UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

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

Date of reporting period: August 31, 2014

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Dow Jones Target Date Funds^SM

Semi-Annual Report

August 31, 2014

n Wells Fargo Advantage Dow Jones Target Today Fund^SM

n Wells Fargo Advantage Dow Jones Target 2010 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2015 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2020 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2025 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2030 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2035 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2040 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2045 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2050 Fund^SM

n Wells Fargo Advantage Dow Jones Target 2055 Fund^SM

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	19
Portfolios of investments
Wells Fargo Advantage Dow Jones Target Today Fund	25
Wells Fargo Advantage Dow Jones Target 2010 Fund	25
Wells Fargo Advantage Dow Jones Target 2015 Fund	26
Wells Fargo Advantage Dow Jones Target 2020 Fund	26
Wells Fargo Advantage Dow Jones Target 2025 Fund	27
Wells Fargo Advantage Dow Jones Target 2030 Fund	27
Wells Fargo Advantage Dow Jones Target 2035 Fund	28
Wells Fargo Advantage Dow Jones Target 2040 Fund	28
Wells Fargo Advantage Dow Jones Target 2045 Fund	29
Wells Fargo Advantage Dow Jones Target 2050 Fund	29
Wells Fargo Advantage Dow Jones Target 2055 Fund	30
Financial statements
Statements of assets and liabilities	32
Statements of operations	34
Statements of changes in net assets	36
Financial highlights	54
Notes to financial statements	76

Master portfolios
Portfolio of investments
Wells Fargo Advantage Diversified Fixed Income Portfolio (Summary portfolio of investments)	82
Wells Fargo Advantage Diversified Stock Portfolio (Summary portfolio of investments)	91
Wells Fargo Advantage Short-Term Investment Portfolio	101
Financial statements
Statements of assets and liabilities	109
Statements of operations	110
Statements of changes in net assets	111
Financial highlights	114
Notes to financial statements	115
Other information	122
List of abbreviations	129

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).

The views expressed and any forward-looking statements are as of August 31, 2014, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Improving U.S. economic data contributed to a strong domestic stock market.

Emerging markets rallied on a combination of improved economic data in China and an investor-friendly election in India.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Dow Jones Target Date Funds for the six-month period that ended August 31, 2014. The three main asset classes underlying our target date funds had the following results: Equity performance was strong in the U.S. and in emerging markets, but European stock markets lagged; fixed-income results were solid because interest rates generally declined, which supported bond prices; and short-term investment returns remained low as a result of the ultra-low short-term interest-rate environment.

Major central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC)—the U.S. Federal Reserve’s monetary policymaking body—kept its key interest rate near zero. Beginning in January 2014, the FOMC began to reduce (or taper) its bond-buying program by $10 billion per month. Although some anticipated this action would lead to higher interest rates, instead interest rates followed a downward trend for the remainder of the period, despite short-term volatility. European markets continued to benefit from the European Central Bank’s (ECB’s) actions. In June 2014, the ECB announced a variety of measures aimed at encouraging lending, including cutting its key rate to a then-historic low of 0.15% and imposing a negative interest rate on bank deposits held at the central bank.

Returns by asset class were generally favorable.

Improving U.S. economic data contributed to a strong domestic stock market. The unemployment rate continued its slow improvement, declining from 6.7% in March 2014 to 6.1% in August 2014. Although investors received a negative surprise when gross domestic product (GDP) growth for the first quarter of 2014 declined by 2.1% on an annualized basis, several commentators suggested that harsh winter weather may have dampened economic activity. Economic growth did accelerate in the second quarter of 2014, with an annualized GDP growth rate of 4.2%. U.S. equities, as measured by the Russell 3000^® Index¹, gained 7.68% for the reporting period.

The European Union’s economic data continued to show sluggish growth, with GDP rising by 0.3% in the first quarter of 2014 compared with the previous quarter, and by 0.2% in the second quarter. (European growth rates are not annualized.) Partly as a result, European stocks lagged, contributing to a modest 1.24% gain for the MSCI EAFE Index (Net)², which measures developed international markets excluding the U.S. Emerging markets rallied on a combination of improved economic data in China and an investor-friendly election in India. The MSCI Emerging Markets Index (Net)³, which measures emerging markets equity performance, gained 14.52%.

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

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

3. The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market-capitalization-weighted index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index.

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

On the bond front, 10-year U.S. Treasury bond yields declined, ending the period at a yield of 2.35%. Lower interest rates aided bond prices, and the Barclays U.S. Aggregate Bond Index⁴ returned 2.74% during the period.

Our target date funds provided exposure to the broader market.

Our target date series is passively managed across nine equity and four fixed-income asset allocations. 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.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

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

Wells Fargo Advantage Dow Jones Target Date Funds¹

Investment objective

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

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

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 pages 17-18.

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

Target Today Fund

Average annual total returns² (%) as of August 31, 2014

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (STWRX)	3-1-1994		0.57		3.40		3.71		6.73		4.62		4.33		1.01		0.81
Class B (WFOKX)*	8-1-1998		0.97		3.50		3.79		5.97		3.84		3.79		1.76		1.56
Class C (WFODX)	12-1-1998		4.95		3.84		3.54		5.95		3.84		3.54		1.76		1.56
Class R (WFRRX)	6-28-2013		–		–		–		6.48		4.51		4.27		1.26		1.06
Class R4 (WOTRX)	11-30-2012		–		–		–		7.05		5.11		4.84		0.68		0.45
Class R6 (WOTDX)	6-30-2004		–		–		–		7.28		5.15		4.87		0.53		0.30
Administrator Class (WFLOX)	11-8-1999		–		–		–		6.91		4.79		4.57		0.85		0.65
Investor Class (WFBTX)	1-31-2007		–		–		–		6.64		4.70		4.50		1.07		0.86
Dow Jones Global Target Today Index5	–		–		–		–		7.59		5.62		5.31		–		–
Russell 3000® Index6	–		–		–		–		24.74		17.22		8.83		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		–		5.66		4.48		4.72		–		–

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

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

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

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

Please see footnotes on pages 17-18.

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

Target 2010 Fund

Average annual total returns⁸ (%) as of August 31, 2014

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (STNRX)	3-1-1994		1.53		4.22		4.00		7.70		5.47		4.61		1.01		0.83
Class B (SPTBX)*	3-1-1997		1.91		4.35		4.07		6.91		4.68		4.07		1.76		1.58
Class C (WFOCX)	12-1-1998		5.91		4.68		3.84		6.91		4.68		3.84		1.76		1.58
Class R (WFARX)	6-28-2013		–		–		–		7.48		5.34		4.55		1.26		1.08
Class R4 (WFORX)	11-30-2012		–		–		–		8.13		5.95		5.12		0.68		0.47
Class R6 (WFOAX)	6-30-2004		–		–		–		8.28		6.00		5.15		0.53		0.32
Administrator Class (WFLGX)	11-8-1999		–		–		–		7.92		5.64		4.86		0.85		0.67
Investor Class (WFCTX)	1-31-2007		–		–		–		7.66		5.54		4.79		1.07		0.88
Dow Jones Global Target 2010 Index5	–		–		–		–		8.63		6.49		5.84		–		–
Russell 3000® Index6	–		–		–		–		24.74		17.22		8.83		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		–		5.66		4.48		4.72		–		–

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

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

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

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

Please see footnotes on pages 17-18.

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

Target 2015 Fund

Average annual total returns⁹ (%) as of August 31, 2014

		Including sales charge						Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net4
Class A (WFACX)	11-30-2012		2.68		5.34		3.05		8.93		6.59		3.91			1.01		0.84
Class R (WFBRX)	6-28-2013		–		–		–		8.70		6.35		3.69			1.26		1.09
Class R4 (WFSRX)	11-30-2012		–		–		–		9.32		6.98		4.22			0.68		0.48
Class R6 (WFSCX)	6-29-2007		–		–		–		9.50		7.00		4.24			0.53		0.33
Administrator Class (WFFFX)	6-29-2007		–		–		–		9.10		6.66		3.94			0.85		0.68
Investor Class (WFQEX)	6-29-2007		–		–		–		8.93		6.55		3.87			1.07		0.89
Dow Jones Global Target 2015 Index5	–		–		–		–		9.92		7.52		4.74	*		–		–
Russell 3000® Index6	–		–		–		–		24.74		17.22		6.63	*		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		–		5.66		4.48		5.34	*		–		–

* Based on the inception date of the oldest class.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, Administrator Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 17-18.

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

Target 2020 Fund

Average annual total returns² (%) as of August 31, 2014

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (STTRX)	3-1-1994		4.67		6.56		4.90		11.04		7.82		5.53		0.98		0.86
Class B (STPBX)*	3-1-1997		5.24		6.70		4.98		10.24		7.00		4.98		1.73		1.61
Class C (WFLAX)	12-1-1998		9.19		7.03		4.74		10.19		7.03		4.74		1.73		1.61
Class R (WFURX)	6-28-2013		–		–		–		10.80		7.70		5.47		1.23		1.11
Class R4 (WFLRX)	11-30-2012		–		–		–		11.39		8.34		6.06		0.65		0.50
Class R6 (WFOBX)	6-30-2004		–		–		–		11.61		8.38		6.09		0.50		0.35
Administrator Class (WFLPX)	11-8-1999		–		–		–		11.22		8.00		5.78		0.82		0.70
Investor Class (WFDTX)	1-31-2007		–		–		–		10.98		7.91		5.72		1.04		0.91
Dow Jones Global Target 2020 Index5	–		–		–		–		11.99		8.85		7.03		–		–
Russell 3000® Index6	–		–		–		–		24.74		17.22		8.83		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		–		5.66		4.48		4.72		–		–

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

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

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

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

Please see footnotes on pages 17-18.

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

Target 2025 Fund

Average annual total returns¹⁰ (%) as of August 31, 2014

		Including sales charge						Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net4
Class A (WFAYX)	11-30-2012		6.76		8.09		3.26		13.22		9.37		4.12			0.98		0.86
Class R (WFHRX)	6-28-2013		–		–		–		12.90		9.11		3.90			1.23		1.11
Class R4 (WFGRX)	11-30-2012		–		–		–		13.65		9.77		4.44			0.65		0.50
Class R6 (WFTYX)	6-29-2007		–		–		–		13.71		9.80		4.46			0.50		0.35
Administrator Class (WFTRX)	6-29-2007		–		–		–		13.29		9.43		4.16			0.82		0.70
Investor Class (WFGYX)	6-29-2007		–		–		–		13.14		9.33		4.09			1.04		0.91
Dow Jones Global Target 2025 Index5	–		–		–		–		14.12		10.28		4.86	*		–		–
Russell 3000® Index6	–		–		–		–		24.74		17.22		6.63	*		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		–		5.66		4.48		5.34	*		–		–

* Based on the inception date of the oldest class.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, Administrator Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 17-18.

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

Target 2030 Fund

Average annual total returns²(%) as of August 31, 2014

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (STHRX)	3-1-1994		8.52		9.24		5.81		15.17		10.55		6.44		0.98		0.87
Class B (SGPBX)*	3-1-1997		9.34		9.44		5.88		14.34		9.72		5.88		1.73		1.62
Class C (WFDMX)	12-1-1998		13.32		9.72		5.65		14.32		9.72		5.65		1.73		1.62
Class R (WFJRX)	6-28-2013		–		–		–		14.91		10.43		6.38		1.23		1.12
Class R4 (WTHRX)	11-30-2012		–		–		–		15.59		11.08		6.98		0.65		0.51
Class R6 (WFOOX)	6-30-2004		–		–		–		15.77		11.12		6.99		0.50		0.36
Administrator Class (WFLIX)	11-8-1999		–		–		–		15.37		10.73		6.70		0.82		0.71
Investor Class (WFETX)	1-31-2007		–		–		–		15.12		10.62		6.62		1.04		0.92
Dow Jones Global Target 2030 Index5	–		–		–		–		16.18		11.57		8.27		–		–
Russell 3000® Index6	–		–		–		–		24.74		17.22		8.83		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		–		5.66		4.48		4.72		–		–

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

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

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

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

Please see footnotes on pages 17-18.

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

Target 2035 Fund

Average annual total returns¹⁰ (%) as of August 31, 2014

		Including sales charge						Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net4
Class A (WFQBX)	11-30-2012		10.28		10.47		3.64		17.02		11.77		4.50			1.01		0.88
Class R (WFKRX)	6-28-2013		–		–		–		16.73		11.41		4.22			1.26		1.13
Class R4 (WTTRX)	11-30-2012		–		–		–		17.38		12.15		4.81			0.68		0.52
Class R6 (WFQRX)	6-29-2007		–		–		–		17.55		12.20		4.84			0.53		0.37
Administrator Class (WFQWX)	6-29-2007		–		–		–		17.10		11.73		4.48			0.85		0.72
Investor Class (WFQTX)	6-29-2007		–		–		–		16.84		11.62		4.40			1.07		0.93
Dow Jones Global Target 2035 Index5	–		–		–		–		17.99		12.63		5.12	*		–		–
Russell 3000® Index6	–		–		–		–		24.74		17.22		6.63	*		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		–		5.66		4.48		5.34	*		–		–

* Based on the inception date of the oldest class.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, Administrator Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 17-18.

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

Target 2040 Fund

Average annual total returns² (%) as of August 31, 2014

		Including sales charge			Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year	5 year	10 year	1 year		5 year		10 year		Gross	Net4
Class A (STFRX)	3-1-1994	11.53	11.05	6.62		18.32		12.37		7.25	0.99	0.88
Class B (SLPBX)*	3-1-1997	12.40	11.23	6.68		17.40		11.49		6.68	1.74	1.63
Class C (WFOFX)	7-1-1998	16.49	11.52	6.45		17.49		11.52		6.45	1.74	1.63
Class R (WFMRX)	6-28-2013	–	–	–		18.05		12.23		7.19	1.24	1.13
Class R4 (WTFRX)	11-30-2012	–	–	–		18.73		12.87		7.78	0.66	0.52
Class R6 (WFOSX)	6-30-2004	–	–	–		18.90		12.92		7.80	0.51	0.37
Administrator Class (WFLWX)	11-8-1999	–	–	–		18.54		12.55		7.50	0.83	0.72
Investor Class (WFFTX)	1-31-2007	–	–	–		18.28		12.44		7.43	1.05	0.93
Dow Jones Global Target 2040 Index5	–	–	–	–		19.36		13.37		8.94	–	–
Russell 3000® Index6	–	–	–	–		24.74		17.22		8.83	–	–
Barclays U.S. Aggregate Bond Index7	–	–	–	–		5.66		4.48		4.72	–	–

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

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

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

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

Please see footnotes on pages 17-18.

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

Target 2045 Fund

Average annual total returns¹⁰ (%) as of August 31, 2014

		Including sales charge			Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year	5 year	Since inception	1 year		5 year		Since inception			Gross	Net4
Class A (WFQVX)	11-30-2012	12.23	11.46	4.08		19.11		12.79		4.95		1.04	0.88
Class R (WFNRX)	6-28-2013	–	–	–		18.76		12.50		4.68		1.29	1.13
Class R4 (WFFRX)	11-30-2012	–	–	–		19.54		13.21		5.28		0.71	0.52
Class R6 (WFQPX)	6-29-2007	–	–	–		19.75		13.22		5.29		0.56	0.37
Administrator Class (WFQYX)	6-29-2007	–	–	–		19.24		12.81		4.98		0.88	0.72
Investor Class (WFQSX)	6-29-2007	–	–	–		19.06		12.71		4.86		1.10	0.93
Dow Jones Global Target 2045 Index5	–	–	–	–		20.12		13.72		5.52	*	–	–
Russell 3000® Index6	–	–	–	–		24.74		17.22		6.63	*	–	–
Barclays U.S. Aggregate Bond Index7	–	–	–	–		5.66		4.48		5.34	*	–	–

* Based on the inception date of the oldest class.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, Administrator Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 17-18.

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

Target 2050 Fund

Average annual total returns¹¹ (%) as of August 31, 2014

		Including sales charge						Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net4
Class A (WFQAX)	11-30-2012		12.35		11.54		4.08		19.23		12.86		4.95			1.01		0.88
Class C (WFQCX)	11-30-2012		17.38		12.03		4.17		18.38		12.03		4.17			1.76		1.63
Class R (WFWRX)	6-28-2013		–		–		–		18.96		12.60		4.69			1.26		1.13
Class R4 (WQFRX)	11-30-2012		–		–		–		19.69		13.27		5.27			0.68		0.52
Class R6 (WFQFX)	6-29-2007		–		–		–		19.87		13.32		5.31			0.53		0.37
Administrator Class (WFQDX)	6-29-2007		–		–		–		19.41		12.92		4.97			0.85		0.72
Investor Class (WFQGX)	6-29-2007		–		–		–		19.22		12.82		4.88			1.07		0.93
Dow Jones Global Target 2050 Index5	–		–		–		–		20.26		13.77		5.55	*		–		–
Russell 3000® Index6	–		–		–		–		24.74		17.22		6.63	*		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		–		5.66		4.48		5.34	*		–		–

* Based on the inception date of the oldest class.

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

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

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

Please see footnotes on pages 17-18.

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

Target 2055 Fund

Average annual total returns¹⁰ (%) as of August 31, 2014

		Including sales charge				Excluding sales charge					Expense ratios3 (%)
	Inception date	1 year		Since inception		1 year		Since inception			Gross		Net4
Class A (WFQZX)	11-30-2012		12.42		8.56		19.24		10.61			1.21		0.88
Class R (WFYRX)	6-28-2013		–		–		18.94		10.14			1.46		1.13
Class R4 (WFVRX)	11-30-2012		–		–		19.63		11.00			0.88		0.52
Class R6 (WFQUX)	6-30-2011		–		–		19.84		11.06			0.73		0.37
Administrator Class (WFLHX)	6-30-2011		–		–		19.36		10.68			1.05		0.72
Investor Class (WFQHX)	6-30-2011		–		–		19.23		10.58			1.27		0.93
Dow Jones Global Target 2055 Index5	–		–		–		20.26		11.28	*		–		–
Russell 3000® Index6	–		–		–		24.74		16.28	*		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		5.66		3.74	*		–		–

* Based on the inception date of the oldest class.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. Class R, Class R4, Class R6, Administrator Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 17-18.

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

Portfolio allocation¹² as of August 31, 2014

Target Today Fund	Target 2010 Fund	Target 2015 Fund

Target 2020 Fund	Target 2025 Fund	Target 2030 Fund

Target 2035 Fund	Target 2040 Fund	Target 2045 Fund

Please see footnotes on pages 17-18.

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

Portfolio allocation¹² as of August 31, 2014 (continued)

Target 2050 Fund	Target 2055 Fund

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

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

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

4. The Adviser has committed through June 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying affiliated master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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

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

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

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

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

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

12. Each chart represents the composite of the portfolio allocations of the affiliated master portfolios in which the Fund invests and is calculated based on the total investments of the affiliated master portfolios. Portfolio holdings are subject to change and may have changed since the date specified. See the Portfolio of investments or Summary portfolio of investments of each affiliated 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 and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from March 1, 2014 to August 31, 2014.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Target Today Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,023.21	$	4.13		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Class B
Actual	$	1,000.00	$	1,019.43	$	7.94		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.34	$	7.93		1.56	%
Class C
Actual	$	1,000.00	$	1,019.19	$	7.94		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.34	$	7.93		1.56	%
Class R
Actual	$	1,000.00	$	1,021.81	$	5.40		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class R4
Actual	$	1,000.00	$	1,024.34	$	2.30		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Class R6
Actual	$	1,000.00	$	1,025.61	$	1.53		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Administrator Class
Actual	$	1,000.00	$	1,023.98	$	3.32		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,022.67	$	4.38		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%

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

Target 2010 Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,025.23	$	4.24		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class B
Actual	$	1,000.00	$	1,021.98	$	8.05		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	8.03		1.58	%
Class C
Actual	$	1,000.00	$	1,021.85	$	8.05		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	8.03		1.58	%
Class R
Actual	$	1,000.00	$	1,024.86	$	5.51		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Class R4
Actual	$	1,000.00	$	1,027.25	$	2.40		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.40		0.47	%
Class R6
Actual	$	1,000.00	$	1,028.35	$	1.64		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.59	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,026.07	$	3.42		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Investor Class
Actual	$	1,000.00	$	1,025.73	$	4.49		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Target 2015 Fund
Class A
Actual	$	1,000.00	$	1,028.40	$	4.29		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Class R
Actual	$	1,000.00	$	1,027.70	$	5.57		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class R4
Actual	$	1,000.00	$	1,030.83	$	2.46		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%
Class R6
Actual	$	1,000.00	$	1,031.56	$	1.69		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.54	$	1.68		0.33	%
Administrator Class
Actual	$	1,000.00	$	1,029.54	$	3.48		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.78	$	3.47		0.68	%
Investor Class
Actual	$	1,000.00	$	1,028.52	$	4.55		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.72	$	4.53		0.89	%

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

Target 2020 Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,033.73	$	4.41		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class B
Actual	$	1,000.00	$	1,029.86	$	8.24		1.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.19		1.61	%
Class C
Actual	$	1,000.00	$	1,029.91	$	8.24		1.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.19		1.61	%
Class R
Actual	$	1,000.00	$	1,033.00	$	5.69		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class R4
Actual	$	1,000.00	$	1,035.64	$	2.57		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Class R6
Actual	$	1,000.00	$	1,036.32	$	1.80		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.44	$	1.79		0.35	%
Administrator Class
Actual	$	1,000.00	$	1,034.81	$	3.59		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Investor Class
Actual	$	1,000.00	$	1,033.95	$	4.67		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Target 2025 Fund
Class A
Actual	$	1,000.00	$	1,038.87	$	4.42		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class R
Actual	$	1,000.00	$	1,038.24	$	5.70		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class R4
Actual	$	1,000.00	$	1,041.14	$	2.57		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Class R6
Actual	$	1,000.00	$	1,041.88	$	1.80		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.44	$	1.79		0.35	%
Administrator Class
Actual	$	1,000.00	$	1,039.18	$	3.60		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Investor Class
Actual	$	1,000.00	$	1,038.25	$	4.68		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%

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

Target 2030 Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,043.61	$	4.48		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Class B
Actual	$	1,000.00	$	1,039.90	$	8.33		1.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.04	$	8.24		1.62	%
Class C
Actual	$	1,000.00	$	1,039.75	$	8.33		1.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.04	$	8.24		1.62	%
Class R
Actual	$	1,000.00	$	1,042.26	$	5.77		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class R4
Actual	$	1,000.00	$	1,045.42	$	2.63		0.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.63	$	2.60		0.51	%
Class R6
Actual	$	1,000.00	$	1,046.75	$	1.86		0.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.39	$	1.84		0.36	%
Administrator Class
Actual	$	1,000.00	$	1,044.52	$	3.66		0.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Investor Class
Actual	$	1,000.00	$	1,043.75	$	4.74		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Target 2035 Fund
Class A
Actual	$	1,000.00	$	1,048.06	$	4.54		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class R
Actual	$	1,000.00	$	1,046.34	$	5.83		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,049.48	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6
Actual	$	1,000.00	$	1,050.17	$	1.91		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,048.39	$	3.72		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,047.22	$	4.80		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%

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

Target 2040 Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,051.58	$	4.55		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class B
Actual	$	1,000.00	$	1,047.25	$	8.41		1.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.99	$	8.29		1.63	%
Class C
Actual	$	1,000.00	$	1,047.24	$	8.41		1.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.99	$	8.29		1.63	%
Class R
Actual	$	1,000.00	$	1,049.57	$	5.84		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,052.79	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6
Actual	$	1,000.00	$	1,054.01	$	1.92		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,051.95	$	3.72		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,051.18	$	4.81		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Target 2045 Fund
Class A
Actual	$	1,000.00	$	1,053.59	$	4.56		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class R
Actual	$	1,000.00	$	1,051.71	$	5.84		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,055.65	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6
Actual	$	1,000.00	$	1,056.43	$	1.92		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,053.59	$	3.73		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,052.39	$	4.81		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%

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

Target 2050 Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,053.70	$	4.56		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class C
Actual	$	1,000.00	$	1,050.34	$	8.42		1.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.99	$	8.29		1.63	%
Class R
Actual	$	1,000.00	$	1,052.25	$	5.85		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,054.93	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6
Actual	$	1,000.00	$	1,056.57	$	1.92		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,055.17	$	3.73		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,053.09	$	4.81		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Target 2055 Fund
Class A
Actual	$	1,000.00	$	1,053.61	$	4.56		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class R
Actual	$	1,000.00	$	1,052.64	$	5.85		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,055.52	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6
Actual	$	1,000.00	$	1,056.28	$	1.92		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,054.75	$	3.73		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,053.52	$	4.81		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).

Portfolios of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 25

TARGET TODAY FUND

Security name	Value
Investment Companies: 100.05%
Affiliated Master Portfolios: 100.05%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	624,018,462
Wells Fargo Advantage Diversified Stock Portfolio		123,775,369
Wells Fargo Advantage Short-Term Investment Portfolio		60,409,584
Total Investment Companies (Cost $743,744,393)		808,203,415

Total investments in securities
(Cost $743,744,393) *	100.05	%		808,203,415
Other assets and liabilities, net	(0.05	)		(416,923	)
Total net assets	100.00	%	$	807,786,492

*	Cost for federal income tax purposes is $745,145,422 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	63,057,993
	Gross unrealized losses		0
	Net unrealized gains	$	63,057,993

TARGET 2010 FUND

Security name	Value
Investment Companies: 99.87%
Affiliated Master Portfolios: 99.87%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	529,478,247
Wells Fargo Advantage Diversified Stock Portfolio		128,267,990
Wells Fargo Advantage Short-Term Investment Portfolio		27,053,875
Total Investment Companies (Cost $600,258,505)		684,800,112

Total investments in securities
(Cost $600,258,505) *	99.87	%		684,800,112
Other assets and liabilities, net	0.13			861,047
Total net assets	100.00	%	$	685,661,159

*	Cost for federal income tax purposes is $608,139,896 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	76,660,216
	Gross unrealized losses		0
	Net unrealized gains	$	76,660,216

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

26 Wells Fargo Advantage Dow Jones Target Date Funds Portfolios of investments—August 31, 2014 (unaudited)

TARGET 2015 FUND

Security name	Value
Investment Companies: 99.97%
Affiliated Master Portfolios: 99.97%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	663,131,261
Wells Fargo Advantage Diversified Stock Portfolio		258,132,884
Wells Fargo Advantage Short-Term Investment Portfolio		37,816,583
Total Investment Companies (Cost $847,733,676)		959,080,728

Total investments in securities
(Cost $847,733,676) *	99.97	%		959,080,728
Other assets and liabilities, net	0.03			301,425
Total net assets	100.00	%	$	959,382,153

*	Cost for federal income tax purposes is $849,259,668 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	109,821,060
	Gross unrealized losses		0
	Net unrealized gains	$	109,821,060

TARGET 2020 FUND

Security name	Value
Investment Companies: 99.91%
Affiliated Master Portfolios: 99.91%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	1,690,979,692
Wells Fargo Advantage Diversified Stock Portfolio		1,173,098,935
Wells Fargo Advantage Short-Term Investment Portfolio		117,207,003
Total Investment Companies (Cost $2,553,010,659)		2,981,285,630

Total investments in securities
(Cost $2,553,010,659) *	99.91	%		2,981,285,630
Other assets and liabilities, net	0.09			2,590,149
Total net assets	100.00	%	$	2,983,875,779

*	Cost for federal income tax purposes is $2,572,499,086 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	408,786,544
	Gross unrealized losses		0
	Net unrealized gains	$	408,786,544

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

Portfolios of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 27

TARGET 2025 FUND

Security name	Value
Investment Companies: 99.93%
Affiliated Master Portfolios: 99.93%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	1,074,847,903
Wells Fargo Advantage Diversified Stock Portfolio		1,281,915,994
Wells Fargo Advantage Short-Term Investment Portfolio		96,139,109
Total Investment Companies (Cost $2,014,175,144)		2,452,903,006

Total investments in securities
(Cost $2,014,175,144) *	99.93	%		2,452,903,006
Other assets and liabilities, net	0.07			1,813,269
Total net assets	100.00	%	$	2,454,716,275

*	Cost for federal income tax purposes is $2,019,401,887 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	433,501,119
	Gross unrealized losses		0
	Net unrealized gains	$	433,501,119

TARGET 2030 FUND

Security name	Value
Investment Companies: 99.94%
Affiliated Master Portfolios: 99.94%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	957,177,059
Wells Fargo Advantage Diversified Stock Portfolio		1,980,261,138
Wells Fargo Advantage Short-Term Investment Portfolio		119,455,580
Total Investment Companies (Cost $2,474,339,232)		3,056,893,777

Total investments in securities
(Cost $2,474,339,232) *	99.94	%		3,056,893,777
Other assets and liabilities, net	0.06			1,849,497
Total net assets	100.00	%	$	3,058,743,274

*	Cost for federal income tax purposes is $2,490,361,544 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	566,532,233
	Gross unrealized losses		0
	Net unrealized gains	$	566,532,233

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

28 Wells Fargo Advantage Dow Jones Target Date Funds Portfolios of investments—August 31, 2014 (unaudited)

TARGET 2035 FUND

Security name	Value
Investment Companies: 99.83%
Affiliated Master Portfolios: 99.83%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	282,055,229
Wells Fargo Advantage Diversified Stock Portfolio		1,053,499,443
Wells Fargo Advantage Short-Term Investment Portfolio		54,163,955
Total Investment Companies (Cost $1,084,343,372)		1,389,718,627

Total investments in securities
(Cost $1,084,343,372) *	99.83	%		1,389,718,627
Other assets and liabilities, net	0.17			2,415,000
Total net assets	100.00	%	$	1,392,133,627

*	Cost for federal income tax purposes is $1,088,041,749 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	301,676,878
	Gross unrealized losses		0
	Net unrealized gains	$	301,676,878

TARGET 2040 FUND

Security name	Value
Investment Companies: 99.89%
Affiliated Master Portfolios: 99.89%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	263,920,089
Wells Fargo Advantage Diversified Stock Portfolio		1,872,399,081
Wells Fargo Advantage Short-Term Investment Portfolio		86,457,717
Total Investment Companies (Cost $1,721,747,792)		2,222,776,887

Total investments in securities
(Cost $1,721,747,792) *	99.89	%		2,222,776,887
Other assets and liabilities, net	0.11			2,546,193
Total net assets	100.00	%	$	2,225,323,080

*	Cost for federal income tax purposes is $1,732,150,765 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	490,626,122
	Gross unrealized losses		0
	Net unrealized gains	$	490,626,122

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

Portfolios of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 29

TARGET 2045 FUND

Security name	Value
Investment Companies: 99.63%
Affiliated Master Portfolios: 99.63%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	53,213,879
Wells Fargo Advantage Diversified Stock Portfolio		685,806,935
Wells Fargo Advantage Short-Term Investment Portfolio		29,871,548
Total Investment Companies (Cost $588,201,148)		768,892,362

Total investments in securities
(Cost $588,201,148) *	99.63	%		768,892,362
Other assets and liabilities, net	0.37			2,849,476
Total net assets	100.00	%	$	771,741,838

*	Cost for federal income tax purposes is $590,130,153 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	178,762,209
	Gross unrealized losses		0
	Net unrealized gains	$	178,762,209

TARGET 2050 FUND

Security name	Value
Investment Companies: 99.69%
Affiliated Master Portfolios: 99.69%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	81,264,946
Wells Fargo Advantage Diversified Stock Portfolio		1,262,725,359
Wells Fargo Advantage Short-Term Investment Portfolio		54,309,643
Total Investment Companies (Cost $1,073,140,501)		1,398,299,948

Total investments in securities
(Cost $1,073,140,501) *	99.69	%		1,398,299,948
Other assets and liabilities, net	0.31			4,315,825
Total net assets	100.00	%	$	1,402,615,773

*	Cost for federal income tax purposes is $1,078,123,359 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	320,176,589
	Gross unrealized losses		0
	Net unrealized gains	$	320,176,589

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

30 Wells Fargo Advantage Dow Jones Target Date Funds Portfolios of investments—August 31, 2014 (unaudited)

TARGET 2055 FUND

Security name	Value
Investment Companies: 99.03%
Affiliated Master Portfolios: 99.03%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	8,370,409
Wells Fargo Advantage Diversified Stock Portfolio		130,062,572
Wells Fargo Advantage Short-Term Investment Portfolio		5,593,973
Total Investment Companies (Cost $124,064,970)		144,026,954

Total investments in securities
(Cost $124,064,970) *	99.03	%		144,026,954
Other assets and liabilities, net	0.97			1,407,737
Total net assets	100.00	%	$	145,434,691

*	Cost for federal income tax purposes is $123,814,687 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	20,212,267
	Gross unrealized losses		0
	Net unrealized gains	$	20,212,267

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

This page is intentionally left blank.

32 Wells Fargo Advantage Dow Jones Target Date Funds Statements of assets and liabilities—August 31, 2014 (unaudited)

	Target Today Fund		Target 2010 Fund			Target 2015 Fund		Target 2020 Fund
Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	808,203,415	$	684,800,112		$	959,080,728	$	2,981,285,630
Receivable for Fund shares sold		1,050,380		1,911,086			1,571,747		6,259,309
Prepaid expenses and other assets		32,887		37,914			44,689		45,492
Total assets		809,286,682		686,749,112			960,697,164		2,987,590,431
Liabilities
Payable for Fund shares redeemed		1,269,753		858,002			1,027,827		2,763,477
Advisory fee payable		29,831		36,712			59,156		274,951
Distribution fees payable		2,690		1,914			6		3,733
Administration fees payable		100,650		89,090			118,517		354,193
Shareholder report expenses payable		14,059		15,432			12,867		7,822
Shareholder servicing fees payable		75,428		77,099			87,901		292,796
Professional fees payable		7,227		8,192			7,335		7,344
Accrued expenses and other liabilities		552		1,512			1,402		10,336
Total liabilities		1,500,190		1,087,953			1,315,011		3,714,652
Total net assets	$	807,786,492	$	685,661,159		$	959,382,153	$	2,983,875,779
NET ASSETS CONSIST OF
Paid-in capital	$	737,584,825	$	598,136,694		$	843,435,418	$	2,550,163,804
Undistributed net investment income		4,436,122		3,809,576			3,023,871		8,182,335
Accumulated net realized gains (losses) on investments		1,306,523		(826,718	)		1,575,812		(2,745,331	)
Net unrealized gains on investments		64,459,022		84,541,607			111,347,052		428,274,971
Total net assets	$	807,786,492	$	685,661,159		$	959,382,153	$	2,983,875,779
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	16,493,469	$	28,759,880		$	666,390	$	68,498,874
Shares outstanding – Class A1		1,490,971		2,112,558			62,852		4,398,506
Net asset value per share – Class A		$11.06		$13.61			$10.60		$15.57
Maximum offering price per share – Class A2		$11.73		$14.44			$11.25		$16.52
Net assets – Class B	$	29,326	$	30,514			N/A	$	169,099
Shares outstanding – Class B1		2,551		2,217			N/A		10,859
Net asset value per share – Class B		$11.50		$13.76			N/A		$15.57
Net assets – Class C	$	3,854,684	$	2,829,375			N/A	$	5,586,559
Shares outstanding – Class C1		341,046		205,279			N/A		360,456
Net asset value per share – Class C		$11.30		$13.78			N/A		$15.50
Net assets – Class R	$	26,712	$	26,991		$	27,369	$	41,585
Shares outstanding – Class R1		2,418		1,991			2,545		2,680
Net asset value per share – Class R		$11.05		$13.56			$10.75		$15.52
Net assets – Class R4	$	352,897,314	$	163,977,900		$	182,750,611	$	784,097,878
Share outstanding – Class R41		31,162,012		11,913,438			17,185,941		49,492,714
Net asset value per share – Class R4		$11.32		$13.76			$10.63		$15.84
Net assets – Class R6	$	250,581,104	$	236,165,517		$	446,577,413	$	1,165,669,722
Share outstanding – Class R61		22,147,411		17,159,808			42,038,333		73,604,436
Net asset value per share – Class R6		$11.31		$13.76			$10.62		$15.84
Net assets – Administrator Class	$	113,192,584	$	192,549,920		$	208,620,741	$	750,821,625
Shares outstanding – Administrator Class1		10,026,970		14,001,514			19,401,343		47,534,798
Net asset value per share – Administrator Class		$11.29		$13.75			$10.75		$15.80
Net assets – Investor Class	$	70,711,299	$	61,321,062		$	120,739,629	$	208,990,437
Shares outstanding – Investor Class1		6,277,712		4,472,547			11,218,046		13,247,517
Net asset value per share – Investor Class		$11.26		$13.71			$10.76		$15.78
Investments in affiliated Master Portfolios, at cost	$	743,744,393	$	600,258,505		$	847,733,676	$	2,553,010,659

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, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 33

Target 2025 Fund		Target 2030 Fund		Target 2035 Fund		Target 2040 Fund		Target 2045 Fund		Target 2050 Fund		Target 2055 Fund
$	2,452,903,006	$	3,056,893,777	$	1,389,718,627	$	2,222,776,887	$	768,892,362	$	1,398,299,948	$	144,026,954
	4,433,883		7,052,130		3,350,376		7,666,442		3,332,099		6,389,821		1,480,676
	45,913		67,515		36,389		70,962		47,537		77,701		50,073
	2,457,382,802		3,064,013,422		1,393,105,392		2,230,514,291		772,271,998		1,404,767,470		145,557,703
	1,992,486		4,294,201		512,017		4,451,827		272,136		1,759,935		81,872
	216,889		306,849		144,888		238,590		75,122		139,836		2,112
	6		3,108		6		3,784		7		288		7
	271,811		360,491		175,515		267,265		97,609		140,397		13,131
	4,277		0		4,134		1,932		5,108		6,123		11,720
	166,824		291,924		124,694		213,734		69,777		92,276		5,863
	7,189		7,229		7,604		7,726		7,600		7,757		7,304
	7,045		6,346		2,907		6,353		2,801		5,085		1,003
	2,666,527		5,270,148		971,765		5,191,211		530,160		2,151,697		123,012
$	2,454,716,275	$	3,058,743,274	$	1,392,133,627	$	2,225,323,080	$	771,741,838	$	1,402,615,773	$	145,434,691
$	2,000,988,270	$	2,466,686,083	$	1,078,147,304	$	1,715,845,275	$	585,980,215	$	1,069,756,088	$	124,451,154
	6,107,842		6,941,432		3,075,709		4,196,989		1,639,576		2,735,909		390,221
	8,892,301		2,561,214		5,535,359		4,251,721		3,430,833		4,964,329		631,332
	438,727,862		582,554,545		305,375,255		501,029,095		180,691,214		325,159,447		19,961,984
$	2,454,716,275	$	3,058,743,274	$	1,392,133,627	$	2,225,323,080	$	771,741,838	$	1,402,615,773	$	145,434,691
$	2,622,021	$	61,860,556	$	1,085,127	$	112,579,712	$	506,957	$	1,320,162	$	396,870
	240,410		3,585,911		94,475		5,692,734		42,324		115,281		29,985
	$10.91		$17.25		$11.49		$19.78		$11.98		$11.45		$13.24
	$11.58		$18.30		$12.19		$20.99		$12.71		$12.15		$14.05
	N/A	$	173,462		N/A	$	194,815		N/A		N/A		N/A
	N/A		10,200		N/A		10,301		N/A		N/A		N/A
	N/A		$17.01		N/A		$18.91		N/A		N/A		N/A
	N/A	$	4,492,148		N/A	$	5,660,185		N/A	$	455,535		N/A
	N/A		266,404		N/A		303,556		N/A		39,900		N/A
	N/A		$16.86		N/A		$18.65		N/A		$11.42		N/A
$	28,611	$	35,008	$	29,755	$	30,170	$	30,375	$	30,425	$	30,437
	2,618		2,031		2,574		1,527		2,512		2,651		2,320
	$10.93		$17.24		$11.56		$19.76		$12.09		$11.48		$13.12
$	357,294,329	$	887,341,927	$	310,895,560	$	671,239,255	$	184,343,952	$	343,599,617	$	27,646,870
	32,675,331		50,756,101		27,036,213		33,272,397		15,343,345		29,903,561		2,082,980
	$10.93		$17.48		$11.50		$20.17		$12.01		$11.49		$13.27
$	1,469,138,349	$	1,175,364,525	$	628,806,848	$	831,600,528	$	337,105,825	$	764,989,491	$	101,155,530
	134,434,113		67,290,080		54,681,309		41,225,132		28,102,521		66,605,649		7,633,168
	$10.93		$17.47		$11.50		$20.17		$12.00		$11.49		$13.25
$	376,855,313	$	710,720,851	$	250,171,233	$	469,685,579	$	137,255,765	$	229,308,295	$	10,126,995
	34,406,647		40,683,645		21,694,895		23,322,267		11,377,128		20,016,747		764,795
	$10.95		$17.47		$11.53		$20.14		$12.06		$11.46		$13.24
$	248,777,652	$	218,754,797	$	201,145,104	$	134,332,836	$	112,498,964	$	62,912,248	$	6,077,989
	22,738,595		12,559,119		17,380,777		6,685,071		9,296,735		5,476,344		462,988
	$10.94		$17.42		$11.57		$20.09		$12.10		$11.49		$13.13
$	2,014,175,144	$	2,474,339,232	$	1,084,343,372	$	1,721,747,792	$	588,201,148	$	1,073,140,501	$	124,064,970

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

34 Wells Fargo Advantage Dow Jones Target Date Funds Statements of operations—six months ended August 31, 2014 (unaudited)

	Target Today Fund			Target 2010 Fund			Target 2015 Fund			Target 2020 Fund
Investment income
Interest allocated from affiliated Master Portfolios*	$	7,314,038		$	6,576,859		$	8,010,057		$	19,968,506
Dividends allocated from affiliated Master Portfolios**		1,367,863			1,475,278			2,921,222			13,019,668
Affiliated income allocated from affiliated Master Portfolios		54,548			47,387			63,975			187,571
Securities lending income allocated from affiliated Master Portfolios		38,306			40,880			78,708			342,960
Expenses allocated from affiliated Master Portfolios		(640,223	)		(565,039	)		(770,189	)		(2,339,972	)
Total investment income		8,134,532			7,575,365			10,303,773			31,178,733
Expenses
Advisory fee		981,543			859,945			1,155,644			3,225,204
Administration fees
Fund level		202,479			176,045			240,327			732,094
Class A		21,835			38,970			464			91,799
Class B		47			105			N/A			235
Class C		5,358			3,852			N/A			6,936
Class R		35			35			35			47
Class R4		144,182			69,950			75,131			313,421
Class R6		36,248			35,629			66,301			167,840
Administrator Class		57,554			98,837			104,500			374,023
Investor Class		114,756			97,697			195,344			322,675
Shareholder servicing fees
Class A		20,996			37,472			446			88,269
Class B		45			101			N/A			227
Class C		5,152			3,704			N/A			6,669
Class R		33			33			34			46
Class R4		179,846			86,620			91,886			388,505
Administrator Class		143,884			247,091			261,249			934,794
Investor Class		89,653			76,326			152,612			252,088
Distribution fees
Class B		135			301			N/A			680
Class C		15,455			11,112			N/A			20,008
Class R		33			33			34			46
Custody and accounting fees		16,050			13,327			18,954			55,463
Professional fees		16,016			15,031			15,905			15,901
Registration fees		41,830			50,047			70,142			79,640
Shareholder report expenses		15,639			12,975			18,373			34,602
Trustees’ fees and expenses		4,443			6,012			4,694			4,696
Other fees and expenses		10,355			9,405			11,292			23,094
Total expenses		2,123,602			1,950,655			2,483,367			7,139,002
Less: Fee waivers and/or expense reimbursements		(807,221	)		(645,234	)		(817,911	)		(1,677,930	)
Net expenses		1,316,381			1,305,421			1,665,456			5,461,072
Net investment income		6,818,151			6,269,944			8,638,317			25,717,661
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transaction allocated from affiliated Master Portfolios		1,225,997			1,929,446			1,422,931			5,313,968
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios		11,719,343			10,585,017			18,948,258			71,136,196
Net realized and unrealized gains (losses) on investments		12,945,340			12,514,463			20,371,189			76,450,164
Net increase in net assets resulting from operations	$	19,763,491		$	18,784,407		$	29,009,506		$	102,167,825
* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$108,788			$101,739			$181,079			$806,769
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$84,603			$91,553			$122,075			$300,944

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

Statements of operations—six months ended August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 35

Target 2025 Fund			Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund			Target 2050 Fund			Target 2055 Fund
$	12,646,335		$	11,118,167		$	3,313,510		$	3,087,690		$	640,279		$	990,890		$	94,770
	14,140,429			21,468,831			11,490,837			20,098,762			7,359,668			13,370,343			1,271,374
	144,676			168,640			71,997			109,446			36,698			66,265			6,825
	367,806			554,226			295,486			514,879			188,392			341,669			32,295
	(1,913,132	)		(2,344,332	)		(1,071,490	)		(1,686,907	)		(583,875	)		(1,049,005	)		(100,346	)
	25,386,114			30,965,532			14,100,340			22,123,870			7,641,162			13,720,162			1,304,918
	2,671,934			3,247,661			1,570,028			2,389,444			899,917			1,544,534			158,657
	600,363			737,627			338,004			533,103			184,735			331,934			31,731
	2,424			81,716			857			146,105			364			954			284
	N/A			289			N/A			311			N/A			N/A			N/A
	N/A			5,781			N/A			6,846			N/A			416			N/A
	36			39			38			38			38			38			38
	144,180			344,913			123,653			258,681			71,807			129,886			9,776
	214,940			167,032			90,279			117,235			47,373			108,818			13,214
	180,734			348,352			120,343			228,961			65,269			107,838			4,433
	391,531			336,664			319,435			205,277			180,403			97,302			8,449
	2,331			78,573			824			140,485			350			917			273
	N/A			278			N/A			300			N/A			N/A			N/A
	N/A			5,559			N/A			6,583			N/A			400			N/A
	35			37			36			37			37			37			37
	177,651			427,428			151,812			320,864			88,372			161,707			12,220
	451,834			870,880			300,859			572,402			163,173			269,596			10,869
	305,883			263,019			249,558			160,372			140,940			76,017			6,601
	N/A			834			N/A			899			N/A			N/A			N/A
	N/A			16,676			N/A			19,749			N/A			1,201			N/A
	35			37			36			37			37			37			37
	45,501			55,866			25,493			40,449			14,529			25,934			2,843
	16,044			16,014			15,566			15,504			15,575			16,476			15,687
	82,465			83,657			60,661			78,478			48,608			66,855			41,453
	26,908			30,627			18,483			27,754			16,034			20,154			5,876
	4,696			4,696			6,414			4,441			4,469			6,414			5,756
	21,357			27,621			11,315			16,013			5,982			13,230			1,901
	5,340,882			7,151,876			3,403,694			5,290,368			1,948,012			2,980,695			330,135
	(1,458,529	)		(1,540,365	)		(760,100	)		(1,065,299	)		(485,239	)		(778,140	)		(146,566	)
	3,882,353			5,611,511			2,643,594			4,225,069			1,462,773			2,202,555			183,569
	21,503,761			25,354,021			11,456,746			17,898,801			6,178,389			11,517,607			1,121,349
	4,472,891			5,149,967			2,535,480			3,837,782			1,355,484			2,374,130			65,873
	70,185,127			101,501,654			52,087,643			89,409,213			32,331,549			59,231,983			6,098,734
	74,658,018			106,651,621			54,623,123			93,246,995			33,687,033			61,606,113			6,164,607
$	96,161,779		$	132,005,642		$	66,079,869		$	111,145,796		$	39,865,422		$	73,123,720		$	7,285,956
	$875,527			$1,328,679			$711,324			$1,243,470			$455,080			$14,045			$1,288
	$188,474			$164,288			$48,531			$44,489			$9,058			$826,310			$78,046

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 Today Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014
Operations
Net investment income			$	6,818,151					$	14,119,597
Net realized gains on investments				1,225,997						8,682,816
Net change in unrealized gains (losses) on investments				11,719,343						1,063,802
Net increase in net assets resulting from operations				19,763,491						23,866,215
Distributions to shareholders from
Net investment income
Class A				(65,716	)					(221,471	)
Class B				(78	)					(175	)
Class C				(8,515	)					(17,109	)
Class R				(86	)					(141	)1
Class R4				(1,603,294	)					(5,817,304	)
Class R62				(1,100,688	)					(4,363,729	)
Administrator Class				(463,087	)					(1,652,726	)
Investor Class				(259,626	)					(1,019,076	)
Net realized gains
Class A				0						(235,169	)
Class B				0						(836	)
Class C				0						(55,391	)
Class R				0						(339	)1
Class R4				0						(4,756,127	)
Class R62				0						(3,049,103	)
Administrator Class				0						(1,508,581	)
Investor Class				0						(956,544	)
Total distributions to shareholders				(3,501,090	)					(23,653,821	)
Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		57,961		635,362			65,901			708,822
Class B		0		0			1,199			13,415
Class C		10,516		117,748			42,423			469,925
Class R		0		0			2,365	1		25,000	1
Class R4		2,649,897		29,610,503			40,044,322			443,504,825
Class R62		4,390,089		48,934,435			9,419,589			103,495,757
Administrator Class		961,916		10,716,830			2,977,611			32,656,347
Investor Class		866,290		9,599,723			1,345,823			14,802,612
				99,614,601						595,676,703
Reinvestment of distributions
Class A		5,925		63,807			41,970			445,973
Class B		7		78			91			1,011
Class C		719		7,933			6,430			70,009
Class R		8		86			45	1		480	1
Class R4		145,153		1,598,130			971,366			10,544,661
Class R62		100,136		1,100,495			684,137			7,411,486
Administrator Class		42,067		461,901			291,198			3,153,750
Investor Class		23,610		259,006			182,457			1,971,286
				3,491,436						23,598,656

Please see footnotes on page 37.

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 Today Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(182,193	)	$	(1,984,778	)		(326,131	)	$	(3,497,069	)
Class B		(1,935	)		(21,891	)		(6,375	)		(71,529	)
Class C		(55,932	)		(626,878	)		(109,050	)		(1,198,485	)
Class R4		(4,717,174	)		(52,743,523	)		(8,208,872	)		(89,929,968	)
Class R62		(3,445,577	)		(38,395,751	)		(49,652,297	)		(549,066,240	)
Administrator Class		(1,533,027	)		(17,070,316	)		(5,359,301	)		(58,759,727	)
Investor Class		(1,202,485	)		(13,340,886	)		(4,694,452	)		(51,323,539	)
					(124,184,023	)					(753,846,557	)
Net decrease in net assets resulting from capital share transactions					(21,077,986	)					(134,571,198	)
Total decrease in net assets					(4,815,585	)					(134,358,804	)
Net assets
Beginning of period					812,602,077						946,960,881
End of period				$	807,786,492					$	812,602,077
Undistributed net investment income				$	4,436,122					$	1,119,061

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

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

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 2010 Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014
Operations
Net investment income			$	6,269,944					$	13,355,509
Net realized gains on investments				1,929,446						14,076,090
Net change in unrealized gains (losses) on investments				10,585,017						3,291,595
Net increase in net assets resulting from operations				18,784,407						30,723,194
Distributions to shareholders from
Net investment income
Class A				(128,497	)					(420,087	)
Class B				(215	)					(569	)
Class C				(7,632	)					(13,585	)
Class R				(97	)					(356	)1
Class R4				(879,221	)					(3,475,371	)
Class R62				(1,221,365	)					(4,452,553	)
Administrator Class				(872,941	)					(3,008,539	)
Investor Class				(242,019	)					(738,857	)
Net realized gains
Class A				0						(743,622	)
Class B				0						(3,992	)
Class C				0						(65,273	)
Class R				0						(586	)1
Class R4				0						(4,648,601	)
Class R62				0						(5,398,326	)
Administrator Class				0						(4,635,950	)
Investor Class				0						(1,316,593	)
Total distributions to shareholders				(3,351,987	)					(28,922,860	)
Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		56,556		756,999			186,965			2,491,029
Class B		0		0			3,363			44,329
Class C		25,703		347,207			25,945			349,596
Class R		0		0			1,912	1		25,000	1
Class R4		1,261,005		17,067,568			18,932,424			254,451,944
Class R62		2,273,394		30,753,748			6,718,727			90,118,259
Administrator Class		1,047,593		14,156,213			3,536,386			47,359,770
Investor Class		556,570		7,511,625			1,096,534			14,613,247
				70,593,360						409,453,174
Reinvestment of distributions
Class A		9,499		125,480			86,893			1,139,249
Class B		16		215			345			4,557
Class C		549		7,370			5,799			76,934
Class R		7		97			72	1		942	1
Class R4		65,615		875,301			611,034			8,094,076
Class R62		91,537		1,220,182			743,043			9,841,864
Administrator Class		65,438		872,941			577,304			7,644,489
Investor Class		18,136		241,394			155,233			2,049,385
				3,342,980						28,851,496

Please see footnotes on page 39.

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 2010 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(355,474	)	$	(4,754,928	)		(613,342	)	$	(8,128,647	)
Class B		(6,550	)		(88,803	)		(20,384	)		(272,691	)
Class C		(39,247	)		(533,299	)		(55,929	)		(751,971	)
Class R4		(4,230,339	)		(57,218,836	)		(5,139,968	)		(68,558,326	)
Class R62		(3,210,416	)		(43,384,725	)		(25,658,126	)		(344,966,121	)
Administrator Class		(2,061,129	)		(27,918,402	)		(7,120,077	)		(95,456,027	)
Investor Class		(601,238	)		(8,123,033	)		(1,541,753	)		(20,603,446	)
					(142,022,026	)					(538,737,229	)
Net decrease in net assets resulting from capital share transactions					(68,085,686	)					(100,432,559	)
Total decrease in net assets					(52,653,266	)					(98,632,225	)
Net assets
Beginning of period					738,314,425						836,946,650
End of period				$	685,661,159					$	738,314,425
Undistributed net investment income				$	3,809,576					$	891,619

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

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

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 2015 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Operations
Net investment income				$	8,638,317					$	16,643,519
Net realized gains on investments					1,422,931						11,759,028
Net change in unrealized gains (losses) on investments					18,948,258						26,231,734
Net increase in net assets resulting from operations					29,009,506						54,634,281
Distributions to shareholders from
Net investment income
Class A					(2,389	)					(1,472	)
Class R					(151	)					(121	)1
Class R4					(1,593,745	)					(1,872,389	)
Class R62					(4,011,515	)					(8,668,426	)
Administrator Class					(1,558,546	)					(2,619,376	)
Investor Class					(795,065	)					(1,915,991	)
Net realized gains
Class A					0						(3,136	)
Class R					0						(403	)1
Class R4					0						(2,830,275	)
Class R62					0						(6,755,256	)
Administrator Class					0						(2,930,526	)
Investor Class					0						(1,886,766	)
Total distributions to shareholders					(7,961,411	)					(29,484,137	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		35,949			379,967			30,534			310,034
Class R		0			0			2,480	1		25,000	1
Class R4		2,276,414			23,825,453			22,186,745			226,451,576
Class R62		5,452,424			56,940,033			13,146,464			133,987,804
Administrator Class		1,640,442			17,317,042			5,756,165			59,448,415
Investor Class		2,517,743			26,555,754			4,076,014			42,086,072
					125,018,249						462,308,901
Reinvestment of distributions
Class A		213			2,201			455			4,608
Class R		14			151			51	1		523	1
Class R4		149,203			1,548,045			451,357			4,565,772
Class R62		386,732			4,007,502			1,522,530			15,372,352
Administrator Class		148,431			1,557,231			542,194			5,544,864
Investor Class		75,738			791,199			371,511			3,796,948
					7,906,329						29,285,067
Payment for shares redeemed
Class A		(5,300	)		(55,794	)		(2	)		(20	)
Class R4		(3,413,236	)		(35,813,572	)		(4,722,416	)		(47,893,656	)
Class R62		(5,908,463	)		(61,707,899	)		(33,194,972	)		(338,474,671	)
Administrator Class		(2,531,883	)		(26,738,505	)		(5,102,619	)		(52,590,045	)
Investor Class		(2,997,467	)		(31,661,213	)		(12,383,089	)		(127,689,010	)
					(155,976,983	)					(566,647,402	)
Net decrease in net assets resulting from capital share transactions					(23,052,405	)					(75,053,434	)
Total decrease in net assets					(2,004,310	)					(49,903,290	)
Net assets
Beginning of period					961,386,463						1,011,289,753
End of period				$	959,382,153					$	961,386,463
Undistributed net investment income				$	3,023,871					$	2,346,965

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

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

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 2020 Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014
Operations
Net investment income			$	25,717,661					$	45,018,203
Net realized gains on investments				5,313,968						62,921,001
Net change in unrealized gains (losses) on investments				71,136,196						116,854,570
Net increase in net assets resulting from operations				102,167,825						224,793,774
Distributions to shareholders from
Net investment income
Class A				(349,081	)					(848,095	)
Class B				(128	)					0
Class C				(10,656	)					(26,330	)
Class R				(206	)					(328	)1
Class R4				(5,409,965	)					(11,995,972	)
Class R62				(8,562,426	)					(16,490,821	)
Administrator Class				(4,483,650	)					(8,943,484	)
Investor Class				(1,045,249	)					(2,097,428	)
Net realized gains
Class A				0						(1,931,750	)
Class B				0						(7,082	)
Class C				0						(136,823	)
Class R				0						(673	)1
Class R4				0						(19,990,722	)
Class R62				0						(25,396,743	)
Administrator Class				0						(17,581,975	)
Investor Class				0						(4,694,484	)
Total distributions to shareholders				(19,861,361	)					(110,142,710	)
Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		216,890		3,305,174			381,332			5,665,364
Class B		1,217		18,882			7,689			115,370
Class C		60,865		921,933			95,488			1,408,791
Class R		872		13,211			1,727	1		25,000	1
Class R4		6,846,734		106,582,128			61,845,368			933,243,115
Class R62		10,812,853		168,113,113			25,893,661			390,548,771
Administrator Class		3,647,861		56,490,668			11,485,723			173,180,938
Investor Class		2,087,499		32,311,747			3,325,177			50,141,197
				367,756,856						1,554,328,546
Reinvestment of distributions
Class A		21,941		337,897			182,740			2,705,853
Class B		8		128			482			7,082
Class C		648		9,943			10,470			153,948
Class R		13		206			68	1		1,001	1
Class R4		340,408		5,330,786			2,096,194			31,585,843
Class R62		546,647		8,555,032			2,777,511			41,847,708
Administrator Class		287,017		4,483,209			1,765,757			26,520,064
Investor Class		66,877		1,043,286			452,006			6,779,910
				19,760,487						109,601,409

Please see footnotes on page 42.

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 2020 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(850,511	)	$	(12,935,370	)		(695,637	)	$	(10,358,666	)
Class B		(6,085	)		(92,470	)		(33,856	)		(496,951	)
Class C		(46,407	)		(702,359	)		(72,151	)		(1,067,554	)
Class R4		(9,835,371	)		(152,942,206	)		(13,361,264	)		(202,124,932	)
Class R62		(6,954,275	)		(108,115,861	)		(68,157,904	)		(1,028,360,308	)
Administrator Class		(5,029,648	)		(77,950,931	)		(11,344,715	)		(171,003,496	)
Investor Class		(1,501,927	)		(23,270,484	)		(2,988,908	)		(45,095,889	)
					(376,009,681	)					(1,458,507,796	)
Net increase in net assets resulting from capital share transactions					11,507,662						205,422,159
Total increase in net assets					93,814,126						320,073,223
Net assets
Beginning of period					2,890,061,653						2,569,988,430
End of period				$	2,983,875,779					$	2,890,061,653
Undistributed net investment income				$	8,182,335					$	2,326,035

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

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

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

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

	Target 2025 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Operations
Net investment income				$	21,503,761					$	37,642,278
Net realized gains on investments					4,472,891						64,593,224
Net change in unrealized gains (losses) on investments					70,185,127						141,573,121
Net increase in net assets resulting from operations					96,161,779						243,808,623
Distributions to shareholders from
Net investment income
Class A					(9,825	)					(7,226	)
Class R					(112	)					(151	)1
Class R4					(2,488,250	)					(3,928,874	)
Class R62					(10,729,559	)					(24,006,569	)
Administrator Class					(2,124,499	)					(4,044,987	)
Investor Class					(1,224,327	)					(3,423,839	)
Net realized gains
Class A					0						(25,245	)
Class R					0						(829	)1
Class R4					0						(10,223,463	)
Class R62					0						(42,604,116	)
Administrator Class					0						(9,739,683	)
Investor Class					0						(7,057,112	)
Total distributions to shareholders					(16,576,572	)					(105,062,094	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		126,414			1,350,650			113,377			1,171,607
Class R		0			0			2,513	1		25,000	1
Class R4		6,003,049			64,292,857			39,680,782			407,782,676
Class R62		11,717,715			125,232,833			25,675,029			263,320,679
Administrator Class		2,866,359			30,687,305			9,015,723			92,999,031
Investor Class		5,210,971			55,451,689			9,032,104			92,517,461
					277,015,334						857,816,454
Reinvestment of distributions
Class A		816			8,679			3,181			32,471
Class R		10			112			95	1		980	1
Class R4		223,510			2,379,351			1,324,321			13,531,626
Class R62		1,008,160			10,720,068			6,525,712			66,498,781
Administrator Class		199,167			2,124,499			1,347,162			13,784,670
Investor Class		114,799			1,223,068			1,028,723			10,474,958
					16,455,777						104,323,486
Payment for shares redeemed
Class A		(17,432	)		(185,983	)		(1,900	)		(19,969	)
Class R4		(7,024,109	)		(75,414,945	)		(7,954,405	)		(81,226,361	)
Class R62		(11,583,064	)		(123,561,513	)		(57,249,274	)		(588,311,107	)
Administrator Class		(2,064,516	)		(22,041,258	)		(4,161,001	)		(42,888,028	)
Investor Class		(4,943,860	)		(52,724,174	)		(25,548,837	)		(263,230,570	)
					(273,927,873	)					(975,676,035	)
Net increase (decrease) in net assets resulting from capital share transactions					19,543,238						(13,536,095	)
Total increase in net assets					99,128,445						125,210,434
Net assets
Beginning of period					2,355,587,830						2,230,377,396
End of period				$	2,454,716,275					$	2,355,587,830
Undistributed net investment income				$	6,107,842					$	1,180,653

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

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

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

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

	Target 2030 Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014
Operations
Net investment income			$	25,354,021					$	40,255,984
Net realized gains on investments				5,149,967						83,191,358
Net change in unrealized gains (losses) on investments				101,501,654						213,867,560
Net increase in net assets resulting from operations				132,005,642						337,314,902
Distributions to shareholders from
Net investment income
Class A				(298,099	)					(753,808	)
Class B				(33	)					(1,322	)
Class C				(9,728	)					(18,981	)
Class R				(128	)					(145	)1
Class R4				(5,759,665	)					(10,506,452	)
Class R62				(8,181,982	)					(17,254,545	)
Administrator Class				(3,971,208	)					(8,239,275	)
Investor Class				(1,025,263	)					(2,107,127	)
Net realized gains
Class A				0						(2,145,006	)
Class B				0						(9,608	)
Class C				0						(127,152	)
Class R				0						(883	)1
Class R4				0						(26,616,234	)
Class R62				0						(31,425,726	)
Administrator Class				0						(20,595,520	)
Investor Class				0						(6,080,463	)
Total distributions to shareholders				(19,246,106	)					(125,882,247	)
Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		165,349		2,773,480			331,644			5,341,788
Class B		1,388		22,742			2,188			34,029
Class C		38,028		622,768			67,915			1,062,508
Class R		335		5,691			1,624	1		25,000	1
Class R4		7,752,625		132,225,713			59,309,204			957,805,590
Class R62		10,279,602		174,832,661			25,555,483			412,411,956
Administrator Class		3,840,364		65,307,861			10,722,176			173,822,315
Investor Class		1,847,978		31,337,547			3,592,266			58,138,567
				407,128,463						1,608,641,753
Reinvestment of distributions
Class A		16,706		284,168			175,867			2,802,729
Class B		2		33			690			10,837
Class C		568		9,461			9,165			143,233
Class R		8		128			64	1		1,028	1
Class R4		327,252		5,638,560			2,254,868			36,426,981
Class R62		473,826		8,154,546			3,009,497			48,437,168
Administrator Class		230,606		3,971,037			1,786,991			28,833,518
Investor Class		59,614		1,024,173			507,909			8,173,431
				19,082,106						124,828,925

Please see footnotes on page 45.

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

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

	Target 2030 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(547,400	)	$	(9,148,073	)		(531,200	)	$	(8,566,705	)
Class B		(8,930	)		(147,487	)		(15,867	)		(246,816	)
Class C		(24,263	)		(402,628	)		(56,044	)		(890,332	)
Class R4		(7,880,152	)		(134,248,445	)		(12,270,195	)		(199,466,650	)
Class R62		(5,857,216	)		(99,698,838	)		(61,584,877	)		(992,955,497	)
Administrator Class		(4,136,290	)		(70,435,089	)		(8,724,794	)		(141,601,556	)
Investor Class		(1,361,445	)		(23,157,281	)		(2,344,121	)		(37,966,958	)
					(337,237,841	)					(1,381,694,514	)
Net increase in net assets resulting from capital share transactions					88,972,728						351,776,164
Total increase in net assets					201,732,264						563,208,819
Net assets
Beginning of period					2,857,011,010						2,293,802,191
End of period				$	3,058,743,274					$	2,857,011,010
Undistributed net investment income				$	6,941,432					$	833,517

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

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

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

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

	Target 2035 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Operations
Net investment income				$	11,456,746					$	18,232,663
Net realized gains on investments					2,535,480						40,792,425
Net change in unrealized gains (losses) on investments					52,087,643						123,107,143
Net increase in net assets resulting from operations					66,079,869						182,132,231
Distributions to shareholders from
Net investment income
Class A					(3,414	)					(1,313	)
Class R					(110	)					(146	)1
Class R4					(2,052,057	)					(3,045,599	)
Class R62					(4,336,265	)					(9,292,853	)
Administrator Class					(1,348,942	)					(2,618,775	)
Investor Class					(933,329	)					(2,752,692	)
Net realized gains
Class A					0						(8,537	)
Class R					0						(961	)1
Class R4					0						(9,598,764	)
Class R62					0						(18,937,078	)
Administrator Class					0						(7,463,212	)
Investor Class					0						(6,459,798	)
Total distributions to shareholders					(8,674,117	)					(60,179,728	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		53,027			598,055			50,687			543,909
Class R		0			0			2,460	1		25,000	1
Class R4		5,063,301			56,666,560			30,965,261			326,263,128
Class R62		8,608,577			96,077,760			18,746,064			197,025,603
Administrator Class		2,106,695			23,529,167			6,528,515			69,163,434
Investor Class		3,804,909			42,476,492			6,621,217			69,840,903
					219,348,034						662,861,977
Reinvestment of distributions
Class A		305			3,414			931			9,850
Class R		10			110			104	1		1,107	1
Class R4		173,905			1,944,221			1,134,557			11,975,355
Class R62		384,657			4,296,459			2,655,958			27,917,096
Administrator Class		120,273			1,348,942			953,950			10,081,987
Investor Class		82,508			929,784			871,772			9,194,844
					8,522,930						59,180,239
Payment for shares redeemed
Class A		(7,176	)		(78,398	)		(7,392	)		(78,342	)
Class R4		(5,192,354	)		(58,366,456	)		(5,302,659	)		(55,733,386	)
Class R62		(6,054,576	)		(67,657,236	)		(34,578,765	)		(364,266,333	)
Administrator Class		(1,894,106	)		(21,127,390	)		(3,380,366	)		(35,699,097	)
Investor Class		(3,960,999	)		(44,503,147	)		(20,902,940	)		(222,879,942	)
					(191,732,627	)					(678,657,100	)
Net increase in net assets resulting from capital share transactions					36,138,337						43,385,116
Total increase in net assets					93,544,089						165,337,619
Net assets
Beginning of period					1,298,589,538						1,133,251,919
End of period				$	1,392,133,627					$	1,298,589,538
Undistributed net investment income				$	3,075,709					$	293,080

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

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

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

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

	Target 2040 Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014
Operations
Net investment income			$	17,898,801					$	26,808,352
Net realized gains on investments				3,837,782						70,738,587
Net change in unrealized gains (losses) on investments				89,409,213						202,146,445
Net increase in net assets resulting from operations				111,145,796						299,693,384
Distributions to shareholders from
Net investment income
Class A				(535,965	)					(1,249,141	)
Class B				(41	)					(1,369	)
Class C				(12,701	)					(22,264	)
Class R				(115	)					(145	)1
Class R4				(4,166,930	)					(8,687,334	)
Class R62				(5,586,703	)					(10,187,015	)
Administrator Class				(2,533,318	)					(5,232,524	)
Investor Class				(608,444	)					(1,165,069	)
Net realized gains
Class A				0						(4,314,692	)
Class B				0						(17,629	)
Class C				0						(182,291	)
Class R				0						(1,058	)1
Class R4				0						(23,015,224	)
Class R62				0						(25,143,406	)
Administrator Class				0						(16,072,193	)
Investor Class				0						(4,180,142	)
Total distributions to shareholders				(13,444,217	)					(99,471,496	)
Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		106,564		2,031,505			314,725			5,707,950
Class B		2,234		40,962			4,478			77,549
Class C		51,856		931,786			73,135			1,251,963
Class R		0		0			1,454	1		25,000	1
Class R4		5,266,556		103,021,495			37,995,130			694,786,592
Class R62		7,635,611		149,163,050			17,335,713			317,174,208
Administrator Class		2,722,994		53,085,694			6,918,087			126,930,235
Investor Class		1,244,949		24,143,864			2,255,008			41,425,696
				332,418,356						1,187,379,193
Reinvestment of distributions
Class A		26,908		523,362			303,660			5,465,678
Class B		2		39			1,068			18,474
Class C		670		12,313			11,548			196,937
Class R		7		115			66	1		1,203	1
Class R4		202,474		4,015,072			1,669,778			30,608,589
Class R62		280,788		5,565,211			1,919,410			35,170,537
Administrator Class		127,939		2,533,189			1,162,659			21,303,576
Investor Class		30,713		607,178			292,062			5,342,839
				13,256,479						98,107,833

Please see footnotes on page 48.

