000		7,607,944
Japan Government Forty Year Bond Series 1 (JPY)		2.40			3-20-48		136,500,000		1,906,915
Japan Government Forty Year Bond Series 2 (JPY)		2.20			3-20-49		41,000,000		545,312
Japan Government Forty Year Bond Series 3 (JPY)		2.20			3-20-50		148,000,000		1,954,426
Japan Government Ten Year Bond Series 253 (JPY)		1.60			9-20-13		1,037,000,000		13,452,285
Japan Government Ten Year Bond Series 256 (JPY)		1.40			12-20-13		400,000,000		5,194,222
Japan Government Ten Year Bond Series 259 (JPY)		1.50			3-20-14		525,000,000		6,849,455
Japan Government Ten Year Bond Series 261 (JPY)		1.80			6-20-14		500,000,000		6,580,854
Japan Government Ten Year Bond Series 264 (JPY)		1.50			9-20-14		151,500,000		1,989,993
Japan Government Ten Year Bond Series 265 (JPY)		1.50			12-20-14		498,000,000		6,563,124
Japan Government Ten Year Bond Series 269 (JPY)		1.30			3-20-15		547,000,000		7,197,415
Japan Government Ten Year Bond Series 270 (JPY)		1.30			6-20-15		282,000,000		3,720,999
Japan Government Ten Year Bond Series 273 (JPY)		1.50			9-20-15		330,000,000		4,391,961
Japan Government Ten Year Bond Series 276 (JPY)		1.60			12-20-15		662,000,000		8,864,450
Japan Government Ten Year Bond Series 277 (JPY)		1.60			3-20-16		253,000,000		3,398,472
Japan Government Ten Year Bond Series 279 (JPY)		2.00			3-20-16		100,000,000		1,361,310
Japan Government Ten Year Bond Series 280 (JPY)		1.90			6-20-16		400,000,000		5,447,490
Japan Government Ten Year Bond Series 282 (JPY)		1.70			9-20-16		495,000,000		6,714,728
Japan Government Ten Year Bond Series 284 (JPY)		1.70			12-20-16		330,000,000		4,490,816
Japan Government Ten Year Bond Series 285 (JPY)		1.70			3-20-17		700,000,000		9,551,954
Japan Government Ten Year Bond Series 286 (JPY)		1.80			6-20-17		325,000,000		4,464,021
Japan Government Ten Year Bond Series 288 (JPY)		1.70			9-20-17		700,000,000		9,600,197
Japan Government Ten Year Bond Series 289 (JPY)		1.50			12-20-17		440,000,000		5,985,574
Japan Government Ten Year Bond Series 290 (JPY)		1.40			3-20-18		125,000,000		1,694,431
Japan Government Ten Year Bond Series 292 (JPY)		1.70			3-20-18		200,000,000		2,753,192
Japan Government Ten Year Bond Series 293 (JPY)		1.80			6-20-18		300,000,000		4,159,580
Japan Government Ten Year Bond Series 296 (JPY)		1.50			9-20-18		630,000,000		8,602,906
Japan Government Ten Year Bond Series 297 (JPY)		1.40			12-20-18		525,000,000		7,133,630
Japan Government Ten Year Bond Series 298 (JPY)		1.30			12-20-18		300,000,000		4,057,470
Japan Government Ten Year Bond Series 301 (JPY)		1.50			6-20-19		320,000,000		4,382,089
Japan Government Ten Year Bond Series 302 (JPY)		1.40			6-20-19		250,000,000		3,402,152
Japan Government Ten Year Bond Series 303 (JPY)		1.40			9-20-19		370,000,000		5,036,215
Japan Government Ten Year Bond Series 305 (JPY)		1.30			12-20-19		525,000,000		7,097,776
Japan Government Ten Year Bond Series 306 (JPY)		1.40			3-20-20		450,000,000		6,123,885
Japan Government Ten Year Bond Series 307 (JPY)		1.30			3-20-20		150,000,000		2,027,141
Japan Government Ten Year Bond Series 308 (JPY)		1.30			6-20-20		758,000,000		10,237,923
Japan Government Ten Year Bond Series 309 (JPY)		1.10			6-20-20		150,000,000		1,996,788
Japan Government Ten Year Bond Series 311 (JPY)		0.80			9-20-20		202,000,000		2,625,074
Japan Government Ten Year Bond Series 313 (JPY)		1.30			3-20-21		517,000,000		6,963,074
Japan Government Ten Year Bond Series 318 (JPY)		1.00			9-20-21		150,000,000		1,964,482
Japan Government Ten Year Bond Series 320 (JPY)		1.00			12-20-21		725,000,000		9,476,281
Japan Government Ten Year Bond Series 321 (JPY)		1.00			3-20-22		600,000,000		7,826,201
Japan Government Ten Year Bond Series 322 (JPY)		0.90			3-20-22		400,000,000		5,170,552
Japan Government Ten Year Bond Series 64 (JPY)		1.90			9-20-23		528,500,000		7,431,313


70		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Japan Government Thirty Year Bond Series 1 (JPY)		2.30	%		3-20-40		590,000,000	$	8,256,112
Japan Government Thirty Year Bond Series 11 (JPY)		1.70			6-20-33		122,000,000		1,559,641
Japan Government Thirty Year Bond Series 14 (JPY)		2.40			3-20-34		125,000,000		1,792,013
Japan Government Thirty Year Bond Series 15 (JPY)		2.50			6-20-34		95,000,000		1,383,520
Japan Government Thirty Year Bond Series 18 (JPY)		2.30			3-20-35		590,500,000		8,302,349
Japan Government Thirty Year Bond Series 23 (JPY)		2.50			6-20-36		150,000,000		2,178,756
Japan Government Thirty Year Bond Series 25 (JPY)		2.30			12-20-36		190,000,000		2,663,786
Japan Government Thirty Year Bond Series 26 (JPY)		2.40			3-20-37		110,000,000		1,569,265
Japan Government Thirty Year Bond Series 27 (JPY)		2.50			9-20-37		140,000,000		2,031,664
Japan Government Thirty Year Bond Series 28 (JPY)		2.50			3-20-38		325,000,000		4,723,959
Japan Government Thirty Year Bond Series 29 (JPY)		2.40			9-20-38		120,000,000		1,708,523
Japan Government Thirty Year Bond Series 3 (JPY)		2.30			5-20-30		100,000,000		1,421,462
Japan Government Thirty Year Bond Series 30 (JPY)		2.30			3-20-39		210,000,000		2,937,868
Japan Government Thirty Year Bond Series 31 (JPY)		2.20			9-20-39		135,000,000		1,846,440
Japan Government Thirty Year Bond Series 34 (JPY)		2.20			3-20-41		445,000,000		6,077,383
Japan Government Thirty Year Bond Series 36 (JPY)		2.00			3-20-42		80,000,000		1,043,621
Japan Government Thirty Year Bond Series 4 (JPY)		2.90			11-20-30		40,000,000		616,368
Japan Government Twenty Year Bond Series 100 (JPY)		2.20			3-20-28		250,000,000		3,546,104
Japan Government Twenty Year Bond Series 102 (JPY)		2.40			6-20-28		210,000,000		3,050,784
Japan Government Twenty Year Bond Series 105 (JPY)		2.10			9-20-28		200,000,000		2,793,593
Japan Government Twenty Year Bond Series 108 (JPY)		1.90			12-20-28		322,000,000		4,372,620
Japan Government Twenty Year Bond Series 110 (JPY)		2.10			3-20-29		680,000,000		9,471,555
Japan Government Twenty Year Bond Series 112 (JPY)		2.10			6-20-29		173,000,000		2,405,910
Japan Government Twenty Year Bond Series 113 (JPY)		2.10			9-20-29		200,000,000		2,784,934
Japan Government Twenty Year Bond Series 115 (JPY)		2.20			12-20-29		160,000,000		2,251,996
Japan Government Twenty Year Bond Series 116 (JPY)		2.20			3-20-30		100,000,000		1,405,380
Japan Government Twenty Year Bond Series 117 (JPY)		2.10			3-20-30		200,000,000		2,771,641
Japan Government Twenty Year Bond Series 118 (JPY)		2.00			6-20-30		70,000,000		954,464
Japan Government Twenty Year Bond Series 120 (JPY)		1.60			6-20-30		326,500,000		4,193,716
Japan Government Twenty Year Bond Series 121 (JPY)		1.90			9-20-30		135,000,000		1,810,326
Japan Government Twenty Year Bond Series 123 (JPY)		2.10			12-20-30		240,000,000		3,310,633
Japan Government Twenty Year Bond Series 125 (JPY)		2.20			3-20-31		100,000,000		1,398,318
Japan Government Twenty Year Bond Series 127 (JPY)		1.90			3-20-31		155,000,000		2,075,741
Japan Government Twenty Year Bond Series 128 (JPY)		1.90			6-20-31		615,000,000		8,223,256
Japan Government Twenty Year Bond Series 133 (JPY)		1.80			12-20-31		265,000,000		3,476,734
Japan Government Twenty Year Bond Series 26 (JPY)		4.50			9-22-14		165,000,000		2,296,694
Japan Government Twenty Year Bond Series 281 (JPY)		2.00			6-20-16		335,000,000		4,580,119
Japan Government Twenty Year Bond Series 30 (JPY)		3.70			9-21-15		100,000,000		1,416,707
Japan Government Twenty Year Bond Series 37 (JPY)		3.10			9-20-17		250,000,000		3,652,580
Japan Government Twenty Year Bond Series 41 (JPY)		1.50			3-20-19		395,000,000		5,406,008
Japan Government Twenty Year Bond Series 45 (JPY)		2.40			3-20-20		430,000,000		6,257,443
Japan Government Twenty Year Bond Series 50 (JPY)		1.90			3-22-21		629,000,000		8,871,499
Japan Government Twenty Year Bond Series 52 (JPY)		2.10			9-21-21		408,000,000		5,844,533
Japan Government Twenty Year Bond Series 58 (JPY)		1.90			9-20-22		80,000,000		1,127,112
Japan Government Twenty Year Bond Series 62 (JPY)		0.80			6-20-23		82,000,000		1,035,643
Japan Government Twenty Year Bond Series 67 (JPY)		1.90			3-20-24		173,000,000		2,426,218
Japan Government Twenty Year Bond Series 70 (JPY)		2.40			6-20-24		488,000,000		7,182,180
Japan Government Twenty Year Bond Series 73 (JPY)		2.00			12-20-24		298,500,000		4,221,216
Japan Government Twenty Year Bond Series 82 (JPY)		2.10			9-20-25		255,000,000		3,633,200
Japan Government Twenty Year Bond Series 86 (JPY)		2.30			3-20-26		230,000,000		3,337,845


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			71


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Japan Government Twenty Year Bond Series 88 (JPY)		2.30	%		6-20-26		375,000,000	$	5,435,749
Japan Government Twenty Year Bond Series 90 (JPY)		2.20			9-20-26		150,000,000		2,149,693
Japan Government Twenty Year Bond Series 92 (JPY)		2.10			12-20-26		230,000,000		3,253,641
Japan Government Twenty Year Bond Series 93 (JPY)		2.00			3-20-27		420,000,000		5,854,031
Japan Government Twenty Year Bond Series 95 (JPY)		2.30			6-20-27		165,000,000		2,379,987
Japan Government Twenty Year Bond Series 97 (JPY)		2.20			9-20-27		200,000,000		2,850,126
Japan Government Twenty Year Bond Series 99 (JPY)		2.10			12-20-27		200,000,000		2,804,795
Japan Government Two Year Bond Series 11 (JPY)		0.10			9-15-13		475,000,000		6,066,550
Japan Government Two Year Bond Series 17 (JPY)		2.40			12-20-34		60,000,000		859,514
Japan Government Two Year Bond Series 300 (JPY)		0.20			11-15-13		230,000,000		2,940,965
Japan Government Two Year Bond Series 312 (JPY)		0.10			1-15-14		575,000,000		7,343,579
Japan Government Two Year Bond Series 315 (JPY)		1.20			6-20-21		865,000,000		11,540,456
Japan Government Two Year Bond Series 316 (JPY)		0.10			5-15-14		235,000,000		3,001,229
Netherlands Government Bond (EUR) 144A		0.75			4-15-15		1,550,000		1,981,154
Netherlands Government Bond (EUR) 144A		1.00			1-15-14		1,200,000		1,529,283
Netherlands Government Bond (EUR) 144A		2.50			1-15-17		900,000		1,223,646
Netherlands Government Bond (EUR) 144A		2.50			1-15-33		900,000		1,166,814
Netherlands Government Bond (EUR) 144A		2.75			1-15-15		1,200,000		1,603,769
Netherlands Government Bond (EUR) 144A		3.25			7-15-21		1,500,000		2,150,593
Netherlands Government Bond (EUR) 144A		3.50			7-15-20		1,400,000		2,038,635
Netherlands Government Bond (EUR) 144A		3.75			7-15-14		1,000,000		1,344,337
Netherlands Government Bond (EUR) 144A		3.75			1-15-23		850,000		1,267,294
Netherlands Government Bond (EUR) 144A		3.75			1-15-42		950,000		1,551,877
Netherlands Government Bond (EUR) 144A		4.00			7-15-16		950,000		1,357,179
Netherlands Government Bond (EUR) 144A		4.00			7-15-18		1,000,000		1,472,645
Netherlands Government Bond (EUR) 144A		4.00			7-15-19		1,250,000		1,864,322
Netherlands Government Bond (EUR) 144A		4.00			1-15-37		853,000		1,415,363
Netherlands Government Bond (EUR) 144A		4.50			7-15-17		1,600,000		2,375,129
Netherlands Government Bond (EUR) 144A		5.50			1-15-28		810,000		1,467,635
Netherlands Government Bond (EUR) 144A		7.50			1-15-23		335,000		648,823
Spain Government Bond (EUR)		2.50			10-31-13		1,350,000		1,679,209
Spain Government Bond (EUR)		3.00			4-30-15		1,250,000		1,518,322
Spain Government Bond (EUR)		3.15			1-31-16		1,000,000		1,180,646
Spain Government Bond (EUR)		3.25			4-30-16		1,800,000		2,115,784
Spain Government Bond (EUR)		3.30			10-31-14		1,000,000		1,241,977
Spain Government Bond (EUR)		3.40			4-30-14		1,800,000		2,255,491
Spain Government Bond (EUR)		3.80			1-31-17		1,400,000		1,635,755
Spain Government Bond (EUR)		4.00			7-30-15		1,000,000		1,236,346
Spain Government Bond (EUR)		4.00			4-30-20		750,000		799,576
Spain Government Bond (EUR)		4.20			1-31-37		900,000		729,587
Spain Government Bond (EUR)		4.25			1-31-14		1,000,000		1,270,040
Spain Government Bond (EUR)		4.25			10-31-16		1,350,000		1,618,119
Spain Government Bond (EUR)		4.30			10-31-19		1,800,000		1,980,944
Spain Government Bond (EUR)		4.40			1-31-15		1,852,000		2,343,984
Spain Government Bond (EUR)		4.60			7-30-19		2,200,000		2,490,366
Spain Government Bond (EUR)		4.65			7-30-25		1,400,000		1,375,772
Spain Government Bond (EUR)		4.70			7-30-41		850,000		729,412
Spain Government Bond (EUR)		4.75			7-30-14		1,900,000		2,430,064
Spain Government Bond (EUR)		4.80			1-31-24		900,000		920,945
Spain Government Bond (EUR)		4.85			10-31-20		1,450,000		1,607,725


72		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @ (continued)
Spain Government Bond (EUR)		4.90	%		7-30-40		1,000,000	$	886,095
Spain Government Bond (EUR)		5.50			7-30-17		1,300,000		1,611,430
Spain Government Bond (EUR)		5.50			4-30-21		2,050,000		2,352,000
Spain Government Bond (EUR)		5.75			7-30-32		1,200,000		1,260,802
Spain Government Bond (EUR)		5.85			1-31-22		750,000		875,372
Spain Government Bond (EUR)		5.90			7-30-26		1,150,000		1,269,636
Spain Government Bond (EUR)		6.00			1-31-29		1,100,000		1,215,378
Sweden Government Bond Series 1041 (SEK)		6.75			5-5-14		9,300,000		1,540,254
Sweden Government Bond Series 1047 (SEK)		5.00			12-1-20		8,340,000		1,620,294
Sweden Government Bond Series 1049 (SEK)		4.50			8-12-15		1,300,000		216,653
Sweden Government Bond Series 1050 (SEK)		3.00			7-12-16		4,800,000		780,345
Sweden Government Bond Series 1051 (SEK)		3.75			8-12-17		4,000,000		682,996
Sweden Government Bond Series 1052 (SEK)		4.25			3-12-19		6,000,000		1,080,547
Sweden Government Bond Series 1053 (SEK)		3.50			3-30-39		4,250,000		837,845
United Kingdom Gilt (GBP)		1.00			9-7-17		1,000,000		1,616,131
United Kingdom Gilt (GBP)		1.75			1-22-17		2,300,000		3,851,788
United Kingdom Gilt (GBP)		2.00			1-22-16		2,350,000		3,945,523
United Kingdom Gilt (GBP)		2.25			3-7-14		1,850,000		3,032,495
United Kingdom Gilt (GBP)		2.75			1-22-15		2,200,000		3,709,471
United Kingdom Gilt (GBP)		3.75			9-7-19		2,200,000		4,147,737
United Kingdom Gilt (GBP)		3.75			9-7-20		2,250,000		4,261,510
United Kingdom Gilt (GBP)		3.75			9-7-21		2,150,000		4,092,006
United Kingdom Gilt (GBP)		3.75			7-22-52		1,150,000		2,092,099
United Kingdom Gilt (GBP)		4.00			9-7-16		3,400,000		6,183,448
United Kingdom Gilt (GBP)		4.00			3-7-22		2,400,000		4,661,918
United Kingdom Gilt (GBP)		4.00			1-22-60		2,300,000		4,482,404
United Kingdom Gilt (GBP)		4.25			12-7-27		1,700,000		3,441,883
United Kingdom Gilt (GBP)		4.25			6-7-32		1,050,000		2,120,534
United Kingdom Gilt (GBP)		4.25			3-7-36		1,300,000		2,599,166
United Kingdom Gilt (GBP)		4.25			9-7-39		1,350,000		2,687,430
United Kingdom Gilt (GBP)		4.25			12-7-40		2,300,000		4,571,631
United Kingdom Gilt (GBP)		4.25			12-7-46		1,150,000		2,300,084
United Kingdom Gilt (GBP)		4.25			12-7-49		1,750,000		3,502,684
United Kingdom Gilt (GBP)		4.25			12-7-55		1,775,000		3,594,069
United Kingdom Gilt (GBP)		4.50			3-7-19		1,750,000		3,419,850
United Kingdom Gilt (GBP)		4.50			9-7-34		2,850,000		5,910,557
United Kingdom Gilt (GBP)		4.50			12-7-42		1,500,000		3,117,126
United Kingdom Gilt (GBP)		4.75			9-7-15		2,575,000		4,654,268
United Kingdom Gilt (GBP)		4.75			3-7-20		2,500,000		5,013,322
United Kingdom Gilt (GBP)		4.75			12-7-30		4,150,000		8,905,424
United Kingdom Gilt (GBP)		4.75			12-7-38		1,800,000		3,871,100
United Kingdom Gilt (GBP)		5.00			9-7-14		2,585,000		4,508,159
United Kingdom Gilt (GBP)		5.00			3-7-18		2,550,000		4,994,061
United Kingdom Gilt (GBP)		5.00			3-7-25		2,550,000		5,475,935
United Kingdom Gilt (GBP)		6.00			12-7-28		1,150,000		2,791,870
United Kingdom Gilt (GBP)		8.00			12-7-15		1,150,000		2,292,780
United Kingdom Gilt (GBP)		8.00			6-7-21		1,600,000		3,952,352
United Kingdom Gilt (GBP)		8.75			8-25-17		800,000		1,780,769

Total Foreign Government Bonds (Cost $1,102,379,517)									1,168,221,014


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			73


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities: 21.66%
U.S. Treasury Bond		2.75	%		8-15-42	$	5,000,000	$	5,046,700
U.S. Treasury Bond		3.00			5-15-42		7,000,000		7,492,184
U.S. Treasury Bond		3.13			11-15-41		6,000,000		6,590,628
U.S. Treasury Bond		3.13			2-15-42		1,000,000		1,097,344
U.S. Treasury Bond		3.50			2-15-39		7,000,000		8,269,842
U.S. Treasury Bond		3.63			2-15-20		13,000,000		15,380,625
U.S. Treasury Bond		3.75			8-15-41		6,000,000		7,387,500
U.S. Treasury Bond		3.88			8-15-40		7,000,000		8,801,408
U.S. Treasury Bond		4.25			5-15-39		5,000,000		6,660,155
U.S. Treasury Bond		4.25			11-15-40		9,500,000		12,688,438
U.S. Treasury Bond		4.38			2-15-38		1,750,000		2,365,781
U.S. Treasury Bond		4.38			11-15-39		7,800,000		10,599,467
U.S. Treasury Bond		4.38			5-15-40		6,250,000		8,501,950
U.S. Treasury Bond		4.50			2-15-36		3,150,000		4,306,642
U.S. Treasury Bond		4.50			5-15-38		600,000		826,875
U.S. Treasury Bond		4.50			8-15-39		5,600,000		7,748,126
U.S. Treasury Bond		4.63			2-15-40		6,500,000		9,171,097
U.S. Treasury Bond		4.75			2-15-37		1,550,000		2,200,273
U.S. Treasury Bond		4.75			2-15-41		5,200,000		7,492,878
U.S. Treasury Bond		5.00			5-15-37		2,300,000		3,378,843
U.S. Treasury Bond		5.38			2-15-31		2,000,000		2,950,312
U.S. Treasury Bond		5.50			8-15-28		1,000,000		1,456,250
U.S. Treasury Bond		6.00			2-15-26		1,150,000		1,704,516
U.S. Treasury Bond		6.13			11-15-27		2,400,000		3,668,626
U.S. Treasury Bond		6.25			8-15-23		3,500,000		5,124,217
U.S. Treasury Bond		6.38			8-15-27		400,000		623,062
U.S. Treasury Bond		6.50			11-15-26		1,500,000		2,338,125
U.S. Treasury Bond		6.63			2-15-27		950,000		1,500,554
U.S. Treasury Bond		6.75			8-15-26		1,500,000		2,377,968
U.S. Treasury Bond		6.88			8-15-25		1,500,000		2,366,016
U.S. Treasury Bond		7.13			2-15-23		3,000,000		4,617,186
U.S. Treasury Bond		7.25			8-15-22		1,000,000		1,536,562
U.S. Treasury Bond		7.50			11-15-24		2,000,000		3,260,000
U.S. Treasury Bond		7.88			2-15-21		500,000		767,500
U.S. Treasury Bond		8.00			11-15-21		4,100,000		6,464,228
U.S. Treasury Bond		8.50			2-15-20		1,700,000		2,611,625
U.S. Treasury Note		0.13			12-31-13		20,000,000		19,978,120
U.S. Treasury Note		0.25			11-30-13		10,000,000		10,005,470
U.S. Treasury Note		0.25			2-28-14		20,000,000		20,010,940
U.S. Treasury Note		0.25			4-30-14		15,000,000		15,005,865
U.S. Treasury Note		0.25			6-30-14		20,000,000		20,008,600
U.S. Treasury Note		0.25			12-15-14		5,000,000		5,001,170
U.S. Treasury Note		0.25			1-15-15		5,000,000		5,001,170
U.S. Treasury Note		0.25			7-15-15		15,000,000		14,984,760
U.S. Treasury Note		0.38			11-15-14		5,000,000		5,014,845
U.S. Treasury Note		0.38			3-15-15		30,000,000		30,084,360
U.S. Treasury Note		0.50			10-15-13		9,000,000		9,029,178
U.S. Treasury Note		0.50			11-15-13		4,500,000		4,515,998
U.S. Treasury Note		0.50			10-15-14		5,000,000		5,027,345
U.S. Treasury Note «		0.50			7-31-17		5,000,000		4,980,080
U.S. Treasury Note		0.63			7-15-14		10,000,000		10,072,660


74		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities (continued)
U.S. Treasury Note		0.63	%		8-31-17	$	5,000,000	$	5,003,728
U.S. Treasury Note		0.75			9-15-13		11,000,000		11,062,733
U.S. Treasury Note		0.75			12-15-13		8,000,000		8,055,312
U.S. Treasury Note		0.75			6-15-14		5,000,000		5,046,485
U.S. Treasury Note		0.75			6-30-17		15,000,000		15,126,570
U.S. Treasury Note		0.88			12-31-16		5,000,000		5,082,420
U.S. Treasury Note		1.00			1-15-14		7,000,000		7,075,194
U.S. Treasury Note		1.00			5-15-14		5,000,000		5,065,430
U.S. Treasury Note		1.00			10-31-16		5,000,000		5,110,940
U.S. Treasury Note		1.00			3-31-17		12,000,000		12,255,000
U.S. Treasury Note		1.00			6-30-19		5,000,000		5,009,375
U.S. Treasury Note		1.25			2-15-14		15,000,000		15,223,245
U.S. Treasury Note		1.25			4-15-14		500,000		508,223
U.S. Treasury Note		1.25			8-31-15		4,500,000		4,626,914
U.S. Treasury Note		1.25			9-30-15		7,000,000		7,200,704
U.S. Treasury Note		1.25			10-31-15		5,000,000		5,145,310
U.S. Treasury Note		1.25			4-30-19		12,000,000		12,244,692
U.S. Treasury Note		1.38			11-30-15		2,500,000		2,583,790
U.S. Treasury Note		1.38			9-30-18		5,000,000		5,164,845
U.S. Treasury Note		1.38			12-31-18		10,000,000		10,313,280
U.S. Treasury Note		1.50			12-31-13		4,000,000		4,067,968
U.S. Treasury Note		1.50			8-31-18		5,000,000		5,204,295
U.S. Treasury Note		1.63			8-15-22		5,000,000		5,022,872
U.S. Treasury Note		1.75			1-31-14		4,500,000		4,597,385
U.S. Treasury Note		1.75			3-31-14		10,000,000		10,239,060
U.S. Treasury Note		1.75			7-31-15		4,750,000		4,949,647
U.S. Treasury Note		1.75			5-15-22		4,000,000		4,083,752
U.S. Treasury Note		1.88			2-28-14		1,500,000		1,536,914
U.S. Treasury Note		1.88			4-30-14		4,400,000		4,519,970
U.S. Treasury Note		1.88			6-30-15		6,250,000		6,529,788
U.S. Treasury Note		1.88			8-31-17		6,500,000		6,906,250
U.S. Treasury Note		1.88			9-30-17		6,000,000		6,374,064
U.S. Treasury Note		2.00			11-30-13		3,800,000		3,884,314
U.S. Treasury Note		2.00			1-31-16		4,000,000		4,223,752
U.S. Treasury Note		2.00			4-30-16		500,000		529,375
U.S. Treasury Note		2.00			11-15-21		21,000,000		22,036,875
U.S. Treasury Note		2.13			11-30-14		6,500,000		6,772,188
U.S. Treasury Note		2.13			5-31-15		3,500,000		3,676,092
U.S. Treasury Note		2.13			2-29-16		4,000,000		4,245,312
U.S. Treasury Note		2.13			8-15-21		10,000,000		10,632,810
U.S. Treasury Note		2.25			5-31-14		13,500,000		13,973,553
U.S. Treasury Note		2.25			1-31-15		5,000,000		5,238,670
U.S. Treasury Note		2.25			3-31-16		5,000,000		5,334,375
U.S. Treasury Note		2.25			11-30-17		7,500,000		8,117,580
U.S. Treasury Note		2.38			8-31-14		5,000,000		5,212,110
U.S. Treasury Note		2.38			9-30-14		5,500,000		5,744,492
U.S. Treasury Note		2.38			10-31-14		5,000,000		5,228,515
U.S. Treasury Note		2.38			2-28-15		10,000,000		10,524,220
U.S. Treasury Note		2.38			3-31-16		2,500,000		2,677,148
U.S. Treasury Note		2.38			7-31-17		3,500,000		3,801,602


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			75


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities (continued)
U.S. Treasury Note		2.38	%		5-31-18	$	5,000,000	$	5,456,250
U.S. Treasury Note		2.50			3-31-15		4,000,000		4,230,312
U.S. Treasury Note		2.50			4-30-15		5,000,000		5,295,310
U.S. Treasury Note		2.50			6-30-17		4,500,000		4,910,625
U.S. Treasury Note		2.63			6-30-14		3,500,000		3,652,306
U.S. Treasury Note		2.63			7-31-14		5,750,000		6,011,447
U.S. Treasury Note		2.63			12-31-14		8,000,000		8,442,496
U.S. Treasury Note		2.63			2-29-16		2,500,000		2,696,875
U.S. Treasury Note		2.63			4-30-16		2,500,000		2,703,710
U.S. Treasury Note		2.63			1-31-18		4,000,000		4,412,500
U.S. Treasury Note		2.63			4-30-18		5,500,000		6,077,500
U.S. Treasury Note		2.63			8-15-20		12,000,000		13,315,308
U.S. Treasury Note		2.63			11-15-20		10,000,000		11,087,500
U.S. Treasury Note		2.75			10-31-13		8,375,000		8,620,362
U.S. Treasury Note		2.75			11-30-16		4,000,000		4,381,248
U.S. Treasury Note		2.75			5-31-17		4,000,000		4,410,936
U.S. Treasury Note		2.75			12-31-17		6,000,000		6,652,500
U.S. Treasury Note		2.75			2-28-18		4,000,000		4,442,812
U.S. Treasury Note		2.75			2-15-19		8,950,000		9,998,833
U.S. Treasury Note		3.00			8-31-16		3,500,000		3,857,382
U.S. Treasury Note		3.00			9-30-16		4,000,000		4,412,500
U.S. Treasury Note		3.00			2-28-17		3,000,000		3,330,936
U.S. Treasury Note		3.13			9-30-13		3,300,000		3,403,254
U.S. Treasury Note		3.13			10-31-16		6,000,000		6,658,596
U.S. Treasury Note		3.13			1-31-17		5,000,000		5,569,920
U.S. Treasury Note		3.13			4-30-17		3,000,000		3,355,314
U.S. Treasury Note		3.13			5-15-19		8,000,000		9,148,128
U.S. Treasury Note		3.13			5-15-21		2,000,000		2,298,750
U.S. Treasury Note		3.25			5-31-16		4,000,000		4,423,752
U.S. Treasury Note		3.25			6-30-16		5,000,000		5,539,455
U.S. Treasury Note		3.25			7-31-16		5,000,000		5,550,000
U.S. Treasury Note		3.25			12-31-16		4,500,000		5,031,212
U.S. Treasury Note		3.25			3-31-17		5,000,000		5,615,235
U.S. Treasury Note		3.38			11-15-19		8,000,000		9,311,248
U.S. Treasury Note		3.50			2-15-18		5,000,000		5,750,000
U.S. Treasury Note		3.63			8-15-19		9,500,000		11,203,322
U.S. Treasury Note		3.63			2-15-21		20,000,000		23,787,500
U.S. Treasury Note		3.75			11-15-18		7,000,000		8,241,954
U.S. Treasury Note		3.88			5-15-18		3,000,000		3,528,048
U.S. Treasury Note		4.00			2-15-14		3,000,000		3,163,944
U.S. Treasury Note		4.00			2-15-15		5,500,000		6,000,588
U.S. Treasury Note		4.00			8-15-18		2,525,000		3,003,369
U.S. Treasury Note		4.13			5-15-15		3,000,000		3,309,141
U.S. Treasury Note		4.25			11-15-13		2,500,000		2,620,800
U.S. Treasury Note		4.25			8-15-14		6,500,000		7,005,525
U.S. Treasury Note		4.25			11-15-14		4,370,000		4,752,375
U.S. Treasury Note		4.25			8-15-15		5,500,000		6,134,651
U.S. Treasury Note		4.25			11-15-17		4,000,000		4,735,936
U.S. Treasury Note		4.50			11-15-15		3,000,000		3,397,266


76		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


U.S. Treasury Securities (continued)
U.S. Treasury Note		4.50	%		2-15-16	$	2,500,000	$	2,855,078
U.S. Treasury Note		4.50			5-15-17		2,000,000		2,365,468
U.S. Treasury Note		4.63			11-15-16		3,000,000		3,517,500
U.S. Treasury Note		4.63			2-15-17		5,000,000		5,905,860
U.S. Treasury Note		4.75			5-15-14		7,000,000		7,535,115
U.S. Treasury Note		4.75			8-15-17		3,000,000		3,607,266
U.S. Treasury Note		4.88			8-15-16		2,500,000		2,934,570
U.S. Treasury Note		5.13			5-15-16		2,000,000		2,347,188
U.S. Treasury Note		7.25			5-15-16		2,500,000		3,128,125
U.S. Treasury Note		7.50			11-15-16		2,000,000		2,583,124
U.S. Treasury Note		8.13			8-15-19		1,350,000		2,004,750
U.S. Treasury Note		8.75			5-15-17		2,500,000		3,450,585
U.S. Treasury Note		8.75			8-15-20		400,000		632,312
U.S. Treasury Note		8.88			8-15-17		1,275,000		1,789,781
U.S. Treasury Note		8.88			2-15-19		1,200,000		1,805,344
U.S. Treasury Note		9.13			5-15-18		2,900,000		4,261,188
U.S. Treasury Note		11.25			2-15-15		2,000,000		2,535,460

Total U.S. Treasury Securities (Cost $966,152,754)									1,035,080,847


Yankee Corporate Bonds and Notes: 3.68%

Consumer Discretionary: 0.05%

Media: 0.05%
Groupo Televisa SA		6.00			5-15-18		250,000		294,936
Groupo Televisa SA		6.63			1-15-40		500,000		646,738
Thomson Reuters Corporation		4.70			10-15-19		425,000		486,042
Thomson Reuters Corporation		5.70			10-1-14		200,000		219,082
Thomson Reuters Corporation		6.50			7-15-18		500,000		624,318

									2,271,116


Consumer Staples: 0.06%

Beverages: 0.06%
Coca-Cola Femsa SAB de CV		4.63			2-15-20		200,000		227,196
Coca-Cola HBC Finance BV		5.13			9-17-13		250,000		257,740
Diageo Capital plc		5.75			10-23-17		1,050,000		1,287,424
Diageo Capital plc		5.88			9-30-36		175,000		231,733
Diageo Capital plc		7.38			1-15-14		500,000		545,983
Diageo Finance BV		3.25			1-15-15		100,000		105,922
Diageo Finance BV		5.30			10-28-15		125,000		141,833

									2,797,831


Energy: 0.66%

Energy Equipment & Services: 0.04%
Ensco plc		3.25			3-15-16		1,250,000		1,334,473
Ensco plc		4.70			3-15-21		500,000		561,398

									1,895,871


Oil, Gas & Consumable Fuels: 0.62%
Alberta Energy Company Limited		7.38			11-1-31		350,000		436,385
Alberta Energy Company Limited		8.13			9-15-30		150,000		199,313


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			77


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
Canadian Natural Resources Limited		4.90	%		12-1-14	$	65,000	$	70,882
Canadian Natural Resources Limited		5.70			5-15-17		150,000		1,363,239
Canadian Natural Resources Limited		5.85			2-1-35		565,000		683,125
Canadian Natural Resources Limited		6.25			3-15-38		500,000		652,425
Cenovus Energy Incorporated		3.00			8-15-22		250,000		255,775
Cenovus Energy Incorporated		4.45			9-15-42		250,000		256,018
Cenovus Energy Incorporated		4.50			9-15-14		500,000		535,746
Cenovus Energy Incorporated		5.70			10-15-19		200,000		241,395
Cenovus Energy Incorporated		6.75			11-15-39		500,000		671,927
Enbridge Incorporated		5.60			4-1-17		100,000		114,876
Encana Corporation		5.15			11-15-41		500,000		508,631
Encana Corporation		5.80			5-1-14		154,000		165,482
Encana Corporation		5.90			12-1-17		300,000		351,637
Encana Corporation		6.50			5-15-19		400,000		484,205
Encana Corporation		6.50			8-15-34		250,000		294,929
Encana Corporation		6.50			2-1-38		350,000		414,504
Husky Energy Incorporated		5.90			6-15-14		305,000		331,347
Husky Energy Incorporated		6.80			9-15-37		100,000		128,847
Husky Energy Incorporated		7.25			12-15-19		565,000		720,733
Nexen Incorporated		6.20			7-30-19		80,000		96,272
Nexen Incorporated		6.40			5-15-37		600,000		749,203
Nexen Incorporated		7.50			7-30-39		560,000		785,293
Noble Holdings International Limited Corporation		3.05			3-1-16		150,000		156,914
Noble Holdings International Limited Corporation		3.95			3-15-22		150,000		158,125
Noble Holdings International Limited Corporation		4.63			3-1-21		200,000		217,882
Noble Holdings International Limited Corporation		4.90			8-1-20		250,000		279,037
Noble Holdings International Limited Corporation		6.05			3-1-41		200,000		230,503
Noble Holdings International Limited Corporation		7.38			3-15-14		250,000		273,426
Petro-Canada		5.95			5-15-35		700,000		848,305
Petro-Canada		6.80			5-15-38		400,000		542,560
Suncor Energy Incorporated		5.95			12-1-34		75,000		90,942
Suncor Energy Incorporated		6.10			6-1-18		900,000		1,101,023
Suncor Energy Incorporated		6.50			6-15-38		400,000		529,746
Suncor Energy Incorporated		6.85			6-1-39		250,000		341,972
Talisman Energy Incorporated		3.75			2-1-21		150,000		156,562
Talisman Energy Incorporated		5.13			5-15-15		65,000		70,486
Talisman Energy Incorporated		6.25			2-1-38		400,000		473,004
Talisman Energy Incorporated		7.75			6-1-19		415,000		524,178
Total Capital Canada Limited		1.63			1-28-14		140,000		142,288
Total Capital International SA		1.55			6-28-17		500,000		508,121
Total Capital International SA		2.88			2-17-22		1,000,000		1,050,044
Total Capital SA		3.00			6-24-15		500,000		533,368
Total Capital SA		3.13			10-2-15		1,000,000		1,069,700
Total Capital SA		4.13			1-28-21		100,000		114,004
Total Capital SA		4.45			6-24-20		500,000		582,852
TransCanada PipeLines Limited		3.40			6-1-15		500,000		536,618
TransCanada PipeLines Limited		3.80			10-1-20		300,000		335,239
TransCanada PipeLines Limited		6.10			6-1-40		300,000		415,961
TransCanada PipeLines Limited		6.20			10-15-37		585,000		804,280
TransCanada PipeLines Limited		7.13			1-15-19		1,500,000		1,939,877


78		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Oil, Gas & Consumable Fuels (continued)
TransCanada PipeLines Limited		7.63	%		1-15-39	$	500,000	$	785,021
Transocean Incorporated		4.95			11-15-15		500,000		545,162
Transocean Incorporated		5.05			12-15-16		500,000		553,877
Transocean Incorporated		6.00			3-15-18		600,000		694,884
Transocean Incorporated		6.38			12-15-21		500,000		602,725
Weatherford International Limited		5.13			9-15-20		200,000		217,416
Weatherford International Limited		6.00			3-15-18		100,000		114,168
Weatherford International Limited		6.75			9-15-40		300,000		334,475
Weatherford International Limited		7.00			3-15-38		50,000		56,447
Weatherford International Limited		9.63			3-1-19		1,000,000		1,308,342

									29,751,723


Financials: 1.65%

Capital Markets: 0.18%
BP Capital Markets plc		3.13			10-1-15		800,000		855,702
BP Capital Markets plc		3.20			3-11-16		1,000,000		1,072,797
BP Capital Markets plc		3.63			5-8-14		600,000		629,862
BP Capital Markets plc		3.88			3-10-15		700,000		754,443
BP Capital Markets plc		4.50			10-1-20		500,000		582,066
BP Capital Markets plc		4.74			3-11-21		1,000,000		1,174,073
BP Capital Markets plc		4.75			3-10-19		450,000		522,721
BP Capital Markets plc		5.25			11-7-13		1,000,000		1,054,850
Nomura Holdings Incorporated		4.13			1-19-16		500,000		518,088
Nomura Holdings Incorporated		5.00			3-4-15		1,100,000		1,158,103
Nomura Holdings Incorporated		6.70			3-4-20		356,000		408,943

									8,731,648


Commercial Banks: 0.77%
Bank of Montreal		2.50			1-11-17		500,000		529,129
Bank of Nova Scotia		2.05			10-7-15		300,000		310,541
Bank of Nova Scotia		2.38			12-17-13		600,000		614,434
Bank of Nova Scotia		2.55			1-12-17		750,000		793,013
Bank of Nova Scotia		3.40			1-22-15		1,150,000		1,216,275
Bank of Nova Scotia		4.38			1-13-21		500,000		579,535
Barclays Bank plc		2.38			1-13-14		700,000		708,373
Barclays Bank plc		3.90			4-7-15		250,000		261,633
Barclays Bank plc		5.00			9-22-16		900,000		988,831
Barclays Bank plc		5.13			1-8-20		1,250,000		1,350,738
Barclays Bank plc		5.14			10-14-20		800,000		807,188
Barclays Bank plc		5.20			7-10-14		800,000		847,937
Barclays Bank plc		6.75			5-22-19		750,000		878,809
BNP Paribas		3.25			3-11-15		1,000,000		1,030,422
BNP Paribas		3.60			2-23-16		1,000,000		1,046,679
BNP Paribas		5.00			1-15-21		1,150,000		1,239,183
Canadian Imperial Bank		1.45			9-13-13		500,000		505,423
Canadian Imperial Bank		2.35			12-11-15		500,000		525,529
Commonwealth Bank Australia (New York)		1.95			3-16-15		676,000		688,195
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.50			1-11-21		500,000		551,002
HSBC Holdings plc		4.00			3-30-22		1,000,000		1,072,883