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

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

	Target 2040 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(483,739	)	$	(9,213,553	)		(771,510	)	$	(13,994,022	)
Class B		(10,988	)		(200,406	)		(32,641	)		(554,904	)
Class C		(18,637	)		(338,280	)		(67,116	)		(1,130,102	)
Class R4		(5,147,501	)		(100,605,717	)		(7,505,844	)		(139,005,076	)
Class R62		(4,298,137	)		(84,046,765	)		(39,273,128	)		(717,215,596	)
Administrator Class		(3,037,462	)		(59,295,809	)		(5,520,196	)		(101,231,819	)
Investor Class		(825,771	)		(16,129,593	)		(1,359,490	)		(24,914,511	)
					(269,830,123	)					(998,046,030	)
Net increase in net assets resulting from capital share transactions					75,844,712						287,440,996
Total increase in net assets					173,546,291						487,662,884
Net assets
Beginning of period					2,051,776,789						1,564,113,905
End of period				$	2,225,323,080					$	2,051,776,789
Undistributed (overdistributed) net investment income				$	4,196,989					$	(257,595	)

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

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

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

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

	Target 2045 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Operations
Net investment income				$	6,178,389					$	9,335,908
Net realized gains on investments					1,355,484						24,679,343
Net change in unrealized gains (losses) on investments					32,331,549						77,537,929
Net increase in net assets resulting from operations					39,865,422						111,553,180
Distributions to shareholders from
Net investment income
Class A					(1,430	)					(610	)
Class R					(114	)					(145	)1
Class R4					(1,166,597	)					(1,885,715	)
Class R62					(2,244,047	)					(4,464,186	)
Administrator Class					(719,606	)					(1,344,736	)
Investor Class					(511,836	)					(1,619,215	)
Net realized gains
Class A					0						(3,345	)
Class R					0						(1,074	)1
Class R4					0						(6,285,965	)
Class R62					0						(10,492,142	)
Administrator Class					0						(4,267,535	)
Investor Class					0						(4,047,659	)
Total distributions to shareholders					(4,643,630	)					(34,412,327	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		31,201			363,305			13,113			146,324
Class R		0			0			2,392	1		25,000	1
Class R4		3,179,694			37,014,110			17,678,020			191,966,356
Class R62		6,300,850			73,135,525			12,559,086			136,282,053
Administrator Class		1,379,838			16,085,271			3,813,799			41,792,561
Investor Class		2,372,360			27,633,780			5,025,015			54,655,093
					154,231,991						424,867,387
Reinvestment of distributions
Class A		122			1,430			361			3,955
Class R		10			114			110	1		1,219	1
Class R4		95,378			1,112,956			716,178			7,822,173
Class R62		192,585			2,242,768			1,375,388			14,935,305
Administrator Class		61,313			719,606			512,517			5,612,271
Investor Class		43,413			511,762			519,969			5,665,832
					4,588,636						34,040,755
Payment for shares redeemed
Class A		(3,607	)		(41,612	)		(139	)		(1,526	)
Class R4		(3,163,209	)		(36,845,604	)		(3,285,143	)		(35,801,148	)
Class R62		(3,848,085	)		(44,640,049	)		(20,376,807	)		(220,646,049	)
Administrator Class		(1,057,195	)		(12,320,432	)		(1,699,798	)		(18,525,010	)
Investor Class		(2,700,938	)		(31,690,835	)		(13,323,334	)		(147,299,430	)
					(125,538,532	)					(422,273,163	)
Net increase in net assets resulting from capital share transactions					33,282,095						36,634,979
Total increase in net assets					68,503,887						113,775,832
Net assets
Beginning of period					703,237,951						589,462,119
End of period				$	771,741,838					$	703,237,951
Undistributed net investment income				$	1,639,576					$	104,817

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

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

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

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

	Target 2050 Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014
Operations
Net investment income			$	11,517,607					$	16,884,882
Net realized gains on investments				2,374,130						45,429,823
Net change in unrealized gains (losses) on investments				59,231,983						130,295,644
Net increase in net assets resulting from operations				73,123,720						192,610,349
Distributions to shareholders from
Net investment income
Class A				(6,091	)					(645	)
Class C				(1,231	)					(182	)
Class R				(109	)					(145	)1
Class R4				(2,076,473	)					(3,438,176	)
Class R62				(5,106,683	)					(10,603,275	)
Administrator Class				(1,204,195	)					(2,195,687	)
Investor Class				(281,911	)					(552,152	)
Net realized gains
Class A				0						(3,757	)
Class C				0						(1,770	)
Class R				0						(1,096	)1
Class R4				0						(11,544,946	)
Class R62				0						(25,762,292	)
Administrator Class				0						(7,268,750	)
Investor Class				0						(2,117,703	)
Total distributions to shareholders				(8,676,693	)					(63,490,576	)
Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		104,925		1,167,610			17,874			191,063
Class C		26,063		287,617			13,605			144,627
Class R		0		0			2,523	1		25,000	1
Class R4		6,328,361		70,396,647			32,693,178			338,904,173
Class R62		10,001,026		111,161,503			21,384,126			221,409,343
Administrator Class		3,820,486		42,347,491			7,841,666			81,546,121
Investor Class		883,377		9,795,320			2,115,731			22,005,330
				235,156,188						664,225,657
Reinvestment of distributions
Class A		535		6,027			421			4,402
Class C		104		1,154			187			1,952
Class R		10		109			118	1		1,241	1
Class R4		175,850		1,985,347			1,378,903			14,387,975
Class R62		452,509		5,104,300			3,497,414			36,326,764
Administrator Class		106,944		1,204,195			910,558			9,463,169
Investor Class		24,932		281,487			255,875			2,667,544
				8,582,619						62,853,047

Please see footnotes on page 51.

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

Statements of changes in net assets Wells Fargo Advantage Dow Jones Target Date Funds 51

	Target 2050 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(9,387	)	$	(103,353	)		(233	)	$	(2,450	)
Class C		(1,212	)		(13,688	)		(637	)		(6,913	)
Class R4		(4,653,091	)		(51,956,174	)		(6,691,551	)		(70,531,191	)
Class R62		(7,199,457	)		(80,075,174	)		(39,102,784	)		(403,743,930	)
Administrator Class		(2,426,869	)		(26,984,000	)		(4,791,764	)		(49,741,513	)
Investor Class		(779,067	)		(8,667,539	)		(1,052,072	)		(10,997,257	)
					(167,799,928	)					(535,023,254	)
Net increase in net assets resulting from capital share transactions					75,938,879						192,055,450
Total increase in net assets					140,385,906						321,175,223
Net assets
Beginning of period					1,262,229,867						941,054,644
End of period				$	1,402,615,773					$	1,262,229,867
Undistributed (overdistributed) net investment income				$	2,735,909					$	(105,005	)

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

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

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

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

	Target 2055 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014
Operations
Net investment income				$	1,121,349					$	1,176,544
Net realized gains on investments					65,873						1,588,573
Net change in unrealized gains (losses) on investments					6,098,734						10,516,963
Net increase in net assets resulting from operations					7,285,956						13,282,080
Distributions to shareholders from
Net investment income
Class A					(1,307	)					(286	)
Class R					(110	)					(138	)1
Class R4					(153,431	)					(186,529	)
Class R62					(598,166	)					(811,744	)
Administrator Class					(47,045	)					(77,457	)
Investor Class					(24,195	)					(26,900	)
Net realized gains
Class A					0						(480	)
Class R					0						(349	)1
Class R4					0						(235,580	)
Class R62					0						(766,930	)
Administrator Class					0						(90,033	)
Investor Class					0						(42,050	)
Total distributions to shareholders					(824,254	)					(2,238,476	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		26,735			342,656			4,048			49,156
Class R		0			0			2,270	1		25,000	1
Class R4		856,183			10,979,126			2,171,972			25,571,996
Class R62		3,237,810			41,415,852			6,059,606			70,856,116
Administrator Class		287,620			3,687,718			487,291			5,753,225
Investor Class		248,594			3,155,745			297,719			3,493,119
					59,581,097						105,748,612
Reinvestment of distributions
Class A		100			1,295			64			766
Class R		9			110			41	1		487	1
Class R4		11,010			142,060			33,678			401,965
Class R62		46,486			598,166			133,432			1,578,247
Administrator Class		3,651			47,045			14,139			167,490
Investor Class		1,888			24,167			5,830			68,854
					812,843						2,217,809
Payment for shares redeemed
Class A		(2,057	)		(26,610	)		(146	)		(1,765	)
Class R4		(411,641	)		(5,316,518	)		(581,266	)		(7,002,425	)
Class R62		(1,543,355	)		(19,752,292	)		(3,635,426	)		(42,481,310	)
Administrator Class		(196,781	)		(2,520,476	)		(266,045	)		(3,151,208	)
Investor Class		(117,334	)		(1,510,502	)		(89,744	)		(1,053,130	)
					(29,126,398	)					(53,689,838	)
Net increase in net assets resulting from capital share transactions					31,267,542						54,276,583
Total increase in net assets					37,729,244						65,320,187
Net assets
Beginning of period					107,705,447						42,385,260
End of period				$	145,434,691					$	107,705,447
Undistributed net investment income				$	390,221					$	93,126

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

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

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

This page is intentionally left blank.

54 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target Today Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	10.85		0.07	4		0.18			(0.04	)		0.00		$	11.06
Year ended February 28, 2014	$	10.84		0.15			0.13			(0.13	)		(0.14	)	$	10.85
Year ended February 28, 2013	$	10.86		0.15	4		0.08			(0.17	)		(0.08	)	$	10.84
Year ended February 29, 2012	$	10.56		0.18	4		0.39			(0.22	)		(0.05	)	$	10.86
Year ended February 28, 2011	$	10.04		0.18	4		0.57			(0.23	)		0.00		$	10.56
Year ended February 28, 2010	$	8.86		0.22	4		1.20			(0.24	)		0.00		$	10.04
Class B
Six months ended August 31, 2014 (unaudited)	$	11.30		0.03	4		0.19			(0.02	)		0.00		$	11.50
Year ended February 28, 2014	$	11.26		0.07	4		0.14			(0.03	)		(0.14	)	$	11.30
Year ended February 28, 2013	$	11.22		0.07	4		0.08			(0.03	)		(0.08	)	$	11.26
Year ended February 29, 2012	$	10.87		0.10	4		0.41			(0.11	)		(0.05	)	$	11.22
Year ended February 28, 2011	$	10.31		0.11	4		0.58			(0.13	)		0.00		$	10.87
Year ended February 28, 2010	$	9.08		0.16	4		1.22			(0.15	)		0.00		$	10.31
Class C
Six months ended August 31, 2014 (unaudited)	$	11.11		0.03	4		0.18			(0.02	)		0.00		$	11.30
Year ended February 28, 2014	$	11.09		0.06	4		0.14			(0.04	)		(0.14	)	$	11.11
Year ended February 28, 2013	$	11.11		0.07			0.08			(0.09	)		(0.08	)	$	11.09
Year ended February 29, 2012	$	10.78		0.10	4		0.41			(0.13	)		(0.05	)	$	11.11
Year ended February 28, 2011	$	10.25		0.11	4		0.57			(0.15	)		0.00		$	10.78
Year ended February 28, 2010	$	9.04		0.15	4		1.23			(0.17	)		0.00		$	10.25
Class R
Six months ended August 31, 2014 (unaudited)	$	10.85		0.06			0.18			(0.04	)		0.00		$	11.05
Year ended February 28, 20145	$	10.57		0.07			0.41			(0.06	)		(0.14	)	$	10.85
Class R4
Six months ended August 31, 2014 (unaudited)	$	11.10		0.09			0.18			(0.05	)		0.00		$	11.32
Year ended February 28, 2014	$	11.08		0.18	4		0.15			(0.17	)		(0.14	)	$	11.10
Year ended February 28, 20136	$	11.24		0.05	4		(0.06	)		(0.07	)		(0.08	)	$	11.08
Class R67
Six months ended August 31, 2014 (unaudited)	$	11.08		0.10			0.18			(0.05	)		0.00		$	11.31
Year ended February 28, 2014	$	11.07		0.20	4		0.14			(0.19	)		(0.14	)	$	11.08
Year ended February 28, 2013	$	11.09		0.21			0.08			(0.23	)		(0.08	)	$	11.07
Year ended February 29, 2012	$	10.77		0.24			0.40			(0.27	)		(0.05	)	$	11.09
Year ended February 28, 2011	$	10.24		0.24	4		0.58			(0.29	)		0.00		$	10.77
Year ended February 28, 2010	$	9.03		0.27	4		1.22			(0.28	)		0.00		$	10.24
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	11.07		0.08	4		0.18			(0.04	)		0.00		$	11.29
Year ended February 28, 2014	$	11.05		0.16			0.14			(0.14	)		(0.14	)	$	11.07
Year ended February 28, 2013	$	11.07		0.17			0.08			(0.19	)		(0.08	)	$	11.05
Year ended February 29, 2012	$	10.75		0.20			0.40			(0.23	)		(0.05	)	$	11.07
Year ended February 28, 2011	$	10.19		0.20	4		0.58			(0.22	)		0.00		$	10.75
Year ended February 28, 2010	$	9.03		0.25	4		1.21			(0.30	)		0.00		$	10.19
Investor Class
Six months ended August 31, 2014 (unaudited)	$	11.05		0.07			0.18			(0.04	)		0.00		$	11.26
Year ended February 28, 2014	$	11.04		0.14			0.14			(0.13	)		(0.14	)	$	11.05
Year ended February 28, 2013	$	11.05		0.16			0.09			(0.18	)		(0.08	)	$	11.04
Year ended February 29, 2012	$	10.74		0.19			0.40			(0.23	)		(0.05	)	$	11.05
Year ended February 28, 2011	$	10.21		0.20	4		0.58			(0.25	)		0.00		$	10.74
Year ended February 28, 2010	$	9.01		0.24	4		1.22			(0.26	)		0.00		$	10.21

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

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

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

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

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 55

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.36	%		0.99	%		0.81	%		2.32	%		18	%	$	16,493
	1.29	%		1.01	%		0.85	%		2.67	%		40	%	$	17,467
	1.39	%		1.08	%		0.96	%		2.15	%		39	%	$	19,815
	1.69	%		1.08	%		0.96	%		5.47	%		46	%	$	21,822
	1.82	%		1.10	%		0.97	%		7.56	%		51	%	$	22,862
	2.29	%		1.24	%		1.13	%		16.13	%		91	%	$	22,145
	0.60	%		1.71	%		1.56	%		1.94	%		18	%	$	29
	0.62	%		1.76	%		1.61	%		1.90	%		40	%	$	51
	0.66	%		1.82	%		1.71	%		1.39	%		39	%	$	108
	0.97	%		1.82	%		1.70	%		4.73	%		46	%	$	242
	1.08	%		1.85	%		1.72	%		6.78	%		51	%	$	865
	1.58	%		2.00	%		1.89	%		15.23	%		91	%	$	2,155
	0.60	%		1.74	%		1.56	%		1.92	%		18	%	$	3,855
	0.54	%		1.76	%		1.60	%		1.89	%		40	%	$	4,287
	0.64	%		1.83	%		1.71	%		1.36	%		39	%	$	4,945
	0.94	%		1.83	%		1.71	%		4.81	%		46	%	$	5,100
	1.07	%		1.85	%		1.72	%		6.69	%		51	%	$	5,605
	1.56	%		1.93	%		1.82	%		15.30	%		91	%	$	5,498
	1.12	%		1.28	%		1.06	%		2.18	%		18	%	$	27
	1.02	%		1.27	%		1.06	%		4.61	%		40	%	$	26
	1.72	%		0.66	%		0.45	%		2.43	%		18	%	$	352,897
	1.66	%		0.66	%		0.45	%		3.09	%		40	%	$	367,184
	2.06	%		0.75	%		0.45	%		(0.09	)%		39	%	$	3,073
	1.87	%		0.51	%		0.30	%		2.56	%		18	%	$	250,581
	1.79	%		0.57	%		0.37	%		3.23	%		40	%	$	233,894
	1.90	%		0.65	%		0.45	%		2.63	%		39	%	$	671,576
	2.20	%		0.65	%		0.45	%		6.09	%		46	%	$	700,645
	2.31	%		0.66	%		0.45	%		8.14	%		51	%	$	580,536
	2.73	%		0.72	%		0.53	%		16.67	%		91	%	$	254,513
	1.52	%		0.83	%		0.65	%		2.40	%		18	%	$	113,193
	1.45	%		0.85	%		0.69	%		2.87	%		40	%	$	116,854
	1.54	%		0.92	%		0.80	%		2.29	%		39	%	$	139,771
	1.84	%		0.92	%		0.80	%		5.74	%		46	%	$	121,886
	1.99	%		0.93	%		0.80	%		7.70	%		51	%	$	77,216
	2.53	%		1.00	%		0.82	%		16.30	%		91	%	$	63,796
	1.31	%		1.05	%		0.86	%		2.27	%		18	%	$	70,711
	1.28	%		1.08	%		0.86	%		2.61	%		40	%	$	72,839
	1.48	%		1.14	%		0.86	%		2.32	%		39	%	$	107,673
	1.79	%		1.15	%		0.86	%		5.59	%		46	%	$	107,779
	1.91	%		1.18	%		0.86	%		7.72	%		51	%	$	86,784
	2.41	%		1.28	%		0.89	%		16.33	%		91	%	$	39,395

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

56 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target 2010 Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	13.33		0.10	4		0.23			(0.05	)		0.00		$	13.61
Year ended February 28, 2014	$	13.30		0.19	4		0.31			(0.17	)		(0.30	)	$	13.33
Year ended February 28, 2013	$	13.26		0.19	4		0.19			(0.21	)		(0.13	)	$	13.30
Year ended February 29, 2012	$	12.86		0.21	4		0.43			(0.24	)		0.00		$	13.26
Year ended February 28, 2011	$	12.04		0.22	4		0.88			(0.28	)		0.00		$	12.86
Year ended February 28, 2010	$	10.15		0.25	4		1.93			(0.29	)		(0.00	)5	$	12.04
Class B
Six months ended August 31, 2014 (unaudited)	$	13.49		0.05	4		0.25			(0.03	)		0.00		$	13.76
Year ended February 28, 2014	$	13.43		0.08	4		0.32			(0.04	)		(0.30	)	$	13.49
Year ended February 28, 2013	$	13.37		0.09	4		0.19			(0.09	)		(0.13	)	$	13.43
Year ended February 29, 2012	$	12.93		0.12	4		0.44			(0.12	)		0.00		$	13.37
Year ended February 28, 2011	$	12.10		0.12	4		0.88			(0.17	)		0.00		$	12.93
Year ended February 28, 2010	$	10.18		0.17	4		1.93			(0.18	)		(0.00	)5	$	12.10
Class C
Six months ended August 31, 2014 (unaudited)	$	13.52		0.05	4		0.24			(0.03	)		0.00		$	13.78
Year ended February 28, 2014	$	13.48		0.09	4		0.31			(0.06	)		(0.30	)	$	13.52
Year ended February 28, 2013	$	13.44		0.09			0.19			(0.11	)		(0.13	)	$	13.48
Year ended February 29, 2012	$	13.03		0.12	4		0.43			(0.14	)		0.00		$	13.44
Year ended February 28, 2011	$	12.19		0.12	4		0.91			(0.19	)		0.00		$	13.03
Year ended February 28, 2010	$	10.27		0.16	4		1.96			(0.20	)		(0.00	)5	$	12.19
Class R
Six months ended August 31, 2014 (unaudited)	$	13.28		0.08	4		0.25			(0.05	)		0.00		$	13.56
Year ended February 28, 20146	$	13.08		0.10	4		0.58			(0.18	)		(0.30	)	$	13.28
Class R4
Six months ended August 31, 2014 (unaudited)	$	13.46		0.13	4		0.23			(0.06	)		0.00		$	13.76
Year ended February 28, 2014	$	13.43		0.24	4		0.31			(0.22	)		(0.30	)	$	13.46
Year ended February 28, 20137	$	13.56		0.08			0.00	5		(0.08	)		(0.13	)	$	13.43
Class R68
Six months ended August 31, 2014 (unaudited)	$	13.45		0.14			0.24			(0.07	)		0.00		$	13.76
Year ended February 28, 2014	$	13.43		0.25	4		0.32			(0.25	)		(0.30	)	$	13.45
Year ended February 28, 2013	$	13.39		0.26			0.19			(0.28	)		(0.13	)	$	13.43
Year ended February 29, 2012	$	12.97		0.28			0.45			(0.31	)		0.00		$	13.39
Year ended February 28, 2011	$	12.15		0.28			0.88			(0.34	)		0.00		$	12.97
Year ended February 28, 2010	$	10.24		0.31	4		1.95			(0.35	)		(0.00	)5	$	12.15
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	13.46		0.11			0.24			(0.06	)		0.00		$	13.75
Year ended February 28, 2014	$	13.42		0.21	4		0.32			(0.19	)		(0.30	)	$	13.46
Year ended February 28, 2013	$	13.38		0.21	4		0.19			(0.23	)		(0.13	)	$	13.42
Year ended February 29, 2012	$	12.97		0.24			0.43			(0.26	)		0.00		$	13.38
Year ended February 28, 2011	$	12.14		0.24			0.89			(0.30	)		0.00		$	12.97
Year ended February 28, 2010	$	10.24		0.27	4		1.95			(0.32	)		(0.00	)5	$	12.14
Investor Class
Six months ended August 31, 2014 (unaudited)	$	13.42		0.10			0.24			(0.05	)		0.00		$	13.71
Year ended February 28, 2014	$	13.40		0.19	4		0.30			(0.17	)		(0.30	)	$	13.42
Year ended February 28, 2013	$	13.36		0.20			0.19			(0.22	)		(0.13	)	$	13.40
Year ended February 29, 2012	$	12.95		0.23			0.43			(0.25	)		0.00		$	13.36
Year ended February 28, 2011	$	12.12		0.22	4		0.90			(0.29	)		0.00		$	12.95
Year ended February 28, 2010	$	10.22		0.27	4		1.94			(0.31	)		(0.00	)5	$	12.12

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

5. Amount is less than $0.005.

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

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

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

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 57

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.48	%		0.99	%		0.83	%		2.52	%		17	%	$	28,760
	1.39	%		1.02	%		0.87	%		3.87	%		40	%	$	32,012
	1.39	%		1.08	%		0.99	%		2.92	%		37	%	$	36,462
	1.63	%		1.08	%		0.99	%		5.05	%		43	%	$	39,691
	1.72	%		1.10	%		1.00	%		9.24	%		47	%	$	42,615
	2.16	%		1.16	%		1.10	%		21.64	%		86	%	$	42,316
	0.74	%		1.74	%		1.58	%		2.20	%		17	%	$	31
	0.62	%		1.77	%		1.63	%		3.05	%		40	%	$	118
	0.67	%		1.83	%		1.74	%		2.12	%		37	%	$	341
	0.90	%		1.83	%		1.74	%		4.35	%		43	%	$	748
	0.98	%		1.85	%		1.75	%		8.45	%		47	%	$	1,542
	1.45	%		1.92	%		1.86	%		20.69	%		86	%	$	2,716
	0.73	%		1.75	%		1.58	%		2.18	%		17	%	$	2,829
	0.64	%		1.77	%		1.62	%		3.07	%		40	%	$	2,952
	0.64	%		1.83	%		1.74	%		2.10	%		37	%	$	3,269
	0.88	%		1.83	%		1.74	%		4.28	%		43	%	$	3,323
	0.96	%		1.85	%		1.75	%		8.48	%		47	%	$	3,114
	1.42	%		1.91	%		1.85	%		20.76	%		86	%	$	2,580
	1.23	%		1.27	%		1.08	%		2.49	%		17	%	$	27
	0.00	%		1.29	%		1.08	%		5.36	%		40	%	$	26
	1.84	%		0.66	%		0.47	%		2.73	%		17	%	$	163,978
	1.79	%		0.67	%		0.47	%		4.24	%		40	%	$	199,432
	2.03	%		0.75	%		0.47	%		0.63	%		37	%	$	5,555
	1.99	%		0.52	%		0.32	%		2.83	%		17	%	$	236,166
	1.89	%		0.57	%		0.38	%		4.35	%		40	%	$	242,218
	1.91	%		0.65	%		0.48	%		3.43	%		37	%	$	486,113
	2.14	%		0.65	%		0.48	%		5.61	%		43	%	$	563,343
	2.23	%		0.66	%		0.48	%		9.90	%		47	%	$	455,447
	2.63	%		0.71	%		0.59	%		22.15	%		86	%	$	359,320
	1.64	%		0.84	%		0.67	%		2.61	%		17	%	$	192,550
	1.55	%		0.86	%		0.71	%		4.08	%		40	%	$	201,159
	1.54	%		0.92	%		0.83	%		3.08	%		37	%	$	241,045
	1.79	%		0.92	%		0.83	%		5.25	%		43	%	$	190,863
	1.88	%		0.93	%		0.83	%		9.44	%		47	%	$	191,943
	2.36	%		0.98	%		0.86	%		21.86	%		86	%	$	172,322
	1.43	%		1.06	%		0.88	%		2.57	%		17	%	$	61,321
	1.39	%		1.08	%		0.88	%		3.78	%		40	%	$	60,396
	1.49	%		1.14	%		0.89	%		3.01	%		37	%	$	64,161
	1.73	%		1.15	%		0.89	%		5.21	%		43	%	$	61,766
	1.79	%		1.18	%		0.89	%		9.40	%		47	%	$	53,646
	2.27	%		1.26	%		0.92	%		21.86	%		86	%	$	25,103

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

58 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target 2015 Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments		Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	10.38		0.08			0.21		(0.07	)		0.00		$	10.60
Year ended February 28, 2014	$	10.13		0.15	4		0.40		(0.14	)		(0.16	)	$	10.38
Year ended February 28, 20135	$	10.11		0.03	4		0.13		(0.04	)		(0.10	)	$	10.13
Class R
Six months ended August 31, 2014 (unaudited)	$	10.52		0.06			0.23		(0.06	)		0.00		$	10.75
Year ended February 28, 20146	$	10.08		0.08	4		0.57		(0.05	)		(0.16	)	$	10.52
Class R4
Six months ended August 31, 2014 (unaudited)	$	10.40		0.09	4		0.23		(0.09	)		0.00		$	10.63
Year ended February 28, 2014	$	10.14		0.20			0.38		(0.16	)		(0.16	)	$	10.40
Year ended February 28, 20135	$	10.11		0.05	4		0.13		(0.05	)		(0.10	)	$	10.14
Class R67
Six months ended August 31, 2014 (unaudited)	$	10.39		0.10			0.23		(0.10	)		0.00		$	10.62
Year ended February 28, 2014	$	10.13		0.21			0.39		(0.18	)		(0.16	)	$	10.39
Year ended February 28, 2013	$	9.98		0.18	4		0.27		(0.20	)		(0.10	)	$	10.13
Year ended February 29, 2012	$	9.81		0.19			0.29		(0.20	)		(0.11	)	$	9.98
Year ended February 28, 2011	$	9.05		0.19			0.85		(0.23	)		(0.05	)	$	9.81
Year ended February 28, 2010	$	7.23		0.21	4		1.77		(0.16	)		0.00		$	9.05
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	10.52		0.09			0.22		(0.08	)		0.00		$	10.75
Year ended February 28, 2014	$	10.24		0.16			0.42		(0.14	)		(0.16	)	$	10.52
Year ended February 28, 2013	$	10.10		0.15	4		0.26		(0.17	)		(0.10	)	$	10.24
Year ended February 29, 2012	$	9.92		0.17			0.29		(0.17	)		(0.11	)	$	10.10
Year ended February 28, 2011	$	9.15		0.17			0.85		(0.20	)		(0.05	)	$	9.92
Year ended February 28, 2010	$	7.31		0.17	4		1.82		(0.15	)		0.00		$	9.15
Investor Class
Six months ended August 31, 2014 (unaudited)	$	10.53		0.08			0.22		(0.07	)		0.00		$	10.76
Year ended February 28, 2014	$	10.26		0.14	4		0.41		(0.12	)		(0.16	)	$	10.53
Year ended February 28, 2013	$	10.11		0.14			0.27		(0.16	)		(0.10	)	$	10.26
Year ended February 29, 2012	$	9.93		0.16			0.29		(0.16	)		(0.11	)	$	10.11
Year ended February 28, 2011	$	9.16		0.16	4		0.85		(0.19	)		(0.05	)	$	9.93
Year ended February 28, 2010	$	7.32		0.15	4		1.83		(0.14	)		0.00		$	9.16

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

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

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

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

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 59

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.46	%		0.99	%		0.84	%		2.84	%		16	%	$	666
	1.45	%		0.99	%		0.84	%		5.56	%		38	%	$	332
	1.28	%		1.05	%		0.84	%		1.60	%		35	%	$	10
	1.22	%		1.25	%		1.09	%		2.77	%		16	%	$	27
	1.14	%		1.26	%		1.09	%		6.51	%		38	%	$	27
	1.82	%		0.66	%		0.48	%		3.08	%		16	%	$	182,751
	1.76	%		0.66	%		0.48	%		5.90	%		38	%	$	189,078
	1.90	%		0.75	%		0.48	%		1.72	%		35	%	$	2,614
	1.97	%		0.51	%		0.33	%		3.16	%		16	%	$	446,577
	1.88	%		0.55	%		0.38	%		6.04	%		38	%	$	437,620
	1.87	%		0.65	%		0.49	%		4.56	%		35	%	$	613,945
	2.05	%		0.65	%		0.49	%		5.06	%		40	%	$	536,453
	2.11	%		0.66	%		0.49	%		11.68	%		44	%	$	387,146
	2.43	%		0.72	%		0.54	%		27.56	%		77	%	$	235,807
	1.62	%		0.83	%		0.68	%		2.95	%		16	%	$	208,621
	1.54	%		0.85	%		0.72	%		5.79	%		38	%	$	211,930
	1.47	%		0.92	%		0.84	%		4.06	%		35	%	$	194,125
	1.70	%		0.92	%		0.84	%		4.74	%		40	%	$	84,759
	1.76	%		0.93	%		0.84	%		11.28	%		44	%	$	61,227
	1.89	%		1.03	%		0.86	%		27.28	%		77	%	$	42,190
	1.43	%		1.05	%		0.89	%		2.85	%		16	%	$	120,740
	1.36	%		1.08	%		0.89	%		5.49	%		38	%	$	122,400
	1.46	%		1.14	%		0.90	%		4.08	%		35	%	$	200,596
	1.65	%		1.15	%		0.90	%		4.67	%		40	%	$	165,774
	1.69	%		1.18	%		0.90	%		11.22	%		44	%	$	142,622
	1.75	%		1.31	%		0.93	%		27.19	%		77	%	$	43,004

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

60 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target 2020 Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments		Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	15.14		0.11	4		0.40		(0.08	)		0.00		$	15.57
Year ended February 28, 2014	$	14.53		0.20			0.97		(0.17	)		(0.39	)	$	15.14
Year ended February 28, 2013	$	14.25		0.20			0.50		(0.21	)		(0.21	)	$	14.53
Year ended February 29, 2012	$	13.97		0.21			0.33		(0.22	)		(0.04	)	$	14.25
Year ended February 28, 2011	$	12.54		0.20			1.46		(0.23	)		0.00		$	13.97
Year ended February 28, 2010	$	9.58		0.21	4		2.97		(0.22	)		(0.00	)5	$	12.54
Class B
Six months ended August 31, 2014 (unaudited)	$	15.13		0.05	4		0.40		(0.01	)		0.00		$	15.57
Year ended February 28, 2014	$	14.47		0.08	4		0.97		0.00			(0.39	)	$	15.13
Year ended February 28, 2013	$	14.16		0.09	4		0.51		(0.08	)		(0.21	)	$	14.47
Year ended February 29, 2012	$	13.85		0.10	4		0.33		(0.08	)		(0.04	)	$	14.16
Year ended February 28, 2011	$	12.41		0.09	4		1.46		(0.11	)		0.00		$	13.85
Year ended February 28, 2010	$	9.50		0.12	4		2.95		(0.16	)		(0.00	)5	$	12.41
Class C
Six months ended August 31, 2014 (unaudited)	$	15.08		0.05			0.40		(0.03	)		0.00		$	15.50
Year ended February 28, 2014	$	14.49		0.08			0.97		(0.07	)		(0.39	)	$	15.08
Year ended February 28, 2013	$	14.20		0.09			0.51		(0.10	)		(0.21	)	$	14.49
Year ended February 29, 2012	$	13.93		0.08			0.35		(0.12	)		(0.04	)	$	14.20
Year ended February 28, 2011	$	12.51		0.08			1.48		(0.14	)		0.00		$	13.93
Year ended February 28, 2010	$	9.58		0.12	4		2.98		(0.17	)		(0.00	)5	$	12.51
Class R
Six months ended August 31, 2014 (unaudited)	$	15.10		0.09	4		0.41		(0.08	)		0.00		$	15.52
Year ended February 28, 20146	$	14.48		0.10	4		1.10		(0.19	)		(0.39	)	$	15.10
Class R4
Six months ended August 31, 2014 (unaudited)	$	15.40		0.14			0.41		(0.11	)		0.00		$	15.84
Year ended February 28, 2014	$	14.77		0.19			1.06		(0.23	)		(0.39	)	$	15.40
Year ended February 28, 20137	$	14.66		0.09			0.31		(0.08	)		(0.21	)	$	14.77
Class R68
Six months ended August 31, 2014 (unaudited)	$	15.40		0.15			0.41		(0.12	)		0.00		$	15.84
Year ended February 28, 2014	$	14.77		0.27	4		1.00		(0.25	)		(0.39	)	$	15.40
Year ended February 28, 2013	$	14.47		0.27			0.52		(0.28	)		(0.21	)	$	14.77
Year ended February 29, 2012	$	14.19		0.27	4		0.35		(0.30	)		(0.04	)	$	14.47
Year ended February 28, 2011	$	12.73		0.26			1.50		(0.30	)		0.00		$	14.19
Year ended February 28, 2010	$	9.73		0.27	4		3.01		(0.28	)		(0.00	)5	$	12.73
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	15.36		0.12			0.41		(0.09	)		0.00		$	15.80
Year ended February 28, 2014	$	14.73		0.22			0.99		(0.19	)		(0.39	)	$	15.36
Year ended February 28, 2013	$	14.44		0.21			0.52		(0.23	)		(0.21	)	$	14.73
Year ended February 29, 2012	$	14.15		0.23			0.35		(0.25	)		(0.04	)	$	14.44
Year ended February 28, 2011	$	12.70		0.21			1.50		(0.26	)		0.00		$	14.15
Year ended February 28, 2010	$	9.71		0.23	4		3.01		(0.25	)		(0.00	)5	$	12.70
Investor Class
Six months ended August 31, 2014 (unaudited)	$	15.34		0.11			0.41		(0.08	)		0.00		$	15.78
Year ended February 28, 2014	$	14.72		0.20			0.98		(0.17	)		(0.39	)	$	15.34
Year ended February 28, 2013	$	14.43		0.21			0.51		(0.22	)		(0.21	)	$	14.72
Year ended February 29, 2012	$	14.14		0.22			0.35		(0.24	)		(0.04	)	$	14.43
Year ended February 28, 2011	$	12.70		0.20	4		1.49		(0.25	)		0.00		$	14.14
Year ended February 28, 2010	$	9.71		0.22	4		3.02		(0.25	)		(0.00	)5	$	12.70

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

5. Amount is less than $0.005.

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

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

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

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 61

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.43	%		0.95	%		0.86	%		3.37	%		13	%	$	68,499
	1.32	%		0.98	%		0.90	%		8.16	%		35	%	$	75,871
	1.36	%		1.06	%		1.01	%		5.00	%		32	%	$	74,720
	1.45	%		1.05	%		1.01	%		3.97	%		35	%	$	74,955
	1.46	%		1.08	%		1.02	%		13.41	%		39	%	$	77,784
	1.77	%		1.15	%		1.11	%		33.45	%		66	%	$	72,653
	0.68	%		1.70	%		1.61	%		2.99	%		13	%	$	169
	0.58	%		1.74	%		1.66	%		7.34	%		35	%	$	238
	0.63	%		1.81	%		1.76	%		4.27	%		32	%	$	599
	0.78	%		1.80	%		1.76	%		3.11	%		35	%	$	1,048
	0.73	%		1.83	%		1.77	%		12.57	%		39	%	$	2,428
	1.04	%		1.90	%		1.86	%		32.44	%		66	%	$	5,030
	0.68	%		1.70	%		1.61	%		2.99	%		13	%	$	5,587
	0.57	%		1.73	%		1.65	%		7.36	%		35	%	$	5,208
	0.61	%		1.81	%		1.76	%		4.28	%		32	%	$	4,514
	0.68	%		1.81	%		1.76	%		3.14	%		35	%	$	4,600
	0.70	%		1.83	%		1.77	%		12.65	%		39	%	$	3,922
	1.00	%		1.90	%		1.86	%		32.35	%		66	%	$	2,752
	1.16	%		1.23	%		1.11	%		3.30	%		13	%	$	42
	1.07	%		1.24	%		1.11	%		8.37	%		35	%	$	27
	1.79	%		0.62	%		0.50	%		3.56	%		13	%	$	784,098
	1.70	%		0.63	%		0.50	%		8.58	%		35	%	$	803,141
	1.72	%		0.73	%		0.50	%		2.79	%		32	%	$	23,050
	1.93	%		0.47	%		0.35	%		3.63	%		13	%	$	1,165,670
	1.88	%		0.53	%		0.40	%		8.72	%		35	%	$	1,065,417
	1.85	%		0.63	%		0.50	%		5.60	%		32	%	$	1,605,032
	1.95	%		0.63	%		0.50	%		4.47	%		35	%	$	1,540,045
	1.96	%		0.64	%		0.50	%		14.03	%		39	%	$	1,250,249
	2.22	%		0.69	%		0.60	%		33.98	%		66	%	$	822,479
	1.60	%		0.79	%		0.70	%		3.48	%		13	%	$	750,822
	1.52	%		0.82	%		0.74	%		8.35	%		35	%	$	746,910
	1.47	%		0.90	%		0.85	%		5.19	%		32	%	$	688,261
	1.63	%		0.90	%		0.85	%		4.17	%		35	%	$	468,494
	1.62	%		0.91	%		0.85	%		13.60	%		39	%	$	439,314
	1.96	%		0.97	%		0.88	%		33.64	%		66	%	$	342,078
	1.37	%		1.01	%		0.91	%		3.40	%		13	%	$	208,990
	1.35	%		1.04	%		0.91	%		8.14	%		35	%	$	193,249
	1.43	%		1.12	%		0.91	%		5.12	%		32	%	$	173,813
	1.54	%		1.13	%		0.91	%		4.12	%		35	%	$	144,478
	1.53	%		1.15	%		0.91	%		13.56	%		39	%	$	119,297
	1.84	%		1.24	%		0.94	%		33.51	%		66	%	$	53,535

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

62 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target 2025 Fund	Beginning net asset value per share		Net investment income (loss)1			Net realized and unrealized gains (losses) on investments		Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	10.56		0.07			0.34		(0.06	)		0.00		$	10.91
Year ended February 28, 2014	$	9.95		0.15			0.92		(0.13	)		(0.33	)	$	10.56
Year ended February 28, 20134	$	9.83		0.04			0.33		(0.05	)		(0.20	)	$	9.95
Class R
Six months ended August 31, 2014 (unaudited)	$	10.57		0.06			0.34		(0.04	)		0.00		$	10.93
Year ended February 28, 20145	$	9.95		0.07			0.94		(0.06	)		(0.33	)	$	10.57
Class R4
Six months ended August 31, 2014 (unaudited)	$	10.58		0.09			0.33		(0.07	)		0.00		$	10.93
Year ended February 28, 2014	$	9.97		0.15			0.95		(0.16	)		(0.33	)	$	10.58
Year ended February 28, 20134	$	9.83		0.06			0.33		(0.05	)		(0.20	)	$	9.97
Class R66
Six months ended August 31, 2014 (unaudited)	$	10.57		0.10			0.34		(0.08	)		0.00		$	10.93
Year ended February 28, 2014	$	9.96		0.19			0.92		(0.17	)		(0.33	)	$	10.57
Year ended February 28, 2013	$	9.71		0.18			0.45		(0.18	)		(0.20	)	$	9.96
Year ended February 29, 2012	$	9.79		0.17	7		0.16		(0.18	)		(0.23	)	$	9.71
Year ended February 28, 2011	$	8.68		0.16			1.26		(0.19	)		(0.12	)	$	9.79
Year ended February 28, 2010	$	6.24		0.18	7		2.39		(0.13	)		0.00		$	8.68
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	10.60		0.08			0.33		(0.06	)		0.00		$	10.95
Year ended February 28, 2014	$	9.98		0.15			0.94		(0.14	)		(0.33	)	$	10.60
Year ended February 28, 2013	$	9.74		0.14	7		0.45		(0.15	)		(0.20	)	$	9.98
Year ended February 29, 2012	$	9.81		0.14	7		0.17		(0.15	)		(0.23	)	$	9.74
Year ended February 28, 2011	$	8.69		0.13	7		1.26		(0.15	)		(0.12	)	$	9.81
Year ended February 28, 2010	$	6.25		(0.04	)7		2.61		(0.13	)		0.00		$	8.69
Investor Class
Six months ended August 31, 2014 (unaudited)	$	10.59		0.07			0.33		(0.05	)		0.00		$	10.94
Year ended February 28, 2014	$	9.97		0.11			0.96		(0.12	)		(0.33	)	$	10.59
Year ended February 28, 2013	$	9.72		0.14			0.46		(0.15	)		(0.20	)	$	9.97
Year ended February 29, 2012	$	9.80		0.14	7		0.15		(0.14	)		(0.23	)	$	9.72
Year ended February 28, 2011	$	8.68		0.13	7		1.25		(0.14	)		(0.12	)	$	9.80
Year ended February 28, 2010	$	6.25		(0.08	)7		2.64		(0.13	)		0.00		$	8.68

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

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

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

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

7. Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 63

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income (loss)1			Gross expenses1			Net expenses1
	1.41	%		0.96	%		0.86	%		3.89	%		11	%	$	2,622
	1.28	%		0.97	%		0.86	%		10.99	%		32	%	$	1,379
	1.01	%		1.06	%		0.86	%		3.92	%		28	%	$	159
	1.16	%		1.21	%		1.11	%		3.82	%		11	%	$	29
	0.96	%		1.22	%		1.11	%		10.27	%		32	%	$	28
	1.77	%		0.63	%		0.50	%		4.11	%		11	%	$	357,294
	1.60	%		0.63	%		0.50	%		11.29	%		32	%	$	354,137
	1.51	%		0.73	%		0.50	%		4.13	%		28	%	$	4,210
	1.92	%		0.48	%		0.35	%		4.19	%		11	%	$	1,469,138
	1.78	%		0.52	%		0.39	%		11.42	%		32	%	$	1,409,281
	1.83	%		0.63	%		0.50	%		6.74	%		28	%	$	1,577,058
	1.83	%		0.64	%		0.50	%		3.77	%		31	%	$	1,431,120
	1.83	%		0.64	%		0.50	%		16.75	%		33	%	$	1,290,513
	2.07	%		0.66	%		0.53	%		41.46	%		54	%	$	1,057,514
	1.57	%		0.80	%		0.70	%		3.92	%		11	%	$	376,855
	1.43	%		0.82	%		0.74	%		11.11	%		32	%	$	354,050
	1.42	%		0.90	%		0.85	%		6.27	%		28	%	$	271,593
	1.47	%		0.91	%		0.85	%		3.49	%		31	%	$	111,673
	1.46	%		0.91	%		0.85	%		16.32	%		33	%	$	69,590
	(0.51	)%		1.01	%		0.89	%		41.33	%		54	%	$	39,111
	1.37	%		1.02	%		0.91	%		3.83	%		11	%	$	248,778
	1.28	%		1.05	%		0.91	%		10.91	%		32	%	$	236,714
	1.41	%		1.12	%		0.91	%		6.31	%		28	%	$	377,357
	1.42	%		1.14	%		0.91	%		3.32	%		31	%	$	300,434
	1.39	%		1.15	%		0.91	%		16.22	%		33	%	$	256,544
	(0.93	)%		1.29	%		0.95	%		41.19	%		54	%	$	70,228

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

64 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target 2030 Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments		Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	16.61		0.13			0.59		(0.08	)		0.00		$	17.25
Year ended February 28, 2014	$	15.31		0.20			1.83		(0.19	)		(0.54	)	$	16.61
Year ended February 28, 2013	$	14.74		0.20			0.85		(0.20	)		(0.28	)	$	15.31
Year ended February 29, 2012	$	14.81		0.17	4		0.13		(0.18	)		(0.19	)	$	14.74
Year ended February 28, 2011	$	12.65		0.15	4		2.19		(0.18	)		0.00		$	14.81
Year ended February 28, 2010	$	8.65		0.15	4		4.00		(0.15	)		(0.00	)5	$	12.65
Class B
Six months ended August 31, 2014 (unaudited)	$	16.36		0.05			0.60		(0.00	)8		0.00		$	17.01
Year ended February 28, 2014	$	15.08		0.08	4		1.80		(0.06	)		(0.54	)	$	16.36
Year ended February 28, 2013	$	14.49		0.08	4		0.86		(0.07	)		(0.28	)	$	15.08
Year ended February 29, 2012	$	14.53		0.07	4		0.12		(0.04	)		(0.19	)	$	14.49
Year ended February 28, 2011	$	12.41		0.06	4		2.14		(0.08	)		0.00		$	14.53
Year ended February 28, 2010	$	8.49		0.07	4		3.91		(0.06	)		(0.00	)5	$	12.41
Class C
Six months ended August 31, 2014 (unaudited)	$	16.25		0.06			0.59		(0.04	)		0.00		$	16.86
Year ended February 28, 2014	$	15.00		0.08			1.79		(0.08	)		(0.54	)	$	16.25
Year ended February 28, 2013	$	14.45		0.08			0.85		(0.10	)		(0.28	)	$	15.00
Year ended February 29, 2012	$	14.53		0.06	4		0.14		(0.09	)		(0.19	)	$	14.45
Year ended February 28, 2011	$	12.43		0.05	4		2.14		(0.09	)		0.00		$	14.53
Year ended February 28, 2010	$	8.50		0.06	4		3.93		(0.06	)		(0.00	)5	$	12.43
Class R
Six months ended August 31, 2014 (unaudited)	$	16.61		0.09			0.61		(0.07	)		0.00		$	17.24
Year ended February 28, 20146	$	15.39		0.10			1.75		(0.09	)		(0.54	)	$	16.61
Class R4
Six months ended August 31, 2014 (unaudited)	$	16.83		0.15			0.61		(0.11	)		0.00		$	17.48
Year ended February 28, 2014	$	15.50		0.23			1.89		(0.25	)		(0.54	)	$	16.83
Year ended February 28, 20137	$	15.07		0.08			0.71		(0.08	)		(0.28	)	$	15.50
Class R68
Six months ended August 31, 2014 (unaudited)	$	16.81		0.16			0.62		(0.12	)		0.00		$	17.47
Year ended February 28, 2014	$	15.49		0.29	4		1.86		(0.27	)		(0.54	)	$	16.81
Year ended February 28, 2013	$	14.91		0.27			0.86		(0.27	)		(0.28	)	$	15.49
Year ended February 29, 2012	$	14.98		0.25	4		0.12		(0.25	)		(0.19	)	$	14.91
Year ended February 28, 2011	$	12.79		0.23	4		2.21		(0.25	)		0.00		$	14.98
Year ended February 28, 2010	$	8.75		0.21	4		4.03		(0.20	)		(0.00	)5	$	12.79
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	16.82		0.13			0.62		(0.10	)		0.00		$	17.47
Year ended February 28, 2014	$	15.49		0.23			1.86		(0.22	)		(0.54	)	$	16.82
Year ended February 28, 2013	$	14.91		0.21			0.88		(0.23	)		(0.28	)	$	15.49
Year ended February 29, 2012	$	14.98		0.20	4		0.13		(0.21	)		(0.19	)	$	14.91
Year ended February 28, 2011	$	12.79		0.18	4		2.21		(0.20	)		0.00		$	14.98
Year ended February 28, 2010	$	8.74		0.17	4		4.06		(0.18	)		(0.00	)5	$	12.79
Investor Class
Six months ended August 31, 2014 (unaudited)	$	16.77		0.11			0.62		(0.08	)		0.00		$	17.42
Year ended February 28, 2014	$	15.46		0.20			1.84		(0.19	)		(0.54	)	$	16.77
Year ended February 28, 2013	$	14.88		0.21			0.87		(0.22	)		(0.28	)	$	15.46
Year ended February 29, 2012	$	14.95		0.19	4		0.13		(0.20	)		(0.19	)	$	14.88
Year ended February 28, 2011	$	12.77		0.17	4		2.21		(0.20	)		0.00		$	14.95
Year ended February 28, 2010	$	8.74		0.16	4		4.04		(0.17	)		(0.00	)5	$	12.77

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

5. Amount is less than $0.005.

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

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

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

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 65

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.39	%		0.95	%		0.87	%		4.36	%		8	%	$	61,861
	1.22	%		0.98	%		0.91	%		13.52	%		29	%	$	65,634
	1.29	%		1.06	%		1.02	%		7.28	%		25	%	$	60,857
	1.21	%		1.06	%		1.02	%		2.27	%		26	%	$	60,087
	1.15	%		1.09	%		1.03	%		18.71	%		28	%	$	62,209
	1.32	%		1.16	%		1.12	%		48.17	%		43	%	$	55,735
	0.66	%		1.70	%		1.62	%		3.99	%		8	%	$	173
	0.50	%		1.74	%		1.67	%		12.65	%		29	%	$	290
	0.57	%		1.81	%		1.77	%		6.54	%		25	%	$	463
	0.50	%		1.81	%		1.77	%		1.43	%		26	%	$	872
	0.42	%		1.84	%		1.78	%		17.88	%		28	%	$	1,962
	0.60	%		1.92	%		1.88	%		46.98	%		43	%	$	3,173
	0.64	%		1.70	%		1.62	%		3.97	%		8	%	$	4,492
	0.47	%		1.73	%		1.66	%		12.64	%		29	%	$	4,097
	0.53	%		1.82	%		1.77	%		6.52	%		25	%	$	3,465
	0.45	%		1.82	%		1.77	%		1.47	%		26	%	$	3,120
	0.38	%		1.84	%		1.78	%		17.80	%		28	%	$	2,456
	0.58	%		1.91	%		1.87	%		47.11	%		43	%	$	1,671
	1.15	%		1.23	%		1.12	%		4.23	%		8	%	$	35
	0.87	%		1.22	%		1.12	%		12.19	%		29	%	$	28
	1.75	%		0.62	%		0.51	%		4.54	%		8	%	$	887,342
	1.53	%		0.63	%		0.51	%		13.99	%		29	%	$	850,913
	1.35	%		0.73	%		0.51	%		5.34	%		25	%	$	19,568
	1.90	%		0.47	%		0.36	%		4.67	%		8	%	$	1,175,365
	1.76	%		0.53	%		0.41	%		14.08	%		29	%	$	1,049,122
	1.80	%		0.64	%		0.51	%		7.82	%		25	%	$	1,478,163
	1.71	%		0.64	%		0.51	%		2.78	%		26	%	$	1,335,729
	1.65	%		0.65	%		0.51	%		19.35	%		28	%	$	1,048,222
	1.74	%		0.71	%		0.61	%		48.76	%		43	%	$	639,598
	1.55	%		0.79	%		0.71	%		4.45	%		8	%	$	710,721
	1.38	%		0.82	%		0.75	%		13.74	%		29	%	$	685,421
	1.43	%		0.91	%		0.86	%		7.46	%		25	%	$	572,735
	1.37	%		0.91	%		0.86	%		2.41	%		26	%	$	395,067
	1.30	%		0.92	%		0.86	%		18.85	%		28	%	$	373,853
	1.49	%		0.98	%		0.89	%		48.60	%		43	%	$	254,340
	1.34	%		1.01	%		0.92	%		4.37	%		8	%	$	218,755
	1.21	%		1.04	%		0.92	%		13.47	%		29	%	$	201,506
	1.38	%		1.13	%		0.92	%		7.41	%		25	%	$	158,551
	1.30	%		1.14	%		0.92	%		2.36	%		26	%	$	124,145
	1.21	%		1.17	%		0.92	%		18.84	%		28	%	$	99,234
	1.36	%		1.25	%		0.94	%		48.33	%		43	%	$	46,963

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

66 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target 2035 Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments		Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	11.02		0.08	4		0.45		(0.06	)		0.00		$	11.49
Year ended February 28, 2014	$	9.99		0.14			1.41		(0.13	)		(0.39	)	$	11.02
Year ended February 28, 20135	$	9.60		0.02	4		0.58		(0.05	)		(0.16	)	$	9.99
Class R
Six months ended August 31, 2014 (unaudited)	$	11.09		0.06			0.45		(0.04	)		0.00		$	11.56
Year ended February 28, 20146	$	10.16		0.06	4		1.32		(0.06	)		(0.39	)	$	11.09
Class R4
Six months ended August 31, 2014 (unaudited)	$	11.03		0.10			0.44		(0.07	)		0.00		$	11.50
Year ended February 28, 2014	$	9.99		0.15			1.44		(0.16	)		(0.39	)	$	11.03
Year ended February 28, 20135	$	9.60		0.03	4		0.57		(0.05	)		(0.16	)	$	9.99
Class R67
Six months ended August 31, 2014 (unaudited)	$	11.03		0.10			0.45		(0.08	)		0.00		$	11.50
Year ended February 28, 2014	$	9.99		0.19			1.41		(0.17	)		(0.39	)	$	11.03
Year ended February 28, 2013	$	9.50		0.17			0.65		(0.17	)		(0.16	)	$	9.99
Year ended February 29, 2012	$	9.61		0.15	4		0.02		(0.14	)		(0.14	)	$	9.50
Year ended February 28, 2011	$	8.19		0.13			1.58		(0.16	)		(0.13	)	$	9.61
Year ended February 28, 2010	$	5.36		0.11	4		2.82		(0.10	)		0.00		$	8.19
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	11.06		0.09			0.44		(0.06	)		0.00		$	11.53
Year ended February 28, 2014	$	10.02		0.14			1.43		(0.14	)		(0.39	)	$	11.06
Year ended February 28, 2013	$	9.53		0.13			0.66		(0.14	)		(0.16	)	$	10.02
Year ended February 29, 2012	$	9.65		0.12	4		0.01		(0.11	)		(0.14	)	$	9.53
Year ended February 28, 2011	$	8.22		0.10			1.59		(0.13	)		(0.13	)	$	9.65
Year ended February 28, 2010	$	5.40		0.09	4		2.81		(0.08	)		0.00		$	8.22
Investor Class
Six months ended August 31, 2014 (unaudited)	$	11.10		0.07			0.45		(0.05	)		0.00		$	11.57
Year ended February 28, 2014	$	10.05		0.13			1.43		(0.12	)		(0.39	)	$	11.10
Year ended February 28, 2013	$	9.56		0.13			0.65		(0.13	)		(0.16	)	$	10.05
Year ended February 29, 2012	$	9.67		0.11	4		0.02		(0.10	)		(0.14	)	$	9.56
Year ended February 28, 2011	$	8.24		0.10			1.58		(0.12	)		(0.13	)	$	9.67
Year ended February 28, 2010	$	5.42		0.08	4		2.82		(0.08	)		0.00		$	8.24

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

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

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

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

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 67

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.36	%		0.97	%		0.88	%		4.81	%		6	%	$	1,085
	1.11	%		0.98	%		0.88	%		15.82	%		26	%	$	532
	1.04	%		1.07	%		0.88	%		6.36	%		22	%	$	41
	1.13	%		1.22	%		1.13	%		4.63	%		6	%	$	30
	0.79	%		1.26	%		1.13	%		13.76	%		26	%	$	28
	1.72	%		0.64	%		0.52	%		4.95	%		6	%	$	310,896
	1.45	%		0.65	%		0.52	%		16.28	%		26	%	$	297,612
	1.30	%		0.75	%		0.52	%		6.38	%		22	%	$	1,940
	1.87	%		0.49	%		0.37	%		5.02	%		6	%	$	628,807
	1.71	%		0.55	%		0.41	%		16.41	%		26	%	$	570,482
	1.76	%		0.66	%		0.52	%		8.86	%		22	%	$	648,345
	1.60	%		0.66	%		0.52	%		1.96	%		22	%	$	481,784
	1.52	%		0.68	%		0.52	%		21.21	%		24	%	$	338,577
	1.40	%		0.75	%		0.57	%		54.85	%		34	%	$	170,172
	1.52	%		0.81	%		0.72	%		4.84	%		6	%	$	250,171
	1.33	%		0.85	%		0.75	%		15.96	%		26	%	$	236,217
	1.36	%		0.93	%		0.87	%		8.48	%		22	%	$	172,860
	1.26	%		0.93	%		0.87	%		1.55	%		22	%	$	77,039
	1.17	%		0.94	%		0.87	%		20.87	%		24	%	$	50,226
	1.20	%		1.06	%		0.89	%		53.96	%		34	%	$	25,950
	1.32	%		1.03	%		0.93	%		4.72	%		6	%	$	201,145
	1.21	%		1.08	%		0.93	%		15.77	%		26	%	$	193,717
	1.35	%		1.15	%		0.93	%		8.38	%		22	%	$	310,066
	1.21	%		1.16	%		0.93	%		1.60	%		22	%	$	244,138
	1.09	%		1.19	%		0.93	%		20.74	%		24	%	$	204,364
	1.09	%		1.34	%		0.95	%		53.70	%		34	%	$	60,611

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

68 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target 2040 Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	18.90		0.14			0.83			(0.09	)		0.00		$	19.78
Year ended February 28, 2014	$	16.92		0.21			2.71			(0.21	)		(0.73	)	$	18.90
Year ended February 28, 2013	$	16.07		0.21			1.19			(0.21	)		(0.34	)	$	16.92
Year ended February 29, 2012	$	16.40		0.17			(0.07	)		(0.16	)		(0.27	)	$	16.07
Year ended February 28, 2011	$	13.60		0.15			2.81			(0.16	)		0.00		$	16.40
Year ended February 28, 2010	$	8.73		0.12	4		4.87			(0.12	)		(0.00	)5	$	13.60
Class B
Six months ended August 31, 2014 (unaudited)	$	18.06		0.06	4		0.79			(0.00	)8		0.00		$	18.91
Year ended February 28, 2014	$	16.18		0.07	4		2.59			(0.05	)		(0.73	)	$	18.06
Year ended February 28, 2013	$	15.36		0.09	4		1.13			(0.06	)		(0.34	)	$	16.18
Year ended February 29, 2012	$	15.67		0.05	4		(0.06	)		(0.03	)		(0.27	)	$	15.36
Year ended February 28, 2011	$	12.99		0.03	4		2.70			(0.05	)		0.00		$	15.67
Year ended February 28, 2010	$	8.35		0.10	4		4.57			(0.03	)		(0.00	)5	$	12.99
Class C
Six months ended August 31, 2014 (unaudited)	$	17.85		0.05	4		0.79			(0.04	)		0.00		$	18.65
Year ended February 28, 2014	$	16.03		0.07	4		2.57			(0.09	)		(0.73	)	$	17.85
Year ended February 28, 2013	$	15.26		0.09	4		1.12			(0.10	)		(0.34	)	$	16.03
Year ended February 29, 2012	$	15.60		0.04	4		(0.05	)		(0.06	)		(0.27	)	$	15.26
Year ended February 28, 2011	$	12.95		0.03	4		2.69			(0.07	)		0.00		$	15.60
Year ended February 28, 2010	$	8.33		0.05	4		4.61			(0.04	)		(0.00	)5	$	12.95
Class R
Six months ended August 31, 2014 (unaudited)	$	18.90		0.09			0.85			(0.08	)		0.00		$	19.76
Year ended February 28, 20146	$	17.19		0.09	4		2.45			(0.10	)		(0.73	)	$	18.90
Class R4
Six months ended August 31, 2014 (unaudited)	$	19.28		0.17			0.85			(0.13	)		0.00		$	20.17
Year ended February 28, 2014	$	17.24		0.27	4		2.78			(0.28	)		(0.73	)	$	19.28
Year ended February 28, 20137	$	16.52		0.09			1.06			(0.09	)		(0.34	)	$	17.24
Class R68
Six months ended August 31, 2014 (unaudited)	$	19.27		0.18	4		0.86			(0.14	)		0.00		$	20.17
Year ended February 28, 2014	$	17.24		0.31	4		2.75			(0.30	)		(0.73	)	$	19.27
Year ended February 28, 2013	$	16.37		0.29			1.21			(0.29	)		(0.34	)	$	17.24
Year ended February 29, 2012	$	16.69		0.24			(0.05	)		(0.24	)		(0.27	)	$	16.37
Year ended February 28, 2011	$	13.84		0.22			2.87			(0.24	)		0.00		$	16.69
Year ended February 28, 2010	$	8.88		0.18	4		4.95			(0.17	)		(0.00	)5	$	13.84
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	19.25		0.15			0.85			(0.11	)		0.00		$	20.14
Year ended February 28, 2014	$	17.21		0.24			2.77			(0.24	)		(0.73	)	$	19.25
Year ended February 28, 2013	$	16.34		0.22			1.22			(0.23	)		(0.34	)	$	17.21
Year ended February 29, 2012	$	16.67		0.19			(0.06	)		(0.19	)		(0.27	)	$	16.34
Year ended February 28, 2011	$	13.82		0.16			2.88			(0.19	)		0.00		$	16.67
Year ended February 28, 2010	$	8.88		0.16	4		4.93			(0.15	)		(0.00	)5	$	13.82
Investor Class
Six months ended August 31, 2014 (unaudited)	$	19.21		0.13			0.84			(0.09	)		0.00		$	20.09
Year ended February 28, 2014	$	17.19		0.21			2.75			(0.21	)		(0.73	)	$	19.21
Year ended February 28, 2013	$	16.32		0.22			1.22			(0.23	)		(0.34	)	$	17.19
Year ended February 29, 2012	$	16.65		0.18			(0.06	)		(0.18	)		(0.27	)	$	16.32
Year ended February 28, 2011	$	13.81		0.16			2.86			(0.18	)		0.00		$	16.65
Year ended February 28, 2010	$	8.87		0.15	4		4.93			(0.14	)		(0.00	)5	$	13.81

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

5. Amount is less than $0.005.

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

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

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

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 69

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.36	%		0.96	%		0.88	%		5.16	%		5	%	$	112,580
	1.15	%		0.99	%		0.92	%		17.54	%		25	%	$	114,233
	1.25	%		1.08	%		1.03	%		8.99	%		20	%	$	104,836
	1.06	%		1.08	%		1.03	%		0.85	%		20	%	$	103,841
	0.95	%		1.10	%		1.04	%		21.98	%		21	%	$	113,494
	1.03	%		1.17	%		1.12	%		57.33	%		29	%	$	100,278
	0.64	%		1.70	%		1.63	%		4.72	%		5	%	$	195
	0.42	%		1.75	%		1.68	%		16.63	%		25	%	$	344
	0.54	%		1.83	%		1.78	%		8.15	%		20	%	$	747
	0.34	%		1.83	%		1.78	%		0.12	%		20	%	$	1,564
	0.23	%		1.86	%		1.79	%		21.08	%		21	%	$	2,863
	0.86	%		1.93	%		1.89	%		56.01	%		29	%	$	3,876
	0.60	%		1.71	%		1.63	%		4.72	%		5	%	$	5,660
	0.40	%		1.74	%		1.67	%		16.68	%		25	%	$	4,813
	0.50	%		1.83	%		1.78	%		8.18	%		20	%	$	4,040
	0.30	%		1.83	%		1.78	%		0.14	%		20	%	$	3,623
	0.19	%		1.85	%		1.79	%		21.08	%		21	%	$	3,038
	0.41	%		1.92	%		1.87	%		56.02	%		29	%	$	2,226
	1.11	%		1.25	%		1.13	%		4.96	%		5	%	$	30
	0.75	%		1.24	%		1.13	%		14.96	%		25	%	$	29
	1.71	%		0.63	%		0.52	%		5.28	%		5	%	$	671,239
	1.42	%		0.64	%		0.52	%		18.02	%		25	%	$	635,241
	1.12	%		0.75	%		0.52	%		7.13	%		20	%	$	13,651
	1.86	%		0.48	%		0.37	%		5.40	%		5	%	$	831,601
	1.70	%		0.54	%		0.42	%		18.14	%		25	%	$	724,856
	1.76	%		0.65	%		0.52	%		9.50	%		20	%	$	993,528
	1.55	%		0.65	%		0.52	%		1.37	%		20	%	$	846,499
	1.44	%		0.67	%		0.52	%		22.66	%		21	%	$	654,804
	1.42	%		0.72	%		0.62	%		58.11	%		29	%	$	377,937
	1.51	%		0.80	%		0.72	%		5.19	%		5	%	$	469,686
	1.30	%		0.83	%		0.76	%		17.79	%		25	%	$	452,487
	1.39	%		0.92	%		0.87	%		9.14	%		20	%	$	360,567
	1.22	%		0.92	%		0.87	%		1.00	%		20	%	$	256,378
	1.11	%		0.94	%		0.87	%		22.21	%		21	%	$	260,524
	1.26	%		0.99	%		0.90	%		57.54	%		29	%	$	176,917
	1.30	%		1.02	%		0.93	%		5.12	%		5	%	$	134,333
	1.13	%		1.05	%		0.93	%		17.53	%		25	%	$	119,774
	1.33	%		1.14	%		0.93	%		9.10	%		20	%	$	86,745
	1.14	%		1.15	%		0.93	%		0.96	%		20	%	$	64,452
	1.01	%		1.18	%		0.93	%		22.10	%		21	%	$	48,906
	1.16	%		1.27	%		0.96	%		57.54	%		29	%	$	20,959

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

70 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target 2045 Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	11.43		0.08			0.53			(0.06	)		0.00		$	11.98
Year ended February 28, 2014	$	10.17		0.12	4		1.73			(0.14	)		(0.45	)	$	11.43
Year ended February 28, 20135	$	9.64		0.03			0.68			(0.05	)		(0.13	)	$	10.17
Class R
Six months ended August 31, 2014 (unaudited)	$	11.54		0.06			0.54			(0.05	)		0.00		$	12.09
Year ended February 28, 20146	$	10.45		0.05			1.55			(0.06	)		(0.45	)	$	11.54
Class R4
Six months ended August 31, 2014 (unaudited)	$	11.46		0.10			0.53			(0.08	)		0.00		$	12.01
Year ended February 28, 2014	$	10.18		0.14			1.76			(0.17	)		(0.45	)	$	11.46
Year ended February 28, 20135	$	9.64		0.06			0.66			(0.05	)		(0.13	)	$	10.18
Class R67
Six months ended August 31, 2014 (unaudited)	$	11.44		0.11			0.53			(0.08	)		0.00		$	12.00
Year ended February 28, 2014	$	10.17		0.19			1.71			(0.18	)		(0.45	)	$	11.44
Year ended February 28, 2013	$	9.55		0.16			0.76			(0.17	)		(0.13	)	$	10.17
Year ended February 29, 2012	$	9.62		0.14			(0.05	)		(0.12	)		(0.04	)	$	9.55
Year ended February 28, 2011	$	8.08		0.13			1.70			(0.18	)		(0.11	)	$	9.62
Year ended February 28, 2010	$	5.19		0.10	4		2.90			(0.09	)		(0.02	)	$	8.08
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	11.51		0.09			0.52			(0.06	)		0.00		$	12.06
Year ended February 28, 2014	$	10.23		0.14			1.73			(0.14	)		(0.45	)	$	11.51
Year ended February 28, 2013	$	9.59		0.12			0.77			(0.12	)		(0.13	)	$	10.23
Year ended February 29, 2012	$	9.66		0.11			(0.05	)		(0.09	)		(0.04	)	$	9.59
Year ended February 28, 2011	$	8.12		0.09			1.72			(0.16	)		(0.11	)	$	9.66
Year ended February 28, 2010	$	5.21		0.08	4		2.92			(0.07	)		(0.02	)	$	8.12
Investor Class
Six months ended August 31, 2014 (unaudited)	$	11.55		0.08			0.52			(0.05	)		0.00		$	12.10
Year ended February 28, 2014	$	10.26		0.13			1.73			(0.12	)		(0.45	)	$	11.55
Year ended February 28, 2013	$	9.62		0.12			0.77			(0.12	)		(0.13	)	$	10.26
Year ended February 29, 2012	$	9.69		0.11			(0.05	)		(0.09	)		(0.04	)	$	9.62
Year ended February 28, 2011	$	8.14		0.08			1.73			(0.15	)		(0.11	)	$	9.69
Year ended February 28, 2010	$	5.23		0.09	4		2.91			(0.07	)		(0.02	)	$	8.14

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

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

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

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

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 71

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income 1			Gross expenses1			Net expenses1
	1.35	%		0.99	%		0.88	%		5.36	%		4	%	$	507
	1.09	%		1.01	%		0.88	%		18.54	%		24	%	$	167
	1.08	%		1.10	%		0.88	%		7.41	%		19	%	$	13
	1.10	%		1.26	%		1.13	%		5.17	%		4	%	$	30
	0.68	%		1.30	%		1.13	%		15.52	%		24	%	$	29
	1.70	%		0.66	%		0.52	%		5.56	%		4	%	$	184,344
	1.39	%		0.68	%		0.52	%		18.99	%		24	%	$	174,582
	1.29	%		0.78	%		0.52	%		7.55	%		19	%	$	1,246
	1.85	%		0.51	%		0.37	%		5.64	%		4	%	$	337,106
	1.67	%		0.57	%		0.42	%		19.07	%		24	%	$	291,293
	1.74	%		0.69	%		0.52	%		9.85	%		19	%	$	324,476
	1.51	%		0.67	%		0.52	%		1.16	%		19	%	$	215,067
	1.26	%		0.70	%		0.52	%		23.08	%		20	%	$	141,871
	1.26	%		0.95	%		0.59	%		58.02	%		27	%	$	51,776
	1.51	%		0.83	%		0.72	%		5.36	%		4	%	$	137,256
	1.28	%		0.87	%		0.75	%		18.65	%		24	%	$	126,533
	1.35	%		0.96	%		0.87	%		9.49	%		19	%	$	85,590
	1.18	%		0.94	%		0.87	%		0.85	%		19	%	$	39,964
	1.02	%		0.97	%		0.87	%		22.56	%		20	%	$	27,698
	1.11	%		1.22	%		0.89	%		57.87	%		27	%	$	14,948
	1.31	%		1.05	%		0.93	%		5.24	%		4	%	$	112,499
	1.18	%		1.10	%		0.93	%		18.44	%		24	%	$	110,633
	1.32	%		1.18	%		0.93	%		9.39	%		19	%	$	178,137
	1.12	%		1.17	%		0.93	%		0.80	%		19	%	$	115,546
	0.98	%		1.21	%		0.93	%		22.58	%		20	%	$	84,881
	1.12	%		1.51	%		0.95	%		57.49	%		27	%	$	12,352

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

72 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target 2050 Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	10.93		0.07	4		0.52			(0.07	)		0.00		$	11.45
Year ended February 28, 2014	$	9.72		0.15			1.62			(0.13	)		(0.43	)	$	10.93
Year ended February 28, 20135	$	9.29		0.03			0.65			(0.05	)		(0.20	)	$	9.72
Class C
Six months ended August 31, 2014 (unaudited)	$	10.91		0.03			0.52			(0.04	)		0.00		$	11.42
Year ended February 28, 2014	$	9.71		0.08			1.61			(0.06	)		(0.43	)	$	10.91
Year ended February 28, 20135	$	9.29		0.02			0.64			(0.04	)		(0.20	)	$	9.71
Class R
Six months ended August 31, 2014 (unaudited)	$	10.95		0.06			0.51			(0.04	)		0.00		$	11.48
Year ended February 28, 20146	$	9.91		0.05			1.48			(0.06	)		(0.43	)	$	10.95
Class R4
Six months ended August 31, 2014 (unaudited)	$	10.96		0.10			0.50			(0.07	)		0.00		$	11.49
Year ended February 28, 2014	$	9.73		0.15	4		1.67			(0.16	)		(0.43	)	$	10.96
Year ended February 28, 20135	$	9.29		0.05			0.64			(0.05	)		(0.20	)	$	9.73
Class R67
Six months ended August 31, 2014 (unaudited)	$	10.95		0.10			0.52			(0.08	)		0.00		$	11.49
Year ended February 28, 2014	$	9.72		0.17	4		1.66			(0.17	)		(0.43	)	$	10.95
Year ended February 28, 2013	$	9.20		0.16			0.72			(0.16	)		(0.20	)	$	9.72
Year ended February 29, 2012	$	9.50		0.14			(0.07	)		(0.12	)		(0.25	)	$	9.20
Year ended February 28, 2011	$	8.10		0.12	4		1.72			(0.17	)		(0.27	)	$	9.50
Year ended February 28, 2010	$	5.20		0.10			2.92			(0.09	)		(0.03	)	$	8.10
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	10.92		0.08			0.52			(0.06	)		0.00		$	11.46
Year ended February 28, 2014	$	9.70		0.13	4		1.65			(0.13	)		(0.43	)	$	10.92
Year ended February 28, 2013	$	9.18		0.12	4		0.73			(0.13	)		(0.20	)	$	9.70
Year ended February 29, 2012	$	9.48		0.11			(0.07	)		(0.09	)		(0.25	)	$	9.18
Year ended February 28, 2011	$	8.10		0.09	4		1.71			(0.15	)		(0.27	)	$	9.48
Year ended February 28, 2010	$	5.20		0.09			2.91			(0.07	)		(0.03	)	$	8.10
Investor Class
Six months ended August 31, 2014 (unaudited)	$	10.96		0.07			0.51			(0.05	)		0.00		$	11.49
Year ended February 28, 2014	$	9.73		0.11			1.67			(0.12	)		(0.43	)	$	10.96
Year ended February 28, 2013	$	9.21		0.12			0.73			(0.13	)		(0.20	)	$	9.73
Year ended February 29, 2012	$	9.51		0.10			(0.06	)		(0.09	)		(0.25	)	$	9.21
Year ended February 28, 2011	$	8.11		0.09	4		1.71			(0.13	)		(0.27	)	$	9.51
Year ended February 28, 2010	$	5.21		0.07			2.93			(0.07	)		(0.03	)	$	8.11

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

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

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

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

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 73

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.22	%		0.97	%		0.88	%		5.37	%		4	%	$	1,320
	1.00	%		0.98	%		0.88	%		18.62	%		23	%	$	210
	1.07	%		1.05	%		0.88	%		7.49	%		19	%	$	11
	0.54	%		1.72	%		1.63	%		5.03	%		4	%	$	456
	0.39	%		1.73	%		1.63	%		17.68	%		23	%	$	163
	0.16	%		1.81	%		1.63	%		7.31	%		19	%	$	17
	1.09	%		1.26	%		1.13	%		5.23	%		4	%	$	30
	0.69	%		1.27	%		1.13	%		15.67	%		23	%	$	29
	1.70	%		0.64	%		0.52	%		5.49	%		4	%	$	343,600
	1.39	%		0.65	%		0.52	%		19.10	%		23	%	$	307,320
	1.03	%		0.76	%		0.52	%		7.63	%		19	%	$	6,538
	1.86	%		0.49	%		0.37	%		5.66	%		4	%	$	764,989
	1.66	%		0.55	%		0.41	%		19.28	%		23	%	$	693,648
	1.75	%		0.67	%		0.52	%		9.94	%		19	%	$	754,088
	1.53	%		0.66	%		0.52	%		1.11	%		19	%	$	651,308
	1.43	%		0.67	%		0.52	%		23.17	%		20	%	$	560,746
	1.19	%		0.71	%		0.57	%		58.33	%		27	%	$	389,918
	1.50	%		0.81	%		0.72	%		5.52	%		4	%	$	229,308
	1.28	%		0.85	%		0.75	%		18.79	%		23	%	$	202,276
	1.38	%		0.94	%		0.87	%		9.59	%		19	%	$	141,212
	1.18	%		0.93	%		0.87	%		0.81	%		19	%	$	89,984
	1.07	%		0.94	%		0.87	%		22.58	%		20	%	$	69,492
	1.49	%		1.04	%		0.90	%		57.99	%		27	%	$	37,853
	1.30	%		1.03	%		0.93	%		5.31	%		4	%	$	62,912
	1.10	%		1.07	%		0.93	%		18.67	%		23	%	$	58,583
	1.33	%		1.16	%		0.93	%		9.49	%		19	%	$	39,188
	1.12	%		1.16	%		0.93	%		0.75	%		19	%	$	28,615
	1.02	%		1.19	%		0.93	%		22.54	%		20	%	$	24,771
	1.00	%		1.28	%		0.95	%		57.89	%		27	%	$	19,359

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

74 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

Target 2055 Fund	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	12.63		0.07			0.61			(0.07	)		0.00		$	13.24
Year ended February 28, 2014	$	10.90		0.14			1.87			(0.13	)		(0.15	)	$	12.63
Year ended February 28, 20134	$	10.19		0.03	5		0.72			(0.04	)		0.00		$	10.90
Class R
Six months ended August 31, 2014 (unaudited)	$	12.51		0.07			0.59			(0.05	)		0.00		$	13.12
Year ended February 28, 20146	$	11.01		0.06			1.65			(0.06	)		(0.15	)	$	12.51
Class R4
Six months ended August 31, 2014 (unaudited)	$	12.65		0.11			0.59			(0.08	)		0.00		$	13.27
Year ended February 28, 2014	$	10.91		0.15			1.90			(0.16	)		(0.15	)	$	12.65
Year ended February 28, 20134	$	10.19		0.04	5		0.72			(0.04	)		0.00		$	10.91
Class R67
Six months ended August 31, 2014 (unaudited)	$	12.63		0.12	5		0.59			(0.09	)		0.00		$	13.25
Year ended February 28, 2014	$	10.90		0.19			1.87			(0.18	)		(0.15	)	$	12.63
Year ended February 28, 2013	$	10.08		0.15			0.83			(0.16	)		0.00		$	10.90
Year ended February 29, 20128	$	10.00		0.08	5		0.00	9		0.00			0.00		$	10.08
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	12.62		0.09			0.60			(0.07	)		0.00		$	13.24
Year ended February 28, 2014	$	10.90		0.14			1.87			(0.14	)		(0.15	)	$	12.62
Year ended February 28, 2013	$	10.06		0.14	5		0.81			(0.11	)		0.00		$	10.90
Year ended February 29, 20128	$	10.00		0.06	5		0.00	9		0.00			0.00		$	10.06
Investor Class
Six months ended August 31, 2014 (unaudited)	$	12.52		0.08			0.59			(0.06	)		0.00		$	13.13
Year ended February 28, 2014	$	10.81		0.14			1.85			(0.13	)		(0.15	)	$	12.52
Year ended February 28, 2013	$	10.05		0.13			0.80			(0.17	)		0.00		$	10.81
Year ended February 29, 20128	$	10.00		0.06	5		(0.01	)		0.00			0.00		$	10.05

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

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

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

5. Calculated based upon average shares outstanding

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

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

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

9. Amount is less than $0.005.

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

Financial highlights Wells Fargo Advantage Dow Jones Target Date Funds 75

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income1			Gross expenses1			Net expenses1
	1.34	%		1.08	%		0.88	%		5.36	%		4	%	$	397
	1.10	%		1.19	%		0.88	%		18.69	%		23	%	$	66
	1.05	%		1.44	%		0.88	%		7.39	%		19	%	$	14
	1.08	%		1.38	%		1.13	%		5.26	%		4	%	$	30
	0.73	%		1.48	%		1.13	%		15.66	%		23	%	$	29
	1.70	%		0.75	%		0.52	%		5.55	%		4	%	$	27,647
	1.40	%		0.86	%		0.52	%		19.06	%		23	%	$	20,591
	1.51	%		1.09	%		0.52	%		7.51	%		19	%	$	33
	1.85	%		0.60	%		0.37	%		5.63	%		4	%	$	101,156
	1.63	%		0.75	%		0.40	%		19.18	%		23	%	$	74,427
	1.69	%		1.17	%		0.52	%		9.90	%		19	%	$	36,345
	1.33	%		4.06	%		0.52	%		0.80	%		19	%	$	8,963
	1.38	%		0.92	%		0.72	%		5.48	%		4	%	$	10,127
	1.28	%		1.05	%		0.75	%		18.70	%		23	%	$	8,462
	1.36	%		1.45	%		0.87	%		9.52	%		19	%	$	4,739
	0.87	%		2.14	%		0.87	%		0.60	%		19	%	$	1,794
	1.31	%		1.14	%		0.93	%		5.35	%		4	%	$	6,078
	1.06	%		1.27	%		0.93	%		18.62	%		23	%	$	4,130
	1.23	%		1.64	%		0.93	%		9.52	%		19	%	$	1,254
	0.94	%		6.32	%		0.93	%		0.50	%		19	%	$	256

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

76 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 its investment objective by investing all investable assets in one or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended August 31, 2014 are included in this report and should be read in conjunction with each Fund’s financial statements. As of August 31, 2014, the Funds own the following percentages of the affiliated Master Portfolios:

	Target Today Fund			Target 2010 Fund			Target 2015 Fund			Target 2020 Fund			Target 2025 Fund			Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund			Target 2050 Fund			Target 2055 Fund
Wells Fargo Advantage Diversified Fixed Income Portfolio		10	%		9	%		11	%		27	%		17	%		15	%		5	%		4	%		1	%		1	%		0	%*
Wells Fargo Advantage Diversified Stock Portfolio		1			1			3			12			13			20			10			19			7			13			1
Wells Fargo Advantage Short-Term Investment Portfolio		9			4			5			17			14			17			8			13			4			8			1

* The amount owned is less than 1%.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Security transactions and income recognition

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

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

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

At August 31, 2014, each Fund’s investments in an affiliated Master Portfolio carried at fair value were designated as Level 2 inputs. Further details on the investments of the affiliated Master Portfolios can be found in the Portfolio of Investments or Summary Portfolio of Investments of each affiliated Master Portfolio which is contained elsewhere in this report.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended August 31, 2014, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fees

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.25% and declining to 0.17% as the average daily net assets of each Fund increase. Prior to July 1, 2014, Funds Management received an annual advisory fee which started at 0.25% and declined to 0.19% as the average daily net assets of each Fund increased. For the six months ended August 31, 2014, the advisory fee was equivalent to an annual rate for each Fund as follows:

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

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

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

Administration fees

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 79

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

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

After June 30, 2015, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charges from purchases of Class A shares and the contingent deferred sales charges from redemptions of Class A, Class B, and Class C shares. For the six months ended August 31, 2014, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges.

	Front-end sales charges Class A		Contingent deferred sales charges
			Class B		Class C
Target Today Fund	$	513	$	0	$	0
Target 2010 Fund		111		0		0
Target 2015 Fund		612		N/A		N/A
Target 2020 Fund		1,077		0		0
Target 2025 Fund		1,697		N/A		N/A
Target 2030 Fund		3,075		0		48
Target 2035 Fund		862		N/A		N/A
Target 2040 Fund		1,761		0		0
Target 2045 Fund		831		N/A		N/A
Target 2050 Fund		3,117		N/A		15
Target 2055 Fund		392		N/A		N/A

Shareholder servicing fees

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

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2014 were as follows:

	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Target Today Fund	$	148,338,015	$	43,350,657	$	108,253,040	$	19,385,100
Target 2010 Fund		125,864,469		37,363,653		91,852,459		17,123,636
Target 2015 Fund		157,635,680		49,230,618		115,038,223		24,278,717
Target 2020 Fund		401,969,791		138,400,319		293,346,598		76,870,813
Target 2025 Fund		255,506,550		101,369,243		186,461,717		64,443,661
Target 2030 Fund		227,534,526		111,224,242		166,048,496		81,758,128
Target 2035 Fund		67,048,518		44,515,938		48,930,181		37,747,785
Target 2040 Fund		62,737,538		63,804,234		45,784,146		61,083,584
Target 2045 Fund		12,649,692		20,566,354		9,231,400		21,273,778
Target 2050 Fund		19,317,827		36,789,012		14,097,624		38,746,944
Target 2055 Fund		1,989,765		3,789,322		1,452,076		3,990,992

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

6. BANK BORROWINGS

Each Fund 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, 2014, the Funds paid the following amounts in commitment fees:

	Commitment fee
Target Today Fund	$	994
Target 2010 Fund		882
Target 2015 Fund		1,172
Target 2020 Fund		3,553
Target 2025 Fund		3,872
Target 2030 Fund		4,729
Target 2035 Fund		2,156
Target 2040 Fund		3,409
Target 2045 Fund		1,172
Target 2050 Fund		2,109
Target 2055 Fund		192

For the six months ended August 31, 2014, there were no borrowings by the Funds under the agreement.

Notes to financial statements (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 81

7. INDEMNIFICATION

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

8. SUBSEQUENT DISTRIBUTIONS

On September 24, 2014, the Funds declared distributions from net investment income to shareholders of record on September 23, 2014. The per share amounts payable on September 25, 2014 were as follows:

Net investment income	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
Class A		$0.04143	$	0.05154	$	0.03582	$	0.05050	$	0.03548	$	0.05321	$	0.03431	$	0.03126	$	0.03400
Class B		N/A		0.02008		N/A		0.01235		N/A		0.00511		N/A		N/A		N/A
Class C		N/A		0.02397		N/A		0.02107		N/A		0.02028		N/A		0.01152		N/A
Class R		0.03100		0.04348		0.02736		0.04421		0.02466		0.04362		0.02353		0.02291		0.02514
Class R4		0.04702		0.06557		0.04363		0.06627		0.04203		0.07113		0.04158		0.03944		0.04362
Class R6		0.05105		0.07150		0.04777		0.07278		0.04636		0.07861		0.04604		0.04368		0.04830
Administrator Class		0.04164		0.05762		0.03831		0.05753		0.03639		0.06097		0.03568		0.03389		0.03739
Investor Class		0.03568		0.04959		0.03257		0.04861		0.03024		0.05093		0.02933		0.02789		0.03146

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

82 Wells Fargo Advantage Dow Jones Target Date Funds Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO

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

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

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Agency Securities: 27.93%
FHLB		0.38-6.00	%		2-19-2016 to 11-1-2043	$	152,596,737	$	158,450,780		2.57	%
FHLMC		0.50-6.75			9-10-2015 to 6-1-2044		244,518,026		259,130,183		4.13
FHLMC %%		2.50			9-1-2029		20,000,000		20,247,060		0.33
FHLMC		3.50			2-1-2042		13,546,326		13,929,034		0.22
FHLMC %%		3.50			9-1-2044		13,000,000		13,353,438		0.22
FHLMC %%		4.00			9-1-2044		20,000,000		21,146,484		0.34
FNMA		0.00-7.25			11-1-2014 to 7-1-2044		633,380,348		666,564,731		10.68
FNMA		3.00			8-1-2027		14,524,343		15,088,524		0.24
FNMA %%		3.00			9-1-2044		15,000,000		14,926,466		0.24
FNMA %%		3.50			9-1-2026		12,000,000		12,670,597		0.20
FNMA		3.50			9-1-2042		12,551,012		12,932,948		0.21
FNMA %%		3.50			9-1-2044		40,000,000		41,170,624		0.66
FNMA %%		4.00			9-1-2044		41,750,000		44,230,300		0.71
FNMA %%		4.50			9-1-2041		14,000,000		15,115,625		0.24
GNMA		3.00-7.00			11-15-2023 to 9-1-2044		343,490,280		365,170,546		5.89
GNMA		3.50			4-20-2043		18,602,849		19,369,847		0.31
GNMA %%		3.50			9-1-2044		25,000,000		25,987,313		0.42
GNMA		4.50			3-15-2039		10,797,003		11,744,036		0.19
Other securities									8,388,651		0.13
Total Agency Securities (Cost $1,706,740,562)									1,739,617,187		27.93
Corporate Bonds and Notes: 20.94%
Consumer Discretionary: 1.93%
Auto Components: 0.05%
Other securities									3,327,818		0.05
Automobiles: 0.03%
Other securities									1,611,696		0.03
Diversified Consumer Services: 0.04%
Other securities									2,573,542		0.04
Hotels, Restaurants & Leisure: 0.15%
Other securities									9,310,776		0.15
Household Durables: 0.04%
Other securities									2,197,907		0.04
Internet & Catalog Retail: 0.06%
Other securities									3,510,869		0.06
Leisure Products: 0.01%
Other securities									929,794		0.01
Media: 1.12%
Other securities									69,699,804		1.12

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

Summary portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 83

DIVERSIFIED FIXED INCOME PORTFOLIO

Security name								Value		Percent of net assets
Multiline Retail: 0.16%
Other securities								$	10,105,677		0.16	%
Specialty Retail: 0.26%
Other securities									16,369,002		0.26
Textiles, Apparel & Luxury Goods: 0.01%
Other securities									817,395		0.01
Consumer Staples: 1.82%
Beverages: 0.50%
Other securities									31,089,862		0.50
Food & Staples Retailing: 0.50%
Other securities									31,317,121		0.50
Food Products: 0.42%
Other securities									25,768,624		0.42
Household Products: 0.12%
Other securities									7,600,050		0.12
Personal Products: 0.02%
Other securities									980,449		0.02
Tobacco: 0.26%
Other securities									16,298,325		0.26
Energy: 1.67%
Energy Equipment & Services: 0.14%
Other securities									8,475,457		0.14
Oil, Gas & Consumable Fuels: 1.53%
Other securities									95,505,074		1.53
	Interest rate			Maturity date		Principal
Financials: 7.15%
Banks: 2.03%
Wachovia Bank NA (l)		5.85	%		2-1-2037	$	1,000,000		1,263,090		0.02
Wachovia Bank NA (l)		6.60			1-15-2038		600,000		830,614		0.01
Wachovia Corporation (l)		5.50			8-1-2035		700,000		808,523		0.01
Wachovia Corporation (l)		5.63			10-15-2016		1,200,000		1,312,466		0.02
Wachovia Corporation (l)		5.75			6-15-2017		1,000,000		1,120,411		0.02
Wachovia Corporation (l)		5.75			2-1-2018		1,000,000		1,136,636		0.02
Wells Fargo & Company (l)		1.25			7-20-2016		1,250,000		1,259,985		0.02
Wells Fargo & Company (l)		1.50			1-16-2018		1,000,000		998,255		0.02
Wells Fargo & Company (l)		2.63			12-15-2016		1,000,000		1,037,110		0.02
Wells Fargo & Company (l)		3.45			2-13-2023		750,000		755,295		0.01
Wells Fargo & Company (l)		3.50			3-8-2022		1,000,000		1,041,738		0.02
Wells Fargo & Company (l)		3.68			6-15-2016		1,000,000		1,051,384		0.02
Wells Fargo & Company (l)		4.10			6-3-2026		1,000,000		1,025,008		0.02
Wells Fargo & Company (l)		4.13			8-15-2023		1,000,000		1,051,139		0.02

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, 2014 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Banks (continued)
Wells Fargo & Company (l)		4.60	%		4-1-2021	$	1,250,000	$	1,395,925		0.02	%
Wells Fargo & Company (l)		5.38			11-2-2043		1,000,000		1,139,161		0.02
Wells Fargo & Company (l)		5.61			1-15-2044		1,000,000		1,178,845		0.02
Wells Fargo & Company (l)		5.63			12-11-2017		1,500,000		1,695,932		0.03
Wells Fargo Bank NA (l)		5.95			8-26-2036		350,000		446,033		0.01
Wells Fargo Capital X (l)		5.95			12-1-2086		500,000		510,000		0.01
Other securities									105,049,750		1.67
									126,107,300		2.03
Capital Markets: 1.27%
Other securities									78,776,356		1.27
Consumer Finance: 0.92%
Other securities									57,374,106		0.92
Diversified Financial Services: 1.32%
Other securities									82,021,687		1.32
Insurance: 0.92%
Other securities									57,431,280		0.92
Real Estate Management & Development: 0.01%
Other securities									695,638		0.01
REITs: 0.66%
Other securities									41,262,298		0.66
Thrifts & Mortgage Finance: 0.02%
Other securities									1,343,044		0.02
Health Care: 1.82%
Biotechnology: 0.28%
Other securities									17,345,486		0.28
Health Care Equipment & Supplies: 0.20%
Other securities									12,568,389		0.20
Health Care Providers & Services: 0.50%
Other securities									31,418,383		0.50
Life Sciences Tools & Services: 0.07%
Other securities									4,387,459		0.07
Pharmaceuticals: 0.77%
Other securities									47,786,576		0.77
Industrials: 1.56%
Aerospace & Defense: 0.37%
Other securities									22,848,377		0.37

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

Summary portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 85

DIVERSIFIED FIXED INCOME PORTFOLIO

Security name	Value		Percent of net assets
Air Freight & Logistics: 0.08%
Other securities	$	5,391,956		0.08	%
Airlines: 0.07%
Other securities		4,183,046		0.07
Building Products: 0.01%
Other securities		332,495		0.01
Commercial Services & Supplies: 0.16%
Other securities		9,899,005		0.16
Construction & Engineering: 0.01%
Other securities		776,181		0.01
Electrical Equipment: 0.09%
Other securities		5,672,240		0.09
Industrial Conglomerates: 0.20%
Other securities		12,630,046		0.20
Machinery: 0.22%
Other securities		13,629,135		0.22
Professional Services: 0.01%
Other securities		635,582		0.01
Road & Rail: 0.32%
Other securities		19,875,872		0.32
Trading Companies & Distributors: 0.02%
Other securities		1,268,750		0.02
Information Technology: 1.35%
Communications Equipment: 0.17%
Other securities		10,538,278		0.17
Electronic Equipment, Instruments & Components: 0.05%
Other securities		2,951,447		0.05
Internet Software & Services: 0.06%
Other securities		3,617,255		0.06
IT Services: 0.27%
Other securities		17,088,533		0.27
Semiconductors & Semiconductor Equipment: 0.13%
Other securities		8,404,691		0.13
Software: 0.35%
Other securities		21,550,874		0.35

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, 2014 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO

Security name								Value		Percent of net assets
Technology Hardware, Storage & Peripherals: 0.32%
Other securities								$	20,127,201		0.32	%
Materials: 0.76%
Chemicals: 0.43%
Other securities									26,748,842		0.43
Construction Materials: 0.00%
Other securities									142,484		0.00
Containers & Packaging: 0.01%
Other securities									379,711		0.01
Metals & Mining: 0.21%
Other securities									12,838,504		0.21
Paper & Forest Products: 0.11%
Other securities									6,986,755		0.11
Telecommunication Services: 1.01%
Diversified Telecommunication Services: 1.00%
Other securities									62,559,153		1.00
Wireless Telecommunication Services: 0.01%
Other securities									609,660		0.01
Utilities: 1.87%
Electric Utilities: 1.43%
Other securities									89,341,186		1.43
Gas Utilities: 0.10%
Other securities									6,356,441		0.10
Independent Power & Renewable Electricity Producers: 0.01%
Other securities									816,984		0.01
Multi-Utilities: 0.31%
Other securities									19,104,655		0.31
Water Utilities: 0.02%
Other securities									1,148,845		0.02
Total Corporate Bonds and Notes (Cost $1,215,487,401)									1,304,461,428		20.94
	Interest rate			Maturity date		Principal
Foreign Government Bonds @: 25.60%
Bundesrepublik Deutschland (EUR)		1.50-6.50	%		1- 4-2016 to 8-15-2046	$	62,955,000		100,886,209		1.62
France Government Bond (EUR)		0.25-8.50			10-25-2015 to 4-25-2060		94,300,000		148,816,384		2.38
Italy Buoni Poliennali del Tesoro (EUR)		1.50-9.00			11- 1-2015 to 9-1-2044		108,105,000		165,199,796		2.68
Japan Government Five Year Bond Series 066 (JPY)		0.40			9-20-2016		1,525,000,000		14,754,736		0.24
Japan Government Five Year Bond (JPY)		0.20-0.60			9- 20-2015 to 3-20-2019		8,019,000,000		77,450,116		1.24
Japan Government Ten Year Bond (JPY)		0.60-2.00			12-20-2015 to 3-20-2024		24,239,000,000		242,934,101		3.91
Japan Government Ten Year Bond Series 282 (JPY)		1.70			9-20-2016		1,745,000,000		17,329,077		0.28

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

Summary portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 87

DIVERSIFIED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Foreign Government Bonds @ (continued)
Japan Government Ten Year Bond Series 305 (JPY)		1.30	%		12-20-2019	$	1,250,000,000	$	12,723,281		0.20	%
Japan Government Ten Year Bond Series 308 (JPY)		1.30			6-20-2020		1,158,000,000		11,836,297		0.19
Japan Government Ten Year Bond Series 312 (JPY)		1.20			12-20-2020		1,200,000,000		12,236,471		0.20
Japan Government Thirty Year Bond (JPY)		1.70-2.90			5-20-2030 to 3-20-2044		6,367,500,000		69,892,604		1.12
Japan Government Twenty Year Bond (JPY)		0.80-3.10			9-20-2017 to 6-20-2034		17,943,500,000		193,940,463		3.14
United Kingdom Gilt (GBP)		1.00-8.75			9- 7-2015 to 7-22-2068		102,700,000		195,312,839		3.13
Other securities									330,846,406		5.27
Total Foreign Government Bonds (Cost $1,592,576,107)									1,594,158,780		25.60
U.S. Treasury Securities: 23.38%
U.S. Treasury Bond		2.75-7.50			8-15-2023 to 8-15-2044		158,850,000		181,713,152		2.92
U.S. Treasury Note		0.25-9.13			9-15-2015 to 8-15-2024		650,900,000		669,995,783		10.76
U.S. Treasury Note		0.25			10-15-2015		15,000,000		15,014,070		0.24
U.S. Treasury Note		0.25			11-30-2015		34,000,000		34,021,250		0.55
U.S. Treasury Note		0.25			2-29-2016		15,000,000		14,988,870		0.24
U.S. Treasury Note		0.38			5-31-2016		13,000,000		12,993,396		0.21
U.S. Treasury Note		0.63			7-15-2016		25,000,000		25,080,162		0.40
U.S. Treasury Note		0.63			9-30-2017		24,000,000		23,711,256		0.38
U.S. Treasury Note		0.75			6-30-2017		15,000,000		14,934,375		0.24
U.S. Treasury Note		0.75			12-31-2017		14,000,000		13,822,816		0.22
U.S. Treasury Note		1.00			3-31-2017		12,000,000		12,062,808		0.19
U.S. Treasury Note		1.00			6-30-2019		25,000,000		24,273,450		0.39
U.S. Treasury Note		1.25			4-30-2019		12,000,000		11,827,500		0.19
U.S. Treasury Note		1.50			7-31-2016		15,000,000		15,287,700		0.25
U.S. Treasury Note		1.50			8-31-2018		12,000,000		12,051,564		0.19
U.S. Treasury Note		1.50			5-31-2019		25,000,000		24,888,675		0.40
U.S. Treasury Note		1.63			3-31-2019		20,000,000		20,057,820		0.32
U.S. Treasury Note		1.63			11-15-2022		12,500,000		11,964,850		0.19
U.S. Treasury Note		1.75			5-15-2023		12,500,000		12,002,925		0.19
U.S. Treasury Note		2.00			11-15-2021		16,000,000		15,926,256		0.26
U.S. Treasury Note		2.13			12-31-2015		24,000,000		24,597,192		0.40
U.S. Treasury Note		2.38			3-31-2016		22,500,000		23,213,678		0.37
U.S. Treasury Note		2.50			8-15-2023		14,250,000		14,521,634		0.23
U.S. Treasury Note		2.50			5-15-2024		13,000,000		13,186,875		0.21
U.S. Treasury Note		2.63			8-15-2020		12,000,000		12,514,692		0.20
U.S. Treasury Note		2.75			11-30-2016		24,000,000		25,132,512		0.40
U.S. Treasury Note		2.75			2-15-2019		16,950,000		17,842,519		0.29
U.S. Treasury Note		2.75			11-15-2023		15,500,000		16,094,565		0.26
U.S. Treasury Note		2.75			2-15-2024		25,000,000		25,933,600		0.42
U.S. Treasury Note		3.63			2-15-2020		38,000,000		41,740,644		0.67
U.S. Treasury Note		3.63			2-15-2021		20,000,000		22,056,240		0.35
U.S. Treasury Note		4.63			11-15-2016		25,000,000		27,179,700		0.44
U.S. Treasury Note		4.75			8-15-2017		23,000,000		25,528,206		0.41
Total U.S. Treasury Securities (Cost $1,423,396,502)									1,456,160,735		23.38
Yankee Corporate Bonds and Notes: 3.98%
Consumer Discretionary: 0.03%
Media: 0.03%
Other securities									1,998,816		0.03

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, 2014 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO

Security name	Value		Percent of net assets
Consumer Staples: 0.08%
Beverages: 0.08%
Other securities	$	4,845,876		0.08	%
Energy: 0.69%
Energy Equipment & Services: 0.03%
Other securities		1,838,653		0.03
Oil, Gas & Consumable Fuels: 0.66%
Other securities		41,074,283		0.66
Financials: 1.83%
Banks: 1.18%
Other securities		73,407,415		1.18
Capital Markets: 0.06%
Other securities		3,639,656		0.06
Diversified Financial Services: 0.53%
Other securities		33,115,236		0.53
Insurance: 0.06%
Other securities		3,730,692		0.06
Real Estate Management & Development: 0.00%
Other securities		137,723		0.00
Health Care: 0.19%
Biotechnology: 0.01%
Other securities		505,858		0.01
Health Care Equipment & Supplies: 0.03%
Other securities		1,725,092		0.03
Pharmaceuticals: 0.15%
Other securities		9,472,475		0.15
Industrials: 0.11%
Aerospace & Defense: 0.00%
Other securities		214,250		0.00
Industrial Conglomerates: 0.06%
Other securities		3,402,250		0.06
Machinery: 0.01%
Other securities		579,692		0.01
Road & Rail: 0.04%
Other securities		2,736,975		0.04
Information Technology: 0.06%
Communications Equipment: 0.01%
Other securities		419,947		0.01

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

Summary portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 89

DIVERSIFIED FIXED INCOME PORTFOLIO

Security name						Value		Percent of net assets
Internet Software & Services: 0.02%
Other securities						$	1,349,039		0.02	%
Technology Hardware, Storage & Peripherals: 0.03%
Other securities							2,052,500		0.03
Materials: 0.45%
Chemicals: 0.09%
Other securities							5,474,265		0.09
Metals & Mining: 0.34%
Other securities							21,254,130		0.34
Paper & Forest Products: 0.02%
Other securities							929,855		0.02
Telecommunication Services: 0.52%
Diversified Telecommunication Services: 0.28%
Other securities							17,555,621		0.28
Wireless Telecommunication Services: 0.24%
Other securities							14,644,221		0.24
Utilities: 0.02%
Electric Utilities: 0.00%
Other securities							174,762		0.00
Independent Power & Renewable Electricity Producers: 0.01%
Other securities							321,391		0.01
Multi-Utilities: 0.01%
Other securities							549,909		0.01
Water Utilities: 0.00%
Other securities							275,717		0.00
Total Yankee Corporate Bonds and Notes (Cost $233,165,600)							247,426,299		3.98
Yankee Government Bonds: 0.03%
Other securities							1,999,000		0.03
Total Yankee Government Bonds (Cost $2,001,242)							1,999,000		0.03
	Yield			Shares
Short-Term Investments: 4.22%
Investment Companies: 4.22%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.07	%		261,304,361		261,304,361		4.19
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)		0.11			1,719,240		1,719,240		0.03
Total Short-Term Investments (Cost $263,023,601)							263,023,601		4.22

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

90 Wells Fargo Advantage Dow Jones Target Date Funds Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO

Security name	Value			Percent of net assets
Total investments in securities
(Cost $6,436,391,015) *	$	6,606,847,030			106.08	%
Other assets and liabilities, net		(378,389,854	)		(6.08	)
Total net assets	$	6,228,457,176			100.00	%

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

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

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

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

* Cost for federal income tax purposes is $6,437,953,907 and unrealized gains (losses) consists of:

Gross unrealized gains	$	266,784,608
Gross unrealized losses		(97,891,485	)
Net unrealized gains	$	168,893,123

The following table shows the percent of total long-term investments by geographic location as of August 31, 2014 (unaudited):

United States	70.74	%
Japan	10.72
United Kingdom	3.93
France	2.93
Italy	2.68
Germany	2.20
Canada	1.51
Spain	1.48
Netherlands	1.12
Other	2.69
	100.00	%

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

Summary portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 91

DIVERSIFIED STOCK PORTFOLIO

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

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

Security name	Shares		Value		Percent of net assets
Common Stocks: 95.84%
Consumer Discretionary: 12.45%
Auto Components: 1.10%
Other securities			$	109,695,049		1.10	%
Automobiles: 1.34%
Toyota Motor Corporation		537,214		30,607,954		0.31
Other securities				102,646,538		1.03
				133,254,492		1.34
Distributors: 0.13%
Other securities				13,075,884		0.13
Diversified Consumer Services: 0.40%
Other securities				39,288,031		0.40
Hotels, Restaurants & Leisure: 2.01%
McDonald’s Corporation		214,414		20,094,880		0.20
Other securities				180,023,704		1.81
				200,118,584		2.01
Household Durables: 0.84%
Other securities				83,491,905		0.84
Internet & Catalog Retail: 0.95%
Amazon.com Incorporated †		81,027		27,471,394		0.28
Netflix Incorporated †		35,726		17,064,167		0.17
Other securities				50,459,315		0.50
				94,994,876		0.95
Leisure Products: 0.32%
Other securities				32,108,842		0.32
Media: 1.69%
Other securities				167,741,959		1.69
Multiline Retail: 0.44%
Other securities				44,234,790		0.44
Specialty Retail: 2.17%
The Home Depot Incorporated		297,430		27,809,705		0.28
Other securities				187,614,457		1.89
				215,424,162		2.17
Textiles, Apparel & Luxury Goods: 1.06%
Other securities				105,676,638		1.06

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

92 Wells Fargo Advantage Dow Jones Target Date Funds Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security name	Shares		Value		Percent of net assets
Consumer Staples: 6.53%
Beverages: 1.41%
PepsiCo Incorporated		198,163	$	18,328,096		0.19	%
The Coca-Cola Company		481,166		20,074,246		0.20
Other securities				102,299,955		1.02
				140,702,297		1.41
Food & Staples Retailing: 1.41%
Other securities				139,981,356		1.41
Food Products: 2.03%
Nestle SA		284,669		22,093,204		0.22
Other securities				180,264,504		1.81
				202,357,708		2.03
Household Products: 0.74%
The Procter & Gamble Company		345,482		28,713,009		0.29
Other securities				44,558,267		0.45
				73,271,276		0.74
Personal Products: 0.28%
Other securities				27,819,154		0.28
Tobacco: 0.66%
Philip Morris International Incorporated		205,550		17,590,969		0.18
Other securities				48,373,510		0.48
				65,964,479		0.66
Energy: 7.22%
Energy Equipment & Services: 1.54%
Schlumberger Limited		283,405		31,072,524		0.31
Other securities				122,116,069		1.23
				153,188,593		1.54
Oil, Gas & Consumable Fuels: 5.68%
Chevron Corporation		243,123		31,472,272		0.32
Exxon Mobil Corporation		549,931		54,696,137		0.55
Other securities				479,284,727		4.81
				565,453,136		5.68
Financials: 20.90%
Banks: 8.09%
Bank of America Corporation		1,339,566		21,553,617		0.22
Citigroup Incorporated		397,069		20,508,614		0.21
Commonwealth Bank of Australia		299,797		22,769,229		0.23
HSBC Holdings plc		1,676,122		18,142,649		0.18
JPMorgan Chase & Company		483,177		28,724,873		0.29
Wells Fargo & Company (l)		612,220		31,492,597		0.32

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

Summary portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 93

DIVERSIFIED STOCK PORTFOLIO

Security name	Shares		Value		Percent of net assets
Banks (continued)
Westpac Banking Corporation		574,844	$	18,812,122		0.19	%
Other securities				642,964,774		6.45
				804,968,475		8.09
Capital Markets: 1.57%
Other securities				156,340,810		1.57
Consumer Finance: 0.28%
Other securities				28,003,833		0.28
Diversified Financial Services: 1.08%
Berkshire Hathaway Incorporated Class B †		230,000		31,567,500		0.32
Other securities				75,590,305		0.76
				107,157,805		1.08
Insurance: 3.99%
Other securities				396,792,057		3.99
Real Estate Management & Development: 0.96%
Other securities				95,547,545		0.96
REITs: 4.59%
American Realty Capital Properties Incorporated		1,928,485		25,378,863		0.26
Other securities				430,986,309		4.33
				456,365,172		4.59
Thrifts & Mortgage Finance: 0.34%
Other securities				34,291,114		0.34
Health Care: 9.46%
Biotechnology: 1.76%
Biogen Idec Incorporated †		51,407		17,634,657		0.18
Gilead Sciences Incorporated †		334,400		35,974,752		0.36
Incyte Corporation †		344,900		18,693,580		0.19
Other securities				103,043,015		1.03
				175,346,004		1.76
Health Care Equipment & Supplies: 1.30%
Other securities				129,729,218		1.30
Health Care Providers & Services: 1.93%
Other securities				191,433,002		1.93
Health Care Technology: 0.22%
Other securities				22,045,923		0.22
Life Sciences Tools & Services: 0.70%
Other securities				69,588,890		0.70

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

94 Wells Fargo Advantage Dow Jones Target Date Funds Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security name	Shares		Value		Percent of net assets
Pharmaceuticals: 3.55%
Johnson & Johnson		361,776	$	37,527,024		0.38	%
Mallinckrodt plc †		245,073		19,971,007		0.20
Merck & Company Incorporated		372,358		22,382,439		0.23
Novartis AG		238,838		21,424,007		0.22
Pfizer Incorporated		813,155		23,898,625		0.24
Roche Holding AG Genusschein		61,846		18,034,066		0.18
Other securities				209,717,407		2.10
				352,954,575		3.55
Industrials: 12.79%
Aerospace & Defense: 1.58%
United Technologies Corporation		182,959		19,755,913		0.20
Other securities				137,576,239		1.38
				157,332,152		1.58
Air Freight & Logistics: 0.48%
Other securities				47,986,718		0.48
Airlines: 1.08%
American Airlines Group Incorporated		1,517,222		59,035,108		0.59
Other securities				48,034,061		0.49
				107,069,169		1.08
Building Products: 0.55%
Other securities				55,003,075		0.55
Commercial Services & Supplies: 1.06%
Other securities				105,092,518		1.06
Construction & Engineering: 0.52%
Other securities				51,960,757		0.52
Electrical Equipment: 1.08%
Other securities				107,736,811		1.08
Industrial Conglomerates: 0.95%
General Electric Company		1,281,407		33,290,954		0.34
Other securities				60,904,182		0.61
				94,195,136		0.95
Machinery: 2.61%
Other securities				259,961,828		2.61
Marine: 0.15%
Other securities				14,379,705		0.15
Professional Services: 0.46%
Other securities				45,165,031		0.46

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

Summary portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 95

DIVERSIFIED STOCK PORTFOLIO

Security name	Shares		Value		Percent of net assets
Road & Rail: 1.27%
Union Pacific Corporation		196,500	$	20,685,555		0.21	%
Other securities				106,036,062		1.06
				126,721,617		1.27
Trading Companies & Distributors: 0.83%
Other securities				82,854,547		0.83
Transportation Infrastructure: 0.17%
Other securities				17,257,708		0.17
Information Technology: 14.64%
Communications Equipment: 1.12%
QUALCOMM Incorporated		367,097		27,936,082		0.28
Other securities				83,617,262		0.84
				111,553,344		1.12
Electronic Equipment, Instruments & Components: 1.52%
Other securities				151,257,517		1.52
Internet Software & Services: 2.07%
Facebook Incorporated Class A †		373,953		27,979,163		0.28
Google Incorporated Class A †		61,742		35,956,071		0.36
Google Incorporated Class C †		61,704		35,270,006		0.35
Tencent Holdings Limited		1,262,725		20,610,798		0.21
Other securities				85,630,031		0.87
				205,446,069		2.07
IT Services: 2.30%
International Business Machines Corporation		207,346		39,872,636		0.40
Visa Incorporated		109,211		23,209,522		0.23
Other securities				165,950,830		1.67
				229,032,988		2.30
Semiconductors & Semiconductor Equipment: 3.06%
Intel Corporation		634,334		22,150,943		0.22
Samsung Electronics Company Limited		28,570		34,770,334		0.35
Taiwan Semiconductor Manufacturing Company Limited		4,332,298		17,972,431		0.18
Other securities				229,956,504		2.31
				304,850,212		3.06
Software: 2.22%
Microsoft Corporation		961,771		43,693,257		0.44
Other securities				176,858,487		1.78
				220,551,744		2.22
Technology Hardware, Storage & Peripherals: 2.35%
Apple Incorporated		1,318,416		135,137,640		1.36
Other securities				98,547,201		0.99
				233,684,841		2.35

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

96 Wells Fargo Advantage Dow Jones Target Date Funds Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security name	Shares		Value		Percent of net assets
Materials: 5.52%
Chemicals: 2.61%
Other securities			$	259,994,750		2.61	%
Construction Materials: 0.45%
Other securities				44,469,004		0.45
Containers & Packaging: 0.37%
Other securities				36,695,102		0.37
Metals & Mining: 1.91%
BHP Billiton Limited		593,407		20,322,974		0.21
Other securities				170,378,006		1.70
				190,700,980		1.91
Paper & Forest Products: 0.18%
Other securities				17,614,649		0.18
Telecommunication Services: 2.43%
Diversified Telecommunication Services: 1.33%
AT&T Incorporated		661,498		23,125,970		0.23
Verizon Communications Incorporated		528,237		26,316,767		0.27
Other securities				82,704,940		0.83
				132,147,677		1.33
Wireless Telecommunication Services: 1.10%
Other securities				109,556,576		1.10
Utilities: 3.90%
Electric Utilities: 1.60%
Other securities				159,401,514		1.60
Gas Utilities: 0.73%
Other securities				71,999,647		0.73
Independent Power & Renewable Electricity Producers: 0.24%
Other securities				23,852,608		0.24
Multi-Utilities: 1.20%
Other securities				119,732,264		1.20
Water Utilities: 0.13%
Other securities				12,730,149		0.13
Total Common Stocks (Cost $6,669,047,680)				9,536,396,041		95.84
Preferred Stocks: 0.65%
Consumer Discretionary: 0.08%
Automobiles: 0.07%
Other securities				7,120,266		0.07

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

Summary portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 97

DIVERSIFIED STOCK PORTFOLIO

Security name	Value		Percent of net assets
Media: 0.00%
Other securities	$	29,099		0.00	%
Multiline Retail: 0.01%
Other securities		865,061		0.01
Consumer Staples: 0.03%
Beverages: 0.00%
Other securities		79,625		0.00
Food & Staples Retailing: 0.01%
Other securities		1,133,755		0.01
Household Products: 0.02%
Other securities		1,785,336		0.02
Energy: 0.12%
Oil, Gas & Consumable Fuels: 0.12%
Other securities		11,864,791		0.12
Financials: 0.25%
Banks: 0.25%
Other securities		25,177,765		0.25
Capital Markets: 0.00%
Other securities		46,422		0.00
Insurance: 0.00%
Other securities		927		0.00
Health Care: 0.00%
Life Sciences Tools & Services: 0.00%
Other securities		378		0.00
Information Technology: 0.05%
Semiconductors & Semiconductor Equipment: 0.05%
Other securities		5,266,236		0.05
Materials: 0.09%
Chemicals: 0.02%
Other securities		1,463,948		0.02
Metals & Mining: 0.07%
Other securities		7,113,610		0.07
Telecommunication Services: 0.01%
Diversified Telecommunication Services: 0.01%
Other securities		1,405,595		0.01

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

98 Wells Fargo Advantage Dow Jones Target Date Funds Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED STOCK PORTFOLIO

Security name	Value		Percent of net assets
Utilities: 0.02%
Electric Utilities: 0.02%
Other securities	$	1,432,391		0.02	%
Multi-Utilities: 0.00%
Other securities		114,543		0.00
Total Preferred Stocks (Cost $60,752,699)		64,899,748		0.65
Rights: 0.00%
Consumer Staples: 0.00%
Food Products: 0.00%
Other securities		449		0.00
Energy: 0.00%
Oil, Gas & Consumable Fuels: 0.00%
Other securities		611		0.00
Financials: 0.00%
Banks: 0.00%
Other securities		113,303		0.00
Health Care: 0.00%
Biotechnology: 0.00%
Other securities		0		0.00
Information Technology: 0.00%
Software: 0.00%
Other securities		812		0.00
Total Rights (Cost $8,021)		115,175		0.00
Warrants: 0.00%
Consumer Discretionary: 0.00%
Automobiles: 0.00%
Other securities		68,603		0.00
Media: 0.00%
Other securities		453		0.00
Consumer Staples: 0.00%
Food Products: 0.00%
Other securities		2,252		0.00
Energy: 0.00%
Energy Equipment & Services: 0.00%
Other securities		4,744		0.00

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

Summary portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 99

DIVERSIFIED STOCK PORTFOLIO

Security name						Value			Percent of net assets
Oil, Gas & Consumable Fuels: 0.00%
Other securities						$	794			0.00	%
Financials: 0.00%
Real Estate Management & Development: 0.00%
Other securities							74,592			0.00
Health Care: 0.00%
Health Care Equipment & Supplies: 0.00%
Other securities							137			0.00
Industrials: 0.00%
Construction & Engineering: 0.00%
Other securities							8,944			0.00
Materials: 0.00%
Chemicals: 0.00%
Other securities							0			0.00
Metals & Mining: 0.00%
Other securities							7			0.00
Utilities: 0.00%
Water Utilities: 0.00%
Other securities							1,021			0.00
Total Warrants (Cost $140,398)							161,547			0.00
	Yield			Shares
Short-Term Investments: 5.17%
Investment Companies: 5.17%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		280,013,775		280,013,775			2.82
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)		0.11			233,979,502		233,979,502			2.35
Total Short-Term Investments (Cost $513,993,277)							513,993,277			5.17
Total investments in securities (Cost $7,243,942,075) *							10,115,565,788			101.66
Other assets and liabilities, net							(165,620,090	)		(1.66	)
Total net assets						$	9,949,945,698			100.00	%

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

100 Wells Fargo Advantage Dow Jones Target Date Funds Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED STOCK PORTFOLIO

† Non-income-earning security

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

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

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

* Cost for federal income tax purposes is $7,309,245,558 and unrealized gains (losses) consists of:

Gross unrealized gains	$	3,138,047,515
Gross unrealized losses		(331,727,285	)
Net unrealized gains	$	2,806,320,230

The following table shows percent of total long-term investments by geographic locations as of August 31, 2014 (unaudited):

United States	64.61	%
Japan	7.03
United Kingdom	3.14
Australia	2.27
South Korea	1.86
Canada	1.68
China	1.56
Switzerland	1.38
Taiwan	1.35
France	1.31
Germany	1.16
Brazil	1.09
Bermuda	1.08
Ireland	1.04
Other	9.44
	100.00	%

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

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 101

SHORT-TERM INVESTMENT PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 38.64%
Abbey National Treasury Services plc		0.09	%		9-2-2014	$	14,000,000	$	14,000,000
Abbey National Treasury Services plc ±		0.31			3-4-2015		5,000,000		4,999,500
Agricultural Bank of China		0.26			9-8-2014		6,000,000		5,999,820
Banco del Estado de Chile		0.23			9-5-2014		2,000,000		2,000,020
Banco del Estado de Chile ±		0.30			12-10-2014		2,000,000		2,000,120
Bank of Montreal		0.17			9-5-2014		2,000,000		2,000,020
Bank of Montreal		0.17			10-2-2014		2,000,000		2,000,080
Bank of Montreal		0.18			9-17-2014		3,000,000		3,000,120
Bank of Montreal		0.18			10-14-2014		2,000,000		2,000,120
Bank of Montreal		0.18			10-15-2014		1,000,000		1,000,070
Bank of Montreal		0.18			11-20-2014		1,000,000		1,000,070
Bank of Montreal ±		0.95			12-22-2014		2,000,000		2,004,780
Bank of Nova Scotia ±		0.24			3-4-2015		3,000,000		3,000,030
Bank of Nova Scotia ±		0.24			12-17-2014		2,000,000		2,000,200
Bank of Nova Scotia ±		0.24			6-29-2015		3,000,000		2,999,490
Bank of Nova Scotia		0.42			2-19-2015		1,000,000		1,000,930
Bank of Tokyo-Mitsubishi LLC		0.11			9-3-2014		3,000,000		2,999,970
Barclays Bank (Grand Cayman)		0.08			9-2-2014		8,000,000		8,000,000
China Construction Bank Corporation		0.22			9-3-2014		2,000,000		1,999,960
China Construction Bank Corporation ±		0.41			3-25-2015		4,000,000		4,000,000
Commonwealth Bank of Australia		0.22			12-29-2014		2,000,000		2,000,280
Cooperatieve Centrale ±		0.28			2-3-2015		2,000,000		2,000,020
Cooperatieve Centrale ±		0.28			4-13-2015		2,000,000		1,999,740
Cooperatieve Centrale ±		0.29			2-27-2015		2,000,000		2,000,480
Credit Agricole		0.09			9-2-2014		14,000,000		14,000,000
Credit Industriel et Commercial (New York)		0.10			9-2-2014		9,000,000		9,000,000
Credit Industriel et Commercial (New York)		0.13			9-4-2014		10,000,000		10,000,000
DG Bank (New York)		0.20			11-26-2014		2,000,000		1,999,860
DNB Nor Bank ASA		0.05			9-2-2014		5,000,000		5,000,000
DNB Nor Bank ASA		0.07			9-2-2014		13,000,000		13,000,000
KBC Bank		0.13			9-2-2014		8,000,000		8,000,000
KBC Bank		0.13			9-5-2014		3,000,000		2,999,983
Mitsubishi UFJ Trust & Banking Corporation		0.20			10-1-2014		2,000,000		2,000,040
Mitsubishi UFJ Trust & Banking Corporation		0.20			10-2-2014		2,000,000		2,000,040
Mitsubishi UFJ Trust & Banking Corporation		0.21			11-6-2014		3,000,000		2,999,940
Mitsubishi UFJ Trust & Banking Corporation		0.21			11-13-2014		1,000,000		999,980
Mitsubishi UFJ Trust & Banking Corporation		0.21			11-25-2014		1,000,000		999,980
Mitsubishi UFJ Trust & Banking Corporation 144A(z)		0.21			11-7-2014		3,000,000		2,998,860
Mizuho Bank Limited		0.15			9-25-2014		2,000,000		1,999,960
Mizuho Bank Limited		0.15			9-26-2014		1,000,000		999,980
Mizuho Bank Limited		0.20			9-5-2014		4,000,000		4,000,000
Mizuho Bank Limited		0.20			10-28-2014		3,000,000		3,000,000
Mizuho Bank Limited		0.21			11-26-2014		2,000,000		1,999,960
National Bank of Kuwait		0.11			9-2-2014		6,000,000		6,000,000
Nordea Bank plc		0.20			9-29-2014		6,000,000		6,000,540
Nordea Bank plc		0.06			9-2-2014		11,000,000		11,000,000
Nordea Bank plc		0.18			11-3-2014		2,000,000		2,000,080
Norinchukin Bank		0.20			9-5-2014		2,000,000		2,000,020
Norinchukin Bank		0.20			9-29-2014		3,000,000		3,000,090
Norinchukin Bank		0.20			10-3-2014		2,000,000		2,000,040

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

102 Wells Fargo Advantage Dow Jones Target Date Funds Portfolio of investments—August 31, 2014 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit (continued)
Norinchukin Bank		0.20	%		10-31-2014	$	2,000,000	$	2,000,060
Norinchukin Bank		0.20			11-13-2014		1,000,000		999,940
Norinchukin Bank		0.21			11-26-2014		2,000,000		1,999,900
Royal Bank of Canada ±		0.26			10-17-2014		2,000,000		2,000,160
Skandinaviska Enskilda Banken AG		0.05			9-2-2014		6,000,000		6,000,000
Societe Generale ±		0.28			10-31-2014		2,000,000		1,999,940
Societe Generale ±		0.37			9-12-2014		2,000,000		2,000,020
Standard Chartered Bank		0.18			10-28-2014		3,000,000		3,000,090
Standard Chartered Bank		0.22			10-16-2014		2,000,000		2,000,160
Standard Chartered Bank		0.24			11-3-2014		1,000,000		1,000,110
Standard Chartered Bank		0.28			12-29-2014		2,000,000		2,000,400
Sumitomo Mitsui Banking Corporation ±		0.22			9-19-2014		2,000,000		2,000,040
Sumitomo Mitsui Banking Corporation		0.22			11-7-2014		1,000,000		1,000,000
Sumitomo Trust & Banking Company		0.21			9-2-2014		1,000,000		1,000,000
Svenska Handlesbanken		0.05			9-2-2014		5,000,000		5,000,000
Swedbank		0.05			9-2-2014		6,000,000		6,000,000
Swedbank		0.06			9-2-2014		8,000,000		8,000,000
Swedbank		0.18			10-9-2014		2,000,000		2,000,060
Swedbank		0.20			11-10-2014		2,000,000		2,000,120
Swedbank (z)		0.22			12-22-2014		1,000,000		999,400
Toronto-Dominion Bank		0.16			9-8-2014		2,000,000		2,000,020
Toronto-Dominion Bank		0.17			11-20-2014		1,000,000		1,000,020
Toronto-Dominion Bank ±		0.22			12-19-2014		2,000,000		2,000,060
Toronto-Dominion Bank ±		0.23			6-16-2015		3,000,000		2,999,520
Toronto-Dominion Bank ±		0.23			4-15-2015		3,000,000		2,999,610
Toronto-Dominion Bank ±		0.24			2-6-2015		4,000,000		3,999,680
Westpac Banking Corporation ±		0.23			2-18-2015		2,000,000		2,000,020
Total Certificates of Deposit (Cost $266,004,262)									266,004,503
Commercial Paper: 48.79%
Anglesea Funding LLC 144A(z)(p)		0.15			9-3-2014		2,000,000		1,999,960
Anglesea Funding LLC 144A±(p)		0.29			11-13-2014		2,000,000		1,999,920
Antalis US Funding Corporation 144A(z)(p)		0.25			9-30-2014		3,000,000		2,999,580
ANZ New Zealand International Limited 144A±		0.23			9-16-2014		1,000,000		1,000,020
ASB Finance Limited 144A±		0.23			4-29-2015		1,000,000		999,937
Aspen Funding Corporation 144A(z)		0.20			9-2-2014		2,000,000		1,999,960
Aspen Funding Corporation 144A(z)		0.22			9-3-2014		1,000,000		999,970
Atlantic Asset Securitization LLC 144A(z)		0.20			9-10-2014		1,000,000		999,960
Australia & New Zealand Banking Group 144A±		0.23			11-18-2014		1,000,000		1,000,080
Banco de Credito e Inversiones 144A(z)		0.42			10-27-2014		1,000,000		999,480
Banco del Estado de Chile 144A(z)		0.27			9-3-2014		1,000,000		999,990
Banco del Estado de Chile 144A(z)		0.27			9-10-2014		1,000,000		999,960
Banco del Estado de Chile 144A(z)		0.27			9-15-2014		1,000,000		999,950
Banco del Estado de Chile 144A(z)		0.28			9-26-2014		1,000,000		999,900
Banco del Estado de Chile 144A(z)		0.30			10-8-2014		1,000,000		999,840
Banco Santander Chile 144A(z)		0.32			9-12-2014		1,000,000		999,960
Bedford Row Funding Corporation 144A±		0.24			12-5-2014		1,000,000		1,000,030
Bedford Row Funding Corporation 144A±		0.25			4-24-2015		2,000,000		1,999,700
Bedford Row Funding Corporation 144A±		0.25			1-9-2015		1,000,000		1,000,040

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

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 103

SHORT-TERM INVESTMENT PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Commercial Paper (continued)
Bennington Sark Capital Company 144A±		0.37	%		5-6-2015	$	2,000,000	$	1,999,720
Caisse Centrale Desjardins du Quebec 144A(z)		0.11			9-5-2014		2,000,000		1,999,961
Caisse Centrale Desjardins du Quebec 144A(z)		0.16			9-8-2014		1,000,000		999,970
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			9-26-2014		3,000,000		2,999,700
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			9-29-2014		2,000,000		1,999,780
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			9-30-2014		1,000,000		999,880
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			10-6-2014		1,000,000		999,850
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			10-9-2014		2,000,000		1,999,660
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			10-30-2014		1,000,000		999,710
Caisse Centrale Desjardins du Quebec 144A±		0.25			10-23-2014		2,000,000		2,000,100
Caisse Des Depots et Consignations 144A(z)		0.16			9-26-2014		2,000,000		1,999,820
Caisse Des Depots et Consignations 144A(z)		0.17			11-17-2014		4,000,000		3,998,480
Caisse Des Depots et Consignations 144A(z)		0.17			10-6-2014		2,000,000		1,999,720
Caisse Des Depots et Consignations 144A(z)		0.18			10-17-2014		3,000,000		2,999,400
Caisse Des Depots et Consignations 144A(z)		0.18			10-20-2014		2,000,000		1,999,560
Caisse Des Depots et Consignations 144A(z)		0.20			12-19-2014		1,000,000		999,420
Caisse Des Depots et Consignations 144A(z)		0.20			12-22-2014		2,000,000		1,998,800
CDP Financial Incorporated 144A(z)		0.15			9-8-2014		2,000,000		1,999,940
CDP Financial Incorporated 144A(z)		0.15			9-16-2014		2,000,000		1,999,900
CDP Financial Incorporated 144A(z)		0.15			11-19-2014		1,000,000		999,570
CDP Financial Incorporated 144A(z)		0.19			11-3-2014		3,000,000		2,999,070
China International Marine Containers Group (z)		0.38			9-3-2014		3,000,000		2,999,970
China International Marine Containers Group (z)		0.38			9-10-2014		2,000,000		1,999,920
China International Marine Containers Group (z)		0.38			9-12-2014		1,000,000		999,960
China Shipping Container Lines (z)		0.38			9-12-2014		1,000,000		999,958
CNPC Finance 144A(z)		0.38			9-3-2014		1,000,000		999,990
CNPC Finance 144A(z)		0.38			9-9-2014		2,000,000		1,999,940
CNPC Finance 144A(z)		0.38			9-10-2014		1,000,000		999,960
CNPC Finance 144A(z)		0.38			9-15-2014		2,000,000		1,999,900
CNPC Finance 144A(z)		0.38			9-22-2014		1,000,000		999,920
CNPC Finance 144A(z)		0.38			9-26-2014		1,000,000		999,900
COFCO Capital Corporation (z)		0.16			9-2-2014		1,000,000		999,990
COFCO Capital Corporation (z)		0.16			9-9-2014		1,000,000		999,960
Collateralized Commercial Paper Company LLC 144A(z)		0.41			2-27-2015		1,000,000		998,530
Commonwealth Bank of Australia 144A±		0.24			5-22-2015		2,000,000		1,999,700
Commonwealth Bank of Australia 144A±		0.24			5-20-2015		2,000,000		1,999,720
Commonwealth Bank of Australia 144A±		0.24			7-2-2015		1,000,000		999,830
Commonwealth Bank of Australia 144A±		0.24			6-18-2015		4,000,000		3,999,680
Concord Minutemen Capital Company 144A(z)(p)		0.21			9-3-2014		1,000,000		999,980
Concord Minutemen Capital Company 144A(z)(p)		0.21			9-8-2014		4,000,000		3,999,800
Concord Minutemen Capital Company 144A(z)(p)		0.21			9-10-2014		2,000,000		1,999,880
Concord Minutemen Capital Company 144A(z)(p)		0.21			10-3-2014		1,000,000		999,790
Concord Minutemen Capital Company 144A(z)(p)		0.21			10-7-2014		2,000,000		1,999,520
Concord Minutemen Capital Company 144A(z)(p)		0.21			10-9-2014		2,000,000		1,999,480
Concord Minutemen Capital Company 144A(z)(p)		0.21			10-14-2014		1,000,000		999,710
CPPIB Capital Incorporated 144A(z)		0.14			11-12-2014		2,000,000		1,999,300
CPPIB Capital Incorporated 144A(z)		0.14			11-24-2014		4,000,000		3,998,279
Crown Point Capital Company LLC 144A(z)(p)		0.21			9-3-2014		1,000,000		999,980
Crown Point Capital Company LLC 144A(z)(p)		0.21			9-4-2014		2,000,000		1,999,960
Crown Point Capital Company LLC 144A(z)(p)		0.21			9-10-2014		2,000,000		1,999,900

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

104 Wells Fargo Advantage Dow Jones Target Date Funds Portfolio of investments—August 31, 2014 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Commercial Paper (continued)
Crown Point Capital Company LLC 144A(z)(p)		0.21	%		9-11-2014	$	4,000,000	$	3,999,800
Crown Point Capital Company LLC 144A(z)(p)		0.21			9-15-2014		2,000,000		1,999,860
Crown Point Capital Company LLC 144A(z)(p)		0.21			10-7-2014		1,000,000		999,820
Crown Point Capital Company LLC 144A(z)(p)		0.21			10-14-2014		1,000,000		999,780
DBS Bank Limited 144A(z)		0.22			12-10-2014		1,000,000		999,490
DBS Bank Limited 144A(z)		0.22			12-9-2014		3,000,000		2,998,500
Erste Abwicklungsanstalt 144A(z)		0.17			10-14-2014		1,000,000		999,810
Gotham Funding Corporation 144A(z)(p)		0.11			9-2-2014		1,000,000		999,985
Gotham Funding Corporation 144A(z)(p)		0.17			9-4-2014		1,000,000		999,980
Gotham Funding Corporation 144A(z)(p)		0.17			9-8-2014		1,000,000		999,960
Gotham Funding Corporation 144A(z)(p)		0.17			9-10-2014		2,000,000		1,999,900
Gotham Funding Corporation 144A(z)(p)		0.17			9-18-2014		1,000,000		999,920
Gotham Funding Corporation 144A(z)(p)		0.17			10-1-2014		1,000,000		999,850
Gotham Funding Corporation 144A(z)(p)		0.17			10-2-2014		1,000,000		999,846
Hannover Funding Company LLC 144A(z)(p)		0.16			9-11-2014		1,000,000		999,950
Hannover Funding Company LLC 144A(z)(p)		0.16			9-18-2014		2,000,000		1,999,840
Hannover Funding Company LLC 144A(z)(p)		0.16			9-19-2014		1,000,000		999,910
Hannover Funding Company LLC 144A(z)(p)		0.21			11-12-2014		1,000,000		999,580
HSBC Bank plc 144A±		0.25			10-2-2014		2,000,000		2,000,040
Institutional Secured Funding LLC 144A(z)(p)		0.21			9-2-2014		1,000,000		999,989
Institutional Secured Funding LLC 144A(z)(p)		0.38			10-3-2014		2,000,000		1,999,740
Institutional Secured Funding LLC 144A(z)(p)		0.39			9-8-2014		1,000,000		999,970
JPMorgan Securities Incorporated 144A±		0.33			9-10-2014		2,000,000		2,000,040
Kells Funding LLC 144A±(p)		0.23			12-11-2014		1,000,000		1,000,010
Kells Funding LLC 144A±(p)		0.23			12-12-2014		2,000,000		2,000,020
Kells Funding LLC 144A±(p)		0.23			10-28-2014		2,000,000		2,000,100
Kells Funding LLC 144A±(p)		0.23			10-8-2014		1,000,000		1,000,040
Kells Funding LLC 144A±(p)		0.23			10-20-2014		1,000,000		1,000,050
Kells Funding LLC 144A±(p)		0.24			10-10-2014		1,000,000		1,000,040
Kells Funding LLC 144A±(p)		0.24			5-15-2015		3,000,000		2,999,580
Kells Funding LLC 144A±(p)		0.25			2-5-2015		1,000,000		999,970
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			9-3-2014		3,000,000		2,999,940
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			9-9-2014		2,000,000		1,999,920
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			9-10-2014		1,000,000		999,950
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			9-11-2014		2,000,000		1,999,900
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			9-15-2014		1,000,000		999,930
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			10-9-2014		2,000,000		1,999,620
Liberty Street Funding LLC 144A(z)(p)		0.15			9-2-2014		1,000,000		999,990
Liberty Street Funding LLC 144A(z)(p)		0.15			9-4-2014		1,000,000		999,980
Liberty Street Funding LLC 144A(z)(p)		0.15			9-8-2014		1,000,000		999,960
Liberty Street Funding LLC 144A(z)(p)		0.15			9-19-2014		2,000,000		1,999,820
Liberty Street Funding LLC 144A(z)(p)		0.15			9-23-2014		2,000,000		1,999,780
Liberty Street Funding LLC 144A(z)(p)		0.19			9-24-2014		1,000,000		999,890
Liberty Street Funding LLC 144A(z)(p)		0.19			10-1-2014		2,000,000		1,999,700
Liberty Street Funding LLC 144A(z)(p)		0.19			10-3-2014		1,000,000		999,840
Lloyds Bank Plc (z)		0.05			9-2-2014		18,000,000		17,999,840
LMA Americas LLC 144A(z)		0.26			10-7-2014		3,000,000		2,999,460
LMA Americas LLC 144A(z)		0.26			10-8-2014		1,000,000		999,810
Macquarie Bank Limited 144A(z)		0.20			9-25-2014		2,000,000		1,999,800
Macquarie Bank Limited 144A(z)		0.20			9-26-2014		2,000,000		1,999,800