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			79


Security name	Interest rate			Maturity date		Principal		Value


Commercial Banks (continued)
HSBC Holdings plc		4.88	%		1-14-22	$	250,000	$	286,379
HSBC Holdings plc		5.10			4-5-21		1,000,000		1,151,029
HSBC Holdings plc		6.50			5-2-36		1,000,000		1,174,775
HSBC Holdings plc		6.50			9-15-37		850,000		1,005,546
HSBC Holdings plc		6.80			6-1-38		350,000		428,004
Lloyds TSB Bank plc		4.20			3-28-17		500,000		530,376
Lloyds TSB Bank plc		4.88			1-21-16		700,000		748,860
Lloyds TSB Bank plc		6.38			1-21-21		800,000		927,682
National Bank of Canada		1.50			6-26-15		500,000		509,088
Rabobank Nederland		2.13			10-13-15		1,000,000		1,023,989
Rabobank Nederland		3.38			1-19-17		1,000,000		1,057,971
Rabobank Nederland		3.88			2-8-22		1,500,000		1,563,299
Royal Bank of Canada		1.13			1-15-14		200,000		201,886
Royal Bank of Canada		1.45			10-30-14		1,000,000		1,019,251
Royal Bank of Canada		2.30			7-20-16		600,000		629,246
Royal Bank of Canada		2.63			12-15-15		250,000		263,777
Royal Bank of Scotland Group plc		3.95			9-21-15		500,000		524,806
Royal Bank of Scotland Group plc		4.38			3-16-16		1,000,000		1,054,183
Royal Bank of Scotland Group plc		4.88			3-16-15		1,000,000		1,061,787
Royal Bank of Scotland Group plc		5.63			8-24-20		1,000,000		1,095,411
Royal Bank of Scotland Group plc		6.40			10-21-19		575,000		633,249
Svenska Handelsbanken AB		3.13			7-12-16		500,000		525,458
Toronto Dominion Bank		1.38			7-14-14		300,000		304,965
Toronto Dominion Bank		2.50			7-14-16		500,000		529,406
Westpac Banking Corporation		1.85			12-9-13		200,000		202,507
Westpac Banking Corporation		2.00			8-14-17		100,000		101,068
Westpac Banking Corporation		4.20			2-27-15		780,000		837,032
Westpac Banking Corporation		4.88			11-19-19		800,000		902,950

									36,839,732


Diversified Financial Services: 0.65%
Abbey National Treasury Services plc		2.88			4-25-14		200,000		200,220
Abbey National Treasury Services plc		4.00			4-27-16		500,000		508,417
AngloGold Holdings plc		5.38			4-15-20		165,000		174,719
AngloGold Holdings plc		6.50			4-15-40		295,000		303,199
Barrick Australian Finance Proprietary Limited		5.95			10-15-39		550,000		638,291
BHP Billiton Finance USA Limited		5.40			3-29-17		200,000		234,541
BHP Billiton Finance USA Limited		5.50			4-1-14		800,000		862,083
BHP Billiton Finance USA Limited		6.50			4-1-19		1,050,000		1,344,494
Burlington Resources Finance Company		7.20			8-15-31		500,000		710,569
ConocoPhillips Canada Funding Company		5.63			10-15-16		150,000		178,635
ConocoPhillips Canada Funding Company		5.95			10-15-36		300,000		396,324
Credit Suisse New York NY		3.50			3-23-15		500,000		526,272
Credit Suisse New York NY		5.30			8-13-19		1,500,000		1,760,384
Credit Suisse New York NY		5.40			1-14-20		1,500,000		1,615,463
Credit Suisse New York NY		5.50			5-1-14		500,000		533,555
Deutsche Bank AG London		3.45			3-30-15		500,000		523,660
Deutsche Bank AG London		3.88			8-18-14		1,000,000		1,051,380
Deutsche Bank AG London		6.00			9-1-17		1,000,000		1,170,119
ORIX Corporation		4.71			4-27-15		415,000		438,489


80		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Diversified Financial Services (continued)
Rio Tinto Finance USA Limited		2.00	%		3-22-17	$	500,000	$	512,429
Rio Tinto Finance USA Limited		2.88			8-21-22		250,000		246,202
Rio Tinto Finance USA Limited		3.50			3-22-22		500,000		523,733
Rio Tinto Finance USA Limited		4.13			8-21-42		250,000		245,728
Rio Tinto Finance USA Limited		4.75			3-22-42		250,000		273,325
Rio Tinto Finance USA Limited		5.20			11-2-40		300,000		345,652
Rio Tinto Finance USA Limited		6.50			7-15-18		750,000		928,640
Rio Tinto Finance USA Limited		8.95			5-1-14		1,475,000		1,670,169
Rio Tinto Finance USA Limited		9.00			5-1-19		480,000		658,661
Shell International Finance BV		2.38			8-21-22		250,000		253,153
Shell International Finance BV		3.25			9-22-15		1,000,000		1,081,624
Shell International Finance BV		3.63			8-21-42		250,000		258,317
Shell International Finance BV		4.00			3-21-14		950,000		1,001,784
Shell International Finance BV		4.30			9-22-19		500,000		584,766
Shell International Finance BV		4.38			3-25-20		500,000		589,262
Shell International Finance BV		5.20			3-22-17		250,000		296,130
Shell International Finance BV		5.50			3-25-40		300,000		400,616
Shell International Finance BV		6.38			12-15-38		850,000		1,241,813
Syngenta Finance NV		3.13			3-28-22		500,000		527,166
UBS AG Stamford Connecticut		3.88			1-15-15		500,000		526,895
UBS AG Stamford Connecticut		4.88			8-4-20		1,000,000		1,116,003
UBS AG Stamford Connecticut		5.75			4-25-18		1,000,000		1,156,566
UBS AG Stamford Connecticut		5.88			12-20-17		1,500,000		1,746,615
Virgin Media Finance plc		5.25			1-15-21		900,000		1,034,123
WPP Finance UK		8.00			9-15-14		500,000		561,071

									30,951,257


Insurance: 0.05%
Aegon NV		4.63			12-1-15		500,000		543,656
AXA SA		8.60			12-15-30		650,000		744,752
Axis Capital Holdings Limited		5.75			12-1-14		65,000		69,935
Manulife Financial Corporation		3.40			9-17-15		400,000		416,710
XL Capital Limited		5.25			9-15-14		312,000		331,588

									2,106,641


Real Estate Management & Development: 0.00%
Brookfield Asset Management Incorporated		5.80			4-25-17		125,000		137,407


Health Care: 0.15%

Pharmaceuticals: 0.15%
AstraZeneca plc		5.40			6-1-14		75,000		81,420
AstraZeneca plc		5.90			9-15-17		800,000		980,499
AstraZeneca plc		6.45			9-15-37		1,150,000		1,621,469
Covidien International Finance SA		2.80			6-15-15		150,000		157,653
Covidien International Finance SA		6.00			10-15-17		600,000		729,877
Covidien International Finance SA		6.55			10-15-37		150,000		217,739
Novartis Securities Investment Limited		5.13			2-10-19		1,000,000		1,206,823
Sanofi Aventis		1.63			3-28-14		210,000		213,654


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			81


Security name	Interest rate			Maturity date		Principal		Value


Pharmaceuticals (continued)
Sanofi Aventis		2.63	%		3-29-16	$	500,000	$	529,805
Sanofi Aventis		4.00			3-29-21		700,000		795,740
Teva Pharmaceutical Finance LLC		3.00			6-15-15		500,000		531,931

									7,066,610


Industrials: 0.12%

Aerospace & Defense: 0.01%
Embraer Overseas Limited		6.38			1-15-20		500,000		565,000
Empresa Brasileira de Aeronautica		5.15			6-15-22		200,000		209,500

									774,500


Commercial Services & Supplies: 0.02%
Ingersoll-Rand Global Holding Company Limited		6.88			8-15-18		250,000		307,972
Ingersoll-Rand Global Holding Company Limited		9.50			4-15-14		500,000		562,817

									870,789


Industrial Conglomerates: 0.06%
Koninklijke Philips Electronics NV		5.75			3-11-18		650,000		782,945
Philips Electronics NV		3.75			3-15-22		500,000		541,951
Philips Electronics NV		5.00			3-15-42		500,000		574,192
Philips Electronics NV		6.88			3-11-38		250,000		341,627
Tyco Electronics Group SA		7.13			10-1-37		350,000		478,979

									2,719,694


Road & Rail: 0.03%
Canadian National Railway Company		5.55			3-1-19		435,000		534,188
Canadian National Railway Company		6.20			6-1-36		200,000		276,321
Canadian Pacific Railway Company		4.45			3-15-23		200,000		221,190
Canadian Pacific Railway Company		5.75			3-15-33		360,000		409,117
Canadian Pacific Railway Company		5.95			5-15-37		65,000		78,017
Canadian Pacific Railway Company		7.25			5-15-19		65,000		81,038

									1,599,871


Materials: 0.34%

Chemicals: 0.04%
Agrium Incorporated		6.13			1-15-41		165,000		207,518
Agrium Incorporated		6.75			1-15-19		300,000		374,252
Potash Corporation of Saskatchewan Incorporated		3.75			9-30-15		560,000		604,918
Potash Corporation of Saskatchewan Incorporated		4.88			3-30-20		255,000		298,371
Potash Corporation of Saskatchewan Incorporated		5.25			5-15-14		50,000		53,721
Potash Corporation of Saskatchewan Incorporated		5.63			12-1-40		200,000		254,441
Potash Corporation of Saskatchewan Incorporated		5.88			12-1-36		75,000		98,279
Potash Corporation of Saskatchewan Incorporated		6.50			5-15-19		65,000		81,642

									1,973,142


Metals & Mining: 0.28%
ArcelorMittal		4.00			3-1-16		100,000		97,700
ArcelorMittal		4.75			2-25-17		500,000		490,059


82		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Metals & Mining (continued)
ArcelorMittal		5.75	%		3-1-21	$	500,000	$	474,656
ArcelorMittal		6.13			6-1-18		600,000		595,585
ArcelorMittal		7.00			3-1-41		500,000		431,782
ArcelorMittal		7.25			10-15-39		500,000		450,548
ArcelorMittal		9.25			2-15-15		425,000		467,984
ArcelorMittal		10.10			6-1-19		1,000,000		1,140,512
Barrick Gold Corporation		3.85			4-1-22		500,000		519,359
Barrick Gold Corporation		5.25			4-1-42		500,000		544,018
BHP Billiton Limited		1.00			2-24-15		500,000		505,407
BHP Billiton Limited		1.63			2-24-17		500,000		510,026
Falconbridge Limited		6.00			10-15-15		600,000		668,257
Kinross Gold Corporation		5.13			9-1-21		200,000		204,130
Teck Resources Limited		4.50			1-15-21		350,000		369,881
Teck Resources Limited		4.75			1-15-22		202,000		217,265
Teck Resources Limited		5.20			3-1-42		500,000		480,625
Teck Resources Limited		6.00			8-15-40		175,000		183,903
Teck Resources Limited		6.25			7-15-41		300,000		332,057
Vale Overseas Limited		4.38			1-11-22		700,000		717,909
Vale Overseas Limited		4.63			9-15-20		300,000		314,798
Vale Overseas Limited		6.25			1-23-17		1,405,000		1,610,776
Vale Overseas Limited		6.88			11-21-36		1,260,000		1,483,361
Vale Overseas Limited		6.88			11-10-39		130,000		154,301
Vale Overseas Limited		8.25			1-17-34		300,000		388,626

									13,353,525


Paper & Forest Products: 0.02%
Celulosa Arauco y Constitucion SA		4.75			1-11-22		500,000		525,126
Celulosa Arauco y Constitucion SA		5.63			4-20-15		65,000		70,766
Celulosa Arauco y Constitucion SA		7.25			7-29-19		350,000		421,394

									1,017,286


Telecommunication Services: 0.60%

Diversified Telecommunication Services: 0.37%
British Telecommunications plc		5.95			1-15-18		250,000		298,348
British Telecommunications plc		9.63			12-15-30		1,150,000		1,847,907
Deutsche Telekom International Finance BV		4.88			7-8-14		300,000		318,133
Deutsche Telekom International Finance BV		5.75			3-23-16		275,000		312,844
Deutsche Telekom International Finance BV		6.00			7-8-19		500,000		607,505
Deutsche Telekom International Finance BV		8.75			6-15-30		830,000		1,224,641
Deutsche Telekom International Finance BV		9.25			6-1-32		500,000		781,180
France Telecom SA		4.38			7-8-14		1,000,000		1,057,034
France Telecom SA		5.38			7-8-19		350,000		405,892
France Telecom SA		8.50			3-1-31		925,000		1,379,050
Royal KPN NV		8.38			10-1-30		375,000		499,750
Telecom Italia Capital SA		4.95			9-30-14		1,150,000		1,167,250
Telecom Italia Capital SA		5.25			11-15-13		415,000		424,856
Telecom Italia Capital SA		5.25			10-1-15		200,000		203,000
Telecom Italia Capital SA		6.00			9-30-34		150,000		123,000
Telecom Italia Capital SA		7.18			6-18-19		1,000,000		1,045,000


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			83


Security name	Interest rate			Maturity date		Principal		Value


Diversified Telecommunication Services (continued)
Telecom Italia Capital SA		7.20	%		7-18-36	$	500,000	$	450,000
Telecom Italia Capital SA		7.72			6-4-38		500,000		466,250
Telefonica Emisiones SAU		3.73			4-27-15		470,000		457,075
Telefonica Emisiones SAU		3.99			2-16-16		710,000		683,375
Telefonica Emisiones SAU		4.95			1-15-15		430,000		433,225
Telefonica Emisiones SAU		5.13			4-27-20		445,000		406,619
Telefonica Emisiones SAU		5.46			2-16-21		500,000		460,000
Telefonica Emisiones SAU		6.42			6-20-16		500,000		511,250
Telefonica Emisiones SAU		7.05			6-20-36		550,000		508,750
Telefonica Europe BV		8.25			9-15-30		420,000		429,450
Telefonica SA		5.88			7-15-19		645,000		622,425
Telefonos de Mexico SA de CV		5.50			1-27-15		465,000		511,497

									17,635,306


Wireless Telecommunication Services: 0.23%
America Movil SAB de CV		2.38			9-8-16		750,000		778,894
America Movil SAB de CV		3.63			3-30-15		500,000		533,925
America Movil SAB de CV		5.00			3-30-20		1,000,000		1,162,902
America Movil SAB de CV		5.50			3-1-14		300,000		320,428
America Movil SAB de CV		5.63			11-15-17		450,000		532,900
America Movil SAB de CV		6.13			11-15-37		100,000		127,793
America Movil SAB de CV		6.13			3-30-40		500,000		645,933
America Movil SAB de CV		6.38			3-1-35		65,000		84,249
Rogers Communications Incorporated		6.80			8-15-18		750,000		940,541
Rogers Wireless Incorporated		6.38			3-1-14		100,000		108,347
Rogers Wireless Incorporated		7.50			3-15-15		500,000		581,066
Vodafone Group plc		1.63			3-20-17		500,000		509,738
Vodafone Group plc		3.38			11-24-15		500,000		538,434
Vodafone Group plc		4.15			6-10-14		250,000		265,168
Vodafone Group plc		4.63			7-15-18		180,000		207,792
Vodafone Group plc		5.00			12-16-13		600,000		634,120
Vodafone Group plc		5.00			9-15-15		250,000		280,177
Vodafone Group plc		5.38			1-30-15		75,000		82,964
Vodafone Group plc		5.45			6-10-19		400,000		486,767
Vodafone Group plc		5.63			2-27-17		500,000		592,923
Vodafone Group plc		6.15			2-27-37		1,000,000		1,341,974
Vodafone Group plc		7.88			2-15-30		250,000		374,642

									11,131,677


Utilities: 0.05%

Electric Utilities: 0.01%
Enersis SA		7.38			1-15-14		250,000		266,764


Independent Power Producers & Energy Traders: 0.01%
Transalta Corporation		4.75			1-15-15		400,000		418,854
Transalta Corporation		6.50			3-15-40		90,000		91,673

									510,527


84		Wells Fargo Advantage Diversified Fixed Income Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Multi-Utilities: 0.02%
National Grid plc		6.30	%		8-1-16	$	600,000	$	693,135
Veolia Environment SA		6.00			6-1-18		500,000		577,539

									1,270,674


Water Utilities: 0.01%
United Utilities Incorporated		5.38			2-1-19		250,000		269,870


Total Yankee Corporate Bonds and Notes (Cost $161,537,695)									175,943,461


Other: 0.01%
Gryphon Funding Limited, Pass-Through Entity (a)(v)(i)							1,426,543		385,167

Total Other (Cost $162,054)									385,167


	Yield					Shares
Short-Term Investments: 3.69%

Investment Companies: 3.69%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.16					169,874,378		169,874,378
Wells Fargo Securities Lending Cash Investments, LLC (l)(v)(u)(r)		0.19					6,632,384		6,632,384

									176,506,762


Total Short-Term Investments (Cost $176,506,762)									176,506,762


Total investments in securities
(Cost $4,583,152,627)*	102.56	%		4,901,624,845
Other assets and liabilities, net	(2.56	)		(122,308,881	)

Total net assets	100.00	%	$	4,779,315,964


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Fixed Income Portfolio			85

±	Variable rate investment

%%	Security issued on a when-issued (TBA) basis.

¤	Security issued in zero coupon form with no periodic interest payments.

§	These securities are subject to a demand feature which reduces the effective maturity.

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

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

(l)	Investment in an affiliate

@	Foreign bond principal is denominated in local currency.

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

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

(i)	Illiquid security

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

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

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

*	Cost for federal income tax purposes is $4,585,180,634 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	345,632,197
Gross unrealized depreciation		(29,187,986	)

Net unrealized appreciation	$	316,444,211

The following table shows the percent of total long-term investments by geographic location as of August 31, 2012:


United States	71.22	%
Japan	12.31	%
United Kingdom	3.70	%
France	2.50	%
Germany	2.07	%
Italy	2.05	%
Canada	1.68	%
Netherlands	0.97	%
Spain	0.95	%
Other	2.55	%

	100.00	%


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			1


Security name	Shares		Value


Common Stocks: 96.21%

Consumer Discretionary: 12.54%

Auto Components: 0.71%
Aapico Hitech Public Company Limited		123,000	$	79,684
Aisin Seiki Company Limited		35,200		1,119,458
Akebono Brake Industry Company Limited		22,700		114,812
Autoneum Holding AG †		164		7,644
Bharat Forge Limited		19,334		96,957
BorgWarner Incorporated «†		90,355		6,214,617
Bosch Limited		1,719		263,002
Bridgestone Corporation		119,800		2,777,151
Bridgestone Corporation ADR «†		4,725		220,138
Calsonic Kansei Corporation		41,000		197,420
Cheng Shin Rubber Industry Company Limited		503,582		1,224,025
Compagnie Generale Des Establissements Michelin Class B		17,733		1,272,476
Continental AG		6,903		686,446
Cooper Tire & Rubber Company		130,904		2,616,771
Dana Holding Corporation «		318,737		4,353,947
Denso Corporation		88,500		2,950,188
Exedy Corporation		5,000		102,305
Exide Industries Limited		78,617		189,246
Faurecia		2,019		37,204
FCC Company Limited		5,300		84,954
Futaba Industrial Company Limited †		6,100		27,892
Gentex Corporation «		103,820		1,818,926
GKN plc		150,914		511,608
Halla Climate Control Corporation		8,860		188,191
Hankook Tire Company Limited (a)		19,330		700,894
Hi-Lex Corporation		4,100		64,672
Hyundai Mobis		13,087		3,546,769
Hyundai Wia Corporation		2,855		452,925
Kayaba Industry Company Limited «		27,000		98,972
KEIHIN Corporation		9,300		121,276
Kenda Rubber Industrial Company Limited		159,577		192,338
Koito Manufacturing Company Limited		17,000		211,482
Kumho Industrial Company Limited †		24,425		74,268
Lear Corporation		70,016		2,718,721
Leoni AG		4,204		157,576
Linamar Corporation		2,422		50,688
Magna International Incorporated Class A «		19,200		828,575
Mando Corporation		2,550		361,838
Martinrea International Incorporated †		3,001		24,142
Minth Group Limited		76,000		84,663
Mitsuboshi Belting Company Limited		10,000		59,774
Musashi Seimitsu Industry Company Limited		1,900		35,600
Nan Kang Rubber Tire Company Limited †		119,957		173,822
NGK Spark Plug Company Limited		29,000		312,983
NHK Spring Company Limited		37,500		369,276
NIFCO Incorporated		6,500		152,922
Nippon Seiki Company Limited		8,000		81,436


2		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Auto Component (continued)
Nissan Shatai Company Limited		12,000	$	134,721
Nissin Kogyo Company Limited		8,500		115,620
NOK Corporation		19,900		332,959
Nokian Renkaat Oyj		13,330		524,623
Pacific Industrial Company Limited		5,000		28,737
Pirelli & Company SpA		18,218		200,503
Press Kogyo Company Limited		13,000		51,804
Rieter Holding AG		164		24,204
Riken Corporation		27,000		104,489
Sanden Corporation		14,000		40,411
Showa Corporation		13,400		115,867
Somboon Advance Technology PCL		104,216		98,945
Stanley Electric Company Limited		28,700		424,113
Sumitomo Rubber Industries		33,200		404,956
Tachi-S Company Limited		3,600		67,866
Takata Corporation		5,600		104,926
Tenneco Automotive Incorporated †		109,700		3,331,589
Thai Stanley Electric PCL		13,600		92,446
Tokai Rika Company Limited		8,200		122,432
Tokai Rubber Industries Incorporated		6,500		69,321
Tong Yang Industry Company Limited		97,926		93,182
Topre Corporation		4,200		36,638
Toyo Tire & Rubber Company Limited		50,000		135,385
Toyota Boshoku Corporation		11,900		136,638
Toyota Gosei Company Limited		14,500		299,464
Toyota Industries Corporation		38,400		1,078,996
TRW Automotive Holdings Corporation †		69,900		3,055,329
TS Tech Company Limited		7,600		137,061
UMW Holdings Berhad		137,800		449,851
Unipres Corporation		5,100		140,112
Valeo SA		7,819		369,835
Xinyi Glass Holding Company Limited		456,149		208,785
Yarnapund PCL †(a)		1,551,500		14,359
Yokohama Rubber Company Limited		65,000		483,173

				51,060,014


Automobiles: 0.99%
Bajaj Auto		14,575		423,743
Bayerische Motoren Werke AG		29,701		2,154,057
Brilliance China Automotive Holdings Limited †		568,000		555,114
BYD Company Limited †		119,000		207,438
China Motor Company Limited		198,150		181,273
Chongqing Changchun Automobile Class B		43		15
Daihatsu Motor Company Limited		38,000		619,784
Daimler AG		89,706		4,400,456
Dongfeng Motor Group Company Limited		598,000		774,105
Fiat Industrial		78,164		787,009
Fiat SpA †		84,699		461,507


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			3


Security name	Shares		Value


Automobiles (continued)
Fleetwood Corporation Limited		5,415	$	63,274
Ford Otomotiv Sanayi AS		8,512		83,520
Fuji Heavy Industries Limited		117,000		935,462
Geely Automobile Holdings Limited «		780,000		250,414
General Motors Company †		79,800		1,703,730
Ghabbour Auto		3,188		12,182
Guangzhou Automobile Group Company Limited		493,454		344,198
Hero Honda Motors Limited		20,559		651,605
Honda Motor Company Limited		316,800		10,002,294
Honda Motor Company Limited ADR		25		797
Hyundai Motor Company Limited		27,547		5,838,981
Isuzu Motors Limited		224,000		1,141,529
Kia Motors Corporation		55,867		3,648,558
Mahindra & Mahindra Limited		52,028		713,801
Mahindra & Mahindra Limited GDR		20,144		273,958
Maruti Suzuki India Limited		28,721		590,323
Mazda Motor Corporation †		496,000		595,491
Mitsubishi Motors Corporation †		631,000		588,326
Nissan Motor Company Limited		418,100		3,898,244
Oriental Holdings Berhad		28,320		70,517
Peugeot SA †		32,389		245,044
PT Astra International Incorporated TBK		3,992,940		2,826,675
Renault SA		18,761		877,004
Suzuki Motor Corporation		77,700		1,417,148
Tan Chong Motor Holdings Berhad		87,300		126,850
Tata Motors Limited		164,889		694,535
Tata Motors Limited Differential Voting Rights A Shares		119,486		293,425
Tesla Motors Incorporated «†		41,700		1,189,284
Tofas Turk Otomobil Fabrikasi AS		12,763		61,738
Toyota Motor Corporation		520,714		20,583,815
Volkswagen AG		2,854		464,874
Yamaha Motor Company Limited		54,900		475,410
Yue Loong Motor		230,929		419,436
Zhongsheng Group Holdings Limited		140,000		175,994

				71,822,937


Distributors: 0.22%
Canon Marketing Japan Incorporated		10,300		141,946
CFAO		4,172		195,628
D’ieteren SA NV		1,530		67,663
Delek Automotive Systems Limited		1,187		6,372
Genuine Parts Company «		105,779		6,681,002
Hanwha Corporation (Korea)		11,460		332,803
Imperial Holding Limited		47,334		1,149,975
Inchcape plc		38,717		226,542
Jardine Cycle & Carriage Limited		15,439		573,342
JFE Shoji Trade Corporation		19,000		65,279
LG International Corporation		5,460		195,855
Li & Fung Limited		1,040,530		1,690,403
Pacific Brands Limited		88,865		56,005


4		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Distributors (continued)
Pool Corporation «		106,300	$	4,187,157
Schneider Electric Infrastructure Limited		5,981		9,338
Tat Hong Holdings Limited		7,000		6,542
Uni-Select Incorporated		432		10,965
Yokohama Reito Company		7,100		56,405

				15,653,222


Diversified Consumer Services: 0.42%
Arbitron Incorporated		47,600		1,674,092
Benesse Corporation		17,200		851,268
Coinstar Incorporated «†		57,462		2,937,457
Corporate Executive Board Company		60,400		2,812,224
DeVry Incorporated «		37,100		716,401
Educomp Solutions Limited		5,295		13,774
H & R Block Incorporated		194,011		3,212,822
Hillenbrand Incorporated		137,686		2,494,870
InvoCare Limited		16,803		154,851
Itausa Investimentos Itau SA		41,648		264,878
Navitas Limited «		29,257		129,371
New Oriental Education & Technology Group Incorporated «		17,412		242,027
Raffles Education Corporation Limited		55,177		15,272
Regis Corporation «		128,295		2,310,593
Service Corporation International «		474,743		6,190,649
Sotheby’s Holdings Incorporated «		126,400		3,951,264
Strayer Education Incorporated «		23,241		1,505,552
Weight Watchers International Incorporated		13,700		654,449

				30,131,814


Hotels, Restaurants & Leisure: 1.86%
A-Max Holdings Limited †(a)		83,500		657
Accor SA		17,004		539,182
Accordia Golf Company Limited		241		153,905
Ajisen China Holdings Limited		67,200		41,242
Aristocrat Leisure Limited		103,978		285,750
Autogrill SpA		5,082		43,339
Bally Technologies Incorporated †		80,609		3,570,173
Banyan Tree Holdings Limited †		13,000		5,945
Berjaya Land Berhad		210,400		53,871
Berjaya Sports Toto Berhad		110,350		155,751
Bob Evans Farms Incorporated «		1,361		53,542
Brinker International Incorporated		165,490		5,702,785
Cafe de Coral Holdings Limited		52,000		145,153
Carnival Corporation		47,700		1,654,236
Carnival plc		16,563		567,808
CEC Entertainment Incorporated		37,500		1,114,125
Chipotle Mexican Grill Incorporated †		24,994		7,214,268
Compass Group plc		192,709		2,169,492
Cracker Barrel Old Country Store Incorporated		41,700		2,626,266
Crown Limited		72,900		676,343


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			5


Security name	Shares		Value


Hotels, Restaurants & Leisure (continued)
Darden Restaurants Incorporated «		89,100	$	4,628,745
Domino’s Pizza Incorporated		100,400		3,558,176
Doutor Nichires Holdings Company Limited		5,200		64,357
Echo Entertainment Group Limited		134,190		565,644
Egyptian For Tourism Resorts †		16,982		3,451
EIH Limited		57,568		79,638
Enterprise Inns plc †		26,791		24,248
Flight Centre Limited «		11,645		287,542
Formosa International Hotels Corporation		13,510		147,951
Fujita Kanko Incorporated		30,000		99,623
Galaxy Entertainment Group Limited †		255,000		724,960
Gaylord Entertainment Company «†		92,700		3,758,058
Genting Berhad		521,200		1,504,632
Genting Hong Kong Limited †		327,000		108,776
Genting Singapore plc		1,010,320		1,106,367
Grand Korea Leisure Company Limited		10,260		260,880
Great Canadian Gaming Corporation †		676		6,878
Greene King plc		17,051		150,669
H.I.S Company Limited		3,400		117,509
Hong Kong & Shanghai Hotels Limited		94,530		114,568
Hotel Properties Limited		6,000		12,226
Hotel Shilla Company Limited		5,700		269,772
Hyatt Hotels Corporation Class A †		81,784		3,102,067
Imperial Hotel Limited		3,200		98,581
Indian Hotels Company Limited		66,498		70,533
Intercontinental Hotels Group plc		30,560		778,822
International Game Technology		203,830		2,505,071
International Speedway Corporation Class A		55,500		1,476,855
Intralot SA-Integrated Lottery Systems & Services		4,444		5,170
Jack in the Box Incorporated «†		97,800		2,551,602
Jollibee Foods Corporation		74,880		177,968
Kangwon Land Incorporated		23,150		473,355
Kappa Create Company Limited		2,100		46,992
Kentucky Fried Chicken (Japan) Limited		2,100		55,118
KFC Holdings Malaysia Berhad		22,464		27,464
Kisoji Company Limited		3,500		73,894
Kuoni Reisen Holding AG		214		53,214
Ladbrokers plc		95,658		257,758
Las Vegas Sands Corporation		82,355		3,491,028
Life Time Fitness Incorporated †		73,005		3,466,277
Lottomatica SpA		2,688		55,989
Marriott International Incorporated Class A «		60,600		2,283,408
Marriott Vacations Worldwide Corporation †		55,460		1,781,375
Marston’s plc		27,687		48,887
McDonald’s Corporation		127,314		11,393,330
McDonald’s Holdings Company (Japan) Limited		12,400		351,593
Melco International Development Limited		84,000		68,015
MGM China Holdings Limited		177,200		291,984
MGM Resorts International «†		246,500		2,430,490


6		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Hotels, Restaurants & Leisure (continued)
Millennium & Copthorne Hotels plc		18,690	$	142,538
Minor International PCL ADR		105,270		49,385
Mitchells & Butlers plc †		19,207		82,039
MOS Food Services Incorporated		4,500		90,466
Ohsho Food Service Corporation		1,600		40,667
Opap SA		18,417		128,334
Orbis SA		2,450		26,095
Orient Express Hotels Limited Class A «†		191,363		1,682,081
Oriental Land Company Limited		10,300		1,389,207
Paddy Power plc		4,093		289,327
Panera Bread Company †		21,649		3,353,430
Papa John’s International Incorporated †		33,000		1,699,170
PartyGaming plc		58,620		87,588
Penn National Gaming Incorporated «†		49,300		1,936,997
Pinnacle Entertainment Incorporated «†		136,204		1,507,778
Plenus Company Limited		2,000		35,277
Punch Taverns plc †		32,370		3,495
Resorts World Berhad		621,815		702,515
RESORTTRUST Incorporated		5,780		108,668
Restaurant Group plc		15,681		82,043
Rexcapital Financial Holdings Limited		625,000		44,321
Round One Corporation		8,500		41,363
Royal Caribbean Cruises Limited «		95,700		2,585,814
Royal Holdings Company Limited		5,300		63,496
Saizeriya Company Limited		4,700		72,095
Sands China Limited		419,923		1,483,492
Scientific Games Corporation Class A †		121,700		892,061
Shangri-La Asia Limited		274,166		513,269
Six Flags Entertainment Corporation «		100,500		5,550,615
SJM Holdings Limited		305,000		642,565
Sky City Entertainment Group Limited		108,949		331,737
Sodexho Alliance SA		8,557		676,669
Spirit Pub Company plc		32,370		28,655
St. Marc Holdings Company Limited		1,200		44,432
Starwood Hotels & Resorts Worldwide Incorporated		156,400		8,622,332
Tabcorp Holdings Limited		128,196		386,741
Tattersall’s Limited		239,306		672,490
Thomas Cook Group plc		84,009		21,676
Tim Hortons Incorporated		14,344		724,658
Tokyo Dome Corporation †		28,000		86,544
Tokyotokeiba Company Limited		12,000		16,859
Transat A.T. Incorporated Class A †		1,458		5,680
TUI AG †		6,630		51,887
TUI Travel plc		61,222		205,797
Vail Resorts Incorporated «		65,220		3,362,091
Watami Food Service Company		3,900		86,971
Wendy’s Company		677,708		2,893,813
Wetherspoon (J.D.) plc		2,154		15,319
Whitbread plc		19,518		660,123
William Hill plc		55,680		265,500


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			7


Security name	Shares		Value


Hotels, Restaurants & Leisure (continued)
Wyndham Worldwide Corporation «		97,483	$	5,082,764
Wynn Macau Limited		230,400		528,771
Wynn Resorts Limited		18,237		1,881,511
Yoshinoya D&C Company Limited «		118		153,123
Zensho Company Limited «		11,700		150,929

				134,068,606


Household Durables: 0.88%
Alpine Electronics Incorporated		3,700		35,774
Arcelik AS		78,008		431,377
Arnest One Corporation		3,700		54,346
Barratt Developments plc †		67,471		160,701
Bellway plc		9,497		131,044
Berkeley Group Holdings plc †		11,306		259,230
Bovis Homes Group plc		9,917		74,513
Casio Computer Company Limited «		51,600		373,679
Chofu Seisakusho Company Limited		3,500		79,124
Cleanup Corporation		5,200		36,196
Corona Corporation		2,000		26,209
Dorel Industries Incorporated Class B		1,167		38,772
DR Horton Incorporated «		184,731		3,508,042
Ekornes ASA		800		11,734
Electrolux AB Class B		25,871		626,636
Foster Electric Company Limited		2,400		38,378
France Bed Holdings Company Limited		27,000		58,624
Funai Electric Company Limited		2,100		27,492
Garmin Limited «		84,700		3,417,645
GUD Holdings Limited		7,598		67,038
Haier Electronics Group Company †		170,000		200,117
Harman International Industries Incorporated		132,070		6,079,182
Haseko Corporation †		225,000		140,814
Hitachi Koki Company Limited		5,000		37,103
Husqvarna AB A Shares		1		5
Husqvarna AB B Shares		37,065		177,707
JM AB «		8,886		152,635
JVC Kenwood Holdings Incorporated		13,400		47,237
Leggett & Platt Incorporated		95,119		2,258,125
Lennar Corporation Class A «		109,000		3,534,870
LG Electronics Incorporated		20,376		1,264,268
M.D.C. Holdings Incorporated		80,100		2,777,868
Matsunichi Communication Holdings Limited †		326,000		188,725
Matsushita Electric Industrial Company Limited		400,210		2,719,353
Mohawk Industries Incorporated †		43,500		3,134,175
Newell Rubbermaid Incorporated		202,519		3,631,166
Nexity SA		1,566		38,291
Nobia AB †		5,775		20,058
NVR Incorporated †		3,834		3,175,242
Panahome Corporation		18,000		103,225
Peace Mark Holdings Limited †(a)		10,000		0


8		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Household Durables (continued)
Persimmon plc		31,295	$	346,849
Pioneer Corporation †«		38,600		102,052
Redrow plc †		3,458		8,516
Rinnai Corporation		7,000		509,611
Ryland Group Incorporated «		96,700		2,592,527
Sangetsu Company Limited		5,200		134,823
SEB SA		3,036		211,517
Sekisui Chemical Company Limited		94,000		768,376
Sekisui House Limited		107,000		1,001,737
Sharp Corporation «		179,000		452,673
Skyworth Digital Technology Company Limited		237,413		97,035
Sony Corporation		172,094		1,936,456
Stanley Black & Decker Incorporated		134,188		8,826,887
Steinhoff International Holdings Limited «		238,202		744,682
Sumitomo Foresting		31,600		261,938
Takamatsu Corporation		900		17,128
Tatung Company Limited †		394,770		80,665
Taylor Woodrow plc		300,372		244,435
Technicolor †		5,241		13,105
Techtronic Industries Company		164,500		249,848
Tempur-Pedic International Incorporated «†		46,400		1,449,536
TOA Corporation		1,000		7,357
Tomtom NV †		4,700		20,632
Turk Sise Ve Cam Fabrikalari AS		74,196		108,896
Videocon Industries Limited		16,162		51,065
Vodone Limited		587,400		49,228
Welling Holding Limited		102,800		13,917
Whirlpool Corporation		51,200		3,863,552
Woongjin Coway Company Limited		11,040		381,906

				63,683,669


Internet & Catalog Retail: 0.67%
Amazon.com Incorporated †		73,327		18,201,961
Askul Corporation		2,300		30,140
ASOS plc †		7,672		222,930
Belluna Company Limited		3,000		24,791
CDON Group †		4,115		23,240
CJ O Shopping Company Limited		949		181,499
Dena Company Limited «		18,600		517,887
Expedia Incorporated «		66,700		3,425,712
Home Retail Group «		62,866		93,683
HSN Incorporated		73,487		3,309,120
Hyundai Home Shopping Network		1,833		185,784
Liberty Interactive Corporation Series A		389,087		7,096,947
Liberty Ventures Series A †		18,964		872,154
N Brown Group plc		13,911		59,131
Netflix Incorporated «†		42,326		2,527,709
Nissen Company Limited		2,200		8,795
Priceline.com Incorporated †		10,396		6,285,110


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			9


Security name	Shares		Value


Internet & Catalog Retail (continued)
Rakuten Incorporated		126,700	$	1,223,388
Senshukai Company Limited		1,800		11,380
Shutterfly Incorporated «†		60,000		1,785,000
Start Today Company Limited «		12,500		181,685
TripAdvisor Incorporated «†		66,700		2,230,448
Wotif.com Holdings Limited «		18,653		83,059

				48,581,553


Leisure Equipment & Products: 0.35%
Altek Corporation		88,623		47,491
Amer Sports Oyj		13,925		169,456
Aruze Corporation		4,400		93,344
Asia Optical Company Incorporated †		14,239		14,452
Beneteau SA		1,319		14,201
Brunswick Corporation «		193,100		4,574,539
Fields Corporation		7		10,764
Giant Manufacturing Company Limited		62,687		316,041
Hasbro Incorporated «		81,421		3,054,102
Heiwa Corporation		9,000		157,366
Mars Engineering Corporation		600		14,369
Mattel Incorporated «		230,095		8,085,538
Mizuno Corporation		17,000		82,943
Namco Bandai Holdings Incorporated		41,200		652,507
Nikon Corporation		64,900		1,783,828
Polaris Industries Incorporated «		49,556		3,726,116
Roland Corporation		800		5,977
Sankyo Company Limited		10,300		475,567
Sega Sammy Holdings Incorporated		38,000		784,801
Shimano Incorporated		14,400		1,037,308
Tamron Company Limited		2,700		89,454
Tomy Company Limited		14,100		80,139
Yamaha Corporation		28,000		281,091
Young Optics Incorporated		14,000		41,134

				25,592,528


Media: 2.47%
Aegis Group plc		87,857		331,322
Agora SA		5,097		10,611
Aimia Incorporated		12,821		188,592
Amalgamated Holdings Limited		15,058		102,366
AMC Networks Incorporated A †		92,485		3,638,360
Antena 3 de Television SA		1,425		6,130
APN News & Media Limited		43,393		12,777
Arnoldo Mondadori Editore SpA †		1,753		2,425
Asatsu-DK Incorporated		5,100		130,993
Astral Media Incorporated		3,649		175,278
Avex Group Holdings Incorporated		4,600		82,547
Axel Springer AG		4,131		187,938
BEC World PCL		121,700		201,959