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

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 105

SHORT-TERM INVESTMENT PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Commercial Paper (continued)
Manhattan Asset Funding LLC 144A(z)		0.18	%		9-4-2014	$	1,000,000	$	999,980
Manhattan Asset Funding LLC 144A(z)		0.19			9-18-2014		2,000,000		1,999,840
Manhattan Asset Funding LLC 144A(z)		0.20			9-23-2014		1,000,000		999,890
Manhattan Asset Funding LLC 144A(z)		0.22			10-6-2014		1,000,000		999,830
Manhattan Asset Funding LLC 144A(z)		0.22			10-10-2014		1,000,000		999,800
Mountcliff Funding LLC 144A(z)(p)		0.15			9-2-2014		5,000,000		4,999,928
National Australia Funding Incorporated 144A±		0.23			3-10-2015		2,000,000		1,999,800
Nederlandse Waterschapsbank NV 144A±		0.24			10-29-2014		2,000,000		2,000,060
Nederlandse Waterschapsbank NV 144A±		0.25			12-23-2014		1,000,000		999,970
Nederlandse Waterschapsbank NV 144A±		0.29			10-27-2014		2,000,000		2,000,260
Newport Funding Corporation 144A(z)(p)		0.20			9-2-2014		1,000,000		999,990
Nieuw Amsterdam Receivables Corporation 144A(z)		0.20			11-6-2014		1,000,000		999,660
NRW Bank 144A(z)		0.11			9-17-2014		1,000,000		999,954
NRW Bank 144A(z)		0.13			9-15-2014		3,000,000		2,999,880
NRW Bank 144A(z)		0.13			9-29-2014		1,000,000		999,913
NRW Bank 144A(z)		0.14			9-5-2014		1,000,000		999,990
NRW Bank 144A(z)		0.14			9-9-2014		4,000,000		3,999,920
NV Bank Nederlandse Gemeenten 144A(z)		0.20			12-10-2014		5,000,000		4,997,450
Old Line Funding LLC 144A(z)(p)		0.22			12-16-2014		1,000,000		999,610
Oversea-Chinese Banking Corporation Limited (z)		0.20			9-9-2014		2,000,000		1,999,940
Prudential Funding LLC (z)		0.15			9-2-2014		1,000,000		999,990
PSP Capital Incorporated 144A(z)		0.15			10-15-2014		4,000,000		3,999,360
PSP Capital Incorporated 144A(z)		0.15			11-18-2014		1,000,000		999,610
PSP Capital Incorporated 144A(z)		0.16			11-4-2014		1,000,000		999,690
Regency Markets No.1 LLC 144A(z)(p)		0.14			9-10-2014		3,000,000		2,999,850
Regency Markets No.1 LLC 144A(z)(p)		0.14			9-16-2014		1,000,000		999,930
Regency Markets No.1 LLC 144A(z)(p)		0.14			9-22-2014		3,000,000		2,999,700
Rhein-Main Security Limited 144A(z)		0.32			9-5-2014		1,000,000		999,940
Ridgefield Funding Company LLC 144A(z)(p)		0.12			9-2-2014		1,000,000		999,984
Ridgefield Funding Company LLC 144A±(p)		0.21			2-17-2015		1,000,000		999,910
Ridgefield Funding Company LLC 144A(z)(p)		0.21			9-15-2014		2,000,000		1,999,860
Scaldis Capital LLC 144A(z)		0.25			9-24-2014		1,000,000		999,900
Scaldis Capital LLC 144A(z)		0.25			11-17-2014		1,000,000		999,590
Shagang South Asia (z)		0.45			9-8-2014		1,000,000		999,970
Sinochem Company Limited (z)		0.18			9-5-2014		1,000,000		999,990
Sinochem Company Limited (z)		0.20			10-8-2014		1,000,000		999,870
Sinochem Company Limited (z)		0.20			11-7-2014		1,000,000		999,710
Skandinaviska Enskilda Banken AG 144A(z)		0.20			12-23-2014		2,000,000		1,998,620
State Street Bank & Trust Company (z)		0.17			9-9-2014		3,000,000		2,999,940
State Street Bank & Trust Company ±		0.23			3-17-2015		2,000,000		1,997,520
State Street Bank & Trust Company ±		0.23			4-10-2015		5,000,000		4,999,450
Sumitomo Mitsui Banking Corporation 144A(z)		0.21			9-2-2014		4,000,000		3,999,960
Sumitomo Mitsui Banking Corporation 144A(z)		0.21			9-3-2014		3,000,000		2,999,940
Sumitomo Mitsui Banking Corporation 144A(z)		0.21			10-2-2014		3,000,000		2,999,520
Sumitomo Mitsui Banking Corporation 144A(z)		0.21			10-3-2014		1,000,000		999,830
Suncorp Group Limited 144A(z)		0.26			9-18-2014		3,000,000		2,999,790
Suncorp Group Limited 144A(z)		0.28			10-15-2014		2,000,000		1,999,600
Suncorp Group Limited 144A(z)		0.30			11-10-2014		1,000,000		999,640
Sydney Capital Corporation 144A(z)(p)		0.20			9-24-2014		2,000,000		1,999,820
Thunder Bay Funding LLC 144A(z)(p)		0.23			9-3-2014		1,000,000		999,980

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

106 Wells Fargo Advantage Dow Jones Target Date Funds Portfolio of investments—August 31, 2014 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Commercial Paper (continued)
Toyota Motor Credit Corporation ±		0.23	%		3-6-2015	$	3,000,000	$	2,999,700
Toyota Motor Credit Corporation ±		0.21			9-10-2014		5,000,000		5,000,000
United Overseas Bank Limited 144A(z)		0.21			10-10-2014		2,000,000		1,999,720
United Overseas Bank Limited 144A(z)		0.23			11-19-2014		1,000,000		999,650
United Overseas Bank Limited 144A(z)		0.23			11-21-2014		1,000,000		999,640
United Overseas Bank Limited 144A(z)		0.28			2-9-2015		1,000,000		998,870
United Overseas Bank Limited 144A(z)		0.28			2-11-2015		1,000,000		998,840
United Overseas Bank Limited 144A(z)		0.28			2-25-2015		2,000,000		1,997,300
United Overseas Bank Limited 144A(z)		0.28			3-16-2015		4,000,000		3,993,600
Victory Receivables Corporation 144A(z)(p)		0.11			9-2-2014		1,000,000		999,986
Victory Receivables Corporation 144A(z)(p)		0.17			9-3-2014		1,000,000		999,980
Victory Receivables Corporation 144A(z)(p)		0.17			9-5-2014		1,000,000		999,970
Victory Receivables Corporation 144A(z)(p)		0.17			9-22-2014		1,000,000		999,900
Victory Receivables Corporation 144A(z)(p)		0.17			10-1-2014		1,000,000		999,850
Victory Receivables Corporation 144A(z)(p)		0.17			10-2-2014		1,000,000		999,846
Victory Receivables Corporation 144A(z)(p)		0.18			10-10-2014		1,000,000		999,800
Westpac Securities NZ Limited 144A±		0.23			9-4-2014		1,000,000		1,000,000
White Plains Capital 144A(z)		0.28			9-2-2014		1,000,000		1,000,000
Working Capital Management Company 144A(z)		0.17			9-26-2014		1,000,000		999,890
Total Commercial Paper (Cost $335,948,649)									335,947,626
Corporate Bonds and Notes: 0.70%
Consumer Discretionary: 0.15%
Diversified Consumer Services: 0.15%
Smithsonian Institution ±§		0.10			9-1-2018		1,000,000		1,000,000
Financials: 0.22%
Diversified Financial Services: 0.22%
GBG LLC Custody Receipts 144A±§		0.20			9-1-2027		179,000		179,000
LTF Real Estate LLC 144A±§		0.22			6-1-2033		365,000		365,000
Overseas Private Investment Corporation ±§		0.11			7-9-2026		1,000,000		1,000,000
									1,544,000
Health Care: 0.33%
Health Care Providers & Services: 0.33%
ACTS Retirement Life Communities Incorporated ±§		0.11			11-15-2029		333,000		333,000
Keep Memory Alive ±§		0.11			5-1-2037		975,000		975,000
Providence Health & Services ±§		0.12			10-1-2042		990,000		990,000
									2,298,000
Total Corporate Bonds and Notes (Cost $4,842,000)									4,842,000
Municipal Obligations: 3.49%
California: 0.51%
California Affordable Housing PFOTER Class A Series MT-846 (Housing Revenue, Bank of America NA LIQ) 144Aø		0.55			3-31-2016		2,500,000		2,500,000
Oakland Alameda County CA (Miscellaneous Revenue) ø		0.16			9-15-2014		1,000,000		1,000,000
									3,500,000

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

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 107

SHORT-TERM INVESTMENT PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Colorado: 0.17%
Colorado HFA Class I Series A-1 (Housing Revenue, FHLB SPA) ø		0.12	%		10-1-2033	$	925,000	$	925,000
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA) ø		0.10			5-1-2050		240,000		240,000
									1,165,000
Illinois: 0.12%
Illinois Regional Transportation Authority Series A1 (Tax Revenue, JPMorgan Chase & Company LIQ) 144Aø		0.11			4-1-2016		860,000		860,000
Maine: 0.29%
Maine Housing Authority Series F (Housing Revenue, Citibank NA LIQ) ø		0.12			11-15-2032		1,000,000		1,000,000
Maine Housing Authority Series G (Housing Revenue, Bank of New York Mellon SPA) ø		0.11			11-15-2041		1,000,000		1,000,000
									2,000,000
Maryland: 0.57%
Baltimore MD Package Systems Facilities (Transportation Revenue, Bank of America NA LOC) ø		0.10			7-1-2032		1,940,000		1,940,000
Maryland CDA Series E (Housing Revenue, GNMA/FNMA/FHLMC Insured, Royal Bank of Canada SPA) ø		0.10			7-1-2045		2,000,000		2,000,000
									3,940,000
Massachusetts: 0.14%
Massachusetts Development Finance Agency Wentworth Institute Technology Series A (Education Revenue, JPMorgan Chase & Company LOC) ø		0.20			10-1-2033		980,000		980,000
Michigan: 0.15%
Michigan Finance Authority Series A (Miscellaneous Revenue, JPMorgan Chase & Company LOC) ø		0.09			9-1-2053		1,000,000		1,000,000
New York: 0.59%
New York Mortgage Agency Homeowner ROC RR-II-R-11703 (Housing Revenue, Citibank NA LIQ) 144Aø		0.11			10-1-2031		600,000		600,000
Puttable Floating Option Taxable Notes Series TNP-1006 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.45			11-1-2039		2,430,000		2,430,000
Westchester County NY Healthcare Corporation Series D (Health Revenue, TD Bank NA LOC) ø		0.08			11-1-2034		1,000,000		1,000,000
									4,030,000
Ohio: 0.03%
Ohio HFA Residential Management Series I (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA) ø		0.12			9-1-2039		184,000		184,000
Oregon: 0.15%
Oregon PFOTER (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.40			5-1-2035		1,000,000		1,000,000
Pennsylvania: 0.14%
Montgomery County PA IDA Series 3238 (Health Revenue, FHA Insured, Credit Suisse LIQ) 144Aø		0.11			8-1-2030		996,000		996,000
South Carolina: 0.14%
York County SC PCR Series 2000-B3 (Utilities Revenue)		0.25			9-2-2014		1,000,000		1,000,010

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

108 Wells Fargo Advantage Dow Jones Target Date Funds Portfolio of investments—August 31, 2014 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Texas: 0.34%
Pasadena TX Independent School District Series B (GO, AGM Insured, JPMorgan Chase & Company SPA) ø		0.20	%		2-1-2035	$	1,000,000	$	1,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144Aø		0.35			12-15-2026		365,803		365,803
Texas PFOTER (Transportation Revenue, Bank of America NA LIQ) 144Aø		0.36			2-1-2030		1,000,000		1,000,000
									2,365,803
Wisconsin: 0.15%
Wisconsin PFA Housing Project (Housing Revenue, Bank of America NA LOC) ø		0.12			1-1-2042		1,000,000		1,000,000
Total Municipal Obligations (Cost $24,020,800)									24,020,813
Repurchase Agreements ^^: 7.94%
Bank of America Corporation, dated 8-29-2014, maturity value $12,000,080 (1)		0.06			9-2-2014		12,000,000		12,000,000
Credit Agricole, dated 8-29-2014, maturity value $40,642,679 (2)		0.06			9-2-2014		40,642,408		40,642,408
GX Clarke Company, dated 8-29-2014, maturity value $2,000,033 (3)		0.15			9-2-2014		2,000,000		2,000,000
Total Repurchase Agreements (Cost $54,642,408)									54,642,408

Total investments in securities
(Cost $685,458,119) *	99.56	%		685,457,350
Other assets and liabilities, net	0.44			3,021,221
Total net assets	100.00	%	$	688,478,571

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

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

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

(p) Asset-backed commercial paper

§ The security is subject to a demand feature which reduces the effective maturity.

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end.

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 4.00%, 2-1-2042 to 10-1-2043, fair value including accrued interest is $12,360,000.

(2) U.S. government securities, 0.38% to 6.50%, 3-1-2018 to 9-1-2044, fair value including accrued interest is $41,861,615.

(3) U.S. government securities, 0.00% to 11.25%, 8-31-2014 to 8-15-2044, fair value including accrued interest is $2,040,029.

* Cost for federal income tax purposes is $685,458,119 and unrealized gains (losses) consists of:

Gross unrealized gains	$	11,324
Gross unrealized losses		(12,093	)
Net unrealized losses	$	(769	)

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

Statements of assets and liabilities—August 31, 2014 (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 109

	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)	$	6,322,765,879	$	9,570,079,914	$	685,457,350
In affiliated securities, at value (see cost below)		284,081,151		545,485,874		0
Total investments, at value (see cost below)		6,606,847,030		10,115,565,788		685,457,350
Cash		0		0		2,000,000
Segregated cash		0		14,338,972		0
Foreign currency, at value (see cost below)		8,112,669		34,377,805		0
Receivable for investments sold		1,430,194		4,707,622		1,005,003
Principal paydown receivable		529		0		0
Receivable for dividends and interest		44,130,442		16,207,667		91,264
Receivable for daily variation margin on open futures contracts		0		88,560		0
Receivable for securities lending income		2,379		216,431		0
Prepaid expenses and other assets		0		0		4,248
Total assets		6,660,523,243		10,185,502,845		688,557,865
Liabilities
Payable for investments purchased		429,431,704		212,830		0
Payable upon receipt of securities loaned		1,719,240		233,979,502		0
Payable for daily variation margin on open futures contracts		0		47,800		0
Due to custodian bank		0		4,607		0
Advisory fee payable		820,671		1,177,487		60,713
Custodian and accounting fees payable		57,046		69,404		6,766
Professional fees payable		13,392		16,417		11,815
Accrued expenses and other liabilities		24,014		49,100		0
Total liabilities		432,066,067		235,557,147		79,294
Total net assets	$	6,228,457,176	$	9,949,945,698	$	688,478,571
Investments in unaffiliated securities, at cost	$	6,154,008,822	$	6,711,579,131	$	685,458,119
Investments in affiliated securities, at cost	$	282,382,193	$	532,362,944	$	0
Total investments, at cost	$	6,436,391,015	$	7,243,942,075	$	685,458,119
Securities on loan, at value	$	1,683,412	$	226,405,007	$	0
Foreign currency, at cost	$	8,229,433	$	34,466,089	$	0

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

110 Wells Fargo Advantage Dow Jones Target Date Funds Statements of operations—six months ended August 31, 2014 (unaudited)

	Diversified Fixed Income Portfolio		Diversified Stock Portfolio			Short-Term Investment Portfolio
Investment income
Interest*	$	73,091,188	$	9,605		$	660,308
Income from affiliated securities		485,827		472,201			0
Securities lending income, net		33,340		2,762,267			0
Dividends**		0		107,984,275			0
Total investment income		73,610,355		111,228,348			660,308
Expenses
Advisory fee		4,597,261		6,662,725			355,087
Custody and accounting fees		243,467		842,873			44,933
Professional fees		44,184		32,951			26,050
Shareholder report expenses		8,334		10,663			1,609
Trustees’ fees and expenses		4,694		4,694			4,460
Other fees and expenses		46,033		124,375			10,117
Total expenses		4,943,973		7,678,281			442,256
Net investment income		68,666,382		103,550,067			218,052
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		6,420,653		5,806,769			3,510
Affiliated securities		7,465		193,189			0
Futures transactions		0		17,250,820			0
Net realized gains on investments		6,428,118		23,250,778			3,510
Net change in unrealized gains (losses) on:
Unaffiliated securities		60,946,513		463,504,887			(11,258	)
Affiliated securities		326,768		3,028,891			0
Futures transactions		0		(4,561,083	)		0
Net change in unrealized gains (losses) on investments		61,273,281		461,972,695			(11,258	)
Net realized and unrealized gains (losses) on investments		67,701,399		485,223,473			(7,748	)
Net increase in net assets resulting from operations	$	136,367,781	$	588,773,540		$	210,304
* Net of foreign interest withholding taxes in the amount of		$1,103,721		$0			$0
** Net of foreign dividend withholding taxes in the amount of		$0		$6,682,440			$0

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

Statements of changes in net assets Wells Fargo Advantage Dow Jones Target Date Funds 111

	Diversified Fixed Income Portfolio
	Six months ended August 31, 2014 (unaudited)			Year ended February 28, 2014
Operations
Net investment income	$	68,666,382		$	124,899,679
Net realized gains (losses) on investments		6,428,118			(10,397,892	)
Net change in unrealized gains (losses) on investments		61,273,281			(80,376,125	)
Net increase in net assets resulting from operations		136,367,781			34,125,662
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		607,886,913			1,357,068,342
Withdrawals		(330,614,664	)		(898,747,707	)
Net increase in net assets resulting from capital share transactions		277,272,249			458,320,635
Total increase in net assets		413,640,030			492,446,297
Net assets
Beginning of period		5,814,817,146			5,322,370,849
End of period	$	6,228,457,176		$	5,814,817,146

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

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

	Diversified Stock Portfolio
	Six months ended August 31, 2014 (unaudited)			Year ended February 28, 2014
Operations
Net investment income	$	103,550,067		$	169,257,059
Net realized gains on investments		23,250,778			438,942,966
Net change in unrealized gains (losses) on investments		461,972,695			1,126,909,882
Net increase in net assets resulting from operations		588,773,540			1,735,109,907
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		597,837,941			1,354,845,934
Withdrawals		(758,798,009	)		(1,857,847,901	)
Net decrease in net assets resulting from capital share transactions		(160,960,068	)		(503,001,967	)
Total increase in net assets		427,813,472			1,232,107,940
Net assets
Beginning of period		9,522,132,226			8,290,024,286
End of period	$	9,949,945,698		$	9,522,132,226

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 113

	Short-Term Investment Portfolio
	Six months ended August 31, 2014 (unaudited)			Year ended February 28, 2014
Operations
Net investment income	$	218,052		$	579,262
Net realized gains on investments		3,510			17,485
Net change in unrealized gains (losses) on investments		(11,258	)		(47,254	)
Net increase in net assets resulting from operations		210,304			549,493
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		82,583,446			283,271,026
Withdrawals		(76,566,537	)		(176,386,431	)
Net increase in net assets resulting from capital share transactions		6,016,909			106,884,595
Total increase in net assets		6,227,213			107,434,088
Net assets
Beginning of period		682,251,358			574,817,270
End of period	$	688,478,571		$	682,251,358

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

114 Wells Fargo Advantage Dow Jones Target Date Funds Financial highlights

	Ratio to average net assets (annualized)
	Net investment income			Gross expenses			Net expenses			Total return1			Portfolio turnover rate
Diversified Fixed Income Portfolio
Six months ended August 31, 2014 (unaudited)		2.26	%		0.16	%		0.16	%		2.28	%		21	%
Year ended February 28, 2014		2.25	%		0.19	%		0.19	%		0.47	%		44	%
Year ended February 28, 2013		2.24	%		0.27	%		0.26	%		1.50	%		43	%
Year ended February 29, 2012		2.66	%		0.27	%		0.26	%		7.41	%		52	%
Year ended February 28, 2011		2.84	%		0.28	%		0.26	%		5.58	%		57	%
Year ended February 28, 2010		3.47	%		0.31	%		0.28	%		10.44	%		113	%
Diversified Stock Portfolio
Six months ended August 31, 2014 (unaudited)		2.15	%		0.16	%		0.16	%		6.16	%		3	%
Year ended February 28, 2014		1.92	%		0.20	%		0.19	%		21.82	%		22	%
Year ended February 28, 2013		2.06	%		0.33	%		0.28	%		11.12	%		18	%
Year ended February 29, 2012		1.79	%		0.33	%		0.28	%		0.86	%		17	%
Year ended February 28, 2011		1.65	%		0.34	%		0.28	%		25.76	%		18	%
Year ended February 28, 2010		1.66	%		0.38	%		0.31	%		66.83	%		22	%
Short-Term Investment Portfolio
Six months ended August 31, 2014 (unaudited)		0.09	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 28, 2014		0.09	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 28, 2013		0.14	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 29, 2012		0.13	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 28, 2011		0.20	%		0.14	%		0.14	%		0.00	%		N/A
Year ended February 28, 2010		0.24	%		0.17	%		0.16	%		0.45	%		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 115

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: the Wells Fargo Advantage Diversified Fixed Income Portfolio (“Diversified Fixed Income Portfolio”), the Wells Fargo Advantage Diversified Stock Portfolio (“Diversified Stock Portfolio”), and the Wells Fargo Advantage Short-Term Investment Portfolio (“Short-Term Investment Portfolio” ) (each, a “Portfolio”, collectively, the “Portfolios”).

The Portfolios, which are master portfolios in a master/feeder structure, offer their shares to multiple feeder funds rather than directly to the public

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolios are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On August 31, 2014 such fair value pricing was not used in pricing foreign securities.

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

Short-term securities, with maturities of 60 days or less at time of purchase, generally are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team. The Board of Trustees retains the authority to

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

make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

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

Foreign currency translation

The accounting records of the Portfolios are maintained in U.S. dollars. The value of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Repurchase agreements

The Portfolios may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other portfolios advised by Funds Management. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to a Portfolio in the event that such Portfolio is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which a Portfolio seeks to assert its rights.

Security loans

The Portfolios may lend their securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Portfolios continue to receive interest or dividends on the securities loaned. The Portfolios receive collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Portfolios on the next business day. In a securities lending transaction, the net asset value of the Portfolios will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolios fluctuate from time to time, In the event of default or bankruptcy by the borrower, the Portfolios may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolios have the right under the lending agreement to recover the securities from the borrower on demand.

The Portfolios lend their securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Wells Fargo Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is sub-advised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as

Notes to financial statements (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 117

subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statements of Operations.

When-issued transactions

Each Portfolio may purchase securities on a forward commitment or when-issued basis. A Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Futures contracts

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

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

Mortgage dollar roll transactions

Each Portfolio may engage in mortgage dollar roll transactions through TBA mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, a Portfolio foregoes principal and interest paid on the securities. A Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolios account for TBA dollar roll transactions as purchases and sales.

Security transactions and income recognition

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

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

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

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

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal 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.

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

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

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:

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

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

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

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

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of August 31, 2014:

Diversified Fixed Income Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	1,739,617,187	$	0	$	1,739,617,187
Corporate bonds and notes		0		1,304,461,428		0		1,304,461,428
Foreign government bonds		0		1,594,158,780		0		1,594,158,780
U.S. Treasury securities		1,456,160,735		0		0		1,456,160,735
Yankee corporate bonds and notes		0		247,426,299		0		247,426,299
Yankee government bonds		0		1,999,000		0		1,999,000
Short-term investments
Investment companies		261,304,361		1,719,240		0		263,023,601
Total assets	$	1,717,465,096	$	4,889,381,934	$	0	$	6,606,847,030

Notes to financial statements (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 119

Diversified Stock Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	1,238,755,359	$	349,853	$	0	$	1,239,105,212
Consumer staples		650,096,270		0		0		650,096,270
Energy		716,238,140		2,403,589		0		718,641,729
Financials		2,079,408,777		58,034		0		2,079,466,811
Health care		941,097,612		0		0		941,097,612
Industrials		1,272,677,835		38,937		0		1,272,716,772
Information technology		1,456,327,751		48,964		0		1,456,376,715
Materials		547,651,584		1,812,723		10,178		549,474,485
Telecommunication services		241,470,085		234,168		0		241,704,253
Utilities		387,716,182		0		0		387,716,182
Preferred stocks
Consumer discretionary		8,014,426		0		0		8,014,426
Consumer staples		2,998,716		0		0		2,998,716
Energy		11,864,791		0		0		11,864,791
Financials		25,225,114		0		0		25,225,114
Health care		378		0		0		378
Information technology		5,266,236		0		0		5,266,236
Materials		8,577,558		0		0		8,577,558
Telecommunication services		1,405,595		0		0		1,405,595
Utilities		1,546,934		0		0		1,546,934
Rights
Consumer staples		0		449		0		449
Energy		0		611		0		611
Financials		0		113,303		0		113,303
Health care		0		0		0		0
Information technology		0		812		0		812
Warrants
Consumer discretionary		0		69,056		0		69,056
Consumer staples		0		2,252		0		2,252
Energy		0		5,538		0		5,538
Financials		0		74,592		0		74,592
Health care		0		137		0		137
Industrials		0		8,944		0		8,944
Materials		0		7		0		7
Utilities		0		1,021		0		1,021
Short-term investments
Investment companies		280,013,775		233,979,502		0		513,993,277
		9,876,353,118		239,202,492		10,178		10,115,565,788
Futures contracts		88,560		0		0		88,560
Total assets	$	9,876,441,678	$	239,202,492	$	10,178	$	10,115,654,348
Liabilities
Futures contracts	$	47,800	$	0	$	0	$	47,800
Total liabilities	$	47,800	$	0	$	0	$	47,800

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

Short-Term Investment Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	266,004,503	$	0	$	266,004,503
Commercial paper		0		335,947,626		0		335,947,626
Corporate bonds and notes		0		4,842,000		0		4,842,000
Repurchase agreements		0		24,020,813		0		24,020,813
Yankee corporate bonds and notes		0		54,642,408		0		54,642,408
Total assets	$	0	$	685,457,350	$	0	$	685,457,350

Futures contracts are reported at their variation margin at measurement date, which represents the amount due/from the Portfolio at that date. All other assets and liabilities are reported at their market value at measurement date.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended August 31, 2014, the Portfolios did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fees

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee from Diversified Fixed Income Portfolio and Diversified Stock Portfolio starting at 0.20% and declining to 0.10% as the average daily net assets of each respective Portfolio increase. Fund 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, 2014, the advisory fee was equivalent to an annual rate for each Portfolio as follows:

	Advisory fee
Diversified Fixed Income Portfolio		0.15	%
Diversified Stock Portfolio		0.14
Short-Term Investment Portfolio		0.10

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Portfolios. The fees for subadvisory services are borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to Short-Term Investment Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of Short-Term Investment Portfolio increase. SSgA Funds Management Incorporated is the subadviser to both Diversified Fixed Income Portfolio and Diversified Stock Portfolio and is entitled to receive an annual subadvisory fee starting at 0.07% and declining to 0.025% as the average daily net assets of each Portfolio increase.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2014 were as follows:

	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Diversified Fixed Income Portfolio	$	1,480,592,370	$	401,827,618	$	1,080,495,960	$	157,589,051
Diversified Stock Portfolio		0		248,575,975		0		289,114,086

Notes to financial statements (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 121

6. DERIVATIVE TRANSACTIONS

During the six months ended August 31, 2014, Diversified Stock Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

At August 31, 2014, Diversified Stock Portfolio had long futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type	Contract value at August 31, 2014		Unrealized gains (losses)
9-19-2014	UBS	292 Long	MSCI EAFE Index	$	28,043,680	$	(534,731	)
9-19-2014	UBS	450 Long	MSCI Emerging Markets Index		24,430,500		1,098,152
9-19-2014	UBS	60 Long	Russell 2000 Index		7,040,400		5,961
9-19-2014	UBS	84 Long	S&P 500 E-Mini Index		8,405,880		14,580
9-19-2014	UBS	46 Long	S&P Midcap 400 Index		6,610,660		21,652

Diversified Stock Portfolio had an average notional amount of $182,525,343 in long futures contracts during the six months ended August 31, 2014. As of August 31, 2014, Diversified Stock Portfolio had segregated $14,338,972 as cash collateral for open futures contracts.

The receivable and payable for daily variation margin on open futures contracts reflected in the Statements of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statements of Operations.

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

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount
Futures – variation margin	UBS	$88,560	$	(47,800	)	$	0	$	40,760

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount
Futures – variation margin	UBS	$47,800	$	(47,800	)	$	0	$	0

7. INDEMNIFICATION

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

122 Wells Fargo Advantage Dow Jones Target Date Funds Other information (unaudited)

PROXY VOTING INFORMATION

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

SPECIAL MEETING OF SHAREHOLDERS

On May 5, 2014, a Special Meeting of Shareholders for each Fund was held to consider the following proposal. The results of the proposal are indicated below.

Proposal – To approve a new investment sub-advisory agreement with Global Index Advisors, Inc.:

	Net assets voted “For”		Net assets voted “Against”		Net assets voted “Abstain”
Dow Jones Target Today Fund	$	497,986,944	$	1,083,040	$	33,615,798
Dow Jones Target 2010 Fund		335,948,810		2,184,546		53,200,850
Dow Jones Target 2015 Fund		485,190,864		8,440,350		80,468,245
Dow Jones Target 2020 Fund		1,310,578,751		8,586,121		181,494,401
Dow Jones Target 2025 Fund		1,466,359,100		3,296,299		108,098,506
Dow Jones Target 2030 Fund		1,316,435,791		4,406,421		177,784,709
Dow Jones Target 2035 Fund		668,368,913		2,937,014		81,013,788
Dow Jones Target 2040 Fund		895,817,212		17,117,749		136,784,027
Dow Jones Target 2045 Fund		374,348,109		1,858,290		41,590,080
Dow Jones Target 2050 Fund		758,370,644		1,921,244		63,128,430
Dow Jones Target 2055 Fund		64,287,169		112,420		14,790,814

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 123

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 133 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. Mr. Harris is a certified public accountant.	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds complex (and its predecessors) from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

124 Wells Fargo Advantage Dow Jones Target Date Funds Other information (unaudited)

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 60 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

Other information (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 125

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Advantage Dow Jones Target Today Fund, Wells Fargo Advantage Dow Jones Target 2010 Fund, Wells Fargo Advantage Dow Jones Target 2015 Fund, Wells Fargo Advantage Dow Jones Target 2020 Fund, Wells Fargo Advantage Dow Jones Target 2025 Fund, Wells Fargo Advantage Dow Jones Target 2030 Fund, Wells Fargo Advantage Dow Jones Target 2035 Fund, Wells Fargo Advantage Dow Jones Target 2040 Fund, Wells Fargo Advantage Dow Jones Target 2045 Fund, Wells Fargo Advantage Dow Jones Target 2050 Fund, Wells Fargo Advantage Dow Jones Target 2055 Fund, Wells Fargo Advantage Diversified Fixed Income Portfolio, Wells Fargo Advantage Diversified Stock Portfolio, Wells Fargo Advantage Short-Term

Investment Portfolio

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Wells Fargo Funds Trust (“Funds Trust”) and Wells Fargo Master Trust (“Master Trust”) (collectively, the “Trusts”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trusts’ investment advisory and sub-advisory agreements. In this regard, at in-persons meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Funds Trust Board reviewed an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the Wells Fargo Advantage Dow Jones Target Today Fund, Wells Fargo Advantage Dow Jones Target 2010 Fund, Wells Fargo Advantage Dow Jones Target 2015 Fund, Wells Fargo Advantage Dow Jones Target 2020 Fund, Wells Fargo Advantage Dow Jones Target 2025 Fund, Wells Fargo Advantage Dow Jones Target 2030 Fund, Wells Fargo Advantage Dow Jones Target 2035 Fund, Wells Fargo Advantage Dow Jones Target 2040 Fund, Wells Fargo Advantage Dow Jones Target 2045 Fund, Wells Fargo Advantage Dow Jones Target 2050 Fund and Wells Fargo Advantage Dow Jones Target 2055 Fund (individually, the “Target Date Fund” and collectively, the “Target Date Funds”). The Master Trust Board reviewed an investment advisory agreement with Funds Management for each of Wells Fargo Advantage Diversified Fixed Income Portfolio, Wells Fargo Advantage Diversified Stock Portfolio and Wells Fargo Advantage Short-Term Investment Portfolio (the “Master Portfolios”). The Target Date Funds and the Master Portfolios are collectively referred to as the “Funds.”

The Funds Trust Board also reviewed an investment sub-advisory agreement with Global Index Advisors, Inc. (“GIA”) for the Target Date Funds. The Master Trust Board also reviewed: an investment sub-advisory agreement with (i) SSgA Funds Management, Inc. (“SSgA”) for Wells Fargo Advantage Diversified Fixed Income Portfolio and Wells Fargo Advantage Diversified Stock Portfolio; and (ii) Wells Capital Management Incorporated (“WellsCap”) for the Wells Fargo Advantage Short-Term Investment Portfolio. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with WellsCap, GIA and SSgA (collectively, the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.” The Target Date Funds are gateway blended funds that each invests all of their assets in the Master Portfolios.

At each of the March Meeting and the May Meeting, the Boards received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.

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

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

126 Wells Fargo Advantage Dow Jones Target Date Funds Other information (unaudited)

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

Nature, extent and quality of services

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

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

Fund performance and expenses

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

The Funds Trust Board noted that the performance of each Target Date Fund (Administrator Class) relative to its respective Universe was as follows: (i) the performance of each of the Target 2015 Fund, the Target 2020 Fund and the Target 2025 Fund was lower than the average performance of its respective Universe for all periods under review; (ii) the performance of each of the Target 2010 Fund, the Target 2030 Fund and the Target Today Fund was higher than or in range of the average performance of its respective Universe for the ten-year period under review, but lower than the average performance of its respective universe for all other periods under review; (iii) the performance of the Target 2035 Fund was in range of the average performance of its respective Universe for the five-year period under review, but lower than the average performance of its respective universe for all other periods under review; (iv) and the performance of each of the Target 2040 Fund, the Target 2045 Fund, the Target 20500 Fund and the Target 2055 Fund was higher than or in range of the average performance of its respective Universe for all periods under review.

The Funds Trust Board also noted that the performance of each Target Date Fund (Administrator Class) was lower than the performance of its respective benchmark index for all periods under review.

The Funds Trust Board noted that the underperformance of the Target Date Funds relative to the respective Universe and benchmark for the periods noted above warranted further discussion. As part of its further review, the Funds Trust Board received information concerning, and discussed factors contributing to, the underperformance for those periods. Funds Management advised the Funds Trust Board that the nearer-dated Target Date Funds have some of the more conservative glidepaths in the industry, and as a result had a lower allocation to equities compared to funds in each respective Target Date Fund’s Universe. Thus, the Funds Trust Board was advised that underperformance of the nearer-dated Target Date Funds relative to their respective Universes was to be expected during periods in which the equity markets posted strong gains. The Funds Trust Board noted that the Target Date Funds’ underperformance relative to their benchmarks was largely attributable to fees charged to the Target Date Funds (which are not charged to a benchmark index).

The Master Trust Board took note of the performance of the Master Portfolios. The Master Trust Board noted that the performance of the Diversified Stock Portfolio was in range of the average performance of its Universe for the five-year period under review and lower than the average performance of its Universe for the one- and three-year periods under review. The Master Trust Board also noted that the performance of the Diversified Stock Portfolio was in range of the performance of its benchmark, the Dow Jones Stock CMAC, for all periods under review. The Master Trust Board was apprised that the underperformance of the Diversified Fixed Stock Portfolio relative to its Universe for the periods noted was largely attributable to sector allocation.

The Master Trust Board noted that the performance of the Diversified Fixed Income Portfolio was lower than the average performance of its Universe and its benchmark, the Dow Jones Bond CMAC Index, for all periods under review. The

Other information (unaudited) Wells Fargo Advantage Dow Jones Target Date Funds 127

Master Trust Board was apprised that the underperformance of the Diversified Fixed Income Portfolio relative to its Universe and benchmark for all periods under review was largely attributable to sector allocation and the narrow performance range of the Universe.

The Master Trust Board also noted that the performance of the Short-Term Investment Portfolio was lower than the average performance of its Universe for all periods under review and in range of the performance of its benchmark, the Barclays U.S. T-Bill 1-3 Month Index, for all periods under review. The Master Trust Board was apprised that the underperformance of the Short-Term Investment Portfolio relative to its Universe for all periods under review was largely attributable to the fact that the Fund is managed using a money market strategy which is different than the ultra-short bond funds in its Universe.

The Funds Trust Board also received and considered information regarding each Target Date Fund’s net operating expense ratios, which include fees and expenses of the corresponding Master Portfolio, and their various components, including actual management fees assessed at both the Target Date Fund level and the Master Portfolio level (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Funds Trust Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to each Target Date Fund (the “Groups”). The Funds Trust Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Funds Trust Board noted that the net operating expense ratios of each Target Date Fund were lower than or in range of the median net operating expense ratios of its respective expense Groups for all share classes.

With respect to the Master Portfolios, the Master Trust Board reviewed the fee rates that are payable to Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

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

Among other information reviewed by the Funds Trust Board was a comparison of the Management Rates of each Target Date Fund, which do not include the advisory fees paid at the Master Portfolio level, with those of other funds in the expense Groups at a common asset level. The Funds Trust Board noted that the Management Rates of each Target Date Fund were lower than or in range of the average rates for its respective expense Groups for all share classes.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rates of each Master Portfolio with those of other funds in each Master Portfolio’s respective expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rates of each Master Portfolio were lower than the median rate for the Master Portfolio’s respective expense Group.

The Boards also received and considered information about the portions of the total advisory fees that were retained by Funds Management after payment of the fees to the Sub-Advisers for sub-advisory services. With respect to the Target Date Funds, the Diversified Fixed Income Portfolio and the Diversified Stock Portfolio, the Boards considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Lipper to be similar to the respective Fund. In assessing the reasonableness of these amounts, the Boards received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. With respect to the Short-Term Investment Portfolio, given the affiliation between Funds Management and WellsCap, the Master Trust Board ascribed limited relevance to the allocation of the advisory fee between them. With respect to GIA and SSgA, the Boards considered that the Sub-Advisory Agreement Rates paid to each of these Sub-Advisers had been negotiated by Funds Management on an arm’s-length basis.

128 Wells Fargo Advantage Dow Jones Target Date Funds Other information (unaudited)

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

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

Profitability

The Boards received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Funds and the fund family as a whole. The Boards did not receive or consider to be necessary 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. The Boards did not receive or consider profitability information with respect to GIA or SSgA, as the sub-advisory fees paid to them had been negotiated by Funds Management on an arm’s-length basis.

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

Economies of scale

With respect to possible economies of scale, the Boards noted the existence of breakpoints in each Fund’s advisory fee and administration fee structure (except Short-Term Investment Portfolio), which operate generally to reduce the Funds’ expense ratios as the Funds grow in size. They considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Funds Trust Board also took into account an agreed-upon revision to the advisory fee schedule for each Target Date Fund that adds an additional break point. The Boards also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Funds and the fund family as a whole. The Boards considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Boards concluded that the Funds’ fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

Other benefits to Funds Management and the Sub-Advisers

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

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

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards did not find that any ancillary benefits received by Funds Management and its affiliates, including WellsCap, or GIA or SSgA or were unreasonable.

Conclusion

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

List of abbreviations Wells Fargo Advantage Dow Jones Target Date Funds 129

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2014 Wells Fargo Funds Management, LLC. All rights reserved.

227666 10-14 SOFLD/SAR101 08-14

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

The Portfolios of investments are included as part of the report to shareholders filed under Item 1 of this Form, except for Wells Fargo Advantage Diversified Fixed Income Portfolio and Wells Fargo Advantage Diversified Stock Portfolio which included a Summary portfolio of investments under Item 1. The Portfolios of investments for Wells Fargo Advantage Diversified Fixed Income Portfolio and Wells Fargo Advantage Diversified Stock Portfolio are filed under this Item.

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 1

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 27.93%
FFCB		0.39	%		12-17-2015	$	1,000,000	$	1,000,007
FFCB		1.50			11-16-2015		2,220,000		2,252,778
FHLB		0.38			2-19-2016		8,500,000		8,500,196
FHLB		0.38			6-24-2016		2,000,000		1,994,560
FHLB		0.88			5-24-2017		1,000,000		998,047
FHLB		0.95			3-27-2017		1,000,000		998,579
FHLB		1.00			11-9-2017		500,000		498,176
FHLB		1.13			9-28-2016		1,000,000		1,007,912
FHLB		1.20			11-21-2018		1,000,000		979,890
FHLB		2.50			8-1-2027		168,674		170,951
FHLB		2.50			12-1-2027		85,579		86,734
FHLB		2.50			6-1-2028		101,396		102,765
FHLB		2.50			8-1-2028		980,367		993,603
FHLB		2.50			9-1-2028		4,495,834		4,556,536
FHLB		2.50			9-1-2028		446,944		453,948
FHLB		2.50			9-1-2028		2,960,551		3,000,523
FHLB		2.50			10-1-2028		941,347		954,057
FHLB		2.50			10-1-2028		150,719		152,754
FHLB		2.50			11-1-2028		2,802,472		2,840,310
FHLB		2.50			11-1-2028		798,365		809,144
FHLB		3.00			10-1-2042		749,949		746,905
FHLB		3.00			10-1-2042		9,039,610		9,002,929
FHLB		3.00			11-1-2042		460,863		461,264
FHLB		3.00			11-1-2042		242,712		242,172
FHLB		3.00			11-1-2042		4,587,513		4,568,898
FHLB		3.00			12-1-2042		229,439		228,508
FHLB		3.00			12-1-2042		117,375		116,899
FHLB		3.00			1-1-2043		174,018		173,360
FHLB		3.00			1-1-2043		8,949,640		8,929,673
FHLB		3.00			3-1-2043		92,290		91,915
FHLB		3.00			4-1-2043		748,683		745,644
FHLB		3.00			4-1-2043		9,221,808		9,184,387
FHLB		3.00			5-1-2043		140,657		140,087
FHLB		3.00			6-1-2043		373,296		371,782
FHLB		3.00			7-1-2043		2,073,603		2,065,189
FHLB		3.00			7-1-2043		180,146		179,415
FHLB		3.00			7-1-2043		658,182		655,511
FHLB		3.00			7-1-2043		2,473,754		2,463,716
FHLB		3.00			7-1-2043		183,786		183,040
FHLB		3.00			8-1-2043		92,118		91,745
FHLB		3.00			8-1-2043		27,766		27,653
FHLB		3.00			8-1-2043		696,604		693,777
FHLB		3.00			8-1-2043		2,189,196		2,180,313
FHLB		3.00			8-1-2043		372,420		372,744
FHLB		3.00			8-1-2043		154,816		154,188
FHLB		3.00			8-1-2043		175,197		174,486
FHLB		3.00			8-1-2043		103,373		102,954
FHLB		3.00			9-1-2043		2,700,766		2,689,807
FHLB		3.00			9-1-2043		294,915		293,718
FHLB		3.00			9-1-2043		317,744		316,455

2 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLB		3.00	%		10-1-2043	$	201,647	$	200,828
FHLB		3.00			10-1-2043		255,735		254,697
FHLB		3.00			11-1-2043		79,090		78,769
FHLB		3.50			8-1-2020		264,495		279,583
FHLB		3.50			9-1-2020		51,622		54,559
FHLB		3.50			10-1-2020		311,186		328,850
FHLB		3.50			11-1-2020		583,332		615,846
FHLB		3.50			11-1-2020		337,905		357,200
FHLB		3.50			11-1-2020		429,260		453,770
FHLB		3.50			12-1-2020		315,513		333,547
FHLB		3.50			1-1-2021		19,638		20,760
FHLB		3.50			4-1-2021		18,636		19,700
FHLB		3.50			4-1-2021		387,404		409,541
FHLB		3.50			12-1-2025		5,032,384		5,337,315
FHLB		3.50			1-1-2029		6,691,022		7,065,911
FHLB		3.50			12-1-2042		3,230,259		3,321,519
FHLB		4.00			6-1-2024		31,437		33,408
FHLB		4.00			7-1-2025		496,688		530,163
FHLB		4.00			4-1-2026		2,570,588		2,742,860
FHLB		4.00			11-1-2040		4,545,105		4,810,983
FHLB		4.00			1-1-2041		7,385,674		7,817,717
FHLB		4.00			2-1-2041		3,330,218		3,531,114
FHLB		4.00			4-1-2041		5,393,493		5,728,858
FHLB		4.50			2-1-2024		82,099		88,410
FHLB		4.50			5-1-2024		85,357		91,432
FHLB		4.50			9-1-2024		31,219		33,461
FHLB		4.50			9-1-2024		63,887		68,487
FHLB		4.50			12-1-2024		115,067		123,443
FHLB		4.50			3-1-2039		685,359		740,062
FHLB		4.50			3-1-2039		123,779		133,658
FHLB		4.50			5-1-2039		174,914		188,875
FHLB		4.50			10-1-2039		123,416		133,306
FHLB		4.50			10-1-2039		110,962		119,819
FHLB		4.50			9-1-2040		108,097		116,880
FHLB		4.50			1-1-2041		337,768		364,727
FHLB		4.50			2-1-2041		1,073,930		1,160,033
FHLB		4.50			2-1-2041		7,135,250		7,787,011
FHLB		4.50			4-1-2041		3,127,952		3,378,597
FHLB		4.75			12-16-2016		1,000,000		1,092,112
FHLB		4.88			9-8-2017		1,000,000		1,113,194
FHLB		5.00			11-17-2017		2,000,000		2,239,734
FHLB		5.00			12-1-2034		9,169		10,112
FHLB		5.00			8-1-2035		591,400		652,651
FHLB		5.00			11-1-2035		549,130		605,160
FHLB		5.00			12-1-2035		4,921		5,406
FHLB		5.00			1-1-2036		25,937		28,495
FHLB		5.00			6-1-2036		644,744		711,230
FHLB		5.00			3-1-2037		5,175		5,685
FHLB		5.00			7-1-2037		14,387		15,806
FHLB		5.00			3-1-2038		506,314		556,255

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 3

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLB		5.00	%		5-1-2038	$	28,785	$	31,625
FHLB		5.00			6-1-2038		5,948		6,535
FHLB		5.00			9-1-2038		545,730		599,559
FHLB		5.00			5-1-2039		32,582		35,944
FHLB		5.00			1-1-2040		1,998,032		2,204,039
FHLB		5.38			5-18-2016		3,250,000		3,521,746
FHLB		5.38			9-30-2022		100,000		120,781
FHLB		5.50			12-1-2035		892,876		998,061
FHLB		5.50			7-15-2036		600,000		795,758
FHLB		5.50			12-1-2036		401,750		445,395
FHLB		5.50			3-1-2037		92,608		102,678
FHLB		5.50			7-1-2037		1,634,083		1,820,038
FHLB		5.50			10-1-2037		4,452		4,931
FHLB		5.50			3-1-2038		39,443		43,705
FHLB		5.50			5-1-2038		259,908		288,064
FHLB		5.50			6-1-2038		79,949		88,549
FHLB		5.50			8-1-2038		87,252		96,651
FHLB		5.50			10-1-2038		6,771		7,500
FHLB		5.50			11-1-2038		207,682		231,599
FHLB		6.00			1-1-2032		21,379		24,030
FHLB		6.00			4-1-2033		33,099		37,648
FHLB		6.00			7-1-2036		41,464		46,945
FHLB		6.00			9-1-2036		268,078		303,191
FHLB		6.00			11-1-2036		351,397		397,258
FHLB		6.00			11-1-2036		25,202		28,338
FHLB		6.00			5-1-2037		184,388		207,260
FHLB		6.00			6-1-2037		188,575		211,834
FHLB		6.00			8-1-2037		335,617		377,744
FHLB		6.00			9-1-2037		2,738		3,077
FHLB		6.00			9-1-2037		112,931		126,922
FHLB		6.00			10-1-2037		22,411		25,198
FHLB		6.00			10-1-2037		18,361		20,643
FHLB		6.00			11-1-2037		57,999		65,236
FHLB		6.00			11-1-2037		88,459		99,585
FHLB		6.00			12-1-2037		92,833		104,409
FHLB		6.00			12-1-2037		72,107		81,001
FHLB		6.00			12-1-2037		150,953		169,779
FHLB		6.00			6-1-2038		111,711		125,939
FHLB		6.00			7-1-2038		63,510		71,370
FHLB		6.00			12-1-2039		84,618		95,081
FHLB		6.00			5-1-2040		1,554,005		1,745,776
FHLMC		0.50			5-27-2016		1,000,000		997,762
FHLMC		0.70			9-27-2016		250,000		250,041
FHLMC		0.75			1-12-2018		2,000,000		1,966,250
FHLMC		0.88			2-22-2017		2,000,000		2,002,352
FHLMC		0.88			3-7-2018		2,000,000		1,968,268
FHLMC		1.00			9-27-2017		250,000		249,532
FHLMC		1.00			9-29-2017		2,000,000		1,994,100
FHLMC		1.25			8-21-2017		2,000,000		2,000,878
FHLMC		1.25			8-1-2019		2,000,000		1,951,338

4 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		1.25	%		10-2-2019	$	5,000,000	$	4,863,305
FHLMC		1.75			9-10-2015		1,000,000		1,000,050
FHLMC		2.00			8-25-2016		1,000,000		1,027,274
FHLMC		2.00			7-30-2019		100,000		100,895
FHLMC ±		2.13			6-1-2038		639,021		678,178
FHLMC		2.38			1-13-2022		8,080,000		8,123,042
FHLMC %%		2.50			9-1-2029		20,000,000		20,247,060
FHLMC ±		2.75			10-1-2036		125,836		135,151
FHLMC		3.00			9-1-2021		791,507		824,955
FHLMC		3.00			4-1-2022		670,876		699,268
FHLMC		3.00			9-1-2026		142,229		147,323
FHLMC		3.00			10-1-2026		2,980,013		3,086,759
FHLMC		3.00			11-1-2026		302,166		312,990
FHLMC		3.00			11-1-2026		50,818		52,638
FHLMC		3.00			11-1-2026		817,035		846,302
FHLMC		3.00			12-1-2026		5,948,510		6,161,589
FHLMC		3.00			12-1-2026		22,492		23,298
FHLMC		3.00			12-1-2026		1,639,697		1,698,433
FHLMC		3.00			1-1-2027		2,933,323		3,038,397
FHLMC		3.00			3-1-2027		670,264		694,273
FHLMC		3.00			8-1-2027		1,991,856		2,063,205
FHLMC		3.00			4-1-2028		72,001		74,652
FHLMC		3.00			7-1-2029		6,961,788		7,211,163
FHLMC %%		3.00			9-1-2029		10,000,000		10,345,313
FHLMC		3.00			3-1-2043		5,532,656		5,510,206
FHLMC %%		3.50			9-1-2029		3,000,000		3,162,563
FHLMC		3.50			2-1-2042		13,546,326		13,929,034
FHLMC		3.50			10-1-2042		683,244		702,547
FHLMC		3.50			10-1-2042		6,802,587		6,994,772
FHLMC		3.50			10-1-2042		3,956,149		4,069,338
FHLMC		3.50			7-1-2043		5,622,700		5,781,551
FHLMC		3.50			8-1-2043		8,948,494		9,201,305
FHLMC		3.50			1-1-2044		4,877,101		5,014,888
FHLMC		3.50			6-1-2044		4,963,518		5,103,746
FHLMC %%		3.50			9-1-2044		13,000,000		13,353,438
FHLMC		3.75			3-27-2019		2,900,000		3,166,078
FHLMC		4.00			5-1-2023		58,531		62,280
FHLMC		4.00			2-1-2024		137,640		146,488
FHLMC		4.00			5-1-2024		77,503		82,373
FHLMC		4.00			5-1-2024		139,402		148,037
FHLMC		4.00			8-1-2024		196,731		209,165
FHLMC		4.00			1-1-2025		303,059		320,295
FHLMC		4.00			2-1-2025		288,418		307,966
FHLMC		4.00			3-1-2025		1,800,229		1,921,047
FHLMC		4.00			5-1-2025		886,467		945,924
FHLMC		4.00			6-1-2025		165,820		176,978
FHLMC		4.00			6-1-2025		632,645		675,374
FHLMC		4.00			7-1-2025		19,604		20,929
FHLMC		4.00			8-1-2025		122,967		131,269
FHLMC		4.00			10-1-2025		48,843		52,137

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 5

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		4.00	%		3-1-2026	$	362,122	$	386,349
FHLMC		4.00			4-1-2026		559,396		596,843
FHLMC		4.00			5-1-2026		420,748		448,948
FHLMC		4.00			5-1-2029		350,177		373,956
FHLMC		4.00			9-1-2031		380,549		402,810
FHLMC		4.00			10-1-2033		15,058		15,999
FHLMC		4.00			8-1-2036		6,711		7,104
FHLMC		4.00			4-1-2039		640,357		681,455
FHLMC		4.00			5-1-2039		268,263		283,955
FHLMC		4.00			6-1-2039		229,168		242,574
FHLMC		4.00			2-1-2040		400,469		423,896
FHLMC		4.00			9-1-2040		1,968,021		2,083,145
FHLMC		4.00			10-1-2040		459,805		486,702
FHLMC		4.00			10-1-2040		1,176,020		1,244,815
FHLMC		4.00			10-1-2040		1,764,778		1,874,225
FHLMC		4.00			11-1-2040		244,553		258,859
FHLMC		4.00			12-1-2040		108,886		115,256
FHLMC		4.00			12-1-2040		5,511,846		5,836,540
FHLMC		4.00			4-1-2041		28,798		30,482
FHLMC		4.00			6-1-2041		473,991		501,718
FHLMC		4.00			6-1-2041		10,839		11,473
FHLMC		4.00			10-1-2041		49,266		52,148
FHLMC		4.00			10-1-2041		280,173		296,562
FHLMC		4.00			11-1-2041		333,308		352,806
FHLMC		4.00			11-1-2041		71,055		75,212
FHLMC		4.00			11-1-2041		38,596		40,854
FHLMC		4.00			11-1-2041		26,926		28,502
FHLMC		4.00			11-1-2041		385,441		407,989
FHLMC		4.00			12-1-2041		9,572,386		10,132,347
FHLMC		4.00			1-1-2042		2,875,901		3,044,134
FHLMC		4.00			1-1-2042		126,662		134,071
FHLMC		4.00			2-1-2042		56,900		60,229
FHLMC		4.00			5-1-2044		8,191,677		8,670,870
FHLMC %%		4.00			9-1-2044		20,000,000		21,146,484
FHLMC		4.50			4-1-2018		40,784		43,021
FHLMC		4.50			8-1-2018		608,199		641,571
FHLMC		4.50			10-1-2018		123,303		130,069
FHLMC		4.50			4-1-2024		86,473		92,566
FHLMC		4.50			8-1-2024		614,522		658,442
FHLMC		4.50			11-1-2024		224,558		240,482
FHLMC		4.50			2-1-2025		745,815		799,893
FHLMC		4.50			8-1-2035		53,736		58,202
FHLMC		4.50			9-1-2035		77,446		83,833
FHLMC		4.50			1-1-2037		91,483		98,785
FHLMC		4.50			10-1-2038		360,391		389,156
FHLMC		4.50			2-1-2039		39,183		42,358
FHLMC		4.50			5-1-2039		66,967		72,312
FHLMC		4.50			6-1-2039		2,405,256		2,598,279
FHLMC		4.50			9-1-2039		1,536,568		1,659,880
FHLMC		4.50			10-1-2039		239,063		258,144

6 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		4.50	%		10-1-2039	$	294,596	$	318,167
FHLMC		4.50			1-1-2040		2,432,022		2,655,618
FHLMC		4.50			2-1-2040		7,529,577		8,198,726
FHLMC		4.50			3-1-2040		3,213,760		3,515,272
FHLMC		4.50			8-1-2040		1,530,636		1,653,120
FHLMC		4.50			9-1-2040		360,589		389,378
FHLMC		4.50			9-1-2040		3,087,265		3,370,227
FHLMC		4.50			2-1-2041		87,897		94,935
FHLMC		4.50			4-1-2041		3,995,868		4,315,722
FHLMC		4.50			7-1-2041		192,594		207,968
FHLMC		4.50			10-1-2041		1,459,263		1,575,735
FHLMC		4.75			11-17-2015		2,000,000		2,108,234
FHLMC		4.88			6-13-2018		1,700,000		1,919,152
FHLMC		5.00			7-1-2022		570		602
FHLMC		5.00			6-1-2023		35,721		38,738
FHLMC		5.00			6-1-2023		6,294		6,727
FHLMC		5.00			6-1-2023		12,510		13,679
FHLMC		5.00			10-1-2023		2,612		2,759
FHLMC		5.00			8-1-2033		1,523,106		1,695,201
FHLMC		5.00			11-1-2033		151,964		167,490
FHLMC		5.00			3-1-2034		111,175		122,667
FHLMC		5.00			7-1-2035		603,495		666,036
FHLMC		5.00			8-1-2035		178,672		197,019
FHLMC		5.00			9-1-2035		840,343		941,040
FHLMC		5.00			4-1-2036		74,057		81,705
FHLMC		5.00			12-1-2036		57,680		63,369
FHLMC		5.00			2-1-2037		79,138		86,944
FHLMC		5.00			3-1-2039		466,410		518,197
FHLMC		5.00			8-1-2039		1,036,387		1,147,140
FHLMC		5.00			8-1-2039		5,445,997		6,002,453
FHLMC		5.00			9-1-2039		1,600,171		1,764,371
FHLMC		5.00			12-1-2039		2,217,510		2,466,184
FHLMC		5.00			6-1-2040		4,400,965		4,878,519
FHLMC		5.00			6-1-2040		4,526,606		5,017,820
FHLMC		5.13			11-17-2017		1,000,000		1,125,408
FHLMC		5.25			4-18-2016		650,000		700,156
FHLMC ±		5.35			4-1-2037		52,062		55,943
FHLMC		5.50			7-18-2016		650,000		710,199
FHLMC		5.50			12-1-2016		13,798		14,643
FHLMC		5.50			8-1-2017		931		988
FHLMC		5.50			8-23-2017		3,000,000		3,386,769
FHLMC		5.50			9-1-2017		19,975		21,198
FHLMC		5.50			10-1-2017		1,318		1,399
FHLMC		5.50			11-1-2017		19,997		21,221
FHLMC		5.50			11-1-2017		16,084		17,068
FHLMC		5.50			12-1-2017		580,841		616,401
FHLMC		5.50			3-1-2018		27,686		29,381
FHLMC		5.50			2-1-2019		250,103		265,415
FHLMC		5.50			12-1-2033		237,660		266,169
FHLMC		5.50			12-1-2034		236,620		266,091

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		5.50	%		1-1-2035	$	560,774	$	621,223
FHLMC		5.50			6-1-2035		571,163		642,463
FHLMC		5.50			1-1-2036		105,756		117,150
FHLMC		5.50			1-1-2036		47,182		52,590
FHLMC		5.50			2-1-2036		146,995		163,783
FHLMC		5.50			12-1-2036		180,584		200,313
FHLMC		5.50			2-1-2037		189,592		209,986
FHLMC		5.50			3-1-2037		179,178		198,543
FHLMC		5.50			4-1-2037		40,720		45,113
FHLMC		5.50			1-1-2038		452,644		502,084
FHLMC		5.50			2-1-2038		541,139		599,529
FHLMC		5.50			4-1-2038		552,267		615,844
FHLMC		5.50			5-1-2038		69,095		76,528
FHLMC		5.50			5-1-2038		1,264,672		1,401,143
FHLMC		5.50			5-1-2038		387,288		431,976
FHLMC		5.50			5-1-2038		1,862,514		2,063,802
FHLMC		5.50			6-1-2038		11,205		12,410
FHLMC		5.50			7-1-2038		258,171		285,942
FHLMC		5.50			7-1-2038		327,971		363,251
FHLMC		5.50			8-1-2038		442,641		490,277
FHLMC		5.50			8-1-2038		92,068		101,972
FHLMC		5.50			9-1-2038		61,955		68,620
FHLMC		5.50			9-1-2038		137,564		152,415
FHLMC		5.50			1-1-2039		215,424		238,633
FHLMC		5.50			8-1-2039		818,320		913,167
FHLMC		5.50			11-1-2039		1,555,645		1,727,701
FHLMC		5.50			3-1-2040		2,922,562		3,237,768
FHLMC		5.50			4-1-2040		2,002,260		2,218,580
FHLMC ±		5.54			8-1-2038		161,384		165,008
FHLMC		6.00			9-1-2023		107,987		119,742
FHLMC		6.00			11-1-2033		397,539		452,442
FHLMC		6.00			7-1-2034		307,858		349,677
FHLMC		6.00			1-1-2036		55,000		62,665
FHLMC		6.00			2-1-2036		495,796		559,465
FHLMC		6.00			11-1-2036		110,225		124,665
FHLMC		6.00			12-1-2036		43,316		48,954
FHLMC		6.00			2-1-2037		3,400		3,829
FHLMC		6.00			3-1-2037		19,569		21,983
FHLMC		6.00			3-1-2037		179,120		201,653
FHLMC		6.00			4-1-2037		2,175		2,446
FHLMC		6.00			8-1-2037		52,390		58,919
FHLMC		6.00			8-1-2037		56,490		63,471
FHLMC		6.00			8-1-2037		156,139		175,591
FHLMC		6.00			8-1-2037		23,817		26,780
FHLMC		6.00			8-1-2037		148,905		168,056
FHLMC		6.00			9-1-2037		6,647		7,475
FHLMC		6.00			9-1-2037		29,984		33,682
FHLMC		6.00			10-1-2037		934,012		1,049,877
FHLMC		6.00			10-1-2037		39,158		43,987
FHLMC		6.00			10-1-2037		38,078		42,812

8 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		6.00	%		11-1-2037	$	28,648	$	32,192
FHLMC		6.00			11-1-2037		161,599		181,531
FHLMC		6.00			12-1-2037		501,145		563,213
FHLMC		6.00			12-1-2037		79,777		89,646
FHLMC		6.00			1-1-2038		33,884		38,114
FHLMC		6.00			2-1-2038		24,238		27,266
FHLMC		6.00			2-1-2038		77,844		87,446
FHLMC		6.00			5-1-2038		69,600		78,564
FHLMC		6.00			6-1-2038		49,900		56,084
FHLMC		6.00			6-1-2038		37,675		42,363
FHLMC		6.00			6-1-2038		50,430		56,662
FHLMC		6.00			7-1-2038		92,542		103,956
FHLMC		6.00			7-1-2038		554,204		622,927
FHLMC		6.00			8-1-2038		60,030		67,482
FHLMC		6.00			8-1-2038		124,854		140,320
FHLMC		6.00			9-1-2038		62,276		70,005
FHLMC		6.00			9-1-2038		42,253		47,465
FHLMC		6.00			9-1-2038		79,708		89,584
FHLMC		6.00			10-1-2038		54,474		61,238
FHLMC		6.00			11-1-2038		49,200		55,331
FHLMC		6.00			12-1-2038		1,670		1,876
FHLMC		6.00			3-1-2039		31,730		35,644
FHLMC		6.00			6-1-2039		4,454		5,010
FHLMC		6.25			7-15-2032		500,000		711,397
FHLMC		6.50			6-1-2036		44,306		49,911
FHLMC		6.50			10-1-2037		83,273		94,406
FHLMC		6.50			12-1-2037		123,533		139,162
FHLMC		6.50			3-1-2038		29,023		32,721
FHLMC		6.50			3-1-2038		124,548		140,305
FHLMC		6.50			1-1-2039		32,719		36,859
FHLMC		6.50			4-1-2039		265,532		299,125
FHLMC		6.50			4-1-2039		357,761		403,023
FHLMC		6.75			3-15-2031		1,000,000		1,467,956
FICO		9.65			11-2-2018		500,000		662,682
FNMA		5.00			12-1-2035		8,085		8,935
FNMA ¤		0.00			6-1-2017		300,000		291,331
FNMA ¤		0.00			10-9-2019		200,000		177,062
FNMA		0.38			12-21-2015		2,000,000		2,002,044
FNMA		0.38			7-5-2016		2,000,000		1,995,484
FNMA		0.50			3-30-2016		2,000,000		2,002,632
FNMA		0.52			5-20-2016		500,000		499,683
FNMA		0.63			8-26-2016		1,000,000		1,000,570
FNMA		0.75			4-20-2017		2,000,000		1,991,342
FNMA		0.88			10-26-2017		2,250,000		2,231,467
FNMA		0.88			12-20-2017		2,000,000		1,977,786
FNMA		0.88			2-8-2018		1,000,000		986,099
FNMA		0.88			5-21-2018		2,000,000		1,962,134
FNMA		0.90			11-7-2017		250,000		247,800
FNMA		0.95			8-23-2017		1,000,000		997,989
FNMA		1.00			5-21-2018		100,000		98,510

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		1.13	%		4-27-2017	$	1,000,000	$	1,005,388
FNMA		1.25			9-28-2016		1,000,000		1,012,817
FNMA		1.38			11-15-2016		2,000,000		2,029,326
FNMA		1.55			10-29-2019		1,000,000		977,938
FNMA		1.63			10-26-2015		1,000,000		1,015,759
FNMA		1.63			11-27-2018		2,000,000		2,003,562
FNMA		1.70			10-4-2019		125,000		123,023
FNMA		1.75			1-30-2019		200,000		200,781
FNMA		1.75			5-30-2019		2,000,000		2,006,498
FNMA		1.75			9-12-2019		2,000,000		1,992,516
FNMA		1.88			10-15-2015		200,000		203,431
FNMA		1.88			2-19-2019		3,000,000		3,030,219
FNMA		2.20			10-25-2022		150,000		144,999
FNMA		2.25			10-17-2022		1,000,000		960,862
FNMA ±		2.26			10-1-2037		394,032		423,762
FNMA ±		2.30			4-1-2036		104,678		112,476
FNMA ±		2.36			3-1-2037		111,892		119,769
FNMA		2.38			4-11-2016		1,000,000		1,031,023
FNMA ±		2.41			4-1-2038		88,561		95,126
FNMA ±		2.47			6-1-2035		137,992		148,197
FNMA ±		2.47			1-1-2037		19,401		20,889
FNMA		2.50			10-1-2027		3,480,533		3,534,047
FNMA		2.50			3-1-2028		4,017,039		4,084,986
FNMA		2.50			4-1-2028		6,570,551		6,679,703
FNMA		2.50			7-1-2028		6,120,735		6,222,426
FNMA		2.50			7-1-2028		9,439,185		9,595,832
FNMA		2.50			7-1-2028		8,970,145		9,118,778
FNMA		2.50			10-1-2028		6,998,698		7,108,494
FNMA %%		2.50			9-1-2029		8,500,000		8,610,500
FNMA		2.50			1-1-2038		333,165		319,711
FNMA		2.50			10-1-2042		600,836		576,574
FNMA		2.50			11-1-2042		72,090		69,177
FNMA		2.50			2-1-2043		232,558		223,160
FNMA		2.50			3-1-2043		252,784		242,570
FNMA		2.50			3-1-2043		141,439		135,723
FNMA		2.50			3-1-2043		279,862		268,552
FNMA		2.50			4-1-2043		180,840		173,532
FNMA		2.50			4-1-2043		400,489		384,303
FNMA		2.50			8-1-2043		1,389,492		1,333,338
FNMA		2.50			8-1-2043		334,872		321,338
FNMA		2.50			8-1-2043		638,195		612,402
FNMA ±		2.52			12-1-2036		18,317		19,602
FNMA ±		2.55			3-1-2036		56,705		56,949
FNMA ±		2.66			2-1-2042		3,484,422		3,644,774
FNMA		3.00			10-1-2021		6,773,278		7,073,370
FNMA		3.00			8-1-2026		246,445		255,718
FNMA		3.00			9-1-2026		156,717		162,780
FNMA		3.00			11-1-2026		2,483,102		2,579,582
FNMA		3.00			11-1-2026		241,221		250,593
FNMA		3.00			2-1-2027		149,742		155,565

10 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		3.00	%		2-1-2027	$	1,435,415	$	1,491,238
FNMA		3.00			4-1-2027		279,838		290,723
FNMA		3.00			5-1-2027		331,223		344,106
FNMA		3.00			6-1-2027		221,987		230,622
FNMA		3.00			7-1-2027		388,265		403,365
FNMA		3.00			7-1-2027		514,005		533,930
FNMA		3.00			8-1-2027		2,559,787		2,659,363
FNMA		3.00			8-1-2027		2,593,272		2,693,934
FNMA		3.00			8-1-2027		14,524,343		15,088,524
FNMA		3.00			9-1-2027		1,967,743		2,044,298
FNMA		3.00			9-1-2027		1,876,691		1,949,704
FNMA		3.00			9-1-2027		8,236,810		8,557,238
FNMA		3.00			9-1-2027		3,058,187		3,177,151
FNMA		3.00			10-1-2027		3,673,197		3,816,092
FNMA		3.00			9-1-2042		2,665,134		2,661,101
FNMA		3.00			9-1-2042		39,645		39,585
FNMA		3.00			9-1-2042		702,183		701,119
FNMA		3.00			9-1-2042		456,643		454,820
FNMA		3.00			10-1-2042		4,783,094		4,775,850
FNMA		3.00			10-1-2042		1,226,677		1,224,821
FNMA		3.00			10-1-2042		4,653,932		4,652,656
FNMA		3.00			11-1-2042		9,003,941		8,990,307
FNMA		3.00			12-1-2042		9,068,912		9,066,425
FNMA		3.00			1-1-2043		8,987,436		8,971,984
FNMA		3.00			2-1-2043		9,346,231		9,326,277
FNMA		3.00			3-1-2043		10,946,166		10,918,369
FNMA		3.00			4-1-2043		9,287,985		9,260,472
FNMA		3.00			5-1-2043		2,344,232		2,337,772
FNMA		3.00			5-1-2043		9,318,649		9,291,071
FNMA		3.00			6-1-2043		4,741,062		4,730,938
FNMA		3.00			6-1-2043		198,576		198,029
FNMA		3.00			7-1-2043		9,358,211		9,326,784
FNMA		3.00			7-1-2043		1,000,001		996,625
FNMA		3.00			8-1-2043		385,508		384,047
FNMA		3.00			8-1-2043		1,000,001		996,008
FNMA		3.00			8-1-2043		441,917		440,243
FNMA		3.00			12-1-2043		308,264		307,033
FNMA		3.00			4-1-2044		306,228		305,005
FNMA		3.00			7-1-2044		359,506		358,071
FNMA %%		3.00			9-1-2044		15,000,000		14,926,466
FNMA ±		3.02			3-1-2041		2,410,074		2,568,194
FNMA ±		3.06			3-1-2041		3,284,435		3,484,714
FNMA		3.40			9-27-2032		250,000		242,034
FNMA ±		3.44			10-1-2040		2,324,947		2,447,789
FNMA		3.50			11-1-2025		2,440,825		2,580,793
FNMA		3.50			12-1-2025		5,952,141		6,298,857
FNMA %%		3.50			9-1-2026		12,000,000		12,670,597
FNMA		3.50			12-1-2026		9,179,441		9,706,280
FNMA		3.50			1-1-2036		27,875		28,723
FNMA		3.50			10-1-2040		1,658,452		1,708,920

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 11

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		3.50	%		12-1-2040	$	213,317	$	219,808
FNMA		3.50			1-1-2041		1,300,605		1,341,211
FNMA		3.50			1-1-2041		44,688		46,048
FNMA		3.50			1-1-2041		115,931		119,459
FNMA		3.50			1-1-2041		46,968		48,397
FNMA		3.50			1-1-2041		419,239		431,996
FNMA		3.50			2-1-2041		565,825		584,077
FNMA		3.50			2-1-2041		36,556		37,669
FNMA		3.50			2-1-2041		3,015,287		3,107,044
FNMA		3.50			2-1-2041		584,780		602,575
FNMA		3.50			9-1-2042		12,551,012		12,932,948
FNMA		3.50			9-1-2042		8,278,020		8,529,926
FNMA		3.50			10-1-2042		6,483,627		6,680,929
FNMA		3.50			12-1-2042		1,469,286		1,513,997
FNMA		3.50			4-1-2043		6,610,011		6,812,767
FNMA		3.50			5-1-2043		451,590		465,333
FNMA		3.50			5-1-2043		493,162		508,289
FNMA		3.50			6-1-2043		676,880		697,478
FNMA		3.50			7-1-2043		11,382,066		11,728,430
FNMA		3.50			7-1-2043		9,290,182		9,572,889
FNMA		3.50			8-1-2043		1,385,500		1,427,787
FNMA		3.50			9-1-2043		740,778		763,320
FNMA		3.50			9-1-2043		473,673		488,087
FNMA		3.50			1-1-2044		9,765,240		10,062,404
FNMA %%		3.50			9-1-2044		40,000,000		41,170,624
FNMA		4.00			8-1-2018		1,156,529		1,225,491
FNMA		4.00			8-1-2018		840,858		890,806
FNMA		4.00			8-1-2018		611,007		646,341
FNMA		4.00			8-1-2018		530,880		562,467
FNMA		4.00			9-1-2018		4,958		5,245
FNMA		4.00			2-1-2019		123,564		130,725
FNMA		4.00			4-1-2019		86,847		91,936
FNMA		4.00			5-1-2019		37,358		39,573
FNMA		4.00			7-1-2019		591,798		627,021
FNMA		4.00			5-1-2020		4,683,120		4,962,376
FNMA		4.00			10-1-2020		40,978		43,348
FNMA		4.00			5-1-2021		316,731		335,583
FNMA		4.00			6-1-2021		326,450		345,712
FNMA		4.00			2-1-2024		10,938		11,702
FNMA		4.00			3-1-2024		546,716		584,477
FNMA		4.00			4-1-2024		963,579		1,030,605
FNMA		4.00			5-1-2024		39,148		41,878
FNMA		4.00			6-1-2024		333,414		356,631
FNMA		4.00			6-1-2024		91,840		97,683
FNMA		4.00			6-1-2024		211,656		226,438
FNMA		4.00			6-1-2024		108,854		115,696
FNMA		4.00			9-1-2024		85,517		91,459
FNMA		4.00			10-1-2024		81,752		87,456
FNMA		4.00			2-1-2025		593,095		634,549
FNMA		4.00			3-1-2025		2,338,212		2,503,551

12 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		3-1-2025	$	93,967	$	100,522
FNMA		4.00			7-1-2025		1,547,752		1,655,915
FNMA		4.00			1-1-2026		80,180		85,346
FNMA		4.00			5-1-2026		1,539,509		1,646,735
FNMA		4.00			7-1-2026		645,237		690,263
FNMA		4.00			2-1-2039		87,798		93,123
FNMA		4.00			2-1-2039		368,929		391,306
FNMA		4.00			3-1-2039		47,136		49,995
FNMA		4.00			8-1-2039		3,657,705		3,900,439
FNMA		4.00			8-1-2039		366,863		389,115
FNMA		4.00			8-1-2039		591,296		627,160
FNMA		4.00			8-1-2039		1,296,254		1,374,877
FNMA		4.00			11-1-2039		31,345		33,246
FNMA		4.00			1-1-2040		329,430		349,411
FNMA		4.00			1-1-2040		363,800		385,865
FNMA		4.00			3-1-2040		15,216		16,139
FNMA		4.00			3-1-2040		526,016		557,920
FNMA		4.00			4-1-2040		2,218,085		2,352,620
FNMA		4.00			8-1-2040		88,404		93,766
FNMA		4.00			8-1-2040		1,542,502		1,636,061
FNMA		4.00			8-1-2040		894,575		948,835
FNMA		4.00			8-1-2040		472,240		500,883
FNMA		4.00			9-1-2040		24,164		25,630
FNMA		4.00			9-1-2040		20,698		21,953
FNMA		4.00			9-1-2040		103,366		109,636
FNMA		4.00			10-1-2040		49,142		52,123
FNMA		4.00			10-1-2040		55,119		58,463
FNMA		4.00			10-1-2040		258,786		274,483
FNMA		4.00			10-1-2040		668,209		708,739
FNMA		4.00			11-1-2040		453,643		481,159
FNMA		4.00			11-1-2040		423,647		449,343
FNMA		4.00			11-1-2040		207,324		219,899
FNMA		4.00			11-1-2040		309,317		328,078
FNMA		4.00			11-1-2040		47,128		49,986
FNMA		4.00			11-1-2040		31,609		33,526
FNMA		4.00			11-1-2040		85,285		90,458
FNMA		4.00			11-1-2040		3,573,539		3,790,288
FNMA		4.00			12-1-2040		3,261,278		3,474,330
FNMA		4.00			12-1-2040		15,944		16,911
FNMA		4.00			12-1-2040		29,861		31,672
FNMA		4.00			12-1-2040		118,411		125,593
FNMA		4.00			12-1-2040		415,512		440,714
FNMA		4.00			12-1-2040		170,518		180,861
FNMA		4.00			12-1-2040		88,019		93,357
FNMA		4.00			12-1-2040		477,659		506,631
FNMA		4.00			12-1-2040		1,014,355		1,075,879
FNMA		4.00			1-1-2041		4,923,608		5,222,244
FNMA		4.00			1-1-2041		11,413		12,105
FNMA		4.00			1-1-2041		90,165		95,634
FNMA		4.00			2-1-2041		401,559		425,915

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 13

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		2-1-2041	$	222,370	$	235,858
FNMA		4.00			2-1-2041		5,390,973		5,717,955
FNMA		4.00			3-1-2041		133,587		141,690
FNMA		4.00			3-1-2041		2,620,124		2,779,044
FNMA		4.00			4-1-2041		333,386		353,607
FNMA		4.00			5-1-2041		5,503,642		5,837,458
FNMA		4.00			7-1-2041		24,254		25,735
FNMA		4.00			7-1-2041		131,266		139,321
FNMA		4.00			8-1-2041		28,977		30,753
FNMA		4.00			8-1-2041		392,260		416,052
FNMA		4.00			10-1-2041		1,792,665		1,901,433
FNMA		4.00			10-1-2041		1,673,571		1,775,236
FNMA		4.00			10-1-2041		281,419		298,653
FNMA		4.00			10-1-2041		145,082		153,882
FNMA		4.00			11-1-2041		409,163		434,206
FNMA		4.00			11-1-2041		1,389,260		1,473,990
FNMA		4.00			12-1-2041		465,587		494,221
FNMA		4.00			12-1-2041		260,292		276,302
FNMA		4.00			12-1-2041		305,311		323,992
FNMA		4.00			1-1-2042		16,546		17,559
FNMA		4.00			1-1-2042		90,920		96,435
FNMA		4.00			2-1-2042		133,767		142,990
FNMA		4.00			2-1-2042		19,598		20,800
FNMA		4.00			2-1-2042		144,478		153,242
FNMA		4.00			2-1-2042		4,654,247		4,936,544
FNMA		4.00			4-1-2042		1,834,946		1,947,362
FNMA		4.00			7-1-2042		82,388		87,445
FNMA		4.00			10-1-2043		9,086,852		9,638,003
FNMA		4.00			10-1-2043		6,553,183		6,950,658
FNMA		4.00			12-1-2043		5,969,476		6,331,752
FNMA		4.00			7-1-2044		7,461,014		7,913,552
FNMA %%		4.00			9-1-2044		41,750,000		44,230,300
FNMA		4.38			10-15-2015		1,000,000		1,046,260
FNMA		4.50			11-1-2014		46		49
FNMA		4.50			5-1-2015		3,343		3,533
FNMA		4.50			3-1-2018		28,072		29,668
FNMA		4.50			4-1-2018		126,609		133,802
FNMA		4.50			12-1-2018		16,708		17,672
FNMA		4.50			5-1-2019		15,184		16,051
FNMA		4.50			1-1-2020		32,271		34,180
FNMA		4.50			8-1-2020		16,574		17,634
FNMA		4.50			10-1-2020		53,539		56,910
FNMA		4.50			10-1-2020		31,803		33,612
FNMA		4.50			12-1-2020		77,096		82,082
FNMA		4.50			1-1-2021		45,580		48,319
FNMA		4.50			3-1-2022		403,958		427,681
FNMA		4.50			3-1-2022		63,551		67,403
FNMA		4.50			5-1-2022		14,848		15,698
FNMA		4.50			11-1-2022		84,891		90,461
FNMA		4.50			2-1-2023		309,184		326,678

14 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.50	%		3-1-2023	$	28,653	$	30,736
FNMA		4.50			3-1-2023		7,212		7,755
FNMA		4.50			3-1-2023		177,930		189,743
FNMA		4.50			5-1-2023		114,725		121,216
FNMA		4.50			5-1-2023		45,363		47,929
FNMA		4.50			5-1-2023		26,579		28,577
FNMA		4.50			5-1-2023		14,762		15,770
FNMA		4.50			6-1-2023		225,481		242,687
FNMA		4.50			12-1-2023		107,831		113,932
FNMA		4.50			3-1-2024		19,590		21,072
FNMA		4.50			5-1-2024		22,899		24,444
FNMA		4.50			5-1-2024		325,619		350,087
FNMA		4.50			7-1-2024		1,231,747		1,314,388
FNMA		4.50			8-1-2024		9,351		9,990
FNMA		4.50			8-1-2024		155,813		166,497
FNMA		4.50			8-1-2024		100,247		107,061
FNMA		4.50			1-1-2025		1,530,981		1,635,636
FNMA		4.50			3-1-2025		94,326		101,556
FNMA		4.50			3-1-2025		1,634,981		1,738,702
FNMA		4.50			4-1-2025		173,571		185,457
FNMA		4.50			4-1-2025		40,149		43,361
FNMA		4.50			10-1-2025		237,555		256,559
FNMA		4.50			2-1-2026		161,078		173,964
FNMA		4.50			2-1-2026		43,314		46,277
FNMA		4.50			4-1-2026		665,083		709,324
FNMA		4.50			5-1-2026		63,906		68,217
FNMA		4.50			6-1-2026		28,280		30,182
FNMA		4.50			4-1-2028		49,003		52,923
FNMA		4.50			4-1-2028		23,435		25,309
FNMA		4.50			4-1-2028		43,991		47,510
FNMA		4.50			3-1-2029		47,427		51,221
FNMA		4.50			5-1-2029		5,187,111		5,602,067
FNMA		4.50			10-1-2029		355,015		386,595
FNMA		4.50			9-1-2033		379,708		411,533
FNMA		4.50			4-1-2035		88,349		95,417
FNMA		4.50			5-1-2035		20,522		22,224
FNMA		4.50			7-1-2035		4,164		4,501
FNMA		4.50			8-1-2035		10,473		11,338
FNMA		4.50			9-1-2035		478,083		516,500
FNMA		4.50			9-1-2035		33,847		36,587
FNMA		4.50			9-1-2035		2,301,782		2,487,271
FNMA		4.50			10-1-2035		91,649		99,161
FNMA		4.50			3-1-2038		638,864		689,972
FNMA		4.50			2-1-2039		363,041		392,084
FNMA		4.50			2-1-2039		18,633		20,124
FNMA		4.50			2-1-2039		28,559		30,844
FNMA		4.50			2-1-2039		72,043		77,806
FNMA		4.50			3-1-2039		1,400,639		1,512,687
FNMA		4.50			3-1-2039		1,681,908		1,816,457
FNMA		4.50			4-1-2039		10,425		11,259

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 15

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.50	%		4-1-2039	$	1,715,219	$	1,852,432
FNMA		4.50			4-1-2039		508,508		549,187
FNMA		4.50			4-1-2039		1,591,572		1,718,894
FNMA		4.50			5-1-2039		739,517		808,287
FNMA		4.50			5-1-2039		1,986,015		2,169,476
FNMA		4.50			6-1-2039		1,101,698		1,189,921
FNMA		4.50			9-1-2039		1,753,842		1,914,817
FNMA		4.50			12-1-2039		190,251		205,471
FNMA		4.50			2-1-2040		3,704,540		4,049,876
FNMA		4.50			2-1-2040		2,700,077		2,916,076
FNMA		4.50			3-1-2040		2,869,111		3,142,202
FNMA		4.50			5-1-2040		1,123,052		1,222,747
FNMA		4.50			5-1-2040		2,634,358		2,876,918
FNMA		4.50			6-1-2040		955,411		1,031,842
FNMA		4.50			8-1-2040		285,988		308,957
FNMA		4.50			8-1-2040		2,697,351		2,914,647
FNMA		4.50			9-1-2040		37,292		40,275
FNMA		4.50			10-1-2040		425,531		460,127
FNMA		4.50			10-1-2040		2,681,719		2,899,337
FNMA		4.50			11-1-2040		1,968,391		2,128,027
FNMA		4.50			2-1-2041		8,098,523		8,762,014
FNMA		4.50			2-1-2041		6,085,428		6,582,753
FNMA		4.50			4-1-2041		1,767,533		1,912,355
FNMA		4.50			5-1-2041		11,850		12,798
FNMA		4.50			5-1-2041		9,685,167		10,472,346
FNMA %%		4.50			9-1-2041		14,000,000		15,115,625
FNMA		4.88			12-15-2016		950,000		1,039,627
FNMA		5.00			12-1-2014		16,269		17,188
FNMA		5.00			8-1-2015		99,600		105,226
FNMA		5.00			11-1-2015		115,632		122,164
FNMA		5.00			2-13-2017		500,000		550,929
FNMA		5.00			5-11-2017		1,200,000		1,328,340
FNMA		5.00			12-1-2017		357,370		377,557
FNMA		5.00			6-1-2018		239,320		253,162
FNMA		5.00			10-1-2018		151,432		160,188
FNMA		5.00			11-1-2018		51,825		54,823
FNMA		5.00			6-1-2019		115,600		123,456
FNMA		5.00			9-1-2019		286,998		306,100
FNMA		5.00			10-1-2019		178,932		191,119
FNMA		5.00			11-1-2019		156,874		166,020
FNMA		5.00			6-1-2020		74,521		80,098
FNMA		5.00			5-1-2023		497,693		540,020
FNMA		5.00			5-1-2023		90,729		98,406
FNMA		5.00			6-1-2023		226,933		246,201
FNMA		5.00			6-1-2023		74,835		79,063
FNMA		5.00			9-1-2024		134,449		148,177
FNMA		5.00			3-1-2025		1,444,603		1,577,787
FNMA		5.00			4-1-2034		230,003		256,341
FNMA		5.00			4-1-2034		654,714		723,501
FNMA		5.00			4-1-2035		2,014,290		2,226,289

16 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		5.00	%		6-1-2035	$	686,738	$	758,898
FNMA		5.00			7-1-2035		48,063		53,090
FNMA		5.00			7-1-2035		33,200		36,690
FNMA		5.00			7-1-2035		64,861		71,666
FNMA		5.00			8-1-2035		85,032		93,970
FNMA		5.00			10-1-2035		2,578,960		2,849,492
FNMA		5.00			11-1-2035		681,600		753,205
FNMA		5.00			2-1-2036		3,146,678		3,477,091
FNMA		5.00			7-1-2036		53,183		58,613
FNMA		5.00			11-1-2036		233,895		257,776
FNMA		5.00			11-1-2036		231,186		255,410
FNMA		5.00			5-1-2037		62,391		68,766
FNMA		5.00			5-1-2037		65,024		71,663
FNMA		5.00			5-1-2037		210,059		231,507
FNMA		5.00			6-1-2037		59,861		65,973
FNMA		5.00			8-1-2037		474,025		522,424
FNMA		5.00			2-1-2038		1,619,752		1,789,401
FNMA		5.00			3-1-2038		1,047,471		1,154,420
FNMA		5.00			4-1-2038		59,996		66,121
FNMA		5.00			5-1-2038		328,007		361,498
FNMA		5.00			5-1-2038		186,028		205,022
FNMA		5.00			5-1-2038		132,402		145,921
FNMA		5.00			7-1-2038		8,176		9,011
FNMA		5.00			7-1-2038		7,983		8,799
FNMA		5.00			11-1-2038		283,961		312,954
FNMA		5.00			11-1-2038		106,708		117,604
FNMA		5.00			11-1-2038		9,759		10,755
FNMA		5.00			4-1-2039		307,670		339,084
FNMA		5.00			4-1-2039		401,361		442,341
FNMA		5.00			6-1-2039		712,453		785,195
FNMA		5.00			7-1-2039		535,408		590,074
FNMA		5.00			8-1-2039		5,056,559		5,576,011
FNMA		5.00			10-1-2039		919,864		1,014,387
FNMA		5.00			7-1-2040		7,335,220		8,159,166
FNMA		5.00			9-1-2040		4,588,500		5,064,759
FNMA		5.00			4-1-2041		2,895,816		3,199,312
FNMA		5.00			8-1-2041		380,430		421,327
FNMA %%		5.00			9-1-2041		5,000,000		5,513,335
FNMA		5.38			7-15-2016		1,000,000		1,090,228
FNMA		5.38			6-12-2017		1,500,000		1,680,453
FNMA		5.45			10-18-2021		200,000		219,344
FNMA		5.50			12-1-2014		572		606
FNMA		5.50			2-1-2015		4,090		4,337
FNMA		5.50			2-1-2016		5,403		5,729
FNMA		5.50			6-1-2016		120,447		127,722
FNMA		5.50			8-1-2016		18,468		19,583
FNMA		5.50			11-1-2016		6,723		7,129
FNMA		5.50			11-1-2016		144,907		153,659
FNMA		5.50			1-1-2017		86,398		91,616
FNMA		5.50			2-1-2017		2,853		3,026

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 17

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		5.50	%		2-1-2017	$	50,264	$	53,300
FNMA		5.50			4-1-2017		76,555		81,179
FNMA		5.50			6-1-2017		139,321		147,735
FNMA		5.50			7-1-2017		148,631		157,607
FNMA		5.50			8-1-2017		37,347		39,602
FNMA		5.50			10-1-2017		136,675		144,934
FNMA		5.50			3-1-2018		41,663		44,179
FNMA		5.50			4-1-2018		61,803		65,535
FNMA		5.50			12-1-2018		655,667		695,266
FNMA		5.50			5-1-2021		188,530		200,021
FNMA		5.50			12-1-2021		22,262		23,607
FNMA		5.50			5-1-2023		206,894		226,680
FNMA		5.50			2-1-2024		18,564		20,144
FNMA		5.50			6-1-2024		189,615		209,324
FNMA		5.50			8-1-2025		106,434		119,811
FNMA		5.50			7-1-2033		174,787		196,328
FNMA		5.50			9-1-2033		412,404		462,815
FNMA		5.50			11-1-2033		189,294		212,741
FNMA		5.50			7-1-2034		224,099		251,092
FNMA		5.50			9-1-2034		82,421		92,668
FNMA		5.50			10-1-2034		75,537		84,559
FNMA		5.50			12-1-2034		363,917		408,471
FNMA		5.50			1-1-2035		299,042		335,914
FNMA		5.50			1-1-2035		2,242,543		2,519,143
FNMA		5.50			6-1-2035		456,612		511,131
FNMA		5.50			8-1-2035		52,188		58,453
FNMA		5.50			8-1-2035		299,640		335,154
FNMA		5.50			8-1-2035		584,843		654,167
FNMA		5.50			9-1-2035		419,917		470,745
FNMA		5.50			12-1-2035		670,861		749,635
FNMA		5.50			12-1-2035		612,433		679,899
FNMA		5.50			1-1-2036		1,560,191		1,743,400
FNMA		5.50			2-1-2036		348,448		389,756
FNMA		5.50			4-1-2036		1,110,075		1,232,361
FNMA		5.50			4-1-2036		440,256		492,647
FNMA		5.50			4-1-2036		2,466,418		2,748,099
FNMA		5.50			9-1-2036		40,533		45,048
FNMA		5.50			2-1-2037		268,677		304,427
FNMA		5.50			3-1-2037		80,068		89,079
FNMA		5.50			5-1-2037		145,523		161,554
FNMA		5.50			6-1-2037		256,136		286,989
FNMA		5.50			7-1-2037		33,614		37,317
FNMA		5.50			7-1-2037		90,684		100,699
FNMA		5.50			2-1-2038		756,699		840,058
FNMA		5.50			2-1-2038		86,079		95,562
FNMA		5.50			2-1-2038		93,245		103,517
FNMA		5.50			3-1-2038		25,691		28,521
FNMA		5.50			4-1-2038		936,693		1,040,007
FNMA		5.50			5-1-2038		537,102		596,287
FNMA		5.50			5-1-2038		1,198,117		1,332,560

18 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		5.50	%		5-1-2038	$	84,048	$	93,306
FNMA		5.50			6-1-2038		238,100		264,360
FNMA		5.50			6-1-2038		2,805,308		3,116,104
FNMA		5.50			7-1-2038		1,277,556		1,418,584
FNMA		5.50			7-1-2038		11,022		12,244
FNMA		5.50			8-1-2038		63,714		71,218
FNMA		5.50			9-1-2038		311,637		345,985
FNMA		5.50			11-1-2038		706,370		784,193
FNMA		5.50			11-1-2038		662,593		736,059
FNMA		5.50			1-1-2039		487,592		541,306
FNMA		5.50			2-1-2039		2,372,340		2,653,989
FNMA		5.50			5-1-2039		453,002		502,967
FNMA		5.50			6-1-2039		1,025,357		1,138,310
FNMA		5.50			12-1-2039		11,459		12,722
FNMA		5.50			6-1-2040		18,071		20,188
FNMA		5.50			9-1-2040		217,352		241,296
FNMA		5.50			2-1-2041		284,707		316,070
FNMA		5.63			7-15-2037		150,000		204,867
FNMA		6.00			7-1-2016		6,079		6,282
FNMA		6.00			9-1-2016		3,290		3,413
FNMA		6.00			11-1-2017		519		522
FNMA		6.00			11-1-2017		187,436		198,710
FNMA		6.00			1-1-2018		49,588		52,636
FNMA		6.00			1-1-2018		69,493		73,123
FNMA		6.00			5-1-2021		149,951		161,963
FNMA		6.00			5-1-2021		148,076		160,810
FNMA		6.00			9-1-2021		72,544		78,664
FNMA		6.00			8-1-2022		55,242		60,369
FNMA		6.00			10-1-2022		124,952		136,933
FNMA		6.00			9-1-2024		10,048		10,815
FNMA		6.00			11-1-2033		38,622		43,868
FNMA		6.00			8-1-2034		140,270		159,225
FNMA		6.00			9-1-2034		96,781		109,899
FNMA		6.00			10-1-2034		155,625		176,650
FNMA		6.00			11-1-2034		146,588		166,544
FNMA		6.00			3-1-2035		70,177		79,669
FNMA		6.00			1-1-2036		427,443		483,609
FNMA		6.00			3-1-2036		30,663		34,555
FNMA		6.00			4-18-2036		500,000		541,052
FNMA		6.00			9-1-2036		169,968		192,246
FNMA		6.00			9-1-2036		87,512		98,901
FNMA		6.00			9-1-2036		4,018		4,526
FNMA		6.00			11-1-2036		1,193,054		1,346,697
FNMA		6.00			1-1-2037		618,538		699,159
FNMA		6.00			2-1-2037		2,926		3,310
FNMA		6.00			2-1-2037		1,830,171		2,069,146
FNMA		6.00			3-1-2037		255,078		287,606
FNMA		6.00			4-1-2037		15,305		17,292
FNMA		6.00			5-1-2037		624,569		706,541
FNMA		6.00			5-1-2037		6,271		7,063

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 19

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		6.00	%		6-1-2037	$	9,919	$	11,171
FNMA		6.00			7-1-2037		934,689		1,052,706
FNMA		6.00			8-1-2037		5,556		6,263
FNMA		6.00			8-1-2037		677,259		762,771
FNMA		6.00			8-1-2037		37,571		42,315
FNMA		6.00			8-1-2037		187,077		212,457
FNMA		6.00			9-1-2037		5,081		5,722
FNMA		6.00			9-1-2037		30,872		34,770
FNMA		6.00			9-1-2037		61,321		69,073
FNMA		6.00			9-1-2037		50,143		56,474
FNMA		6.00			9-1-2037		48,237		54,328
FNMA		6.00			9-1-2037		425,290		480,061
FNMA		6.00			9-1-2037		103,167		116,473
FNMA		6.00			9-1-2037		72,040		81,407
FNMA		6.00			9-1-2037		55,243		62,328
FNMA		6.00			10-1-2037		483,518		545,093
FNMA		6.00			10-1-2037		121,529		136,874
FNMA		6.00			10-1-2037		340,788		383,817
FNMA		6.00			10-1-2037		40,546		45,665
FNMA		6.00			10-1-2037		2,018		2,279
FNMA		6.00			10-1-2037		1,254,389		1,412,772
FNMA		6.00			10-1-2037		3,888		4,379
FNMA		6.00			11-1-2037		42,311		47,654
FNMA		6.00			11-1-2037		6,328		7,127
FNMA		6.00			11-1-2037		8,148		9,177
FNMA		6.00			11-1-2037		28,625		32,240
FNMA		6.00			11-1-2037		18,752		21,119
FNMA		6.00			12-1-2037		33,325		37,532
FNMA		6.00			1-1-2038		30,342		34,174
FNMA		6.00			1-1-2038		406,774		458,561
FNMA		6.00			1-1-2038		44,455		50,068
FNMA		6.00			2-1-2038		1,054		1,187
FNMA		6.00			2-1-2038		30,655		34,526
FNMA		6.00			2-1-2038		92,532		104,215
FNMA		6.00			2-1-2038		133,317		150,743
FNMA		6.00			6-1-2038		33,381		37,596
FNMA		6.00			7-1-2038		179,507		202,224
FNMA		6.00			7-1-2038		8,380		9,472
FNMA		6.00			7-1-2038		273,003		307,473
FNMA		6.00			7-1-2038		77,953		87,796
FNMA		6.00			8-1-2038		10,813		12,179
FNMA		6.00			8-1-2038		49,140		55,344
FNMA		6.00			8-1-2038		61,987		69,813
FNMA		6.00			8-1-2038		1,484		1,671
FNMA		6.00			8-1-2038		69,277		78,025
FNMA		6.00			8-1-2038		19,541		22,008
FNMA		6.00			9-1-2038		58,351		65,719
FNMA		6.00			9-1-2038		58,133		65,473
FNMA		6.00			9-1-2038		8,561		9,642
FNMA		6.00			9-1-2038		3,967		4,468

20 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		6.00	%		9-1-2038	$	13,010	$	14,674
FNMA		6.00			9-1-2038		27,093		30,514
FNMA		6.00			9-1-2038		56,220		63,326
FNMA		6.00			9-1-2038		44,438		50,048
FNMA		6.00			9-1-2038		39,554		45,060
FNMA		6.00			9-1-2038		27,886		31,537
FNMA		6.00			9-1-2038		21,945		24,716
FNMA		6.00			9-1-2038		2,988		3,365
FNMA		6.00			9-1-2038		99,236		111,964
FNMA		6.00			10-1-2038		79,849		89,931
FNMA		6.00			10-1-2038		24,540		27,639
FNMA		6.00			10-1-2038		18,517		20,855
FNMA		6.00			10-1-2038		44,452		50,068
FNMA		6.00			11-1-2038		48,079		54,150
FNMA		6.00			11-1-2038		32,439		36,535
FNMA		6.00			11-1-2038		7,451		8,392
FNMA		6.00			11-1-2038		409,296		460,975
FNMA		6.00			11-1-2038		17,142		19,315
FNMA		6.00			11-1-2038		31,202		35,142
FNMA		6.00			12-1-2038		47,243		53,209
FNMA		6.00			12-1-2038		70,394		79,282
FNMA		6.00			12-1-2038		68,563		77,220
FNMA		6.00			1-1-2039		25,658		28,898
FNMA		6.00			1-1-2039		60,449		68,082
FNMA		6.00			2-1-2039		66,176		74,608
FNMA		6.00			3-1-2039		10,060		11,371
FNMA		6.00			9-1-2039		161,308		181,676
FNMA		6.00			9-1-2039		2,550		2,875
FNMA		6.00			10-1-2039		2,772,699		3,137,598
FNMA		6.00			4-1-2040		3,350,140		3,775,211
FNMA		6.00			6-1-2040		19,476		21,940
FNMA		6.21			8-6-2038		200,000		292,633
FNMA		6.25			5-15-2029		500,000		685,123
FNMA		6.50			8-1-2015		119		119
FNMA		6.50			6-1-2036		45,411		51,447
FNMA		6.50			7-1-2036		207,743		234,211
FNMA		6.50			9-1-2036		6,398		7,347
FNMA		6.50			9-1-2036		92,860		104,728
FNMA		6.50			9-1-2036		13,157		14,882
FNMA		6.50			12-1-2036		363,940		417,295
FNMA		6.50			3-1-2037		16,650		19,001
FNMA		6.50			4-1-2037		30,359		34,227
FNMA		6.50			5-1-2037		55,858		63,218
FNMA		6.50			5-1-2037		1,508		1,701
FNMA		6.50			6-1-2037		97,032		111,471
FNMA		6.50			6-1-2037		267,034		316,620
FNMA		6.50			8-1-2037		37,412		42,953
FNMA		6.50			9-1-2037		541,659		635,277
FNMA		6.50			9-1-2037		649,118		760,236
FNMA		6.50			9-1-2037		3,320		3,913

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 21

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		6.50	%		10-1-2037	$	3,738	$	4,305
FNMA		6.50			10-1-2037		171,684		194,285
FNMA		6.50			10-1-2037		62,644		70,626
FNMA		6.50			10-1-2037		1,130,214		1,274,210
FNMA		6.50			11-1-2037		80,109		90,315
FNMA		6.50			11-1-2037		269,194		303,491
FNMA		6.50			11-1-2037		12,395		13,974
FNMA		6.50			1-1-2038		201,429		227,093
FNMA		6.50			1-1-2038		33,881		38,198
FNMA		6.50			3-1-2038		10,285		11,595
FNMA		6.50			7-1-2038		12,863		14,544
FNMA		6.50			9-1-2038		115,364		130,674
FNMA		6.50			9-1-2038		13,502		15,222
FNMA		6.50			9-1-2038		6,459		7,313
FNMA		6.50			10-1-2038		64,068		72,231
FNMA		6.50			1-1-2039		654,580		742,161
FNMA		6.50			2-1-2039		83,463		94,097
FNMA		6.50			6-1-2039		43,289		48,805
FNMA		6.50			10-1-2039		1,245,978		1,406,630
FNMA		6.50			10-1-2039		481,174		542,479
FNMA		6.50			5-1-2040		365,500		412,067
FNMA		6.63			11-15-2030		1,300,000		1,879,470
FNMA		7.00			8-1-2037		33,996		37,712
FNMA		7.13			1-15-2030		500,000		744,084
FNMA		7.25			5-15-2030		1,300,000		1,964,587
GNMA		3.00			9-15-2042		4,041,014		4,104,253
GNMA		3.00			9-15-2042		321,312		326,340
GNMA		3.00			9-20-2042		8,650,920		8,788,835
GNMA		3.00			11-15-2042		8,789,834		8,927,387
GNMA		3.00			11-20-2042		4,380,176		4,450,006
GNMA		3.00			12-20-2042		1,860,255		1,889,768
GNMA		3.00			1-20-2043		8,938,321		9,079,879
GNMA		3.00			2-20-2043		9,268,263		9,427,620
GNMA		3.00			3-15-2043		1,774,702		1,802,474
GNMA		3.00			3-15-2043		1,728,423		1,755,471
GNMA		3.00			3-20-2043		6,800,355		6,908,053
GNMA		3.00			3-20-2043		2,770,404		2,818,038
GNMA		3.00			4-20-2043		1,822,385		1,851,246
GNMA		3.00			6-15-2043		808,486		821,138
GNMA		3.00			8-20-2043		4,760,511		4,835,905
GNMA		3.00			9-15-2043		331,056		336,237
GNMA %%		3.00			9-1-2044		6,000,000		6,082,500
GNMA		3.50			12-15-2040		589,817		615,819
GNMA		3.50			1-15-2041		509,420		530,750
GNMA		3.50			10-15-2041		3,088,108		3,217,423
GNMA		3.50			2-15-2042		6,953,365		7,244,977
GNMA		3.50			3-20-2042		2,155,313		2,244,433
GNMA		3.50			4-20-2042		1,455,290		1,515,465
GNMA		3.50			5-15-2042		3,463,063		3,608,219
GNMA		3.50			5-15-2042		1,895,287		1,974,333

22 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		3.50	%		6-15-2042	$	10,387,892	$	10,821,134
GNMA		3.50			6-20-2042		2,321,456		2,417,448
GNMA		3.50			7-15-2042		3,429,349		3,572,375
GNMA		3.50			10-20-2042		4,057,700		4,225,492
GNMA		3.50			3-20-2043		4,680,373		4,874,007
GNMA		3.50			4-15-2043		6,774,100		7,056,624
GNMA		3.50			4-20-2043		18,602,849		19,369,847
GNMA		3.50			10-20-2043		4,735,953		4,931,217
GNMA		3.50			1-20-2044		4,849,003		5,048,928
GNMA		3.50			5-20-2044		4,954,298		5,158,564
GNMA %%		3.50			9-1-2044		25,000,000		25,987,313
GNMA		4.00			6-15-2039		342,837		366,123
GNMA		4.00			7-15-2039		138,933		148,369
GNMA		4.00			7-15-2039		522,969		558,489
GNMA		4.00			8-15-2040		4,842,907		5,173,284
GNMA		4.00			9-15-2040		6,934,847		7,409,986
GNMA		4.00			10-15-2040		2,052,770		2,204,468
GNMA		4.00			12-15-2040		3,486,155		3,750,820
GNMA		4.00			1-15-2041		3,482,683		3,746,629
GNMA		4.00			1-15-2041		1,408,393		1,515,133
GNMA		4.00			7-15-2041		1,242,224		1,326,596
GNMA		4.00			10-20-2041		1,968,119		2,099,678
GNMA		4.00			11-20-2041		5,429,915		5,792,876
GNMA		4.00			2-20-2042		1,326,060		1,414,701
GNMA		4.00			4-20-2042		5,725,804		6,108,544
GNMA		4.00			5-20-2042		4,466,501		4,765,063
GNMA		4.00			3-20-2043		1,569,908		1,674,848
GNMA		4.00			8-20-2043		8,067,325		8,606,584
GNMA		4.00			3-20-2044		9,593,881		10,235,182
GNMA		4.00			5-20-2044		9,361,893		9,987,687
GNMA		4.00			6-20-2044		7,951,012		8,482,496
GNMA %%		4.00			9-1-2044		10,000,000		10,650,000
GNMA		4.50			3-15-2037		64,629		70,298
GNMA		4.50			3-15-2038		46,595		50,682
GNMA		4.50			3-15-2039		533,963		584,043
GNMA		4.50			3-15-2039		10,797,003		11,744,036
GNMA		4.50			4-15-2039		648,480		705,360
GNMA		4.50			5-15-2039		1,039,738		1,142,167
GNMA		4.50			6-15-2039		737,839		802,556
GNMA		4.50			6-15-2039		409,463		445,378
GNMA		4.50			7-15-2039		1,457,019		1,584,818
GNMA		4.50			7-15-2039		798,460		868,495
GNMA		4.50			9-15-2039		728,183		792,054
GNMA		4.50			9-15-2039		2,350,250		2,556,397
GNMA		4.50			10-15-2039		1,157,270		1,258,777
GNMA		4.50			12-15-2039		1,120,259		1,231,268
GNMA		4.50			1-15-2040		1,466,126		1,598,699
GNMA		4.50			4-15-2040		152,267		166,083
GNMA		4.50			5-15-2040		3,103,099		3,408,654
GNMA		4.50			5-15-2040		45,161		49,122

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 23

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		4.50	%		5-15-2040	$	2,381,538	$	2,621,070
GNMA		4.50			6-15-2040		144,480		157,153
GNMA		4.50			6-15-2040		1,374,648		1,510,014
GNMA		4.50			6-15-2040		633,215		688,756
GNMA		4.50			7-15-2040		3,754,642		4,092,880
GNMA		4.50			9-15-2040		527,675		575,393
GNMA		4.50			9-15-2040		129,844		141,625
GNMA		4.50			9-15-2040		473,595		515,135
GNMA		4.50			10-15-2040		90,284		98,203
GNMA		4.50			11-15-2040		2,324,164		2,534,888
GNMA		4.50			11-15-2040		31,042		33,765
GNMA		4.50			12-15-2040		103,304		112,365
GNMA		4.50			2-15-2041		1,597,529		1,755,637
GNMA		4.50			3-15-2041		99,701		108,446
GNMA		4.50			3-15-2041		120,079		130,611
GNMA		4.50			4-15-2041		195,873		213,359
GNMA		4.50			4-15-2041		1,674,182		1,825,503
GNMA		4.50			4-15-2041		319,665		349,826
GNMA		4.50			5-15-2041		37,498		40,787
GNMA		4.50			6-15-2041		1,248,112		1,359,642
GNMA		4.50			6-15-2041		2,203,444		2,402,454
GNMA		4.50			6-15-2041		173,168		188,358
GNMA		4.50			6-15-2041		238,701		260,275
GNMA		4.50			7-15-2041		178,095		194,106
GNMA		4.50			7-15-2041		2,668,078		2,908,827
GNMA		4.50			7-20-2041		1,670,420		1,821,264
GNMA		4.50			10-15-2041		271,178		295,765
GNMA		4.50			10-15-2041		115,367		125,739
GNMA		4.50			10-15-2041		130,932		142,416
GNMA		4.50			11-20-2041		1,504,118		1,639,669
GNMA		4.50			12-20-2043		6,846,725		7,452,800
GNMA		4.50			4-20-2044		4,949,854		5,388,403
GNMA		5.00			3-15-2035		458,891		505,882
GNMA		5.00			5-15-2038		2,056,840		2,256,356
GNMA		5.00			8-15-2038		1,370,240		1,503,155
GNMA		5.00			8-15-2038		242,345		265,853
GNMA		5.00			8-15-2038		11,414		12,534
GNMA		5.00			12-15-2038		613,043		674,876
GNMA		5.00			3-15-2039		835,797		917,262
GNMA		5.00			3-15-2039		108,129		119,014
GNMA		5.00			3-15-2039		1,446,198		1,591,045
GNMA		5.00			5-15-2039		344,946		379,875
GNMA		5.00			6-15-2039		2,198,774		2,421,470
GNMA		5.00			7-15-2039		48,962		53,923
GNMA		5.00			9-15-2039		5,814,335		6,427,478
GNMA		5.00			11-15-2039		1,434,562		1,585,846
GNMA		5.00			1-15-2040		2,394,202		2,646,834
GNMA		5.00			2-15-2040		1,339,462		1,481,144
GNMA		5.00			3-15-2040		4,417,649		4,868,621
GNMA		5.00			5-15-2040		1,743,271		1,924,790

24 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		5.00	%		7-15-2040	$	5,140	$	5,642
GNMA		5.00			7-15-2040		1,527,519		1,691,124
GNMA		5.00			12-15-2040		1,193,683		1,318,471
GNMA		5.00			9-15-2041		172,992		189,760
GNMA		5.00			10-15-2041		591,691		648,954
GNMA		5.00			5-20-2042		2,342,351		2,592,078
GNMA		5.50			9-15-2034		220,270		247,220
GNMA		5.50			11-15-2035		311,959		348,565
GNMA		5.50			12-15-2035		320,284		357,866
GNMA		5.50			2-15-2036		144,385		161,242
GNMA		5.50			3-15-2036		256,677		285,004
GNMA		5.50			5-15-2036		5,060		5,641
GNMA		5.50			5-15-2036		64,201		72,033
GNMA		5.50			2-15-2037		103,901		115,354
GNMA		5.50			6-15-2037		5,322		5,909
GNMA		5.50			8-15-2037		88,480		98,233
GNMA		5.50			2-15-2038		267,146		296,542
GNMA		5.50			2-15-2038		552,383		615,720
GNMA		5.50			3-15-2038		77,307		85,814
GNMA		5.50			3-15-2038		14,493		16,088
GNMA		5.50			4-15-2038		159,852		177,443
GNMA		5.50			5-15-2038		189,455		210,305
GNMA		5.50			5-15-2038		375,410		416,724
GNMA		5.50			6-15-2038		24,987		27,737
GNMA		5.50			6-15-2038		55,323		61,410
GNMA		5.50			6-15-2038		209,820		232,910
GNMA		5.50			7-15-2038		454,684		504,718
GNMA		5.50			8-15-2038		36,006		39,969
GNMA		5.50			8-15-2038		364,610		404,735
GNMA		5.50			8-15-2038		2,104,961		2,361,025
GNMA		5.50			9-15-2038		101,078		113,373
GNMA		5.50			9-15-2038		89,460		99,304
GNMA		5.50			9-15-2038		1,301,051		1,444,204
GNMA		5.50			10-15-2038		606,254		672,970
GNMA		5.50			10-15-2038		82,932		92,059
GNMA		5.50			11-15-2038		42,357		47,038
GNMA		5.50			11-15-2038		100,652		111,729
GNMA		5.50			11-15-2038		286,467		317,992
GNMA		5.50			11-15-2038		319,305		354,446
GNMA		5.50			12-15-2038		59,539		66,091
GNMA		5.50			12-15-2038		315,057		349,729
GNMA		5.50			12-15-2038		356,498		395,732
GNMA		5.50			1-15-2039		121,252		134,651
GNMA		5.50			1-15-2039		63,142		70,120
GNMA		5.50			7-15-2039		192,382		213,639
GNMA		5.50			7-15-2039		30,836		34,213
GNMA		5.50			8-15-2039		88,867		98,688
GNMA		5.50			10-15-2039		1,326,072		1,472,599
GNMA		5.50			2-15-2040		58,474		64,866
GNMA		5.50			2-15-2040		43,209		48,003

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 25

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		5.50	%		3-15-2040	$	81,576	$	90,604
GNMA		5.50			3-15-2040		188,738		209,588
GNMA		5.50			3-15-2040		76,227		84,682
GNMA		5.50			3-15-2040		618,347		686,937
GNMA		5.50			7-15-2040		46,436		51,589
GNMA		5.50			12-15-2040		99,974		111,063
GNMA		5.50			2-15-2041		124,690		138,321
GNMA		5.50			4-15-2041		437,188		485,573
GNMA		6.00			12-15-2031		21,783		24,529
GNMA		6.00			6-15-2036		230,804		259,796
GNMA		6.00			8-15-2036		8,084		9,309
GNMA		6.00			1-15-2037		819,896		946,355
GNMA		6.00			5-15-2037		7,451		8,399
GNMA		6.00			5-15-2037		17,494		19,689
GNMA		6.00			5-15-2037		241,601		278,800
GNMA		6.00			6-15-2037		23,517		27,077
GNMA		6.00			6-15-2037		74,211		85,387
GNMA		6.00			7-15-2037		50,286		56,595
GNMA		6.00			8-15-2037		8,438		9,497
GNMA		6.00			8-15-2037		91,744		103,663
GNMA		6.00			8-15-2037		289,453		325,782
GNMA		6.00			1-15-2038		3,458		3,891
GNMA		6.00			1-15-2038		337,434		379,771
GNMA		6.00			2-15-2038		8,111		9,129
GNMA		6.00			7-15-2038		512,000		576,239
GNMA		6.00			8-15-2038		544,912		613,281
GNMA		6.00			8-15-2038		259,480		292,037
GNMA		6.00			8-15-2038		181,760		204,565
GNMA		6.00			9-15-2038		235,727		265,303
GNMA		6.00			9-15-2038		599,206		674,387
GNMA		6.00			9-15-2038		4,337		4,881
GNMA		6.00			9-15-2038		2,866		3,225
GNMA		6.00			9-15-2038		3,571		4,019
GNMA		6.00			10-15-2038		386,296		434,763
GNMA		6.00			10-15-2038		56,415		63,493
GNMA		6.00			10-15-2038		82,691		93,066
GNMA		6.00			10-15-2038		122,940		138,365
GNMA		6.00			10-15-2038		66,475		74,816
GNMA		6.00			10-15-2038		266,467		299,900
GNMA		6.00			10-15-2038		16,868		18,984
GNMA		6.00			11-15-2038		93,579		105,320
GNMA		6.00			11-15-2038		343,182		386,240
GNMA		6.00			12-15-2038		5,816		6,547
GNMA		6.00			12-15-2038		421,605		485,474
GNMA		6.00			1-15-2039		4,999		5,626
GNMA		6.00			1-15-2039		120,140		135,213
GNMA		6.00			2-15-2039		3,865		4,350
GNMA		6.00			2-15-2039		386,037		439,501
GNMA		6.00			6-15-2039		14,680		16,522
GNMA		6.00			8-15-2039		8,022		9,029

26 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		6.00	%		8-15-2039	$	28,141	$	31,672
GNMA		6.00			10-15-2039		47,196		53,349
GNMA		6.00			11-15-2039		3,562		4,009
GNMA		6.00			12-15-2039		396,738		446,515
GNMA		6.00			3-15-2040		7,037		7,921
GNMA		6.00			12-15-2040		300,453		338,203
GNMA		6.00			6-15-2041		1,108,217		1,247,443
GNMA		6.00			6-15-2041		151,069		170,047
GNMA		6.00			6-15-2041		761,588		857,267
GNMA		6.50			11-15-2023		679		766
GNMA		6.50			12-15-2023		787		889
GNMA		6.50			10-15-2031		141,549		164,065
GNMA		6.50			3-15-2034		208,195		238,470
GNMA		6.50			9-15-2036		57,899		68,714
GNMA		6.50			10-15-2036		56,224		63,960
GNMA		6.50			2-15-2037		28,426		32,444
GNMA		6.50			12-15-2037		71,763		84,114
GNMA		6.50			1-15-2038		156,955		177,258
GNMA		6.50			4-15-2038		37,347		42,178
GNMA		6.50			5-15-2038		62,913		71,722
GNMA		6.50			5-15-2038		7,719		8,717
GNMA		6.50			8-15-2038		50,293		56,799
GNMA		6.50			8-15-2038		9,473		10,698
GNMA		6.50			8-15-2038		99,567		112,446
GNMA		6.50			9-15-2038		109,004		126,055
GNMA		6.50			9-15-2038		241,961		273,260
GNMA		6.50			10-15-2038		69,271		78,696
GNMA		6.50			10-15-2038		126,116		142,430
GNMA		6.50			10-15-2038		1,263,510		1,426,953
GNMA		6.50			11-15-2038		54,790		65,347
GNMA		6.50			11-15-2038		3,689		4,167
GNMA		6.50			12-15-2038		93,142		106,263
GNMA		6.50			2-15-2039		2,602		3,005
GNMA		6.50			5-15-2040		178,940		203,276
GNMA		6.50			7-15-2040		158,643		179,165
GNMA		6.50			7-15-2040		690,939		780,317
GNMA		7.00			3-15-2037		17,419		19,235
TVA		3.50			12-15-2042		150,000		144,008
TVA		3.88			2-15-2021		1,320,000		1,453,806
TVA		4.50			4-1-2018		200,000		221,182
TVA		4.65			6-15-2035		200,000		231,219
TVA		4.88			1-15-2048		200,000		236,834
TVA		5.25			9-15-2039		400,000		499,053
TVA		5.50			7-18-2017		650,000		731,537
TVA		5.88			4-1-2036		300,000		400,812
TVA		6.15			1-15-2038		400,000		554,733
Total Agency Securities (Cost $1,706,740,562)									1,739,617,187

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 27

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 20.94%
Consumer Discretionary: 1.93%
Auto Components: 0.05%
BorgWarner Incorporated		4.63	%		9-15-2020	$	100,000	$	108,196
Delphi Corporation		4.15			3-15-2024		1,000,000		1,039,636
Johnson Controls Incorporated		3.75			12-1-2021		500,000		523,076
Johnson Controls Incorporated		4.25			3-1-2021		120,000		129,575
Johnson Controls Incorporated		4.63			7-2-2044		850,000		868,269
Johnson Controls Incorporated		5.00			3-30-2020		100,000		111,476
Johnson Controls Incorporated		5.50			1-15-2016		250,000		265,974
Johnson Controls Incorporated		5.70			3-1-2041		240,000		281,616
									3,327,818
Automobiles: 0.03%
Ford Motor Company		6.63			10-1-2028		200,000		248,642
Ford Motor Company		7.45			7-16-2031		1,000,000		1,363,054
									1,611,696
Diversified Consumer Services: 0.04%
Cornell University		5.45			2-1-2019		100,000		114,654
Dartmouth College		4.75			6-1-2019		75,000		84,200
President & Fellows of Harvard College		4.88			10-15-2040		300,000		352,998
Princeton University		5.70			3-1-2039		500,000		652,527
Stanford University		4.75			5-1-2019		500,000		561,783
University of Pennsylvania		4.67			9-1-2112		500,000		522,304
Vanderbilt University		5.25			4-1-2019		250,000		285,076
									2,573,542
Hotels, Restaurants & Leisure: 0.15%
Brinker International Incorporated		3.88			5-15-2023		150,000		148,052
Carnival Corporation		1.88			12-15-2017		200,000		200,893
Carnival Corporation		3.95			10-15-2020		267,000		281,781
Darden Restaurants Incorporated		6.20			10-15-2017		105,000		118,883
Darden Restaurants Incorporated		6.80			10-15-2037		20,000		22,605
Hyatt Hotels Corporation		3.38			7-15-2023		160,000		157,725
Hyatt Hotels Corporation		3.88			8-15-2016		100,000		104,981
International Game Technology		5.50			6-15-2020		250,000		266,203
Marriott International Incorporated		3.00			3-1-2019		200,000		207,864
Marriott International Incorporated		3.38			10-15-2020		167,000		172,405
Marriott International Incorporated		5.81			11-10-2015		425,000		449,109
McDonald’s Corporation		2.63			1-15-2022		1,000,000		1,005,465
McDonald’s Corporation		3.50			7-15-2020		200,000		213,621
McDonald’s Corporation		3.63			5-20-2021		100,000		107,215
McDonald’s Corporation		3.70			2-15-2042		500,000		474,190
McDonald’s Corporation		5.35			3-1-2018		400,000		451,421
McDonald’s Corporation		5.80			10-15-2017		100,000		113,444
McDonald’s Corporation		6.30			10-15-2037		300,000		395,162
McDonald’s Corporation		6.30			3-1-2038		600,000		793,835
Starbucks Corporation		0.88			12-5-2016		200,000		200,231

28 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Hotels, Restaurants & Leisure (continued)
Starbucks Corporation		2.00	%		12-5-2018	$	250,000	$	251,515
Starbucks Corporation		6.25			8-15-2017		500,000		569,881
Starwood Hotels & Resort Company		3.13			2-15-2023		226,000		219,315
Wyndham Worldwide Corporation		2.95			3-1-2017		1,000,000		1,032,397
Wyndham Worldwide Corporation		4.25			3-1-2022		500,000		515,485
Yum! Brands Incorporated		3.88			11-1-2023		250,000		256,679
Yum! Brands Incorporated		5.30			9-15-2019		250,000		277,361
Yum! Brands Incorporated		5.35			11-1-2043		100,000		112,354
Yum! Brands Incorporated		6.25			3-15-2018		130,000		148,512
Yum! Brands Incorporated		6.88			11-15-2037		32,000		42,192
									9,310,776
Household Durables: 0.04%
Leggett & Platt Incorporated		3.40			8-15-2022		100,000		100,589
MDC Holdings Incorporated		5.50			1-15-2024		334,000		342,125
Mohawk Industries Incorporated		3.85			2-1-2023		100,000		100,800
Mohawk Industries Incorporated		6.13			1-15-2016		389,000		416,331
Newell Rubbermaid Incorporated		4.00			6-15-2022		100,000		104,954
Newell Rubbermaid Incorporated		4.70			8-15-2020		200,000		216,202
Newell Rubbermaid Incorporated		6.25			4-15-2018		165,000		188,317
Tupperware Brands Corporation		4.75			6-1-2021		250,000		269,312
Whirlpool Corporation		4.00			3-1-2024		125,000		129,725
Whirlpool Corporation		4.70			6-1-2022		200,000		218,798
Whirlpool Corporation		4.85			6-15-2021		100,000		110,754
									2,197,907
Internet & Catalog Retail: 0.06%
Amazon.com Incorporated		0.65			11-27-2015		500,000		500,948
Amazon.com Incorporated		1.20			11-29-2017		350,000		347,855
Amazon.com Incorporated		2.50			11-29-2022		500,000		478,045
Expedia Incorporated		4.50			8-15-2024		100,000		100,853
Expedia Incorporated		5.95			8-15-2020		600,000		678,700
QVC Incorporated		4.38			3-15-2023		300,000		302,380
QVC Incorporated 144A		4.45			2-15-2025		500,000		500,490
QVC Incorporated		5.13			7-2-2022		200,000		214,734
QVC Incorporated 144A		5.45			8-15-2034		250,000		252,337
QVC Incorporated		5.95			3-15-2043		125,000		134,527
									3,510,869
Leisure Products: 0.01%
Hasbro Incorporated		6.35			3-15-2040		155,000		190,090
Mattel Incorporated		1.70			3-15-2018		125,000		124,497
Mattel Incorporated		2.50			11-1-2016		280,000		288,365
Mattel Incorporated		3.15			3-15-2023		100,000		99,017
Mattel Incorporated		4.35			10-1-2020		100,000		107,162
Mattel Incorporated		6.20			10-1-2040		100,000		120,663
									929,794

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 29

Security name	Interest rate			Maturity date		Principal		Value
Media: 1.12%
CBS Corporation		1.95	%		7-1-2017	$	200,000	$	202,990
CBS Corporation		3.70			8-15-2024		500,000		504,764
CBS Corporation		4.63			5-15-2018		180,000		196,934
CBS Corporation		4.85			7-1-2042		200,000		201,444
CBS Corporation		4.90			8-15-2044		500,000		510,870
CBS Corporation		7.88			7-30-2030		600,000		828,081
Comcast Corporation		3.13			7-15-2022		500,000		511,990
Comcast Corporation		3.38			2-15-2025		750,000		758,032
Comcast Corporation		3.60			3-1-2024		500,000		519,039
Comcast Corporation		4.20			8-15-2034		750,000		771,311
Comcast Corporation		4.65			7-15-2042		548,000		589,016
Comcast Corporation		4.75			3-1-2044		375,000		410,914
Comcast Corporation		4.95			6-15-2016		350,000		375,978
Comcast Corporation		5.15			3-1-2020		500,000		573,309
Comcast Corporation		5.70			5-15-2018		500,000		571,685
Comcast Corporation		5.70			7-1-2019		1,000,000		1,167,427
Comcast Corporation		5.85			11-15-2015		500,000		531,884
Comcast Corporation		5.88			2-15-2018		75,000		85,892
Comcast Corporation		5.90			3-15-2016		975,000		1,051,576
Comcast Corporation		6.30			11-15-2017		500,000		576,600
Comcast Corporation		6.40			3-1-2040		500,000		657,414
Comcast Corporation		6.45			3-15-2037		900,000		1,180,256
Comcast Corporation		6.50			11-15-2035		550,000		724,026
Comcast Corporation		6.55			7-1-2039		650,000		869,129
Comcast Corporation		6.95			8-15-2037		400,000		551,320
DIRECTV Holdings LLC		2.40			3-15-2017		1,000,000		1,028,199
DIRECTV Holdings LLC		3.80			3-15-2022		500,000		521,187
DIRECTV Holdings LLC		4.45			4-1-2024		500,000		536,535
DIRECTV Holdings LLC		4.60			2-15-2021		350,000		384,904
DIRECTV Holdings LLC		5.00			3-1-2021		700,000		784,518
DIRECTV Holdings LLC		5.15			3-15-2042		500,000		538,845
DIRECTV Holdings LLC		5.20			3-15-2020		330,000		372,602
DIRECTV Holdings LLC		5.88			10-1-2019		1,000,000		1,161,546
DIRECTV Holdings LLC		6.00			8-15-2040		400,000		476,005
DIRECTV Holdings LLC		6.35			3-15-2040		145,000		179,558
DIRECTV Holdings LLC		6.38			3-1-2041		500,000		621,567
Discovery Communications LLC		3.30			5-15-2022		250,000		251,294
Discovery Communications LLC		4.38			6-15-2021		300,000		326,797
Discovery Communications LLC		4.95			5-15-2042		250,000		262,726
Discovery Communications LLC		5.05			6-1-2020		750,000		837,918
Discovery Communications LLC		5.63			8-15-2019		250,000		285,474
Discovery Communications LLC		6.35			6-1-2040		250,000		308,527
Interpublic Group of Companies		4.00			3-15-2022		1,000,000		1,030,639
McGraw-Hill Company Incorporated		5.90			11-15-2017		250,000		275,924
NBCUniversal Media LLC		2.88			4-1-2016		500,000		517,001
NBCUniversal Media LLC		2.88			1-15-2023		500,000		499,323
NBCUniversal Media LLC		4.38			4-1-2021		1,500,000		1,657,731
NBCUniversal Media LLC		4.45			1-15-2043		500,000		523,833
NBCUniversal Media LLC		5.95			4-1-2041		500,000		628,802
NBCUniversal Media LLC		6.40			4-30-2040		1,000,000		1,323,997

30 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Media (continued)
News America Holdings Incorporated		3.00	%		9-15-2022	$	375,000	$	370,821
News America Holdings Incorporated		4.50			2-15-2021		500,000		550,029
News America Holdings Incorporated		6.15			2-15-2041		735,000		906,711
News America Holdings Incorporated		6.20			12-15-2034		500,000		619,495
News America Holdings Incorporated		6.40			12-15-2035		750,000		955,600
News America Holdings Incorporated		6.65			11-15-2037		600,000		768,650
News America Holdings Incorporated		6.90			3-1-2019		1,300,000		1,553,608
News America Holdings Incorporated		6.90			8-15-2039		500,000		663,098
News America Holdings Incorporated		8.15			10-17-2036		250,000		357,439
Omnicom Group Incorporated		3.63			5-1-2022		250,000		257,106
Omnicom Group Incorporated		4.45			8-15-2020		90,000		97,501
Omnicom Group Incorporated		5.90			4-15-2016		500,000		539,580
Omnicom Group Incorporated		6.25			7-15-2019		650,000		761,014
TCI Communications Incorporated		7.13			2-15-2028		350,000		467,542
Thompson Reuters Corporation		4.30			11-23-2023		300,000		318,198
Thompson Reuters Corporation		4.70			10-15-2019		425,000		468,255
Thompson Reuters Corporation		5.65			11-23-2043		200,000		228,548
Thompson Reuters Corporation		5.85			4-15-2040		134,000		154,132
Thompson Reuters Corporation		6.50			7-15-2018		500,000		581,764
Time Warner Cable Incorporated		4.00			9-1-2021		750,000		804,911
Time Warner Cable Incorporated		4.00			1-15-2022		300,000		316,172
Time Warner Cable Incorporated		4.13			2-15-2021		500,000		540,878
Time Warner Cable Incorporated		4.50			9-15-2042		600,000		607,967
Time Warner Cable Incorporated		4.70			1-15-2021		250,000		276,233
Time Warner Cable Incorporated		4.88			3-15-2020		500,000		557,334
Time Warner Cable Incorporated		5.00			2-1-2020		535,000		600,147
Time Warner Cable Incorporated		5.50			9-1-2041		300,000		347,549
Time Warner Cable Incorporated		5.85			5-1-2017		500,000		558,211
Time Warner Cable Incorporated		6.20			3-15-2040		300,000		362,844
Time Warner Cable Incorporated		6.55			5-1-2037		500,000		641,123
Time Warner Cable Incorporated		6.63			5-15-2029		800,000		1,016,871
Time Warner Cable Incorporated		6.75			7-1-2018		750,000		881,339
Time Warner Cable Incorporated		6.75			6-15-2039		500,000		655,979
Time Warner Cable Incorporated		7.30			7-1-2038		800,000		1,111,778
Time Warner Cable Incorporated		7.63			4-15-2031		825,000		1,143,183
Time Warner Cable Incorporated		8.25			4-1-2019		650,000		817,720
Time Warner Cable Incorporated		8.38			3-15-2023		250,000		339,361
Time Warner Cable Incorporated		8.75			2-14-2019		704,000		897,069
Time Warner Cable Incorporated		9.15			2-1-2023		250,000		349,148
Time Warner Entertainment Company LP		8.38			7-15-2033		300,000		451,403
Time Warner Incorporated		3.40			6-15-2022		100,000		101,275
Time Warner Incorporated		4.75			3-29-2021		500,000		554,236
Time Warner Incorporated		4.90			6-15-2042		51,000		53,449
Time Warner Incorporated		5.88			11-15-2016		1,500,000		1,654,857
Time Warner Incorporated		5.88			11-15-2040		250,000		302,261
Time Warner Incorporated		6.10			7-15-2040		400,000		481,802
Time Warner Incorporated		6.25			3-29-2041		500,000		612,352
Time Warner Incorporated		6.50			11-15-2036		252,000		316,021
Time Warner Incorporated		7.57			2-1-2024		250,000		326,435
Time Warner Incorporated		7.70			5-1-2032		700,000		988,847

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 31

Security name	Interest rate			Maturity date		Principal		Value
Media (continued)
Viacom Incorporated		2.50	%		12-15-2016	$	1,000,000	$	1,029,943
Viacom Incorporated		3.25			3-15-2023		200,000		197,894
Viacom Incorporated		3.50			4-1-2017		100,000		105,620
Viacom Incorporated		4.25			9-1-2023		1,000,000		1,052,776
Viacom Incorporated		4.38			3-15-2043		552,000		517,223
Viacom Incorporated		4.50			3-1-2021		500,000		545,078
Viacom Incorporated		4.88			6-15-2043		175,000		177,501
Viacom Incorporated		5.25			4-1-2044		500,000		538,185
Viacom Incorporated		5.50			5-15-2033		200,000		223,150
Viacom Incorporated		5.63			9-15-2019		150,000		172,079
Viacom Incorporated		5.85			9-1-2043		125,000		144,688
Viacom Incorporated		6.13			10-5-2017		250,000		284,056
Viacom Incorporated		6.88			4-30-2036		340,000		437,486
Walt Disney Company		0.45			12-1-2015		1,000,000		1,000,614
Walt Disney Company		1.13			2-15-2017		500,000		501,940
Walt Disney Company		1.35			8-16-2016		500,000		506,622
Walt Disney Company		2.35			12-1-2022		500,000		486,664
Walt Disney Company		2.55			2-15-2022		250,000		248,773
Walt Disney Company		2.75			8-16-2021		500,000		510,394
Walt Disney Company		4.13			12-1-2041		250,000		254,649
Walt Disney Company		4.38			8-16-2041		250,000		263,593
Walt Disney Company		5.50			3-15-2019		500,000		576,062
Walt Disney Company		5.63			9-15-2016		250,000		274,432
Walt Disney Company		7.00			3-1-2032		75,000		105,203
									69,699,804
Multiline Retail: 0.16%
Dollar General Corporation		3.25			4-15-2023		350,000		312,811
Family Dollar Stores Incorporated		5.00			2-1-2021		100,000		104,433
Kohl’s Corporation		3.25			2-1-2023		150,000		146,933
Kohl’s Corporation		4.75			12-15-2023		300,000		323,205
Kohl’s Corporation		6.00			1-15-2033		65,000		73,235
Kohl’s Corporation		6.25			12-15-2017		500,000		570,311
Macy’s Retail Holdings Incorporated		3.88			1-15-2022		200,000		211,098
Macy’s Retail Holdings Incorporated		4.38			9-1-2023		300,000		321,081
Macy’s Retail Holdings Incorporated		5.90			12-1-2016		356,000		394,041
Macy’s Retail Holdings Incorporated		6.70			7-15-2034		500,000		644,573
Macy’s Retail Holdings Incorporated		6.90			4-1-2029		500,000		641,709
Nordstrom Incorporated		4.00			10-15-2021		250,000		270,027
Nordstrom Incorporated		4.75			5-1-2020		135,000		150,002
Nordstrom Incorporated		5.00			1-15-2044		100,000		112,727
Nordstrom Incorporated		6.25			1-15-2018		500,000		573,652
Target Corporation		2.90			1-15-2022		250,000		252,262
Target Corporation		3.50			7-1-2024		1,000,000		1,021,432
Target Corporation		4.00			7-1-2042		725,000		703,405
Target Corporation		5.38			5-1-2017		350,000		389,047
Target Corporation		5.88			7-15-2016		300,000		328,724
Target Corporation		6.00			1-15-2018		500,000		572,763
Target Corporation		6.35			11-1-2032		300,000		387,402

32 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Multiline Retail (continued)
Target Corporation		6.50	%		10-15-2037	$	400,000	$	530,784
Target Corporation		7.00			1-15-2038		768,000		1,070,020
									10,105,677
Specialty Retail: 0.26%
Advance Auto Parts Incorporated		4.50			1-15-2022		100,000		107,011
Advance Auto Parts Incorporated		4.50			12-1-2023		250,000		265,312
AutoZone Incorporated		1.30			1-13-2017		200,000		200,490
AutoZone Incorporated		2.88			1-15-2023		250,000		242,499
AutoZone Incorporated		3.13			7-15-2023		150,000		147,505
AutoZone Incorporated		4.00			11-15-2020		200,000		211,538
AutoZone Incorporated		5.50			11-15-2015		275,000		290,723
Bed Bath & Beyond Incorporated		4.92			8-1-2034		250,000		260,613
Bed Bath & Beyond Incorporated		5.17			8-1-2044		350,000		364,237
Gap Incorporated		5.95			4-12-2021		700,000		811,376
Home Depot Incorporated		2.25			9-10-2018		1,000,000		1,023,024
Home Depot Incorporated		2.70			4-1-2023		375,000		369,251
Home Depot Incorporated		3.75			2-15-2024		1,000,000		1,057,177
Home Depot Incorporated		3.95			9-15-2020		400,000		438,778
Home Depot Incorporated		4.20			4-1-2043		400,000		409,872
Home Depot Incorporated		4.40			4-1-2021		500,000		563,630
Home Depot Incorporated		4.88			2-15-2044		500,000		565,139
Home Depot Incorporated		5.40			3-1-2016		1,180,000		1,264,437
Home Depot Incorporated		5.40			9-15-2040		200,000		238,775
Home Depot Incorporated		5.88			12-16-2036		1,500,000		1,903,875
Home Depot Incorporated		5.95			4-1-2041		500,000		646,753
Lowe’s Companies Incorporated		3.12			4-15-2022		200,000		205,265
Lowe’s Companies Incorporated		3.75			4-15-2021		150,000		161,143
Lowe’s Companies Incorporated		3.88			9-15-2023		250,000		266,521
Lowe’s Companies Incorporated		4.63			4-15-2020		400,000		445,960
Lowe’s Companies Incorporated		4.65			4-15-2042		500,000		541,138
Lowe’s Companies Incorporated		5.00			10-15-2015		600,000		629,301
Lowe’s Companies Incorporated		5.40			10-15-2016		500,000		546,974
Lowe’s Companies Incorporated		5.80			10-15-2036		250,000		311,182
Lowe’s Companies Incorporated		5.80			4-15-2040		110,000		136,413
Lowe’s Companies Incorporated		6.50			3-15-2029		75,000		95,770
Lowe’s Companies Incorporated		6.65			9-15-2037		350,000		470,605
O’Reilly Automotive Incorporated		3.80			9-1-2022		150,000		155,269
O’Reilly Automotive Incorporated		4.88			1-14-2021		45,000		49,592
O’Reilly Automotive Incorporated		4.63			9-15-2021		150,000		164,927
Staples Incorporated		4.38			1-12-2023		200,000		200,431
TJX Companies Incorporated		2.75			6-15-2021		500,000		503,557
TJX Companies Incorporated		6.95			4-15-2019		85,000		102,939
									16,369,002
Textiles, Apparel & Luxury Goods: 0.01%
Nike Incorporated		2.25			5-1-2023		100,000		95,699
Nike Incorporated		3.63			5-1-2043		100,000		96,417
Ralph Lauren Corporation		2.13			9-26-2018		50,000		50,634