10		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Media (continued)
British Sky Broadcasting plc		100,988	$	1,220,293
Cablevision Systems Corporation		155,600		2,326,220
Carsales.com Limited «		34,330		258,207
CBS Corporation Class B		74,524		2,708,202
Charter Communication Incorporated †		29,773		2,316,339
Cheil Worldwide Incorporated		14,790		263,962
Cinemark Holdings Incorporated		71,400		1,672,188
Cineplex Incorporated «		8,140		245,666
CJ E&M Corporation †		6,785		171,625
Cogeco Cable Incorporated		1,258		46,798
Comcast Corporation Class A		257,300		8,627,269
Comcast Corporation Special Class A		71,000		2,333,770
Corus Entertainment Incorporated Class B «		12,391		290,998
CyberAgent Incorporated		63		128,502
Cyfrowy Polsat SA †		25,219		104,702
Daiichikosho Company Limited		6,800		155,984
Daily Mail & General Trust plc		23,399		178,154
Dentsu Incorporated		36,800		934,394
DIRECTV †		134,811		7,022,305
Discovery Communications Incorporated Class A «†		112,102		6,147,674
Discovery Communications Incorporated Class C †		3,073		159,212
DISH Network Corporation		139,800		4,472,202
Dreamworks Animation SKG Incorporated Class A «†		151,700		2,574,349
Eniro AB †		5,208		7,432
eSun Holdings Limited †		3,000		356
Eutelsat Communications		12,030		369,810
Fairfax Media Limited «		282,762		122,697
Focus Media Holding Limited «		13,664		328,619
Fuji Television Network Incorporated		61		94,895
Gannett Company Incorporated		159,918		2,440,349
Gestevision Telecinco SA		9,624		52,899
GFK SE		2,287		101,112
Grupo Televisa SA		637,802		2,917,587
Hakuhodo DY Holdings Incorporated		5,620		368,230
Havas SA «		33,703		171,050
Hot Telecommunication System Limited		1,205		11,407
Informa plc		60,450		390,469
Interpublic Group of Companies Incorporated		293,483		3,122,659
Ipsos		1,688		50,298
ITV plc		282,936		374,234
JC Decaux SA		5,375		122,639
John Wiley & Sons Incorporated		93,749		4,625,576
Jupiter Telecommunications Company Limited		363		370,441
Kabel Deutschland Holding AG †		8,320		551,500
Kadokawa Group Holdings Incorporated «		3,300		90,535
Lagardere SCA		10,820		304,102
Lamar Advertising Company «†		109,738		3,634,523
Liberty Global Incorporated Series A †		105,948		5,855,746
Liberty Global Incorporated Series C †		92,851		4,845,894


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			11


Security name	Shares		Value


Media (continued)
Liberty Media Corporation †		92,626	$	9,659,039
Live Nation Incorporated «†		347,355		2,959,465
M3 Incorporated		34		179,999
M6 Metropole Television		2,718		41,195
Madison Square Garden Incorporated Class A †		113,500		4,790,835
McGraw-Hill Companies Incorporated		35,900		1,838,080
Media Nusantara Citra TBK PT		800,000		178,291
Mediaset SpA		43,712		87,640
Meredith Corporation «		79,700		2,595,032
Modern Times Group B Shares		4,115		187,972
Morningstar Incorporated		19,104		1,134,969
Naspers Limited		86,321		5,023,321
New York Times Company Class A «†		270,768		2,488,358
News Corporation Class A		211,804		4,954,096
News Corporation Class B		50,518		1,189,699
Nielsen Holdings NV †		52,081		1,460,351
Nippon Television Network Corporation		740		102,170
Omnicom Group Incorporated		34,300		1,761,991
PagesJaunes SA †		5,117		9,146
Pearson plc		84,264		1,598,894
Premiere AG †		48,593		168,936
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		7,553		21,090
Publicis Groupe		13,759		714,135
Publishing & Broadcasting Limited		41,433		147,682
Quebecor Incorporated		3,441		123,223
REA Group Limited		14,191		230,184
Reed Elsevier NV-Netherlands		63,540		829,576
Reed Elsevier plc-United Kingdom		118,539		1,111,453
Regal Entertainment Group Class A «		174,493		2,425,453
Rightmove plc		11,307		288,698
RTL Group		1,962		178,126
Sanoma Oyj «		4,610		41,749
Schibsted ASA		8,244		294,746
Scholastic Corporation «		49,100		1,500,005
Scripps Networks Interactive Incorporated		66,064		3,904,382
Seat Pagine Gialle SpA †		259		4
SES SA		26,852		691,025
Shaw Communications Incorporated Class B «		37,500		766,929
Shochiku Company Limited «		24,000		233,578
Singapore Press Holdings Limited		289,000		920,441
SKY Network Television Limited		30,911		125,660
Sky Perfect JSAT Holdings Incorporated		468		209,209
Societe Television Francaise 1		10,997		102,772
Star Publications Limited		33,600		34,842
Sun TV Network Limited		10,107		52,802
Television Broadcasts Limited		55,000		397,114
Ten Network Holdings Limited		143,133		56,933
Thomson Corporation «		34,752		986,417
Time Warner Cable Incorporated		38,824		3,448,348


12		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Media (continued)
Time Warner Incorporated		116,679	$	4,848,012
Toei Company Limited		16,000		77,042
Toho Company Limited Tokyo		23,900		415,453
Tokyo Broadcasting System Incorporated		5,700		58,532
Torstar Corporation		11,855		103,667
TV Asahi Corporation		9		12,599
TVN SA		16,466		34,827
United Business Media Limited		19,504		208,734
Valassis Communications Incorporated «†		92,100		2,308,947
Viacom Incorporated Class B		64,863		3,243,799
Virgin Media Incorporated «		219,800		6,059,886
Vivendi SA		129,379		2,537,006
Vodacom Group Proprietary Limited		65,579		834,897
Walt Disney Company		208,508		10,314,891
Washington Post Company Class B «		3,400		1,198,500
West Australian Newspapers Holding Limited		144,989		219,450
Wolters Kluwer NV		33,251		598,070
WPP plc		130,482		1,688,566
Yell Group plc †		98,003		1,867
Yellow Media Incorporated		45,019		2,740
Zee Entertainment Enterprises Limited		102,539		301,303
Zenrin Company Limited		5,000		56,389

				178,126,604


Multiline Retail: 0.71%
Aeon Company (m) Berhad		41,400		137,271
Big Lots Incorporated «†		120,337		3,663,058
Canadian Tire Corporation Limited		7,500		542,252
David Jones Limited «		79,219		198,065
Debenhams plc		147,783		226,444
Dollar General Corporation †		46,000		2,349,220
Dollar Tree Incorporated †		182,784		8,804,705
Dollarama Incorporated		4,058		244,118
Don Quijote Company Limited		9,000		327,722
Far Eastern Department Stores Company Limited		176,647		173,692
Foschini Limited		33,458		537,526
Fuji Company Limited		3,300		74,645
Golden Eagle Retail Group Limited		71,000		130,174
H2O Retailing Corporation		28,000		295,396
Harvey Norman Holdings Limited «		97,512		206,526
Hyundai Department Store Company Limited		3,673		461,300
Intime Department Store Group Company Limited		238,500		245,082
Isetan Mitsukoshi Holdings Limited		70,000		729,549
Izumi Company Limited		13,100		253,316
J. Front Retailing Company Limited		86,800		433,473
JCPenney Company Incorporated «		102,900		2,683,632
Kohl’s Corporation		28,900		1,508,580
Lifestyle International Holdings Limited		119,500		261,312
Lotte Shopping Company Limited		2,202		620,063


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			13


Security name	Shares		Value


Multiline Retail (continued)
Macy’s Incorporated		56,912	$	2,294,123
Marks & Spencer Group plc		149,257		847,978
Marui Company Limited		48,100		352,019
Matsuya Company Limited †		4,900		47,877
Metro Holdings Limited		163,200		100,813
Myer Holdings Limited		86,996		178,861
New World Department Store China Limited		150,000		81,421
Next plc		17,446		990,334
Nordstrom Incorporated		107,700		6,228,291
Pantaloon Retail India Limited		16,821		41,898
Parco Company Limited «		3,000		32,952
Parkson Holdings Berhad		118,700		177,794
Parkson Retail Group Limited		171,000		138,900
PCD Stores Limited		556,000		37,994
Pinault-Printempts-Redoute SA		6,883		1,075,254
Robinson Department Store PCL		188,400		371,269
Ryohin Keikaku Company Limited «		3,600		221,393
SACI Falabella		251,578		2,283,882
Saks Incorporated «†		234,292		2,752,931
Sears Canada Incorporated †		655		6,784
Sears Holdings Corporation «		35,301		1,862,128
Stockmann Oyj ABP		1,375		25,752
Takashimaya Company Limited		49,000		349,844
Target Corporation		73,800		4,729,842
The Daiei Incorporated †		2,400		5,303
Warehouse Group Limited		10,254		23,067
Woolworths Holdings Limited		127,789		912,453

				51,278,278


Specialty Retail: 2.02%
ABC-Mart Incorporated		4,200		175,682
Abercrombie & Fitch Company Class A «		64,900		2,335,751
Advance Auto Parts Incorporated		55,996		3,982,436
Aeropostale Incorporated †		171,700		2,391,781
Alpen Company Limited		700		13,482
American Eagle Outfitters Incorporated		130,202		2,895,692
Ann Incorporated †		106,576		3,791,974
AOKI Holdings Incorporated		3,300		70,135
Aoyama Trading Company Limited		9,000		176,678
Autobacs Seven Company Limited		5,500		259,212
AutoNation Incorporated «†		23,379		939,836
AutoZone Incorporated †		6,200		2,242,168
Bed Bath & Beyond Incorporated †		51,200		3,439,104
Belle International Holdings Limited		963,000		1,738,278
Best Buy Company Incorporated «		189,700		3,365,278
Best Denki Company Limited †		8,000		13,590
Carpetright plc †		2,534		27,039
Carphone Warehouse Group plc		20,849		48,002
Cato Corporation		58,137		1,707,484


14		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Specialty Retail (continued)
Chico’s FAS Incorporated		363,195	$	6,878,913
Children’s Place Retail Stores Incorporated †		43,998		2,505,246
Chiyoda Company Limited		8,400		215,002
Chow Sang Sang Holdings International Limited		56,000		113,214
Chow Tai Fook Jewellery Group		230,800		276,152
Cocokara Fine Incorporated		7,400		255,283
Collective Brands Incorporated «†		136,300		2,949,532
DCM Japan Holdings Company Limited		27,000		177,598
Dick’s Sporting Goods Incorporated		72,907		3,627,852
Dickson Concepts International Limited		36,000		19,031
Douglas Holding AG		1,280		57,798
DSG International plc †		172,361		48,031
Dufry Group REG †		2,183		266,615
Edion Corporation «		14,400		63,268
Esprit Holdings Limited		195,237		298,546
Express Incorporated †		160,700		2,508,527
Fast Retailing Company Limited		13,500		3,150,201
Fielmann AG		776		70,520
Foot Locker Incorporated		106,935		3,696,743
Fourlis Holdings SA †		1,820		2,058
Game Group plc (a)		12,093		0
Gamestop Corporation Class A «		93,700		1,787,796
Gap Incorporated		49,000		1,755,180
Genesco Incorporated †		44,000		3,108,600
GEO Company Limited		102		120,245
Giordano International Limited		338,000		261,041
GOME Electrical Appliances Holding Limited		2,195,000		189,616
Grupo Elektra SA de CV		16,244		650,803
Guess? Incorporated «		41,900		1,091,914
Gulliver International Company Limited		560		16,808
Halfords Group		10,381		38,670
Hengdeli Holdings Limited «		360,000		94,689
Hennes & Mauritz AB Class B		92,590		3,350,029
Hikari Tsushin Incorporated		5,300		265,355
HMV Group plc †		6,422		338
Home Depot Incorporated		193,130		10,960,128
Hotai Motor Company Limited		100,000		721,178
Industria de Diseno Textil SA		21,730		2,416,421
IT City Public Company Limited		172,900		40,280
JB Hi-Fi Limited «		13,916		131,265
Joshin Denki Company Limited		5,000		57,028
Jumbo SA		3,484		15,557
K’s Holdings Corporation		9,400		267,611
Keiyo Company Limited		2,000		12,108
Kesa Electricals plc		21,336		15,669
Kingfisher plc		235,574		1,030,899
Komeri Company Limited		5,000		126,253
Lowe’s Companies Incorporated		145,600		4,146,688
Luk Fook Holdings International Limited		40,000		102,218


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			15


Security name	Shares		Value


Specialty Retail (continued)
Men’s Wearhouse Incorporated		112,442	$	3,553,167
Mr Price Group Limited		37,374		605,332
Nafco Company Limited		1,400		24,515
Nishimatsuya Chain Company Limited		8,400		67,591
Nitori Company Limited		7,600		761,019
O’Reilly Automotive Incorporated †		100,106		8,504,005
Office Depot Incorporated †		542,600		830,178
Osim International Limited		17,515		17,775
Paris Miki Incorporated		3,500		20,787
Point Incorporated		2,680		96,048
Pou Sheng International Holdings Limited †		282,000		20,725
Praktiker Bau Und Heimwerkermaerkte AG †		3,061		4,836
Premier Investments Limited		6,871		34,997
Reitman’s Canada Limited Class A		2,386		30,256
Rent-A-Center Incorporated		125,382		4,423,477
Right On Company Limited		1,000		8,851
RONA Incorporated		10,259		133,734
Ross Stores Incorporated		46,598		3,224,116
Sa Sa International Holdings Limited		112,000		73,213
Sally Beauty Holdings Incorporated †		108,640		2,987,600
Sanrio Company Limited «		11,000		378,632
Shimachu Company Limited		6,800		140,612
Shimamura Company Limited		4,400		522,077
Signet Jewelers Limited-United Kingdom Exchange		1,261		57,425
Staples Incorporated «		83,700		914,004
Super Cheap Auto Group Limited		24,186		198,653
Tiffany & Company «		99,600		6,170,220
TJX Companies Incorporated		157,500		7,211,925
Tractor Supply Company		55,175		5,268,109
Truworths International Limited		82,515		935,327
Ulta Salon Cosmetics & Fragrance Incorporated		44,800		4,211,200
United Arrows Limited		4,100		119,395
Urban Outfitters Incorporated †		89,413		3,356,564
USS Company Limited		5,220		560,702
Valora Holding AG		366		58,962
WH Smith Public Limited Corporation		7,923		75,546
Xebio Company Limited		4,100		86,352
Yamada Denki Company Limited		17,620		848,425

				146,104,471


Textiles, Apparel & Luxury Goods: 1.24%
Adidas-Salomon AG		19,806		1,549,775
ANTA Sports Products Limited		127,000		75,159
ASICS Corporation		43,800		577,324
Atsugi Company Limited		8,000		9,298
Billabong International Limited		56,684		79,060
Bosideng International Holdings Limited		500,000		137,959
Burberry Group plc		41,524		892,086
Carter’s Incorporated †		92,500		5,153,175


16		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Textiles, Apparel & Luxury Goods (continued)
China Dongxiang Group Company		272,000	$	27,004
China Hongxing Sports Limited †(a)		37,000		0
Christian Dior SA		4,809		685,929
Coach Incorporated		60,486		3,516,051
Compagnie Financiere Richemont SA «		51,972		3,187,347
Daidoh Limited		1,200		7,909
Daiwabo Company Limited		29,000		51,114
Deckers Outdoor Corporation «†		29,498		1,460,741
Descente Limited		3,000		17,089
Far Eastern Textile Company Limited		734,790		772,792
Fibrechem Technologies Limited †(a)		20,000		0
Formosa Taffeta Company Limited		209,000		190,501
Fossil Incorporated †		40,249		3,419,153
Geox SpA		950		2,399
Gildan Activewear Incorporated		10,931		331,562
Gunze Limited		19,000		48,049
Hanesbrands Incorporated †		208,358		6,757,050
Hermes International		1,058		304,676
Hugo Boss AG		1,564		144,609
Iconix Brand Group Incorporated «†		148,200		2,771,340
Indorama Ventures PCL		398,233		365,381
Jaybharat Textiles & Real Estate Limited †(a)		15,488		26,133
Jones Group Incorporated		170,600		2,161,502
Kurabo Industries Limited		19,000		31,305
Li Ning Company Limited		79,500		38,131
LPP SA		207		193,616
Luxottica Group SpA		12,870		469,449
LVMH Moet Hennessy Louis Vuitton SA		25,015		4,084,010
Michael Kors Holdings Limited †		33,219		1,792,165
Ng2 SA		3,479		58,783
Nike Incorporated Class B		76,600		7,457,776
Nisshinbo Industries Incorporated		22,000		138,246
Onward Kashiyama Company Limited		20,000		149,946
Pandora AS		4,743		64,090
Peak Sport Products Limited		198,000		30,379
Ports Design Limited		33,000		25,997
Pou Chen Corporation		683,600		659,612
Prime Success International Group Limited		130,000		130,068
Puma AG Rudolf Dassler Sport		229		66,623
PVH Corporation		51,230		4,810,497
Ralph Lauren Corporation		48,580		7,707,217
Ruentex Industries Limited		93,549		181,782
Sanyo Shokai Limited		5,000		15,263
Seiko Holdings Corporation Class C †		12,000		33,106
Seiren Company Limited		20,900		143,613
Shenzhou International Group Holdings Limited		77,000		126,878
Stella International		82,000		195,380
Steven Madden Limited †		76,900		3,300,548
Swatch Group AG		3,279		1,342,237


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			17


Security name	Shares		Value


Textiles, Apparel & Luxury Goods (continued)
Swatch Group AG - Bearer Shares		4,901	$	346,258
Tainan Spinning Company Limited		342,495		152,660
Texwinca Holdings Limited		100,000		81,357
The Japan Wool Textile Company Limited		13,000		93,646
Titan Industries Limited		90,683		359,227
Tod’s SpA		810		86,243
Toyobo Company Limited		116,000		124,452
Trinity Limited		202,000		131,525
TSI Holdings Company Limited		11,000		70,107
Under Armour Incorporated «†		153,596		8,940,823
Unitika Limited †		168,000		83,684
VF Corporation		18,129		2,767,936
Wacoal Corporation		21,000		234,958
Warnaco Group Incorporated †		76,618		3,939,698
Wolverine World Wide Incorporated «		87,640		4,121,709
Xtep International Holdings Limited		154,500		56,374
Yue Yuen Industrial Holdings Limited		130,500		376,898

				89,936,439


Consumer Staples: 7.43%

Beverages: 1.61%
Anadolu Efes Biracilik Ve Malt Sanayii AS		34,632		483,538
Anheuser-Busch InBev NV VVPR Strip †		6,960		18
Asahi Breweries Limited		81,800		1,979,833
Britvic plc		18,843		95,624
Brown-Forman Corporation Class A		19,584		1,218,321
Brown-Forman Corporation Class B		99,621		6,385,706
C&C Group plc		39,321		178,296
Carlsberg AS		9,143		791,735
Carlsberg Brewery Malaysia Berhad		27,300		106,771
Cia Cervecerias Unidas SA		31,026		405,695
Cia de Bebidas das Americas		49,595		1,558,044
Coca-Cola Amatil Limited		88,632		1,253,595
Coca-Cola Central Japan Company Limited		4,200		53,375
Coca-Cola Company		520,266		19,457,948
Coca-Cola Enterprises Incorporated		204,400		6,035,932
Coca-Cola Hellenic Bottling Company SA		15,391		287,672
Coca-Cola Icecek Uretim AS		15,881		282,841
Coca-Cola West Japan Company Limited		14,900		247,398
Constellation Brands Incorporated Class A †		124,583		4,103,764
Cott Corporation †		4,300		35,508
David Campari-Milano SpA		14,156		97,307
Diageo plc		234,399		6,420,289
Dr Pepper Snapple Group Incorporated		143,940		6,449,951
Fomento Economico Mexicano Sab de CV		421,400		3,568,103
Fraser & Neave Holdings		12,000		76,428
Guinness Anchor Berhad		25,100		126,926
Heineken Holding NV «		9,870		456,729
Heineken NV «		19,537		1,083,083


18		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Beverages (continued)
Hite Jinro Company Limited		11,446	$	224,960
InBev NA		69,700		5,854,513
ITO EN Limited		8,400		167,045
Kirin Brewery Company Limited		168,000		2,092,088
Lotte Chilsung Beverage Company Limited		132		162,641
Mikuni Coca-Cola Bottling Company Limited		1,300		11,191
Molson Coors Brewing Company		106,072		4,724,447
Monster Beverage Corporation †		120,830		7,120,512
PepsiCo Incorporated		325,163		23,551,556
Pernod-Ricard SA		18,977		2,044,880
Remy Cointreau SA		3,044		347,688
SABMiller plc		87,461		3,860,032
San Miguel Corporation		192,260		511,779
Sapporo Holdings Limited		53,000		150,955
Takara Holdings Incorporated		30,000		213,424
Thai Beverage Public Company Limited		1,543,000		408,496
Treasury Wine Estates Limited		132,371		646,870
Tsingtao Brewery Company Limited		60,000		321,817
United Spirits Limited		26,688		464,983
Yomeishu Seizo Company Limited		1,000		8,877

				116,129,184


Food & Staples Retailing: 1.57%
Aeon Company Limited «		143,400		1,648,381
Ain Pharmaciez Incorporated		4,400		298,410
Alimentation Couche Tard Incorporated		11,643		592,219
Alliance Global Group Incorporated		970,700		271,773
ARCS Company Limited		9,300		216,420
Axfood AB		450		15,901
Big C Supercenter PCL ADR		109,000		620,919
Bim Birlesik Magazalar AS		20,908		859,099
Booker Group plc		194,495		292,152
C.P. Seven Eleven PCL		830,800		914,715
Carrefour SA		56,255		1,179,174
Casey’s General Stores Incorporated		70,110		3,964,721
Casino Guichard Perrachon SA		5,420		481,027
Cawachi Limited		2,100		40,232
Cencosud SA		365,746		2,123,028
China Resources Enterprise Limited		230,000		683,540
Colruyt SA		6,243		296,391
Cosmos Pharmaceutical Corporation		4,000		341,273
Costco Wholesale Corporation		89,227		8,732,646
CVS Corporation		157,700		7,183,235
Dairy Farm International Holdings Limited		52,200		563,760
Delhaize Group		10,066		398,949
Distribuidora Internacional SA		61,010		323,913
E-MART Company Limited		4,485		976,353
Empire Company Limited		2,672		154,994
Eurocash SA		9,166		110,624


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			19


Security name	Shares		Value


Food & Staples Retailing (continued)
FamilyMart Company Limited		11,800	$	568,938
Fu Ji Food & Catering Services Holdings Limited †(a)		16,692		0
George Weston Limited		5,500		354,131
Harris Teeter Supermarkets Incorporated		77,754		3,037,849
Heiwado Company Limited		8,100		122,387
Inageya Company Limited		5,500		68,140
Izumiya Company Limited		5,000		24,203
J Sainsbury plc		119,290		620,523
Jeronimo Martins		17,162		286,667
Kasumi Company Limited		10,000		68,587
Kato Sangyo Company Limited		3,500		65,713
Kesko Oyj A Shares		1,500		42,319
Kesko Oyj B Shares		7,559		200,137
Koninklijke Ahold NV		100,511		1,242,735
Kroger Company		66,800		1,488,304
Lawson Incorporated		11,200		858,292
Life Corporation		4,000		68,868
Loblaw Companies Limited «		10,500		368,978
Magnit OJSC GDR		55,231		1,428,798
Massmart Holdings Limited		23,414		474,104
Matsumotokiyoshi Holdings Company Limited		5,600		134,251
Metcash Limited		142,566		539,089
Metro AG		12,722		383,241
Metro Incorporated «		9,679		562,231
Ministop Company Limited		500		8,334
Olam International Limited		271,718		418,531
Pick’n Pay Stores Limited		59,313		313,611
President Chain Store Corporation		114,032		607,262
Rallye SA «		342		10,281
Rite Aid Corporation †		1,329,280		1,581,843
Ryoshoku Limited		3,100		75,307
Safeway Incorporated «		163,516		2,559,025
Seven & I Holdings Company Limited «		146,680		4,449,390
Shinsegae Company Limited		1,463		291,407
Shoppers Drug Mart Corporation «		20,100		854,161
Shoprite Holdings Limited		81,698		1,643,002
Siam Makro plc		12,000		141,695
Sligro Food Group NV		1,429		34,690
Sugi Pharmacy Company Limited		8,400		293,858
Sun Art Retail Group Limited		249,500		314,933
Sundrug Company Limited		5,400		196,357
Super-Sol Limited		1,882		4,490
SUPERVALU Incorporated «		465,815		1,108,640
Sysco Corporation		72,348		2,192,144
Tesco plc		751,937		4,018,883
The Jean Coutu Group PJC Incorporated		5,911		86,409
The Maruetsu Incorporated		2,000		6,871
Tsuruha Holdings Incorporated		3,300		214,956
United Natural Foods Incorporated «†		88,979		5,114,513


20		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Food & Staples Retailing (continued)
UNY Company Limited		43,900	$	363,894
Valor Company Limited		6,300		109,996
Wal-Mart de Mexico SAB de CV		1,233,110		3,296,686
Wal-Mart Stores Incorporated		216,943		15,750,062
Walgreen Company		107,700		3,851,352
Wesfarmers Limited		175,730		6,267,292
Whole Foods Market Incorporated		35,021		3,388,282
William Morrison Supermarkets plc		218,799		972,777
Woolworths Limited		216,601		6,628,400
Yaoko Company Limited		1,000		37,742

				113,499,410


Food Products: 2.02%
Ajinomoto Company Incorporated		116,000		1,767,520
Alicorp SA		101,849		262,471
Archer-Daniels-Midland Company		80,000		2,140,000
Ariake Japan Company Limited		5,600		125,811
Aryzta AG		9,603		472,254
Asia Food & Properties Limited		85,000		18,753
Asiatic Development Berhad		46,000		136,771
Associated British Foods plc		31,650		665,383
Astra Agro Lestari TBK PT		45,000		105,244
Australian Agricultural Company Limited †		33,938		45,231
Barry Callebaut AG		233		220,504
BRF Brasil Foods SA		144,500		2,321,368
Bunge Limited «		100,045		6,367,864
CALBEE Incorporated		2,600		205,556
Campbell Soup Company «		22,600		794,164
Chaoda Modern Agriculture Limited †(a)		277,776		0
Charoen Pokphand Food Forgein		445,500		451,400
Charoen Pokphand Indonesia TBK PT		1,503,500		425,742
China Agri-Industries Holdings Limited		309,000		152,987
China Fishery Group Limited		18,461		11,552
China Green Holdings Limited		48,000		10,521
China Huiyuan Juice Group †		21,500		6,459
China Mengniu Dairy Company		240,000		722,542
China Yurun Food Group Limited «		263,000		160,731
CJ Cheiljedang Corporation		1,434		386,739
ConAgra Foods Incorporated		51,914		1,303,561
CSM NV		8,620		145,286
Dairy Crest Group plc		6,886		37,394
Danone SA		57,417		3,578,456
Dydo Drinco Incorporated		1,200		55,942
East Asiatic Company Limited AS		250		5,127
Ebro Puleva SA		5,982		98,115
Ezaki Glico Company Limited		29,000		342,614
Flowers Foods Incorporated «		300,900		6,213,585
Fresh del Monte Produce Incorporated		83,750		2,068,625


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			21


Security name	Shares		Value


Food Products (continued)
Fuji Oil Company Limited		10,200	$	136,139
Fujicco Company Limited		4,000		50,884
Futuris Corporation Limited †		36,531		9,813
General Mills Incorporated		75,300		2,961,549
GlaxoSmithKline Consumer Healthcare Limited		5,201		276,431
Golden Agri-Resources Limited		1,126,045		641,389
Goodman Fielder Limited		268,842		144,432
Grain Corporation Limited		27,160		258,716
Green Mountain Coffee Roasters Incorporated «†		93,592		2,275,222
Greggs plc		7,664		59,727
Grupo Bimbo Sab de CV		578,300		1,292,041
H.J. Heinz Company «		39,100		2,178,652
Hain Celestial Group Incorporated †		70,433		4,859,173
Hokuto Corporation		2,600		50,775
Hormel Foods Corporation «		101,000		2,900,720
House Foods Corporation		12,600		213,393
Indofood Agri Resources Limited		39,000		43,646
Indofood CBP Sukses Makmur TBK PT		384,000		263,786
Indofood Sukses Makmur TBK PT		859,924		487,005
Ingredion Incorporated		53,400		2,874,522
IOI Corporation Berhad		619,546		1,019,192
Itoham Foods Incorporated		29,000		123,712
J-Oil Mills Incorporated		5,000		14,049
JBS SA †		181,023		514,559
JM Smucker Company		74,198		6,304,604
Kagome Company Limited		16,000		362,731
Kernel Holding SA †		12,115		248,565
Kerry Group plc Class-A Dublin Exchange		7,676		367,754
Kerry Group plc Class-A London Exchange		7,400		354,531
Khon Kaen Sugar Industry PCL		23,320		9,154
Kikkoman Corporation		33,000		435,813
Kraft Foods Incorporated Class A		217,464		9,031,280
Kuala Lumpur Kepong Berhad		87,100		647,849
Kulim (Malaysia) Berhad		101,600		167,464
Lancaster Colony Corporation «		35,669		2,583,862
Lindt & Spruengli AG		13		470,326
Lindt & Spruengli AG - Participation Certificate		96		299,152
Lotte Confectionery Company Limited		228		326,339
Maple Leaf Foods Incorporated		14,491		162,440
Marine Harvest †«		252,949		195,887
Marudai Food Company Limited		35,000		126,956
Maruha Nichiro Holdings Incorporated		66,000		114,643
McCormick & Company Incorporated «		79,681		4,895,601
Mead Johnson & Company		41,820		3,066,661
Megmilk Snow Brand Company Limited		6,900		118,532
Meiji Holdings Company Limited		14,200		661,984
Meito Sangyo Company Limited		600		8,345
Mitsui Sugar Company Limited		4,000		13,232
Morinaga & Company Limited		36,000		82,764


22		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Food Products (continued)
Morinaga Milk Industry Company Limited		33,000	$	113,800
Nakamuraya Company Limited		2,000		10,065
Nestle India Limited		7,135		594,568
Nestle Malaysia Berhad		10,000		204,897
Nestle SA		306,956		19,082,265
Nestle SA ADR		15		935
Nichirei Corporation		52,000		272,968
Nippon Beet Sugar Manufacturing Company Limited		6,000		11,725
Nippon Flour Mills Company Limited		38,000		164,046
Nippon Meat Packers Incorporated		39,000		524,516
Nippon Suisan Kaisha Limited		41,400		90,948
Nisshin Seifun Group Incorporated		39,000		472,214
Nissin Food Products Company Limited		17,300		668,402
Nong Shim Company Limited		901		198,524
Nutreco Holding NV		2,609		190,727
Orion Corporation		800		648,672
Osem Investment Limited		3,453		42,310
Peoples Food Holdings Limited †		21,000		10,277
Post Holdings Incorporated †		57,037		1,702,554
PP London Sumatra Indonesia TBK PT		664,500		167,257
PPB Group Berhad		119,200		530,286
Premier Foods plc †		9,696		9,007
QP Corporation		24,000		371,211
Ralcorp Holdings Incorporated		41,800		2,966,128
Ridley Corporation Limited		11,389		13,532
Riken Vitamin Company Limited		2,000		56,019
Sakata Seed Corporation		5,700		74,258
Saputo Incorporated «		12,604		531,395
Showa Sangyo Company Limited		12,000		40,003
Shree Renuka Sugars Limited		50,603		27,701
Smithfield Foods Incorporated «†		102,976		1,989,496
Standard Foods Corporation		57,040		151,403
Strauss Group Limited †		1,291		11,970
Suedzucker AG		5,793		194,256
Synear Food Holdings Limited †		16,000		1,759
Tata Tea Limited		101,852		237,670
Tate & Lyle plc		44,144		459,817
Thai Union Frozen Products PCL		37,044		88,073
The Nisshin Oillio Group Limited		12,000		46,593
Tiger Brands Limited		32,252		1,062,785
Tingyi (Cayman Islands) Holding Corporation		354,000		1,047,493
Toyo Suisan Kaisha Limited		17,000		421,662
TreeHouse Foods Incorporated «†		64,923		3,372,750
Tyson Foods Incorporated Class A		204,709		3,205,743
Uni-President China Holdings Limited		200,000		206,293
Uni-President Enterprises Corporation		986,853		1,579,901
Unilever NV CVA (Netherlands)		145,520		5,075,562
Unilever plc ADR		120,275		4,323,760
United Plantations Berhad		11,000		93,365
Universal Robina Corporation		238,100		344,630


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			23


Security name	Shares		Value


Food Products (continued)
Viscofan SA		6,884	$	304,873
Vitasoy International Holdings Limited		188,000		160,465
Viterra Incorporated		43,628		714,335
Want Want China Holdings Limited		1,349,000		1,669,737
Wei Chuan Food Corporation		140,000		147,007
Wilmar International Limited		352,930		886,218
Yakult Honsha Company Limited «		22,400		961,287
Yamazaki Baking Company Limited		34,000		446,848

				145,529,229


Household Products: 0.90%
ALS Limited		60,375		514,605
Clorox Company		102,500		7,456,875
Energizer Holdings Incorporated		51,000		3,513,900
Henkel AG & Company KGaA		11,153		692,013
Hindustan Unilever Limited		219,027		2,028,239
Kimberly-Clark Corporation		48,416		4,047,578
Kimberly-Clark de Mexico SAB de CV		170,300		348,112
LG Household & Health Care Limited Class H		1,667		913,847
Lion Corporation		52,000		302,855
Pigeon Corporation		2,400		112,957
Procter & Gamble Company		571,582		38,404,595
PZ Cussons plc		18,713		90,329
Reckitt Benckiser Group		58,098		3,284,135
Uni-Charm Corporation		27,000		1,570,790
Unilever Indonesia TBK PT		256,000		727,593
WD-40 Company		26,200		1,278,822

				65,287,245


Personal Products: 0.53%
Aderans Company Limited †		2,700		32,864
Amorepacific Corporation		612		630,541
Atrium Innovations Incorporated †		734		8,332
Avon Products Incorporated		290,600		4,489,770
BaWang International Group Holding Limited †		82,000		6,238
Beiersdorf AG		10,132		726,410
Colgate-Palmolive Company		90,358		9,605,959
Colgate-Palmolive Company India Limited		12,054		261,612
Dabur India Limited		131,061		288,747
Dr. Ci Labo Company Limited «		44		171,965
Emami Limited		6,659		58,503
Estee Lauder Companies Incorporated Class A		47,120		2,824,844
FANCL Corporation		7,300		84,659
Godrej Consumer Products Limited		22,447		279,372
Hengan International Group Company Limited		156,000		1,568,860
Herbalife Limited «		92,016		4,452,654
Kao Corporation		95,500		2,883,479
Kobayashi Pharmaceutical Company Limited		5,600		299,329
Kose Corporation		4,900		113,840


24		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Personal Products (continued)
L’Oreal SA		22,566	$	2,774,205
Mandom Corporation		3,200		84,971
Marico Limited		70,088		252,002
Milbon Company Limited		1,700		57,387
Natura Cosmeticos SA		26,100		654,461
Nu Skin Enterprises Incorporated «		107,500		4,460,175
Oriflame Cosmetics SA «		2,947		102,844
Pola Orbis Holdings Incorporated		6,900		241,471
Shiseido Company Limited		65,300		929,938

				38,345,432


Tobacco: 0.80%
Altria Group Incorporated		251,880		8,553,845
British American Tobacco Malaysia Berhad		24,900		508,280
British American Tobacco plc		189,985		9,959,565
Eastern Company		2,662		33,696
Gudang Garam TBK PT		106,500		559,586
Imperial Tobacco Group plc		95,074		3,707,660
ITC Limited		391,525		1,883,895
Japan Tobacco Incorporated		168,600		5,084,164
KT&G Corporation		26,956		2,040,780
Philip Morris International Incorporated		214,250		19,132,525
Reynolds American Incorporated «		40,862		1,883,738
Souza Cruz SA		82,400		1,104,539
Swedish Match AB		21,840		907,609
Universal Corporation «		49,900		2,366,757

				57,726,639


Energy: 7.58%

Energy Equipment & Services: 1.36%
Aban Offshore Limited		2,949		21,251
Acergy SA		23,407		537,985
Aker ASA Class A		3,638		114,250
Aker Kvaerner ASA		17,388		317,436
AMEC plc		31,672		557,721
Atwood Oceanics Incorporated †		103,700		4,799,236
Bourbon SA		4,026		106,342
Bumi Armada Berhad		170,300		206,573
BW Offshore Limited		23,262		17,019
Calfrac Well Services Limited		1,959		47,795
Cameron International Corporation †		50,438		2,759,463
Carbo Ceramics Incorporated «		14,300		1,006,434
Compagnie Generale de Geophysique Veritas †		14,173		411,175
Compagnie Generale de Geophysique Veritas ADR «†		689		19,919
Core Laboratories NV «		37,584		4,592,389
Dresser Rand Group Incorporated †		57,541		2,912,725
Dril-Quip Incorporated «†		66,710		4,672,368
Enerflex Limited		4,043		50,325
Ensign Energy Services Incorporated		8,678		132,228


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			25


Security name	Shares		Value


Energy Equipment & Services (continued)
Ezra Holdings Limited †		71,000	$	61,231
FMC Technologies Incorporated †		189,204		8,862,315
Fred Olsen Energy ASA		4,001		169,834
Fugro NV		5,730		348,612
GCL-Poly Energy Holdings Limited «		1,559,000		239,198
Halliburton Company		1		33
Helix Energy Solutions Group Incorporated «†		220,095		3,878,074
Hong Kong Energy Holdings Limited †		15,871		389
Indiabulls Infrastructure and Power Limited †		128,891		10,311
John Wood Group plc		30,475		397,038
Key Energy Services Incorporated «†		331,773		2,624,324
KNM Group Berhad †		89,275		19,001
Lufkin Industries Incorporated «		62,600		3,281,492
McDermott International Incorporated †		150,300		1,674,342
Modec Incorporated		500		8,877
Mullen Group Limited		6,400		150,107
Nabors Industries Limited †		220,000		3,249,400
Oceaneering International Incorporated		85,668		4,586,665
Oil States International Incorporated †		39,140		3,062,314
Parker Drilling Company †		245,565		1,016,639
Pason Systems Incorporated		10,745		162,197
Patterson-UTI Energy Incorporated «		102,879		1,562,732
Petrofac Limited		25,283		602,987
Petroleum Geo-Services ASA		19,980		303,733
Precision Drilling Corporation †		20,412		150,955
Prosafe ASA		26,130		199,649
Saipem SpA		23,203		1,101,724
Sapurakencana Petroleum Berhad		660,022		500,641
Savanna Energy Services Corporation		11,539		85,569
SBM Offshore NV †		17,972		254,082
Schlumberger Limited		277,605		20,093,050
Schoeller-Bleckmann Oilfield Equipment AG		1,839		175,703
Seacor Holdings Incorporated †		38,570		3,317,406
Seadrill Limited		29,254		1,202,900
ShawCor Limited Class A		4,528		159,577
Shinko Plantech Company Limited		4,000		33,208
Technip SA		9,568		1,007,780
Tecnicas Reunidas SA		2,168		96,942
Tenaris SA		40,342		839,783
TGS Nopec Geophysical Company ASA		10,707		312,784
Tidewater Incorporated		34,340		1,628,746
TMK GDR Register Shares		4,505		61,944
Toyo Kanetsu K. K.		6,000		12,644
Transocean Limited		73,668		3,611,942
Trican Well Service Limited		16,245		196,110
Trinidad Drilling Limited		7,400		48,795
Unit Corporation †		31,100		1,237,158
Weatherford International Limited †		156,639		1,842,075
WorleyParsons Limited		36,573		1,002,068

				98,727,714


26		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Oil, Gas & Consumable Fuels: 6.22%
0915988 B .C. Limited †(a)		363	$	0
Adaro Energy TBK PT		4,031,000		579,179
Advantage Oil & Gas Limited †		8,522		29,739
AET&D Holdings No. 1 Limited †(a)		20,314		0
Afren plc †		100,824		206,200
Alliance Oil Company Limited †		11,923		91,643
Alpha Natural Resources Incorporated †		168,232		999,298
Altagas Limited		11,048		347,663
Anadarko Petroleum Corporation		102,500		7,100,175
AOC Holdings Incorporated		2,300		6,757
Aquila Resources Limited †		23,944		56,897
ARC Resources Limited «		27,440		648,873
Athabasca Oil Corporation †		44,000		606,158
Aurora Oil and Gas Limited †		85,102		285,750
Australian Worldwide Exploration Limited		77,909		115,103
Bankers Petroleum Limited †		23,555		64,040
Banpu PCL		14,200		203,925
Bayan Resources Group		170,500		217,260
Baytex Energy Corporation «		11,349		516,936
Beach Petroleum Limited		233,283		284,399
Berry Petroleum Company Class A «		97,100		3,577,164
BG Group plc		320,496		6,554,631
Bharat Petroleum Corporation Limited		64,558		388,625
Bill Barrett Corporation «†		84,800		1,859,664
Birchcliff Energy Limited †		4,522		30,919
Blackpearl Resources Incorporated †		33,021		106,525
Bonavista Energy Corporation «		11,545		193,598
BP plc		1,804,655		12,646,987
Brightoil Petroleum Holdings Limited		514,000		92,780
Bumi Resources TBK PT		4,613,358		338,684
Cabot Oil & Gas Corporation		160,962		6,665,436
Cairn Energy plc		48,348		220,328
Caltex Australia Limited		22,940		370,201
Cameco Corporation		37,200		810,607
Canadian Natural Resources Limited		103,154		3,138,309
Canadian Oil Sands Limited		45,830		978,203
Carrizo Oil & Gas Incorporated «†		70,146		1,770,485
Celtic Exploration Limited †		11,766		197,423
Cenovus Energy Incorporated		75,871		2,486,060
Chesapeake Energy Corporation «		81,232		1,571,839
Chevron Corporation		245,723		27,560,292
China Coal Energy Company		813,962		677,956
China Petroleum & Chemical Corporation		3,756,000		3,535,196
China Shenhua Energy Company Limited		713,000		2,597,006
Cimarex Energy Company		65,398		3,741,420
CNOOC Limited		3,251,000		6,153,299
CNPC (Hong Kong) Limited		556,000		950,568
Coal India Limited		146,299		924,347
Comstock Resources Incorporated «†		92,602		1,527,007
Concho Resources Incorporated †		81,728		7,334,271


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			27


Security name	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Connacher Oil and Gas Limited †		22,597	$	9,513
ConocoPhillips		156,567		8,891,440
Continental Resources Incorporated †		11,643		862,281
Corridor Resources Incorporated †		1,363		1,065
Cosmo Oil Company Limited		101,000		193,499
Crescent Point Energy Corporation «		32,203		1,339,083
Crew Energy Incorporated †		7,839		49,861
Dart Energy Limited †		34,277		6,729
Denison Mines Corporation		51,265		71,768
Devon Energy Corporation		47,700		2,758,491
DNO ASA †		102,500		151,928
Dragon Oil plc		21,264		199,150
Ecopetrol SA Sponsored ADR «		41,000		2,371,850
Enbridge Incorporated «		66,900		2,633,922
Encana Corporation «		77,134		1,707,394
Energen Corporation		48,126		2,456,832
Energy Resources of Australia Limited †		13,099		18,270
Enerplus Corporation «		20,247		319,187
ENI SpA		235,102		5,210,433
ENI SpA ADR		9,439		416,354
EnQuest plc - Sweden Exchange †		15,154		27,460
EnQuest plc - United Kingdom Exchange †		32,662		57,671
EOG Resources Incorporated		57,448		6,221,618
ERG SpA		2,269		15,383
Essar Energy plc †		28,005		44,601
Essar Oil Limited †		207,514		175,524
Esso Thailand PCL		26,300		8,813
Establissements Maurel et Prom		5,783		90,632
EXCO Resources Incorporated «		323,300		2,214,605
Exxon Mobil Corporation		585,831		51,143,046
Fairborne Energy Limited †		1,661		2,224
Forest Oil Corporation		250,498		1,856,190
Formosa Petrochemical Corporation		417,590		1,190,684
Frontline Limited «		6,300		19,546
Galp Energia SGPS SA		20,077		301,645
Gazprom ADR		1,894,171		18,447,331
Golar LNG Limited		2,733		106,107
Goodrich Petroleum Corporation †		3,776		47,955
Gran Tierra Energy Incorporated †		23,505		104,440
Grupa Lotos SA †		10,126		80,903
GS Holdings Corporation		10,834		620,654
Guide Exploration Limited Class A †		1,079		1,751
Gulf Keystone Petroleum Limited †		88,919		290,146
Harum Energy TBK PT		262,000		160,745
Hellenic Petroleum SA		2,590		18,569
Heritage Oil plc †		26,070		80,307
Hess Corporation		37,700		1,904,981
Hindustan Petroleum Corporation Limited		41,399		221,675
HollyFrontier Corporation		128,349		5,171,181
Hunting plc		13,249		167,563


28		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Husky Energy Incorporated «		26,600	$	703,487
Idemitsu Kosan Company Limited		5,400		433,821
Imperial Oil Limited «		23,700		1,082,158
Indian Oil Corporation Limited		127,246		554,850
Indika Energy TBK PT		202,500		32,493
Indo Tambangraya Megah TBK PT		86,500		346,544
Inpex Holdings Incorporated		474		2,694,042
IRPC PCL		974,221		116,900
Itochu Enex Company Limited		6,000		32,033
Ivanhoe Energy Incorporated †		8,964		6,366
Japan Petroleum Exploration Company		7,300		283,441
JX Holdings Incorporated		462,300		2,391,360
Karoon Gas Australia Limited †		31,102		128,532
Keyera Corporation «		7,024		320,649
Kodiak Oil & Gas Corporation «†		491,300		4,392,222
Linc Energy Limited †		27,942		15,300
Lukoil ADR †		167,093		9,498,184
Lundin Petroleum AB †		23,462		529,668
Mangalore Refinery & Petrochemicals Limited		21,310		23,695
Marathon Oil Corporation		88,061		2,449,857
Marathon Petroleum Corporation		41,950		2,170,913
Maurel & Prom Nigeria †		5,783		15,057
Meg Energy Corporation †		10,300		405,626
MOL Hungarian Oil & Gas plc		8,765		645,003
Mongolia Energy Company Limited †		277,000		11,964
Motor Oil (Hellas) Corinth Refineries SA		681		4,077
Murphy Oil Corporation		22,200		1,139,526
Neste Oil Oyj Limited		15,503		178,617
New Hope Corporation Limited		33,755		151,353
New Zealand Oil & Gas Limited		18,285		12,340
Newfield Exploration Company †		93,800		3,060,694
Nexen Incorporated		49,700		1,249,370
Niko Resource Limited		5,137		74,156
Nippon Gas Company Limited		3,300		44,677
Noble Energy Incorporated		36,297		3,190,506
Novatek Oao Spons GDR		27,002		3,042,386
NuVista Energy Limited †		3,905		17,351
Oasis Petroleum Incorporated «†		51,000		1,495,830
Occidental Petroleum Corporation		168,462		14,320,955
OGX Petroleo e Gas Participacoes SA †		686,200		2,129,691
Oil & Natural Gas Corporation Limited		494,798		2,454,198
Oil India Limited		23,455		207,880
Oil Refineries Limited †		37,539		14,120
Oil Search Limited		214,008		1,662,689
OMV AG		14,891		494,001
Origin Energy Limited		187,799		2,308,891
PA Resources AB †		20,295		2,513
Pace Oil & Gas Limited †		1,571		4,526
Pacific Rubiales Energy Corporation		24,307		594,267
Paladin Energy Limited †		189,449		257,384


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			29


Security name	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Paz Oil Company Limited		173	$	17,208
Pembina Pipeline Corporation «		24,455		662,884
Pengrowth Energy Corporation «		42,515		287,243
Penn West Petroleum Limited «		42,170		598,059
PetroBakken Energy Limited «		6,200		81,765
Petrobank Energy & Resources Limited †		6,135		76,987
Petrobras Energia SA †		1,769		14,258
PetroChina Company Limited		4,570,000		5,509,254
Petroleo Brasileiro SA		699,945		7,344,612
Petrominerales Limited		3,768		35,587
Petronas Dagangan Berhad		45,300		324,762
Petronet LNG Limited		93,589		256,076
Peyto Exploration & Development Corporation «		13,213		273,844
Phillips 66		75,783		3,182,886
Pioneer Natural Resources Company		24,400		2,375,584
Polish Oil & Gas †		309,726		380,347
Polski Koncern Naftowy Orlen SA †		61,411		723,561
Premier Oil plc †		62,107		368,728
Progress Energy Resources Corporation		18,972		422,840
PTT Exploration & Production PCL ADR		174,300		828,808
PTT PCL Foreign		127,200		1,339,588
QEP Resources Incorporated		119,149		3,418,385
Questerre Energy Corporation †(a)		8,414		5,630
Range Resources Corporation		126,945		8,275,545
Reliance Industries Limited		347,437		4,786,979
Reliance Industries Limited GDR 144A		2,006		54,864
Repsol YPF SA		66,450		1,223,205
Roc Oil Company Limited †		8,115		2,641
Rosetta Resources Incorporated †		99,500		4,272,530
Rosneft OJSC GDR		394,530		2,353,253
Royal Dutch Shell plc A Shares - Netherlands Exchange		69,466		2,429,880
Royal Dutch Shell plc A Shares - United Kingdom Exchange		290,748		10,175,086
Royal Dutch Shell plc B Shares		252,808		9,118,288
S-Oil Corporation		8,742		793,589
SandRidge Energy Incorporated «†		255,550		1,678,964
Santos Limited		158,625		1,840,410
Saras SpA †		12,269		13,279
Sasol Limited		104,839		4,525,556
Shell Refining Company Berhad (Malaysia)		14,200		41,357
Showa Shell Sekiyu KK		26,200		134,857
Silverwillow Energy Corporation †		1,901		2,025
Sinanen Company Limited		2,000		8,506
SK Energy Company Limited		12,362		1,781,370
SM Energy Company		50,400		2,380,392
SOCO International plc †		30,069		160,805
Southwestern Energy Company «†		72,413		2,254,217
Spectra Energy Corporation		79,312		2,241,357
Statoil ASA		99,008		2,542,105
Storm Resources Limited †		281		428
Straits Asia Resources Limited		119,000		178,524


30		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Suncor Energy Incorporated		147,387	$	4,606,638
Surgutneftegaz		269,016		1,721,702
Surgutneftegaz ADR «†		677,960		5,847,744
Talisman Energy Incorporated		97,600		1,356,449
Tambang Batubara Bukit Asam TBK PT		159,500		244,227
Tatneft Sponsored ADR		63,100		2,408,527
Teekay Corporation		76,100		2,251,038
Tesoro Corporation		96,300		3,826,962
Thai Oil PCL		104,800		219,065
Tonengeneral Sekiyu KK		50,000		422,760
Total SA		213,940		10,684,366
Tourmaline Oil Corporation †		11,783		329,673
TransCanada Corporation «		66,600		2,999,787
Transglobe Energy Corporation †		11,093		113,546
Tullow Oil plc		85,595		1,852,482
Tupras Turkiye Petrol Rafinerileri AS		26,905		615,242
Uranium One Incorporated †		49,462		118,418
Valero Energy Corporation		74,451		2,327,338
Veresen Incorporated		17,802		236,036
Vermilion Energy Incorporated «		9,494		432,539
Walter Energy Incorporated		40,100		1,311,270
Whitehaven Coal Limited		113,230		382,536
Williams Companies Incorporated		77,200		2,491,244
Woodside Petroleum Limited		110,415		3,912,780
World Fuel Services Corporation «		129,682		4,825,467
WPX Energy Incorporated †		128,938		2,011,433
Yanchang Petroleum International Limited †		280,000		19,134
Yanzhou Coal Mining Company Limited		442,000		630,293

				449,216,592


Financials: 19.75%

Capital Markets: 1.08%
3I Group plc		77,072		251,733
Aberdeen Asset Management plc		83,965		371,574
Affiliated Managers Group Incorporated †		40,686		4,785,487
AGF Management Limited		6,067		70,041
Allied Properties (H.K.) Limited		297,208		38,703
Ameriprise Financial Incorporated		28,304		1,554,173
Apollo Investment Corporation		1		8
Ashmore Group plc		39,880		208,334
Asia Plus Securities PCL		636,000		46,277
Azimut Holding SpA		6,204		65,861
Bank of New York Mellon Corporation «		153,156		3,452,136
Bank Sarasin & Cie AG †		1,790		50,529
BinckBank NV		15,559		110,121
BlackRock Incorporated		12,274		2,164,765
Brewin Dolphin Holding plc		8,704		20,551
Canaccord Financial Incorporated		5,064		25,840
Capital Securities Corporation		362,713		122,919


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			31


Security name	Shares		Value


Capital Markets (continued)
CI Financial Corporation		14,903	$	335,327
Close Brothers Group plc		13,950		172,663
Credit Suisse Group		102,633		1,982,353
Daewoo Securities Company Limited		41,552		411,995
Daiwa Securities Group Incorporated		307,000		1,109,662
Deutsche Bank AG		87,272		3,103,767
Dundee Corporation Class A †		3,983		92,368
Eaton Vance Corporation «		78,600		2,129,274
EFG International		1,432		10,875
Egyptian Financial Group-Hermes Holding †		44,708		88,863
Eurazeo		2,169		95,445
Federated Investors Incorporated Class B «		74,114		1,572,699
Franklin Resources Incorporated		31,540		3,702,796
Fuhwa Financial Holdings Company Limited		1,967,763		913,222
GAM Holding AG		21,185		250,749
GCA Savvian Group Corporation		9		9,024
GMP Capital Incorporated		3,500		18,641
Goldman Sachs Group Incorporated		51,343		5,427,982
Greenhill & Company Incorporated «		52,424		2,288,308
HAITONG Securities Company Limited †		277,600		304,589
Hargreaves Lansdown plc		24,237		238,990
Henderson Group plc		86,176		145,182
Hyundai Securities Company		21,587		161,338
ICAP plc		54,134		273,085
Ichiyoshi Securities Company Limited		1,500		7,376
IGM Financial Incorporated «		10,400		399,963
Intermediate Capital Group plc		41,679		186,562
Invesco Limited		306,362		7,254,652
Investec Limited		52,895		320,719
Investec plc		67,150		400,267
IOOF Holdings Limited		40,299		254,389
Iwai Securities Company Limited		1,000		3,576
JAFCO Company Limited		6,600		126,276
Janus Capital Group Incorporated «		404,996		3,531,565
Julius Baer Group Limited		17,816		585,407
Kabu.com Securities Company Limited		9,400		26,893
KGI Securities (Thailand) PCL		848,000		56,290
Knight Capital Group Incorporated †		219,900		606,924
Korea Investment Holdings Company Limited		6,804		228,774
Legg Mason Incorporated «		86,100		2,116,338
Macquarie Group Limited		67,026		1,859,998
Man Group plc		137,925		156,150
Marusan Securities Company Limited		2,000		6,258
Masterlink Securities Corporation		131,000		39,233
Matsui Securities Company Limited		20,600		126,292
Mediobanca SpA		32,109		150,319
Mirae Asset Securities Company Limited		3,004		81,810
Mito Securities Company Limited		3,000		5,134
MLP AG		1,057		6,117
Monex Beans Holdings Incorporated		172		30,031


32		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Capital Markets (continued)
Morgan Stanley		163,152	$	2,447,280
Nomura Holdings Incorporated		611,200		2,014,044
Nomura Holdings Incorporated ADR		30,500		101,565
Northern Trust Corporation		25,000		1,161,000
Okasan Holdings Incorporated		45,000		152,309
Partners Group		1,488		286,472
Perpetual Trustees Australia Limited		6,813		186,389
Pioneers Holding †		11,002		8,347
Platinum Asset Management Limited		30,681		111,260
Polytec Asset Holdings Limited		100,000		8,896
President Securities Corporation		352,467		181,229
Rathbone Brothers		6,015		122,156
Ratos AB B Shares		21,869		195,996
Raymond James Financial Incorporated		72,707		2,559,286
Richemont SA †		1,457		26,206
RMI Holdings		77,231		174,627
Samsung Securities Company Limited		11,761		503,247
SBI Holdings Incorporated		3,916		238,326
Schroders plc		11,497		259,411
Schroders plc (Non-Voting)		4,395		80,952
SEI Investments Company «		100,800		2,192,400
State Street Corporation		60,400		2,512,640
Stifel Financial Corporation «†		97,752		3,194,535
Tokai Tokyo Securities Company Limited		52,000		167,367
Tong Yang Investment Bank		7,124		24,393
Tullett Prebon plc		11,401		52,499
UOB-Kay Hian Holdings Limited		49,000		63,289
Value Partners Group Limited		67,000		28,507
Virtus Investment Partners Incorporated †		1		86
Vontobel Holdings AG		3,142		71,746
Waddell & Reed Financial Incorporated		55,500		1,642,800
Waterland Financial Holdings		646,087		194,143
Woori Investment & Securities Company Limited		32,427		317,232

				78,026,197


Commercial Banks: 7.20%
77 Bank Limited		73,000		278,779
Absa Group Limited		66,323		1,122,747
Affin Holdings Berhad		72,100		80,303
Agricultural Bank of China Limited		5,111,000		1,884,677
Agricultural Bank of Greece †(a)		342		0
Akbank TAS		406,716		1,605,223
Allahabad Bank		22,824		48,848
Alpha Bank AE †		31,560		53,590
Andhra Bank		30,160		48,907
Aozora Bank Limited		99,000		294,617
Associated Banc-Corp		376,005		4,873,025
Asya Katilim Bankasi AS †		48,136		50,803
Australia & New Zealand Banking Group Limited «		485,220		12,442,387
Axis Bank Limited		57,736		1,029,439


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			33


Security name	Shares		Value


Commercial Banks (continued)
Banca Carige SpA		33,259	$	26,815
Banca Monte Dei Paschi di Siena SpA †		607,309		171,108
Banca Piccolo Credito Valtellinese Scarl		9,849		14,259
Banca Popolare dell’Emilia Romagna Scarl		26,943		147,010
Banca Popolare dell’Etruria e del Lazio †		1,290		1,723
Banca Popolare di Milano Scarl †		484,767		250,542
Banca Popolare di Sondrio Scarl		24,645		141,043
Banco Bilbao Vizcaya Argentaria SA		464,681		3,549,521
Banco BPI SA †		13,638		10,086
Banco Bradesco SA		107,882		1,440,269
Banco Comercial Portugues SA †«		381,266		41,721
Banco Continental Peru		22,401		54,040
Banco de Brasil SA		260,085		2,969,984
Banco de Chile		6,749,247		948,579
Banco de Credito del Peru		4,012		9,525
Banco de Credito e Inversiones		9,706		612,246
Banco de Sabade		241,252		697,928
Banco de Valencia SA †		11,615		2,922
Banco Espanol de Credito SA		3,199		9,733
Banco Espirito Santo SA †		131,378		91,547
Banco Itau Holding Financeira SA		160,900		2,242,407
Banco Macro SA †		2,243		28,082
Banco Popolare SpA †		138,887		202,643
Banco Popular Espanol SA «		129,815		296,029
Banco Santander Brasil SA		120,314		924,626
Banco Santander Central Hispano SA		817,683		5,831,493
Banco Santander Central Hispano SA ADR «		76,232		536,673
Banco Santander Chile SA		12,904,355		924,292
BancorpSouth Incorporated «		170,973		2,520,142
Bangkok Bank PCL		67,100		402,579
Bangkok Bank PCL (Non-Voting)		31,000		190,937
Bank Central Asia TBK PT		2,685,500		2,182,761
Bank CIMB Niaga TBK PT		220,500		26,825
Bank Handlowy w Warszawie SA		8,631		203,646
Bank Hapoalim Limited †		105,587		324,826
Bank Leumi Le-Israel †		148,085		339,370
Bank Mandiri Persero TBK PT		1,933,712		1,581,851
Bank Millennium SA †		60,124		63,674
Bank Negara Indonesia Persero TBK PT		1,593,000		622,331
Bank of Ayudhya PCL		424,600		436,999
Bank of Baroda		25,294		287,317
Bank of China Limited		14,391,100		5,232,486
Bank of Communications Limited		1,416,350		925,856
Bank of Cyprus Public Company Limited †		115,392		24,674
Bank of East Asia Limited «		256,485		934,212
Bank of Greece		900		11,490
Bank of Hawaii Corporation «		99,517		4,600,671
Bank of India		22,645		103,933
Bank of Ireland - European Exchange †		346,365		38,338
Bank of Ireland - London Exchange †		786,075		86,019


34		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Commercial Banks (continued)
Bank of Kyoto Limited		68,000	$	539,345
Bank of Montreal «		61,935		3,620,284
Bank of Nova Scotia «		106,505		5,645,332
Bank of Queensland Limited		45,713		356,574
Bank of the Philippine Islands		314,811		561,160
Bank of the Ryukyus Limited		3,200		41,239
Bank of Yokohama Limited		229,000		1,061,715
Bank Pekao SA		23,659		1,075,052
Bank Przemyslowo Handlowy PBK †		309		3,747
Bank Rakyat Indonesia		2,079,000		1,515,370
Bankia SA †«		84,853		152,194
Bankinter SA		11,187		42,129
Banque Cantonale Vaudoise Waadtlaender Kantonalbank		244		129,450
Barclays plc		1,141,432		3,321,267
BBVA Banco Frances SA †		4,348		15,435
BDO Unibank Incorporated		350,788		508,987
Bendigo Bank Limited		58,401		457,354
Berner Kantonalbank AG		648		170,366
BNP Paribas SA «		93,440		4,061,209
BNP Paribas SA ADR		15,636		337,738
BOC Hong Kong Holdings Limited		765,500		2,423,046
BOK Financial Corporation «		17,862		1,028,315
Branch Banking & Trust Corporation		85,197		2,687,113
BRE Bank SA †		3,102		285,557
Bumiputra Commerce Holdings Berhad		896,500		2,235,153
Canadian Imperial Bank of Commerce «		38,100		2,946,348
Canadian Western Bank «		8,239		235,113
Canara Bank		13,142		75,155
Capital Source Incorporated		601,629		4,169,289
Cathay General Bancorp		171,209		2,802,691
Chang Hwa Commercial Bank		1,036,947		534,901
Chiba Bank Limited		168,000		972,016
China Banking Corporation		12,126		137,414
China CITIC Bank		1,655,000		789,523
China Construction Bank		15,136,990		9,953,474
China Development Financial Holding Corporation †		2,102,338		498,367
China Merchants Bank Company Limited		909,858		1,569,621
China Minsheng Banking Corporation Limited		1,042,900		849,816
China Trust Financial Holding Company Limited		2,104,497		1,257,738
Chukyo Bank Limited		20,000		47,002
CIT Group Incorporated †		157,642		5,952,562
Citigroup Incorporated		366,379		10,885,120
City National Corporation		31,500		1,617,525
Comerica Incorporated		130,309		4,001,789
Commerce Bancshares Incorporated		58,880		2,368,742
Commercial International Bank		103,757		511,581
Commerzbank AG †		352,413		558,514
Commonwealth Bank of Australia		280,103		15,841,116
CorpBanca NPV		23,895,242		284,840
Corporation Bank		14,460		95,806


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			35


Security name	Shares		Value


Commercial Banks (continued)
Credicorp Limited		10,923	$	1,316,549
Credit Agricole Ile de France		154		9,026
Credit Agricole SA †		96,242		561,445
Credito Emiliano SpA		1,169		4,973
Cullen Frost Bankers Incorporated «		38,553		2,143,547
Dah Sing Banking Group Limited		32,948		30,161
Dah Sing Financial Holdings Limited		13,995		47,095
Danske Bank †		59,679		1,037,607
DBS Group Holdings Limited		298,784		3,463,641
Dexia †		39,586		9,958
DGB Financial Group Incorporated		22,804		263,287
DnB Nor ASA		85,061		977,519
E.SUN Financial Holding Company Limited		1,058,519		590,206
East West Bancorp Incorporated		311,820		6,841,331
EFG Eurobank Ergasias SA †		31,520		26,880
EnTie Commercial Bank		63,977		26,701
Erste Bank Der Oesterreichischen Sparkassen AG †		24,645		497,836
Far Eastern International Bank		533,924		212,136
Federal Bank Limited		22,890		167,256
FIBI Holdings Limited †		970		11,504
Fifth Third Bancorp		111,300		1,685,082
Finansbank AS Turkey †		30,470		57,952
First Financial Bankshare «		66,900		2,326,782
First Financial Holding Company Limited		1,467,512		850,100
First Horizon National Corporation		552,512		4,950,508
First Midwest Bancorp Incorporated		150,106		1,772,752
First Niagara Financial Group Incorporated		239,345		1,888,432
First Republic Bank		55,644		1,819,002
FirstMerit Corporation «		239,246		3,753,770
FNB Corporation PA «		306,216		3,353,065
Fukuoka Financial Group Incorporated		173,000		680,554
Fulton Financial Corporation		435,240		4,234,885
Get Bank SA †		147,298		66,665
Getin Holding SA		50,326		24,295
Glacier Bancorp Incorporated		157,866		2,432,715
Greek Postal Savings Bank †		8,178		1,728
Grupo Financiero Banorte SA de CV		414,200		2,108,675
Grupo Financiero Inbursa SA de CV		419,964		1,094,137
Gunma Bank Limited		76,000		399,923
Hana Financial Group Incorporated		45,904		1,371,507
Hancock Holding Company		169,032		5,010,108
Hang Seng Bank Limited		129,600		1,844,757
HDFC Bank Limited		223,205		2,388,946
HDFC Bank Limited ADR «		21,985		738,256
Higashi-Nippon Bank Limited		24,000		53,030
Hokuhoku Financial Group Incorporated		305,000		459,672
Hong Leong Bank Berhad		79,560		342,226
Hong Leong Financial Group Berhad		68,900		265,500
HSBC Holdings plc		1,710,701		14,861,087
Hua Nan Financial Holdings Company Limited		1,509,496		811,422


36		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Commercial Banks (continued)
Huntington Bancshares Incorporated		600,496	$	3,963,274
ICICI Bank Limited		108,234		1,755,385
ICICI Bank Limited ADR		16,121		524,416
Indian Bank		21,174		58,773
Indian Overseas Bank		27,110		33,263
Indusind Bank Limited		72,165		410,676
Industrial & Commercial Bank of China Class H		15,105,442		8,179,895
Industrial Bank of Korea		44,220		469,627
Industrial Development Bank of India Limited		65,269		98,505
ING Bank Slaski SA †		5,190		133,027
International Bancshares Corporation		120,640		2,202,886
Intesa Sanpaolo		1,335,380		2,099,551
Intesa Sanpaolo RSP		49,378		62,791
Israel Discount Bank Limited †		34,211		35,749
Joyo Bank Limited		145,000		696,341
Jyske Bank †		7,244		207,263
Kansai Urban Banking Corporation		76,000		95,127
Kasikornbank PCL		102,200		551,198
Kasikornbank PCL ADR		145,600		785,269
KB Financial Group Incorporated		81,771		2,648,526
KBC Groep NV		15,534		337,726
KeyCorp		657,050		5,538,932
Kiatnakin Finance		6,000		7,994
Kiyo Holdings		152,000		205,786
Komercni Banka AS		3,616		701,525
Korea Exchange Bank †		54,060		407,371
Kredyt Bank SA †		9,511		42,758
Krung Thai Bank PCL ADR		346,900		183,773
Laurentian Bank of Canada		1,861		89,581
Liechtenstein Landesbank		570		18,210
Liu Chong Hing Bank Limited		6,000		9,871
Lloyds TSB Group plc †		3,732,482		1,974,159
Lloyds TSB Group plc ADR †		3,708		7,638
M&T Bank Corporation «		85,321		7,414,395
Malayan Banking Berhad		624,939		1,830,114
Malaysian Plantations Berhad		211,800		279,960
Mega Financial Holding Company Limited		1,963,131		1,478,034
Metropolitan Bank & Trust Company		191,277		413,922
Mitsubishi UFJ Financial Group Incorporated		2,483,270		11,291,195
Mitsubishi UFJ Financial Group Incorporated ADR		440		1,998
Mitsui Trust Holdings Incorporated		626,000		1,742,998
Miyazaki Bank Limited		15,000		37,359
Mizuho Financial Group Incorporated		4,177,400		6,722,682
National Australia Bank Limited		394,407		10,272,607
National Bank of Canada «		15,300		1,148,722
National Bank of Greece SA †		59,464		105,459
National Bank of Greece SA ADR †		4,869		8,277
National Penn Bancshares Incorporated «		278,256		2,476,478
National Societe Generale Bank SAE		7,762		40,204
Natixis		70,899		193,781


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			37


Security name	Shares		Value


Commercial Banks (continued)
Nedbank Group Limited		31,437	$	692,115
Nishi-Nippon City Bank Limited		119,000		253,822
Nordea Bank AB		234,274		2,166,845
Old Mutual plc		447,204		1,181,595
Old National Bancorp «		206,921		2,731,357
Oriental Bank of Commerce		12,374		49,919
OTP Bank «		40,952		648,956
Oversea-Chinese Banking Corporation Limited		501,346		3,736,466
Pacwest Bancorp «		67,238		1,565,301
Park National Corporation «		27,200		1,831,920
Piraeus Bank SA †		112,063		35,661
PKO Bank Polski SA		127,918		1,374,010
PNC Financial Services Group		64,787		4,027,160
Popular Incorporated †		217,560		3,446,150
PrivateBancorp Incorporated «		134,000		2,184,200
Prosperity Bancshares Incorporated «		102,000		4,294,200
PT Bank Danamon Indonesia TBK PT		786,234		494,746
PT Bank Pan Indonesia TBK PT †		506,500		36,122
Public Bank Berhad		260,065		1,191,913
Public Bank Berhad (Foreign Market)		91,000		417,648
Punjab National Bank Limited		17,505		212,908
Raiffeisen International Bank Holdings «		2,580		86,272
Resona Holdings Incorporated		328,000		1,277,732
RHB Capital Berhad		186,279		434,025
Royal Bank of Canada «		136,200		7,622,779
Royal Bank of Scotland Group plc †		186,195		669,056
Sapporo Hokuyo Holdings Incorporated		38,900		99,368
Sberbank Sponsored ADR		555,515		6,393,978
Senshu Ikeda Holdings Incorporated		40,380		234,662
Seven Bank Limited		134,000		369,679
Shiga Bank		52,000		316,138
Shimizu Bank Limited		1,000		31,292
Shinhan Financial Group Company Limited		98,689		3,070,373
Shinsei Bank Limited		388,000		450,961
Shizuoka Bank Limited		114,000		1,183,754
Siam Commercial Bank PCL		258,500		1,237,434
Signature Bank †		87,000		5,622,810
Sinopac Financial Holdings Company Limited		1,859,452		738,789
Skandinaviska Enskilda Banken AB Class A		159,842		1,223,761
St. Galler Kantonalbank		210		73,468
Standard Bank Group Limited		282,056		3,725,838
Standard Chartered plc		180,612		3,990,613
State Bank of India Limited		24,458		807,872
State Bank of India Limited GDR 144A		4,768		331,376
Sumitomo Mitsui Financial Group Incorporated		246,184		7,621,815
Sumitomo Mitsui Financial Group Incorporated ADR		494		3,073
SunTrust Banks Incorporated		112,100		2,821,557
Suruga Bank Limited		44,000		506,341
Susquehanna Bancshares Incorporated		395,515		4,156,863
SVB Financial Group †		82,966		4,811,198


38		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Commercial Banks (continued)
Svenska Handelsbanken		50,125	$	1,747,737
Swedbank AB		78,050		1,366,011
Sydbank AG †		8,747		148,979
Syndicate Bank		18,615		31,139
Synovus Financial Corporation «		1,579,217		3,284,771
Ta Chong Bank Limited †		324,656		102,000
Taishin Financial Holdings Company Limited		1,634,597		624,892
Taiwan Business Bank †		726,011		208,464
Taiwan Cooperative Financial Holdings		856,605		470,474
TCF Financial Corporation «		330,298		3,672,914
The Aichi Bank Limited - Tokai		1,100		58,937
The Akita Bank Limited - Akita		19,000		54,844
The Aomori Bank Limited		28,000		85,472
The Awa Bank Limited		49,000		302,280
The Bank of Iwate Limited		2,800		126,419
The Bank of Nagoya Limited		19,000		64,551
The Bank of Okinawa Limited		3,100		133,827
The Bank of Saga Limited		25,000		58,433
The Chiba Kogyo Bank Limited †		4,700		25,873
The Chugoku Bank Limited		38,000		518,833
The Daisan Bank Limited		49,000		88,243
The Daishi Bank Limited		76,000		239,760
The Ehime Bank Limited		27,000		73,453
The Eighteenth Bank Limited		25,000		63,222
The Fukui Bank Limited		32,000		74,794
The Hachijuni Bank Limited		91,000		499,776
The Higo Bank Limited		41,000		238,266
The Hiroshima Bank Limited		120,000		384,699
The Hokkoku Bank Limited		48,000		183,307
The Hokuetsu Bank Limited		21,000		39,696
The Hyakugo Bank Limited		36,000		158,171
The Hyakujushi Bank Limited		45,000		173,000
The Iyo Bank Limited		52,000		421,738
The Juroku Bank Limited		50,000		166,039
The Kagoshima Bank Limited		29,000		185,197
The Kanto Tsukuba Bank Limited		2,400		7,970
The Keiyo Bank Limited		49,000		222,798
The Michinoku Bank Limited		5,000		10,345
The Mie Bank Limited		4,000		8,889
The Minato Bank Limited		35,000		63,478
The Musashino Bank Limited		4,900		144,819
The Nanto Bank Limited		37,000		170,598
The Ogaki Kyoritsu Bank Limited		51,000		177,827
The Oita Bank Limited		23,000		72,265
The San-in Godo Bank Limited		22,000		158,197
The Shikoku Bank Limited		28,000		69,021
The Tochigi Bank Limited		9,000		31,496
The Toho Bank Limited		57,000		181,276
Tisco Financial Group PCL		6,200		7,914
TMB Bank PCL		2,682,765		147,259


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			39


Security name	Shares		Value


Commercial Banks (continued)
Tokyo Tomin Bank Limited		5,300	$	50,905
Tomony Holdings Incorporated		14,900		61,659
Toronto-Dominion Bank «		86,031		7,037,829
Trustmark Corporation «		123,489		2,925,454
Turkiye Garanti Bankasi AS		466,731		2,001,155
Turkiye Halk Bankasi AS		61,906		558,080
Turkiye Is Bankasi		264,959		806,878
Turkiye Vakiflar Bankasi Tao		111,274		252,006
UMB Financial Corporation		76,300		3,740,989
Umpqua Holdings Corporation «		247,361		3,126,643
UniCredit SpA †		514,531		2,037,313
Union Bank of India		27,062		76,260
Unione di Banche SpA		72,120		242,021
United Bankshares Incorporated «		109,793		2,671,264
United Mizrahi Bank Limited †		8,324		64,590
United Overseas Bank Limited		218,695		3,349,288
US Bancorp		235,363		7,863,478
Valiant Holding AG		1,769		142,398
Valley National Bancorp «		130,558		1,266,413
Verwaltungs-Und Privat-Bank AG		62		4,611
Webster Financial Corporation		157,441		3,350,344
Wells Fargo & Company (l)		620,620		21,119,699
Westamerica Bancorporation «		50,581		2,354,546
Westpac Banking Corporation		552,138		14,129,828
Wing Hang Bank Limited		37,992		337,012
Woori Finance Holdings Company Limited		68,660		653,545
Yachiyo Bank Limited		1,200		22,913
Yamagata Bank Limited		26,000		110,914
Yamaguchi Financial Group		46,000		384,239
Yamanashi Chou Bank Limited		27,000		115,180
Yapi Ve Kredi Bankasi AS †		184,289		429,521
Yes Bank Limited		58,652		346,640

				519,913,433


Consumer Finance : 0.28%
ACOM Company Limited †		9,370		216,493
AEON Credit Service Company Limited «		15,100		289,483
AIFUL Corporation †		2,600		4,716
Allied Group Limited		6,000		13,909
Capital One Financial Corporation		71,200		4,024,936
Cash America International Incorporated «		53,600		2,080,752
Credit Saison Company Limited		31,326		732,587
Discover Financial Services		71,426		2,766,329
Ezcorp Incorporated «†		91,900		2,081,535
International Personal Finance plc		23,636		108,576
Jaccs Company Limited		22,000		79,239
Orient Corporation †		93,000		118,782
ORIX Corporation		18,740		1,732,902
Paragon Group of Companies plc		16,492		49,519


40		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Consumer Finance (continued)
Provident Financial plc		12,082	$	253,234
Samsung Card Company Limited		7,397		234,370
Shriram Transport Finance Company Limited		21,672		247,460
SLM Corporation		323,100		5,088,825
Thanachart Capital PCL - Foreign		15,516		16,712

				20,140,359


Diversified Financial Services: 1.55%
Ackermans & Van Haaren NV		2,400		185,289
African Bank Investments Limited		170,048		657,689
AMMB Holdings Berhad		291,300		592,016
ASX Limited		30,029		945,005
Ayala Corporation Class A		57,652		563,160
Bajaj Auto Limited		16,935		233,132
Bank of America Corporation		2,232,466		17,837,403
Banque Nationale de Belgique		10		27,986
BMF Bovespa SA		411,894		2,181,320
Bolsas y Marcados Espanoles		4,820		109,854
BS Financial Group Incorporated		30,381		315,960
Bund Center Investment Limited †		85,000		11,865
Bursa Malaysia Berhad		59,100		119,732
CBOE Holdings Incorporated «		165,900		4,718,196
Century Leasing System Incorporated		8,900		166,076
Challenger Financial Services Group Limited		104,111		389,375
China Everbright Limited		144,000		175,081
Corporation Financiera Alba		549		17,795
Criteria Caixa Corporation SA		55,055		209,960
D.Carnegie & Company AB †(a)		1,000		0
Deutsche Boerse AG		18,044		928,937
ECM Libra Berhad †(a)		46,763		0
Exor SpA		2,774		66,259
Fimalac		158		5,922
First Pacific Company Limited		294,800		316,239
FirstRand Limited		495,804		1,619,638
Fubon Financial Holding Company Limited		1,441,579		1,431,905
Fuyo General Lease Company Limited		3,300		95,930
GIMV NV		1,316		60,599
Groupe Bruxelles Lambert SA		7,755		535,508
Guoco Group Limited		14,000		111,914
Haci Omer Sabanci Holding AS		185,348		796,736
Hellenic Exchanges SA Holding		2,480		9,420
Hitachi Capital Corporation		8,400		146,875
Hong Kong Exchanges & Clearing Limited		184,707		2,452,932
Hong Leong Singapore Finance Limited		18,000		34,801
IBJ Leasing Company Limited		4,600		114,390
IG Group Holdings plc		37,974		259,579
Indiabulls Financial Services Limited		38,079		125,789
Industrivarden AB Class A		18,200		256,007
Industrivarden AB Class C		13,675		183,684


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			41


Security name	Shares		Value


Diversified Financial Services (continued)
Infrastructure Development Finance Company Limited		232,183	$	559,535
ING Groep NV †		389,674		2,980,982
InterContinental Exchange Incorporated †		57,257		7,827,032
Investor AB A Shares		17,400		349,198
Investor AB B Shares		38,261		792,699
Japan Securities Finance Company Limited		9,000		40,922
Jefferies Group Incorporated		103,500		1,520,415
JPMorgan Chase & Company		472,477		17,547,796
Jupiter Fund Management plc		46,400		166,066
K-Green Trust		25,027		19,977
Kinnevik Investment AB		21,989		444,615
Kotak Mahindra Bank Limited		37,713		389,232
Lender Processing Services Incorporated		180,200		5,058,214
Leucadia National Corporation		128,000		2,736,640
London Stock Exchange Group plc		15,448		243,697
Lundbergforetagen AB		5,095		171,803
Mahindra & Mahindra Financial Services Limited		5,426		71,945
Marfin Investment Group SA †		31,243		7,506
Metro Pacific Investments Corporation		3,307,000		327,753
Mitsubishi UFJ Securities Company Limited		10,710		460,300
Moody’s Corporation «		131,400		5,203,440
MSCI Incorporated †		92,249		3,236,095
Mulpha International Berhad †		222,700		28,154
Multi-Purpose Holdings Berhad		167,870		200,939
NASDAQ Stock Market Incorporated		91,600		2,094,892
NYSE Euronext (Paris) Incorporated		176,445		4,419,947
OKO Bank		17,742		200,062
Old Mutual plc		360		961
Onex Corporation		7,300		287,038
Osaka Securities Exchange Company «		45		204,323
Pargesa Holding SA		2,020		128,432
PHH Corporation «†		126,892		2,214,265
Power Finance Corporation Limited		84,672		244,008
Reliance Capital Limited		23,714		136,337
Remgro Limited		93,697		1,604,546
RHJ International †		1,117		5,184
Ricoh Leasing Company Limited		4,800		110,781
RMB Holdings Limited		184,199		797,034
Rural Electrification Corporation Limited		59,789		202,826
Singapore Exchange Limited		188,000		1,061,789
SKS Microfinance Limited †		6,165		11,460
SNS Reaal NV †		4,259		6,123
Societe Generale †		70,468		1,865,759
Societe Generale ADR †		20,550		108,093
Sofina SA		2,215		169,195
TMX Group Incorporated		765		38,687
UBS AG		335,833		3,756,883
VTB Bank OJSC GDR		350,500		1,158,087
Washington H. Soul Pattinson & Company Limited		25,619		337,470
Western Union Company		74,600		1,313,706

				111,872,801


42		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Insurance: 3.30%
ACE Limited		41,936	$	3,091,941
Admiral Group plc		19,943		375,565
Aegon NV		168,743		866,596
AFLAC Incorporated		57,600		2,659,968
Ageas		24,124		537,074
AIA Group Limited		1,036,200		3,560,457
Aksigorta AS		15,670		16,883
Alleghany Corporation †		12,983		4,377,218
Allianz AG		42,390		4,653,074
Allianz AG ADR		5		54
Allied World Assurance Company		25,278		1,985,081
Allstate Corporation		59,927		2,234,079
American Financial Group Incorporated		60,548		2,274,183
American International Group Incorporated †		90,600		3,110,298
American National Insurance Company		10,200		721,038
Amlin plc		48,663		297,952
AMP Limited «		501,233		2,309,605
Arch Capital Group Limited †		92,166		3,678,345
Argo Group International Holdings Limited «		65,282		1,929,736
Arthur J. Gallagher & Company		78,493		2,803,770
Aspen Insurance Holdings Limited		51,124		1,486,686
Assicurazioni Generali SpA		139,121		1,984,346
Assurant Incorporated		57,299		2,019,790
Assured Guaranty Limited		112,184		1,480,829
Aviva plc		272,831		1,412,714
AXA SA		175,168		2,535,956
Axis Capital Holdings Limited		86,122		2,934,177
Bajaj Finserv		17,911		256,373
Baloise Holding AG		4,595		338,115
Beazley plc		26,836		70,607
Brown & Brown Incorporated		76,555		2,008,803
Cathay Financial Holding Company Limited		1,908,440		1,822,356
Catlin Group Limited		38,348		279,246
China Insurance International Holdings Company Limited †		184,400		245,837
China Life Insurance Company		1,580,000		4,227,077
China Life Insurance Company (Taiwan) †		435,517		394,061
China Pacific Insurance Group Company Limited		339,400		1,006,479
Chubb Corporation		34,236		2,529,698
Cincinnati Financial Corporation «		104,834		4,052,882
Clal Insurance Enterprise Holdings Limited		832		7,668
CNO Financial Group Incorporated		482,100		4,290,690
CNP Assurances		17,471		211,861
Dai-Ichi Mutual Life Insurance Company		1,863		1,896,431
Delta Lloyd NV		8,022		110,537
Discovery Holdings Limited		85,119		584,275
Dongbu Insurance Company Limited		11,740		479,585
Endurance Specialty Holdings Limited		94,678		3,579,775
Euler Hermes SA «		728		45,097
Everest Reinsurance Group Limited		34,843		3,611,825
Fairfax Financial Holdings Limited		1,900		715,418