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 33

Security name	Interest rate			Maturity date		Principal		Value
Textiles, Apparel & Luxury Goods (continued)
VF Corporation		3.50	%		9-1-2021	$	250,000	$	263,000
VF Corporation		5.95			11-1-2017		100,000		113,731
VF Corporation		6.45			11-1-2037		150,000		197,914
									817,395
Consumer Staples: 1.82%
Beverages: 0.50%
Anheuser-Busch Companies Incorporated		5.50			1-15-2018		200,000		225,419
Anheuser-Busch Companies Incorporated		5.60			3-1-2017		50,000		55,459
Anheuser-Busch Companies Incorporated		5.75			4-1-2036		250,000		312,749
Anheuser-Busch InBev Finance Company		0.80			1-15-2016		250,000		251,170
Anheuser-Busch InBev Finance Company		1.13			1-27-2017		550,000		554,595
Anheuser-Busch InBev Finance Company		2.15			2-1-2019		500,000		506,250
Anheuser-Busch InBev Finance Company		2.63			1-17-2023		500,000		489,726
Anheuser-Busch InBev Finance Company		3.70			2-1-2024		750,000		787,522
Anheuser-Busch InBev Finance Company		4.00			1-17-2043		300,000		297,880
Anheuser-Busch InBev Finance Company		4.63			2-1-2044		350,000		382,368
Anheuser-Busch InBev Worldwide Incorporated		1.38			7-15-2017		500,000		503,382
Anheuser-Busch InBev Worldwide Incorporated		2.50			7-15-2022		1,250,000		1,225,141
Anheuser-Busch InBev Worldwide Incorporated		2.88			2-15-2016		45,000		46,532
Anheuser-Busch InBev Worldwide Incorporated		3.75			7-15-2042		360,000		344,258
Anheuser-Busch InBev Worldwide Incorporated		4.38			2-15-2021		30,000		33,305
Anheuser-Busch InBev Worldwide Incorporated		5.00			4-15-2020		1,000,000		1,131,658
Anheuser-Busch InBev Worldwide Incorporated		5.38			1-15-2020		900,000		1,037,001
Anheuser-Busch InBev Worldwide Incorporated		6.38			1-15-2040		750,000		1,005,607
Anheuser-Busch InBev Worldwide Incorporated		6.88			11-15-2019		500,000		613,129
Anheuser-Busch InBev Worldwide Incorporated		7.75			1-15-2019		1,500,000		1,850,999
Anheuser-Busch InBev Worldwide Incorporated		8.20			1-15-2039		500,000		788,237
Beam Incorporated		1.75			6-15-2018		250,000		246,445
Beam Incorporated		1.88			5-15-2017		250,000		251,580
Brown-Forman Corporation		2.25			1-15-2023		250,000		236,697
Brown-Forman Corporation		2.50			1-15-2016		100,000		102,546
Brown-Forman Corporation		3.75			1-15-2043		100,000		96,241
Coca-Cola Company		1.15			4-1-2018		500,000		495,426
Coca-Cola Company		1.50			11-15-2015		500,000		506,061
Coca-Cola Company		1.65			3-14-2018		1,100,000		1,108,172
Coca-Cola Company		1.80			9-1-2016		910,000		931,308
Coca-Cola Company		2.45			11-1-2020		1,000,000		1,011,240
Coca-Cola Company		2.50			4-1-2023		350,000		340,524
Coca-Cola Company		3.15			11-15-2020		1,010,000		1,059,704
Coca-Cola Company		3.20			11-1-2023		400,000		407,865
Coca-Cola Company		3.30			9-1-2021		70,000		73,742
Coca-Cola Enterprises Incorporated		2.00			8-19-2016		100,000		101,885
Coca-Cola Enterprises Incorporated		3.50			9-15-2020		500,000		520,896
Coca-Cola Enterprises Incorporated		4.50			9-1-2021		100,000		110,106
Diageo Investment Corporation		2.88			5-11-2022		600,000		600,065
Diageo Investment Corporation		4.25			5-11-2042		250,000		254,003
Diageo Investment Corporation		7.45			4-15-2035		150,000		217,536
Dr Pepper Snapple Group Incorporated		2.90			1-15-2016		500,000		515,005

34 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Beverages (continued)
Dr Pepper Snapple Group Incorporated		3.20	%		11-15-2021	$	250,000	$	255,747
Dr Pepper Snapple Group Incorporated		7.45			5-1-2038		100,000		141,893
Fortune Brands Incorporated		5.38			1-15-2016		36,000		38,090
Molson Coors Brewing Company		5.00			5-1-2042		500,000		545,001
PepsiCo Incorporated		0.70			2-26-2016		150,000		150,319
PepsiCo Incorporated		1.25			8-13-2017		400,000		400,470
PepsiCo Incorporated		2.25			1-7-2019		350,000		356,308
PepsiCo Incorporated		2.50			5-10-2016		400,000		412,331
PepsiCo Incorporated		2.75			3-5-2022		370,000		370,672
PepsiCo Incorporated		2.75			3-1-2023		475,000		468,504
PepsiCo Incorporated		3.00			8-25-2021		250,000		257,244
PepsiCo Incorporated		3.13			11-1-2020		1,000,000		1,045,740
PepsiCo Incorporated		3.60			3-1-2024		1,000,000		1,041,318
PepsiCo Incorporated		3.60			8-13-2042		250,000		230,811
PepsiCo Incorporated		4.00			3-5-2042		250,000		246,637
PepsiCo Incorporated		4.50			1-15-2020		200,000		223,329
PepsiCo Incorporated		4.88			11-1-2040		325,000		363,383
PepsiCo Incorporated		5.00			6-1-2018		1,000,000		1,121,308
PepsiCo Incorporated		5.50			1-15-2040		300,000		360,915
PepsiCo Incorporated		7.90			11-1-2018		500,000		616,603
PepsiCo Incorporated Series B		7.00			3-1-2029		600,000		813,805
									31,089,862
Food & Staples Retailing: 0.50%
Costco Wholesale Corporation		1.13			12-15-2017		1,000,000		992,348
Costco Wholesale Corporation		1.70			12-15-2019		500,000		492,434
Costco Wholesale Corporation		5.50			3-15-2017		400,000		444,090
CVS Caremark Corporation		2.25			12-5-2018		278,000		280,840
CVS Caremark Corporation		2.75			12-1-2022		500,000		489,555
CVS Caremark Corporation		3.38			8-12-2024		800,000		804,746
CVS Caremark Corporation		4.00			12-5-2023		1,000,000		1,054,679
CVS Caremark Corporation		4.75			5-18-2020		250,000		281,666
CVS Caremark Corporation		5.30			12-5-2043		300,000		350,767
CVS Caremark Corporation		5.75			6-1-2017		400,000		447,733
CVS Caremark Corporation		5.75			5-15-2041		300,000		367,456
CVS Caremark Corporation		6.13			8-15-2016		250,000		275,027
CVS Caremark Corporation		6.13			9-15-2039		700,000		896,546
CVS Caremark Corporation		6.25			6-1-2027		515,000		658,137
Delhaize America Incorporated		9.00			4-15-2031		500,000		680,793
Safeway Incorporated		4.75			12-1-2021		500,000		505,983
Safeway Incorporated		5.00			8-15-2019		750,000		773,720
Safeway Incorporated		7.25			2-1-2031		75,000		76,645
Sysco Corporation		5.25			2-12-2018		300,000		334,644
Sysco Corporation		6.63			3-17-2039		200,000		275,664
The Kroger Company		1.20			10-17-2016		200,000		200,395
The Kroger Company		2.20			1-15-2017		200,000		204,886
The Kroger Company		2.30			1-15-2019		200,000		201,357
The Kroger Company		3.30			1-15-2021		500,000		513,956
The Kroger Company		3.40			4-15-2022		250,000		254,362

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 35

Security name	Interest rate			Maturity date		Principal		Value
Food & Staples Retailing (continued)
The Kroger Company		3.85	%		8-1-2023	$	250,000	$	259,464
The Kroger Company		3.90			10-1-2015		150,000		155,052
The Kroger Company		5.00			4-15-2042		250,000		272,735
The Kroger Company		5.15			8-1-2043		150,000		167,043
The Kroger Company		6.15			1-15-2020		800,000		936,791
The Kroger Company		6.90			4-15-2038		300,000		400,571
The Kroger Company		7.50			4-1-2031		75,000		101,824
Wal-Mart Stores Incorporated		1.13			4-11-2018		500,000		493,737
Wal-Mart Stores Incorporated		1.50			10-25-2015		750,000		759,944
Wal-Mart Stores Incorporated		2.55			4-11-2023		750,000		733,319
Wal-Mart Stores Incorporated		3.25			10-25-2020		750,000		789,116
Wal-Mart Stores Incorporated		3.63			7-8-2020		1,100,000		1,181,549
Wal-Mart Stores Incorporated		4.00			4-11-2043		400,000		397,164
Wal-Mart Stores Incorporated		4.25			4-15-2021		500,000		557,149
Wal-Mart Stores Incorporated		4.30			4-22-2044		500,000		524,602
Wal-Mart Stores Incorporated		4.75			10-2-2043		500,000		556,489
Wal-Mart Stores Incorporated		4.88			7-8-2040		850,000		959,928
Wal-Mart Stores Incorporated		5.00			10-25-2040		500,000		575,094
Wal-Mart Stores Incorporated		5.25			9-1-2035		950,000		1,133,909
Wal-Mart Stores Incorporated		5.63			4-1-2040		600,000		748,316
Wal-Mart Stores Incorporated		5.63			4-15-2041		1,000,000		1,249,970
Wal-Mart Stores Incorporated		5.80			2-15-2018		700,000		800,668
Wal-Mart Stores Incorporated		5.88			4-5-2027		100,000		126,899
Wal-Mart Stores Incorporated		6.20			4-15-2038		1,000,000		1,324,506
Wal-Mart Stores Incorporated		6.50			8-15-2037		1,000,000		1,363,506
Wal-Mart Stores Incorporated		7.55			2-15-2030		500,000		725,552
Walgreen Company		1.80			9-15-2017		400,000		402,781
Walgreen Company		3.10			9-15-2022		1,000,000		991,345
Walgreen Company		4.40			9-15-2042		500,000		489,588
Walgreen Company		5.25			1-15-2019		250,000		280,081
									31,317,121
Food Products: 0.42%
Archer-Daniels-Midland Company		4.02			4-16-2043		840,000		829,211
Archer-Daniels-Midland Company		4.48			3-1-2021		535,000		595,263
Archer-Daniels-Midland Company		4.54			3-26-2042		250,000		269,937
Archer-Daniels-Midland Company		5.38			9-15-2035		350,000		421,069
Archer-Daniels-Midland Company		5.45			3-15-2018		100,000		113,006
Campbell Soup Company		2.50			8-2-2022		121,000		115,340
Campbell Soup Company		4.50			2-15-2019		285,000		311,696
ConAgra Foods Incorporated		1.35			9-10-2015		350,000		352,073
ConAgra Foods Incorporated		1.90			1-25-2018		125,000		124,986
ConAgra Foods Incorporated		3.20			1-25-2023		500,000		492,810
ConAgra Foods Incorporated		3.25			9-15-2022		500,000		496,742
ConAgra Foods Incorporated		4.65			1-25-2043		350,000		353,719
ConAgra Foods Incorporated		6.63			8-15-2039		200,000		253,256
ConAgra Foods Incorporated		7.00			4-15-2019		500,000		598,102
ConAgra Foods Incorporated		8.25			9-15-2030		120,000		172,354
General Mills Incorporated		0.88			1-29-2016		80,000		80,200

36 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Food Products (continued)
General Mills Incorporated		3.65	%		2-15-2024	$	250,000	$	258,847
General Mills Incorporated		5.40			6-15-2040		345,000		402,860
General Mills Incorporated		5.65			2-15-2019		1,000,000		1,155,336
General Mills Incorporated		5.70			2-15-2017		100,000		110,786
Hershey Company		2.63			5-1-2023		100,000		97,958
Hershey Company		4.13			12-1-2020		500,000		546,702
Hormel Foods Corporation		4.13			4-15-2021		100,000		109,637
Ingredion Incorporated		1.80			9-25-2017		150,000		150,292
Ingredion Incorporated		4.63			11-1-2020		300,000		322,858
J.M. Smucker Company		3.50			10-15-2021		300,000		313,496
Kellogg Company		1.88			11-17-2016		500,000		508,514
Kellogg Company		3.25			5-21-2018		65,000		68,279
Kellogg Company		4.00			12-15-2020		221,000		238,506
Kellogg Company		4.15			11-15-2019		300,000		327,598
Kellogg Company		4.45			5-30-2016		300,000		318,463
Kellogg Company Series B		7.45			4-1-2031		350,000		463,724
Kraft Foods Group Incorporated		3.50			6-6-2022		1,350,000		1,388,988
Kraft Foods Group Incorporated		4.13			2-9-2016		1,500,000		1,570,019
Kraft Foods Group Incorporated		5.00			6-4-2042		750,000		816,344
Kraft Foods Group Incorporated		5.38			2-10-2020		1,250,000		1,429,911
Kraft Foods Group Incorporated		6.13			8-23-2018		375,000		433,305
Kraft Foods Group Incorporated		6.13			8-23-2018		500,000		577,224
Kraft Foods Group Incorporated		6.50			8-11-2017		250,000		285,118
Kraft Foods Group Incorporated		6.50			11-1-2031		384,000		492,748
Kraft Foods Group Incorporated		6.50			2-9-2040		500,000		641,370
Kraft Foods Group Incorporated		6.50			2-9-2040		593,000		778,935
Kraft Foods Group Incorporated		6.88			2-1-2038		600,000		807,013
Kraft Foods Group Incorporated		6.88			1-26-2039		100,000		134,732
McCormick & Company		3.50			9-1-2023		179,000		187,486
McCormick & Company		3.90			7-15-2021		75,000		81,685
Mead Johnson Nutrition Company		4.90			11-1-2019		250,000		278,051
Mead Johnson Nutrition Company		5.90			11-1-2039		100,000		122,241
Mondelez International		4.00			2-1-2024		700,000		736,025
Sara Lee Corporation		4.10			9-15-2020		266,000		274,998
Tyson Foods Incorporated		3.95			8-15-2024		1,000,000		1,021,603
Tyson Foods Incorporated		4.50			6-15-2022		500,000		540,300
Tyson Foods Incorporated		4.88			8-15-2034		250,000		263,994
Unilever Capital Corporation		0.85			8-2-2017		500,000		496,653
Unilever Capital Corporation		2.75			2-10-2016		300,000		309,473
Unilever Capital Corporation		4.25			2-10-2021		300,000		333,969
Unilever Capital Corporation		4.80			2-15-2019		350,000		393,724
Unilever Capital Corporation		5.90			11-15-2032		300,000		399,095
									25,768,624
Household Products: 0.12%
Church & Dwight Company Incorporated		2.88			10-1-2022		107,000		104,667
Clorox Company		3.05			9-15-2022		161,000		161,412
Clorox Company		5.95			10-15-2017		90,000		101,832
Colgate-Palmolive Company		1.95			2-1-2023		500,000		469,678

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 37

Security name	Interest rate			Maturity date		Principal		Value
Household Products (continued)
Colgate-Palmolive Company		2.30	%		5-3-2022	$	500,000	$	491,235
Colgate-Palmolive Company		2.95			11-1-2020		200,000		207,425
Colgate-Palmolive Company		5.20			11-7-2016		100,000		109,478
Kimberly-Clark Corporation		2.40			6-1-2023		150,000		144,604
Kimberly-Clark Corporation		3.63			8-1-2020		750,000		797,201
Kimberly-Clark Corporation		5.30			3-1-2041		245,000		296,961
Kimberly-Clark Corporation		6.13			8-1-2017		200,000		227,931
Kimberly-Clark Corporation		6.63			8-1-2037		200,000		274,483
Kimberly-Clark Corporation		7.50			11-1-2018		100,000		122,450
Procter & Gamble Company		1.45			8-15-2016		1,000,000		1,014,784
Procter & Gamble Company		1.80			11-15-2015		400,000		406,655
Procter & Gamble Company		3.10			8-15-2023		375,000		386,153
Procter & Gamble Company		4.70			2-15-2019		500,000		563,680
Procter & Gamble Company		4.85			12-15-2015		500,000		528,145
Procter & Gamble Company		5.50			2-1-2034		350,000		434,906
Procter & Gamble Company		5.55			3-5-2037		500,000		627,017
Procter & Gamble Company		5.80			8-15-2034		100,000		129,353
									7,600,050
Personal Products: 0.02%
Avon Products Incorporated		4.20			7-15-2018		350,000		359,366
Avon Products Incorporated		4.60			3-15-2020		118,000		121,196
Avon Products Incorporated «		5.00			3-15-2023		250,000		251,668
Estee Lauder Companies Incorporated		6.00			5-15-2037		200,000		248,219
									980,449
Tobacco: 0.26%
Altria Group Incorporated		2.85			8-9-2022		750,000		733,634
Altria Group Incorporated		4.00			1-31-2024		89,000		92,588
Altria Group Incorporated		4.13			9-11-2015		500,000		518,546
Altria Group Incorporated		4.25			8-9-2042		500,000		472,484
Altria Group Incorporated		4.50			5-2-2043		250,000		245,174
Altria Group Incorporated		4.75			5-5-2021		500,000		557,054
Altria Group Incorporated		5.38			1-31-2044		1,250,000		1,389,691
Altria Group Incorporated		9.25			8-6-2019		1,000,000		1,315,477
Altria Group Incorporated		9.70			11-10-2018		355,000		460,642
Altria Group Incorporated		9.95			11-10-2038		226,000		384,192
Altria Group Incorporated		10.20			2-6-2039		161,000		278,921
Lorillard Tobacco Company		2.30			8-21-2017		100,000		101,628
Lorillard Tobacco Company		3.50			8-4-2016		45,000		46,898
Lorillard Tobacco Company		3.75			5-20-2023		500,000		497,299
Lorillard Tobacco Company		6.88			5-1-2020		250,000		296,720
Lorillard Tobacco Company		8.13			6-23-2019		155,000		192,683
Lorillard Tobacco Company		8.13			5-1-2040		250,000		346,324
Philip Morris International Incorporated		1.63			3-20-2017		500,000		506,516
Philip Morris International Incorporated		1.88			1-15-2019		250,000		249,391
Philip Morris International Incorporated		2.50			5-16-2016		500,000		515,565
Philip Morris International Incorporated		2.50			8-22-2022		250,000		244,622
Philip Morris International Incorporated		2.63			3-6-2023		175,000		170,906

38 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tobacco (continued)
Philip Morris International Incorporated		3.88	%		8-21-2042	$	250,000	$	236,629
Philip Morris International Incorporated		4.13			3-4-2043		300,000		294,234
Philip Morris International Incorporated		4.38			11-15-2041		500,000		507,413
Philip Morris International Incorporated		4.50			3-26-2020		750,000		831,188
Philip Morris International Incorporated		4.50			3-20-2042		500,000		519,185
Philip Morris International Incorporated		5.65			5-16-2018		1,000,000		1,139,178
Philip Morris International Incorporated		6.38			5-16-2038		600,000		777,280
Reynolds American Incorporated		4.75			11-1-2042		250,000		244,220
Reynolds American Incorporated		4.85			9-15-2023		1,500,000		1,617,870
Reynolds American Incorporated		6.15			9-15-2043		125,000		145,785
Reynolds American Incorporated		7.25			6-15-2037		200,000		255,125
UST Incorporated		5.75			3-1-2018		100,000		113,263
									16,298,325
Energy: 1.67%
Energy Equipment & Services: 0.14%
Baker Hughes Incorporated		5.13			9-15-2040		500,000		576,976
Baker Hughes Incorporated		6.88			1-15-2029		250,000		338,721
Baker Hughes Incorporated		7.50			11-15-2018		375,000		458,924
Cameron International Corporation		1.15			12-15-2016		312,000		312,172
Cameron International Corporation		4.00			12-15-2023		400,000		420,652
Cameron International Corporation		4.50			6-1-2021		200,000		219,164
Cameron International Corporation		5.13			12-15-2043		187,000		205,684
Cameron International Corporation		5.95			6-1-2041		100,000		121,136
Cameron International Corporation		7.00			7-15-2038		100,000		133,623
Diamond Offshore Drilling Incorporated «		4.88			11-1-2043		300,000		307,157
Diamond Offshore Drilling Incorporated		5.70			10-15-2039		300,000		340,959
Diamond Offshore Drilling Incorporated		5.88			5-1-2019		365,000		422,786
FMC Technologies Incorporated		3.45			10-1-2022		100,000		100,322
Halliburton Company		2.00			8-1-2018		500,000		506,401
Halliburton Company		3.25			11-15-2021		200,000		209,542
Halliburton Company		3.50			8-1-2023		500,000		518,250
Halliburton Company		4.50			11-15-2041		250,000		263,951
Halliburton Company		4.75			8-1-2043		250,000		274,358
Halliburton Company		6.15			9-15-2019		350,000		415,068
Halliburton Company		7.45			9-15-2039		650,000		958,695
National Oilwell Varco Incorporated		2.60			12-1-2022		1,000,000		975,761
National Oilwell Varco Incorporated		3.95			12-1-2042		400,000		395,155
									8,475,457
Oil, Gas & Consumable Fuels: 1.53%
Amerada Hess Corporation		7.13			3-15-2033		500,000		678,228
Anadarko Petroleum Corporation		3.45			7-15-2024		250,000		252,796
Anadarko Petroleum Corporation		4.50			7-15-2044		500,000		511,763
Anadarko Petroleum Corporation		5.95			9-15-2016		600,000		658,715
Anadarko Petroleum Corporation		6.20			3-15-2040		300,000		380,597
Anadarko Petroleum Corporation		6.38			9-15-2017		500,000		570,045
Anadarko Petroleum Corporation		6.45			9-15-2036		850,000		1,091,100
Anadarko Petroleum Corporation		8.70			3-15-2019		450,000		573,831

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 39

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Apache Corporation		3.25	%		4-15-2022	$	362,000	$	369,068
Apache Corporation		3.63			2-1-2021		500,000		529,825
Apache Corporation		4.25			1-15-2044		250,000		248,252
Apache Corporation		4.75			4-15-2043		1,000,000		1,062,489
Apache Corporation		5.10			9-1-2040		575,000		634,888
Apache Corporation		5.25			2-1-2042		100,000		112,334
Apache Corporation		5.63			1-15-2017		380,000		419,275
Apache Corporation		6.00			1-15-2037		500,000		615,389
BJ Services Company		6.00			6-1-2018		150,000		171,270
Boardwalk Pipelines LP		3.38			2-1-2023		100,000		94,319
Boardwalk Pipelines LP		5.75			9-15-2019		150,000		164,910
Boardwalk Pipelines LP		5.88			11-15-2016		100,000		108,758
Buckeye Partners LP		4.15			7-1-2023		250,000		258,050
Buckeye Partners LP		4.88			2-1-2021		560,000		610,789
Buckeye Partners LP		5.50			8-15-2019		150,000		168,710
Buckeye Partners LP		5.85			11-15-2043		200,000		228,354
Buckeye Partners LP		6.05			1-15-2018		100,000		112,433
Chevron Corporation		1.10			12-5-2017		1,000,000		993,009
Chevron Corporation		1.72			6-24-2018		2,000,000		2,013,674
Chevron Corporation		2.36			12-5-2022		750,000		730,247
Chevron Corporation		4.95			3-3-2019		500,000		566,054
ConocoPhillips Company		1.05			12-15-2017		250,000		247,567
ConocoPhillips Company		2.40			12-15-2022		500,000		487,905
ConocoPhillips Company		5.20			5-15-2018		250,000		280,234
ConocoPhillips Company		5.75			2-1-2019		1,250,000		1,446,641
ConocoPhillips Company		5.90			10-15-2032		250,000		321,538
ConocoPhillips Company		5.90			5-15-2038		100,000		128,335
ConocoPhillips Company		6.00			1-15-2020		750,000		890,371
ConocoPhillips Company		6.50			2-1-2039		1,200,000		1,629,701
ConocoPhillips Company		6.95			4-15-2029		800,000		1,104,340
Continental Resources Company		4.50			4-15-2023		2,000,000		2,160,042
DCP Midstream Operating Company		2.70			4-1-2019		500,000		506,820
DCP Midstream Operating Company		3.88			3-15-2023		400,000		409,253
DCP Midstream Operating Company		5.60			4-1-2044		250,000		283,700
Devon Energy Corporation		1.20			12-15-2016		150,000		150,589
Devon Energy Corporation		2.40			7-15-2016		200,000		205,447
Devon Energy Corporation		3.25			5-15-2022		500,000		509,522
Devon Energy Corporation		4.00			7-15-2021		200,000		213,862
Devon Energy Corporation		4.75			5-15-2042		500,000		529,878
Devon Energy Corporation		5.60			7-15-2041		200,000		234,893
Devon Energy Corporation		6.30			1-15-2019		600,000		701,991
Devon Energy Corporation		7.95			4-15-2032		500,000		722,841
El Paso Natural Gas Company		5.95			4-15-2017		150,000		166,496
El Paso Natural Gas Company		8.38			6-15-2032		650,000		890,100
El Paso Pipeline Partners Operating LLC		4.70			11-1-2042		100,000		94,166
Enable Midstream Partners LP 144A		3.90			5-15-2024		1,000,000		1,010,208
Enbridge Energy Partners LP		5.20			3-15-2020		380,000		426,771
Enbridge Energy Partners LP		5.50			9-15-2040		200,000		222,908
Enbridge Energy Partners LP		5.88			12-15-2016		65,000		71,729
Enbridge Energy Partners LP		6.50			4-15-2018		200,000		231,046

40 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Enbridge Energy Partners LP		7.50	%		4-15-2038	$	270,000	$	365,146
Enbridge Energy Partners LP		9.88			3-1-2019		125,000		163,793
Energy Transfer Partners LP		3.60			2-1-2023		300,000		297,990
Energy Transfer Partners LP		4.15			10-1-2020		300,000		317,335
Energy Transfer Partners LP		4.65			6-1-2021		100,000		108,580
Energy Transfer Partners LP		4.90			2-1-2024		300,000		323,686
Energy Transfer Partners LP		5.15			2-1-2043		200,000		202,813
Energy Transfer Partners LP		5.20			2-1-2022		500,000		551,651
Energy Transfer Partners LP		5.95			10-1-2043		200,000		225,522
Energy Transfer Partners LP		6.05			6-1-2041		300,000		342,513
Energy Transfer Partners LP		6.13			2-15-2017		55,000		61,133
Energy Transfer Partners LP		6.50			2-1-2042		500,000		601,253
Energy Transfer Partners LP		6.63			10-15-2036		230,000		278,426
Energy Transfer Partners LP		6.70			7-1-2018		100,000		116,625
Energy Transfer Partners LP		7.50			7-1-2038		100,000		131,171
Energy Transfer Partners LP		8.25			11-15-2029		125,000		178,577
Energy Transfer Partners LP		9.00			4-15-2019		1,000,000		1,270,370
Eni Lasmo plc		7.30			11-15-2027		200,000		271,028
Enlink Midstream Partners LP		2.70			4-1-2019		250,000		253,354
Enlink Midstream Partners LP		4.40			4-1-2024		250,000		264,444
Enlink Midstream Partners LP		5.60			4-1-2044		250,000		283,649
Enterprise Products Operating LLC		3.20			2-1-2016		100,000		103,518
Enterprise Products Operating LLC		3.35			3-15-2023		850,000		856,569
Enterprise Products Operating LLC		3.90			2-15-2024		300,000		312,898
Enterprise Products Operating LLC		4.05			2-15-2022		250,000		268,213
Enterprise Products Operating LLC		4.45			2-15-2043		250,000		249,120
Enterprise Products Operating LLC		4.85			3-15-2044		400,000		424,451
Enterprise Products Operating LLC		5.10			2-15-2045		500,000		551,542
Enterprise Products Operating LLC		5.20			9-1-2020		500,000		569,815
Enterprise Products Operating LLC		5.25			1-31-2020		700,000		797,008
Enterprise Products Operating LLC		5.70			2-15-2042		200,000		238,606
Enterprise Products Operating LLC		5.95			2-1-2041		100,000		122,236
Enterprise Products Operating LLC		6.13			10-15-2039		1,000,000		1,247,300
Enterprise Products Operating LLC		6.30			9-15-2017		400,000		457,261
Enterprise Products Operating LLC		6.65			4-15-2018		250,000		292,585
Enterprise Products Operating LLC		7.55			4-15-2038		100,000		141,810
Enterprise Products Operating LLC Series D		6.88			3-1-2033		400,000		529,538
EOG Resources Incorporated		2.63			3-15-2023		450,000		437,940
EOG Resources Incorporated		4.10			2-1-2021		200,000		218,179
EOG Resources Incorporated		4.40			6-1-2020		300,000		329,741
EOG Resources Incorporated		5.63			6-1-2019		75,000		86,748
EOG Resources Incorporated		6.88			10-1-2018		400,000		476,401
EQT Corporation		4.88			11-15-2021		300,000		331,188
EQT Corporation		8.13			6-1-2019		325,000		403,231
Equitable Resources Incorporated		6.50			4-1-2018		100,000		114,954
Exxon Mobil Corporation		0.92			3-15-2017		500,000		500,210
Exxon Mobil Corporation		1.82			3-15-2019		1,000,000		1,005,797
Exxon Mobil Corporation		3.18			3-15-2024		500,000		515,979
Gulf South Pipeline Company LP		4.00			6-15-2022		200,000		203,738
Hess Corporation		5.60			2-15-2041		300,000		355,833

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 41

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Hess Corporation		6.00	%		1-15-2040	$	350,000	$	432,880
Hess Corporation		7.30			8-15-2031		384,000		520,770
Hess Corporation		7.88			10-1-2029		280,000		392,020
Hess Corporation		8.13			2-15-2019		500,000		623,325
Kerr-McGee Corporation		6.95			7-1-2024		200,000		255,919
Kinder Morgan Energy Partners LP		3.45			2-15-2023		250,000		244,200
Kinder Morgan Energy Partners LP		3.50			3-1-2016		500,000		518,081
Kinder Morgan Energy Partners LP		3.50			3-1-2021		300,000		303,372
Kinder Morgan Energy Partners LP		3.50			9-1-2023		250,000		243,531
Kinder Morgan Energy Partners LP		3.95			9-1-2022		375,000		381,701
Kinder Morgan Energy Partners LP		5.00			8-15-2042		250,000		246,589
Kinder Morgan Energy Partners LP		5.00			3-1-2043		225,000		220,913
Kinder Morgan Energy Partners LP		5.30			9-15-2020		125,000		139,850
Kinder Morgan Energy Partners LP		5.50			3-1-2044		300,000		316,567
Kinder Morgan Energy Partners LP		5.80			3-1-2021		1,000,000		1,141,683
Kinder Morgan Energy Partners LP		5.80			3-15-2035		100,000		110,578
Kinder Morgan Energy Partners LP		5.95			2-15-2018		500,000		563,450
Kinder Morgan Energy Partners LP		6.38			3-1-2041		500,000		584,632
Kinder Morgan Energy Partners LP		6.50			9-1-2039		750,000		879,447
Kinder Morgan Energy Partners LP		6.95			1-15-2038		500,000		614,251
Magellan Midstream Partners LP		5.15			10-15-2043		200,000		223,852
Magellan Midstream Partners LP		6.40			7-15-2018		100,000		116,748
Magellan Midstream Partners LP		6.55			7-15-2019		575,000		680,135
Marathon Oil Corporation		2.80			11-1-2022		600,000		586,756
Marathon Oil Corporation		6.00			10-1-2017		625,000		710,160
Marathon Oil Corporation		6.60			10-1-2037		450,000		589,810
Marathon Petroleum Corporation		3.50			3-1-2016		555,000		576,204
Marathon Petroleum Corporation		5.13			3-1-2021		35,000		39,637
Marathon Petroleum Corporation		6.50			3-1-2041		545,000		686,265
Murphy Oil Corporation		2.50			12-1-2017		500,000		511,634
Murphy Oil Corporation		5.13			12-1-2042		250,000		246,788
Murphy Oil Corporation		7.05			5-1-2029		200,000		244,980
Nabors Industries Incorporated		5.00			9-15-2020		300,000		335,447
Nabors Industries Incorporated		6.15			2-15-2018		500,000		568,634
Nabors Industries Incorporated		9.25			1-15-2019		500,000		638,131
Nextera Energy Capital		4.50			6-1-2021		200,000		219,038
Noble Energy Incorporated		4.15			12-15-2021		500,000		537,572
Noble Energy Incorporated		6.00			3-1-2041		565,000		683,255
Noble Energy Incorporated		8.25			3-1-2019		350,000		437,652
Northwest Pipeline Corporation		6.05			6-15-2018		170,000		193,642
Occidental Petroleum Corporation		1.50			2-15-2018		250,000		249,338
Occidental Petroleum Corporation		1.75			2-15-2017		500,000		507,653
Occidental Petroleum Corporation		2.50			2-1-2016		100,000		102,665
Occidental Petroleum Corporation		2.70			2-15-2023		500,000		490,229
Occidental Petroleum Corporation		3.13			2-15-2022		500,000		508,959
Occidental Petroleum Corporation		4.10			2-1-2021		460,000		501,527
Occidental Petroleum Corporation		4.13			6-1-2016		400,000		423,274
ONEOK Partners LP		3.20			9-15-2018		125,000		130,419
ONEOK Partners LP		6.13			2-1-2041		500,000		596,807
ONEOK Partners LP		6.15			10-1-2016		200,000		221,036

42 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
ONEOK Partners LP		6.20	%		9-15-2043	$	179,000	$	217,544
ONEOK Partners LP		6.85			10-15-2037		500,000		644,233
ONEOK Partners LP		8.63			3-1-2019		350,000		439,957
Phillips 66		2.95			5-1-2017		1,000,000		1,044,727
Phillips 66		4.30			4-1-2022		1,000,000		1,083,740
Phillips 66		5.88			5-1-2042		750,000		922,900
Pioneer Natural Resources Company		3.95			7-15-2022		1,000,000		1,048,388
Plains All American Pipeline LP		3.65			6-1-2022		500,000		517,813
Plains All American Pipeline LP		3.85			10-15-2023		500,000		516,976
Plains All American Pipeline LP		5.00			2-1-2021		200,000		226,233
Plains All American Pipeline LP		5.15			6-1-2042		500,000		546,388
Plains All American Pipeline LP		6.50			5-1-2018		150,000		174,308
Plains All American Pipeline LP		6.65			1-15-2037		200,000		256,986
Plains All American Pipeline LP		8.75			5-1-2019		400,000		510,822
Rowan Companies Incorporated		4.75			1-15-2024		200,000		211,000
Rowan Companies Incorporated		5.40			12-1-2042		150,000		148,803
Rowan Companies Incorporated		5.85			1-15-2044		200,000		210,199
Rowan Companies Incorporated		7.88			8-1-2019		300,000		368,921
Southern Natural Gas Company		4.40			6-15-2021		1,000,000		1,070,630
Southern Natural Gas Company 144A		5.90			4-1-2017		500,000		554,901
SouthWestern Energy Company		4.10			3-15-2022		1,000,000		1,060,959
Spectra Energy Capital LLC		3.30			3-15-2023		200,000		193,012
Spectra Energy Capital LLC		4.60			6-15-2021		100,000		109,730
Spectra Energy Capital LLC		7.50			9-15-2038		100,000		131,816
Spectra Energy Capital LLC		8.00			10-1-2019		100,000		125,552
Spectra Energy Partners LP		2.95			9-25-2018		500,000		518,196
Spectra Energy Partners LP		4.75			3-15-2024		350,000		382,592
Sunoco Logistics Partners LP		3.45			1-15-2023		200,000		196,806
Sunoco Logistics Partners LP		4.95			1-15-2043		150,000		150,628
Sunoco Logistics Partners LP		6.85			2-15-2040		250,000		319,510
TC Pipelines LP		4.65			6-15-2021		300,000		320,108
Tennessee Gas Pipeline Company		7.00			10-15-2028		250,000		321,372
Texas Eastern Transmission LP		7.00			7-15-2032		325,000		432,545
Transcontinental Gas Pipe Line Corporation		6.05			6-15-2018		105,000		119,898
Valero Energy Corporation		6.13			6-15-2017		500,000		563,842
Valero Energy Corporation		6.13			2-1-2020		65,000		76,459
Valero Energy Corporation		6.63			6-15-2037		500,000		629,432
Valero Energy Corporation		7.50			4-15-2032		300,000		398,903
Valero Energy Corporation		9.38			3-15-2019		250,000		324,204
Western Gas Partners LP		4.00			7-1-2022		400,000		418,027
Western Gas Partners LP		5.45			4-1-2044		500,000		561,820
Williams Companies Incorporated		3.70			1-15-2023		500,000		479,667
Williams Companies Incorporated		4.55			6-24-2024		650,000		654,666
Williams Companies Incorporated		7.88			9-1-2021		200,000		246,410
Williams Companies Incorporated		8.75			3-15-2032		275,000		357,143
Williams Partners LP		3.35			8-15-2022		250,000		249,770
Williams Partners LP		4.13			11-15-2020		300,000		319,239
Williams Partners LP		4.30			3-4-2024		500,000		523,074
Williams Partners LP		4.50			11-15-2023		400,000		427,048
Williams Partners LP		5.25			3-15-2020		640,000		716,050

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 43

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Williams Partners LP		5.80	%		11-15-2043	$	1,000,000	$	1,143,702
Williams Partners LP		6.30			4-15-2040		390,000		469,122
XTO Energy Incorporated		6.50			12-15-2018		500,000		596,763
									95,505,074
Financials: 7.15%
Banks: 2.03%
ABB Finance (USA) Incorporated		1.63			5-8-2017		100,000		100,923
ABB Finance (USA) Incorporated		2.88			5-8-2022		1,100,000		1,100,872
ABB Finance (USA) Incorporated		4.38			5-8-2042		37,000		38,961
Bank of America Corporation		2.65			4-1-2019		2,500,000		2,525,468
Bank of America Corporation		1.25			1-11-2016		500,000		502,580
Bank of America Corporation		1.50			10-9-2015		1,000,000		1,009,218
Bank of America Corporation		1.70			8-25-2017		500,000		500,445
Bank of America Corporation		2.00			1-11-2018		750,000		753,312
Bank of America Corporation		2.60			1-15-2019		554,000		559,400
Bank of America Corporation		3.30			1-11-2023		1,600,000		1,586,901
Bank of America Corporation		3.63			3-17-2016		2,000,000		2,079,036
Bank of America Corporation		3.70			9-1-2015		500,000		514,717
Bank of America Corporation		3.75			7-12-2016		2,000,000		2,096,484
Bank of America Corporation		4.00			4-1-2024		2,500,000		2,577,650
Bank of America Corporation		4.13			1-22-2024		1,250,000		1,301,513
Bank of America Corporation		4.20			8-26-2024		1,200,000		1,218,283
Bank of America Corporation		5.00			1-21-2044		950,000		1,033,197
Bank of America Corporation		5.25			12-1-2015		500,000		525,350
Bank of America Corporation		5.30			3-15-2017		275,000		299,889
Bank of America Corporation		5.49			3-15-2019		250,000		280,652
Bank of America Corporation		5.63			10-14-2016		100,000		109,052
Bank of America Corporation		5.63			7-1-2020		1,500,000		1,719,009
Bank of America Corporation		5.70			1-24-2022		2,000,000		2,323,332
Bank of America Corporation		5.75			12-1-2017		1,500,000		1,682,480
Bank of America Corporation		5.88			1-5-2021		500,000		583,053
Bank of America Corporation		5.88			2-7-2042		500,000		612,037
Bank of America Corporation		6.00			9-1-2017		1,000,000		1,122,285
Bank of America Corporation		6.00			10-15-2036		800,000		995,210
Bank of America Corporation		6.05			5-16-2016		1,500,000		1,621,887
Bank of America Corporation		6.50			8-1-2016		1,850,000		2,033,291
Bank of America Corporation		7.63			6-1-2019		2,500,000		3,060,218
Bank One Corporation		7.63			10-15-2026		240,000		318,411
Bank One Corporation		8.00			4-29-2027		550,000		765,535
Branch Banking & Trust Corporation		1.35			10-1-2017		1,200,000		1,196,958
Branch Banking & Trust Corporation		2.15			3-22-2017		500,000		511,093
Branch Banking & Trust Corporation		2.30			10-15-2018		500,000		509,418
Branch Banking & Trust Corporation		3.20			3-15-2016		600,000		621,734
Branch Banking & Trust Corporation		3.95			4-29-2016		350,000		368,388
Branch Banking & Trust Corporation		3.95			3-22-2022		500,000		532,494
Branch Banking & Trust Corporation		5.20			12-23-2015		500,000		527,876
Branch Banking & Trust Corporation		5.63			9-15-2016		100,000		108,944
Branch Banking & Trust Corporation		6.85			4-30-2019		500,000		603,061

44 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Citigroup Incorporated		1.25	%		1-15-2016	$	750,000	$	753,800
Citigroup Incorporated		1.35			3-10-2017		2,000,000		1,997,330
Citigroup Incorporated		1.55			8-14-2017		1,100,000		1,098,763
Citigroup Incorporated		1.75			5-1-2018		100,000		99,530
Citigroup Incorporated		2.50			9-26-2018		400,000		406,066
Citigroup Incorporated		2.50			7-29-2019		1,000,000		1,003,978
Citigroup Incorporated		3.38			3-1-2023		632,000		635,807
Citigroup Incorporated		3.50			5-15-2023		500,000		489,937
Citigroup Incorporated		3.75			6-16-2024		1,550,000		1,582,699
Citigroup Incorporated		3.88			10-25-2023		850,000		881,260
Citigroup Incorporated		3.95			6-15-2016		1,000,000		1,051,149
Citigroup Incorporated		4.05			7-30-2022		400,000		412,331
Citigroup Incorporated		4.50			1-14-2022		1,500,000		1,638,965
Citigroup Incorporated		4.59			12-15-2015		35,000		36,710
Citigroup Incorporated		4.95			11-7-2043		200,000		220,001
Citigroup Incorporated		5.38			8-9-2020		500,000		571,560
Citigroup Incorporated		5.50			2-15-2017		1,000,000		1,092,738
Citigroup Incorporated		5.50			9-13-2025		1,000,000		1,120,520
Citigroup Incorporated		5.88			2-22-2033		500,000		570,521
Citigroup Incorporated		5.88			1-30-2042		500,000		615,649
Citigroup Incorporated		6.00			8-15-2017		100,000		112,419
Citigroup Incorporated		6.00			10-31-2033		725,000		839,922
Citigroup Incorporated		6.13			11-21-2017		1,000,000		1,134,297
Citigroup Incorporated		6.13			5-15-2018		3,000,000		3,440,742
Citigroup Incorporated		6.13			8-25-2036		500,000		587,695
Citigroup Incorporated		6.88			3-5-2038		1,300,000		1,763,527
Citigroup Incorporated		8.13			7-15-2039		855,000		1,312,957
Citigroup Incorporated		8.50			5-22-2019		900,000		1,140,024
City National Corporation		5.25			9-15-2020		200,000		224,381
Comerica Bank		5.75			11-21-2016		500,000		549,832
Comerica Incorporated		3.00			9-16-2015		100,000		102,369
Comerica Incorporated		3.80			7-22-2026		250,000		252,065
Commonwealth Bank of Australia (New York)		1.13			3-13-2017		1,000,000		999,000
Commonwealth Bank of Australia (New York)		1.25			9-18-2015		500,000		504,798
Commonwealth Bank of Australia (New York)		1.90			9-18-2017		250,000		253,376
Commonwealth Bank of Australia (New York)		2.25			3-13-2019		1,000,000		1,008,458
Commonwealth Bank of Australia (New York)		2.50			9-20-2018		500,000		512,905
Compass Bank		6.40			10-1-2017		250,000		275,070
Discover Bank		3.20			8-9-2021		500,000		501,622
Discover Bank		4.25			3-13-2026		250,000		261,302
Fifth Third Bancorp		1.15			11-18-2016		350,000		351,559
Fifth Third Bancorp		3.63			1-25-2016		500,000		520,179
Fifth Third Bancorp		4.30			1-16-2024		500,000		525,666
Fifth Third Bancorp		5.45			1-15-2017		500,000		546,007
Fifth Third Bancorp		8.25			3-1-2038		750,000		1,127,435
First Horizon National Corporation		5.38			12-15-2015		500,000		526,437
HSBC Bank USA NA		1.63			1-16-2018		1,000,000		1,003,321
HSBC Bank USA NA		2.25			6-23-2019		1,900,000		1,907,454
HSBC Bank USA NA		4.88			8-24-2020		800,000		892,883
HSBC Bank USA NA		5.00			9-27-2020		500,000		554,378

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 45

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
HSBC Bank USA NA		5.63	%		8-15-2035	$	225,000	$	269,659
HSBC Bank USA NA		7.00			1-15-2039		500,000		704,303
HSBC Finance Capital Trust IX ±		5.91			11-30-2035		200,000		207,250
Huntington Bancshares Incorporated		2.60			8-2-2018		250,000		252,520
Huntington Bancshares Incorporated		7.00			12-15-2020		25,000		30,107
Huntington National Bank		1.30			11-20-2016		265,000		266,065
KeyBank NA		1.10			11-25-2016		300,000		300,791
KeyBank NA		1.65			2-1-2018		400,000		400,616
KeyBank NA		4.95			9-15-2015		250,000		260,665
KeyBank NA		5.45			3-3-2016		500,000		533,872
KeyCorp		2.30			12-13-2018		300,000		302,716
KeyCorp		5.10			3-24-2021		500,000		568,085
Manufacturers & Traders Trust Company		1.25			1-30-2017		355,000		356,102
Manufacturers & Traders Trust Company		1.40			7-25-2017		300,000		300,130
Manufacturers & Traders Trust Company		2.25			7-25-2019		850,000		851,029
Manufacturers & Traders Trust Company		6.63			12-4-2017		500,000		577,043
MUFG Capital Finance 1 Limited ±		6.35			7-29-2049		1,000,000		1,081,250
National Australia Bank Limited		0.90			1-20-2016		500,000		502,844
National Australia Bank Limited		1.30			7-25-2016		250,000		252,289
National Australia Bank Limited		2.75			3-9-2017		1,000,000		1,041,201
National Australia Bank Limited		3.00			1-20-2023		350,000		347,477
PNC Bank NA		1.13			1-27-2017		500,000		500,809
PNC Bank NA		2.25			7-2-2019		750,000		752,237
PNC Bank NA		2.70			11-1-2022		350,000		339,400
PNC Bank NA		2.95			1-30-2023		300,000		295,091
PNC Bank NA		3.80			7-25-2023		300,000		312,476
PNC Bank NA		4.20			11-1-2025		1,500,000		1,595,246
PNC Bank NA		6.00			12-7-2017		500,000		569,168
PNC Bank NA		6.88			4-1-2018		175,000		204,664
Rabobank Nederland NV		2.25			1-14-2019		500,000		508,059
Regions Financial Corporation		2.00			5-15-2018		300,000		298,688
Sovereign Bank		8.75			5-30-2018		250,000		302,207
SunTrust Bank Incorporated		3.60			4-15-2016		250,000		260,788
SunTrust Bank Incorporated		5.00			9-1-2015		34,000		35,462
SunTrust Bank Incorporated		6.00			9-11-2017		750,000		843,748
SunTrust Bank Incorporated		7.25			3-15-2018		500,000		585,814
SVB Financial Group		5.38			9-15-2020		160,000		180,600
Union Bank NA		2.13			6-16-2017		250,000		254,591
Union Bank NA		2.63			9-26-2018		500,000		513,376
Union Bank NA		5.95			5-11-2016		450,000		487,339
UnionBanCal Corporation		3.50			6-18-2022		200,000		206,994
US Bancorp NA		1.95			11-15-2018		250,000		251,547
US Bancorp NA		2.95			7-15-2022		575,000		571,667
US Bancorp NA		3.00			3-15-2022		500,000		508,265
US Bancorp NA		3.44			2-1-2016		500,000		517,921
US Bancorp NA		4.13			5-24-2021		1,000,000		1,098,447
US Bank NA		1.10			1-30-2017		1,000,000		1,002,424
Wachovia Bank NA (l)		5.85			2-1-2037		1,000,000		1,263,090
Wachovia Bank NA (l)		6.60			1-15-2038		600,000		830,614
Wachovia Corporation (l)		5.50			8-1-2035		700,000		808,523

46 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Wachovia Corporation (l)		5.63	%		10-15-2016	$	1,200,000	$	1,312,466
Wachovia Corporation (l)		5.75			6-15-2017		1,000,000		1,120,411
Wachovia Corporation (l)		5.75			2-1-2018		1,000,000		1,136,636
Wells Fargo & Company (l)		1.25			7-20-2016		1,250,000		1,259,985
Wells Fargo & Company (l)		1.50			1-16-2018		1,000,000		998,255
Wells Fargo & Company (l)		2.63			12-15-2016		1,000,000		1,037,110
Wells Fargo & Company (l)		3.45			2-13-2023		750,000		755,295
Wells Fargo & Company (l)		3.50			3-8-2022		1,000,000		1,041,738
Wells Fargo & Company (l)		3.68			6-15-2016		1,000,000		1,051,384
Wells Fargo & Company (l)		4.10			6-3-2026		1,000,000		1,025,008
Wells Fargo & Company (l)		4.13			8-15-2023		1,000,000		1,051,139
Wells Fargo & Company (l)		4.60			4-1-2021		1,250,000		1,395,925
Wells Fargo & Company (l)		5.38			11-2-2043		1,000,000		1,139,161
Wells Fargo & Company (l)		5.61			1-15-2044		1,000,000		1,178,845
Wells Fargo & Company (l)		5.63			12-11-2017		1,500,000		1,695,932
Wells Fargo Bank NA (l)		5.95			8-26-2036		350,000		446,033
Wells Fargo Capital X (l)		5.95			12-1-2086		500,000		510,000
Zions Bancorporation		4.50			6-13-2023		100,000		104,697
									126,107,300
Capital Markets: 1.27%
AGL Capital Corporation		4.40			6-1-2043		200,000		206,170
AGL Capital Corporation		5.88			3-15-2041		570,000		718,447
Ameriprise Financial Incorporated		4.00			10-15-2023		500,000		530,048
Ameriprise Financial Incorporated		5.30			3-15-2020		300,000		343,581
Ameriprise Financial Incorporated		5.65			11-15-2015		200,000		211,717
Ameriprise Financial Incorporated		7.30			6-28-2019		65,000		79,991
AmeriTech Capital Funding Corporation		6.45			1-15-2018		300,000		341,603
Ares Capital Corporation		4.88			11-30-2018		100,000		105,799
Bank of New York Mellon Corporation		0.70			3-4-2016		200,000		200,295
Bank of New York Mellon Corporation		1.35			3-6-2018		350,000		346,754
Bank of New York Mellon Corporation		2.10			1-15-2019		300,000		301,860
Bank of New York Mellon Corporation		2.30			7-28-2016		1,500,000		1,547,369
Bank of New York Mellon Corporation		2.50			1-15-2016		500,000		512,812
Bank of New York Mellon Corporation		3.40			5-15-2024		1,000,000		1,024,077
Bank of New York Mellon Corporation		3.55			9-23-2021		600,000		632,866
Bank of New York Mellon Corporation		3.95			11-18-2025		250,000		264,520
Bank of New York Mellon Corporation		4.15			2-1-2021		100,000		109,657
Bank of New York Mellon Corporation		5.45			5-15-2019		1,000,000		1,146,981
Bear Stearns Companies Incorporated		5.30			10-30-2015		180,000		189,478
Bear Stearns Companies Incorporated		5.55			1-22-2017		1,025,000		1,122,216
Bear Stearns Companies Incorporated		6.40			10-2-2017		620,000		707,529
Bear Stearns Companies Incorporated		7.25			2-1-2018		1,500,000		1,766,604
BlackRock Incorporated		3.38			6-1-2022		500,000		519,232
BlackRock Incorporated		4.25			5-24-2021		500,000		551,114
BlackRock Incorporated		5.00			12-10-2019		250,000		285,784
BlackRock Incorporated		6.25			9-15-2017		350,000		399,586
Charles Schwab Corporation		2.20			7-25-2018		150,000		152,514
Charles Schwab Corporation		3.23			9-1-2022		425,000		432,874

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 47

Security name	Interest rate			Maturity date		Principal		Value
Capital Markets (continued)
Charles Schwab Corporation		4.45	%		7-22-2020	$	200,000	$	221,981
Credit Suisse USA Incorporated		5.38			3-2-2016		500,000		533,873
Eaton Vance Corporation		3.63			6-15-2023		100,000		102,973
Eaton Vance Corporation		6.50			10-2-2017		30,000		34,180
Franklin Resources Incorporated		2.80			9-15-2022		300,000		296,102
Franklin Resources Incorporated		4.63			5-20-2020		250,000		280,080
FS Investment Corporation		4.00			7-15-2019		250,000		252,377
Goldman Sachs Group Incorporated		1.60			11-23-2015		1,000,000		1,010,230
Goldman Sachs Group Incorporated		2.38			1-22-2018		2,750,000		2,794,099
Goldman Sachs Group Incorporated		3.63			2-7-2016		2,000,000		2,076,250
Goldman Sachs Group Incorporated		3.63			1-22-2023		500,000		507,290
Goldman Sachs Group Incorporated		3.85			7-8-2024		1,000,000		1,019,060
Goldman Sachs Group Incorporated		4.80			7-8-2044		1,000,000		1,046,563
Goldman Sachs Group Incorporated		5.25			7-27-2021		1,100,000		1,239,766
Goldman Sachs Group Incorporated		5.35			1-15-2016		425,000		450,902
Goldman Sachs Group Incorporated		5.38			3-15-2020		1,500,000		1,694,708
Goldman Sachs Group Incorporated		5.75			10-1-2016		500,000		546,385
Goldman Sachs Group Incorporated		5.75			1-24-2022		2,000,000		2,321,302
Goldman Sachs Group Incorporated		5.95			1-18-2018		2,000,000		2,256,800
Goldman Sachs Group Incorporated		5.95			1-15-2027		1,070,000		1,238,650
Goldman Sachs Group Incorporated		6.00			6-15-2020		1,000,000		1,163,653
Goldman Sachs Group Incorporated		6.13			2-15-2033		1,000,000		1,231,952
Goldman Sachs Group Incorporated		6.15			4-1-2018		1,750,000		1,993,926
Goldman Sachs Group Incorporated		6.25			9-1-2017		1,250,000		1,414,070
Goldman Sachs Group Incorporated		6.25			2-1-2041		1,500,000		1,880,946
Goldman Sachs Group Incorporated		6.45			5-1-2036		1,000,000		1,192,356
Goldman Sachs Group Incorporated		6.75			10-1-2037		1,925,000		2,376,426
Goldman Sachs Group Incorporated		7.50			2-15-2019		1,300,000		1,571,223
Jefferies Group Incorporated		3.88			11-9-2015		500,000		516,894
Jefferies Group Incorporated		6.25			1-15-2036		150,000		160,895
Jefferies Group Incorporated		6.45			6-8-2027		150,000		170,095
Jefferies Group Incorporated		6.50			1-20-2043		250,000		279,781
Jefferies Group Incorporated		6.88			4-15-2021		150,000		177,225
Jefferies Group Incorporated		8.50			7-15-2019		700,000		873,775
Lazard Group LLC		6.85			6-15-2017		500,000		566,953
Legg Mason Incorporated		5.63			1-15-2044		600,000		674,210
Morgan Stanley		1.75			2-25-2016		500,000		506,155
Morgan Stanley		2.13			4-25-2018		943,000		948,657
Morgan Stanley		2.38			7-23-2019		1,000,000		997,853
Morgan Stanley		2.50			1-24-2019		1,000,000		1,011,500
Morgan Stanley		3.75			2-25-2023		1,175,000		1,206,092
Morgan Stanley		3.88			4-29-2024		1,000,000		1,024,430
Morgan Stanley		4.10			5-22-2023		750,000		764,123
Morgan Stanley		4.75			3-22-2017		1,000,000		1,081,550
Morgan Stanley		4.88			11-1-2022		906,000		978,805
Morgan Stanley		5.00			11-24-2025		250,000		268,475
Morgan Stanley		5.38			10-15-2015		525,000		551,847
Morgan Stanley		5.45			1-9-2017		1,000,000		1,095,269
Morgan Stanley		5.50			1-26-2020		1,000,000		1,136,964
Morgan Stanley		5.50			7-24-2020		500,000		570,091

48 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Capital Markets (continued)
Morgan Stanley		5.50	%		7-28-2021	$	570,000	$	654,885
Morgan Stanley		5.55			4-27-2017		850,000		937,968
Morgan Stanley		5.63			9-23-2019		2,000,000		2,285,390
Morgan Stanley		5.75			10-18-2016		1,500,000		1,641,561
Morgan Stanley		5.75			1-25-2021		1,250,000		1,451,451
Morgan Stanley		6.25			8-9-2026		300,000		368,572
Morgan Stanley		6.38			7-24-2042		1,000,000		1,302,791
Morgan Stanley		6.63			4-1-2018		2,500,000		2,894,785
Morgan Stanley		7.25			4-1-2032		470,000		641,025
Morgan Stanley		7.30			5-13-2019		400,000		484,026
Northern Trust Corporation		3.45			11-4-2020		500,000		529,698
Northern Trust Corporation		3.95			10-30-2025		250,000		261,652
Raymond James Financial Incorporated		4.25			4-15-2016		100,000		105,131
Raymond James Financial Incorporated		8.60			8-15-2019		100,000		125,703
Stifel Financial Corporation		4.25			7-18-2024		200,000		203,496
TD Ameritrade Holding Corporation		5.60			12-1-2019		200,000		232,588
Vesey Street Investment Trust I		4.40			9-1-2016		1,500,000		1,594,394
									78,776,356
Consumer Finance: 0.92%
Ahold Finance USA LLC		6.88			5-1-2029		300,000		384,746
American Express Centurion Bank		6.00			9-13-2017		500,000		566,787
American Express Company		1.55			5-22-2018		375,000		371,598
American Express Company		2.65			12-2-2022		575,000		563,970
American Express Company		4.05			12-3-2042		905,000		891,188
American Express Company		5.50			9-12-2016		500,000		545,719
American Express Company ±		6.80			9-1-2066		200,000		217,000
American Express Company		7.00			3-19-2018		800,000		942,010
American Express Company		8.13			5-20-2019		500,000		630,545
American Express Credit Corporation		1.13			6-5-2017		1,000,000		996,243
American Express Credit Corporation		2.13			7-27-2018		200,000		202,714
American Express Credit Corporation		2.25			8-15-2019		1,000,000		1,002,642
American Express Credit Corporation		2.38			3-24-2017		750,000		772,703
American Express Credit Corporation		2.75			9-15-2015		1,000,000		1,023,986
American Express Credit Corporation		2.80			9-19-2016		1,000,000		1,037,827
American Express Credit Corporation		5.30			12-2-2015		500,000		529,247
American Honda Finance Corporation		1.13			10-7-2016		400,000		402,314
American Honda Finance Corporation		1.20			7-14-2017		300,000		299,838
American Honda Finance Corporation		2.13			10-10-2018		300,000		304,391
Anadarko Finance Company Series B		7.50			5-1-2031		325,000		451,348
Barrick Gold Finance Company LLC		4.40			5-30-2021		600,000		631,289
Barrick Gold Finance Company LLC		5.70			5-30-2041		300,000		317,385
Bunge Limited Finance Corporation		4.10			3-15-2016		100,000		104,470
Bunge Limited Finance Corporation		8.50			6-15-2019		500,000		626,066
Capital One Bank USA NA		1.30			6-5-2017		1,000,000		998,805
Capital One Bank USA NA		2.15			11-21-2018		250,000		250,557
Capital One Bank USA NA		2.25			2-13-2019		500,000		501,192
Capital One Bank USA NA		2.30			6-5-2019		1,000,000		1,001,171
Capital One Bank USA NA		3.38			2-15-2023		500,000		501,526

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 49

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
Capital One Bank USA NA		8.80	%		7-15-2019	$	750,000	$	963,971
Capital One Financial Corporation		1.00			11-6-2015		300,000		300,680
Capital One Financial Corporation		3.15			7-15-2016		260,000		270,195
Capital One Financial Corporation		4.75			7-15-2021		450,000		497,934
Capital One Financial Corporation		6.15			9-1-2016		500,000		548,886
Capital One Financial Corporation		6.75			9-15-2017		283,000		326,180
Caterpillar Financial Services Corporation		1.00			3-3-2017		500,000		499,580
Caterpillar Financial Services Corporation		1.25			8-18-2017		300,000		300,050
Caterpillar Financial Services Corporation		1.35			9-6-2016		750,000		758,411
Caterpillar Financial Services Corporation		2.10			6-9-2019		500,000		501,955
Caterpillar Financial Services Corporation		2.65			4-1-2016		100,000		103,168
Caterpillar Financial Services Corporation		3.30			6-9-2024		1,000,000		1,013,074
Caterpillar Financial Services Corporation		3.75			11-24-2023		250,000		263,290
Caterpillar Financial Services Corporation		5.50			3-15-2016		275,000		295,344
Caterpillar Financial Services Corporation		7.15			2-15-2019		250,000		304,483
Daimler Finance North America LLC		8.50			1-18-2031		425,000		655,002
Devon Financing Corporation LLC		7.88			9-30-2031		620,000		886,883
Discover Financial Services		3.85			11-21-2022		550,000		563,308
Discover Financial Services		5.20			4-27-2022		600,000		666,696
Ford Motor Credit Company LLC		1.70			5-9-2016		400,000		404,282
Ford Motor Credit Company LLC		2.38			3-12-2019		1,000,000		1,000,925
Ford Motor Credit Company LLC		2.50			1-15-2016		400,000		408,707
Ford Motor Credit Company LLC		3.00			6-12-2017		5,200,000		5,392,374
Ford Motor Credit Company LLC		4.21			4-15-2016		600,000		630,176
Ford Motor Credit Company LLC		4.25			9-20-2022		773,000		826,020
Ford Motor Credit Company LLC		4.75			1-15-2043		1,000,000		1,047,711
Ford Motor Credit Company LLC		5.88			8-2-2021		2,000,000		2,350,558
HSBC Finance Corporation		5.50			1-19-2016		1,000,000		1,061,780
HSBC Finance Corporation		6.68			1-15-2021		1,179,000		1,415,240
John Deere Capital Corporation		0.75			1-22-2016		500,000		501,650
John Deere Capital Corporation		1.05			10-11-2016		200,000		200,851
John Deere Capital Corporation		1.05			12-15-2016		600,000		602,767
John Deere Capital Corporation		1.13			6-12-2017		52,000		51,951
John Deere Capital Corporation		1.30			3-12-2018		550,000		545,430
John Deere Capital Corporation		1.40			3-15-2017		500,000		505,184
John Deere Capital Corporation		1.95			12-13-2018		200,000		200,708
John Deere Capital Corporation		2.25			6-7-2016		200,000		205,601
John Deere Capital Corporation		2.80			1-27-2023		500,000		496,551
John Deere Capital Corporation		3.90			7-12-2021		300,000		325,033
John Deere Capital Corporation		5.50			4-13-2017		100,000		111,027
John Deere Capital Corporation		5.75			9-10-2018		500,000		575,921
Murray Street Investment Trust I		4.65			3-9-2017		1,000,000		1,075,571
National City Corporation		6.88			5-15-2019		500,000		600,207
PACCAR Financial Corporation		0.70			11-16-2015		250,000		250,656
PACCAR Financial Corporation		1.15			8-16-2016		350,000		353,281
Reed Elsevier Capital Incorporated		3.13			10-15-2022		500,000		495,807
Reed Elsevier Capital Incorporated		8.63			1-15-2019		500,000		628,125
Synchrony Financial		3.00			8-15-2019		750,000		760,765
Synchrony Financial		4.25			8-15-2024		750,000		767,800
Toyota Motor Credit Corporation		0.80			5-17-2016		300,000		301,095

50 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
Toyota Motor Credit Corporation		1.25	%		10-5-2017	$	650,000	$	648,545
Toyota Motor Credit Corporation		2.00			9-15-2016		500,000		511,851
Toyota Motor Credit Corporation		2.00			10-24-2018		400,000		403,441
Toyota Motor Credit Corporation		2.05			1-12-2017		750,000		768,741
Toyota Motor Credit Corporation		2.10			1-17-2019		350,000		352,871
Toyota Motor Credit Corporation		2.13			7-18-2019		800,000		802,271
Toyota Motor Credit Corporation		2.80			1-11-2016		500,000		515,516
Toyota Motor Credit Corporation		3.30			1-12-2022		1,500,000		1,566,467
Toyota Motor Credit Corporation		3.40			9-15-2021		350,000		367,123
Toyota Motor Credit Corporation		4.50			6-17-2020		500,000		555,159
									57,374,106
Diversified Financial Services: 1.32%
Block Financial LLC		5.50			11-1-2022		200,000		219,845
Boeing Capital Corporation		2.13			8-15-2016		200,000		205,460
Boeing Capital Corporation		4.70			10-27-2019		500,000		561,068
CME Group Incorporated		5.30			9-15-2043		300,000		352,236
General Electric Capital Corporation		1.00			1-8-2016		500,000		502,571
General Electric Capital Corporation		1.50			7-12-2016		500,000		506,716
General Electric Capital Corporation		2.30			4-27-2017		2,000,000		2,055,864
General Electric Capital Corporation		2.30			1-14-2019		500,000		509,312
General Electric Capital Corporation		3.10			1-9-2023		1,000,000		1,004,878
General Electric Capital Corporation		3.15			9-7-2022		2,000,000		2,027,902
General Electric Capital Corporation		3.35			10-17-2016		2,000,000		2,103,046
General Electric Capital Corporation		4.38			9-16-2020		2,000,000		2,199,556
General Electric Capital Corporation		4.63			1-7-2021		500,000		559,664
General Electric Capital Corporation		4.65			10-17-2021		1,275,000		1,428,611
General Electric Capital Corporation		5.00			1-8-2016		1,000,000		1,058,609
General Electric Capital Corporation		5.30			2-11-2021		845,000		970,100
General Electric Capital Corporation		5.50			1-8-2020		1,000,000		1,157,158
General Electric Capital Corporation		5.63			9-15-2017		1,500,000		1,685,294
General Electric Capital Corporation		5.63			5-1-2018		2,000,000		2,276,230
General Electric Capital Corporation		5.88			1-14-2038		2,500,000		3,107,925
General Electric Capital Corporation		6.00			8-7-2019		850,000		1,000,911
General Electric Capital Corporation		6.15			8-7-2037		650,000		828,427
General Electric Capital Corporation ±		6.38			11-15-2067		1,000,000		1,108,900
General Electric Capital Corporation		6.75			3-15-2032		2,100,000		2,828,475
General Electric Capital Corporation		6.88			1-10-2039		1,500,000		2,078,835
ING US Incorporated		2.90			2-15-2018		400,000		413,918
ING US Incorporated		5.50			7-15-2022		500,000		572,899
IntercontinentalExchange Incorporated		2.50			10-15-2018		225,000		229,928
IntercontinentalExchange Incorporated		4.00			10-15-2023		200,000		212,835
JPMorgan Chase & Company		1.10			10-15-2015		825,000		828,651
JPMorgan Chase & Company		1.13			2-26-2016		250,000		251,319
JPMorgan Chase & Company		1.35			2-15-2017		2,000,000		2,007,640
JPMorgan Chase & Company		1.63			5-15-2018		1,750,000		1,740,120
JPMorgan Chase & Company		1.80			1-25-2018		500,000		501,688
JPMorgan Chase & Company		2.00			8-15-2017		1,500,000		1,524,404
JPMorgan Chase & Company		2.35			1-28-2019		500,000		504,839

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 51

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services (continued)
JPMorgan Chase & Company		2.60	%		1-15-2016	$	1,500,000	$	1,536,642
JPMorgan Chase & Company		3.20			1-25-2023		1,000,000		996,471
JPMorgan Chase & Company		3.25			9-23-2022		1,500,000		1,509,188
JPMorgan Chase & Company		3.38			5-1-2023		1,000,000		984,961
JPMorgan Chase & Company		3.45			3-1-2016		2,500,000		2,596,700
JPMorgan Chase & Company		3.63			5-13-2024		2,000,000		2,043,300
JPMorgan Chase & Company		4.35			8-15-2021		2,000,000		2,171,254
JPMorgan Chase & Company		4.40			7-22-2020		1,500,000		1,636,689
JPMorgan Chase & Company		4.50			1-24-2022		1,500,000		1,643,594
JPMorgan Chase & Company		4.63			5-10-2021		1,500,000		1,658,724
JPMorgan Chase & Company		5.40			1-6-2042		750,000		878,867
JPMorgan Chase & Company		5.60			7-15-2041		1,100,000		1,324,088
JPMorgan Chase & Company		5.63			8-16-2043		200,000		233,763
JPMorgan Chase & Company		6.00			10-1-2017		1,250,000		1,411,791
JPMorgan Chase & Company		6.00			1-15-2018		1,000,000		1,136,225
JPMorgan Chase & Company		6.30			4-23-2019		1,500,000		1,759,370
JPMorgan Chase & Company		6.40			5-15-2038		1,350,000		1,751,427
Leucadia National Corporation		5.50			10-18-2023		240,000		254,772
Leucadia National Corporation		6.63			10-23-2043		120,000		132,890
Mellon Funding Corporation		5.50			11-15-2018		200,000		227,537
Merrill Lynch & Company Incorporated		5.70			5-2-2017		700,000		771,392
Merrill Lynch & Company Incorporated		6.11			1-29-2037		600,000		712,497
Merrill Lynch & Company Incorporated		6.40			8-28-2017		500,000		567,976
Merrill Lynch & Company Incorporated		6.88			4-25-2018		1,690,000		1,970,581
Merrill Lynch & Company Incorporated		7.75			5-14-2038		750,000		1,051,364
Moody’s Corporation		4.50			9-1-2022		250,000		266,260
Moody’s Corporation		4.88			2-15-2024		350,000		384,201
Moody’s Corporation		5.25			7-15-2044		300,000		320,200
NASDAQ OMX Group Incorporated		5.25			1-16-2018		60,000		66,176
NASDAQ OMX Group Incorporated		5.55			1-15-2020		500,000		555,741
National Rural Utilities Cooperative Finance Corporation		1.10			1-27-2017		250,000		250,603
National Rural Utilities Cooperative Finance Corporation		2.15			2-1-2019		100,000		100,996
National Rural Utilities Cooperative Finance Corporation		3.05			3-1-2016		100,000		103,823
National Rural Utilities Cooperative Finance Corporation		4.02			11-1-2032		200,000		208,341
National Rural Utilities Cooperative Finance Corporation		5.45			4-10-2017		250,000		277,427
National Rural Utilities Cooperative Finance Corporation		10.38			11-1-2018		700,000		933,654
National Rural Utilities Cooperative Finance Corporation Series C		8.00			3-1-2032		300,000		439,192
NCUA Guaranteed Notes		3.45			6-12-2021		200,000		213,320
ORIX Corporation		5.00			1-12-2016		500,000		525,967
PNC Funding Corporation		2.70			9-19-2016		1,000,000		1,034,453
PNC Funding Corporation		5.13			2-8-2020		150,000		170,738
PNC Funding Corporation		5.25			11-15-2015		250,000		263,364
PNC Funding Corporation		5.63			2-1-2017		350,000		383,208
PNC Funding Corporation		6.70			6-10-2019		500,000		600,019
Private Export Funding Corporation		1.38			2-15-2017		375,000		378,908
Private Export Funding Corporation		2.05			11-15-2022		250,000		240,436
Private Export Funding Corporation		2.45			7-15-2024		300,000		287,439
Private Export Funding Corporation		4.30			12-15-2021		100,000		112,090
Private Export Funding Corporation		4.95			11-15-2015		250,000		263,537
Santander Holdings USA		4.63			4-19-2016		500,000		528,843