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			43


Security name	Shares		Value


Insurance (continued)
Fidelity National Title Group Incorporated		148,614	$	2,799,888
First American Financial Corporation		226,349		4,361,745
Fondiaria Sai SpA †		17		22
Fondiaria Sai SpA RSP †		13		715
Genworth Financial Incorporated †		325,234		1,720,488
Gjensidige Forsikring ASA		20,511		263,318
Great Eastern Holdings Limited		10,000		110,951
Great-West Lifeco Incorporated «		23,800		525,616
Grupo Catalana Occidente SA		2,305		34,501
Hannover Rueckversicherung AG		5,268		321,829
Harel Insurance Investments & Finances Limited †		438		11,260
Hartford Financial Services Group Incorporated		294,182		5,274,683
HCC Insurance Holdings Incorporated		67,008		2,216,625
Helvetia Holding AG		366		120,569
Hiscox Limited		29,981		221,222
Horace Mann Educators Corporation		83,936		1,474,756
Hyundai Marine & Fire Insurance Company Limited		12,380		356,793
Industrial Alliance Insurance & Financial Services Incorporated		7,139		181,924
Insurance Australia Group Limited		374,306		1,604,864
Intact Financial Corporation		11,215		683,765
Jardine Lloyd Thompson Group plc		25,129		306,441
Kemper Corporation		95,308		2,916,425
Korea Life Insurance Company Limited		51,670		323,329
Korea Reinsurance Company		11,002		107,147
Lancashire Holdings plc		19,049		242,278
Legal & General Group plc		542,930		1,103,478
Liberty Holdings Limited		40,555		443,098
LIG Insurance Company Limited		8,650		186,780
Lincoln National Corporation		190,760		4,429,447
LPI Capital Berhad		40,900		176,978
Manulife Financial Corporation «		170,500		1,909,531
Mapfre SA		59,378		144,143
Markel Corporation †		7,399		3,217,825
Marsh & McLennan Companies Incorporated		66,609		2,276,030
Mediolanum SpA		9,857		38,608
Menorah Mivtachim Holdings Limited †		1,664		9,144
Mercury General Corporation		17,722		678,575
MetLife Incorporated		101,026		3,448,017
Migdal Insurance & Financial Holding Limited		10,202		10,369
Milano Assicurazioni SpA †		8,878		3,443
Millea Holdings Incorporated		134,700		3,224,060
Mitsui Sumitomo Insurance Group Holdings Incorporated		95,300		1,502,014
Montpelier Re Holdings Limited «		121,024		2,609,277
Muenchener Rueckversicherungs-Gesellschaft AG		15,949		2,361,139
New China Life Insurance Company Limited		92,500		277,287
NIB Holdings Limited		69,823		118,666
NKSJ Holdings Incorporated		73,000		1,312,779
Old Republic International Corporation «		175,785		1,517,025
PartnerRe Limited		42,757		3,138,364
PICC Property & Casualty Company Limited		512,200		616,150


44		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Insurance (continued)
Ping An Insurance Group Company of China Limited		396,000	$	2,859,224
Power Corporation of Canada «		32,500		775,120
Power Financial Corporation «		24,500		617,378
Powszechny Zaklad Ubezpieczen SA «		11,780		1,228,009
Principal Financial Group Incorporated		188,800		5,180,672
Proassurance Corporation		53,499		4,773,716
Protective Life Corporation «		177,100		5,003,075
Prudential Financial Incorporated		59,562		3,246,725
Prudential plc		240,982		3,011,404
QBE Insurance Group Limited		204,360		2,751,082
Reinsurance Group of America Incorporated		49,139		2,886,425
Renaissancere Holdings Limited		39,562		3,056,165
Resolution Limited		129,419		443,465
RLI Corporation «		34,362		2,177,176
Royal & Sun Alliance Insurance Group plc		355,430		643,382
Sampo Oyj		45,762		1,312,931
Samsung Fire & Marine Insurance Company Limited		7,803		1,609,256
Samsung Life Insurance Company		17,644		1,500,624
Sanlam Limited		350,185		1,541,097
Santam Limited		1		21
SCOR Regroupe		14,377		353,440
Selective Insurance Group Incorporated		113,552		2,035,987
Shin Kong Financial Holding Company Limited †		1,677,264		454,162
Societa Cattolica di Assicurazione Societa Cooperativa †		2,135		28,653
Sony Financial Holdings Incorporated		33,900		557,675
St. James’s Place plc		25,880		142,882
Stancorp Financial Group Incorporated «		95,951		2,995,590
Standard Life plc		211,011		888,898
Storebrand ASA †		21,988		92,841
Sun Life Financial Incorporated «		54,700		1,276,842
Suncorp-Metway Limited		225,906		2,144,897
Swiss Life Holding		2,683		304,637
Swiss RE Limited		31,957		2,003,380
T&D Holdings Incorporated		117,800		1,191,616
Taiwan Life Insurance Company Limited †		14,539		9,272
The Hanover Insurance Group Incorporated		97,300		3,472,637
The Travelers Companies Incorporated		50,290		3,255,775
Tong Yang Life Insurance Company		13,010		116,383
Topdanmark AS †		1,215		229,089
Torchmark Corporation «		65,254		3,339,700
Tower Group Incorporated «		71,300		1,329,032
TrygVesta AS		1,268		78,959
Unipol Gruppo Finanziario SpA †		365		959
UNUM Group		190,953		3,725,493
Validus Holdings Limited		57,347		1,921,698
W.R. Berkley Corporation «		75,012		2,803,949
White Mountain Insurance Group Limited		4,540		2,362,344
Wiener Staedtische Allgemeine Versicherung AG		4,394		183,986
Willis Group Holdings		118,352		4,416,897
Yapi Kredi Sigorta AS		2,809		25,400
Zurich Financial Services AG		13,147		3,160,403
Zurich Insurance Group ADR «		11,963		288,213

				238,844,128


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			45


Security name	Shares		Value


Real Estate Management & Development: 0.96%
Aeon Mall Company Limited		15,300	$	357,023
Africa Israel Investments Limited †		683		1,058
Agile Property Holdings Limited		274,000		314,417
Alexander & Baldwin Incorporated †		79,512		2,355,145
Argosy Property Trust		31,863		22,655
Ascendas India Trust		83,000		51,937
Atrium European Real Estate Limited		10,857		53,258
Atrium Ljungberg AB		1,011		12,183
Australand Property Group		41,250		123,164
Ayala Land Incorporated		1,135,400		604,467
Beni Stabili SpA		6,222		2,661
Brookfield Asset Management Incorporated «		52,850		1,821,268
Brookfield Properties Corporation «		180,514		3,021,804
Bukit Sembawang Estates Limited		17,000		66,145
Bumi Serpong Damai PT		2,777,000		291,243
C C Land Holdings Limited		153,631		32,089
CA Immobilien Anlagen AG		3,951		38,812
Capital & Counties Properties plc		88,641		302,610
CapitaLand Limited		441,500		1,066,117
CapitaMalls Asia Limited		224,000		297,409
Castellum AB		18,738		250,559
Cathay Real Estate Development Company Limited		260,000		111,983
Cent Pattana Public Company		53,000		89,221
Cheung Kong Holdings Limited		232,000		3,155,771
China Overseas Land & Investment Limited		748,480		1,690,750
China Resources Land Limited		406,000		784,157
China Vanke Company Limited Class B		80		100
Chinese Estates Holdings Limited		69,696		89,232
City Developments Limited		83,000		767,076
Citycon Oyj		8,904		26,991
Conwert Immobilien Invest SE		3,761		41,156
Country Garden Holdings Company Limited †		1,161,013		407,166
Daibiru Corporation		5,400		35,313
Daikyo Incorporated		67,000		160,879
Daito Trust Construction Company Limited		13,900		1,356,357
Daiwa House Industry Company Limited		111,000		1,545,309
DB Realty Limited †		11,179		15,053
Deutsche Euroshop AG		4,842		177,075
DLF Limited		85,755		300,701
Echo Investment †		26,597		30,334
Elbit Imaging Limited †		816		1,812
Evergrande Real Estate Group Limited «		976,000		372,483
Fabege AB		13,162		116,868
Far East Consortium		132,317		24,908
Farglory Land Development Company Limited		49,000		88,181
First Capital Realty Incorporated		3,689		72,040
FirstService Corporation †		2,138		58,018
FKP Property Group		93,976		29,127
Forest City Enterprises Incorporated «†		292,581		4,412,121
Franshion Properties China Limited		714,000		209,893


46		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Real Estate Management & Development (continued)
Future Mall Management Limited †		504	$	209
Gagfah SA †		956		10,350
Gazit Globe Limited		4,376		42,142
Global Logistic Properties Limited		388,000		737,714
Globe Trade Centre SA †		23,012		43,465
Glorious Property Holdings Limited †		691,000		98,002
Goldcrest Company Limited		1,440		21,059
Grainger plc		7,612		11,845
Great Eagle Holdings Limited		68,086		188,300
Greentown China Holdings Limited		56,000		58,629
Guocoland Limited		42,554		58,036
Hang Lung Group Limited		147,000		917,334
Hang Lung Properties Limited		385,000		1,315,442
Heiwa Real Estate Company Limited		50,500		116,744
Heliopolis Housing		1,417		4,423
Henderson Land Development Company Limited		168,559		1,036,658
Highwealth Construction Corporation		173,000		288,805
HKC Holdings Limited		203,274		7,732
HKR International Limited		33,600		12,737
Hong Kong Land Holdings Limited		217,000		1,323,700
Hopewell Holdings		123,000		394,091
Hopson Development Holdings Limited †		56,000		34,946
Housing Development & Infrastructure Limited †		33,352		40,082
Howard Hughes Corporation †		45,879		3,018,379
Huaku Development Company Limited		62,336		148,811
Huang Hsiang Construction Company		20,000		45,007
Hufvudstaden AB		14,497		178,087
Hysan Development Company Limited		93,061		417,553
IGB Corporation Berhad		149,784		122,723
IJM Land Berhad		40,400		30,903
Immoeast AG Interim Shares †(a)		15,082		0
Immofinanz AG		87,053		279,651
Immofinanz AG Interim Shares †(a)		19,870		0
Indiabulls Real Estate Limited		43,692		33,775
Interchina Holdings Company †(a)		960,000		59,412
IVG Immobilien AG †		4,150		9,443
Jones Lang Lasalle Incorporated		34,355		2,478,026
K Wah International Holdings Limited		154,923		64,319
Kenedix Incorporated †		127		12,474
Keppel Land Limited		137,030		372,669
Kerry Properties Limited		112,053		532,385
KLCC Property Holdings Berhad		105,300		193,446
Kowloon Development Company Limited		45,000		44,327
Kungsleden		18,987		100,638
KWG Property Holding Limited		268,500		138,128
Land and Houses PCL		380,700		100,840
Lend Lease Corporation Limited		91,805		805,262
Leopalace21 Corporation †		28,000		90,478
Lippo Karawaci TBK PT		4,995,500		455,803
Longfor Properties Company Limited		306,000		441,091


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			47


Security name	Shares		Value


Real Estate Management & Development (continued)
LSR Group OJSC GDR Register Shares		15,800	$	65,175
Medinet Nasr Housing †		2,809		8,621
Megaworld Corporation		2,758,000		142,898
Midland Holdings Limited		56,000		30,686
Mitsubishi Estate Company Limited		249,189		4,369,838
Mitsui Fudosan Company Limited		152,000		2,820,819
Mobimo Holding AG		799		184,623
New World China Land Limited		526,000		168,191
New World Development Limited		715,969		889,890
Nomura Real Estate Holding Incorporated		16,600		276,260
NTT Urban Development Corporation		162		122,697
Palm Hills Developments SAE †		46,809		17,335
Peet Limited		21,691		16,135
Poly Hong Kong Investments Limited †«		346,000		171,306
Prelios SpA †		11,055		1,275
Prince Housing & Development Corporation		180,000		128,911
PSP Swiss Property AG		3,653		339,587
Radium Life Tech Company Limited		78,542		51,529
Renhe Commercial Holdings Company Limited †«		1,212,000		49,224
Robinsons Land Company		372,100		164,493
Ruentex Development Company Limited		130,211		218,243
Savills plc		10,369		64,409
Shimao Property Holding Limited «		283,500		427,665
Shoei Company Limited		53,200		267,036
Shui On Land Limited		544,117		197,836
Singapore Land Limited		14,000		67,501
Sino Land Company		496,647		813,236
Sino-Ocean Land Holdings Limited		745,378		334,442
SM Prime Holdings Incorporated		1,536,054		511,105
SOHO China Limited		374,000		239,176
SP Setia Berhad		168,100		191,530
Sumitomo Real Estate Sales Company Limited		2,360		114,240
Sumitomo Realty & Development Company Limited		82,000		1,999,336
Sun Hung Kai Properties Limited		248,847		3,227,717
Sun Hung Kai Properties Limited ADR		3,148		40,483
Suruga Corporation †(a)		600		0
Swire Pacific Limited A Shares		120,000		1,418,008
Swire Pacific Limited B Shares		195,000		452,556
Swiss Prime Site AG		4,996		411,057
TA Global Berhad		34,080		2,890
Talaat Moustafa Group †		108,625		82,411
Tian An China Investment		224,097		117,019
TOC Company Limited		13,900		71,013
Tokyo Tatemono Company Limited †		70,000		231,560
Tokyu Land Corporation		85,000		416,885
Tokyu Livable Incorporated		600		7,288
UEM Land Holdings Berhad †		413,675		244,935
Unitech Limited †		203,870		67,437
United Energy Group Limited †		1,044,000		153,451
United Industrial Corporation Limited		40,000		83,755


48		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Real Estate Management & Development (continued)
UOL Group Limited		72,000	$	304,404
Wharf Holdings Limited		287,500		1,770,012
Wheelock & Company		145,000		552,447
Wheelock Properties (Singapore) Limited		39,000		56,631
Wing Tai Holdings Limited		27,730		34,037
Yanlord Land Group Limited †		61,000		57,012

				69,460,430


REITs: 4.97%
Abacus Property Group		33,487		69,886
Advance Residence Investment Corporation		177		356,509
Alexandria Real Estate Equities Incorporated		47,359		3,499,830
American Campus Communities Incorporated «		166,059		7,741,671
American Capital Agency Corporation «		221,800		7,727,512
American Tower Corporation		80,502		5,667,341
AMP NZ Office Trust		80,730		62,264
ANF Immobilier		43		1,782
Annaly Capital Management Incorporated		119,453		2,067,731
Apartment Investment & Management Company Class A		227,600		6,026,848
Ardent Leisure Group		53,538		69,971
Ascendas REIT		273,000		516,871
AvalonBay Communities Incorporated		20,400		2,887,008
Babcock & Brown Japan Property Trust		1,780		5,388
Befimmo S.C.A. Sicafi		897		51,944
BioMed Realty Trust Incorporated		335,386		6,214,703
Blife Investment Corporation		22		156,230
Boardwalk REIT		1,855		121,076
Boston Properties Incorporated		30,689		3,441,158
Brandywine Realty Trust «		304,820		3,718,804
BRE Properties Incorporated		145,455		7,261,114
British Land Company plc		76,726		657,270
Bunnings Warehouse Property Trust		64,135		131,197
Calloway REIT		3,667		108,996
Camden Property Trust		61,400		4,263,002
Canadian Apartment Properties		5,440		136,862
Canadian REIT		4,006		169,871
CapitaCommerical Trust		360,464		410,637
CapitaMall Trust		366,636		582,382
Cathay No.1 REIT		400,000		219,692
CBL & Associates Properties Incorporated «		322,668		6,895,415
CDL Hospitality Trusts		83,000		135,170
CFS Retail Property Trust		289,682		573,131
Champion REIT		178,653		78,777
Charter Hall Group		33,586		92,647
Chimera Investment Corporation		683,673		1,736,529
Cofinimmo SA		1,966		216,373
Colonial Properties Trust «		190,616		4,178,303
Commonwealth Property Office Fund		430,109		457,698
Commonwealth REIT		177,912		2,663,343


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			49


Security name	Shares		Value


REITs (continued)
Corio NV		4,463	$	190,019
Corporate Office Properties Trust		154,600		3,456,856
Cousins Properties Incorporated		7		56
Cromwell Group		235,031		182,117
DA Office Investment Corporation		60		177,023
DB RREEF Trust		914,608		902,405
DCT Industrial Trust Incorporated «		531,920		3,361,734
DDR Corporation «		157,623		2,399,022
Derwent Valley Holdings plc		8,011		243,848
DiamondRock Hospitality «		413,433		3,977,225
Digital Reality Trust Incorporated		95,922		7,147,148
Douglas Emmett Incorporated		260,340		6,245,557
Duke Realty Corporation		178,000		2,581,000
DuPont Fabros Technology Incorporated «		138,800		3,825,328
EastGroup Properties Incorporated		52,975		2,839,460
Emlak Konut GYO AS		155,837		227,862
Entertainment Properties Trust		87,200		3,975,448
Equity Lifestyle Properties Incorporated		77,525		5,330,619
Equity Residential		62,500		3,775,000
Essex Property Trust Incorporated «		27,909		4,241,610
Eurocommercial Properties NV		1,763		62,201
Extra Space Storage Incorporated		224,000		7,640,640
Federal Realty Investment Trust		50,201		5,417,190
Fonciere des Regions		2,553		179,504
Franklin Street Properties Corporation		157,848		1,755,270
Frontier Real Estate Investment Corporation		32		269,340
Fukuoka REIT Corporation		14		97,988
Gecina SA		2,316		221,946
General Growth Properties Incorporated		46,800		963,144
Global One Real Estate Investment Corporation		14		86,187
Golden Land Property Development PCL †		273,900		71,676
Goodman Property Trust		95,603		77,191
GPT Group		304,105		1,102,793
Granite Real Estate Incorporated		8,300		300,593
Great Portland Estates plc		28,410		198,398
H&R REIT		6,468		166,006
Hammerson plc		65,021		471,824
Hankyu REIT Incorporated		23		107,516
Hatteras Financial Corporation		210,887		6,113,614
HCP Incorporated		50,004		2,293,183
Health Care REIT Incorporated		145,102		8,479,761
Healthcare Realty Trust Incorporated «		167,082		4,053,409
Heiwa Real Estate REIT Incorporated		82		51,319
Henderson Investments Limited		18,000		1,346
Home Properties Incorporated		90,905		5,804,284
Hospitality Properties Trust		269,821		6,494,591
Host Hotels & Resorts Incorporated «		566,200		8,662,860
ICADE		2,399		182,556
ING Office Fund		109,870		321,239
Inmuebles Carso SAB de CV †		62,977		48,412


50		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


REITs (continued)
Invesco Mortgage Capital Incorporated		245,900	$	5,038,491
Japan Excellent Incorporated		23		117,798
Japan Logistics Fund Incorporated		29		260,017
Japan Prime Realty Investment Corporation		126		353,724
Japan Real Estate Investment Corporation		95		927,007
Japan Retail Fund Investment Corporation		335		572,489
K-REIT Asia		131,000		117,706
Kenedix Realty Investment		35		114,886
Kilroy Realty Corporation «		128,795		6,080,412
Kimco Realty Corporation «		269,180		5,469,738
Kiwi Income Property Trust		152,397		134,067
Klepierre		9,609		310,132
Land Securities Group plc		73,977		929,144
Lexington Corporate Properties Trust «		302,858		2,840,808
Liberty International plc		53,384		286,339
Liberty Property Trust		76,232		2,811,436
Macerich Company		102,128		6,083,765
Mack-Cali Realty Corporation		57,908		1,546,144
Macquarie Countrywide Trust		30,315		108,993
Macquarie Goodman Group		267,328		1,101,997
Macquarie MEAG Prime REIT		132,000		77,834
Mapletree Logistics Trust		191,680		170,690
Mercialys SA		3,326		68,337
MFA Mortgage Investments Incorporated		778,843		6,378,724
MID REIT Incorporated		22		55,664
Mid-America Apartment Communities Incorporated		76,250		5,185,000
Mirvac Group		603,654		841,948
Mori Hills REIT Corporation		52		221,496
Mori Trust Sogo REIT Incorporated		33		291,666
National Retail Properties Incorporated «		210,454		6,536,701
Nippon Accommodations Fund Incorporated		38		254,320
Nippon Building Fund Incorporated		94		950,865
Nomura Real Estate Office Fund		43		247,417
Omega Healthcare Investors Incorporated «		232,274		5,579,221
ORIX JREIT Incorporated «		41		187,470
Parkway Life REIT		33,000		50,830
Piedmont Office Realty Trust Incorporated «		114,900		1,949,853
Plum Creek Timber Company		112,700		4,612,811
Post Properties Incorporated		100,346		5,122,663
Premier Investment Company		43		155,425
Primaris Retail REIT		9,400		227,431
Prologis Incorporated		100,084		3,419,870
Public Storage Incorporated Class D		28,797		4,191,691
Realty Income Corporation «		88,251		3,718,015
Redwood Trust Incorporated		156,671		2,245,095
Regency Centers Corporation		61,883		3,032,267
RioCan REIT		11,888		333,093
Segro plc		77,485		284,825
Senior Housing Properties Trust		355,589		7,865,629
Shaftesbury plc		17,198		142,137


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			51


Security name	Shares		Value


REITs (continued)
Simon Property Group Incorporated		60,286	$	9,567,388
SL Green Realty Corporation		70,900		5,714,540
Societe Immobiliere de Location Pour L’industrie et le Commerce		577		56,166
Starwood Property Trust Incorporated		255,500		6,017,025
Stockland Australia		404,430		1,328,721
Sunstone Hotel Investors Incorporated †		257,446		2,685,162
Suntec REIT		384,000		445,150
Taubman Centers Incorporated «		43,873		3,510,717
The Link REIT		405,352		1,808,312
Tokyu REIT Incorporated		24		117,402
Top REIT Incorporated		21		97,899
Two Harbors Investment Corporation		577,700		6,695,543
UDR Incorporated		174,700		4,411,175
Unibail-Rodamco SA		9,447		1,926,737
United Urban Investment Corporation		354		395,167
Vastned Retail NV		1,059		43,157
Vornado Realty Trust		37,800		3,068,226
Washington REIT «		143,975		3,867,169
Weingarten Realty Investors «		79,614		2,223,619
Wereldhave NV		2,570		131,985
Westfield Group		372,790		3,816,815
Westfield Retail Trust		509,630		1,521,655
Weyerhaeuser Company		67,300		1,676,443

				358,878,508


Thrifts & Mortgage Finance: 0.41%
Astoria Financial Corporation «		199,608		2,010,053
Capitol Federal Financial Incorporated		122,915		1,459,001
Genworth Mortgage Insurance Canada Incorporated		2,068		40,972
Home Capital Group Incorporated		2,379		123,083
Housing Development Finance Corporation		325,744		4,305,970
Hudson City Bancorp Incorporated		324,661		2,334,313
LIC Housing Finance Limited		56,590		244,265
New York Community Bancorp Incorporated «		300,638		3,986,460
Ocwen Financial Corporation †		252,700		6,501,971
People’s United Financial Incorporated «		235,741		2,821,820
Provident Financial Services Incorporated		120,494		1,860,427
Washington Federal Incorporated		228,609		3,680,605

				29,368,940


Health Care: 8.89%

Biotechnology: 1.04%
Acorda Therapeutics Incorporated «†		71,042		1,623,310
Actelion Limited		11,077		523,509
Algeta ASA †		6,224		158,947
Alkermes plc †		176,444		3,237,747
Amgen Incorporated		98,382		8,256,217
Ariad Pharmaceuticals Incorporated «†		309,000		6,353,040
Basilea Pharmaceuticals Limited †		184		9,482


52		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Biotechnology (continued)
Biocon Limited		8,634	$	40,768
Biogen IDEC Incorporated †		49,807		7,301,208
Biota Holdings Limited †		16,423		11,283
Celgene Corporation †		92,662		6,675,370
Cepheid Incorporated «†		123,154		4,647,832
CK Life Sciences International Holdings Incorporated		702,000		48,876
CSL Limited		93,640		4,298,342
Cubist Pharmaceuticals Incorporated †		116,100		5,363,820
Dendreon Corporation «†		297,052		1,333,763
Genmab AS †		1,600		21,201
Grifols SA †		12,814		361,031
Grifols SA - B Shares †		5,215		106,656
Incyte Corporation «†		180,500		3,611,805
Intercell AG †		1,885		4,386
InterMune Incorporated «†		129,100		951,467
Medivation Incorporated †		67,100		7,036,106
Mesoblast Limited †«		31,890		209,214
Nicox SA †		1,380		4,496
PDL BioPharma Incorporated «		306,668		2,257,076
Seattle Genetics Incorporated «†		185,000		4,909,900
Sino Biopharmaceutical Limited		368,000		143,766
Takara Bio Incorporated		800		4,036
Theravance Incorporated «†		134,200		3,579,114
United Therapeutics Corporation †		37,105		2,008,123
Zeltia SA †		7,262		13,108

				75,104,999


Health Care Equipment & Supplies: 1.37%
Alere Incorporated †		174,964		3,285,824
Ansell Limited		19,623		307,346
Baxter International Incorporated		70,400		4,131,072
bioMerieux SA		1,765		154,047
Biosensors International Group Limited †		199,000		197,164
Boston Scientific Corporation †		976,400		5,272,560
CareFusion Corporation †		150,558		3,955,159
Cochlear Limited		10,052		699,964
Coloplast AS Class B		2,115		422,347
Cooper Companies Incorporated		35,308		2,960,576
CR Bard Incorporated		66,194		6,494,293
DiaSorin SpA		1,623		49,565
Edwards Lifesciences Corporation †		90,491		9,240,036
Elekta AB Class B		8,827		449,867
Essilor International SA Cie Generale d’Optique «		19,946		1,740,862
Fisher & Paykel Healthcare Corporation		81,387		140,581
Fresenius SE		10,622		1,133,225
Fukuda Denshi Company Limited		1,200		38,010
Getinge AB		18,499		551,154
GN Store Nord		30,664		414,865
Golden Meditech Company Limited †		40,000		4,538


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			53


Security name	Shares		Value


Health Care Equipment & Supplies (continued)
Haemonetics Corporation †		45,346	$	3,340,640
Hogy Medical Company Limited		2,000		99,112
Hologic Incorporated †		173,600		3,407,768
Hospira Incorporated «†		125,977		4,230,308
IDEXX Laboratories Incorporated «†		42,637		4,053,073
Intuitive Surgical Incorporated †		8,042		3,954,975
JEOL Limited		3,000		6,399
Masimo Corporation †		94,880		2,094,950
Medtronic Incorporated		126,923		5,160,689
Nagaileben Company Limited		8,000		123,431
Nakanishi Incorporated		1,300		136,650
Nihon Kohden Corporation		6,300		213,554
Nikkiso Company Limited		9,000		102,765
Nipro Corporation		14,600		86,524
Nobel Biocare Holding AG		14,841		140,684
Nuvasive Incorporated †		81,373		1,715,343
Olympus Corporation †		43,700		862,335
Olympus Corporation ADR «†		3,365		66,398
Paramount Bed Holdings Company Limited		2,300		70,679
Phonak Holding AG		4,488		416,034
ResMed Incorporated «		112,551		4,228,541
Sirona Dental Systems Incorporated †		102,381		5,440,526
Smith & Nephew plc		83,542		884,791
Steris Corporation		1,312		44,923
Straumann Holding AG		989		117,578
Tecan Group AG		803		54,798
Teleflex Incorporated «		74,731		4,934,488
Terumo Corporation		33,300		1,473,715
Thoratec Corporation †		107,530		3,644,192
TOA Medical Electronics Company		17,900		820,755
Top Glove Corporation Berhad		104,900		177,603
Varian Medical Systems Incorporated «†		86,876		5,107,440
William Demant Holding AS †		3,503		302,159

				99,156,875


Health Care Providers & Services: 1.92%
Aetna Incorporated		44,700		1,716,927
Alfresa Holdings Corporation		10,400		513,392
AMERIGROUP Corporation †		89,800		8,164,616
AS ONE Corporation		600		13,740
Bangkok Chain Hospital PCL		590,310		173,316
Bangkok Dusit Medical Services PCL		109,900		363,001
Brookdale Senior Living Incorporated «†		183,800		3,993,974
Bumrungrad Hospital PCL		28,900		71,939
Cardinal Health Incorporated		42,900		1,696,695
Catamaran Corporation †		51,388		4,478,464
Catamaran Corporation - Canada Exchange †		5,888		511,060
Celesio AG		9,643		176,295
Centene Corporation «†		97,732		3,968,897


54		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Health Care Providers & Services (continued)
Chemed Corporation «		34,951	$	2,307,815
Cigna Corporation		35,480		1,623,920
CML Healthcare Incorporated		5,496		47,837
Community Health Systems Incorporated †		62,000		1,676,480
Coventry Health Care Incorporated		98,609		4,105,093
Davita Incorporated †		72,292		7,031,843
Express Scripts Holding Corporation †		166,295		10,413,393
Fresenius Medical Care AG & Company		19,133		1,379,674
Galenica AG		419		244,896
Health Management Association Incorporated Class A †		557,953		4,273,920
Health Net Incorporated †		59,200		1,376,400
Henry Schein Incorporated «†		71,482		5,490,532
HMS Holdings Corporation «†		155,279		5,350,914
Humana Incorporated		19,169		1,343,364
Laboratory Corporation of America Holdings «†		76,571		6,734,419
Life Healthcare Group Holdings Limited		84,648		321,346
LifePoint Hospitals Incorporated †		103,097		4,167,181
Magellan Health Services Incorporated †		49,557		2,458,523
McKesson Corporation		49,000		4,268,390
Medi-Clinic Corporation «		105,511		549,340
Mediceo Paltac Holdings Company Limited		42,100		602,773
MEDNAX Incorporated †		91,928		6,368,772
Miraca Holdings Incorporated		10,200		456,619
Network Healthcare Holdings Limited		227,883		475,400
Nichii Gakkan Company		7,200		73,844
Omnicare Incorporated		87,505		2,833,412
OPG Groep NV		3,172		37,412
Orpea		3,644		140,574
Otsuka Holdings Company Limited		74,400		2,269,202
Owens & Minor Incorporated «		139,400		3,901,806
Patterson Companies Incorporated		60,500		2,055,185
Pharmaniaga Berhad		3,366		8,295
Primary Health Care Limited		64,770		249,601
Ramsay Health Care Limited		20,306		522,381
Rhoen Klinikum AG		9,680		230,726
Ryman Healthcare Limited		50,212		154,100
Ship Healthcare Holdings Incorporated		6,600		192,028
Sonic Healthcare Limited		67,881		940,460
Southern Cross Healthcare Limited †(a)		2,071		0
Suzuken Company Limited		14,900		504,501
Tenet Healthcare Corporation †		904,834		4,696,088
Toho Pharmaceutical		10,500		188,288
United Drug plc		34,039		111,317
UnitedHealth Group Incorporated		131,100		7,118,730
Universal Health Services Class B		59,400		2,373,030
VCA Antech Incorporated «†		187,800		3,632,052
Vital KSK Holdings Incorporated		23,100		225,114
WellCare Health Plans Incorporated †		78,400		4,444,496
WellPoint Incorporated		42,900		2,568,423

				138,382,225


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			55


Security name	Shares		Value


Health Care Technology: 0.15%
Allscripts Healthcare Solutions Incorporated †		142,643	$	1,497,752
Cerner Corporation †		113,962		8,335,181
Quality Systems Incorporated		69,582		1,229,514

				11,062,447


Life Sciences Tools & Services: 0.45%
Bio-Rad Laboratories Incorporated †		36,067		3,620,405
BTG plc †		17,150		82,294
Covance Incorporated †		43,937		2,099,749
Divi’s Laboratories Limited		12,947		265,329
Gerresheimer AG		3,694		185,341
Illumina Incorporated «†		95,757		4,029,455
Life Technologies Corporation «†		140,435		6,700,154
Lonza Group AG		5,820		269,511
Mettler-Toledo International Incorporated †		25,260		4,170,679
Nordion Incorporated		2,000		20,898
QIAGEN NV †		18,724		336,662
Techne Corporation		69,796		4,785,912
Waters Corporation †		69,065		5,538,322

				32,104,711


Pharmaceuticals: 3.96%
Abbott Laboratories		196,294		12,865,109
Alapis Holding Industrial & Commercial SA of Pharmaceutical Chemical Products †(a)		1,231		0
Alexion Pharmaceuticals Incorporated †		40,008		4,289,258
Allergan Incorporated		63,304		5,452,374
Almirall SA		1,065		8,078
Aspen Pharmacare Holdings Limited		77,630		1,325,798
Astellas Pharma Incorporated		77,000		3,756,817
AstraZeneca plc		120,375		5,612,755
Auxilium Pharmaceuticals Incorporated †		86,343		2,011,792
Bayer AG		77,494		6,011,095
BioMarin Pharmaceutical Incorporated «†		86,197		3,218,596
Bristol-Myers Squibb Company		207,977		6,865,321
Cadila Healthcare Limited		9,434		153,827
Cardiome Pharma Corporation †		3,906		1,268
Celltrion Incorporated		29,730		790,005
China Shineway Pharmaceutical Group Limited		47,000		70,779
Chugai Pharmaceutical Company Limited		41,100		818,903
Cipla Limited India		109,734		742,640
Daiichi Sankyo Company Limited		116,200		1,914,528
Dainippon Sumitomo Pharma Company Limited		27,900		307,882
Dong A Pharmaceutical Company Limited		947		79,791
Dr. Reddys Laboratories Limited		26,403		796,291
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		62,202		63,597
Eisai Company Limited		47,600		2,173,447
Elan Corporation plc †		41,387		473,975
Eli Lilly & Company		120,900		5,429,619
Endo Pharmaceuticals Holdings Incorporated †		80,061		2,547,541


56		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Pharmaceuticals (continued)
Faes Farma SA		10,131	$	18,350
Financiere de Tubize		2,881		103,856
Forest Laboratories Incorporated †		164,521		5,707,233
Furiex Pharmaceuticals Incorporated †		4,299		79,317
Fuso Pharmaceutical Industries Limited		4,000		12,517
GlaxoSmithKline Pharmaceuticals Limited		11,256		424,936
GlaxoSmithKline plc		490,873		11,106,923
Glenmark Pharmaceuticals Limited		35,144		278,593
Green Cross Corporation		567		78,457
H Lundbeck AS		7,172		132,202
Hikma Pharmaceuticals plc		10,618		123,077
Hisamitsu Pharmaceutical Company Incorporated «		15,000		799,860
Hua Han Bio-Pharmaceutical Holdings Limited		132,480		25,622
Ipsen		1,094		26,186
Isis Pharmaceuticals Incorporated «†		208,300		2,834,963
Johnson & Johnson		340,676		22,971,783
Kaken Pharmaceutical Company Limited		14,000		200,268
Kalbe Farma TBK PT		890,500		361,897
Kissei Pharmaceutical Company Limited		7,200		125,341
Kyorin Company Limited		14,000		323,290
Kyowa Hakko Kogyo Company Limited		54,000		603,487
Lupin Limited		46,564		496,487
Meda AB Class A		25,008		246,598
Merck & Company Incorporated		377,858		16,266,787
Merck KGaA		5,583		638,608
Mochida Pharmaceutical Company Limited		15,000		181,046
Mylan Laboratories Incorporated †		289,600		6,825,872
Nektar Therapeutics «†		240,600		2,064,348
Nichi-Iko Pharmaceutical Company Limited		4,600		103,228
Nicholas Piramal India Limited		11,648		100,534
Nippon Shinyaku Company Limited		9,000		108,743
Novartis AG		251,316		14,807,295
Novo Nordisk AS Class B		37,040		5,833,465
Ono Pharmaceutical Company Limited		19,500		1,210,422
Onyx Pharmaceuticals Incorporated †		119,237		8,575,525
Orion Oyj Class A		2,073		42,188
Orion Oyj Class B		6,483		133,078
Par Pharmaceutical Companies Incorporated †		65,700		3,271,860
Perrigo Company «		66,613		7,325,432
Pfizer Incorporated		932,550		22,250,643
Pharmaxis Limited †		22,924		25,579
Questcor Pharmaceuticals Incorporated «†		107,100		4,652,424
Ranbaxy Laboratories Limited †		34,908		346,225
Recordati SpA		6,569		47,138
Regeneron Pharmaceutical Incorporated «†		57,613		8,529,605
Richter Gedeon plc		3,533		602,258
Roche Holding AG		2,539		474,450
Roche Holding AG Genusschein		67,552		12,297,620
Rohto Pharmaceutical Company Limited		17,000		246,440
Salix Pharmaceuticals Limited «†		97,333		4,278,759


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			57


Security name	Shares		Value


Pharmaceuticals (continued)
Sanofi-Aventis SA		103,985	$	8,508,041
Sanofi-Aventis SA ADR «		17,805		729,115
Santen Pharmaceutical Company Limited		14,800		642,697
Savient Pharmaceuticals Incorporated «†		2,670		3,524
Sawai Pharmaceutical Company Limited		2,300		268,497
Seikagaku Corporation		5,500		62,801
Shanghai Pharmaceuticals Holding Company Limited		103,900		177,365
Shionogi & Company Limited		55,700		802,473
Shire Limited		57,867		1,760,501
Sigma Pharmaceuticals Limited		257,710		182,383
Sihuan Pharmaceutical Holdings Group limited		563,000		225,027
Stada Arzneimittel AG		5,207		146,444
Sun Pharmaceutical Industries Limited		80,181		963,469
Taisho Pharmaceutical Holdings Company Limited		12,000		967,112
Takeda Pharmaceutical Company Limited		129,700		6,079,558
Tanabe Seiyaku Company Limited		40,300		597,590
Teva Pharmaceutical Industries Limited		88,283		3,520,808
The United Laboratories International Holdings Limited		52,500		25,655
Towa Pharmaceutical Company Limited		1,100		70,950
Tsumura & Company		11,100		342,095
UCB SA		8,399		412,006
Valeant Pharmaceuticals International Incorporated †		28,257		1,446,747
Vertex Pharmaceuticals Incorporated †		166,338		8,870,806
Warner Chilcott Limited		135,149		1,840,729
Watson Pharmaceuticals Incorporated †		100,200		8,151,270
West Pharmaceutical Services Incorporated «		61,133		2,894,648
Yuhan Corporation		1,877		221,675
Zeria Pharmaceutical Company Limited		6,000		100,773

				286,116,660


Industrials: 11.77%

Aerospace & Defense: 1.31%
Alliant Techsystems Incorporated		72,200		3,537,078
BAE Systems plc		307,386		1,554,545
Bharat Electronics Limited		2,301		51,336
Bombardier Incorporated Class A «		12,300		45,170
Bombardier Incorporated Class B		143,159		508,300
CAE Incorporated		20,200		206,559
Ceradyne Incorporated «		45,700		1,085,375
Chemring Group plc		8,445		44,117
China Rongsheng Heavy Industry Group Company Limited «		450,000		61,501
Cobham plc		107,360		373,844
Elbit Systems Limited		1,785		55,447
Engility Holdings Incorporated †«		34,193		632,912
Esterline Technologies Corporation †		57,260		3,424,148
European Aeronautic Defence & Space Company		42,626		1,625,606
Exelis Incorporated		394,173		3,981,147
Finmeccanica SpA †		24,043		106,691
General Dynamics Corporation		36,426		2,386,267


58		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Aerospace & Defense (continued)
Huntington Ingalls Industries Incorporated †		100,130	$	4,012,209
L-3 Communications Holdings Incorporated		65,100		4,572,624
Lockheed Martin Corporation		31,700		2,889,138
Meggitt plc		63,189		396,523
MOOG Incorporated Class A †		75,415		2,762,451
MTU Aero Engines Holdings		4,407		336,301
Northrop Grumman Corporation		29,151		1,949,910
Orbital Sciences Corporation †		124,300		1,715,340
Precision Castparts Corporation		30,896		4,976,728
QinetiQ plc		51,946		141,045
Raytheon Company		42,700		2,413,404
Rockwell Collins Incorporated «		97,800		4,779,486
Rolls Royce Holdings plc		173,435		2,260,943
Saab AB		5,318		94,761
Safran SA		29,204		1,023,192
Singapore Technologies Engineering Limited		264,000		722,214
Spirit AeroSystems Holdings Incorporated †		257,100		6,391,506
Teledyne Technologies Incorporated †		67,854		4,377,262
Textron Incorporated «		216,600		5,787,552
Thales SA		9,751		324,036
TransDign Group Incorporated †		36,440		5,051,313
Triumph Group Incorporated		71,000		4,219,530
Ultra Electronics Holdings		5,405		131,825
United Technologies Corporation		164,459		13,132,051
Zodiac Aerospace		3,466		330,540

				94,471,927


Air Freight & Logistics: 0.48%
Bollore Investissement		935		216,392
CH Robinson Worldwide Incorporated «		34,323		1,943,025
Deutsche Post AG		87,857		1,706,773
Expeditors International Washington Incorporated		167,956		6,148,869
FedEx Corporation		60,500		5,301,615
Freightways Limited		37,588		120,793
Glovis Company Limited		2,888		580,336
Goodpack Limited		41,000		60,686
Hub Group Incorporated Class A «†		66,901		2,013,720
Kintetsu World Express Incorporated		4,600		143,355
Mainfreight Limited		9,747		75,567
Oesterreichische Post AG		4,954		166,060
Panalpina Welttransport Holdings AG		1,522		143,081
Singapore Post Limited		397,000		343,971
The Shibusawa Warehouse Company Limited		2,000		5,569
TNT NV		25,238		90,440
Toll Holdings Limited		126,473		604,981
United Parcel Service Incorporated Class B		151,300		11,167,453
UTI Worldwide Incorporated		216,207		2,968,522
Yamato Holdings Company Limited		74,200		1,232,007

				35,033,215


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			59


Security name	Shares		Value


Airlines: 0.42%
Air China		534,000	$	321,531
Air France-KLM †«		16,025		80,786
Airasia Berhad		365,000		403,024
Alaska Air Group Incorporated †		132,198		4,435,243
All Nippon Airways Company Limited		169,000		373,421
Asiana Airlines †		21,610		147,035
Cathay Pacific Airways Limited		167,000		272,163
China Airlines †		594,775		228,370
Chorus Aviation Incorporated		63		236
Delta Air Lines Incorporated †		559,900		4,843,135
Deutsche Lufthansa AG		24,014		296,309
easyJet plc		15,677		132,180
Eva Airways Corporation		355,165		199,218
International Consolidated Airlines - United Kingdom Exchange †		72,922		164,189
JetBlue Airways Corporation «†		499,644		2,448,256
Korean Air Lines Company Limited †		7,869		329,428
LAN Airlines SA		48,757		1,158,952
Malaysian Airline System Berhad †		46,134		15,504
Qantas Airways Limited †		166,030		197,264
Ryanair Holdings plc ADR †		16,200		502,848
SAS AB †		22,716		22,125
Singapore Airlines Limited		90,200		770,662
Southwest Airlines Company		508,400		4,545,096
Thai Airways International PCL †		76,300		50,161
Turk Hava Yollari Anonim Ortakligi †		95,852		189,681
United Continental Holdings Incorporated «†		228,600		4,217,670
US Airways Group Incorporated «†		350,900		3,740,594
Virgin Australia Holdings Limited		177,317		82,438
Virgin Australia International Holdings †(a)		177,317		0
WestJet Airlines Limited		1,900		32,863

				30,200,382


Building Products: 0.36%
Aica Kogyo Company Limited		8,600		138,070
Asahi Glass Company Limited		202,000		1,222,913
Assa Abloy AB Class B		30,983		947,428
Bunka Shutter Company Limited		3,000		13,066
Central Glass Company Limited		31,000		101,360
Cersanit-Krasnystaw SA †		26,430		17,703
China National Building Material Company Limited		496,000		464,284
Compagnie de Saint-Gobain		44,910		1,540,705
CSR Limited		78,315		110,039
Daikin Industries Limited		50,600		1,347,481
Dynasty Ceramic PCL		101,100		166,967
Fortune Brands Home & Security Incorporated †		117,446		2,994,873
Geberit AG		3,443		725,962
GWA International Limited		45,042		89,813
Hastie Group Limited †(a)		2,554		0
Hills Industries Limited		20,176		24,910


60		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Building Products (continued)
JS Group Corporation		51,100	$	1,097,121
Kaba Holding		154		59,764
KCC Corporation		1,033		257,653
Kingspan Group plc		16,453		162,328
Lennox International Incorporated		88,358		4,197,889
Lindab International AB		10,324		74,208
Masco Corporation		248,178		3,514,200
Nibe Industrier AB B Shares NPV		13,413		214,699
Nichias Corporation		17,000		87,720
Nippon Sheet Glass Company Limited		143,000		100,453
Nitto Boseki Company Limited		27,000		92,420
Noritz Corporation		6,700		119,033
Owens Corning Incorporated †		76,600		2,555,376
Rockwool International AS A Shares		100		8,761
Rockwool International AS B Shares		400		35,448
Sankyo-Tateyama Holdings Incorporated		46,000		92,241
Sanwa Shutter Corporation		36,000		149,895
Sekisui Jushi Corporation		2,000		20,436
Taiwan Glass Industrial Corporation		343,581		341,275
Takara Standard Company Limited		15,000		113,034
Takasago Thermal Engineering Company		10,000		77,272
TOTO Limited		64,000		477,374
Trakya Cam Sanayi AS †		30,523		36,241
Ultratech Cement Limited GDR		1,352		41,171
Uponor Oyj		2,800		28,263
USG Corporation «†		119,400		2,454,864
Vanachai Group PCL		331,800		50,191
Wienerberger AG		10,742		82,446

				26,447,350


Commercial Services & Supplies: 1.38%
ABM Industries Incorporated		99,974		2,021,474
Adecco SA		12,375		561,263
Aeon Delight Company Limited «		8,900		206,089
Aggreko plc		25,249		946,163
Asahi Holdings Incorporated		8,000		132,422
Avery Dennison Corporation «		71,100		2,220,453
Babcock International Group		33,488		498,240
Brambles Limited		274,884		1,934,015
Bureau Veritas SA		5,895		543,870
Cabcharge Australia Limited		26,928		154,961
Capita Group plc		46,993		538,741
Cintas Corporation «		74,400		3,007,248
Clean Harbors Incorporated †		84,904		4,617,929
Copart Incorporated †		88,890		2,374,252
Dai Nippon Printing Company Limited		113,000		801,009
Daiseki Company Limited		6,700		109,363
Davis Service Group plc		8,093		69,778
De La Rue plc		11,470		190,140


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			61


Security name	Shares		Value


Commercial Services & Supplies (continued)
Deluxe Corporation «		111,838	$	3,172,844
Downer EDI Limited †		76,754		282,302
Duskin Company Limited		8,400		168,118
Edenred		13,908		371,562
Equifax Incorporated		84,600		3,872,988
Experian Group Limited		104,782		1,670,437
FTI Consulting Incorporated «†		74,783		1,945,106
G&K Services Incorporated Class A		39,300		1,232,841
G4S plc		126,965		510,052
Gategroup Holding AG		1,692		40,763
Hays plc		95,742		104,517
HNI Corporation		79,100		2,192,652
HomeServe plc		13,090		45,935
IHS Incorporated «†		44,323		5,054,595
Intertek Group plc		15,050		672,705
Intrum Justitia AB		10,031		148,067
Itoki Corporation		1,000		5,939
KEPCO Plant Service & Engineering Company Limited		3,274		144,565
Kokuyo Company Limited		16,700		129,044
Kyodo Printing Company Limited		6,000		14,024
Loomis AB		8,827		115,299
Manpower Incorporated		53,100		1,970,541
Matsuda Sangyo Company Limited		1,800		27,151
MEITEC Corporation		7,200		159,642
Michael Page International plc		20,623		118,672
Mine Safety Appliances Company		70,000		2,440,900
Mineral Resources Limited		21,491		159,199
Mitie Group		40,984		186,054
Mitsubishi Pencil Company Limited		3,600		65,383
Moshi Moshi Hotline Incorporated		3,700		54,204
Nippon Kanzai Company Limited		500		9,624
Nissha Printing Company Limited «		3,900		37,409
Okamura Corporation		13,000		105,435
Oyo Corporation		1,000		11,150
Parexel International Corporation †		2,000		57,580
Park24 Company Limited		21,100		347,916
Pilot Corporation		29		52,929
Pitney Bowes Incorporated «		124,500		1,663,320
PMP Limited		14,400		4,463
Poyry Oyj		835		3,224
Programmed Maintenance Services Limited		9,887		22,983
Progressive Waste Solutions Limited		12,017		238,450
Prosegur Compania de Seguridad SA		26,730		131,122
Randstad Holdings NV		8,837		287,327
Regus plc		29,594		48,917
Rentokil Initial plc		129,934		158,760
Republic Services Incorporated		35,200		973,280
Resources Global Professionals		85,800		959,244
Ritchie Bros Auctioneers Incorporated		6,229		116,081
RPS Group plc		38,863		149,767


62		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Commercial Services & Supplies (continued)
RR Donnelley & Sons Company «		123,500	$	1,356,030
S1 Corporation Incorporated (Korea)		4,378		227,654
SAI Global Limited		29,563		131,335
Salmat Limited		5,981		15,943
Sato Corporation		7,500		113,417
Secom Company Limited		37,700		1,904,381
Securitas AB		25,461		189,779
SEEK Limited		58,955		434,284
Serco Group plc		48,699		434,963
SGS Societe Generale de Surveillance Holding SA		519		1,047,024
Shanks Group plc		6,285		8,962
Societe BIC SA		2,766		297,704
Sohgo Security Services Company Limited		11,000		162,271
Stantec Incorporated		3,535		113,142
Stericycle Incorporated «†		67,331		6,162,133
Taiwan Secom Company Limited		64,000		131,415
Teleperformance		6,361		157,377
Temp Holdings Company Limited «		5,500		65,822
Tetra Tech Incorporated †		132,500		3,437,050
The Brink’s Company		102,700		2,286,102
The GEO Group Incorporated «		134,900		3,549,219
Tomra Systems ASA		7,776		66,954
Toppan Forms Company Limited		6,500		59,857
Toppan Printing Company Limited		113,000		661,013
Towers Watson & Company		108,575		5,897,794
Transcontinental Incorporated		3,424		34,075
Transfield Services Limited		59,595		112,982
Transpacific Industries Group Limited †		162,245		149,185
TrueBlue Incorporated †		84,331		1,309,660
Uchida Yoko Company Limited		2,000		5,186
United Stationers Incorporated «		89,700		2,169,843
USG People NV		2,957		21,743
Verisk Analytics Incorporated Class A †		107,824		5,231,620
Waste Connections Incorporated «		219,748		6,361,705
Waste Management Incorporated		53,853		1,862,237

				99,552,353


Construction & Engineering: 0.77%
Abengoa SA		2,020		34,948
Actividades de Construccion y Servicios SA		12,721		252,649
Aecom Technology Corporation †		68,800		1,334,032
Aecon Group Incorporated		8,690		108,873
Aegion Corporation †		81,100		1,583,072
Arcadis NV		6,310		131,750
Ausenco Limited		9,573		29,671
Aveng Limited		81,611		298,842
Balfour Beatty plc		61,174		272,367
Bilfinger Berger AG		3,681		309,420
Boart Longyear Group		89,116		129,819


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			63


Security name	Shares		Value


Construction & Engineering (continued)
Bouygues SA		20,929	$	520,567
Budimex SA		489		7,067
Cardno Limited		31,708		244,383
Carillion plc		47,881		211,053
CH Karnchang PCL		184,900		41,895
China Communications Construction Company Limited		1,015,779		780,568
China Railway Construction Corporation		282,500		213,443
China Railway Group Limited Class H		552,000		207,820
Chiyoda Corporation		31,000		407,817
Chudenko Corporation		3,900		37,608
Chugai Ro Company Limited		3,000		8,698
Cintra Concesiones de Infraestructuras de Transporte SA		38,349		452,689
Comsys Holdings Corporation		25,400		324,414
CTCI Corporation		200,000		378,618
Daelim Industrial Company Limited		5,332		417,302
Daewoo Engineering & Construction Company Limited †		57,764		509,102
Dialog Group Berhad		359,032		270,035
Doosan Heavy Industries & Construction Company Limited		10,144		529,272
Eiffage SA		4,842		150,460
EMCOR Group Incorporated		123,732		3,418,715
FLSmidth & Company A/S «		5,428		305,203
Fluor Corporation		131,400		6,767,100
Fomento de Construcciones y Contratas SA		2,658		33,429
Gamuda Berhad		314,200		346,932
GS Engineering & Construction Corporation		7,290		451,037
Hellenic Technodomiki Tev SA †		6,620		10,242
Hibiya Engineering Limited		2,000		23,526
Hochtief AG †		4,214		197,492
Housing & Construction Holdings Limited		10,493		14,342
Hyundai Development Company		11,203		205,868
Hyundai Engineering & Construction Company Limited		13,369		747,026
IJM Corporation Berhad		221,620		364,579
Impregilo SpA		13,306		48,033
Imtech NV		9,742		251,932
Interserve plc		5,387		30,631
IRB Infrastructure Developers Limited		22,390		50,415
Italian-Thai Development PCL †		82,400		8,888
Jacobs Engineering Group Incorporated †		97,513		3,855,664
JGC Corporation		44,000		1,354,365
Kajima Corporation		186,000		515,512
Kandenko Company Limited		15,000		73,185
KBR Incorporated		100,500		2,722,545
KEPCO Engineering & Construction Company Incorporated		1,785		123,969
Kier Group plc		2,848		58,382
Kinden Corporation		32,000		198,225
Koninklijke Bam Groep NV		27,683		79,041
Koninklijke Boskalis Westminster NV		5,881		198,761
Kvaerner ASA		10,061		24,739
Kyowa Exeo Corporation		21,600		231,739
Kyudenko Corporation		2,000		10,141


64		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Construction & Engineering (continued)
Lanco Infratech Limited †		198,580	$	39,448
Larsen & Toubro Limited		24,964		602,681
Larsen & Toubro Limited SP GDR		19,347		474,002
Leighton Holdings Limited		28,368		468,641
Macmahon Holdings Limited		78,049		47,979
Maeda Corporation		23,000		98,410
Maeda Road Construction Company Limited		10,000		126,573
Malaysia Marine and Heavy Engineering		135,600		207,447
Mirait Holdings Corporation		21,600		154,493
Monadelphous Group Limited		13,349		277,072
Murray & Roberts Holdings Limited †		50,932		132,194
NCC AB		8,600		157,138
NEC Networks & System Integration Corporation		3,600		63,406
Nippo Corporation		8,000		87,362
Nippon Densetsu Kogyo Company Limited		8,000		75,101
Nippon Koei Company Limited		7,000		23,692
Nishimatsu Construction Company Limited		77,000		118,999
Obayashi Corporation		135,000		586,244
Obrascon Huarte Lain SA		2,064		43,277
Okumura Corporation		26,000		81,359
Orascom Construction Industries		19,126		869,935
Outotec Oyj		3,997		180,585
Peab AB		21,523		95,619
Penta-Ocean Construction Company Limited		35,500		82,521
Polimex Mostostal SA		86,564		13,582
Power Line Engineering PCL		244,400		9,204
Punj Lloyd Limited		22,537		17,969
PYI Corporation Limited		108,017		2,382
Quanta Services Incorporated †		140,900		3,381,600
Sacyr Vallehermoso SA †		7,402		12,615
Samsung Engineering Company Limited		5,786		981,650
Sanki Engineering Company Limited		2,000		9,911
Shaw Group Incorporated †		121,509		5,113,099
Shimizu Corporation		138,000		440,641
Sho-Bond Holdings Company Limited		3,300		110,808
Sino Thai Engineering & Construction PCL		291,300		158,037
Skanska AB		34,816		536,262
SNC-Lavalin Group Incorporated «		14,400		511,286
Socam Development Limited		34,063		31,841
Strabag SE		1,052		23,646
Taihei Dengyo Kaisha Limited		2,000		12,772
Taikisha Limited		8,000		182,591
Taisei Corporation		206,000		560,419
Tekfen Holding AS		24,015		88,710
Toa Corporation		31,000		49,096
Toda Corporation		49,000		143,317
Toenec Corporation		2,000		11,291
Tokyo Energy & Systems Incorporated		1,000		4,662
Tokyu Construction Company Limited		3,880		7,632
Toshiba Plant Systems & Services Corporation		6,000		71,346


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			65


Security name	Shares		Value


Construction & Engineering (continued)
Toyo Engineering Corporation		20,000	$	78,677
United Construction Group Limited		30,880		332,755
United Engineers		59,000		107,918
URS Corporation		52,400		1,907,884
Vinci SA		53,749		2,338,474
Voltas Limited		51,077		101,190
WS Atkins plc		5,238		55,018
YIT Oyj		11,040		203,709
Yokogawa Bridge Holdings Corporation		2,000		14,382

				55,640,466


Electrical Equipment: 1.06%
ABB Limited		217,672		3,787,087
ABB Limited (India)		14,757		189,407
Acuity Brands Incorporated		77,522		4,973,812
Alstom SA		17,642		628,202
Ametek Incorporated		190,068		6,521,233
Areva T&D India Limited		5,981		19,849
Babcock & Wilcox Company †		222,618		5,491,986
Bekaert SA		3,186		83,193
Bharat Heavy Electricals limited		169,878		651,263
Brady Corporation Class A		95,400		2,678,832
China High Speed Transmission Equipment Group Company Limited †		130,000		39,892
Chiyoda Integre Company Limited		1,900		20,821
Cooper Industries plc		107,400		7,856,310
Cosel Company Limited		2,700		35,761
Crompton Greaves Limited		60,032		116,449
Daihen Corporation		18,000		50,348
Denyo Company Limited		3,200		35,108
Elswedy Cables Holding Company		9,692		38,036
Fuji Electric Holdings Company Limited		96,000		190,050
Fujikura Limited		48,000		144,684
Furukawa Electric Company Limited		135,000		263,810
Futaba Corporation		3,800		48,826
Gamesa Corporation Tecnologica SA «		8,248		15,406
Graftech International Limited «†		282,835		2,650,164
GS Yuasa Corporation «		62,000		234,396
Hitachi Cable Limited †		28,000		38,623
Hubbell Incorporated Class B		35,132		2,839,368
Huber & Suhner AG		893		36,760
Idec Corporation		4,700		40,700
Johnson Electric Holdings Limited		219,000		128,476
Legrand SA		21,504		743,136
Lite-On IT Corporation		51,980		44,863
LS Cable Limited		3,836		296,839
LS Industrial Systems Company Limited		3,641		206,980
Mabuchi Motor Company Limited		5,800		241,127
Mitsubishi Electric Corporation		389,000		3,159,895
NEC Corporation †		451,149		645,363


66		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Electrical Equipment (continued)
Neo Neon Holdings Limited		163,500	$	32,675
Nexans SA		1,685		78,492
Nidec Copal Corporation		2,800		23,281
Nidec Corporation		23,400		1,841,037
Nippon Signal Company Limited		4,700		29,114
Nissin Electric Company Limited		8,000		53,848
Nitto Kogyo Corporation		9,700		159,571
Nordex AG †		816		3,224
Ormat Industries		3,095		14,803
PerkinElmer Incorporated		214,100		5,844,930
Polypore International Incorporated «†		75,500		2,447,710
Prysmian SpA		18,370		307,538
Regal-Beloit Corporation		77,971		5,306,706
Roper Industries Incorporated «		77,145		7,929,735
Samsung Electro-Mechanics Company Limited		11,541		989,701
Sanyo Denki Company Limited		6,000		30,730
Schneider Electric SA		54,148		3,419,670
SGL Carbon AG «		3,056		117,775
Shihlin Electric		118,000		137,104
Showa Electric Wire		10,000		7,663
Silitech Technology Corporation		35,029		65,845
Sumitomo Electric Industries Limited		138,500		1,556,677
Suzlon Energy Limited †		89,769		24,207
TECO Electric & Machinery Company Limited		303,000		200,307
Toyo Tanso Company Limited		1,300		32,859
Ushio Incorporated		20,000		235,009
Vestas Wind Systems AS †«		15,405		107,239
Walsin Lihwa Corporation		600,000		188,708
Woodward Governor Company		1,600		55,888
Ya Hsin Industrial Company Limited †(a)		40,000		0

				76,429,101


Industrial Conglomerates: 1.00%
Aboitiz Equity Ventures Incorporated		548,400		632,143
Aditya Birla Nuvo Limited		13,276		177,713
Alfa SA de CV		27,700		443,954
Antarchile SA		32,607		522,098
Beijing Enterprises Holdings Limited		115,500		763,949
Berjaya Corporation Berhad		359,200		77,025
Bidvest Group Limited		63,926		1,551,934
Boustead Holdings Berhad		80,800		138,610
CITIC Pacific Limited		268,000		327,919
CJ Corporation		4,217		303,278
Clal Industries and Investments		2,926		7,289
Compagnie Industrial Riunite		19,942		23,252
DCC plc - Ireland Exchange		6,622		172,830
DCC plc - United Kingdom Exchange		2,629		68,516
Delek Group Limited		312		45,474
Discount Investment Corporation †		1,353		1,685


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			67


Security name	Shares		Value


Industrial Conglomerates (continued)
DMCI Holdings Incorporated		161,600	$	222,380
Dogan Sirketler Grubu Holdings †		88,596		40,908
Doosan Corporation		2,874		343,221
Empresas Copec SA		108,110		1,559,736
Enka Insaat Ve Sanayi AS		138,195		382,862
Fraser & Neave Limited		187,000		1,231,665
Gallant Venture Limited †		21,000		4,717
General Electric Company		1,322,607		27,391,191
Grupo Carso SAB de CV		77,277		251,722
Hankyu Hanshin Holdings Incorporated		223,000		1,267,450
Haw Par Corporation Limited		14,000		70,983
Hong Leong Asia Limited		11,000		14,605
Hutchison Whampoa Limited		375,000		3,280,546
Jaiprakash Associates Limited		205,052		237,952
Jardine Matheson Holdings Limited		52,869		2,845,410
Jardine Strategic Holdings Limited		39,310		1,306,664
JG Summit Holdings		527,200		415,996
Katakura Industries Company Limited		1,000		8,698
Keihan Electric Railway Company Limited		92,000		446,516
Keppel Corporation Limited		246,051		2,208,833
Koc Holding AS		200,930		817,327
Koninklijke Philips Electronics NV		95,516		2,196,160
LG Corporation		27,849		1,536,497
Malaysian Resources Corporation Berhad		265,450		143,578
Miramar Hotel & Investment Company Limited		9,000		10,258
MMC Corporation Berhad		109,200		85,627
NWS Holdings Limited		255,495		407,161
Orkla ASA		89,395		660,511
Przedsiebiorstwo Eksportu I Importu Kopex SA †		1,096		5,126
Quinenco SA		50,608		140,674
Rheinmetall Berlin		3,555		175,930
Samsung Techwin Company Limited		9,105		571,357
Sembcorp Industries Limited		165,000		747,894
Shanghai Industrial Holdings Limited		103,000		282,867
Siemens AG		83,338		7,905,715
Siemens India Limited		21,727		264,845
Sime Darby Berhad		456,340		1,432,772
SK Corporation		4,986		733,865
SM Investments Corporation		45,695		770,000
Smiths Group plc		35,162		583,445
Sonae SGPS SA		38,828		24,614
Tokai Holdings Corporation		26,800		123,569
Tyco International Limited		58,170		3,279,625
Wendel		3,495		263,013
Yazicilar Holding AS		37,489		274,079

				72,226,233


Machinery: 2.68%
Aalberts Industries NV		10,766		184,367
AG Growth International Incorporated		1,000		32,889


68		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Machinery (continued)
Aida Engineering Limited		2,700	$	17,449
Airtac International Group		15,000		73,119
Alfa Laval AB		28,699		491,448
Amada Company Limited		76,000		343,623
Amano Corporation		9,700		82,759
Andritz AG		5,906		304,683
Asahi Diamond Industrial Company Limited		12,000		131,962
Ashok Leyland Limited		317,592		117,616
Asian Insulators PCL		395,800		63,156
Astec Industries Incorporated «†		37,957		1,113,279
Atlas Copco AB Class A		67,808		1,517,494
Atlas Copco AB Class B		33,986		673,336
ATS Automation Tooling Systems Incorporated †		4,800		43,045
Austal Limited		9,718		13,655
Bando Chemical Industries Limited		15,000		51,919
Bodycote plc		11,594		64,102
Bradken Limited		22,794		131,878
Briggs & Stratton Corporation «		105,160		1,821,371
Bucher Industries AG		862		144,464
Cargotec Corporation		2,050		48,192
Caterpillar Incorporated		121,200		10,341,996
Chart Industries Incorporated «†		53,300		3,720,340
China Infrastructure Machinery Holdings Limited «		385,000		59,071
CKD Corporation		5,000		30,334
Clarcor Incorporated «		92,438		4,449,965
Colfax Corporation †		2,664		87,619
Construcciones y Auxiliar de Ferrocarriles SA		139		62,232
Cosco Corporation Singapore Limited		120,000		93,381
Crane Company		94,700		3,597,653
CSBC Corporation Taiwan		43,102		28,566
Cummins India Limited		39,777		328,942
Daido Metal Company Limited		17,000		140,699
Daifuku Company Limited		14,500		76,116
Danaher Corporation		121,494		6,508,434
Deere & Company «		83,600		6,279,196
Donaldson Company Incorporated		107,600		3,797,204
Doosan Infracore Company Limited †		16,140		251,782
Dover Corporation		22,500		1,300,725
Eaton Corporation		44,700		1,998,984
Ebara Corporation		61,000		244,639
FANUC Limited		34,400		5,619,465
Fuji Machine Manufacturing Company Limited		5,900		80,179
Fujitec Company Limited		13,000		82,687
Furukawa Company Limited †		61,000		55,316
Gardner Denver Incorporated		39,682		2,392,031
GEA Group AG		16,445		434,375
Georg Fischer AG		456		165,382
Gildemeister AG		3,643		53,039
Glory Limited		11,500		255,719
Graco Incorporated		45,000		2,223,000


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			69


Security name	Shares		Value


Machinery (continued)
Haitian International Holdings Limited		106,000	$	107,012
Hanjin Heavy Industries & Construction Company Limited †		3,253		34,548
Hanjin Heavy Industries & Construction Holdings Company Limited		2,009		12,749
Harsco Corporation		144,500		2,946,355
Heidelberger Druckmaschinen AG †«		10,670		13,649
Hexagon AB		23,900		480,007
Hino Motors Limited		62,000		427,614
Hisaka Works Limited		5,000		35,379
Hitachi Construction Machinery Company Limited		14,900		246,636
Hitachi Zosen Corporation		106,500		118,341
Hiwin Technologies Corporation		53,550		386,191
Hoshizaki Electric Company Limited		12,000		335,654
Hosokawa Micron Corporation		4,000		19,976
Hyundai Heavy Industries Company Limited		7,747		1,580,637
Hyundai Mipo Dockyard Company Limited		2,652		286,324
IDEX Corporation		156,563		6,240,601
Illinois Tool Works Incorporated «		51,200		3,035,648
IMI plc		33,411		456,245
Industrea Limited		51,946		66,280
Ingersoll-Rand plc		38,000		1,776,880
Invensys plc		67,436		258,594
Iseki & Company Limited		22,000		54,231
Ishikawajima-Harima Heavy Industries Company Limited		262,000		562,181
ITT Corporation		60,900		1,211,910
Jain Irrigation Systems Limited		39,865		45,939
Jain Irrigation Systems Limited (Differential Voting Rights) †		1,993		1,139
Japan Steel Works		72,000		384,392
Jaya Holdings Limited †		61,000		26,915
Joy Global Incorporated		81,071		4,327,570
JTEKT Corporation		42,100		329,616
Juki Corporation		7,000		10,103
Kawasaki Heavy Industries Limited		295,000		625,455
KCI Konecranes Oyj «		3,753		94,788
Kennametal Incorporated		149,700		5,514,948
Kitz Corporation		9,000		37,474
Komatsu Limited		170,830		3,360,089
Komori Corporation		6,600		34,562
Kone Oyj		17,746		1,085,913
Krones AG		626		30,543
Kubota Corporation		205,865		1,977,272
Kurita Water Industries Limited		20,000		428,124
Lincoln Electric Holdings Incorporated		63,682		2,626,883
Makino Milling Machine Company Limited		25,000		118,782
Makita Corporation		25,400		864,239
Makita Corporation ADR †		1		34
MAN AG		6,208		572,982
Manitowoc Company Incorporated «		282,546		3,639,192
Max Company Limited		6,000		67,897
Meidensha Corporation		31,000		113,238
Melrose plc		114,459		430,188


70		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Machinery (continued)
Metso Oyj		12,945	$	463,066
Meyer Burger Technology AG †«		5,526		80,167
Minebea Company Limited		73,000		253,605
Mitsubishi Heavy Industries Limited		589,000		2,437,397
Mitsui Engineering & Shipbuilding Company Limited		101,000		110,939
Miura Company Limited		5,000		124,912
Morgan Crucible Company		21,660		88,390
Mori Seiki Company Limited		14,400		91,960
Mueller Industries Incorporated «		68,000		2,930,800
Nabtesco Corporation		18,100		331,508
Nachi-Fujikoshi Corporation		35,000		101,475
Namura Shipbuilding Company Limited		1,000		3,014
Navistar International Corporation †		36,221		796,138
NGK Insulators Limited		58,000		685,970
Nippon Sharyo Limited		14,000		48,100
Nippon Thompson Company Limited		6,000		22,300
Nippon Valqua Industries Limited		4,000		10,422
Nitta Corporation		3,300		53,023
Nitto Kohki Company Limited		2,300		53,229
NKT Holding AS		1,131		37,018
Nordson Corporation		111,742		6,571,547
Noritake Company Limited		17,000		43,426
NSK Limited		90,000		527,620
NTN Corporation		80,000		168,593
OILES Corporation		2,380		47,785
Okuma Corporation		20,000		118,782
Organo Corporation		1,000		6,092
OSG Corporation		16,700		237,398
Oshkosh Truck Corporation †		67,400		1,707,916
Pentair Incorporated «		65,422		2,780,435
Robbins & Myers Incorporated «		69,200		4,139,544
Rotork plc		7,725		269,610
Ryobi Limited		20,000		47,257
Samsung Heavy Industries Company Limited		39,520		1,293,968
Sandvik AB		105,184		1,407,282
Sany Heavy Equipment International Holdings Company Limited		183,000		94,851
Sasebo Heavy Industries Company Limited		4,000		3,372
Scania AB Class B		29,534		508,423
Schindler Holding AG		5,042		594,140
Schindler Holding SA		2,474		292,050
Sembcorp Marine Limited		147,200		590,453
Shima Seiki Manufacturing Limited		4,400		59,907
Shin Zu Shing Company Limited		13,649		49,673
Shinmaywa Industries Limited		11,000		53,809
Singamas Container Holding		180,000		39,454
Sinotruk Hong Kong Limited		86,000		44,686
Sintokogio Limited		5,500		43,413
SKF AB Class A		976		20,339
SKF AB Class B		35,091		730,201
SMC Corporation		11,800		1,852,251


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			71


Security name	Shares		Value


Machinery (continued)
Snap-on Incorporated		109,194	$	7,580,247
Spirax-Sarco Engineering plc		8,094		253,057
STX Corporation Company Limited		5,248		39,223
Sulzer AG		2,037		275,455
Sumitomo Heavy Industries Limited		107,000		367,622
Tadano Limited		18,000		124,836
Tata Motors Limited ADR «		10,088		213,059
Terex Corporation «†		205,600		4,537,592
The Middleby Corporation «†		35,300		4,064,795
The Timken Company		56,600		2,273,056
Thermax India Limited		11,575		101,142
THK Company Limited		22,600		352,733
Tocalo Company Limited		1,100		15,581
Torishima Pump Manufacturing Company Limited		1,300		10,876
Toro Company		111,070		4,131,804
Toromont Industries Limited		4,043		83,136
Toshiba Machine Company Limited		18,000		71,269
Trelleborg AB Class B		32,656		339,273
Trinity Industries Incorporated		173,379		4,913,561
Tsubakimoto Chain Company		21,000		124,184
Tsugami Corporation «		18,000		135,871
Tsukishima Kikai Company Limited		5,000		41,574
Union Tool Company		500		7,197
United Tractors		352,380		740,977
Vallourec SA		10,878		504,468
Valmont Industries Incorporated «		17,877		2,265,910
Volvo AB Class A		43,600		553,378
Volvo AB Class B		141,316		1,791,471
Vossloh AG		978		85,408
WABCO Holdings Incorporated †		42,300		2,483,856
Wabtec Corporation		90,090		7,039,633
Wartsila Oyj Class B		17,118		550,979
WEG SA		59,000		584,216
Weir Group plc		23,430		607,531
Xylem Incorporated		128,908		3,131,175
Yangzijiang Shipbuilding Holdings Limited		343,000		271,043
Zardoya-Otis SA		10,396		120,431

				193,522,125


Marine: 0.14%
AP Moller-Maersk AS A Shares		40		247,259
AP Moller-Maersk AS B Shares		129		843,574
China Cosco Holdings Company Limited †		368,000		139,495
Chinese Maritime Transport Limited		6,000		6,771
Compagnie Maritime Belge SA		227		4,568
Daewoo Shipbuilding & Marine Engineering Company Limited		21,110		453,038
Daiichi Chuo Kisen Kaisha †«		12,000		9,503
DS Norden AS		1,300		31,556
Evergreen Marine Corporation (Taiwan) Limited		333,298		178,050


72		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Marine (continued)
Hanjin Shipping Company Limited †		16,785	$	215,984
Hanjin Shipping Holding Company †		11,912		64,881
Hyundai Merchant Marine Company Limited †		9,308		224,778
Iino Kaiun Kaisha Limited		9,500		34,581
Inui Steamship Company Limited †		1,100		2,613
Kawasaki Kisen Kaisha Limited †		148,000		198,480
Kirby Corporation «†		44,018		2,317,548
Kuehne & Nagel International AG		4,678		532,627
Malaysian Bulk Carriers Berhad		14,000		6,542
Matson Incorporated «		73,483		1,667,329
MISC Berhad		211,200		287,954
Mitsui OSK Lines Limited		216,000		540,724
Neptune Orient Lines Limited †		184,000		160,899
Nippon Yusen Kabushiki Kaisha		308,000		621,547
Orient Overseas International Limited		30,500		162,804
Pacific Basin Shipping Limited		252,000		104,947
Precious Shipping PCL		70,800		30,051
Regional Container Lines PCL †		73,800		16,251
Shih Wei Navigation Company Limited		31,652		26,948
Shinwa Kaiun Kaisha Limited †		2,000		2,248
Shipping Corporation of India Limited		33,100		30,378
Shun Tak Holdings Limited		294,250		106,608
Sincere Navigation Corporation		128,800		109,659
STX Offshore & Shipbuilding Company Limited		6,438		54,018
STX Pan Ocean Company Limited-Korea Exchange		3,981		13,035
STX Pan Ocean Company Limited-Singapore Exchange		9,000		29,025
Taiwan Navigation Company Limited		20,000		17,896
Thoresen Thai Agencies PCL		81,840		40,483
U-Ming Transport Corporation		113,000		169,777
Wan Hai Lines Limited		209,212		106,174
Yang Ming Marine Transport		285,357		113,853

				9,924,456


Professional Services: 0.07%
Acacia Research Corporation †		77,800		2,049,252
Dun & Bradstreet Corporation «		37,095		3,002,840

				5,052,092


Road & Rail: 1.15%
Asciano Group		170,137		787,481
Canadian National Railway Company		43,800		4,007,872
Canadian Pacific Railway Limited		15,500		1,281,197
Central Japan Railway Company		341		2,965,975
ComfortDelGro Corporation Limited		275,000		369,535
Con-Way Incorporated		104,191		3,158,029
Container Corporation of India		8,679		146,111
Dollar Thrifty Automotive Group Incorporated «†		61,300		5,342,908
DSV AS		17,460		379,902
East Japan Railway Company		69,500		4,651,383


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			73


Security name	Shares		Value


Road & Rail (continued)
Evergreen International Storage & Transport Corporation		124,000	$	67,484
Firstgroup plc		54,848		213,372
Fukuyama Transporting Company Limited		29,000		161,862
Genesee & Wyoming Incorporated †		74,740		4,750,474
Go-Ahead Group plc		3,179		65,621
GrainCorp Limited		2,469		22,448
Heartland Express Incorporated «		108,424		1,411,680
Hitachi Transport System Limited		6,900		118,709
J.B. Hunt Transport Services Incorporated		75,214		3,944,222
Kansas City Southern		86,518		6,690,437
Keihin Electric Express Railway Company Limited		89,000		868,459
Keio Corporation		101,000		790,766
Keisei Electric Railway Company Limited		59,000		568,938
Kintetsu Corporation «		316,000		1,299,598
Knight Transportation Incorporated «		114,500		1,637,350
Korea Express Company Limited †		1,506		124,104
Landstar System Incorporated		86,094		4,069,663
Maruzen Showa Unyu Company Limited		3,000		9,464
MTR Corporation Limited		233,208		835,898
Nagoya Railroad Company Limited		143,000		399,987
Nankai Electric Railway Company Limited «		92,000		413,615
National Express Group plc		29,635		102,253
Nippon Express Company Limited		175,000		686,187
Nippon Konpo Unyu Soko Company Limited		10,400		134,292
Nishi-Nippon Railroad Company Limited		75,000		319,944
Norfolk Southern Corporation		40,700		2,949,122
Odakyu Electric Railway Company Limited		115,000		1,220,576
Old Dominion Freight Line «†		100,302		4,491,524
QR National Limited		282,760		1,022,467
Ryder System Incorporated		37,136		1,485,811
Sagami Railway Company Limited		68,000		233,629
Sankyu Incorporated		41,000		153,433
SBS Transit Limited		1,684		1,999
Seino Holdings Company Limited		25,000		156,140
Senko Company Limited «		15,000		63,797
SMRT Corporation Limited		98,000		130,509
Stagecoach Group plc		49,321		224,449
Tobu Railway Company Limited		186,000		1,033,399
Tokyu Corporation		189,000		929,370
TransForce Incorporated		6,211		114,296
Transport International Holdings Limited		24,000		46,354
Union Pacific Corporation		99,100		12,034,704
Werner Enterprises Incorporated «		112,274		2,498,097
West Japan Railway Company		34,100		1,491,698

				83,078,594


Trading Companies & Distributors: 0.79%
Adani Enterprises Limited		63,989		179,227
Air Lease Corporation †		131,629		2,714,190


74		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Trading Companies & Distributors (continued)
Alesco Corporation Limited		3,463	$	6,851
Ashtead Group plc		39,588		178,145
Barloworld Limited		44,693		377,627
BayWa AG		313		12,376
Bunzl plc		31,676		565,336
Daewoo International Corporation		5,822		176,257
Emeco Holdings Limited		72,033		58,048
Fastenal Company		64,624		2,784,648
Finning International Incorporated «		13,600		312,907
GATX Corporation		99,734		4,105,051
Grafton Group plc		8,472		32,608
Hanwa Company Limited		31,000		104,528
Inaba Denki Sangyo Company Limited		2,200		61,256
Itochu Corporation		278,000		2,819,235
Iwatani International Corporation		49,000		170,228
Japan Pulp & Paper Company Limited		11,000		36,248
Kanematsu Corporation †		34,000		39,083
Kloeckner & Company †		4,899		44,526
Marubeni Corporation		304,000		1,949,141
Misumi Group Incorporated		12,500		311,802
Mitsubishi Corporation		274,100		5,037,741
Mitsubishi Corporation ADR †		33		1,208
Mitsui & Company Limited		318,400		4,444,871
Mitsui & Company Limited ADR †		263		73,837
MSC Industrial Direct Company		87,325		6,051,623
Nagase & Company Limited		24,600		286,547
Nichiden Corporation		3,600		91,960
Noble Group Limited		731,694		704,399
Okaya & Company Limited		5,500		61,677
Onoken Company Limited		700		5,659
Ramirent Oyj		11,459		86,479
Reece Australia Limited		7,324		143,769
Rexel SA		4,860		94,903
Russel Metals Incorporated		4,649		118,141
Samsung Corporation		26,031		1,479,784
Seven Network Limited		22,953		192,557
Shinwa Company Limited Nagoya		500		5,875
SIG plc		78,253		121,831
SK Networks Company Limited		23,850		198,430
Sojitz Corporation		187,100		250,916
Sumitomo Corporation		219,500		2,904,426
Superior Plus Corporation «		4,592		41,320
Toyota Tsusho Corporation		40,200		820,482
Travis Perkins plc		20,695		337,150
Trusco Nakayama Corporation		3,400		62,706
United Rentals Incorporated «†		150,600		4,865,886
Watsco Incorporated «		45,695		3,448,145
Wesco International Incorporated «†		78,924		4,560,229
Wolseley plc		28,244		1,140,017
WW Grainger Incorporated		12,180		2,508,593


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			75


Security name	Shares		Value


Trading Companies & Distributors (continued)
Yamazen Corporation		10,500	$	69,200
Yuasa Trading Company Limited		38,000		66,007