52 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services (continued)
TECO Finance Incorporated		4.00	%		3-15-2016	$	130,000	$	136,264
TECO Finance Incorporated		5.15			3-15-2020		65,000		73,185
TECO Finance Incorporated		6.57			11-1-2017		250,000		286,967
UBS Preferred Funding Trust V Series 1 ±		6.24			5-29-2049		500,000		528,438
									82,021,687
Insurance: 0.92%
ACE INA Holdings Incorporated		2.60			11-23-2015		500,000		511,912
ACE INA Holdings Incorporated		3.35			5-15-2024		500,000		506,487
ACE INA Holdings Incorporated		5.90			6-15-2019		500,000		582,426
Aegon Funding Corporation		5.75			12-15-2020		75,000		87,221
AFLAC Incorporated		3.63			6-15-2023		500,000		514,472
AFLAC Incorporated		6.90			12-17-2039		250,000		340,416
AFLAC Incorporated		8.50			5-15-2019		250,000		319,610
Alleghany Corporation		5.63			9-15-2020		100,000		113,023
Allied World Assurance		5.50			11-15-2020		300,000		338,019
Allstate Corporation		5.55			5-9-2035		830,000		1,002,959
Allstate Corporation ±		6.13			5-15-2067		300,000		319,500
Allstate Corporation ±		6.50			5-15-2067		200,000		219,250
Allstate Corporation		7.45			5-16-2019		650,000		803,085
American International Group Incorporated		4.13			2-15-2024		1,000,000		1,062,880
American International Group Incorporated		4.88			6-1-2022		1,000,000		1,122,530
American International Group Incorporated		5.05			10-1-2015		250,000		261,970
American International Group Incorporated		5.45			5-18-2017		700,000		775,702
American International Group Incorporated		5.85			1-16-2018		850,000		964,534
American International Group Incorporated		6.25			5-1-2036		400,000		512,044
American International Group Incorporated		6.40			12-15-2020		1,000,000		1,205,195
American International Group Incorporated		6.82			11-15-2037		746,000		1,011,764
American International Group Incorporated ±		8.18			5-15-2068		500,000		688,750
American International Group Incorporated		8.25			8-15-2018		750,000		924,693
AON Corporation		3.13			5-27-2016		350,000		362,693
AON Corporation		3.50			9-30-2015		100,000		103,093
AON Corporation		5.00			9-30-2020		550,000		618,982
AON Corporation		6.25			9-30-2040		100,000		128,121
Arch Capital Group Limited		5.14			11-1-2043		210,000		233,226
Assurant Incorporated		6.75			2-15-2034		375,000		457,496
AXIS Specialty Finance LLC		5.88			6-1-2020		200,000		228,112
Berkshire Hathaway Finance Corporation		0.95			8-15-2016		500,000		503,331
Berkshire Hathaway Finance Corporation		1.30			5-15-2018		200,000		197,737
Berkshire Hathaway Finance Corporation		1.60			5-15-2017		500,000		506,501
Berkshire Hathaway Finance Corporation		2.00			8-15-2018		250,000		252,915
Berkshire Hathaway Finance Corporation		2.90			10-15-2020		225,000		231,381
Berkshire Hathaway Finance Corporation		4.25			1-15-2021		500,000		551,387
Berkshire Hathaway Finance Corporation		4.30			5-15-2043		300,000		308,418
Berkshire Hathaway Finance Corporation		4.40			5-15-2042		500,000		519,442
Berkshire Hathaway Finance Corporation		5.40			5-15-2018		350,000		395,893
Berkshire Hathaway Finance Corporation		5.75			1-15-2040		250,000		310,692
Berkshire Hathaway Incorporated		1.55			2-9-2018		300,000		300,767
Berkshire Hathaway Incorporated		1.90			1-31-2017		1,275,000		1,302,688

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 53

Security name	Interest rate			Maturity date		Principal		Value
Insurance (continued)
Berkshire Hathaway Incorporated		2.10	%		8-14-2019	$	300,000	$	300,795
Berkshire Hathaway Incorporated		2.20			8-15-2016		300,000		309,069
Berkshire Hathaway Incorporated		3.00			2-11-2023		100,000		100,421
Berkshire Hathaway Incorporated		3.40			1-31-2022		250,000		261,276
Berkshire Hathaway Incorporated		4.50			2-11-2043		400,000		421,728
CHUBB Corporation		5.75			5-15-2018		250,000		284,822
CHUBB Corporation		6.00			5-11-2037		280,000		361,400
CHUBB Corporation ±		6.38			3-29-2067		350,000		385,326
CHUBB Corporation		6.50			5-15-2038		350,000		482,118
Cincinnati Financial Corporation		6.92			5-15-2028		75,000		93,811
CNA Financial Corporation		5.88			8-15-2020		500,000		579,432
CNA Financial Corporation		6.50			8-15-2016		50,000		55,182
CNA Financial Corporation		7.35			11-15-2019		295,000		360,712
Endurance Specialty Holdings Limited		7.00			7-15-2034		200,000		244,190
Fidelity National Financial Incorporated		5.50			9-1-2022		100,000		109,722
GE Global Insurance Holdings		7.00			2-15-2026		430,000		543,321
Genworth Financial Incorporated		6.52			5-22-2018		500,000		568,456
Genworth Financial Incorporated		7.20			2-15-2021		500,000		595,981
Genworth Financial Incorporated		8.63			12-15-2016		500,000		576,801
Hartford Financial Services Group Incorporated		4.30			4-15-2043		43,000		42,497
Hartford Financial Services Group Incorporated		5.13			4-15-2022		240,000		274,248
Hartford Financial Services Group Incorporated		5.50			10-15-2016		250,000		272,670
Hartford Financial Services Group Incorporated		5.50			3-30-2020		250,000		285,938
Hartford Financial Services Group Incorporated		5.95			10-15-2036		75,000		92,968
Hartford Financial Services Group Incorporated		6.10			10-1-2041		250,000		319,163
Hartford Financial Services Group Incorporated		6.30			3-15-2018		250,000		286,621
Hartford Financial Services Group Incorporated		6.63			3-30-2040		500,000		667,329
Infinity Property & Casualty Corporation		5.00			9-19-2022		100,000		106,279
Lincoln National Corporation		4.00			9-1-2023		250,000		263,458
Lincoln National Corporation		4.85			6-24-2021		80,000		89,605
Lincoln National Corporation		6.15			4-7-2036		500,000		627,460
Lincoln National Corporation		6.25			2-15-2020		300,000		353,554
Lincoln National Corporation ±		7.00			5-17-2066		350,000		360,500
Lincoln National Corporation		8.75			7-1-2019		220,000		283,241
Loews Corporation		2.63			5-15-2023		150,000		144,456
Loews Corporation		4.13			5-15-2043		200,000		193,550
Loews Corporation		5.25			3-15-2016		200,000		213,780
Markel Corporation		3.63			3-30-2023		150,000		151,009
Markel Corporation		5.00			3-30-2043		100,000		106,290
Markel Corporation		5.35			6-1-2021		100,000		112,985
Markel Corporation		7.13			9-30-2019		100,000		120,456
Marsh & McLennan Companies Incorporated		4.80			7-15-2021		300,000		334,408
Marsh & McLennan Companies Incorporated		9.25			4-15-2019		300,000		386,603
MetLife Incorporated		4.13			8-13-2042		300,000		294,612
MetLife Incorporated		4.37			9-15-2023		167,000		181,997
MetLife Incorporated		4.75			2-8-2021		750,000		845,671
MetLife Incorporated		4.88			11-13-2043		500,000		552,238
MetLife Incorporated		5.70			6-15-2035		400,000		487,521
MetLife Incorporated		5.88			2-6-2041		700,000		884,494
MetLife Incorporated		6.38			6-15-2034		280,000		366,549

54 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Insurance (continued)
MetLife Incorporated		6.40	%		12-15-2066	$	800,000	$	902,000
MetLife Incorporated		6.50			12-15-2032		200,000		263,893
MetLife Incorporated		6.75			6-1-2016		500,000		551,435
MetLife Incorporated Series A		6.82			8-15-2018		750,000		890,432
OneBeacon US Holdings Incorporated		4.60			11-9-2022		100,000		103,872
PartnerRe Finance B LLC		5.50			6-1-2020		250,000		283,157
Principal Financial Group Incorporated		3.30			9-15-2022		250,000		252,055
Principal Financial Group Incorporated		4.63			9-15-2042		250,000		264,344
ProAssurance Corporation		5.30			11-15-2023		200,000		218,818
Progressive Corporation		3.75			8-23-2021		1,000,000		1,073,794
Progressive Corporation		6.25			12-1-2032		75,000		98,174
Progressive Corporation ±		6.70			6-15-2067		500,000		550,000
Protective Life Corporation		7.38			10-15-2019		500,000		617,849
Prudential Financial Incorporated		3.00			5-12-2016		1,000,000		1,035,364
Prudential Financial Incorporated		4.50			11-16-2021		250,000		274,742
Prudential Financial Incorporated		4.75			9-17-2015		1,000,000		1,041,783
Prudential Financial Incorporated ±		5.20			3-15-2044		250,000		253,125
Prudential Financial Incorporated		5.38			6-21-2020		500,000		572,659
Prudential Financial Incorporated ±		5.63			6-15-2043		1,000,000		1,072,500
Prudential Financial Incorporated		5.70			12-14-2036		538,000		643,799
Prudential Financial Incorporated ±		5.88			9-15-2042		500,000		535,950
Prudential Financial Incorporated		6.20			11-15-2040		250,000		316,289
Prudential Financial Incorporated		6.63			12-1-2037		65,000		85,094
Prudential Financial Incorporated		7.38			6-15-2019		355,000		436,587
Prudential Financial Incorporated ±		8.88			6-15-2068		200,000		242,750
Prudential Financial Incorporated Series B		5.75			7-15-2033		500,000		600,847
Prudential Financial Incorporated Series C		5.40			6-13-2035		180,000		206,958
Reinsurance Group of America Incorporated		4.70			9-15-2023		300,000		323,496
Reinsurance Group of America Incorporated		5.00			6-1-2021		60,000		66,565
Reinsurance Group of America Incorporated		6.45			11-15-2019		350,000		411,405
StanCorp Financial Group Incorporated		5.00			8-15-2022		100,000		106,869
Torchmark Corporation		3.80			9-15-2022		350,000		362,928
Transatlantic Holdings Incorporated		5.75			12-14-2015		475,000		503,095
Transatlantic Holdings Incorporated		8.00			11-30-2039		100,000		142,271
Travelers Companies Incorporated		5.35			11-1-2040		350,000		418,396
Travelers Companies Incorporated		5.50			12-1-2015		180,000		190,953
Travelers Companies Incorporated		5.75			12-15-2017		250,000		283,760
Travelers Companies Incorporated		5.90			6-2-2019		500,000		583,798
Travelers Companies Incorporated		6.25			6-15-2037		365,000		477,736
Travelers Property Casualty Corporation		6.38			3-15-2033		600,000		788,456
Unitrin Incorporated		6.00			5-15-2017		100,000		109,969
Unum Group		4.00			3-15-2024		500,000		520,804
Unum Group		7.13			9-30-2016		115,000		129,117
WR Berkley Corporation		5.38			9-15-2020		200,000		223,995
WR Berkley Corporation		6.25			2-15-2037		100,000		119,605
XL Capital Limited		6.25			5-15-2027		100,000		120,195
XL Capital Limited		6.38			11-15-2024		100,000		121,567
									57,431,280

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 55

Security name	Interest rate			Maturity date		Principal		Value
Real Estate Management & Development: 0.01%
CubeSmart LP		4.38	%		12-15-2023	$	250,000	$	261,231
Jones Lang LaSalle Incorporated		4.40			11-15-2022		100,000		102,336
Regency Centers LP		4.80			4-15-2021		200,000		220,777
Regency Centers LP		5.88			6-15-2017		100,000		111,294
									695,638
REITs: 0.66%
Alexandria Real Estate Equities Incorporated		2.75			1-15-2020		750,000		751,895
Alexandria Real Estate Equities Incorporated		4.50			7-30-2029		750,000		773,331
American Campus Communities Incorporated		3.75			4-15-2023		100,000		100,264
American Tower Corporation		3.45			9-15-2021		500,000		500,843
American Tower Corporation		3.50			1-31-2023		150,000		147,707
American Tower Corporation		4.50			1-15-2018		500,000		539,557
American Tower Corporation		5.00			2-15-2024		350,000		378,360
American Tower Corporation		5.05			9-1-2020		500,000		550,836
American Tower Corporation		5.90			11-1-2021		565,000		648,909
American Tower Corporation		7.00			10-15-2017		350,000		403,263
ARC Properties Operating Partnership LP 144A		2.00			2-6-2017		400,000		400,574
ARC Properties Operating Partnership LP 144A		3.00			2-6-2019		300,000		300,689
AvalonBay Communities Incorporated		2.95			9-15-2022		350,000		346,707
AvalonBay Communities Incorporated		3.63			10-1-2020		200,000		210,760
AvalonBay Communities Incorporated		4.20			12-15-2023		250,000		267,588
AvalonBay Communities Incorporated		5.70			3-15-2017		150,000		165,452
AvalonBay Communities Incorporated		6.10			3-15-2020		100,000		118,185
BioMed Realty Trust Incorporated		3.85			4-15-2016		150,000		156,813
Boston Properties LP		3.13			9-1-2023		150,000		146,678
Boston Properties LP		3.80			2-1-2024		300,000		307,877
Boston Properties LP		3.85			2-1-2023		400,000		416,414
Boston Properties LP		4.13			5-15-2021		300,000		322,159
Boston Properties LP		5.63			11-15-2020		500,000		575,313
Boston Properties LP		5.88			10-15-2019		500,000		580,959
Brandywine Operating Partnership LP		3.95			2-15-2023		350,000		354,830
Camden Property Trust		2.95			12-15-2022		150,000		146,292
Camden Property Trust		4.25			1-15-2024		67,000		70,930
Camden Property Trust		4.63			6-15-2021		150,000		164,456
Camden Property Trust		4.88			6-15-2023		100,000		110,507
CBL & Associates LP		5.25			12-1-2023		67,000		73,044
Commonwealth REIT		5.88			9-15-2020		100,000		108,712
Corporate Office Properties LP		3.60			5-15-2023		100,000		96,775
Corporate Office Properties LP		3.70			6-15-2021		500,000		501,091
DDR Corporation		3.38			5-15-2023		250,000		243,213
DDR Corporation		3.50			1-15-2021		250,000		254,333
DDR Corporation		4.63			7-15-2022		250,000		267,987
Digital Realty Trust LP		3.63			10-1-2022		200,000		194,957
Digital Realty Trust LP «		5.25			3-15-2021		100,000		109,263
Digital Realty Trust LP		5.88			2-1-2020		300,000		336,023
Duke Realty LP		3.63			4-15-2023		125,000		124,558
Duke Realty LP		5.95			2-15-2017		350,000		386,010
Entertainment Properties Trust		5.75			8-15-2022		150,000		165,336

56 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
REITs (continued)
EPR Properties Company		5.25	%		7-15-2023	$	113,000	$	120,885
Equity One Incorporated		3.75			11-15-2022		250,000		251,145
ERP Operating LP		5.75			6-15-2017		750,000		839,665
ERP Operation LP		4.63			12-15-2021		1,000,000		1,109,460
Essex Portfolio LP		3.25			5-1-2023		100,000		98,711
Essex Portfolio LP		3.38			1-15-2023		500,000		499,701
Essex Portfolio LP		5.20			3-15-2021		65,000		73,069
Federal Realty Investment Trust		2.75			6-1-2023		100,000		96,345
Federal Realty Investment Trust		3.00			8-1-2022		100,000		99,767
HCP Incorporated		3.15			8-1-2022		100,000		97,782
HCP Incorporated		3.75			2-1-2016		355,000		369,404
HCP Incorporated		3.75			2-1-2019		100,000		106,156
HCP Incorporated		3.88			8-15-2024		1,000,000		1,009,040
HCP Incorporated		4.20			3-1-2024		200,000		206,406
HCP Incorporated		4.25			11-15-2023		279,000		289,885
HCP Incorporated		5.38			2-1-2021		65,000		73,767
HCP Incorporated		5.63			5-1-2017		100,000		110,586
HCP Incorporated		6.00			1-30-2017		200,000		222,167
HCP Incorporated		6.70			1-30-2018		500,000		579,252
HCP Incorporated		6.75			2-1-2041		65,000		86,769
Health Care REIT Incorporated		3.63			3-15-2016		300,000		312,000
Health Care REIT Incorporated		4.13			4-1-2019		250,000		269,503
Health Care REIT Incorporated		4.50			1-15-2024		200,000		211,084
Health Care REIT Incorporated		4.70			9-15-2017		500,000		545,298
Health Care REIT Incorporated		4.95			1-15-2021		250,000		278,305
Health Care REIT Incorporated		5.25			1-15-2022		100,000		112,352
Health Care REIT Incorporated		5.75			1-15-2021		250,000		282,547
Health Care REIT Incorporated		6.13			4-15-2020		250,000		291,861
Health Care REIT Incorporated		6.50			1-17-2017		60,000		66,699
Health Care REIT Incorporated		6.50			3-15-2041		200,000		257,819
Healthcare Realty Trust Incorporated		3.75			4-15-2023		125,000		123,339
Highwoods Realty LP		3.20			6-15-2021		1,000,000		993,205
Highwoods Realty LP		5.85			3-15-2017		300,000		331,393
Hospitality Properties Trust		4.65			3-15-2024		500,000		521,204
Hospitality Properties Trust		5.63			3-15-2017		75,000		81,670
Host Hotels & Resorts Company		3.75			10-15-2023		100,000		100,277
Host Hotels & Resorts Company		4.75			3-1-2023		250,000		268,546
Host Hotels & Resorts Company		6.00			10-1-2021		500,000		581,142
Kilroy Realty Corporation		3.80			1-15-2023		250,000		252,810
Kilroy Realty Corporation		4.80			7-15-2018		150,000		162,536
Kilroy Realty Corporation		5.00			11-3-2015		100,000		104,667
Kimco Realty Corporation		5.70			5-1-2017		500,000		553,506
Kimco Realty Corporation		6.88			10-1-2019		100,000		119,814
Liberty Property LP		4.40			2-15-2024		156,000		165,050
Liberty Property LP		4.75			10-1-2020		250,000		270,818
Liberty Property LP		5.50			12-15-2016		75,000		81,655
Liberty Property LP		6.63			10-1-2017		150,000		170,856
Mack-Cali Realty Corporation		2.50			12-15-2017		100,000		101,038
Mack-Cali Realty Corporation		3.15			5-15-2023		100,000		90,835
Mack-Cali Realty Corporation		7.75			8-15-2019		150,000		180,058

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 57

Security name	Interest rate			Maturity date		Principal		Value
REITs (continued)
Mid America Apartments LP		4.30	%		10-15-2023	$	50,000	$	52,780
National Retail Properties Incorporated		3.30			4-15-2023		100,000		98,426
National Retail Properties Incorporated		3.80			10-15-2022		100,000		102,788
National Retail Properties Incorporated		3.90			6-15-2024		1,000,000		1,016,465
National Retail Properties Incorporated		6.88			10-15-2017		100,000		115,256
Omega Healthcare Investors Incorporated		6.75			10-15-2022		250,000		269,375
ProLogis Trust		3.35			2-1-2021		400,000		406,077
ProLogis Trust		6.88			3-15-2020		192,000		228,903
Realty Income Corporation		2.00			1-31-2018		150,000		150,257
Realty Income Corporation		3.88			7-15-2024		500,000		509,319
Realty Income Corporation		4.65			8-1-2023		300,000		324,814
Realty Income Corporation		5.75			1-15-2021		300,000		346,082
Realty Income Corporation		5.95			9-15-2016		100,000		109,341
Retail Opportunity Investments Corporation		5.00			12-15-2023		50,000		53,823
Senior Housing Properties Trust		4.30			1-15-2016		100,000		103,161
Simon Property Group LP		2.15			9-15-2017		500,000		512,759
Simon Property Group LP		2.20			2-1-2019		500,000		505,908
Simon Property Group LP		3.38			3-15-2022		500,000		519,058
Simon Property Group LP		3.75			2-1-2024		250,000		259,974
Simon Property Group LP		4.13			12-1-2021		300,000		326,211
Simon Property Group LP		4.38			3-1-2021		500,000		551,660
Simon Property Group LP		4.75			3-15-2042		250,000		274,322
Simon Property Group LP		5.25			12-1-2016		50,000		54,211
Simon Property Group LP		5.65			2-1-2020		200,000		233,123
Simon Property Group LP		5.75			12-1-2015		125,000		131,444
Simon Property Group LP		5.88			3-1-2017		250,000		276,760
Simon Property Group LP		6.13			5-30-2018		100,000		115,673
Simon Property Group LP		6.75			2-1-2040		350,000		485,698
Simon Property Group LP		10.35			4-1-2019		600,000		805,621
Tanger Properties LP		6.15			11-15-2015		250,000		265,947
UDR Incorporated		3.70			10-1-2020		250,000		261,358
UDR Incorporated		4.25			6-1-2018		150,000		161,244
UDR Incorporated		4.63			1-10-2022		100,000		109,099
Ventas Realty LP		1.55			9-26-2016		117,000		118,249
Ventas Realty LP		2.70			4-1-2020		200,000		199,348
Ventas Realty LP		3.13			11-30-2015		100,000		102,916
Ventas Realty LP		4.25			3-1-2022		1,000,000		1,057,936
Ventas Realty LP		4.75			6-1-2021		150,000		165,350
Ventas Realty LP		5.70			9-30-2043		250,000		294,725
Vornado Realty LP		2.50			6-30-2019		500,000		504,274
Washington REIT		3.95			10-15-2022		150,000		151,488
Weingarten Realty Investors		3.38			10-15-2022		150,000		150,953
Weingarten Realty Investors		3.50			4-15-2023		125,000		124,051
Weyerhaeuser Company		4.63			9-15-2023		300,000		326,588
Weyerhaeuser Company		6.88			12-15-2033		150,000		199,903
Weyerhaeuser Company		7.38			10-1-2019		100,000		122,172
Weyerhaeuser Company		7.38			3-15-2032		700,000		966,109
									41,262,298

58 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Thrifts & Mortgage Finance: 0.02%
Astoria Financial Corporation		5.00	%		6-19-2017	$	100,000	$	107,721
Countrywide Financial Corporation		6.25			5-15-2016		1,000,000		1,083,062
People’s United Financial Incorporated		3.65			12-6-2022		150,000		152,261
									1,343,044
Health Care: 1.82%
Biotechnology: 0.28%
Amgen Incorporated		2.30			6-15-2016		600,000		615,604
Amgen Incorporated		2.50			11-15-2016		500,000		516,252
Amgen Incorporated		3.63			5-15-2022		1,000,000		1,041,221
Amgen Incorporated		3.63			5-22-2024		1,500,000		1,525,517
Amgen Incorporated		3.88			11-15-2021		500,000		532,642
Amgen Incorporated		4.10			6-15-2021		100,000		107,752
Amgen Incorporated		4.50			3-15-2020		65,000		71,242
Amgen Incorporated		4.95			10-1-2041		500,000		538,535
Amgen Incorporated		5.15			11-15-2041		350,000		387,630
Amgen Incorporated		5.38			5-15-2043		500,000		575,456
Amgen Incorporated		5.65			6-15-2042		1,100,000		1,306,900
Amgen Incorporated		5.70			2-1-2019		1,000,000		1,147,698
Amgen Incorporated		5.75			3-15-2040		80,000		95,839
Amgen Incorporated		5.85			6-1-2017		350,000		391,459
Amgen Incorporated		6.15			6-1-2018		250,000		287,768
Amgen Incorporated		6.38			6-1-2037		500,000		635,756
Amgen Incorporated		6.40			2-1-2039		250,000		322,781
Biogen Idec Incorporated		6.88			3-1-2018		500,000		584,146
Celgene Corporation		2.30			8-15-2018		286,000		290,076
Celgene Corporation		2.45			10-15-2015		200,000		203,639
Celgene Corporation		3.25			8-15-2022		500,000		507,603
Celgene Corporation		3.63			5-15-2024		500,000		509,708
Celgene Corporation		3.95			10-15-2020		200,000		212,858
Celgene Corporation		4.00			8-15-2023		250,000		263,894
Celgene Corporation		4.63			5-15-2044		750,000		773,552
Celgene Corporation		5.25			8-15-2043		150,000		168,578
Genzyme Corporation		5.00			6-15-2020		200,000		227,404
Gilead Sciences Incorporated		2.05			4-1-2019		500,000		501,667
Gilead Sciences Incorporated		3.70			4-1-2024		500,000		521,535
Gilead Sciences Incorporated		4.40			12-1-2021		800,000		883,806
Gilead Sciences Incorporated		4.50			4-1-2021		500,000		559,057
Gilead Sciences Incorporated		4.80			4-1-2044		500,000		550,805
Gilead Sciences Incorporated		5.65			12-1-2041		400,000		487,106
									17,345,486
Health Care Equipment & Supplies: 0.20%
Baxter International Incorporated		1.85			6-15-2018		500,000		501,393
Baxter International Incorporated		2.40			8-15-2022		250,000		241,129
Baxter International Incorporated		3.20			6-15-2023		500,000		501,740
Baxter International Incorporated		3.65			8-15-2042		250,000		232,491
Baxter International Incorporated		4.25			3-15-2020		100,000		108,616
Baxter International Incorporated		5.38			6-1-2018		500,000		564,323

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 59

Security name	Interest rate			Maturity date		Principal		Value
Health Care Equipment & Supplies (continued)
Baxter International Incorporated		5.90	%		9-1-2016	$	350,000	$	384,497
Baxter International Incorporated		6.25			12-1-2037		250,000		325,481
Becton Dickinson & Company		1.75			11-8-2016		500,000		509,085
Becton Dickinson & Company		3.13			11-8-2021		300,000		310,184
Becton Dickinson & Company		3.25			11-12-2020		350,000		366,324
Becton Dickinson & Company		6.00			5-15-2039		200,000		256,380
Boston Scientific Corporation		6.00			1-15-2020		350,000		405,726
Boston Scientific Corporation		6.40			6-15-2016		350,000		382,316
Boston Scientific Corporation		7.38			1-15-2040		300,000		422,599
C.R. Bard Incorporated		1.38			1-15-2018		100,000		99,255
C.R. Bard Incorporated		2.88			1-15-2016		100,000		103,042
C.R. Bard Incorporated		4.40			1-15-2021		168,000		184,562
CareFusion Corporation		6.38			8-1-2019		500,000		581,472
DENTSPLY International		2.75			8-15-2016		55,000		56,695
Edwards Lifesciences Corporation		2.88			10-15-2018		150,000		153,109
Medtronic Incorporated		0.88			2-27-2017		100,000		99,565
Medtronic Incorporated		1.38			4-1-2018		400,000		397,252
Medtronic Incorporated		2.75			4-1-2023		500,000		488,273
Medtronic Incorporated		4.00			4-1-2043		300,000		294,878
Medtronic Incorporated		4.45			3-15-2020		1,000,000		1,110,872
Medtronic Incorporated		4.50			3-15-2042		200,000		211,808
Medtronic Incorporated		4.63			3-15-2044		250,000		269,402
Medtronic Incorporated		5.55			3-15-2040		300,000		364,562
St. Jude Medical Incorporated		2.50			1-15-2016		250,000		256,418
St. Jude Medical Incorporated		3.25			4-15-2023		500,000		502,076
St. Jude Medical Incorporated		4.75			4-15-2043		300,000		318,243
Stryker Corporation		1.30			4-1-2018		225,000		222,444
Stryker Corporation		2.00			9-30-2016		350,000		358,794
Stryker Corporation		4.10			4-1-2043		250,000		242,942
Stryker Corporation		4.38			1-15-2020		150,000		165,195
Zimmer Holdings Incorporated		4.63			11-30-2019		250,000		275,932
Zimmer Holdings Incorporated		5.75			11-30-2039		250,000		299,314
									12,568,389
Health Care Providers & Services: 0.50%
Aetna Incorporated		2.20			3-15-2019		500,000		501,200
Aetna Incorporated		2.75			11-15-2022		500,000		491,211
Aetna Incorporated		3.95			9-1-2020		200,000		215,429
Aetna Incorporated		4.13			6-1-2021		200,000		217,799
Aetna Incorporated		4.13			11-15-2042		250,000		243,203
Aetna Incorporated		4.75			3-15-2044		500,000		537,809
Aetna Incorporated		6.63			6-15-2036		650,000		851,054
AmerisourceBergen Corporation		3.50			11-15-2021		300,000		312,921
AmerisourceBergen Corporation		4.88			11-15-2019		250,000		279,107
Cardinal Health Incorporated		1.70			3-15-2018		157,000		156,314
Cardinal Health Incorporated		3.20			6-15-2022		250,000		251,140
Cardinal Health Incorporated		3.20			3-15-2023		225,000		223,121
Cardinal Health Incorporated		5.80			10-15-2016		350,000		384,466
Catholic Health Initiatives		4.35			11-1-2042		250,000		246,385

60 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
CIGNA Corporation		4.00	%		2-15-2022	$	250,000	$	265,945
CIGNA Corporation		4.38			12-15-2020		500,000		545,854
CIGNA Corporation		4.50			3-15-2021		100,000		110,503
CIGNA Corporation		5.13			6-15-2020		215,000		242,437
CIGNA Corporation		5.38			2-15-2042		350,000		405,872
CIGNA Corporation		5.88			3-15-2041		330,000		408,636
CIGNA Corporation		6.15			11-15-2036		50,000		63,209
Coventry Health Care Incorporated		5.45			6-15-2021		580,000		677,296
Express Scripts Holding Company		2.65			2-15-2017		750,000		775,518
Express Scripts Holding Company		3.13			5-15-2016		400,000		415,262
Express Scripts Holding Company		3.50			6-15-2024		350,000		351,601
Express Scripts Holding Company		3.90			2-15-2022		500,000		528,359
Express Scripts Holding Company		4.75			11-15-2021		750,000		834,206
Express Scripts Holding Company		6.13			11-15-2041		250,000		315,104
Howard Hughes Medical Institute		3.50			9-1-2023		475,000		494,620
Humana Incorporated		7.20			6-15-2018		500,000		593,327
Kaiser Foundation Hospitals		4.88			4-1-2042		250,000		281,143
Laboratory Corporation of America Holdings		2.20			8-23-2017		67,000		67,997
Laboratory Corporation of America Holdings		3.75			8-23-2022		56,000		57,120
Laboratory Corporation of America Holdings		4.00			11-1-2023		150,000		155,314
Laboratory Corporation of America Holdings		4.63			11-15-2020		500,000		537,612
Laboratory Corporation of America Holdings		5.63			12-15-2015		200,000		212,241
Mayo Clinic Rochester		4.00			11-15-2047		100,000		99,599
McKesson Corporation		1.29			3-10-2017		500,000		499,234
McKesson Corporation		1.40			3-15-2018		250,000		246,778
McKesson Corporation		2.28			3-15-2019		500,000		500,229
McKesson Corporation		2.85			3-15-2023		200,000		194,910
McKesson Corporation		3.25			3-1-2016		500,000		517,407
McKesson Corporation		3.80			3-15-2024		500,000		514,729
McKesson Corporation		4.88			3-15-2044		500,000		539,205
McKesson Corporation		6.00			3-1-2041		250,000		309,387
McKesson Corporation		7.50			2-15-2019		500,000		610,611
Medco Health Solutions Incorporated		2.75			9-15-2015		200,000		204,439
Medco Health Solutions Incorporated		4.13			9-15-2020		500,000		535,857
Novant Health Incorporated		4.37			11-1-2043		100,000		100,917
Quest Diagnostics Incorporated		4.70			4-1-2021		160,000		174,097
Quest Diagnostics Incorporated		4.75			1-30-2020		590,000		635,861
Quest Diagnostics Incorporated		5.75			1-30-2040		190,000		212,567
Quest Diagnostics Incorporated		6.40			7-1-2017		400,000		451,416
Quest Diagnostics Incorporated		6.95			7-1-2037		100,000		125,322
UnitedHealth Group Incorporated		1.63			3-15-2019		250,000		246,458
UnitedHealth Group Incorporated		2.88			3-15-2022		1,000,000		1,004,077
UnitedHealth Group Incorporated		2.88			3-15-2023		500,000		495,953
UnitedHealth Group Incorporated		3.95			10-15-2042		500,000		482,525
UnitedHealth Group Incorporated		4.25			3-15-2043		250,000		254,039
UnitedHealth Group Incorporated		5.80			3-15-2036		250,000		313,494
UnitedHealth Group Incorporated		5.95			2-15-2041		500,000		637,496
UnitedHealth Group Incorporated		6.00			2-15-2018		1,000,000		1,143,974
UnitedHealth Group Incorporated		6.63			11-15-2037		150,000		202,976
UnitedHealth Group Incorporated		6.88			2-15-2038		500,000		698,095

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 61

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
WellPoint Incorporated		1.25	%		9-10-2015	$	250,000	$	251,554
WellPoint Incorporated		1.88			1-15-2018		500,000		502,140
WellPoint Incorporated		2.25			8-15-2019		400,000		398,079
WellPoint Incorporated		2.30			7-15-2018		150,000		152,037
WellPoint Incorporated		2.38			2-15-2017		250,000		257,129
WellPoint Incorporated		3.13			5-15-2022		500,000		500,731
WellPoint Incorporated		3.30			1-15-2023		250,000		250,664
WellPoint Incorporated		4.63			5-15-2042		500,000		508,865
WellPoint Incorporated		4.65			1-15-2043		450,000		464,261
WellPoint Incorporated		4.65			8-15-2044		500,000		517,129
WellPoint Incorporated		5.25			1-15-2016		100,000		106,341
WellPoint Incorporated		5.85			1-15-2036		725,000		873,543
WellPoint Incorporated		5.88			6-15-2017		750,000		839,167
WellPoint Incorporated		7.00			2-15-2019		500,000		594,756
									31,418,383
Life Sciences Tools & Services: 0.07%
Life Technologies Corporation		3.50			1-15-2016		225,000		232,862
Life Technologies Corporation		5.00			1-15-2021		150,000		169,080
Life Technologies Corporation		6.00			3-1-2020		250,000		291,939
Thermo Fisher Scientific Incorporated		1.30			2-1-2017		350,000		350,296
Thermo Fisher Scientific Incorporated		2.25			8-15-2016		185,000		189,393
Thermo Fisher Scientific Incorporated		2.40			2-1-2019		400,000		404,126
Thermo Fisher Scientific Incorporated		3.15			1-15-2023		500,000		496,783
Thermo Fisher Scientific Incorporated		3.20			3-1-2016		40,000		41,408
Thermo Fisher Scientific Incorporated		3.60			8-15-2021		400,000		416,279
Thermo Fisher Scientific Incorporated		4.15			2-1-2024		400,000		422,550
Thermo Fisher Scientific Incorporated		4.50			3-1-2021		1,040,000		1,144,728
Thermo Fisher Scientific Incorporated		5.30			2-1-2044		200,000		228,015
									4,387,459
Pharmaceuticals: 0.77%
Abbott Laboratories		4.13			5-27-2020		250,000		274,312
Abbott Laboratories		5.13			4-1-2019		139,000		157,097
Abbott Laboratories		5.30			5-27-2040		250,000		302,279
Abbott Laboratories		6.00			4-1-2039		150,000		194,003
Abbott Laboratories		6.15			11-30-2037		237,000		314,267
AbbVie Incorporated		1.20			11-6-2015		1,300,000		1,307,036
AbbVie Incorporated		1.75			11-6-2017		2,000,000		2,010,208
AbbVie Incorporated		2.00			11-6-2018		300,000		299,361
AbbVie Incorporated		2.90			11-6-2022		2,000,000		1,966,568
AbbVie Incorporated		4.40			11-6-2042		1,000,000		1,004,481
Allergan Incorporated		1.35			3-15-2018		50,000		48,583
Allergan Incorporated		2.80			3-15-2023		225,000		207,678
Allergan Incorporated		3.38			9-15-2020		500,000		504,125
Bristol-Myers Squibb Company		1.75			3-1-2019		250,000		248,465
Bristol-Myers Squibb Company		2.00			8-1-2022		250,000		236,186
Bristol-Myers Squibb Company		3.25			11-1-2023		156,000		158,559
Bristol-Myers Squibb Company		3.25			8-1-2042		250,000		215,795

62 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Pharmaceuticals (continued)
Bristol-Myers Squibb Company		4.50	%		3-1-2044	$	605,000	$	640,317
Bristol-Myers Squibb Company		5.88			11-15-2036		582,000		733,363
Bristol-Myers Squibb Company		6.13			5-1-2038		13,000		16,817
Eli Lilly & Company		5.20			3-15-2017		500,000		551,974
Eli Lilly & Company		5.50			3-15-2027		400,000		485,447
Eli Lilly & Company		5.95			11-15-2037		500,000		646,392
GlaxoSmithKline Capital Incorporated		0.70			3-18-2016		500,000		501,184
GlaxoSmithKline Capital Incorporated		2.80			3-18-2023		200,000		196,515
GlaxoSmithKline Capital Incorporated		2.85			5-8-2022		1,000,000		994,302
GlaxoSmithKline Capital Incorporated		5.38			4-15-2034		300,000		361,557
GlaxoSmithKline Capital Incorporated		5.65			5-15-2018		1,650,000		1,888,724
GlaxoSmithKline Capital Incorporated		6.38			5-15-2038		1,000,000		1,320,426
Johnson & Johnson		1.65			12-5-2018		700,000		705,655
Johnson & Johnson		2.15			5-15-2016		500,000		513,879
Johnson & Johnson		4.38			12-5-2033		583,000		650,819
Johnson & Johnson		4.50			9-1-2040		300,000		332,278
Johnson & Johnson		4.85			5-15-2041		200,000		232,732
Johnson & Johnson		4.95			5-15-2033		180,000		214,161
Johnson & Johnson		5.15			7-15-2018		500,000		568,390
Johnson & Johnson		5.55			8-15-2017		250,000		282,530
Johnson & Johnson		5.85			7-15-2038		500,000		670,339
Johnson & Johnson		6.73			11-15-2023		300,000		391,511
Merck & Company Incorporated		0.70			5-18-2016		400,000		400,981
Merck & Company Incorporated		1.30			5-18-2018		333,000		330,985
Merck & Company Incorporated		2.40			9-15-2022		500,000		486,299
Merck & Company Incorporated		2.80			5-18-2023		650,000		645,358
Merck & Company Incorporated		3.60			9-15-2042		250,000		232,962
Merck & Company Incorporated		3.88			1-15-2021		350,000		380,657
Merck & Company Incorporated		4.15			5-18-2043		500,000		510,827
Merck & Company Incorporated		5.00			6-30-2019		250,000		283,652
Merck & Company Incorporated		5.75			11-15-2036		400,000		507,470
Merck & Company Incorporated		5.85			6-30-2039		150,000		191,045
Merck & Company Incorporated		5.95			12-1-2028		65,000		82,251
Merck & Company Incorporated		6.00			9-15-2017		1,000,000		1,139,924
Merck & Company Incorporated		6.30			1-1-2026		250,000		320,568
Merck & Company Incorporated		6.40			3-1-2028		500,000		653,421
Mylan Incorporated		2.55			3-28-2019		112,000		112,561
Mylan Incorporated		2.60			6-24-2018		1,000,000		1,018,796
Mylan Incorporated		5.40			11-29-2043		33,000		36,331
Novartis Capital Corporation		2.40			9-21-2022		500,000		486,978
Novartis Capital Corporation		3.40			5-6-2024		1,500,000		1,544,523
Novartis Capital Corporation		3.70			9-21-2042		250,000		238,971
Novartis Capital Corporation		4.40			4-24-2020		500,000		557,933
Novartis Capital Corporation		4.40			5-6-2044		1,000,000		1,079,679
Pfizer Incorporated		3.40			5-15-2024		1,000,000		1,022,562
Pfizer Incorporated		4.30			6-15-2043		300,000		308,943
Pfizer Incorporated		5.45			4-1-2017		500,000		555,011
Pfizer Incorporated		6.00			2-15-2036		625,000		796,268
Pfizer Incorporated		6.20			3-15-2019		2,000,000		2,358,456
Pfizer Incorporated		6.50			2-1-2034		500,000		665,817

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 63

Security name	Interest rate			Maturity date		Principal		Value
Pharmaceuticals (continued)
Pfizer Incorporated		7.20	%		3-15-2039	$	750,000	$	1,081,796
Pharmacia Corporation		6.60			12-1-2028		500,000		659,172
Schering-Plough Corporation		6.50			12-1-2033		570,000		777,516
Schering-Plough Corporation		6.55			9-15-2037		475,000		649,829
Teva Pharmaceutical Finance LLC		2.25			3-18-2020		250,000		245,091
Teva Pharmaceutical Finance LLC		6.15			2-1-2036		400,000		489,961
Watson Pharmaceuticals Incorporated		1.88			10-1-2017		500,000		502,098
Watson Pharmaceuticals Incorporated		3.25			10-1-2022		750,000		744,820
Watson Pharmaceuticals Incorporated		4.63			10-1-2042		500,000		498,669
Watson Pharmaceuticals Incorporated		6.13			8-15-2019		130,000		152,042
Wyeth LLC		5.50			2-15-2016		430,000		460,345
Wyeth LLC		5.95			4-1-2037		850,000		1,066,728
Zoetis Incorporated		1.15			2-1-2016		40,000		40,153
Zoetis Incorporated		3.25			2-1-2023		600,000		600,299
Zoetis Incorporated		4.70			2-1-2043		500,000		520,513
									47,786,576
Industrials: 1.56%
Aerospace & Defense: 0.37%
Boeing Company		0.95			5-15-2018		150,000		146,601
Boeing Company		4.88			2-15-2020		140,000		159,138
Boeing Company		5.88			2-15-2040		30,000		38,918
Boeing Company		6.00			3-15-2019		300,000		350,689
Boeing Company		6.13			2-15-2033		180,000		237,068
Boeing Company		6.88			3-15-2039		800,000		1,162,994
General Dynamics Corporation		1.00			11-15-2017		500,000		495,096
General Dynamics Corporation		2.25			7-15-2016		200,000		205,974
General Dynamics Corporation		2.25			11-15-2022		500,000		477,204
General Dynamics Corporation		3.88			7-15-2021		200,000		215,713
Honeywell International Incorporated		3.35			12-1-2023		200,000		206,704
Honeywell International Incorporated		4.25			3-1-2021		50,000		55,616
Honeywell International Incorporated		5.00			2-15-2019		750,000		849,143
Honeywell International Incorporated		5.30			3-1-2018		100,000		113,015
Honeywell International Incorporated		5.38			3-1-2041		365,000		446,178
Honeywell International Incorporated		5.70			3-15-2037		250,000		313,496
L-3 Communications Corporation		3.95			11-15-2016		500,000		527,203
L-3 Communications Corporation		4.95			2-15-2021		500,000		547,458
L-3 Communications Corporation		5.20			10-15-2019		500,000		554,070
Lockheed Martin Corporation		3.35			9-15-2021		250,000		260,780
Lockheed Martin Corporation		4.07			12-15-2042		542,000		538,201
Lockheed Martin Corporation		4.25			11-15-2019		1,000,000		1,100,480
Lockheed Martin Corporation Series B		6.15			9-1-2036		175,000		226,504
Northrop Grumman Corporation		1.75			6-1-2018		300,000		299,260
Northrop Grumman Corporation		3.25			8-1-2023		350,000		350,718
Northrop Grumman Corporation		3.50			3-15-2021		300,000		313,856
Northrop Grumman Corporation		4.75			6-1-2043		500,000		535,868
Northrop Grumman Corporation		5.05			8-1-2019		85,000		95,523
Northrop Grumman Corporation		5.05			11-15-2040		100,000		110,676

64 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Aerospace & Defense (continued)
Northrop Grumman Corporation		7.75	%		2-15-2031	$	300,000	$	420,167
Precision Castparts Corporation		1.25			1-15-2018		500,000		495,882
Precision Castparts Corporation		2.50			1-15-2023		250,000		242,379
Precision Castparts Corporation		3.90			1-15-2043		200,000		198,571
Raytheon Company		2.50			12-15-2022		350,000		338,168
Raytheon Company		4.40			2-15-2020		600,000		663,404
Raytheon Company		4.70			12-15-2041		500,000		547,928
Raytheon Company		7.20			8-15-2027		120,000		161,814
Rockwell Collins Incorporated		3.70			12-15-2023		350,000		366,628
Rockwell Collins Incorporated		4.80			12-15-2043		250,000		280,301
Rockwell Collins Incorporated		5.25			7-15-2019		50,000		55,047
Textron Incorporated		3.65			3-1-2021		150,000		155,112
Textron Incorporated		4.30			3-1-2024		200,000		209,442
Textron Incorporated		4.63			9-21-2016		100,000		106,821
Textron Incorporated		7.25			10-1-2019		350,000		421,300
United Technologies Corporation		1.80			6-1-2017		533,000		542,405
United Technologies Corporation		3.10			6-1-2022		839,000		856,206
United Technologies Corporation		4.50			4-15-2020		500,000		555,572
United Technologies Corporation		4.50			6-1-2042		1,533,000		1,652,099
United Technologies Corporation		5.38			12-15-2017		500,000		564,630
United Technologies Corporation		5.70			4-15-2040		500,000		624,087
United Technologies Corporation		6.05			6-1-2036		400,000		518,188
United Technologies Corporation		6.13			2-1-2019		565,000		664,083
United Technologies Corporation		6.13			7-15-2038		500,000		652,089
United Technologies Corporation		7.50			9-15-2029		430,000		621,910
									22,848,377
Air Freight & Logistics: 0.08%
FedEx Corporation		2.63			8-1-2022		482,000		470,086
FedEx Corporation		3.88			8-1-2042		200,000		187,800
FedEx Corporation		4.00			1-15-2024		290,000		307,596
FedEx Corporation		4.90			1-15-2034		250,000		276,119
FedEx Corporation		5.10			1-15-2044		300,000		334,848
FedEx Corporation		8.00			1-15-2019		400,000		497,274
United Parcel Service Incorporated		1.13			10-1-2017		250,000		249,554
United Parcel Service Incorporated		2.45			10-1-2022		400,000		390,987
United Parcel Service Incorporated		3.13			1-15-2021		900,000		942,452
United Parcel Service Incorporated		5.13			4-1-2019		500,000		566,967
United Parcel Service Incorporated		5.50			1-15-2018		100,000		113,061
United Parcel Service Incorporated		6.20			1-15-2038		795,000		1,055,212
									5,391,956
Airlines: 0.07%
American Airlines		4.00			1-15-2027		569,234		582,042
American Airlines		4.95			7-15-2024		613,579		661,132
Continental Airlines Incorporated Series 09-1		9.00			1-8-2018		111,954		125,948
Continental Airlines Incorporated Series A		4.75			7-12-2022		414,889		448,080
Continental Airlines Incorporated Series A		7.25			5-10-2021		160,138		187,561
Delta Air Lines Incorporated		4.95			11-23-2020		145,020		155,897

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 65

Security name	Interest rate			Maturity date		Principal		Value
Airlines (continued)
Delta Air Lines Incorporated		6.82	%		2-10-2024	$	72,340	$	84,912
Delta Air Lines Incorporated		7.75			6-17-2021		275,957		323,214
Hawaiian Airlines Incorporated		3.90			1-15-2026		40,000		40,000
Northwest Airlines Incorporated		7.03			5-1-2021		160,970		184,713
United Airlines Incorporated		4.00			10-11-2027		500,000		511,250
United Airlines Incorporated		4.30			2-15-2027		333,000		341,325
United Airlines Incorporated		10.40			5-1-2018		118,053		131,629
US Airways Group Incorporated		3.95			5-15-2027		150,000		152,625
US Airways Group Incorporated		4.63			12-3-2026		238,977		252,718
									4,183,046
Building Products: 0.01%
Owens Corning Incorporated		4.20			12-15-2022		213,000		219,620
Owens Corning Incorporated		6.50			12-1-2016		102,000		112,875
									332,495
Commercial Services & Supplies: 0.16%
Avery Dennison Corporation		5.38			4-15-2020		350,000		366,737
Black & Decker Corporation		3.40			12-1-2021		400,000		415,330
Cintas Corporation No. 2		2.85			6-1-2016		200,000		206,397
Cintas Corporation No. 2		3.25			6-1-2022		100,000		101,578
Cintas Corporation No. 2		4.30			6-1-2021		60,000		64,563
Cintas Corporation No. 2		6.13			12-1-2017		200,000		225,198
Cintas Corporation No. 2		6.15			8-15-2036		50,000		62,956
Cooper US Incorporated		2.38			1-15-2016		200,000		204,629
Cooper US Incorporated		3.88			12-15-2020		200,000		212,615
Cooper US Incorporated		6.10			7-1-2017		100,000		111,723
CRH America Incorporated		6.00			9-30-2016		850,000		932,967
CRH America Incorporated		8.13			7-15-2018		200,000		243,464
Equifax Incorporated		3.30			12-15-2022		231,000		229,619
Equifax Incorporated		7.00			7-1-2037		50,000		64,969
Pitney Bowes Incorporated		4.63			3-15-2024		500,000		519,987
Pitney Bowes Incorporated		4.75			1-15-2016		250,000		263,018
Pitney Bowes Incorporated		5.75			9-15-2017		16,000		17,699
Republic Services Incorporated		3.55			6-1-2022		1,000,000		1,044,546
Republic Services Incorporated		3.80			5-15-2018		100,000		106,850
Republic Services Incorporated		4.75			5-15-2023		300,000		336,181
Republic Services Incorporated		5.25			11-15-2021		50,000		57,466
Republic Services Incorporated		5.50			9-15-2019		125,000		143,430
Republic Services Incorporated		5.70			5-15-2041		550,000		662,096
Republic Services Incorporated		6.20			3-1-2040		250,000		315,321
Waste Management Incorporated		4.60			3-1-2021		200,000		223,082
Waste Management Incorporated		4.75			6-30-2020		500,000		557,625
Waste Management Incorporated		6.10			3-15-2018		326,000		374,064
Waste Management Incorporated		6.13			11-30-2039		500,000		644,944
Waste Management Incorporated		7.38			3-11-2019		500,000		609,572
Waste Management Incorporated		7.75			5-15-2032		400,000		580,379
									9,899,005

66 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Construction & Engineering: 0.01%
URS Corporation		3.85	%		4-1-2017	$	500,000	$	518,653
URS Corporation		5.00			4-1-2022		250,000		257,528
									776,181
Electrical Equipment: 0.09%
Eaton Corporation		0.95			11-2-2015		500,000		501,991
Eaton Corporation		1.50			11-2-2017		500,000		500,087
Eaton Corporation		2.75			11-2-2022		1,000,000		977,521
Eaton Corporation		4.15			11-2-2042		500,000		498,177
Eaton Corporation		5.60			5-15-2018		500,000		567,743
Eaton Corporation		6.95			3-20-2019		200,000		235,408
Emerson Electric Company		4.25			11-15-2020		200,000		216,635
Emerson Electric Company		4.75			10-15-2015		100,000		104,743
Emerson Electric Company		4.88			10-15-2019		200,000		226,274
Emerson Electric Company		5.25			10-15-2018		50,000		56,781
Emerson Electric Company		5.25			11-15-2039		500,000		599,952
Emerson Electric Company		5.38			10-15-2017		200,000		224,248
Emerson Electric Company		6.13			4-15-2039		100,000		131,849
Hubbell Incorporated		3.63			11-15-2022		200,000		204,009
Rockwell Automation Incorporated		6.25			12-1-2037		300,000		392,690
Roper Industries Incorporated		6.25			9-1-2019		200,000		234,132
									5,672,240
Industrial Conglomerates: 0.20%
3M Company		1.00			6-26-2017		250,000		249,591
3M Company		1.38			9-29-2016		500,000		507,902
3M Company		2.00			6-26-2022		725,000		701,266
3M Company		5.70			3-15-2037		325,000		417,035
Danaher Corporation		2.30			6-23-2016		100,000		102,897
Danaher Corporation		3.90			6-23-2021		100,000		108,899
Danaher Corporation		5.40			3-1-2019		450,000		511,819
GATX Corporation		2.50			3-15-2019		167,000		167,127
GATX Corporation		3.50			7-15-2016		245,000		255,785
GATX Corporation		4.85			6-1-2021		100,000		110,546
General Electric Company		0.85			10-9-2015		700,000		703,250
General Electric Company		2.70			10-9-2022		3,000,000		2,962,680
General Electric Company		4.13			10-9-2042		750,000		769,317
General Electric Company		4.50			3-11-2044		3,000,000		3,268,452
General Electric Company		5.25			12-6-2017		1,600,000		1,793,480
									12,630,046
Machinery: 0.22%
Caterpillar Incorporated		1.50			6-26-2017		1,000,000		1,009,673
Caterpillar Incorporated		2.60			6-26-2022		200,000		196,750
Caterpillar Incorporated		3.80			8-15-2042		650,000		626,242
Caterpillar Incorporated		3.90			5-27-2021		1,000,000		1,083,102
Caterpillar Incorporated		4.30			5-15-2044		500,000		521,978
Caterpillar Incorporated		5.20			5-27-2041		555,000		649,358
Caterpillar Incorporated		6.05			8-15-2036		900,000		1,150,557

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 67

Security name	Interest rate			Maturity date		Principal		Value
Machinery (continued)
Crane Company		2.75	%		12-15-2018	$	150,000	$	153,546
Cummins Incorporated		3.65			10-1-2023		167,000		175,853
Cummins Incorporated		4.88			10-1-2043		86,000		97,441
Deere & Company		2.60			6-8-2022		500,000		492,951
Deere & Company		3.90			6-9-2042		500,000		494,797
Deere & Company		4.38			10-16-2019		400,000		443,445
Deere & Company		5.38			10-16-2029		300,000		360,361
Dover Corporation		4.30			3-1-2021		500,000		553,524
Dover Corporation		5.38			10-15-2035		200,000		238,252
Dover Corporation		5.45			3-15-2018		100,000		112,712
Dover Corporation		6.60			3-15-2038		60,000		82,936
Flowserve Corporation		4.00			11-15-2023		107,000		110,390
IDEX Corporation		4.50			12-15-2020		100,000		105,247
Illinois Tool Works Incorporated		0.90			2-25-2017		300,000		299,129
Illinois Tool Works Incorporated		1.95			3-1-2019		500,000		499,075
Illinois Tool Works Incorporated		3.38			9-15-2021		120,000		126,300
Illinois Tool Works Incorporated		3.90			9-1-2042		306,000		297,849
Illinois Tool Works Incorporated		4.88			9-15-2041		295,000		328,090
Illinois Tool Works Incorporated		6.25			4-1-2019		155,000		183,505
Ingersoll-Rand Global Holding Company Limited		4.25			6-15-2023		1,000,000		1,066,513
Ingersoll-Rand Global Holding Company Limited		6.88			8-15-2018		250,000		296,207
Joy Global Incorporated		6.00			11-15-2016		500,000		549,867
Kennametal Incorporated		2.65			11-1-2019		150,000		150,812
Kennametal Incorporated		3.88			2-15-2022		98,000		99,244
Parker Hannifin Corporation		3.50			9-15-2022		100,000		103,813
Parker Hannifin Corporation		5.50			5-15-2018		135,000		152,407
Parker Hannifin Corporation		6.25			5-15-2038		60,000		79,267
Snap-on Incorporated		6.13			9-1-2021		150,000		176,543
Stanley Black & Decker Incorporated		2.90			11-1-2022		350,000		347,278
Stanley Black & Decker Incorporated ±		5.75			12-15-2053		100,000		108,400
Wabtec Corporation		4.38			8-15-2023		100,000		105,721
									13,629,135
Professional Services: 0.01%
Dun & Bradstreet Corporation		2.88			11-15-2015		115,000		117,662
Dun & Bradstreet Corporation		4.38			12-1-2022		250,000		258,725
Verisk Analytics Incorporated		4.13			9-12-2022		250,000		259,195
									635,582
Road & Rail: 0.32%
BNSF Railway Company		5.75			5-1-2040		550,000		668,604
Burlington Northern Santa Fe LLC		3.00			3-15-2023		300,000		296,144
Burlington Northern Santa Fe LLC		3.05			3-15-2022		1,000,000		1,009,595
Burlington Northern Santa Fe LLC		3.40			9-1-2024		300,000		302,905
Burlington Northern Santa Fe LLC		3.60			9-1-2020		200,000		211,905
Burlington Northern Santa Fe LLC		3.75			4-1-2024		500,000		518,970
Burlington Northern Santa Fe LLC		4.40			3-15-2042		1,000,000		1,015,581
Burlington Northern Santa Fe LLC		4.45			3-15-2043		300,000		307,688
Burlington Northern Santa Fe LLC		4.55			9-1-2044		300,000		310,828

68 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Road & Rail (continued)
Burlington Northern Santa Fe LLC		4.70	%		10-1-2019	$	125,000	$	140,225
Burlington Northern Santa Fe LLC		4.90			4-1-2044		500,000		545,014
Burlington Northern Santa Fe LLC		4.95			9-15-2041		200,000		220,052
Burlington Northern Santa Fe LLC		5.15			9-1-2043		300,000		336,240
Burlington Northern Santa Fe LLC		5.65			5-1-2017		360,000		401,743
Burlington Northern Santa Fe LLC		6.15			5-1-2037		650,000		831,620
Con-Way Incorporated		7.25			1-15-2018		350,000		405,720
CSX Corporation		3.40			8-1-2024		397,000		404,109
CSX Corporation		3.70			10-30-2020		250,000		264,620
CSX Corporation		4.10			3-15-2044		400,000		391,151
CSX Corporation		4.25			6-1-2021		200,000		219,073
CSX Corporation		4.50			8-1-2054		500,000		504,891
CSX Corporation		4.75			5-30-2042		230,000		247,589
CSX Corporation		5.60			5-1-2017		100,000		110,826
CSX Corporation		6.00			10-1-2036		300,000		371,149
CSX Corporation		6.15			5-1-2037		320,000		405,046
CSX Corporation		6.22			4-30-2040		200,000		256,538
CSX Corporation		7.38			2-1-2019		500,000		607,583
Kansas City Southern Railway Company		4.30			5-15-2043		200,000		198,587
Norfolk Southern Corporation		2.90			2-15-2023		886,000		868,393
Norfolk Southern Corporation		3.00			4-1-2022		500,000		502,524
Norfolk Southern Corporation		3.85			1-15-2024		200,000		210,156
Norfolk Southern Corporation		3.95			10-1-2042		120,000		116,003
Norfolk Southern Corporation		4.84			10-1-2041		685,000		749,073
Norfolk Southern Corporation		5.59			5-17-2025		53,000		62,903
Norfolk Southern Corporation		5.75			4-1-2018		1,100,000		1,249,775
Norfolk Southern Corporation		5.90			6-15-2019		65,000		75,480
Ryder System Incorporated		2.45			11-15-2018		350,000		355,449
Ryder System Incorporated		2.50			3-1-2017		200,000		205,938
Ryder System Incorporated		3.50			6-1-2017		200,000		210,740
Ryder System Incorporated		5.85			11-1-2016		250,000		273,605
Union Pacific Corporation		2.25			2-15-2019		200,000		202,772
Union Pacific Corporation		3.25			1-15-2025		250,000		253,391
Union Pacific Corporation		3.75			3-15-2024		200,000		211,857
Union Pacific Corporation		4.00			2-1-2021		500,000		548,092
Union Pacific Corporation		4.15			1-15-2045		250,000		252,045
Union Pacific Corporation		4.16			7-15-2022		437,000		480,007
Union Pacific Corporation		4.30			6-15-2042		250,000		259,614
Union Pacific Corporation		4.82			2-1-2044		947,000		1,059,071
Union Pacific Corporation		4.85			6-15-2044		200,000		224,988
									19,875,872
Trading Companies & Distributors: 0.02%
Air Lease Corporation		3.38			1-15-2019		1,250,000		1,268,750
Information Technology: 1.35%
Communications Equipment: 0.17%
Cisco Systems Incorporated		1.10			3-3-2017		1,500,000		1,504,646
Cisco Systems Incorporated		2.90			3-4-2021		300,000		307,123

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 69

Security name	Interest rate			Maturity date		Principal		Value
Communications Equipment (continued)
Cisco Systems Incorporated		3.15	%		3-14-2017	$	1,000,000	$	1,053,682
Cisco Systems Incorporated		3.63			3-4-2024		500,000		521,748
Cisco Systems Incorporated		4.45			1-15-2020		950,000		1,055,624
Cisco Systems Incorporated		4.95			2-15-2019		800,000		900,545
Cisco Systems Incorporated		5.50			2-22-2016		775,000		831,253
Cisco Systems Incorporated		5.50			1-15-2040		700,000		838,438
Cisco Systems Incorporated		5.90			2-15-2039		800,000		999,919
Harris Corporation		4.40			12-15-2020		300,000		323,721
Harris Corporation		5.95			12-1-2017		400,000		453,599
Juniper Networks Incorporated		3.10			3-15-2016		250,000		256,191
Motorola Incorporated		3.50			3-1-2023		550,000		537,615
Motorola Incorporated		6.00			11-15-2017		700,000		799,777
Motorola Incorporated		7.50			5-15-2025		120,000		154,397
									10,538,278
Electronic Equipment, Instruments & Components: 0.05%
Agilent Technologies Incorporated		3.88			7-15-2023		150,000		152,663
Agilent Technologies Incorporated		6.50			11-1-2017		260,000		297,484
Amphenol Corporation		2.55			1-30-2019		200,000		202,266
Amphenol Corporation		4.00			2-1-2022		300,000		312,072
Arrow Electronics Incorporated		5.13			3-1-2021		300,000		326,402
Arrow Electronics Incorporated		6.00			4-1-2020		100,000		113,245
Avnet Incorporated		5.88			6-15-2020		100,000		112,719
Avnet Incorporated		6.63			9-15-2016		300,000		332,004
Corning Incorporated		1.45			11-15-2017		400,000		400,896
Corning Incorporated		3.70			11-15-2023		113,000		117,966
Corning Incorporated		4.25			8-15-2020		250,000		272,032
Corning Incorporated		5.75			8-15-2040		150,000		182,951
Corning Incorporated		6.63			5-15-2019		20,000		23,945
Tech Data Corporation		3.75			9-21-2017		100,000		104,802
									2,951,447
Internet Software & Services: 0.06%
eBay Incorporated		1.35			7-15-2017		400,000		401,186
eBay Incorporated		1.63			10-15-2015		400,000		405,326
eBay Incorporated		2.60			7-15-2022		350,000		340,177
eBay Incorporated		2.88			8-1-2021		500,000		501,008
eBay Incorporated		3.25			10-15-2020		200,000		208,544
eBay Incorporated		3.45			8-1-2024		350,000		351,916
eBay Incorporated		4.00			7-15-2042		250,000		229,067
Google Incorporated		2.13			5-19-2016		500,000		513,411
Google Incorporated		3.38			2-25-2024		125,000		129,540
Google Incorporated		3.63			5-19-2021		500,000		537,080
									3,617,255
IT Services: 0.27%
Broadridge Financial Solutions Incorporated		3.95			9-1-2020		100,000		104,765
Computer Sciences Corporation		2.50			9-15-2015		111,000		112,788
Computer Sciences Corporation		4.45			9-15-2022		200,000		211,432

70 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
IT Services (continued)
Computer Sciences Corporation		6.50	%		3-15-2018	$	425,000	$	486,153
Fiserv Incorporated		3.50			10-1-2022		400,000		405,954
Fiserv Incorporated		4.75			6-15-2021		500,000		556,773
Fiserv Incorporated		6.80			11-20-2017		100,000		115,062
IBM Corporation		0.45			5-6-2016		400,000		399,100
IBM Corporation		1.25			2-8-2018		500,000		497,953
IBM Corporation		1.63			5-15-2020		500,000		482,245
IBM Corporation		1.88			5-15-2019		500,000		499,252
IBM Corporation		1.88			8-1-2022		400,000		373,556
IBM Corporation		1.95			7-22-2016		725,000		742,264
IBM Corporation		1.95			2-12-2019		500,000		501,838
IBM Corporation		3.38			8-1-2023		1,400,000		1,438,199
IBM Corporation		3.63			2-12-2024		500,000		518,713
IBM Corporation		4.00			6-20-2042		500,000		492,393
IBM Corporation		5.60			11-30-2039		900,000		1,107,432
IBM Corporation		5.70			9-14-2017		1,000,000		1,131,199
IBM Corporation		5.88			11-29-2032		250,000		318,094
IBM Corporation		7.00			10-30-2025		300,000		403,778
IBM Corporation		7.63			10-15-2018		500,000		613,564
Mastercard Incorporated		3.38			4-1-2024		1,000,000		1,023,193
SAIC Incorporated		4.45			12-1-2020		500,000		503,571
SAIC Incorporated		5.95			12-1-2040		100,000		104,102
Total System Services Incorporated		2.38			6-1-2018		205,000		204,572
Total System Services Incorporated		3.75			6-1-2023		150,000		148,582
Western Union Company		2.88			12-10-2017		250,000		258,291
Western Union Company		5.25			4-1-2020		80,000		87,710
Western Union Company		5.93			10-1-2016		425,000		464,644
Western Union Company		6.20			11-17-2036		175,000		183,842
Western Union Company		6.20			6-21-2040		200,000		208,644
Xerox Corporation		2.95			3-15-2017		1,000,000		1,040,327
Xerox Corporation		5.63			12-15-2019		200,000		228,885
Xerox Corporation		6.35			5-15-2018		150,000		172,684
Xerox Corporation		6.40			3-15-2016		500,000		541,304
Xerox Corporation		6.75			2-1-2017		250,000		281,344
Xerox Corporation		6.75			12-15-2039		100,000		124,331
									17,088,533
Semiconductors & Semiconductor Equipment: 0.13%
Altera Corporation		2.50			11-15-2018		250,000		252,955
Analog Devices Incorporated		2.88			6-1-2023		150,000		146,157
Applied Materials Incorporated		2.65			6-15-2016		500,000		515,011
Applied Materials Incorporated		4.30			6-15-2021		300,000		328,130
Applied Materials Incorporated		5.85			6-15-2041		200,000		243,721
Broadcom Corporation		2.50			8-15-2022		250,000		240,821
Intel Corporation		1.35			12-15-2017		1,150,000		1,149,105
Intel Corporation		1.95			10-1-2016		600,000		614,542
Intel Corporation		2.70			12-15-2022		550,000		540,623
Intel Corporation		3.30			10-1-2021		847,000		884,907
Intel Corporation		4.00			12-15-2032		500,000		503,739

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 71

Security name	Interest rate			Maturity date		Principal		Value
Semiconductors & Semiconductor Equipment (continued)
Intel Corporation		4.25	%		12-15-2042	$	250,000	$	250,525
Intel Corporation		4.80			10-1-2041		643,000		697,164
KLA Tencor Corporation		6.90			5-1-2018		300,000		350,750
Maxim Integrated Product Incorporated		3.38			3-15-2023		200,000		196,244
Texas Instruments Incorporated		1.00			5-1-2018		200,000		196,079
Texas Instruments Incorporated		1.65			8-3-2019		250,000		245,194
Texas Instruments Incorporated		2.25			5-1-2023		250,000		237,578
Texas Instruments Incorporated		2.38			5-16-2016		300,000		308,861
Xilinx Incorporated		2.13			3-15-2019		250,000		249,965
Xilinx Incorporated		3.00			3-15-2021		250,000		252,620
									8,404,691
Software: 0.35%
Adobe Systems Incorporated		4.75			2-1-2020		325,000		360,302
Autodesk Incorporated		1.95			12-15-2017		250,000		252,040
Autodesk Incorporated		3.60			12-15-2022		250,000		250,638
CA Incorporated		5.38			12-1-2019		500,000		559,153
Fidelity National Information Services Incorporated		2.00			4-15-2018		114,000		113,907
Fidelity National Information Services Incorporated		3.50			4-15-2023		131,000		130,774
Fidelity National Information Services Incorporated		5.00			3-15-2022		300,000		317,652
Intuit Incorporated		5.75			3-15-2017		200,000		221,850
Microsoft Corporation		1.63			9-25-2015		1,000,000		1,013,730
Microsoft Corporation		1.63			12-6-2018		400,000		400,190
Microsoft Corporation		2.38			5-1-2023		1,000,000		970,279
Microsoft Corporation		3.00			10-1-2020		400,000		418,489
Microsoft Corporation		3.50			11-15-2042		500,000		457,792
Microsoft Corporation		3.63			12-15-2023		500,000		529,715
Microsoft Corporation		3.75			5-1-2043		47,000		44,606
Microsoft Corporation		4.00			2-8-2021		500,000		551,045
Microsoft Corporation		4.20			6-1-2019		375,000		414,762
Microsoft Corporation		4.50			10-1-2040		500,000		535,857
Microsoft Corporation		4.88			12-15-2043		200,000		226,703
Microsoft Corporation		5.20			6-1-2039		110,000		128,658
Microsoft Corporation		5.30			2-8-2041		500,000		594,280
Oracle Corporation		1.20			10-15-2017		1,350,000		1,344,898
Oracle Corporation		2.38			1-15-2019		600,000		610,908
Oracle Corporation		2.50			10-15-2022		800,000		778,522
Oracle Corporation		2.80			7-8-2021		1,500,000		1,510,496
Oracle Corporation		3.40			7-8-2024		1,000,000		1,018,640
Oracle Corporation		3.63			7-15-2023		400,000		418,430
Oracle Corporation		3.88			7-15-2020		350,000		377,016
Oracle Corporation		4.30			7-8-2034		1,000,000		1,045,347
Oracle Corporation		4.50			7-8-2044		500,000		529,348
Oracle Corporation		5.00			7-8-2019		600,000		679,638
Oracle Corporation		5.25			1-15-2016		850,000		904,862
Oracle Corporation		5.38			7-15-2040		1,350,000		1,593,512
Oracle Corporation		5.75			4-15-2018		1,000,000		1,144,258
Oracle Corporation		6.13			7-8-2039		200,000		256,753
Oracle Corporation		6.50			4-15-2038		250,000		330,972
Symantec Corporation		3.95			6-15-2022		200,000		204,406
Symantec Corporation		4.20			9-15-2020		300,000		310,446
									21,550,874