				57,315,686


Transportation Infrastructure: 0.16%
Abertis Infraestructuras SA		36,273		492,513
Aeroports de Paris		3,323		263,361
Airports of Thailand PCL		53,200		114,176
Ansaldo STS SpA		5,296		41,567
Atlantia SpA		25,715		361,286
Auckland International Airport Limited		159,507		333,185
Bangkok Expressway PCL		48,400		42,863
BBA Aviation plc		37,408		112,916
Bintulu Port Holdings Berhad		6,400		14,359
China Merchants Holdings International Company Limited		230,215		660,433
Cia de Concessoes Rodoviarias		123,320		1,108,112
Cosco Pacific Limited		333,290		411,244
Flughafen Wien AG		155		7,071
Flughafen Zuerich AG		455		175,147
Fraport AG		3,869		215,558
Gemina SpA †		107,844		94,885
GMR Infrastructure Limited †		111,348		36,432
Groupe Eurotunnel SA		46,174		346,143
Hamburger Hafen Und Logistik AG		1,110		27,058
Hong Kong Aircraft Engineering Company Limited		10,000		133,575
Hopewell Highway Infrastructure Limited		67,500		34,203
Hutchison Port Holdings Trust		679,000		475,300
International Container Term Services Incorporated		134,600		219,135
Japan Airport Terminal Company Limited		10,800		126,077
Jasa Marga TBK PT		395,500		238,503
Kamigumi Company Limited		48,000		385,618
Koninklijke Vopak NV		6,083		390,211
Macquarie Atlas Roads Limited †		53,146		83,460
Malaysia Airports Holdings Berhad		99,500		174,511
Mitsubishi Logistics Corporation		25,000		284,501
Mitsui-Soko Company Limited		9,000		28,737
Mundra Port & Special Economic Zone Limited		99,788		204,061
Nissin Corporation		4,000		10,218
Port of Tauranga Limited		9,453		91,210
SIA Engineering Company		30,000		100,842
Singapore Airport Terminal Services Limited		108,666		227,532
Societa Iniziative Autostradali e Servizi SpA		1,409		10,102
Societe Des Autoroutes Paris-Rhin-Rhone		299		15,186
Sumitomo Warehouse Company Limited		17,000		74,909
Sydney Airport Holdings Limited		256,011		859,617
TAV Havalimanlari Holding AS		40,981		213,105
The Great Eastern Shipping Company Limited		13,632		61,684
TNT Express NV		39,387		443,491
Transurban Group		222,446		1,390,411


76		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Transportation Infrastructure (continued)
Veripos Incorporated †		2,340	$	5,289
Westshore Terminals Investment Corporation		8,100		205,838

				11,345,635


Information Technology: 14.51%

Communications Equipment: 1.29%
AAC Technologies Holdings Incorporated		146,500		497,718
Acme Packet Incorporated «†		104,600		1,996,814
ADTRAN Incorporated «		118,500		2,404,365
Aiphone Company Limited		800		15,746
Alcatel SA †«		228,967		260,635
Arris Group Incorporated «†		241,800		3,295,734
Aruba Networks Incorporated «†		204,800		4,024,320
Brocade Communications Systems Incorporated †		323,236		1,874,769
BYD Electronic International Company Limited		64,000		12,955
Ciena Corporation «†		179,080		2,448,024
Cisco Systems Incorporated		1,118,249		21,336,191
Compal Communications Incorporated †		40,025		43,765
D-Link Corporation		73,749		45,799
Denki Kogyo Company Limited		2,000		7,893
Emulex Corporation †		171,335		1,173,645
EVS Broadcast Equipment SA		552		26,731
F5 Networks Incorporated †		61,338		5,979,842
Harris Corporation «		77,300		3,635,419
High Tech Computer Corporation		165,691		1,427,274
Hitachi Kokusai Electric Incorporated		5,000		32,058
Icom Incorporated		600		13,825
Interdigital Incorporated «		79,832		2,694,330
Japan Radio Company Limited †		2,000		4,675
Juniper Networks Incorporated †		109,684		1,912,889
Motorola Solutions Incorporated		36,242		1,727,294
Nokia Oyj «		354,521		1,007,771
Polycom Incorporated †		134,990		1,406,596
Qualcomm Incorporated		356,597		21,916,452
Research in Motion Limited †«		42,015		280,029
Riverbed Technology Incorporated †		121,173		2,422,248
Spirent plc		75,771		190,696
Telefonaktiebolaget LM Ericsson Class A		3,200		29,597
Telefonaktiebolaget LM Ericsson Class B		298,766		2,797,181
Tellabs Incorporated		723,964		2,570,072
Viasat Incorporated «†		76,500		2,960,550
VTech Holdings Limited		27,900		341,018
Zinwell Corporation		23,446		22,584

				92,837,504


Computers & Peripherals: 2.67%
Acer Incorporated †		625,517		552,400
Advantech Company Limited		109,701		380,919
Amtran Technology Company Limited		169,006		129,783


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			77


Security name	Shares		Value


Computers & Peripherals (continued)
Apple Incorporated		193,588	$	128,782,481
Asustek Computer Incorporated		153,601		1,533,395
BenQ Corporation †		171,392		36,337
Catcher Technology Company Limited		145,614		726,830
Chicony Electronics Company Limited		184,242		388,771
Clevo Company		116,586		153,367
CMC Magnetics Corporation †		511,000		81,894
Compal Electronic Incorporated		929,754		814,866
Dell Incorporated †		195,100		2,066,109
Diebold Incorporated		41,736		1,359,759
Eizo Nanao Corporation		1,900		34,071
Electronics For Imaging Incorporated †		98,478		1,521,485
Elitegroup Computer Systems		43,672		14,654
EMC Corporation †		438,420		11,526,062
Foxconn Technology Company Limited		246,520		938,309
Fujitsu Limited		327,000		1,328,131
Gemalto NV		6,728		533,221
Gigabyte Technology Company Limited		276,000		238,670
Hewlett-Packard Company		244,615		4,129,101
Inventec Company Limited		871,583		285,183
Jess Link Products Company Limited †		37,143		34,475
Lenovo Group Limited		1,064,000		864,266
Lexmark International Incorporated «		52,200		1,133,262
Lite-On Technology Corporation		525,269		635,738
Logitech International SA †«		18,355		170,726
Megachips Corporation		3,200		60,121
Melco Holdings Incorporated		2,000		42,966
Micro-Star International Company Limited		112,218		53,765
Mitac International Corporation †		366,131		118,087
NetApp Incorporated †		75,081		2,591,796
Pegatron Corporation		375,150		470,331
QLogic Corporation «†		206,300		2,510,671
Quanta Computer Incorporated		656,766		1,695,036
Ritek Corporation †		272,159		35,620
SanDisk Corporation †		165,700		6,830,154
Seagate Technology plc		260,007		8,322,824
Seiko Epson Corporation «		26,800		171,832
Toshiba Corporation		744,000		2,375,631
TPV Technology Limited		122,000		23,123
Wacom Company Limited		80		179,935
Western Digital Corporation †		160,300		6,703,746
Wincor Nixdorf AG		1,542		58,777
Wistron Corporation		433,665		485,052

				193,123,732


Electronic Equipment, Instruments & Components: 1.43%
AGFA-Gevaert NV †		9,100		14,307
AGFA-Gevaert NV VVPR Strips †(a)		2,275		3
Agilent Technologies Incorporated		74,700		2,775,852


78		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Electronic Equipment, Instruments & Components (continued)
ALPS Electric Company Limited		26,700	$	142,204
Amphenol Corporation Class A		127,734		7,775,169
Anixter International Incorporated «		52,141		3,135,238
Anritsu Corporation		23,000		277,604
Arisawa Manufacturing Company Limited		3,400		8,164
Arrow Electronics Incorporated †		77,214		2,799,008
AU Optronics Corporation †		1,793,319		544,265
Avnet Incorporated †		100,638		3,241,550
AVX Corporation		31,628		323,871
Benchmark Electronics Incorporated «†		126,804		2,035,204
Calcomp Electronics PCL		243,600		21,301
Canon Electronics Incorporated		2,400		51,283
Celestica Incorporated NPV †		22,738		177,383
Cheng Uei Precision Industry Company Limited		71,855		142,746
Chroma ATE Incorporated		84,624		176,871
Chunghwa Picture Tubes Limited †		608,075		16,039
Citizen Holdings Company Limited		51,300		283,708
CMK Corporation		4,800		15,081
Cognex Corporation		70,400		2,540,736
Cookson Group plc		23,880		227,128
Corning Incorporated		191,500		2,296,085
Daishinku Corporation		6,000		15,940
Delta Electronics (Thailand) PCL		22,600		17,815
Delta Electronics Incorporated		457,531		1,558,150
Digital China Holdings Limited		160,000		257,867
Dolby Laboratories Incorporated Class A «†		96,926		3,216,005
Electrocomponents plc		44,350		156,546
Enplas Corporation		3,900		123,334
ESPEC Corporation		3,600		31,542
Everlight Electronics Company Limited		83,210		128,492
Evertz Technologies Limited		1,640		21,562
Flextronics International Limited †		459,100		3,089,743
Foxconn International Holdings Limited †		378,000		118,918
FUJIFILM Holdings Corporation		81,600		1,353,834
Hakuto Company Limited		4,800		45,489
Halma plc		39,753		256,590
Hamamatsu Photonics		13,400		473,908
Hana Microelectronics PCL		194,800		126,199
Hannstar Display Corporation †		1,612,962		103,398
Hioki EE Corporation		900		15,104
Hirose Electric Company Limited		6,300		653,375
Hitachi High Technologies Corporation		10,900		269,524
Hitachi Limited		806,000		4,622,185
Hon Hai Precision Industry Company Limited		2,104,726		5,959,092
Horiba Limited		8,200		241,826
Hosiden Corporation		6,500		33,457
Hoya Corporation		75,600		1,705,212
Ibiden Company Limited		27,700		418,180
Ingenico SA		5,239		277,917
Ingram Micro Incorporated †		104,273		1,592,249


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			79


Security name	Shares		Value


Electronic Equipment, Instruments & Components (continued)
Innolux Display Corporation †		1,447,723	$	463,063
Insight Enterprises Incorporated †		92,260		1,656,990
IPG Photonics Corporation «†		23,100		1,420,419
Itron Incorporated «†		73,662		3,193,984
Jabil Circuit Incorporated		133,500		3,041,130
Japan Aviation Electronics Industry Limited		9,000		74,373
Japan Cash Machine Company Limited		2,900		25,224
Ju Teng International Holdings Limited		76,000		33,806
Kaga Electronics Company Limited		3,800		37,226
Keyence Corporation		7,900		2,080,567
Kingboard Chemicals Holdings Limited		123,450		269,949
Kingboard Laminates Holdings Limited		121,000		47,271
KOA Corporation		3,700		31,473
Kudelski SA		2,324		23,101
Kuroda Electric Company Limited		3,100		37,258
Kyocera Corporation		31,700		2,720,787
Kyocera Corporation ADR		30		2,596
Laird Group plc		37,748		140,375
Largan Precision Company Limited		27,244		566,693
LG Innotek Company Limited †		2,021		159,952
LG Phillips LCD Company Limited †		39,690		907,750
Littelfuse Incorporated «		41,451		2,126,022
Mitsumi Electric Company Limited †		8,700		50,003
MMI Holdings Limited		161,343		373,645
Molex Incorporated		48,291		1,282,126
Molex Incorporated Class A		58,047		1,288,063
Muramoto Electron Thailand PCL		300		1,728
Murata Manufacturing Company Limited		39,200		1,932,588
Nan Ya Printed Circuit Board Corporation		26,197		41,984
Nichicon Corporation		9,200		70,503
Nidec Sankyo Corporation		3,000		16,016
Nihon Dempa Kogyo Company Limited		3,200		37,193
Nippon Chemi-Con Corporation †		17,000		32,786
Nippon Electric Glass Company Limited		61,000		289,827
Oki Electric Industry Company Limited †		109,000		126,688
Omron Corporation		39,304		767,054
Optex Company Limited		2,730		30,579
Osaki Electric Company Limited		5,000		31,803
Pan-International Industrial †		59,176		57,396
Plexus Corporation «†		76,000		2,271,640
Premier Farnell plc		18,366		55,759
Ryosan Company Limited		4,200		76,817
Ryoyo Electro Corporation		800		7,837
Samart Corporation PCL		379,400		112,603
Samsung SDI Company Limited		6,828		860,552
Sanshin Electronics Company Limited		900		6,414
Shimadzu Corporation		48,000		333,508
Sintek Photronic Corporation †		188,000		72,812
SMK Corporation		11,000		28,942
Spectris plc		9,963		273,524


80		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Electronic Equipment, Instruments & Components (continued)
Star Micronics Company Limited		6,100	$	59,290
Synnex Technology International Corporation		261,462		583,141
Taiyo Yuden Company Limited		15,000		130,085
Tamura Corporation		16,000		37,193
TDK Corporation		22,600		861,337
TE Connectivity Limited		53,646		1,886,730
Teikoky Tsushin Kogyo Company		2,000		3,321
TOKO Incorporated †		14,000		38,266
Topcon Corporation «		6,200		37,297
Toshiba TEC Corporation		19,000		77,170
Toyo Corporation		3,700		41,208
TPK Holding Company Limited		38,033		491,428
Trimble Navigation Limited †		96,659		4,741,124
Tripod Technology Corporation		120,261		265,007
Truly International		22,000		2,978
Unimicron Technology Corporation		312,402		355,156
Universal Display Corporation «†		72,200		2,914,714
Venture Corporation Limited		49,000		305,046
Vishay Intertechnology Incorporated †		309,954		2,963,160
Vishay Precision Group †		200		2,708
Wasion Group Holdings Limited		28,000		10,000
WBL Corporation Limited		16,000		43,899
Wintek Corporation †		398,484		202,229
WPG Holdings Company Limited		352,227		415,132
Yageo Corporation		587,000		168,941
Yamatake Corporation		10,300		202,856
Yaskawa Electric Corporation		38,000		248,981
Yokogawa Electric Corporation		41,400		482,766
Yokowo Company Limited		3,200		16,267
Young Fast Optoelectronics Company Limited †		13,071		32,644

				103,114,726


Internet Software & Services: 1.54%
Access Company Limited †		32		24,564
Akamai Technologies Incorporated †		141,448		5,305,714
AOL Incorporated «†		201,685		6,790,734
Baidu.com Incorporated ADR †		24,072		2,682,584
Costar Group Incorporated †		47,100		3,826,875
Daum Communications Corporation		1,227		122,524
Digital River Incorporated †		74,600		1,242,836
eAccess Limited		510		92,952
Earthlink Incorporated		226,793		1,514,977
eBay Incorporated †		229,908		10,913,733
Equinix Incorporated «†		36,872		7,287,751
G-Resources Group Limited †		4,605,000		210,777
Google Incorporated Class A †		53,642		36,749,598
Gourmet Navigator Incorporated		1,800		19,863
Gree Incorporated «		21,300		354,207
IAC InterActiveCorp		56,240		2,915,482


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			81


Security name	Shares		Value


Internet Software & Services (continued)
ILIAD SA		1,567	$	248,343
Internet Initiative Japan Incorporated		21		93,071
Kakaku.com Incorporated		4,600		164,682
Mixi Incorporated		4		6,039
NetEase.com Incorporated ADR «†		12,292		640,044
NHN Corporation		9,531		2,179,834
Open Text Corporation †		4,600		247,278
OpenTable Incorporated «†		41,400		1,757,430
Rackspace Hosting Incorporated †		88,804		5,326,464
So-Net Entertainment Corporation		16		115,665
Telecity Group plc		21,802		301,179
Tencent Holdings Limited		208,100		6,358,950
Tiscali SpA †		588		24
United Internet AG		13,768		278,723
ValueClick Incorporated «†		167,390		2,721,761
VeriSign Incorporated «†		125,400		5,979,072
VistaPrint NV «†		67,172		2,422,894
WebMD Health Corporation «†		86,234		1,288,336
White Energy Company Limited †«		56,094		15,068
Yahoo! Japan Corporation		2,552		877,775

				111,077,803


IT Services: 2.28%
Acxiom Corporation †		165,619		2,825,460
Alliance Data Systems Corporation †		38,680		5,324,302
Amadeus IT Holding SA		24,700		551,762
Amdocs Limited †		120,761		3,893,335
Atos Origin SA		4,678		273,900
Broadridge Financial Solutions Incorporated		80,013		1,894,708
CACI International Incorporated Class A «†		47,956		2,560,371
Cap Gemini SA		14,926		548,668
CGI Group Incorporated †		22,100		577,077
Cielo SA		92,764		2,742,385
Cognizant Technology Solutions Corporation Class A †		61,587		3,958,812
Computer Sciences Corporation		102,200		3,291,862
Computershare Limited		90,286		783,543
Convergys Corporation «		223,977		3,473,883
Corelogic Incorporated †		200,556		4,933,678
Digital Garage Incorporated		18		28,462
DST Systems Incorporated		26,500		1,348,320
Euronet Worldwide Incorporated «†		108,200		1,921,632
Fiserv Incorporated †		107,614		7,673,954
Gartner Incorporated †		68,200		3,368,398
Global Payments Incorporated		57,613		2,399,581
HCL Technologies Limited		49,439		483,858
Hi Sun Technology China Limited †		309,000		18,127
Imagination Technologies Group plc †		20,088		190,424
Indra Sistemas SA		6,012		57,644
Ines Corporation		2,500		14,880


82		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


IT Services (continued)
Infosys Technologies Limited		97,636	$	4,145,295
Infosys Technologies Limited ADR «		17,827		758,182
International Business Machines Corporation		229,846		44,785,493
Iress Market Technology Limited		16,055		121,750
IT Holdings Corporation		24,806		313,342
Itochu Techno-Science Corporation		4,300		235,609
MasterCard Incorporated Class A		21,790		9,214,991
Mphasis Limited		22,655		156,640
NEC Fielding Limited		800		9,738
Net One Systems Company Limited		12,000		158,478
Nihon Unisys Limited		9,400		62,431
Nomura Research Institute Limited		20,600		430,181
NS Solutions Corporation		2,600		50,509
NTT Data Corporation		228		679,676
OBIC Company Limited		1,450		304,834
Otsuka Corporation		4,000		352,513
Paychex Incorporated «		40,800		1,357,008
Redecard SA		81,076		1,340,017
SAIC Incorporated «		237,949		2,905,357
Satyam Computer Services Limited †		135,961		227,926
SK C&C Company Limited		4,185		403,885
SMS Management & Technology Limited		7,620		48,023
Softbank Corporation		153,800		6,266,326
Tata Consultancy Services Limited		91,881		2,219,597
Tech Mahindra Limited		3,875		55,633
Teradata Corporation †		132,701		10,135,702
TietoEnator Oyj		8,394		144,011
TKC AS		2,200		44,930
Total System Services Incorporated		126,250		2,926,475
Transcosmos Incorporated		4,400		55,242
Visa Incorporated «		108,811		13,955,011
Wipro Limited		97,375		634,754
Wipro Limited ADR «		28,596		222,477
Wirecard AG		9,255		198,187
Wright Express Corporation «†		70,851		4,664,830

				164,724,079


Office Electronics: 0.14%
Ability Enterprise Company Limited		40,000		38,730
Brother Industries Limited		41,300		418,301
Canon Incorporated		197,800		6,555,859
Canon Incorporated ADR		7		233
Konica Minolta Holdings Incorporated		93,000		687,745
Neopost SA		3,201		170,953
OCE NV †(a)		3,572		43,805
Ricoh Company Limited «		123,565		972,170
Riso Kagaku Corporation		3,700		63,750
Xerox Corporation		174,739		1,287,826

				10,239,372


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			83


Security name	Shares		Value


Semiconductors & Semiconductor Equipment: 2.57%
Advanced Micro Devices Incorporated «†		404,600	$	1,505,112
Advanced Semiconductor Engineering Incorporated		1,286,821		962,398
Advantest Corporation «		28,500		413,513
Aixtron AG		8,010		118,582
Alicorp		61,000		64,460
Analog Devices Incorporated		202,300		8,039,402
Applied Materials Incorporated		162,300		1,897,287
ARM Holdings plc		132,795		1,210,329
ASM International NV		4,894		172,359
ASM Pacific Technology		31,700		353,133
ASML Holding NV		40,829		2,312,760
Atmel Corporation †		295,203		1,750,554
ATMI Incorporated †		63,600		1,202,676
Axell Corporation		1,400		32,275
Broadcom Corporation Class A		98,800		3,510,364
Cabot Microelectronics Corporation «		45,617		1,517,678
Cavium Incorporated «†		88,759		2,866,916
CREE Incorporated «†		91,363		2,576,437
CSR plc		9,097		47,032
Cymer Incorporated «†		51,606		2,926,060
Cypress Semiconductor Corporation		337,400		3,917,214
Dainippon Screen Manufacturing Company Limited		36,000		193,116
Dialog Semiconductor plc †		8,213		176,803
Disco Corporation		5,400		267,603
Elan Microelectronics Corporation		44,000		68,899
Epistar Corporation		213,210		432,813
Fairchild Semiconductor International Incorporated «†		279,382		4,056,627
Faraday Technology Corporation		23,527		33,345
Ferrotec Corporation		3,100		13,224
First Solar Incorporated «†		38,600		771,614
Formosa Sumco Technology Corporation †		12,600		12,116
Gintech Energy Corporation †		66,008		65,124
Global Unichip Corporation		4,386		15,962
GT Advanced Technologies Incorporated «†		256,588		1,488,210
Hittite Microwave Corporation «†		50,800		2,660,396
Hynix Semiconductor Incorporated †		108,197		2,021,616
Infineon Technologies AG		102,520		708,578
Inotera Memories Incorporated †		214,888		36,806
Integrated Device Technology Incorporated †		300,482		1,598,564
Intel Corporation		626,534		15,556,839
International Rectifier Corporation «†		151,000		2,628,910
Intersil Corporation Class A		273,779		2,417,469
King Yuan Electronics Company Limited		341,063		182,198
Kinsus Interconnect Technology Corporation		53,582		153,316
KLA-Tencor Corporation		111,200		5,705,672
Kontron AG		3,147		15,722
Linear Technology Corporation		140,900		4,653,223
LSI Logic Corporation †		398,793		3,106,597
Macronix International		849,267		229,110
Mediatek Incorporated		268,775		2,871,624


84		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Semiconductors & Semiconductor Equipment (continued)
MEMC Electronic Materials Incorporated «†		459,100	$	1,230,388
Microchip Technology Incorporated «		128,300		4,458,425
Micron Technology Incorporated †		690,900		4,290,489
Micronics Japan Company Limited		600		1,832
Microsemi Corporation «†		169,100		3,366,781
Mimasu Semiconductor Industry Company Limited		600		4,575
Mitsui High-Tec Incorporated †		6,300		31,462
MStar Semiconductor Incorporated		74,000		589,262
Nanya Technology Corporation †		1,805,367		121,760
Nidec Copal Electronics Corporation		7,000		37,461
Novatek Microelectronics Corporation Limited		119,790		385,955
ON Semiconductor Corporation †		295,700		1,842,211
PMC-Sierra Incorporated «†		496,333		2,903,548
Powertech Technology Incorporated		181,914		343,165
PV Crystalox Solar plc †		8,268		1,037
Q-Cells AG †«		3,594		267
Radiant Opto Electronics Corporation		111,394		477,918
Realtek Semiconductor Corporation		98,456		185,400
Renesas Electronics Corporation †«		6,100		20,490
Renewable Energy Corporation AS †		22,630		6,771
RF Micro Devices Incorporated «†		606,823		2,275,586
Richtek Technology Corporation		29,166		166,031
Rohm Company Limited		17,700		577,604
Samsung Electronics Company Limited		22,630		24,592,081
Sanken Electric Company Limited		16,000		48,228
Semiconductor Manufacturing International Corporation †		3,332,000		126,734
Semtech Corporation †		126,600		3,104,232
Seoul Semiconductor Company Limited		9,698		176,929
Shindengen Electric Manufacturing Company Limited		9,000		21,726
Shinkawa Limited		2,200		10,228
Shinko Electric Industries		6,300		41,279
Silex Systems Limited †		14,168		54,159
Silicon Laboratories Incorporated «†		77,865		2,977,558
Siliconware Precision Industries Company		700,471		790,488
Sino-Tech International Holdings Limited †(a)		2,700,000		0
Soitec SA †		13,811		46,208
Solarworld AG «		3,922		5,372
STMicroelectronics NV		66,138		394,646
Sumco Corporation †		14,300		107,759
Taiwan Semiconductor Manufacturing Company Limited		5,166,298		14,368,556
Teradyne Incorporated «†		405,508		6,334,035
Tessera Technologies Incorporated «		107,700		1,644,579
Texas Instruments Incorporated		140,700		4,085,928
Tokyo Electron Limited		30,800		1,445,686
Tokyo Seimitsu Company Limited		6,200		89,561
Transcend Information Incorporated		118,130		310,007
Triquint Semiconductor Incorporated «†		365,000		2,029,400
ULVAC Incorporated †«		9,400		75,517
United Microelectronics Corporation		2,665,301		1,067,865
Veeco Instruments Incorporated «†		85,000		2,915,500


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			85


Security name	Shares		Value


Semiconductors & Semiconductor Equipment (continued)
VIA Technologies Incorporated †		150,971	$	45,668
Windbond Electronics Corporation †		630,000		93,603
Xilinx Incorporated		175,000		5,934,250

				185,794,837


Software: 2.59%
ACI Worldwide Incorporated †		71,500		3,101,670
Adobe Systems Incorporated †		101,444		3,172,154
Advent Software Incorporated «†		64,880		1,541,549
Ansys Incorporated †		73,645		5,133,057
Ariba Incorporated †		188,000		8,401,720
Asseco Poland SA		17,110		229,008
athenahealth Incorporated «†		67,563		5,970,542
Autodesk Incorporated †		178,598		5,545,468
Aveva Group plc		5,331		156,853
CA Incorporated		47,100		1,226,013
Cadence Design Systems Incorporated «†		592,400		7,819,680
Capcom Company Limited «		7,500		149,052
Check Point Software Technologies «†		111,268		5,128,342
Citrix Systems Incorporated †		40,400		3,138,676
CommVault Systems Incorporated †		74,000		3,731,080
Concur Technologies Incorporated «†		88,220		6,387,128
Dassault Systemes SA		5,272		511,989
DTS Corporation		800		10,637
Factset Research Systems Incorporated «		31,641		2,919,515
Financial Technologies (India) Limited		3,146		47,539
Fortinet Incorporated †		95,000		2,518,450
Fuji Soft Incorporated		2,600		46,258
I-Flex Solutions Limited †		4,122		220,458
Informatica Corporation †		82,738		2,697,259
Intuit Incorporated		59,442		3,479,735
Kingdee International Software Group Company Limited †«		408,000		61,022
Konami Corporation		20,000		459,033
MacDonald Dettwiler & Associates Limited		2,966		177,975
Mentor Graphics Corporation †		200,872		3,320,414
Micro Focus International plc		17,746		153,007
MICROS Systems Incorporated †		61,629		3,122,125
Microsoft Corporation		936,171		28,852,790
NCsoft Corporation		2,530		563,027
Neowiz Games Corporation †		3,490		79,666
NEXON Company Limited †		10,900		157,176
Nice Systems Limited †		6,731		211,263
Nintendo Company Limited		20,000		2,237,691
Nippon System Development Company Limited		4,000		36,784
Nuance Communications Incorporated «†		178,144		4,248,734
OBIC Business Consultants Limited		300		16,438
Oracle Corporation		794,615		25,149,565
Oracle Corporation (Japan)		5,800		280,388
Qlik Technologies Incorporated †		61,500		1,300,725


86		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Software (continued)
Red Hat Incorporated †		152,052	$	8,520,994
Rovi Corporation †		87,089		1,335,945
Royalblue Group plc		2,334		53,071
Sage Group plc		125,814		591,730
Salesforce.com Incorporated «†		26,067		3,784,407
SAP AG		86,622		5,710,234
Software AG		6,805		235,296
Solera Holdings Incorporated		55,760		2,293,409
Square Enix Company Limited		9,300		155,841
Sumisho Computer Systems		18,100		285,041
Symantec Corporation †		87,500		1,560,125
Take-Two Interactive Software Incorporated †		196,640		2,015,560
Tecmo Koei Holdings Company Limited		8,000		64,576
Temenos Group AG †		5,073		72,001
TiVo Incorporated †		265,067		2,409,459
Trend Micro Incorporated		20,400		565,400
Ubisoft Entertainment †		3,327		25,150
Ultimate Software Group Incorporated †		49,700		4,929,743
Verifone Holdings Incorporated «†		80,999		2,813,905
VMware Incorporated †		66,311		5,904,331

				187,037,873


Materials: 6.56%

Chemicals: 2.74%
A Schulman Incorporated		57,994		1,408,674
Achilles Corporation		8,000		10,320
Adeka Corporation		14,900		116,848
Agrium Incorporated		16,700		1,643,487
Air Liquide SA		31,905		3,754,171
Air Water Incorporated		33,000		383,971
Airgas Incorporated		51,605		4,286,827
Akzo Nobel NV		23,422		1,349,866
Alexandria Mineral Oils Company		1,424		18,431
Arkema		5,927		504,553
Asahi Kasei Corporation		234,000		1,216,400
Asahi Organic Chemicals Industry Company Limited		3,000		7,165
Ashland Incorporated		55,489		4,085,655
Asian Paints Limited		9,321		610,067
BASF SE NPV		87,861		6,830,720
Batu Kawan Berhad		35,500		215,875
Brenntag AG		3,644		434,279
C Uyemura & Company Limited		300		10,100
Castrol India Limited		13,536		144,887
CF Industries Holdings Incorporated		13,493		2,793,186
Cheil Industries Incorporated		9,627		878,171
Chemtura Corporation †		212,578		3,513,914
China Petrochemical Development Corporation		390,010		311,867
China Steel Chemical Corporation		25,000		104,754
Christian Hansen Holding AS		8,826		263,403


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			87


Security name	Shares		Value


Chemicals (continued)
Chugoku Marine Paints Limited		5,000	$	23,756
Ciech SA †		645		3,594
Clariant AG		25,999		291,662
Coromandel International Limited		25,974		139,618
Croda International		12,671		474,019
Cytec Industries Incorporated		86,675		5,934,637
Daicel Chemical Industries Limited		51,000		312,664
Dainichiseika Color & Chemicals Manufacturing Company Limited		15,000		63,414
Dainippon Ink & Chemicals Incorporated		139,000		229,018
Daiso Company Limited		4,000		10,729
DC Chemical Company Limited		3,889		651,237
Denki Kagaku Kogyo Kabushiki Kaisha		92,000		301,986
Dow Chemical Company		153,644		4,503,306
DuluxGroup Limited		56,233		190,559
Earth Chemical Company Limited		1,200		44,432
Eastman Chemical Company		120,120		6,637,831
Ecolab Incorporated		54,938		3,517,680
EI du Pont de Nemours & Company		114,791		5,710,852
EMS-Chemie Holdings AG		754		144,529
Eternal Chemical Company Limited		140,817		116,364
Filtrona plc		12,643		107,402
FMC Corporation		108,526		5,895,132
Formosa Chemicals & Fibre Corporation		931,170		2,403,240
Formosa Plastics Corporation		1,090,298		2,937,700
Frutarom Industries Limited		1,818		16,711
Fufeng Group Limited		66,000		21,870
Fujimi Incorporated		1,000		15,901
Givaudan SA		717		676,670
Global Bio-Chem Technology Group Company Limited		179,200		17,791
Grasim Industries Limited		1,616		86,859
Grasim Industries Limited GDR		2,371		127,439
Hanwha Chem Corporation		19,613		361,275
Hitachi Chemical Company Limited		19,400		277,515
Honam Petrochemical Corporation		2,561		528,169
Huabao International Holdings Limited «		294,000		150,867
Hyosung Corporation		5,120		273,909
Incitec Pivot Limited		285,304		857,757
Intrepid Potash Incorporated †		96,000		2,153,280
Ishihara Sangyo Kaisha Limited †		110,000		82,892
Israel Chemicals Limited		51,146		551,663
Johnson Matthey plc		17,706		675,024
JSR Corporation		36,800		625,123
K&S AG		16,172		791,270
Kaneka Corporation		60,000		296,571
Kansai Paint Company Limited		47,000		473,632
Kanto Denka Kogyo Company Limited		6,000		15,020
Kemira Oyj		9,572		121,360
Kolon Industries Incorporated		2,265		128,160
Koninklijke DSM NV «		17,719		830,969
Korea Kumho Petrochemical Company		2,618		259,579


88		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Chemicals (continued)
KP Chemical Corporation		5,520	$	58,381
Kuraray Company Limited		60,600		698,918
Kureha Corporation		14,000		58,114
La Seda De Barcelona SA †		482		489
LANXESS AG		8,492		644,292
Lee Chang Yung Chemical Industry Corporation		59,719		81,151
LG Chem Limited		9,235		2,449,915
Linde AG		15,694		2,472,424
Lintec Corporation		6,500		122,537
LyondellBasell Class A		41,800		2,041,512
Methanex Corporation «		12,000		357,657
Mexichem SAB de CV		177,979		801,214
Minerals Technologies Incorporated		34,842		2,362,636
Mitsubishi Chemical Holdings Corporation		262,000		1,013,934
Mitsubishi Gas Chemical Company Incorporated		79,000		442,953
Mitsui Chemicals Incorporated		181,000		367,571
Monsanto Company		110,108		9,591,508
Mosaic Company		62,102		3,596,327
Nan Ya Plastics Corporation		1,478,570		2,779,323
NewMarket Corporation «		17,058		4,198,315
Nihon Nohyaku Company Limited		2,000		9,196
Nihon Parkerizing Company Limited		13,000		186,129
Nippon Carbon Company Limited		11,000		20,653
Nippon Chemical Industrial Company Limited		4,000		5,211
Nippon Kayaku Company Limited		35,000		361,198
Nippon Paint Company Limited		43,000		367,967
Nippon Shokubai Company Limited		32,000		356,804
Nippon Soda Company Limited		15,000		64,372
Nippon Synthetic Chemical Industry Company Limited		7,000		46,312
Nissan Chemical Industries Limited		33,000		366,269
Nitto Denko Corporation		28,400		1,311,271
NOF Corporation		39,000		185,299
Novozymes A/S B Shares		20,790		576,589
Nufarm Limited		39,767		240,349
Nuplex Industries Limited		14,767		34,998
OCI Materials Company Limited		682		27,800
Okamoto Industries Incorporated		14,000		57,219
Olin Corporation		154,800		3,317,364
OM Group Incorporated «†		64,100		1,182,004
Orica Limited		63,876		1,597,042
Oriental Union Chemical Corporation		186,626		209,052
Petkim Petrokimya Holding SA		51,350		56,453
Petronas Chemicals Group Berhad		386,200		800,952
Potash Corporation of Saskatchewan		80,000		3,275,476
Praxair Incorporated		62,102		6,551,761
PTT Global Chemical PCL		185,323		369,641
Rockwood Holdings Incorporated		52,800		2,499,552
RPM International Incorporated		282,818		7,752,041
Sakai Chemical Industry Company Limited		33,000		92,726
Samsung Fine Chemicals Company		4,271		234,512


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			89


Security name	Shares		Value


Chemicals (continued)
Sanyo Chemical Industries Limited		8,000	$	44,754
Scotts Miracle-Gro Company «		74,692		3,110,922
Sensient Technologies Corporation		109,299		3,918,369
Sherwin-Williams Company «		68,800		9,843,904
Shikoku Chemicals Corporation		4,000		24,063
Shin-Etsu Chemical Company Limited		70,700		3,779,034
Shin-Etsu Polymer Company Limited		3,100		12,314
Showa Denko KK		267,000		450,144
Sidi Kerir Petrochemcials Company		9,866		21,550
Sigma-Aldrich Corporation «		81,644		5,799,173
Sika AG		186		359,453
Sinochem Hong Kong Holding Limited		212,000		40,727
SK Chemicals Company Limited		3,812		204,606
SKC Company Limited		2,740		108,067
Solvay SA		6,042		677,963
ST Corporation		700		8,181
Stella Chemifa Corporation		600		10,966
Sumida Electric		3,100		85,206
Sumitomo Bakelite Company Limited		25,000		99,623
Sumitomo Chemical Company Limited		269,000		700,888
Symrise AG		9,598		324,928
Syngenta AG		9,394		3,167,412
Synthos SA		150,781		248,398
Taiwan Fertilizer Company Limited		147,000		362,702
Taiyo Nippon Sanso Corporation		48,000		239,096
Takasago International Corporation		13,000		63,095
Tata Chemicals Limited		33,523		183,751
Teijin Limited		177,000		388,837
Tenma Corporation		1,000		10,984
Tessenderlo Chemie NV		948		27,234
Tessenderlo Chemie VVPR Strips †		124		19
The Israel Corporation Limited		200		114,736
Tikkurila Oyj		1,325		22,832
Toagosei Company Limited		34,000		125,500
Tokai Carbon Company Limited		31,000		97,401
Tokuyama Corporation		47,000		99,048
Tokyo Ohka Kokyo		6,500		145,533
Toray Industries Incorporated		286,000		1,746,063
Tosoh Corporation		116,000		244,460
Toyo Ink Manufacturing Company Limited		33,000		118,858
TSRC Corporation		170,830		359,330
UBE Industries Limited Japan		177,000		386,576
Umicore SA «		12,219		579,721
United Phosphorus Limited		60,189		129,413
Uralkali Sponsored GDR		71,400		2,727,994
USI Corporation		140,300		117,576
Victrex plc		9,279		197,726
Wacker Chemie AG		1,172		75,329
WR Grace & Company †		47,135		2,722,518
Yara International ASA		16,864		825,253


90		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Chemicals (continued)
Yushiro Chemical Industry Company Limited		600	$	5,809
Zaklady Azotowe Pulawy SA		351		12,264
Zeon Corporation		41,000		330,430

				197,756,344


Construction Materials: 0.39%
Adelaide Brighton Limited		79,668		240,342
Ambuja Cements Limited		182,447		607,774
Anhui Conch Cement Company Limited		242,000		604,068
Asia Cement Corporation		523,894		601,715
Associated Cement Companies Limited		22,316		524,953
BBMG Corporation		183,000		111,367
Boral Limited		144,213		514,028
Brickworks Limited		11,048		114,827
Buzzi Unicem SpA		3,462		35,859
Cemex SAB de CV †		2,198,417		1,643,343
China Resources Cement Holdings Limited		334,000		147,278
China Shanshui Cement Group Limited		360,000		187,985
Ciments Francais SA		116		6,712
CRH plc		69,670		1,229,024
Eagle Materials Incorporated		81,500		3,475,975
Fletcher Building Limited-Australia Exchange		8,168		43,544
Fletcher Building Limited-New Zeland Exchange		112,429		600,664
Goldsun Development & Construction Company Limited		424,675		150,297
Heidelbergcement AG		12,244		618,638
Holcim Limited		24,209		1,484,694
Imerys SA		2,256		111,489
India Cements Limited		26,354		39,655
Indocement Tunggal Prakarsa TBK PT		381,500		810,212
Italcementi SpA		3,427		16,794
Italcementi SpA RSP		2,435		5,819
Italmobiliare SpA †		261		2,779
James Hardie Industries NV		86,571		749,514
Lafarge Malayan Cement Berhad		55,470		152,678
Lafarge SA		16,047		765,273
Martin Marietta Materials Incorporated «		34,689		2,649,546
Nuh Cimento Sanayi AS		7,805		44,834
Pretoria Portland Cement Company Limited		145,890		461,820
RHI AG		386		9,419
SA Des Ciments Vicat		887		43,611
Semen Gresik Persero TBK PT		663,500		862,863
Shree Cement Limited		2,671		162,541
Siam Cement PCL		23,700		251,106
Siam Cement PCL - Foreign Registration		31,300		366,590
Siam City Cement PCL		10,000		109,143
Suez Cement Company		4,510		15,881
Sumitomo Osaka Cement Company Limited		74,000		240,066
Taiheiyo Cement Corporation		221,000		477,029
Taiwan Cement Corporation		779,746		847,409


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			91


Security name	Shares		Value


Construction Materials (continued)
TCC International Holdings Limited		121,000	$	28,082
Texas Industries Incorporated «†		42,512		1,656,268
Titan Cement Company SA †		2,650		44,165
Ultra Tech Cement Limited		18,092		550,940
Vulcan Materials Company «		91,500		3,561,180

				27,979,793


Containers & Packaging: 0.43%
Amcor Limited		208,645		1,623,178
AMVIG Holdings Limited		144,000		44,559
AptarGroup Incorporated		115,682		5,859,293
Ball Corporation		104,500		4,406,765
Bemis Company Incorporated		68,114		2,061,130
Cascades Incorporated		2,512		12,742
CCL Industries Incorporated		1,924		70,597
Crown Holdings Incorporated †		115,193		4,175,746
DS Smith plc		99,241		254,492
FP Corporation		3,300		244,882
Fuji Seal International Incorporated		2,400		46,654
Greif Incorporated Class A «		44,280		1,970,460
Huhtamaki Oyj		10,786		154,795
Mayr-Melnhof Karton AG		610		56,470
Nihon Yamamura Glass Company Limited		9,000		20,691
Owens-Illinois Incorporated †		109,811		1,919,496
Packaging Corporation of America		68,201		2,183,796
Qualipak International Holdings Limited †		7,681		634
Rengo Company Limited		50,000		236,286
Rexam plc		75,730		509,611
Sealed Air Corporation		129,100		1,842,257
Silgan Holdings Incorporated		31,100		1,304,023
Smurfit Kappa Group plc - Ireland Exchange		6,101		49,734
Smurfit Kappa Group plc - London Exchange		4,061		33,559
Sonoco Products Company		66,739		2,041,546
Toyo Seikan Kaisha Limited		32,700		352,080

				31,475,476


Metals & Mining: 2.68%
Aber Diamond Corporation †		10,250		128,937
Acerinox SA		7,510		80,424
African Minerals Limited †(a)		11,252		44,445
African Rainbow Minerals Limited		22,497		393,557
Agnico Eagle Mines Limited		14,822		715,877
Aichi Steel Corporation		18,000		70,579
AK Steel Holding Corporation «		217,700		1,136,394
Alacer Gold Corporation †		17,005		102,125
Alamos Gold Incorporated		9,312		175,046
Alkane Resources Limited †		26,657		27,265
Allegheny Technologies Incorporated		81,339		2,410,888
Allied Nevada Gold Corporation «†		153,500		5,001,030


92		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Metals & Mining (continued)
Alumina Limited		369,445	$	282,452
Aluminum Corporation of China Limited †«		584,000		223,632
Aneka Tambang TBK PT		392,674		51,066
Anglo American plc		129,150		3,588,742
Anglo Platinum Limited «		11,072		552,006
Anglogold Ashanti Limited		81,922		2,562,951
Antofagasta plc		33,519		589,181
APERAM		2,997		39,110
Aquarius Platinum Limited		50,501		29,218
ArcelorMittal		97,284		1,450,623
Arrium Limited Npv		195,020		129,958
Assore Limited «		7,325		266,744
Atlas Iron Limited		154,694		215,760
AuRico Gold Incorporated NPV †		30,195		209,826
Aurizon Mines Limited †		6,389		25,990
Ausdrill Limited		35,375		102,333
Barrick Gold Corporation «		93,600		3,609,167
Beadell Resources Limited †		66,580		53,654
BHP Billiton Limited		570,695		18,743,808
BHP Billiton plc		197,925		5,770,097
Bhushan Steel Limited		8,325		69,152
BlueScope Steel Limited †		682,088		236,074
Boliden AB		25,134		369,294
Borneo Lumbung Energi & Metal TBK PT †		3,508,500		187,660
Bradespar SA		4,300		58,487
CAP SA		21,572		726,747
Carpenter Technology Corporation		84,200		3,979,292
Centamin plc †		66,898		84,448
Centerra Gold Incorporated		13,776		104,814
CGA Mining Limited †		44,347		94,383
China Daye Non-Ferrous Metal Mining Limited †		660,000		27,231
China Metal Recycling Holdings Limited		68,664		54,801
China Mining Resources Group Limited †(a)		156,000		0
China Rare Earth Holdings Limited		278,043		59,868
China Steel Corporation		2,407,999		2,062,207
China Zhongwang Holdings Limited †		294,000		119,026
Chubu Steel Plate Company Limited		2,600		9,630
Chung Hung Steel Corporation †		110,954		27,265
Cia de Minas Buenaventura SA		21,516		733,266
Cia Minera Milpo SA		72,475		99,908
Cia Siderurgica Nacional SA		168,978		832,445
Cia Vale do Rio Doce		276,946		4,608,718
Cliffs Natural Resources Incorporated «		96,016		3,441,213
Coal of Africa Limited †		38,864		11,243
Coeur D’alene Mines Corporation †		196,794		4,524,294
Commercial Metals Company		245,734		3,130,651
Compania de Minas Buenaventura SA ADR		5,559		192,675
Compass Minerals International Incorporated «		60,109		4,317,028
Cudeco Limited †«		66,892		287,495
Daido Steel Company Limited		69,000		354,276


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			93


Security name	Shares		Value


Metals & Mining (continued)
Delong Holdings Limited †		7,000	$	1,825
Detour Gold Corporation †		15,148		381,101
Dongkuk Steel Mill Company Limited		4,963		68,893
Dowa Mining Company Limited		56,000		367,635
Eastern Platinum Limited †		32,617		5,956
El Ezz Aldekhela Steel Alexandria		164		14,527
El Ezz Steel Company		15,612		24,840
Eldorado Gold Corporation		67,207		892,457
Energy Fuels Incorporated †		56,699		11,504
Eramet		461		51,026
Eregli Demir Ve Celik Fabrikalari Tas		351,583		392,323
Eurasian Natural Resources Corporation		36,367		174,333
Evraz plc		86,850		310,286
Exxaro Resources Limited		26,732		476,010
Feng Hsin Iron & Steel Company		115,690		178,840
First Quantum Minerals Limited		43,520		838,392
Fortescue Metals Group Limited «		294,544		1,077,250
Fosun International		168,000		79,278
Franco-Nevada Corporation		13,507		700,733
Freeport-McMoRan Copper & Gold Incorporated		115,800		4,181,538
Fresnillo plc		15,690		388,898
Fushan International Energy Group Limited		438,000		115,204
Gabriel Resources Limited †		32,774		76,802
Gerdau SA		32,565		237,431
Gindalbie Metals Limited †		94,123		32,090
Glencore International plc «		117,456		718,128
Godo Steel Limited		7,000		11,444
Gold Fields Limited		153,032		1,839,917
Goldcorp Incorporated		79,980		3,283,582
Golden Star Resources Limited †		13,559		19,945
Grupo Mexico SAB de CV		749,556		2,236,100
Harmony Gold Mining Company Limited		76,921		624,668
Hecla Mining Company «		606,477		3,281,041
Hidili Industry International Development Limited		88,000		18,835
Hindalco Industries Limited		238,424		445,130
Hindalco Industries Limited GDR 144A		47,917		89,461
Hindustan Zinc Limited		43,032		95,425
Hitachi Metals Limited		29,000		300,390
Hudbay Minerals Incorporated		14,987		128,167
Hyundai Hysco		8,120		340,652
Hyundai Steel Company		11,338		835,392
Iamgold Corporation		35,249		460,928
Iluka Resources Limited		68,045		646,766
Impala Platinum Holdings Limited		130,080		2,058,865
Independence Group NL		26,428		95,564
Indophil Resources NL †		152,574		53,595
Industrias Penoles SAB de CV		19,338		791,297
Inmet Mining Corporation		3,952		176,442
International Nickel Indonesia TBK PT		380,928		91,886
Intrepid Mines Limited †		100,257		28,485


94		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Metals & Mining (continued)
JFE Holdings Incorporated		101,600	$	1,282,084
Jiangxi Copper Company Limited		275,000		597,090
Jindal Steel & Power Limited		77,705		491,934
JSC MMC Norilsk Nickel ADR		242,772		3,554,182
JSW Steel Limited		25,023		312,062
Kaiser Aluminum Corporation «		28,900		1,614,065
Kazakhmys plc		16,983		159,911
KGHM Polska Miedz SA «		26,457		1,036,950
Kingsgate Consolidated Limited		17,978		79,497
Kinross Gold Corporation		113,307		1,006,918
Kobe Steel Limited		527,000		403,857
Korea Zinc Company Limited		2,545		917,400
Koza Altin Isletmeleri AS		13,742		270,429
Kumba Iron Ore Limited «		14,015		800,571
Kyoei Steel Limited		2,500		46,172
Labrador Iron Ore Royalty Corporation		9,309		273,486
Lake Shore Gold Corporation †«		38,384		38,939
Lonmin plc «		21,184		192,740
Lundin Mining Corporation †		32,955		149,438
Lynas Corporation Limited †«		320,009		211,595
Major Drilling Group International		4,509		42,723
Maruichi Steel Tube Limited		12,400		238,038
Mechel - Sponsored ADR		11,200		64,176
Medusa Mining Limited		21,450		110,140
Mercator Minerals Limited †		33,385		14,732
Midas Holdings Limited		65,000		18,251
Mincor Resources NL		16,028		9,604
Minera Frisco SAB de CV †		130,377		498,647
Mineral Deposit Limited †		6,406		33,092
Minmetals Resources Limited †		288,000		107,314
Mirabela Nickel Limited †		50,990		14,750
Mitsubishi Materials Corporation		234,000		654,525
Mitsubishi Steel Manufacturing Company Limited		10,000		19,541
Mitsui Mining & Smelting Company Limited		112,000		224,587
Mitsui Mining Company Limited		5,500		6,673
Mittal Steel South Africa Limited		48,291		233,323
Molycorp Incorporated «†		41,300		475,363
Mongolian Mining Corporation †		163,500		75,679
Mount Gibson Iron Limited		107,942		81,410
Murchison Metals Limited		36,942		1,489
Mytilineos Holdings SA †		1,209		3,452
Nakayama Steel Works Limited †		14,000		6,437
Nakornthai Strip Mill plc †		5,418,300		24,208
National Aluminium Company Limited		36,556		32,728
Neturen Company Limited		900		5,690
Nevsun Resources Limited		18,400		73,917
New Gold Incorporated †		45,386		502,780
Newcrest Mining Limited		137,688		3,506,519
Newmont Mining Corporation		102,964		5,218,216
Newmont Mining Corporation - Canada Exchange		4,136		218,181


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			95


Security name	Shares		Value


Metals & Mining (continued)
Nippon Denko Company Limited		10,000	$	27,205
Nippon Light Metal Company Limited		79,000		78,702
Nippon Metal Industry Company Limited †		19,000		9,950
Nippon Steel Corporation		1,088,000		2,098,320
Nippon Yakin Kogyo Company Limited †		12,500		11,335
Nisshin Steel Company Limited		107,000		101,130
Nittetsu Mining Company Limited		3,000		11,342
NMDC Limited		71,719		245,102
Norddeutsche Affinerie AG		3,804		206,028
Norsk Hydro ASA		97,893		419,420
Northam Platinum Limited		51,691		166,090
Northern Dynasty Minerals †		2,200		6,294
NovaCopper Incorporated †		2,136		5,352
NovaGold Resources Incorporated		12,820		59,825
Novolipet Steel GDR Register Shares		5,068		91,629
Nucor Corporation «		34,500		1,298,925
Nyrstar		7,466		35,967
Nyrstar VVPR Strip †		3,073		8
Om Holdings Limited †		28,126		10,170
Osisko Mining Corporation †		30,759		298,619
Outokumpu Oyj †		41,744		37,331
OZ Minerals Limited		56,980		367,342
Pacific Metals Company Limited		21,000		67,322
Pan American Silver Corporation		16,145		283,510
Pan Australian Resources Limited †		77,441		212,022
Perseus Mining Limited †		78,037		197,529
Petropavlovsk plc		8,669		47,889
Philex Mining Corporation		467,724		209,878
Pilot Gold Incorporated †		4,936		5,258
Polymetal International plc		38,178		586,811
POSCO		14,239		4,630,773
Randgold Resources Limited		8,613		864,333
Rautaruukki Oyj		4,052		25,967
Real Gold Mining Limited (a)(i)		41,000		7,401
Regis Resources Limited †		88,984		435,766
Reliance Steel & Aluminum Company		49,400		2,540,642
Resolute Mining Limited †		139,174		212,087
Rio Tinto Limited		76,512		3,892,341
Rio Tinto plc		124,481		5,406,915
Royal Gold Incorporated		46,185		4,065,204
RTI International Metals Incorporated «†		58,732		1,273,897
Sally Malay Mining Limited		21,272		11,758
Salzgitter AG		2,771		101,982
Sandfire Resources NL †		24,651		183,371
Sanyo Special Steel Company Limited		18,000		59,774
Schnitzer Steel Industries Incorporated «		48,509		1,339,819
Seabridge Gold Incorporated †		2,100		35,215
Semafo Incorporated		21,405		80,778
Sesa Goa Limited		67,555		208,221
Severstal GDR Register Shares		12,900		146,286


96		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Metals & Mining (continued)
Sherritt International Corporation		27,940	$	124,430
Shree Precoated Steels Limited †		3,781		180
Silver Standard Resources Incorporated †		5,023		74,600
Silver Wheaton Corporation		32,641		1,128,486
Silvercorp Metals Incorporated		13,691		80,556
Sims Group Limited		28,188		265,596
Sociedad Minera Cerro Verde SA †		3,244		120,028
Sociedad Minera El Brocal SA		3,920		57,866
Southern Copper Corporation «		19,708		641,298
SSAB Svenskt Stal AB Class A		20,546		155,285
SSAB Svenskt Stal AB Class B		4,150		27,041
St Barbara Limited †		67,401		103,060
Steel Authority of India Limited		105,948		148,946
Steel Dynamics Incorporated		145,300		1,775,566
Sterlite Industries India Limited		169,323		292,681
Stillwater Mining Company «†		258,000		2,716,740
Straits Resources Limited †		76,749		10,308
Sumitomo Light Metal Industries Limited		128,000		112,804
Sumitomo Metal Industries Limited		661,000		937,110
Sumitomo Metal Mining Company Limited		94,000		970,075
Sumitomo Titanium Corporation «		3,700		85,016
Sundance Resources Limited Australia †		558,512		184,648
Talvivaara Mining Company plc †		21,825		44,746
Taseko Mines Limited †		8,732		26,220
Tata Steel Limited		48,920		317,837
Teck Cominco Incorporated Limited		49,708		1,373,620
Teranga Gold Corporation †		13,496		27,329
Thompson Creek Metals Company Incorporated †		6,878		19,397
Thyssenkrupp AG		36,326		723,743
Titanium Metals Corporation «		53,200		651,168
Toho Titanium Company Limited «		4,800		47,145
Toho Zinc Company Limited		18,000		60,923
Tokyo Rope Manufacturing Company Limited		29,000		37,410
Tokyo Steel Manufacturing Company Limited		16,100		52,436
Ton Yi Industrial Corporation		243,350		136,905
Topy Industries Limited		18,000		43,911
Trans Hex Group Limited †		3,465		1,291
Tung Ho Steel Enterprise Corporation		217,962		200,853
Turquoise Hill Resources Limited †		28,864		231,908
Tycoons Worldwide Groups Thailand PCL †		54,500		10,957
United Company Rusal plc †		365,000		197,655
United States Steel Corporation «		114,007		2,217,436
Usinas Siderurgicas de Minas Gerais SA		68,888		321,719
Vedanta Resources plc		6,812		93,833
Viohalco SA †		1,430		3,741
Voestalpine AG		9,874		282,730
Volcan Cia Minera S.A.A.		352,227		374,954
Western Areas NL «		21,053		86,569
Worthington Industries «		117,819		2,462,417
Xingda International Holdings Limited		186,000		55,637


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			97


Security name	Shares		Value


Metals & Mining (continued)
Xstrata plc		193,923	$	2,932,022
Yamana Gold Incorporated		67,881		1,161,018
Yamato Kogyo Company Limited		10,800		323,055
Yieh Phui Enterprise		455,616		140,407
Yodogawa Steel Works Limited		16,000		55,176
Young Poong Corporation		239		195,476
Zhidao International Holding †		102,000		2,301
Zijin Mining Group Company Limited Class H «		1,339,000		419,519
ZPH Stalprodukt SA		474		25,028

				193,382,905


Paper & Forest Products: 0.32%
Ahlstrom Oyj		1,791		29,285
Canfor Corporation †		5,308		70,271
China Grand Forestry Green Resources Group Limited †		181,900		11,257
Chuetsu Pulp & Paper Company Limited		4,000		6,846
Compania Manufacturera De Papeles y Cartones SA		259,881		954,526
Daiken Corporation		5,000		12,517
Daio Paper Corporation		17,000		104,004
Domtar Corporation «		25,700		1,861,708
Fibria Celulose SA †		43,215		336,157
Gunns Limited †(a)		59,667		0
Hokuetsu Paper Mills Limited		23,500		110,454
Holmen AB Class B		6,246		161,286
International Paper Company		49,100		1,696,896
Lee & Man Paper Manufacturing Limited		168,000		68,881
Louisiana-Pacific Corporation «†		301,795		4,050,089
MeadWestvaco Corporation		116,000		3,336,160
Mitsubishi Paper Mills Limited †		15,000		12,644
Mondi plc		46,633		410,587
Nine Dragons Paper Holdings Limited		352,000		158,392
Nippon Paper Group Incorporated «		17,300		204,387
OJI Paper Company Limited		174,000		544,479
Paperlinx Limited †		60,182		4,166
Rayonier Incorporated		83,969		4,113,641
Resolute Forest Products Incorporated «†		155,203		1,950,902
Sappi Limited †		97,580		272,894
Shihlin Paper Corporation †		26,000		39,932
Sino-Forest Corporation †(a)«		14,102		0
Stora Enso Oyj «		69,844		421,679
Svenska Cellulosa AB Class A		7,500		134,887
Svenska Cellulosa AB Class B		56,712		1,013,968
Tokushu Tokai Holdings Company Limited		7,000		18,149
UPM-Kymmene Oyj		55,974		619,908
West Fraser Timber Company Limited		2,275		128,295
Yuen Foong Yu Paper Manufacturing Company Limited		433,565		169,367

				23,028,614


98		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Telecommunication Services: 2.87%

Diversified Telecommunication Services: 1.59%
AT&T Incorporated		734,498	$	26,912,007
BCE Incorporated «		24,500		1,089,110
Belgacom SA		15,466		458,316
Bell Aliant Incorporated «		11,577		308,759
Bezeq Israeli Telecommunication Corporation Limited		139,782		158,778
BT Group plc		718,466		2,482,418
Cable & Wireless Communication plc		158,839		85,626
CenturyTel Incorporated		76,171		3,218,986
China Telecom Corporation Limited		3,270,000		1,796,066
China Unicom Limited		999,688		1,582,807
Chorus Limited †		54,612		147,860
Chunghwa Telecom Company Limited		783,602		2,367,733
Cincinnati Bell Incorporated «†		403,258		1,891,280
Citic 1616 Holdings Limited		350		67
Colt Telecom Group SA †		59,571		110,954
Comtech Telecommunications Corporation «		39,710		1,116,645
Deutsche Telekom AG		296,234		3,534,140
Elisa Oyj		17,138		362,359
France Telecom SA		171,450		2,371,070
France Telecom SA ADR «		11,264		156,570
Frontier Communications Corporation «		664,141		3,068,331
Hellenic Telecommunications Organization SA †		12,060		39,136
HKT Trust And HKT Limited		360,478		308,611
Hutchison Telecommunications Hong Kong Holdings Limited		196,000		96,030
Inmarsat plc		58,088		528,046
KT Corporation		25,561		774,968
Level 3 Communications Incorporated †		130,050		2,802,578
LG Telecom Limited		51,939		347,900
Magyar Telekom plc		48,339		91,605
Mahanagar Telephone Nigam Limited †		8,074		5,385
Manitoba Telecom Services Incorporated		5,945		205,293
Netia SA †		62,583		113,485
Nippon Telegraph & Telephone Corporation		75,400		3,481,333
Oi SA NPV		37,907		170,870
PCCW Limited		793,000		304,687
Portugal Telecom SGPS SA		69,503		339,193
Rostelecom - Sponsored ADR «†		15,100		346,017
Royal KPN NV		146,658		1,258,061
Shin Satellite PCL †		188,600		112,552
Singapore Telecommunications Limited		1,269,100		3,451,463
SK Broadband Company Limited †		33,822		94,494
Swisscom AG		2,473		993,137
TalkTalk Telecom Group plc		57,843		178,181
Tata Communications Limited		3,567		14,727
TDC AS		36,235		241,296
Tele2 AB		29,579		520,364
Telecom Argentina SA ADR «		2,951		32,933
Telecom Corporation of New Zealand Limited		337,806		667,628


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			99


Security name	Shares		Value


Diversified Telecommunication Services (continued)
Telecom Egypt Company		36,313	$	83,899
Telecom Italia SpA		1,023,020		952,198
Telecom Italia SpA RSP		592,709		469,298
Telecom Malaysia Berhad		348,900		678,928
Telefonica Brasil SA		16,377		317,875
Telefonica O2 Czech Republic AS		10,454		221,588
Telefonica SA		372,958		4,709,830
Telekom Austria AG		23,473		187,361
Telekomunikacja Polska SA		132,850		665,392
Telekomunikasi Indonesia TBK PT		1,931,000		1,883,409
Telenet Group Holding NV		5,930		230,438
Telenor ASA		70,077		1,280,536
Teliasonera AB		190,059		1,313,612
Telkom South Africa Limited †		87,400		199,804
Telstra Corporation Limited		764,679		3,041,607
TELUS Corporation «		4,943		311,247
TELUS Corporation (Non-Voting)		14,200		874,976
True Corporation PCL †		489,562		67,493
TT&T PCL †(a)		270,800		0
Turk Telekomunikasyon AS		117,421		464,727
TW Telecom Incorporated «†		284,671		7,159,476
Verizon Communications Incorporated		351,224		15,081,559
Windstream Corporation «		389,635		3,845,697
Xl Axiata TBK PT		408,500		308,464

				115,089,269


Wireless Telecommunication Services: 1.28%
Advanced Information Service PCL		202,100		1,373,777
America Movil SAB de CV Class A		22,794		27,984
America Movil SAB de CV Class L		7,616,836		9,749,052
Bharti Airtel Limited		289,540		1,289,852
Cellcom Israel Limited		6,225		43,651
China Mobile Limited		1,093,500		11,673,850
China Wireless Technologies Limited		296,000		52,667
Comba Telecom Systems Holdings Limited		120,212		30,999
Crown Castle International Corporation †		54,866		3,481,796
Digi.com Berhad		542,000		834,380
Empresa Nacional de Telecomunicaciones SA		18,536		357,003
Far Eastone Telecommunications Company Limited		322,722		795,195
Freenet AG		6,810		104,415
Globe Telecom Incorporated		8,330		226,687
Idea Cellular Limited †		166,212		223,060
Indonesian Satellite Corporation TBK PT		138,500		74,080
KDDI Corporation		459		3,282,968
Maxis Berhad		514,200		1,158,575
Millicom International Cellular SA		6,159		530,130
Mobile Telesystems ADR		168,082		3,094,390
Mobilone Limited		94,400		193,874
Mobistar SA		1,938		61,343


100		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Wireless Telecommunication Services (continued)
MTN Group Limited «		292,089	$	5,457,333
NTT DoCoMo Incorporated		2,670		4,542,359
NTT DoCoMo Incorporated ADR «		22,450		382,099
Okinawa Cellular Telephone Company		6		13,518
Orascom Telecom Holding SAE		313,006		186,693
Orascom Telecom Media and Technology Holding SAE		313,006		29,235
Partner Communications Company Limited		5,768		23,707
Philippine Long Distance Telephone Company		18,540		1,207,358
Reliance Communications Limited		99,697		86,389
Reliance Communications Limited GDR 144A		32,828		28,445
Rogers Communications Incorporated «		39,400		1,589,590
SBA Communications Corporation †		95,613		5,715,745
Sistema JSFC Register Shares—Sponsored GDR		9,273		182,771
SK Telecom Company Limited		7,277		933,175
SmarTone Telecommunications Holding Limited		48,829		104,131
Sprint Nextel Corporation †		2,024,031		9,816,550
StarHub Limited		109,000		315,676
Taiwan Mobile Company Limited		370,202		1,371,988
Tata Teleservices Maharashtra Limited †		26,818		5,135
Telephone and Data Systems Incorporated		220,924		5,417,056
Tim Participacoes SA		177,415		705,325
TM International SDN Berhad		655,750		1,257,143
Total Access Group Incorporated		81,100		230,993
Turkcell Iletisim Hizmetleri AS †		143,514		851,996
United States Cellular Corporation †		9,019		342,271
Vodafone Group plc		4,524,924		13,040,603

				92,497,012


Utilities: 4.31%

Electric Utilities: 1.83%
Acciona SA		2,541		118,830
AES Corporation †		132,700		1,511,453
Allete Incorporated		70,832		2,943,778
American Electric Power Company Incorporated		58,598		2,519,128
Atel Holding AG		575		83,115
Centrais Electricas Brasileiras SA		79,100		507,356
CESC Limited		11,882		65,471
CEZ AS		34,367		1,349,127
Cheung Kong Infrastructure Holdings Limited		59,000		356,771
Chubu Electric Power Company Incorporated		133,400		1,584,546
Cia Energetica de Minas Gerais		20,070		296,517
Cia General de Electricidad SA		82,344		390,914
Cleco Corporation «		132,326		5,416,103
CLP Holdings Limited		351,000		2,925,773
Contact Energy Limited		62,292		244,222
CPFL Energia SA		29,500		312,454
Duke Energy Corporation		88,599		5,739,443
E.ON AG		187,516		4,312,656
Edison International		62,668		2,744,232


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			101


Security name	Shares		Value


Electric Utilities (continued)
Electricite de France		23,601	$	480,606
Emera Incorporated		11,122		388,353
Empresa Electrica Pehuenche SA		6,772		43,993
Endesa SA		5,358		92,530
Enea SA		23,564		117,169
Enel SpA		603,298		1,988,130
Energias de Portugal SA		245,535		598,520
Enersis SA (Chile)		2,494,932		823,384
Entergy Corporation		20,739		1,411,911
EVN AG		581		7,819
Exelon Corporation		104,171		3,799,116
Federal Hydrogenerating Company ADR		309,300		781,787
FirstEnergy Corporation		51,246		2,239,450
Fortis Incorporated (Canada) «		16,574		546,274
Fortum Oyj		40,768		753,274
Great Plains Energy Incorporated		91,046		1,941,101
Hawaiian Electric Industries Incorporated «		207,484		5,504,551
Hokkaido Electric Power Company Incorporated		29,200		224,515
Hokuriku Electric Power Company		36,400		420,277
Hong Kong Electric Holdings Limited		245,105		1,986,198
Iberdrola SA		387,498		1,537,244
IDACORP Incorporated «		108,463		4,495,791
Infratil Limited		84,567		141,997
ITC Holdings Corporation		39,212		2,822,480
Japan Wind Development Company Limited †«		12		16,415
Kansai Electric Power Company Incorporated		139,100		1,037,543
Korea Electric Power Corporation †		62,964		1,365,133
KSK Energy Ventures Limited †		40,370		43,509
Kyushu Electric Power Company Incorporated		77,000		583,192
Manila Electric Company		100,460		591,180
Nextera Energy Incorporated		52,111		3,507,591
Northeast Utilities		211,284		7,959,068
NV Energy Incorporated		155,579		2,728,856
Pepco Holdings Incorporated «		149,988		2,896,268
Pinnacle West Capital Corporation		74,904		3,847,818
PNM Resources Incorporated		152,337		3,133,572
Polska Grupa Energetyczna SA		111,120		626,628
Portland General Electric Company		164,053		4,403,183
Power Grid Corporation of India Limited		310,811		667,440
PPL Corporation		71,166		2,087,299
Public Power Corporation SA †		5,300		17,599
Red Electrica de Espana		10,670		461,941
Reliance Energy Limited		32,954		263,099
Romande Energie Holding SA		7		7,706
RWE AG		41,623		1,745,724
Scottish & Southern Energy plc		87,212		1,894,402
Shikoku Electric Power Company Incorporated		34,100		414,191
Southern Company		107,038		4,852,033
SP AusNet		241,284		262,993
Spark Infrastructure Group 144A		222,795		372,893


102		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Shares		Value


Electric Utilities (continued)
Tata Power Company Limited		337,069	$	602,937
Tauron Polska Energia SA		210,484		309,918
Tenaga Nasional Berhad		481,537		1,054,157
Terna SpA		126,682		440,099
The Chugoku Electric Power Company Incorporated		50,900		642,304
The Okinawa Electric Power Company Incorporated		2,600		84,215
Tohoku Electric Power Company Incorporated †		87,900		614,104
Tokyo Electric Power Company Incorporated †		285,900		478,356
Torrent Power Limited		57,027		152,038
Trustpower Limited		3,817		24,073
UIL Holdings Corporation «		108,300		3,809,994
UNS Energy Corporation		87,609		3,509,617
Vector Limited		28,886		62,659
Verbund Oesterreichische Elektrizitaetswirtschafts AG		8,531		172,811
Westar Energy Incorporated		275,913		8,034,587

				132,347,504


Gas Utilities: 0.78%
AGL Resources Incorporated		76,969		3,051,821
APA Group «		99,908		497,520
Atmos Energy Corporation		197,146		6,888,281
Aygaz AS		12,972		59,184
China Gas Holdings Limited		696,000		380,487
Enagas SA		21,486		399,025
Envestra Limited		104,511		95,558
Gail India Limited		96,516		616,054
Gas Natural SDG SA		29,603		365,123
Hong Kong & China Gas Company Limited		918,040		2,163,729
Korea Gas Corporation		3,903		196,074
Laclede Group Incorporated «		45,548		1,924,403
Northwest Natural Gas Company «		1,570		77,197
Oneok Incorporated		128,092		5,703,937
Osaka Gas Company Limited		337,000		1,472,048
Perusahaan Gas Negara PT		2,527,000		980,587
Petronas Gas Berhad		91,700		568,778
Piedmont Natural Gas Company Incorporated «		156,090		4,874,691
Questar Corporation		117,903		2,328,584
Rubis SCA		4,087		225,879
Saibu Gas Company Limited		50,000		138,578
Shizuoka Gas Company Limited		5,500		38,144
Snam Rete Gas SpA		129,580		545,024
South Jersey Industries Incorporated «		54,069		2,736,973
Southwest Gas Corporation		100,007		4,275,299
Toho Gas Company Limited		83,000		541,708
Tokyo Gas Company Limited		427,000		2,356,013
UGI Corporation		246,639		7,517,557
WGL Holdings Incorporated «		111,855		4,366,819
Xinao Gas Holdings Limited		120,000		473,443
Yingde Gases Group Company		206,000		159,627

				56,018,145


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			103


Security name	Shares		Value


Independent Power Producers & Energy Traders: 0.27%
Aboitiz Power Corporation		386,100	$	312,000
Adani Power Limited †		93,197		66,683
AES Gener SA		453,857		257,041
Babcock & Brown Wind Partners †		70,286		22,148
Calpine Corporation †		301,700		5,294,835
China Longyuan Power Group		323,000		209,477
China Resources Power Holdings Company		314,600		672,525
Colbun SA †		1,444,661		410,595
Drax Group plc		27,289		201,922
EDP Renovaveis SA †		9,632		35,255
Electric Power Development Company		24,700		590,251
Electricity Generating PCL		29,800		114,122
Empresa Nacional de Electricidad SA (Chile)		787,697		1,303,890
Energy World Corporation Limited †		112,693		59,379
Etrion Corporation †		2,567		857
Genon Energy Incorporated †		1,641,608		4,153,268
Glow Energy PCL		31,600		63,029
GVK Power & Infrastructure Limited †		127,035		25,464
JSW Energy Limited		47,611		39,244
Neyveli Lignite Corporation Limited		4,901		6,912
NHPC Limited		460,688		148,248
NRG Energy Incorporated «		160,504		3,425,155
NTPC Limited		273,560		826,459
PNOC Energy Development Corporation		2,466,850		350,606
Ratchaburi Electricity Generating Holding PCL ADR		20,700		30,553
Reliance Power Limited †		138,060		189,127
Sechilienne SA		469		6,518
Solartron PCL †		391,200		26,717
Tractebel Energia SA		31,629		526,033
Transalta Corporation «		20,500		309,658

				19,677,971


Multi-Utilities: 1.28%
ACEA SpA		1,765		9,790
AEM SpA		58,540		31,161
AGL Energy Limited		95,173		1,491,635
Alliant Energy Corporation		76,118		3,355,281
Ameren Corporation		165,706		5,421,900
ATCO Limited		4,129		320,016
Avista Corporation		123,320		3,132,328
Black Hills Corporation «		85,042		2,908,436
Canadian Utilities Limited Class A		4,999		344,745
Canadian Utilities Limited Class B		258		17,842
Centerpoint Energy Incorporated		272,710		5,560,557
Centrica plc		475,540		2,466,868
CMS Energy Corporation		174,221		4,019,278
Consolidated Edison Incorporated		35,715		2,165,043
Dominion Resources Incorporated		70,186		3,683,361
DTE Energy Company		114,474		6,685,282


104		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name						Shares		Value


Multi-Utilities (continued)
ENBW Energie Baden-Wuerttemberg AG							2,364	$	93,657
Enel Green Power SpA							152,321		250,407
Gaz de France							127,137		3,130,295
Hera SpA							15,096		22,254
Integrys Energy Group Incorporated «							54,732		2,954,981
Just Energy Group Incorporated «							8,403		93,087
MDU Resources Group Incorporated							115,603		2,491,245
National Grid plc							321,030		3,484,126
NiSource Incorporated «							193,783		4,716,678
NorthWestern Corporation							78,031		2,855,935
OGE Energy Corporation							67,098		3,626,647
PG&E Corporation							54,465		2,364,326
Public Service Enterprise Group Incorporated							62,502		1,978,813
Scana Corporation «							79,857		3,782,028
Sempra Energy							27,509		1,821,096
Suez Environment SA							28,095		314,861
TECO Energy Incorporated «							134,264		2,330,823
United Utilities Group plc							59,727		672,398
Vectren Corporation							175,737		4,957,541
Veolia Environment							39,778		421,076
Wisconsin Energy Corporation							155,626		5,907,563
Xcel Energy Incorporated							66,638		1,858,534
YTL Corporation Berhad							985,009		570,609
YTL Power International Berhad							409,303		227,936

									92,540,439


Water Utilities: 0.15%
Aguas Andinas SA Class A							534,016		350,251
American Water Works Company Incorporated							120,478		4,442,024
Aqua America Incorporated «							98,050		2,451,250
California Water Service Group							83,900		1,534,531
China Water Affairs Group Limited							100,000		24,884
Guangdong Investment Limited							480,000		354,618
Hyflux Limited «							81,500		88,921
Manila Water Company							64,900		41,724
Pennon Group plc							35,570		415,974
Puncak Niaga Holding Berhad †							13,700		5,919
Severn Trent plc							25,380		697,587
Sound Global Limited							168,000		77,466

									10,485,149


Total Common Stocks (Cost $6,353,480,085)									6,949,402,455


	Interest rate			Maturity date		Principal

Foreign Corporate Bonds and Notes @: 0.00%

Materials : 0.00%

Chemicals : 0.00%
Coromandel International Limited (INR)		9.00	%		7-23-16		389,610		6,757


Total Foreign Corporate Bonds and Notes (Cost $7,063)									6,757


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			105


Security name	Interest rate			Maturity date		Principal		Value


Foreign Government Bonds @: 0.00%
Italia Certificati di Credito del Tesoro ¤ (EUR)		0.00	%		12-31-12		8,000	$	10,027


Total Foreign Government Bonds (Cost $34,489)									10,027


						Shares

Investment Companies: 0.01%
BB Biotech AG REG							929		87,170
Duet Group							227,613		493,832

Total Investment Companies (Cost $421,726)									581,002


	Dividend yield

Preferred Stocks: 0.75%

Consumer Discretionary: 0.05%

Automobiles: 0.05%
Bayerische Motoren Werke AG		5.43					4,593		230,505
Porsche AG		1.75					14,496		749,379
Volkswagen AG		2.09					14,582		2,575,110

									3,554,994


Media: 0.00%
ProSiebenSat.1 Media AG		5.68					12,579		303,068


Consumer Staples : 0.11%

Beverages: 0.09%
Cia de Bebidas DAS Americas		2.35					172,794		6,541,809


Household Products: 0.02%
Henkel AG & Company KGaA		1.30					16,469		1,244,747


Energy: 0.12%

Oil, Gas & Consumable Fuels: 0.12%
Petroleo Brasileiro SA		3.19					885,258		9,049,265


Financials: 0.24%

Capital Markets: 0.00%
Hyundai Securities Company Limited		6.95					6,105		42,238


Commercial Banks: 0.24%
Banco Bradesco SA		3.24					414,328		6,735,713
Banco Itau Holding Financeira SA		3.36					484,100		7,559,964
Investimentos Itau SA		3.18					642,956		2,961,544
Shinkin Central Bank «		3.95					138		288,532
Swedbank AB		4.30					10,037		175,513

									17,721,266


106		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Dividend yield					Shares		Value


Insurance: 0.00%
Unipol Gruppo Finanziari SpA †		0.00	%				185	$	263


Materials: 0.17%

Chemicals: 0.03%
Braskem SA		3.93					30,900		194,847
Fuchs Petrolub AG		2.04					5,349		312,851
Sociedad Quimica y Minera de Chile SA Class B		1.78					21,681		1,339,855

									1,847,553


Metals & Mining: 0.14%
Bradespar SA		6.65					50,900		664,491
Companhia Vale do Rio Doce Class A		5.79					435,830		7,123,917
Gerdau SA		1.77					155,102		1,371,536
Metalurgica Gerdau SA		2.06					48,456		530,416
Usinas Siderurgicas de Minas Gerais SA Class A		0.81					111,602		448,079

									10,138,439


Telecommunication Services: 0.03%

Diversified Telecommunication Services: 0.03%
Oi SA		14.87					156,867		595,815
Telef Brasil Preference		8.24					60,143		1,303,656

									1,899,471


Utilities: 0.03%

Electric Utilities: 0.03%
Centrais Electricas Brasileiras SA B Shares		9.57					39,500		360,966
Cia Energetica de Minas Gerais		9.94					99,178		1,692,949
RWE AG		6.16					2,018		76,033

									2,129,948


Total Preferred Stocks (Cost $58,673,342)									54,473,061


				Expiration date

Rights: 0.00%

Consumer Discretionary: 0.00%

Internet & Catalog Retail: 0.00%
Liberty Ventures Series A†(a)					12-31-49		6,321		69,156


Financials: 0.00%

Commercial Banks: 0.00%
Krung Thai Bank PCL†(a)					10-11-12		86,725		11,071


Real Estate Management & Development: 0.00%
FKP Property Group†(a)					9-17-12		80,551		8,322


Industrials: 0.00%

Road & Rail: 0.00%
GrainCorp Limited †(a)					9-12-12		2,469		1,071


Portfolio of investments—August 31, 2012 (unaudited)		Wells Fargo Advantage Diversified Stock Portfolio			107


Security name	Expiration date		Shares		Value


Information Technology: 0.00%

Semiconductors & Semiconductor Equipment: 0.00%
Renewable Energy Corporation †(a)«		9-3-12		14,246	$	575


Materials: 0.00%

Metals & Mining: 0.00%
OM Holdings Limited†(a)		9-17-12		8,438		0


Total Rights (Cost $31,368)						90,195


Warrants: 0.00%

Consumer Discretionary: 0.00%

Distributors: 0.00%
Tat Hong Holdings Limited†(a)		8-2-13		700		0
Ubisoft Entertainment†		10-10-13		3,327		146

						146


Hotels, Restaurants & Leisure: 0.00%
Minor International PCL†		5-18-13		9,570		1,032


Media: 0.00%
Seat Pagine Gialle SpA†(a)		5-14-13		259		1


Consumer Staples: 0.00%

Food & Staples Retailing: 0.00%
Sinarmas Land Limited†		11-18-15		42,500		5,728


Food Products: 0.00%
Kulim Malaysia Berhad†		10-21-15		8,450		3,110


Energy: 0.00%

Oil, Gas & Consumable Fuels: 0.00%
Maurel et Prom SA†		6-30-14		3,641		1,200


Industrials: 0.00%

Construction & Engineering: 0.00%
Dialog Group Berhad†		11-30-13		29,919		5,123


Materials: 0.00%

Metals & Mining: 0.00%
Kinross Gold Corporation†		9-17-14		1,456		753


Total Warrants (Cost $16,964)						17,093

			Principal

Other: 0.02%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)			$	5,087,097		1,373,516

Total Other (Cost $577,889)						1,373,516


108		Wells Fargo Advantage Diversified Stock Portfolio		Portfolio of investments—August 31, 2012 (unaudited)


Security name	Yield			Shares		Value


Short-Term Investments: 14.76%

Investment Companies: 14.76%
Wells Fargo Advantage Cash Investment Fund, Select Class (l)(u)		0.16	%		169,049,881	$	169,049,881
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.19			897,043,281		897,043,281

Total Short-Term Investments (Cost $1,066,093,162)							1,066,093,162


Total investments in securities (Cost $7,479,336,088)*	111.75	%		8,072,047,268
Other assets and liabilities, net	(11.75	)		(848,491,067	)

Total net assets	100.00	%	$	7,223,556,201

†	Non-income-earning security

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

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

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

(l)	Investment in an affiliate

@	Foreign bond principal is denominated in local currency.

¤	Security issued in zero coupon form with no periodic interest payments.

(i)	Illiquid security

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

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

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

*	Cost for federal income tax purposes is $7,563,760,199 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,091,786,180
Gross unrealized depreciation		(583,499,111	)

Net unrealized appreciation	$	508,287,069

The following table shows percentage of long-term investments by geographical locations as of August 31, 2012:


United States	65.67	%
Japan	6.52	%
United Kingdom	3.48	%
Australia	2.52	%
Canada	2.00	%
South Korea	1.61	%
Switzerland	1.50	%
Taiwan	1.33	%
France	1.30	%
Brazil	1.25	%
Germany	1.19	%
Hong Kong	1.04	%
Other	10.59	%

	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 PURCHASES

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Governance Committee (the “Committee”) of the Board of Trustees of the registrant (the “Trust”) has adopted procedures by which a shareholder of any series of the Trust may submit properly a nominee recommendation for the Committee’s consideration.

The shareholder must submit any such recommendation (a “Shareholder Recommendation”) in writing to the Trust, to the attention of the Trust’s Secretary, at the address of the principal executive offices of the Trust.

The Shareholder Recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than forty-five (45) calendar days nor more than seventy-five (75) calendar days prior to the date of the Committee meeting at which the nominee would be considered.

The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the “candidate”); (B) the series (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an “interested person” of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an “interested person,” information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder’s name as it appears on the Trust’s books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the candidate to interview in person and furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve as a Trustee of the Trust.

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 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 required in this filing.

(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, 2012

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.


By:
		/s/ Karla M. Rabusch

		Karla M. Rabusch
		President

Date:		October 26, 2012

By:
		/s/ Nancy Wiser

		Nancy Wiser
		Treasurer

Date:		October 26, 2012