72 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Technology Hardware, Storage & Peripherals: 0.32%
Apple Incorporated		0.45	%		5-3-2016	$	500,000	$	499,170
Apple Incorporated		1.00			5-3-2018		1,500,000		1,470,549
Apple Incorporated		2.40			5-3-2023		4,150,000		3,981,747
Apple Incorporated		3.45			5-6-2024		2,000,000		2,056,690
Apple Incorporated		3.85			5-4-2043		1,650,000		1,580,253
EMC Corporation		1.88			6-1-2018		950,000		953,475
EMC Corporation		2.65			6-1-2020		500,000		505,497
EMC Corporation		3.38			6-1-2023		850,000		861,416
Hewlett-Packard Company		2.13			9-13-2015		500,000		507,712
Hewlett-Packard Company		2.60			9-15-2017		1,000,000		1,032,945
Hewlett-Packard Company		2.65			6-1-2016		1,000,000		1,030,425
Hewlett-Packard Company		2.75			1-14-2019		500,000		511,825
Hewlett-Packard Company		3.00			9-15-2016		500,000		519,072
Hewlett-Packard Company		3.75			12-1-2020		250,000		262,362
Hewlett-Packard Company		4.05			9-15-2022		250,000		264,160
Hewlett-Packard Company		4.30			6-1-2021		500,000		538,341
Hewlett-Packard Company		4.38			9-15-2021		500,000		541,203
Hewlett-Packard Company		4.65			12-9-2021		500,000		551,302
Hewlett-Packard Company		5.40			3-1-2017		500,000		550,461
Hewlett-Packard Company		5.50			3-1-2018		500,000		564,003
Hewlett-Packard Company		6.00			9-15-2041		475,000		563,478
Lexmark International Incorporated		6.65			6-1-2018		250,000		282,333
NetApp Incorporated		2.00			12-15-2017		250,000		252,597
NetApp Incorporated		3.25			12-15-2022		250,000		246,185
									20,127,201
Materials: 0.76%
Chemicals: 0.43%
Air Products & Chemicals Incorporated		1.20			10-15-2017		132,000		131,927
Air Products & Chemicals Incorporated		2.00			8-2-2016		55,000		56,254
Air Products & Chemicals Incorporated		3.00			11-3-2021		250,000		253,498
Air Products & Chemicals Incorporated		3.35			7-31-2024		350,000		354,243
Air Products & Chemicals Incorporated		4.38			8-21-2019		150,000		165,907
Airgas Incorporated		2.90			11-15-2022		500,000		488,437
Albemarle Corporation		4.50			12-15-2020		300,000		324,592
Cabot Corporation		5.00			10-1-2016		100,000		107,476
CF Industries Incorporated		3.45			6-1-2023		437,000		436,229
CF Industries Incorporated		4.95			6-1-2043		425,000		438,435
CF Industries Incorporated		5.15			3-15-2034		500,000		545,563
CF Industries Incorporated		5.38			3-15-2044		500,000		548,754
CF Industries Incorporated		6.88			5-1-2018		500,000		584,724
Dow Chemical Company		2.50			2-15-2016		125,000		128,188
Dow Chemical Company		3.00			11-15-2022		500,000		493,249
Dow Chemical Company		4.13			11-15-2021		500,000		535,585
Dow Chemical Company		4.25			11-15-2020		575,000		626,787
Dow Chemical Company		4.38			11-15-2042		500,000		493,043
Dow Chemical Company		5.25			11-15-2041		250,000		278,736
Dow Chemical Company		5.70			5-15-2018		197,000		223,635
Dow Chemical Company		7.38			11-1-2029		600,000		815,798

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 73

Security name	Interest rate			Maturity date		Principal		Value
Chemicals (continued)
Dow Chemical Company		8.55	%		5-15-2019	$	1,655,000	$	2,108,444
Dow Chemical Company		9.40			5-15-2039		385,000		639,413
E.I. du Pont de Nemours & Company		2.75			4-1-2016		500,000		516,383
E.I. du Pont de Nemours & Company		2.80			2-15-2023		500,000		493,205
E.I. du Pont de Nemours & Company		3.63			1-15-2021		500,000		534,625
E.I. du Pont de Nemours & Company		4.15			2-15-2043		300,000		300,401
E.I. du Pont de Nemours & Company		4.50			8-15-2019		400,000		443,428
E.I. du Pont de Nemours & Company		4.63			1-15-2020		200,000		223,192
E.I. du Pont de Nemours & Company		4.90			1-15-2041		300,000		331,647
E.I. du Pont de Nemours & Company		5.25			12-15-2016		250,000		274,339
E.I. du Pont de Nemours & Company		5.60			12-15-2036		25,000		30,476
E.I. du Pont de Nemours & Company		6.00			7-15-2018		625,000		725,505
E.I. du Pont de Nemours & Company		6.50			1-15-2028		250,000		323,787
Eastman Chemical Company		2.40			6-1-2017		400,000		409,694
Eastman Chemical Company		3.60			8-15-2022		400,000		411,036
Eastman Chemical Company		4.50			1-15-2021		500,000		540,338
Eastman Chemical Company		4.80			9-1-2042		200,000		207,099
Ecolab Incorporated		3.00			12-8-2016		500,000		521,836
Ecolab Incorporated		4.35			12-8-2021		500,000		548,411
Ecolab Incorporated		5.50			12-8-2041		300,000		352,341
FMC Corporation		3.95			2-1-2022		125,000		131,096
FMC Corporation		4.10			2-1-2024		250,000		263,311
International Flavors & Fragrances Incorporated		3.20			5-1-2023		100,000		98,265
Lubrizol Corporation		8.88			2-1-2019		250,000		318,850
Monsanto Company		2.75			4-15-2016		200,000		206,616
Monsanto Company		3.38			7-15-2024		1,000,000		1,019,098
Monsanto Company		3.60			7-15-2042		150,000		137,021
Monsanto Company		4.40			7-15-2044		600,000		620,939
Monsanto Company		5.13			4-15-2018		500,000		558,963
Monsanto Company		5.50			8-15-2025		100,000		119,536
Mosaic Company		3.75			11-15-2021		115,000		120,595
Mosaic Company		4.25			11-15-2023		425,000		454,242
Mosaic Company		5.45			11-15-2033		304,000		346,768
Mosaic Company		5.63			11-15-2043		250,000		288,920
NewMarket Corporation		4.10			12-15-2022		50,000		50,583
PPG Industries Incorporated		1.90			1-15-2016		50,000		50,748
PPG Industries Incorporated		3.60			11-15-2020		100,000		104,988
PPG Industries Incorporated		5.50			11-15-2040		150,000		180,383
PPG Industries Incorporated		6.65			3-15-2018		300,000		348,511
PPG Industries Incorporated		7.70			3-15-2038		250,000		364,668
Praxair Incorporated		1.05			11-7-2017		438,000		435,104
Praxair Incorporated		1.25			11-7-2018		100,000		97,784
Praxair Incorporated		2.20			8-15-2022		500,000		476,924
Praxair Incorporated		2.45			2-15-2022		200,000		196,209
Praxair Incorporated		2.70			2-21-2023		150,000		147,839
Praxair Incorporated		3.55			11-7-2042		150,000		139,968
Praxair Incorporated		4.05			3-15-2021		200,000		218,213
Praxair Incorporated		5.20			3-15-2017		50,000		55,098
Praxair Incorporated		5.38			11-1-2016		75,000		81,661
RPM International Incorporated		6.13			10-15-2019		200,000		229,446
RPM International Incorporated		6.50			2-15-2018		250,000		284,886

74 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Chemicals (continued)
Sherwin-Williams Company		1.35	%		12-15-2017	$	250,000	$	249,486
Sherwin-Williams Company		4.00			12-15-2042		132,000		128,392
Valspar Corporation		4.20			1-15-2022		100,000		106,593
Valspar Corporation		7.25			6-15-2019		100,000		121,156
Westlake Chemical Corporation		3.60			7-15-2022		29,000		29,322
									26,748,842
Construction Materials: 0.00%
Martin Marietta Materials Incorporated		6.60			4-15-2018		125,000		142,484
Containers & Packaging: 0.01%
Bemis Company Incorporated		6.80			8-1-2019		10,000		11,886
Packaging Corporation of America		3.90			6-15-2022		200,000		207,497
Packaging Corporation of America		4.50			11-1-2023		50,000		53,945
Sonoco Products Company		4.38			11-1-2021		100,000		106,383
									379,711
Metals & Mining: 0.21%
Allegheny Technologies Incorporated		5.88			8-15-2023		250,000		275,788
Allegheny Technologies Incorporated		5.95			1-15-2021		50,000		55,226
Allegheny Technologies Incorporated		9.38			6-1-2019		150,000		184,324
Barrick North America Finance LLC		6.80			9-15-2018		250,000		293,349
Carpenter Technology Corporation		4.45			3-1-2023		80,000		82,890
Cliffs Natural Resources «		4.80			10-1-2020		255,000		242,172
Freeport-McMoRan Copper & Gold Incorporated		2.38			3-15-2018		2,500,000		2,534,085
Freeport-McMoRan Copper & Gold Incorporated		3.55			3-1-2022		2,000,000		2,011,104
Freeport-McMoRan Copper & Gold Incorporated		3.88			3-15-2023		750,000		761,282
Freeport-McMoRan Copper & Gold Incorporated		5.45			3-15-2043		850,000		919,213
Newmont Mining Corporation		3.50			3-15-2022		600,000		589,727
Newmont Mining Corporation		4.88			3-15-2042		500,000		463,815
Newmont Mining Corporation		5.13			10-1-2019		475,000		526,822
Newmont Mining Corporation		6.25			10-1-2039		475,000		511,481
Nucor Corporation		4.00			8-1-2023		189,000		197,834
Nucor Corporation		5.20			8-1-2043		200,000		218,849
Nucor Corporation		5.75			12-1-2017		500,000		565,391
Nucor Corporation		5.85			6-1-2018		150,000		171,150
Nucor Corporation		6.40			12-1-2037		200,000		250,653
Reliance Steel & Aluminum Company		4.50			4-15-2023		150,000		156,011
Southern Copper Corporation		5.25			11-8-2042		500,000		485,405
Southern Copper Corporation		5.38			4-16-2020		90,000		100,429
Southern Copper Corporation		6.75			4-16-2040		440,000		509,300
Southern Copper Corporation		7.50			7-27-2035		600,000		732,204
									12,838,504
Paper & Forest Products: 0.11%
Domtar Corporation		4.40			4-1-2022		500,000		516,354
Georgia-Pacific LLC		7.25			6-1-2028		325,000		431,593
Georgia-Pacific LLC		8.00			1-15-2024		200,000		272,606
Georgia-Pacific LLC		8.88			5-15-2031		500,000		764,547

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 75

Security name	Interest rate			Maturity date		Principal		Value
Paper & Forest Products (continued)
International Paper Company		3.65	%		6-15-2024	$	1,000,000	$	999,703
International Paper Company		4.75			2-15-2022		75,000		82,914
International Paper Company		4.80			6-15-2044		250,000		259,342
International Paper Company		6.00			11-15-2041		535,000		643,650
International Paper Company		7.30			11-15-2039		250,000		344,130
International Paper Company		7.50			8-15-2021		450,000		573,778
International Paper Company		7.95			6-15-2018		1,000,000		1,215,080
MeadWestvaco Corporation		7.95			2-15-2031		50,000		65,634
Plum Creek Timberlands LP		3.25			3-15-2023		275,000		267,136
Plum Creek Timberlands LP		4.70			3-15-2021		500,000		550,288
									6,986,755
Telecommunication Services: 1.01%
Diversified Telecommunication Services: 1.00%
AT&T Corporation		1.40			12-1-2017		1,000,000		999,231
AT&T Incorporated		0.80			12-1-2015		500,000		501,635
AT&T Incorporated		0.90			2-12-2016		250,000		250,803
AT&T Incorporated		1.60			2-15-2017		500,000		505,000
AT&T Incorporated		1.70			6-1-2017		1,000,000		1,012,514
AT&T Incorporated		2.40			8-15-2016		620,000		638,211
AT&T Incorporated «		2.63			12-1-2022		1,000,000		969,346
AT&T Incorporated		2.95			5-15-2016		1,150,000		1,192,179
AT&T Incorporated		3.00			2-15-2022		1,500,000		1,506,657
AT&T Incorporated		3.88			8-15-2021		45,000		48,023
AT&T Incorporated		3.90			3-11-2024		500,000		523,998
AT&T Incorporated		4.30			12-15-2042		500,000		487,041
AT&T Incorporated		4.35			6-15-2045		1,500,000		1,462,167
AT&T Incorporated		4.45			5-15-2021		650,000		720,373
AT&T Incorporated		5.35			9-1-2040		2,372,000		2,654,908
AT&T Incorporated		5.50			2-1-2018		1,000,000		1,128,023
AT&T Incorporated		5.55			8-15-2041		60,000		68,733
AT&T Incorporated		5.60			5-15-2018		500,000		568,359
AT&T Incorporated		5.80			2-15-2019		800,000		928,612
AT&T Incorporated		6.15			9-15-2034		500,000		612,269
AT&T Incorporated		6.30			1-15-2038		1,500,000		1,874,697
AT&T Incorporated		6.50			9-1-2037		970,000		1,233,579
AT&T Incorporated		6.55			2-15-2039		800,000		1,020,346
AT&T Incorporated		8.00			11-15-2031		536,000		803,653
Embarq Corporation		7.08			6-1-2016		1,000,000		1,100,042
Embarq Corporation		8.00			6-1-2036		1,500,000		1,687,335
Qwest Corporation		6.88			9-15-2033		300,000		302,733
Verizon Communications Incorporated		0.70			11-2-2015		500,000		500,662
Verizon Communications Incorporated		2.00			11-1-2016		500,000		509,728
Verizon Communications Incorporated		2.45			11-1-2022		600,000		571,518
Verizon Communications Incorporated		2.50			9-15-2016		652,000		672,205
Verizon Communications Incorporated		2.55			6-17-2019		1,000,000		1,016,109
Verizon Communications Incorporated 144A		2.63			2-21-2020		1,000,000		1,002,960
Verizon Communications Incorporated		3.00			4-1-2016		500,000		517,058

76 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Telecommunication Services (continued)
Verizon Communications Incorporated		3.45	%		3-15-2021	$	1,000,000	$	1,037,213
Verizon Communications Incorporated		3.50			11-1-2021		1,000,000		1,037,977
Verizon Communications Incorporated		3.65			9-14-2018		2,500,000		2,666,533
Verizon Communications Incorporated		3.85			11-1-2042		400,000		362,451
Verizon Communications Incorporated		4.50			9-15-2020		1,029,000		1,130,638
Verizon Communications Incorporated		4.60			4-1-2021		1,000,000		1,107,196
Verizon Communications Incorporated		4.75			11-1-2041		500,000		514,141
Verizon Communications Incorporated 144A		4.86			8-21-2046		2,830,000		2,969,496
Verizon Communications Incorporated		4.90			9-15-2015		325,000		339,586
Verizon Communications Incorporated		5.15			9-15-2023		4,500,000		5,095,517
Verizon Communications Incorporated		6.00			4-1-2041		500,000		600,461
Verizon Communications Incorporated		6.25			4-1-2037		250,000		309,085
Verizon Communications Incorporated		6.35			4-1-2019		1,000,000		1,175,694
Verizon Communications Incorporated		6.40			9-15-2033		2,864,000		3,617,773
Verizon Communications Incorporated		6.40			2-15-2038		1,000,000		1,251,241
Verizon Communications Incorporated		6.55			9-15-2043		6,500,000		8,379,547
Verizon Communications Incorporated		6.90			4-15-2038		500,000		661,332
Verizon Global Funding Corporation		5.85			9-15-2035		600,000		712,565
									62,559,153
Wireless Telecommunication Services: 0.01%
CC Holdings GS V LLC		2.38			12-15-2017		100,000		102,121
CC Holdings GS V LLC		3.85			4-15-2023		500,000		507,539
									609,660
Utilities: 1.87%
Electric Utilities: 1.43%
Alabama Power Company		0.55			10-15-2015		31,000		31,031
Alabama Power Company		3.55			12-1-2023		250,000		262,298
Alabama Power Company		3.85			12-1-2042		200,000		197,104
Alabama Power Company		4.15			8-15-2044		150,000		152,803
Alabama Power Company		5.50			3-15-2041		65,000		81,317
Alabama Power Company		6.00			3-1-2039		500,000		656,154
Alabama Power Company		6.13			5-15-2038		105,000		138,659
American Electric Power Company Incorporated		2.95			12-15-2022		200,000		197,486
Appalachian Power Company		5.80			10-1-2035		315,000		384,921
Appalachian Power Company		6.38			4-1-2036		300,000		392,225
Appalachian Power Company		7.00			4-1-2038		600,000		829,438
Appalachian Power Company		7.95			1-15-2020		250,000		317,327
Arizona Public Service Company		4.50			4-1-2042		100,000		106,910
Arizona Public Service Company		4.70			1-15-2044		250,000		276,385
Arizona Public Service Company		8.75			3-1-2019		500,000		640,987
Atlantic City Electric Company		7.75			11-15-2018		65,000		79,025
Baltimore Gas & Electric Company		3.50			11-15-2021		500,000		529,922
Baltimore Gas & Electric Company		5.90			10-1-2016		350,000		384,583
Carolina Power & Light Company		2.80			5-15-2022		250,000		251,671
Carolina Power & Light Company		5.25			12-15-2015		180,000		190,695
Carolina Power & Light Company		5.30			1-15-2019		500,000		569,651
CenterPoint Energy Houston		2.25			8-1-2022		300,000		289,964

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 77

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
CenterPoint Energy Houston		3.55	%		8-1-2042	$	250,000	$	234,581
CenterPoint Energy Houston		4.50			4-1-2044		250,000		271,015
CenterPoint Energy Houston Series K		6.95			3-15-2033		250,000		354,274
Cleco Power LLC		6.00			12-1-2040		300,000		362,460
Cleveland Electric Illuminating Company		5.95			12-15-2036		500,000		591,915
Columbus Southern Power Company		6.05			5-1-2018		200,000		229,550
Commonwealth Edison Company		2.15			1-15-2019		500,000		504,465
Commonwealth Edison Company		3.80			10-1-2042		100,000		96,694
Commonwealth Edison Company		4.70			1-15-2044		250,000		281,379
Commonwealth Edison Company		5.80			3-15-2018		500,000		568,975
Commonwealth Edison Company		5.90			3-15-2036		250,000		321,450
Commonwealth Edison Company Series 100		5.88			2-1-2033		65,000		81,729
Connecticut Light & Power Company		5.65			5-1-2018		100,000		113,863
Connecticut Light & Power Company		6.35			6-1-2036		200,000		270,831
Consolidated Edison Company of New York Incorporated		4.45			3-15-2044		500,000		524,354
Consolidated Edison Company of New York Incorporated		6.65			4-1-2019		500,000		598,897
Consolidated Edison Company of New York Incorporated		7.13			12-1-2018		200,000		240,999
Consolidated Edison Company of New York Incorporated Series 06-C		5.50			9-15-2016		100,000		109,209
Consolidated Edison Company of New York Incorporated Series 06-D		5.30			12-1-2016		50,000		54,823
Consolidated Edison Company of New York Incorporated Series 06-E		5.70			12-1-2036		250,000		310,289
Consolidated Edison Company of New York Incorporated Series 07-A		6.30			8-15-2037		250,000		325,872
Consolidated Edison Company of New York Incorporated Series 08-A		5.85			4-1-2018		100,000		114,380
Consolidated Edison Company of New York Incorporated Series 08-B		6.75			4-1-2038		300,000		409,771
Consolidated Edison Company of New York Incorporated Series 09-C		5.50			12-1-2039		600,000		722,177
Consolidated Edison Company of New York Incorporated Series 12-A		4.20			3-15-2042		250,000		250,735
Consumers Energy Company		5.65			9-15-2018		150,000		171,956
Consumers Energy Company		6.70			9-15-2019		500,000		605,569
Dayton Power & Light Company		1.88			9-15-2016		75,000		76,277
Delmarva Power & Light Company		4.00			6-1-2042		300,000		300,393
Detroit Edison Company		2.65			6-15-2022		200,000		198,841
Detroit Edison Company		3.45			10-1-2020		500,000		525,186
DTE Electric Company		3.65			3-15-2024		150,000		156,725
Duke Energy Carolinas LLC		1.75			12-15-2016		750,000		765,205
Duke Energy Carolinas LLC		4.00			9-30-2042		250,000		250,199
Duke Energy Carolinas LLC		4.25			12-15-2041		500,000		518,766
Duke Energy Carolinas LLC		6.10			6-1-2037		250,000		317,333
Duke Energy Carolinas LLC Series C		7.00			11-15-2018		100,000		120,465
Duke Energy Corporation		3.05			8-15-2022		100,000		100,469
Duke Energy Corporation		3.95			10-15-2023		200,000		212,372
Duke Energy Corporation		6.45			10-15-2032		375,000		494,587
Duke Energy Florida Incorporated		3.85			11-15-2042		100,000		99,397
Duke Energy Indiana Incorporated		3.75			7-15-2020		500,000		535,766
Duke Energy Indiana Incorporated		4.90			7-15-2043		150,000		172,354
Duke Energy Indiana Incorporated		6.35			8-15-2038		750,000		1,024,910
Duke Energy Indiana Incorporated		6.45			4-1-2039		65,000		88,925
Duke Energy Ohio Incorporated		5.45			4-1-2019		250,000		286,309
Duke Energy Progress Incorporated		3.00			9-15-2021		250,000		257,310
Duke Energy Progress Incorporated		4.10			3-15-2043		150,000		154,040
Duke Energy Progress Incorporated		4.38			3-30-2044		250,000		265,181
Entergy Arkansas Incorporated		3.70			6-1-2024		250,000		260,956

78 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
Entergy Corporation		3.63	%		9-15-2015	$	200,000	$	205,524
Entergy Corporation		4.70			1-15-2017		250,000		268,755
Entergy Corporation		5.13			9-15-2020		250,000		278,161
Entergy Gulf States Louisiana LLC		5.59			10-1-2024		120,000		143,656
Entergy Gulf States Louisiana LLC		6.00			5-1-2018		100,000		114,142
Entergy Louisiana LLC		4.05			9-1-2023		400,000		430,176
Entergy Louisiana LLC		5.40			11-1-2024		250,000		296,821
Entergy Texas Incorporated		7.13			2-1-2019		200,000		240,945
Exelon Corporation		5.63			6-15-2035		365,000		422,067
Exelon Generation Company LLC		4.25			6-15-2022		225,000		234,945
Exelon Generation Company LLC		5.20			10-1-2019		500,000		559,576
Exelon Generation Company LLC		5.60			6-15-2042		605,000		668,674
Exelon Generation Company LLC		6.25			10-1-2039		500,000		595,847
FirstEnergy Solutions Company		6.80			8-15-2039		164,000		182,566
Florida Power & Light Company		3.25			6-1-2024		500,000		511,616
Florida Power & Light Company		4.05			6-1-2042		250,000		252,833
Florida Power & Light Company		4.13			2-1-2042		300,000		309,148
Florida Power & Light Company		5.25			2-1-2041		200,000		243,063
Florida Power & Light Company		5.63			4-1-2034		250,000		309,755
Florida Power & Light Company		5.65			2-1-2037		380,000		481,771
Florida Power & Light Company		5.69			3-1-2040		585,000		742,640
Florida Power & Light Company		5.85			5-1-2037		100,000		128,708
Florida Power & Light Company		5.95			2-1-2038		320,000		416,860
Florida Power & Light Company		5.96			4-1-2039		250,000		331,644
Florida Power & Light Company		6.20			6-1-2036		500,000		672,396
Florida Power Corporation		5.65			6-15-2018		300,000		343,878
Florida Power Corporation		5.65			4-1-2040		125,000		157,713
Florida Power Corporation		5.80			9-15-2017		200,000		226,512
Florida Power Corporation		6.40			6-15-2038		500,000		682,977
FPL Group Capital Incorporated		6.00			3-1-2019		750,000		869,992
Georgia Power Company		4.25			12-1-2019		375,000		415,336
Georgia Power Company		4.30			3-15-2042		1,000,000		1,029,152
Georgia Power Company		4.30			3-15-2043		350,000		360,400
Georgia Power Company		5.40			6-1-2018		200,000		226,142
Georgia Power Company		5.40			6-1-2040		250,000		297,269
Georgia Power Company		5.95			2-1-2039		250,000		315,412
Georgia Power Company Series B		5.70			6-1-2017		100,000		111,891
Great Plains Energy Incorporated		4.85			6-1-2021		50,000		55,467
Iberdrola International BV		6.75			7-15-2036		500,000		633,851
Indiana Michigan Power Company		3.20			3-15-2023		100,000		101,095
Indiana Michigan Power Company		7.00			3-15-2019		500,000		602,630
Interstate Power & Light Company		4.70			10-15-2043		300,000		340,680
Interstate Power & Light Company		6.25			7-15-2039		30,000		39,984
Jersey Central Power & Light Company		5.63			5-1-2016		100,000		107,285
Jersey Central Power & Light Company		7.35			2-1-2019		250,000		300,268
Kansas City Power & Light Company		3.15			3-15-2023		200,000		201,822
Kansas City Power & Light Company		6.38			3-1-2018		250,000		290,907
Kansas City Power & Light Company		7.15			4-1-2019		200,000		243,881
Kentucky Utilities Company		3.25			11-1-2020		500,000		522,866
Kentucky Utilities Company		5.13			11-1-2040		500,000		592,499

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 79

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
LG&E & KU Energy LLC		2.13	%		11-15-2015	$	100,000	$	101,305
LG&E & KU Energy LLC		3.75			11-15-2020		100,000		105,232
MidAmerican Energy Holdings Company		2.40			3-15-2019		500,000		510,731
MidAmerican Energy Holdings Company		4.80			9-15-2043		300,000		335,896
MidAmerican Energy Holdings Company		5.30			3-15-2018		250,000		281,417
MidAmerican Energy Holdings Company		5.80			10-15-2036		75,000		96,181
MidAmerican Energy Holdings Company		5.95			5-15-2037		300,000		372,677
MidAmerican Energy Holdings Company		6.13			4-1-2036		700,000		893,222
MidAmerican Energy Holdings Company		6.50			9-15-2037		500,000		660,208
MidAmerican Energy Holdings Company		6.75			12-30-2031		150,000		205,961
Nevada Power Company		5.45			5-15-2041		120,000		148,339
Nevada Power Company		6.75			7-1-2037		200,000		279,856
Nevada Power Company		7.13			3-15-2019		300,000		364,833
Nevada Power Company Series O		6.50			5-15-2018		550,000		641,308
NiSource Finance Corporation		4.80			2-15-2044		350,000		358,010
NiSource Finance Corporation		5.25			9-15-2017		180,000		199,562
NiSource Finance Corporation		5.45			9-15-2020		415,000		472,384
NiSource Finance Corporation		5.65			2-1-2045		200,000		231,342
NiSource Finance Corporation		6.13			3-1-2022		100,000		118,666
NiSource Finance Corporation		6.40			3-15-2018		1,000,000		1,152,094
NiSource Finance Corporation		6.80			1-15-2019		90,000		106,708
Northeast Utilities		1.45			5-1-2018		350,000		346,621
Northeast Utilities		2.80			5-1-2023		175,000		170,738
Northern States Power Company of Minnesota		2.15			8-15-2022		250,000		239,652
Northern States Power Company of Minnesota		2.60			5-15-2023		150,000		146,980
Northern States Power Company of Minnesota		3.40			8-15-2042		250,000		228,363
Northern States Power Company of Minnesota		5.25			3-1-2018		500,000		559,687
Northern States Power Company of Minnesota		5.35			11-1-2039		40,000		48,717
Northern States Power Company of Minnesota		6.20			7-1-2037		300,000		404,460
NSTAR Electric Company		2.38			10-15-2022		200,000		192,695
NSTAR Electric Company		4.40			3-1-2044		250,000		267,141
NSTAR Electric Company		5.50			3-15-2040		100,000		126,002
Oglethorpe Power Corporation		4.55			6-1-2044		1,000,000		1,031,135
Oglethorpe Power Corporation		5.38			11-1-2040		300,000		349,197
Oglethorpe Power Corporation		5.95			11-1-2039		150,000		189,294
Ohio Edison Company		6.88			7-15-2036		250,000		332,684
Ohio Edison Company		8.25			10-15-2038		200,000		314,942
Ohio Power Company		5.38			10-1-2021		65,000		76,389
Ohio Power Company		6.00			6-1-2016		250,000		272,168
Ohio Power Company		6.60			2-15-2033		194,000		255,883
Ohio Power Company		6.60			3-1-2033		150,000		197,697
Oklahoma Gas & Electric Company		4.55			3-15-2044		500,000		538,153
Oklahoma Gas & Electric Company		5.25			5-15-2041		100,000		120,108
Oklahoma Gas & Electric Company		5.85			6-1-2040		100,000		129,268
Oncor Electric Delivery Company LLC		4.10			6-1-2022		500,000		543,378
Oncor Electric Delivery Company LLC		4.55			12-1-2041		200,000		220,786
Oncor Electric Delivery Company LLC		5.25			9-30-2040		250,000		301,899
Oncor Electric Delivery Company LLC		6.80			9-1-2018		500,000		590,302
Oncor Electric Delivery Company LLC		7.00			5-1-2032		175,000		246,685
Oncor Electric Delivery Company LLC		7.50			9-1-2038		200,000		298,168

80 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
PacifiCorp		3.60	%		4-1-2024	$	250,000	$	260,428
PacifiCorp		4.10			2-1-2042		100,000		102,794
PacifiCorp		5.65			7-15-2018		600,000		686,969
PacifiCorp		5.75			4-1-2037		250,000		318,330
PacifiCorp		6.00			1-15-2039		500,000		653,577
PacifiCorp		6.25			10-15-2037		720,000		959,517
PECO Energy Company		2.38			9-15-2022		1,000,000		974,346
Pepco Holdings Incorporated		2.70			10-1-2015		350,000		356,609
Portland General Electric Company		6.10			4-15-2019		250,000		294,398
Potomac Electric Power		3.60			3-15-2024		250,000		259,970
Potomac Electric Power		6.50			11-15-2037		200,000		271,324
PPL Capital Funding Incorporated		1.90			6-1-2018		100,000		100,059
PPL Capital Funding Incorporated		3.40			6-1-2023		500,000		504,780
PPL Capital Funding Incorporated		3.95			3-15-2024		250,000		260,426
PPL Capital Funding Incorporated		4.20			6-15-2022		200,000		215,343
PPL Capital Funding Incorporated		4.70			6-1-2043		125,000		131,036
PPL Capital Funding Incorporated		5.00			3-15-2044		250,000		277,233
PPL Electric Utilities		4.75			7-15-2043		150,000		169,337
PPL Electric Utilities		5.20			7-15-2041		200,000		242,465
PPL Electric Utilities		6.25			5-15-2039		45,000		60,317
Progress Energy Incorporated		3.15			4-1-2022		500,000		507,653
Progress Energy Incorporated		4.10			5-15-2042		250,000		254,284
Progress Energy Incorporated		4.40			1-15-2021		750,000		830,404
Progress Energy Incorporated		4.55			4-1-2020		75,000		83,477
Progress Energy Incorporated		6.00			12-1-2039		300,000		382,316
Progress Energy Incorporated		6.30			4-1-2038		50,000		67,213
Progress Energy Incorporated		7.00			10-30-2031		500,000		673,236
Progress Energy Incorporated		7.75			3-1-2031		300,000		429,325
PSEG Power LLC		2.45			11-15-2018		300,000		304,517
PSEG Power LLC		4.15			9-15-2021		250,000		267,561
PSEG Power LLC		4.30			11-15-2023		300,000		316,596
PSEG Power LLC		5.13			4-15-2020		280,000		312,752
PSEG Power LLC		8.63			4-15-2031		75,000		109,659
Public Service Company of Colorado		2.25			9-15-2022		100,000		96,328
Public Service Company of Colorado		2.50			3-15-2023		250,000		242,805
Public Service Company of Colorado		3.20			11-15-2020		300,000		309,891
Public Service Company of Colorado		3.60			9-15-2042		200,000		190,971
Public Service Company of Colorado		3.95			3-15-2043		125,000		126,460
Public Service Company of Colorado		4.30			3-15-2044		250,000		264,411
Public Service Company of Colorado		5.13			6-1-2019		50,000		57,072
Public Service Company of Colorado		6.25			9-1-2037		500,000		674,825
Public Service Company of New Hampshire		3.50			11-1-2023		300,000		313,569
Public Service Company of Oklahoma		4.40			2-1-2021		100,000		110,542
Public Service Company of Oklahoma		5.15			12-1-2019		40,000		44,992
Public Service Electric & Gas Company		2.00			8-15-2019		200,000		199,781
Public Service Electric & Gas Company		2.38			5-15-2023		200,000		192,079
Public Service Electric & Gas Company		3.65			9-1-2042		250,000		238,104
Public Service Electric & Gas Company		3.80			1-1-2043		200,000		195,177
Public Service Electric & Gas Company		3.95			5-1-2042		100,000		100,797
Public Service Electric & Gas Company		5.30			5-1-2018		1,000,000		1,128,917

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 81

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
Public Service Electric & Gas Company		5.80	%		5-1-2037	$	100,000	$	127,668
Puget Sound Energy Incorporated		5.76			10-1-2039		400,000		501,620
Puget Sound Energy Incorporated		5.80			3-15-2040		50,000		63,598
Puget Sound Energy Incorporated		6.27			3-15-2037		330,000		440,627
South Carolina Electric & Gas Company		4.35			2-1-2042		600,000		625,031
South Carolina Electric & Gas Company		6.50			11-1-2018		525,000		622,416
Southern California Edison Company		1.13			5-1-2017		1,000,000		999,497
Southern California Edison Company		3.88			6-1-2021		270,000		294,594
Southern California Edison Company		3.90			3-15-2043		150,000		148,421
Southern California Edison Company		4.05			3-15-2042		500,000		504,825
Southern California Edison Company		5.50			8-15-2018		500,000		569,968
Southern California Edison Company		5.50			3-15-2040		700,000		868,918
Southern California Edison Company		6.00			1-15-2034		100,000		129,445
Southern California Edison Company		6.05			3-15-2039		350,000		458,728
Southern California Edison Company Series 05-A		5.00			1-15-2016		100,000		106,002
Southern California Edison Company Series 05-E		5.35			7-15-2035		180,000		217,969
Southern Company		2.15			9-1-2019		500,000		499,450
Southern Company		2.38			9-15-2015		200,000		203,790
Southern Company		2.45			9-1-2018		180,000		184,045
Southwestern Electric Power Company		6.20			3-15-2040		50,000		65,454
Southwestern Electric Power Company Series E		5.55			1-15-2017		100,000		110,023
Southwestern Public Service Company		6.00			10-1-2036		100,000		125,868
System Energy Resources		4.10			4-1-2023		150,000		156,921
Tampa Electric Company		2.60			9-15-2022		200,000		195,404
Tampa Electric Company		6.10			5-15-2018		100,000		115,099
Tampa Electric Company		6.15			5-15-2037		75,000		97,368
Toleda Edison Company		6.15			5-15-2037		50,000		62,518
TXU Electric Delivery Company		7.25			1-15-2033		75,000		108,787
Union Electric Company		3.90			9-15-2042		250,000		245,317
Union Electric Company		6.40			6-15-2017		500,000		564,103
Union Electric Company		8.45			3-15-2039		80,000		134,857
Virginia Electric & Power Company		3.45			2-15-2024		150,000		154,728
Virginia Electric & Power Company		4.00			1-15-2043		325,000		325,984
Virginia Electric & Power Company		4.45			2-15-2044		150,000		161,157
Virginia Electric & Power Company		5.00			6-30-2019		200,000		226,029
Virginia Electric & Power Company		8.88			11-15-2038		300,000		511,611
Virginia Electric & Power Company Series A		5.40			1-15-2016		600,000		638,501
Virginia Electric & Power Company Series A		6.00			5-15-2037		605,000		779,871
Virginia Electric & Power Company Series B		3.45			9-1-2022		1,000,000		1,058,540
Virginia Electric & Power Company Series B		6.00			1-15-2036		100,000		129,127
Westar Energy Incorporated		4.10			4-1-2043		300,000		306,875
Westar Energy Incorporated		8.63			12-1-2018		250,000		317,802
Wisconsin Electric Power Company		1.70			6-15-2018		150,000		150,090
Wisconsin Electric Power Company		4.25			12-15-2019		350,000		384,392
Wisconsin Electric Power Company		5.63			5-15-2033		100,000		124,798
Wisconsin Electric Power Company		5.70			12-1-2036		150,000		191,070
Wisconsin Power & Light Company		5.00			7-15-2019		50,000		56,623
Wisconsin Power & Light Company		6.38			8-15-2037		250,000		342,081
Wisconsin Public Service Corporation		4.75			11-1-2044		400,000		456,548
									89,341,186

82 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Gas Utilities: 0.10%
Atmos Energy Corporation		4.15	%		1-15-2043	$	161,000	$	165,848
Atmos Energy Corporation		5.50			6-15-2041		60,000		74,419
Atmos Energy Corporation		6.35			6-15-2017		50,000		56,930
Atmos Energy Corporation		8.50			3-15-2019		250,000		317,385
CenterPoint Energy Incorporated		5.95			2-1-2017		250,000		277,216
CenterPoint Energy Resources Corporation		4.50			1-15-2021		65,000		72,187
CenterPoint Energy Resources Corporation		5.85			1-15-2041		110,000		139,483
CenterPoint Energy Resources Corporation		6.00			5-15-2018		100,000		114,442
CenterPoint Energy Resources Corporation		6.13			11-1-2017		150,000		171,254
CenterPoint Energy Resources Corporation		6.63			11-1-2037		50,000		66,982
KeySpan Corporation		5.80			4-1-2035		125,000		149,488
Laclede Group Incorporated		4.70			8-15-2044		250,000		256,298
National Fuel Gas Company		3.75			3-1-2023		312,000		312,019
ONE Gas Incorporated 144A		2.07			2-1-2019		100,000		100,406
ONE Gas Incorporated 144A		3.61			2-1-2024		100,000		104,942
ONE Gas Incorporated 144A		4.66			2-1-2044		50,000		55,821
Panhandle Eastern Pipe Line Company LP		6.20			11-1-2017		400,000		457,315
Piedmont Natural Gas Company		4.65			8-1-2043		50,000		55,439
Questar Corporation		2.75			2-1-2016		200,000		204,980
Sempra Energy		2.88			10-1-2022		200,000		198,743
Sempra Energy		3.55			6-15-2024		1,000,000		1,019,198
Sempra Energy		6.00			10-15-2039		300,000		380,817
Sempra Energy		6.50			6-1-2016		1,090,000		1,194,623
Southern California Gas Company		3.75			9-15-2042		200,000		195,743
Southern California Gas Company		5.13			11-15-2040		100,000		118,971
Southern California Gas Company		5.75			11-15-2035		75,000		95,492
									6,356,441
Independent Power & Renewable Electricity Producers: 0.01%
Constellation Energy Group Incorporated		5.15			12-1-2020		100,000		112,131
Southern Power Company		5.15			9-15-2041		500,000		567,959
Southern Power Company		5.25			7-15-2043		120,000		136,894
									816,984
Multi-Utilities: 0.31%
Ameren Corporation		5.40			2-1-2016		75,000		79,662
Ameren Illinois Company		4.30			7-1-2044		1,000,000		1,035,620
Ameren Illinois Company		4.80			12-15-2043		100,000		111,100
Ameren Illinois Company		6.13			11-15-2017		100,000		114,707
Avista Corporation		5.13			4-1-2022		55,000		63,417
Berkshire Hathaway Energy		1.10			5-15-2017		300,000		298,302
Berkshire Hathaway Energy		2.00			11-15-2018		250,000		250,265
Berkshire Hathaway Energy		3.75			11-15-2023		500,000		519,394
Berkshire Hathaway Energy		5.15			11-15-2043		400,000		466,174
Black Hills Corporation		4.25			11-30-2023		300,000		323,444
CMS Energy Corporation		3.88			3-1-2024		500,000		526,061
CMS Energy Corporation		4.70			3-31-2043		125,000		132,853
CMS Energy Corporation		5.05			3-15-2022		350,000		397,204
Consumers Energy Company		3.38			8-15-2023		500,000		520,473

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 83

Security name	Interest rate			Maturity date		Principal		Value
Multi-Utilities (continued)
Consumers Energy Company		3.95	%		5-15-2043	$	200,000	$	200,843
Consumers Energy Company		4.35			8-31-2064		150,000		153,035
Dominion Resources Incorporated		1.25			3-15-2017		500,000		500,818
Dominion Resources Incorporated		2.25			9-1-2015		100,000		101,479
Dominion Resources Incorporated «		2.75			9-15-2022		200,000		197,396
Dominion Resources Incorporated		4.05			9-15-2042		250,000		241,778
Dominion Resources Incorporated		4.45			3-15-2021		100,000		110,079
Dominion Resources Incorporated		4.90			8-1-2041		60,000		65,484
Dominion Resources Incorporated		5.95			6-15-2035		225,000		277,004
Dominion Resources Incorporated		6.40			6-15-2018		750,000		870,647
Dominion Resources Incorporated		7.00			6-15-2038		500,000		689,524
Dominion Resources Incorporated Series A		5.60			11-15-2016		50,000		54,945
DTE Energy Company		3.85			12-1-2023		243,000		255,281
DTE Energy Company		6.35			6-1-2016		350,000		382,850
Integrys Energy Group		4.17			11-1-2020		200,000		210,422
Louisville Gas & Electric Company		5.13			11-15-2040		125,000		148,144
NSTAR Global Services Incorporated		4.50			11-15-2019		100,000		109,696
Pacific Gas & Electric Company		2.45			8-15-2022		250,000		242,360
Pacific Gas & Electric Company		3.40			8-15-2024		650,000		654,200
Pacific Gas & Electric Company		3.75			8-15-2042		200,000		185,839
Pacific Gas & Electric Company		4.25			5-15-2021		500,000		547,563
Pacific Gas & Electric Company		5.13			11-15-2043		250,000		287,673
Pacific Gas & Electric Company		5.40			1-15-2040		700,000		822,360
Pacific Gas & Electric Company		5.80			3-1-2037		500,000		612,210
Pacific Gas & Electric Company		6.05			3-1-2034		1,100,000		1,379,696
Pacific Gas & Electric Company		6.35			2-15-2038		100,000		130,588
Pacific Gas & Electric Company		8.25			10-15-2018		1,000,000		1,240,594
Puget Energy Incorporated		6.00			9-1-2021		250,000		293,832
Puget Sound Power & Light Company		4.43			11-15-2041		500,000		542,031
San Diego Gas & Electric Company		3.00			8-15-2021		750,000		771,296
San Diego Gas & Electric Company		5.35			5-15-2035		100,000		121,714
San Diego Gas & Electric Company		6.00			6-1-2039		530,000		702,027
Scana Corporation		4.75			5-15-2021		250,000		275,035
Wisconsin Energy Corporation ±		6.25			5-15-2067		125,000		129,844
Xcel Energy Incorporated		0.75			5-9-2016		200,000		200,082
Xcel Energy Incorporated		4.70			5-15-2020		250,000		278,823
Xcel Energy Incorporated		4.80			9-15-2041		250,000		278,787
									19,104,655
Water Utilities: 0.02%
American Water Capital Corporation		3.40			3-1-2025		300,000		302,768
American Water Capital Corporation		6.09			10-15-2017		750,000		846,077
									1,148,845
Total Corporate Bonds and Notes (Cost $1,215,487,401)									1,304,461,428
Foreign Government Bonds @: 25.60%
Australian Government Bond Series 122 (AUD)		5.25			3-15-2019		2,200,000		2,264,865
Australian Government Bond Series 124 (AUD)		5.75			5-15-2021		2,250,000		2,442,275
Australian Government Bond Series 126 (AUD)		4.50			4-15-2020		2,300,000		2,318,235

84 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Australian Government Bond Series 128 (AUD)		5.75	%		7-15-2022		1,350,000	$	1,486,711
Australian Government Bond Series 128 (AUD)		5.75			7-15-2022		300,000		330,380
Australian Government Bond Series 130 (AUD)		4.75			6-15-2016		1,850,000		1,794,380
Australian Government Bond Series 132 (AUD)		5.50			1-21-2018		1,800,000		1,832,242
Australian Government Bond Series 133 (AUD)		5.50			4-21-2023		1,750,000		1,913,897
Australian Government Bond Series 134 (AUD)		4.75			10-21-2015		1,750,000		1,675,453
Australian Government Bond Series 135 (AUD)		4.25			7-21-2017		1,800,000		1,756,172
Australian Government Bond Series 136 (AUD)		4.75			4-21-2027		1,200,000		1,261,225
Australian Government Bond Series 137 (AUD)		2.75			4-21-2024		1,750,000		1,560,308
Australian Government Bond Series 138 (AUD)		3.25			4-21-2029		700,000		623,986
Australian Government Bond Series 139 (AUD)		3.25			4-21-2025		500,000		461,591
Australian Government Bond Series 140 (AUD)		4.50			4-21-2033		800,000		815,959
Australian Government Bond Series 141 (AUD)		3.25			10-21-2018		1,000,000		949,939
Australian Government Bond Series 142 (AUD)		4.25			4-21-2026		1,900,000		1,911,408
Australian Government Bond Series 217 (AUD)		6.00			2-15-2017		2,150,000		2,170,138
Belgium Government Bond Series 31 (EUR)		5.50			3-28-2028		1,485,000		2,865,497
Belgium Government Bond Series 40 (EUR) 144A		5.50			9-28-2017		900,000		1,378,764
Belgium Government Bond Series 44 (EUR) 144A		5.00			3-28-2035		1,830,000		3,589,191
Belgium Government Bond Series 46 (EUR) 144A		3.75			9-28-2015		1,075,000		1,468,920
Belgium Government Bond Series 47 (EUR)		3.25			9-28-2016		1,200,000		1,681,499
Belgium Government Bond Series 48 (EUR)		4.00			3-28-2022		1,600,000		2,597,879
Belgium Government Bond Series 49 (EUR) 144A		4.00			3-28-2017		1,050,000		1,519,204
Belgium Government Bond Series 52 (EUR) 144A		4.00			3-28-2018		1,250,000		1,867,780
Belgium Government Bond Series 55 (EUR)		4.00			3-28-2019		1,200,000		1,843,931
Belgium Government Bond Series 58 (EUR) 144A		3.75			9-28-2020		2,050,000		3,215,374
Belgium Government Bond Series 59 (EUR) 144A		2.75			3-28-2016		1,050,000		1,438,558
Belgium Government Bond Series 60 (EUR) 144A		4.25			3-28-2041		1,475,000		2,743,075
Belgium Government Bond Series 61 (EUR) 144A		4.25			9-28-2021		1,350,000		2,208,776
Belgium Government Bond Series 62 (EUR)		3.00			9-28-2019		650,000		966,531
Belgium Government Bond Series 63 (EUR) 144A		3.50			6-28-2017		1,275,000		1,837,149
Belgium Government Bond Series 64 (EUR) 144A		4.50			3-28-2026		1,050,000		1,826,377
Belgium Government Bond Series 65 (EUR)		4.25			9-28-2022		1,700,000		2,817,630
Belgium Government Bond Series 66 (EUR)		4.00			3-28-2032		1,000,000		1,718,796
Belgium Government Bond Series 68 (EUR)		2.25			6-22-2023		1,300,000		1,881,476
Belgium Government Bond Series 69 (EUR)		1.25			6-22-2018		1,100,000		1,503,737
Belgium Government Bond Series 71 (EUR)		3.75			6-22-2045		450,000		781,982
Belgium Government Bond Series 72 (EUR) 144A		2.60			6-22-2024		1,050,000		1,552,517
Belgium Government Bond Series 73 (EUR) 144A		3.00			6-22-2034		750,000		1,138,426
Bonos y Obligaciones del Estado (EUR)		1.40			1-31-2020		500,000		667,585
Bonos y Obligaciones del Estado (EUR)		2.10			4-30-2017		1,250,000		1,711,913
Bonos y Obligaciones del Estado (EUR)		2.75			4-30-2019		2,500,000		3,556,797
Bonos y Obligaciones del Estado (EUR) 144A		2.75			10-31-2024		1,250,000		1,718,860
Bonos y Obligaciones del Estado (EUR)		3.30			7-30-2016		1,100,000		1,527,631
Bonos y Obligaciones del Estado (EUR)		3.75			10-31-2015		1,700,000		2,325,074
Bonos y Obligaciones del Estado (EUR)		3.75			10-31-2018		2,250,000		3,312,543
Bonos y Obligaciones del Estado (EUR) 144A		3.80			4-30-2024		2,100,000		3,160,772
Bonos y Obligaciones del Estado (EUR)		4.10			7-30-2018		1,700,000		2,520,926
Bonos y Obligaciones del Estado (EUR) 144A		4.40			10-31-2023		2,050,000		3,225,691
Bonos y Obligaciones del Estado (EUR)		4.50			1-31-2018		1,800,000		2,669,495
Bonos y Obligaciones del Estado (EUR) 144A		5.15			10-31-2028		1,050,000		1,755,312

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 85

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Bonos y Obligaciones del Estado (EUR) 144A		5.15	%		10-31-2044		650,000	$	1,122,296
Bonos y Obligaciones del Estado (EUR) 144A		5.40			1-31-2023		1,750,000		2,926,623
Bundesobligation Series 158 (EUR)		1.75			10-9-2015		1,600,000		2,142,558
Bundesobligation Series 159 (EUR)		2.00			2-26-2016		1,950,000		2,638,300
Bundesobligation Series 160 (EUR)		2.75			4-8-2016		1,800,000		2,468,891
Bundesobligation Series 161 (EUR)		1.25			10-14-2016		1,850,000		2,495,199
Bundesobligation Series 162 (EUR)		0.75			2-24-2017		1,250,000		1,673,151
Bundesobligation Series 163 (EUR)		0.50			4-7-2017		1,400,000		1,863,407
Bundesobligation Series 164 (EUR)		0.50			10-13-2017		2,500,000		3,335,889
Bundesobligation Series 165 (EUR)		0.50			2-23-2018		2,350,000		3,138,051
Bundesobligation Series 166 (EUR)		0.25			4-13-2018		1,300,000		1,720,434
Bundesobligation Series 167 (EUR)		1.00			10-12-2018		1,100,000		1,499,025
Bundesobligation Series 168 (EUR)		1.00			2-22-2019		2,500,000		3,408,977
Bundesobligation Series 169 (EUR)		0.50			4-12-2019		1,500,000		1,999,622
Bundesrepublik Deutschland (EUR)		1.50			9-4-2022		2,500,000		3,502,859
Bundesrepublik Deutschland (EUR)		1.50			2-15-2023		1,000,000		1,400,408
Bundesrepublik Deutschland (EUR)		1.50			5-15-2023		1,700,000		2,374,662
Bundesrepublik Deutschland (EUR)		1.50			5-15-2024		2,000,000		2,775,877
Bundesrepublik Deutschland (EUR)		1.75			7-4-2022		2,250,000		3,214,717
Bundesrepublik Deutschland (EUR)		1.75			2-15-2024		2,000,000		2,842,626
Bundesrepublik Deutschland (EUR)		2.00			1-4-2022		2,000,000		2,910,636
Bundesrepublik Deutschland (EUR)		2.00			8-15-2023		2,175,000		3,160,458
Bundesrepublik Deutschland (EUR)		2.25			9-4-2020		1,500,000		2,198,784
Bundesrepublik Deutschland (EUR)		2.50			1-4-2021		1,950,000		2,906,947
Bundesrepublik Deutschland (EUR)		2.50			7-4-2044		1,500,000		2,321,927
Bundesrepublik Deutschland (EUR)		2.50			8-15-2046		600,000		931,617
Bundesrepublik Deutschland (EUR)		3.00			7-4-2020		1,700,000		2,583,738
Bundesrepublik Deutschland (EUR)		3.25			7-4-2021		1,000,000		1,564,231
Bundesrepublik Deutschland (EUR)		3.25			7-4-2042		1,600,000		2,815,847
Bundesrepublik Deutschland Series 00 (EUR)		5.50			1-4-2031		1,600,000		3,332,429
Bundesrepublik Deutschland Series 00 (EUR)		6.25			1-4-2030		1,150,000		2,524,499
Bundesrepublik Deutschland Series 03 (EUR)		4.75			7-4-2034		2,200,000		4,427,583
Bundesrepublik Deutschland Series 05 (EUR)		3.50			1-4-2016		1,900,000		2,613,366
Bundesrepublik Deutschland Series 05 (EUR)		4.00			1-4-2037		2,275,000		4,276,491
Bundesrepublik Deutschland Series 06 (EUR)		3.75			1-4-2017		2,200,000		3,144,203
Bundesrepublik Deutschland Series 06 (EUR)		4.00			7-4-2016		2,200,000		3,102,549
Bundesrepublik Deutschland Series 07 (EUR)		4.00			1-4-2018		1,500,000		2,234,103
Bundesrepublik Deutschland Series 08 (EUR)		4.25			7-4-2018		3,000,000		4,576,764
Bundesrepublik Deutschland Series 08 (EUR)		4.75			7-4-2040		1,550,000		3,326,904
Bundesrepublik Deutschland Series 09 (EUR)		3.25			1-4-2020		2,550,000		3,887,837
Bundesrepublik Deutschland Series 09 (EUR)		3.50			7-4-2019		2,000,000		3,050,571
Bundesrepublik Deutschland Series 09 (EUR)		3.75			1-4-2019		2,600,000		3,955,767
Bundesrepublik Deutschland Series 161 (EUR)		2.25			9-4-2021		2,650,000		3,911,642
Bundesrepublik Deutschland Series 2007 (EUR)		4.25			7-4-2017		2,250,000		3,313,076
Bundesrepublik Deutschland Series 2007 (EUR)		4.25			7-4-2039		1,300,000		2,585,279
Bundesrepublik Deutschland Series 94 (EUR)		6.25			1-4-2024		855,000		1,677,704
Bundesrepublik Deutschland Series 97 (EUR)		6.50			7-4-2027		1,000,000		2,151,514
Bundesrepublik Deutschland Series 98 (EUR)		4.75			7-4-2028		1,300,000		2,458,348
Bundesrepublik Deutschland Series 98 (EUR)		5.63			1-4-2028		1,400,000		2,830,246
Bundesschatzanweisungen (EUR) ¤		0.00			12-11-2015		1,000,000		1,314,108

86 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Bundesschatzanweisungen (EUR)		0.25	%		9-11-2015		1,000,000	$	1,317,274
Bundesschatzanweisungen (EUR)		0.25			3-11-2016		2,000,000		2,638,385
Canadian Government Bond (CAD)		1.00			11-1-2015		600,000		551,655
Canadian Government Bond (CAD)		1.00			8-1-2016		1,300,000		1,193,231
Canadian Government Bond (CAD)		1.25			2-1-2016		1,500,000		1,383,234
Canadian Government Bond (CAD)		1.25			8-1-2017		2,000,000		1,840,890
Canadian Government Bond (CAD)		1.25			3-1-2018		950,000		873,034
Canadian Government Bond (CAD)		1.25			9-1-2018		800,000		732,398
Canadian Government Bond (CAD)		1.50			2-1-2017		500,000		463,897
Canadian Government Bond (CAD)		1.50			3-1-2017		1,000,000		928,097
Canadian Government Bond (CAD)		1.50			9-1-2017		2,500,000		2,317,392
Canadian Government Bond (CAD)		1.50			6-1-2023		1,550,000		1,380,146
Canadian Government Bond (CAD)		1.75			3-1-2019		1,000,000		932,383
Canadian Government Bond (CAD)		1.75			9-1-2019		1,100,000		1,022,910
Canadian Government Bond (CAD)		2.00			6-1-2016		500,000		466,936
Canadian Government Bond (CAD)		2.25			6-1-2025		500,000		466,408
Canadian Government Bond (CAD)		2.50			6-1-2024		1,000,000		960,453
Canadian Government Bond (CAD)		2.75			9-1-2016		1,500,000		1,424,207
Canadian Government Bond (CAD)		2.75			6-1-2022		1,200,000		1,180,134
Canadian Government Bond (CAD)		2.75			12-1-2048		300,000		287,678
Canadian Government Bond (CAD)		2.75			12-1-2064		200,000		194,859
Canadian Government Bond (CAD)		3.00			12-1-2015		950,000		894,955
Canadian Government Bond (CAD)		3.25			6-1-2021		2,750,000		2,786,598
Canadian Government Bond (CAD)		3.50			6-1-2020		500,000		508,696
Canadian Government Bond (CAD)		3.50			12-1-2045		1,500,000		1,657,546
Canadian Government Bond (CAD)		3.75			6-1-2019		1,600,000		1,626,502
Canadian Government Bond (CAD)		4.00			6-1-2016		1,300,000		1,255,224
Canadian Government Bond (CAD)		4.00			6-1-2017		500,000		495,309
Canadian Government Bond (CAD)		4.00			6-1-2041		1,550,000		1,820,854
Canadian Government Bond (CAD)		4.25			6-1-2018		1,000,000		1,018,210
Canadian Government Bond (CAD)		5.00			6-1-2037		1,450,000		1,905,337
Canadian Government Bond (CAD)		5.75			6-1-2029		1,150,000		1,515,709
Canadian Government Bond (CAD)		5.75			6-1-2033		1,250,000		1,722,719
Canadian Government Bond (CAD)		8.00			6-1-2023		195,000		268,116
Canadian Government Bond (CAD)		8.00			6-1-2027		593,000		899,186
Canadian Government Bond (CAD)		9.00			6-1-2025		200,000		307,190
Denmark Government Bond (DKK)		1.50			11-15-2023		7,500,000		1,390,852
Denmark Government Bond (DKK)		1.75			11-15-2025		1,000,000		186,731
Denmark Government Bond (DKK)		2.50			11-15-2016		4,350,000		808,729
Denmark Government Bond (DKK)		3.00			11-15-2021		8,750,000		1,807,511
Denmark Government Bond (DKK)		4.00			11-15-2015		8,375,000		1,547,941
Denmark Government Bond (DKK)		4.00			11-15-2017		5,000,000		991,877
Denmark Government Bond (DKK)		4.00			11-15-2019		10,400,000		2,185,341
Denmark Government Bond (DKK)		4.50			11-15-2039		12,200,000		3,327,411
Denmark Government Bond (DKK)		7.00			11-10-2024		2,500,000		703,876
France Government Bond (EUR)		0.25			11-25-2015		1,575,000		2,075,638
France Government Bond (EUR)		0.25			11-25-2016		600,000		792,312
France Government Bond (EUR)		0.50			11-25-2019		1,000,000		1,322,719
France Government Bond (EUR)		1.00			5-25-2018		1,800,000		2,439,114
France Government Bond (EUR)		1.00			11-25-2018		1,500,000		2,036,572

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 87

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
France Government Bond (EUR)		1.00	%		5-25-2019		2,000,000	$	2,715,535
France Government Bond (EUR)		1.75			5-25-2023		2,750,000		3,847,552
France Government Bond (EUR)		2.25			10-25-2022		1,950,000		2,838,859
France Government Bond (EUR)		2.25			5-25-2024		3,500,000		5,061,007
France Government Bond (EUR)		2.50			10-25-2020		3,600,000		5,301,129
France Government Bond (EUR)		2.50			5-25-2030		1,000,000		1,434,610
France Government Bond (EUR)		2.75			10-25-2027		4,250,000		6,345,532
France Government Bond (EUR)		3.00			10-25-2015		3,275,000		4,450,355
France Government Bond (EUR)		3.00			4-25-2022		4,250,000		6,502,344
France Government Bond (EUR)		3.25			4-25-2016		4,050,000		5,603,707
France Government Bond (EUR)		3.25			10-25-2021		4,000,000		6,196,588
France Government Bond (EUR)		3.25			5-25-2045		1,000,000		1,604,895
France Government Bond (EUR)		3.50			4-25-2020		3,400,000		5,235,041
France Government Bond (EUR)		3.50			4-25-2026		3,150,000		5,048,061
France Government Bond (EUR)		3.75			4-25-2017		2,900,000		4,185,023
France Government Bond (EUR)		3.75			10-25-2019		2,800,000		4,321,483
France Government Bond (EUR)		3.75			4-25-2021		3,250,000		5,150,283
France Government Bond (EUR)		4.00			4-25-2018		2,750,000		4,122,124
France Government Bond (EUR)		4.00			10-25-2038		2,250,000		4,008,861
France Government Bond (EUR)		4.00			4-25-2055		1,750,000		3,323,801
France Government Bond (EUR)		4.00			4-25-2060		1,000,000		1,922,792
France Government Bond (EUR)		4.25			10-25-2017		2,950,000		4,383,882
France Government Bond (EUR)		4.25			10-25-2018		3,150,000		4,834,069
France Government Bond (EUR)		4.25			4-25-2019		2,950,000		4,591,861
France Government Bond (EUR)		4.25			10-25-2023		3,250,000		5,469,209
France Government Bond (EUR)		4.50			4-25-2041		2,450,000		4,748,776
France Government Bond (EUR)		4.75			4-25-2035		2,150,000		4,138,473
France Government Bond (EUR)		5.00			10-25-2016		2,550,000		3,708,206
France Government Bond (EUR)		5.50			4-25-2029		2,150,000		4,218,098
France Government Bond (EUR)		5.75			10-25-2032		2,300,000		4,818,642
France Government Bond (EUR)		6.00			10-25-2025		1,600,000		3,113,632
France Government Bond (EUR)		8.25			4-25-2022		1,000,000		2,046,924
France Government Bond (EUR)		8.50			10-25-2019		1,400,000		2,609,005
France Government Bond (EUR)		8.50			4-25-2023		1,050,000		2,249,670
French Treasury Note (EUR)		1.00			7-25-2017		1,500,000		2,024,987
French Treasury Note (EUR)		1.75			2-25-2017		2,400,000		3,288,487
French Treasury Note (EUR)		2.25			2-25-2016		3,750,000		5,090,653
French Treasury Note (EUR)		2.50			7-25-2016		3,150,000		4,333,224
Italy Buoni Poliennali del Tesoro (EUR)		1.50			12-15-2016		2,000,000		2,686,739
Italy Buoni Poliennali del Tesoro (EUR)		1.50			8-1-2019		1,000,000		1,334,579
Italy Buoni Poliennali del Tesoro (EUR)		2.25			5-15-2016		2,550,000		3,458,890
Italy Buoni Poliennali del Tesoro (EUR)		2.50			5-1-2019		3,500,000		4,889,930
Italy Buoni Poliennali del Tesoro (EUR)		2.75			12-1-2015		350,000		473,768
Italy Buoni Poliennali del Tesoro (EUR)		2.75			11-15-2016		1,500,000		2,067,737
Italy Buoni Poliennali del Tesoro (EUR)		3.00			11-1-2015		1,250,000		1,693,189
Italy Buoni Poliennali del Tesoro (EUR)		3.50			11-1-2017		2,250,000		3,213,593
Italy Buoni Poliennali del Tesoro (EUR)		3.50			6-1-2018		1,525,000		2,196,537
Italy Buoni Poliennali del Tesoro (EUR)		3.50			12-1-2018		1,700,000		2,467,652
Italy Buoni Poliennali del Tesoro (EUR) 144A		3.50			3-1-2030		1,000,000		1,387,531
Italy Buoni Poliennali del Tesoro (EUR)		3.75			4-15-2016		2,600,000		3,601,432

88 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Italy Buoni Poliennali del Tesoro (EUR)		3.75	%		8-1-2016		1,750,000	$	2,445,425
Italy Buoni Poliennali del Tesoro (EUR)		3.75			3-1-2021		2,200,000		3,278,910
Italy Buoni Poliennali del Tesoro (EUR)		3.75			5-1-2021		2,300,000		3,416,799
Italy Buoni Poliennali del Tesoro (EUR)		3.75			8-1-2021		2,650,000		3,939,359
Italy Buoni Poliennali del Tesoro (EUR)		3.75			9-1-2024		2,000,000		2,933,761
Italy Buoni Poliennali del Tesoro (EUR)		4.00			2-1-2017		2,000,000		2,846,541
Italy Buoni Poliennali del Tesoro (EUR)		4.00			9-1-2020		3,000,000		4,522,405
Italy Buoni Poliennali del Tesoro (EUR)		4.00			2-1-2037		2,725,000		3,925,525
Italy Buoni Poliennali del Tesoro (EUR)		4.25			2-1-2019		2,050,000		3,071,892
Italy Buoni Poliennali del Tesoro (EUR)		4.25			9-1-2019		2,250,000		3,401,341
Italy Buoni Poliennali del Tesoro (EUR)		4.25			3-1-2020		2,350,000		3,570,526
Italy Buoni Poliennali del Tesoro (EUR)		4.50			2-1-2018		2,750,000		4,063,421
Italy Buoni Poliennali del Tesoro (EUR)		4.50			8-1-2018		2,500,000		3,740,628
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2019		2,750,000		4,168,917
Italy Buoni Poliennali del Tesoro (EUR)		4.50			2-1-2020		2,300,000		3,530,811
Italy Buoni Poliennali del Tesoro (EUR)		4.50			5-1-2023		1,925,000		2,990,708
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2024		2,200,000		3,423,849
Italy Buoni Poliennali del Tesoro (EUR)		4.50			3-1-2026		4,300,000		6,670,090
Italy Buoni Poliennali del Tesoro (EUR)		4.75			9-15-2016		2,500,000		3,571,924
Italy Buoni Poliennali del Tesoro (EUR)		4.75			5-1-2017		250,000		364,138
Italy Buoni Poliennali del Tesoro (EUR)		4.75			6-1-2017		4,000,000		5,843,503
Italy Buoni Poliennali del Tesoro (EUR)		4.75			9-1-2021		2,450,000		3,856,700
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75			8-1-2023		2,250,000		3,563,688
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75			9-1-2028		1,500,000		2,372,777
Italy Buoni Poliennali del Tesoro (EUR) 144A		4.75			9-1-2044		1,400,000		2,217,903
Italy Buoni Poliennali del Tesoro (EUR)		5.00			3-1-2022		2,200,000		3,515,657
Italy Buoni Poliennali del Tesoro (EUR) 144A		5.00			3-1-2025		2,550,000		4,114,235
Italy Buoni Poliennali del Tesoro (EUR)		5.00			8-1-2034		2,100,000		3,440,841
Italy Buoni Poliennali del Tesoro (EUR)		5.00			8-1-2039		1,700,000		2,789,419
Italy Buoni Poliennali del Tesoro (EUR)		5.00			9-1-2040		2,200,000		3,592,867
Italy Buoni Poliennali del Tesoro (EUR)		5.25			8-1-2017		2,700,000		4,016,741
Italy Buoni Poliennali del Tesoro (EUR)		5.25			11-1-2029		2,850,000		4,743,432
Italy Buoni Poliennali del Tesoro (EUR)		5.50			9-1-2022		2,000,000		3,294,073
Italy Buoni Poliennali del Tesoro (EUR)		5.50			11-1-2022		2,000,000		3,297,541
Italy Buoni Poliennali del Tesoro (EUR)		5.75			2-1-2033		1,450,000		2,574,000
Italy Buoni Poliennali del Tesoro (EUR)		6.00			5-1-2031		3,050,000		5,508,053
Italy Buoni Poliennali del Tesoro (EUR)		6.50			11-1-2027		2,050,000		3,772,114
Italy Buoni Poliennali del Tesoro (EUR)		7.25			11-1-2026		950,000		1,832,307
Italy Buoni Poliennali del Tesoro (EUR)		9.00			11-1-2023		730,000		1,505,398
Italy Certificati di Credito del Tesoro (EUR) ¤		0.00			12-31-2015		1,250,000		1,634,258
Japan Government Five Year Bond Series 066 (JPY)		0.40			9-20-2016		1,525,000,000		14,754,736
Japan Government Five Year Bond Series 091 (JPY)		0.40			9-20-2015		515,000,000		4,967,541
Japan Government Five Year Bond Series 093 (JPY)		0.50			12-20-2015		664,000,000		6,418,116
Japan Government Five Year Bond Series 094 (JPY)		0.60			12-20-2015		660,000,000		6,387,667
Japan Government Five Year Bond Series 096 (JPY)		0.50			3-20-2016		500,000,000		4,837,887
Japan Government Five Year Bond Series 097 (JPY)		0.40			6-20-2016		590,000,000		5,704,227
Japan Government Five Year Bond Series 102 (JPY)		0.30			12-20-2016		990,000,000		9,563,232
Japan Government Five Year Bond Series 103 (JPY)		0.30			3-20-2017		400,000,000		3,865,543
Japan Government Five Year Bond Series 105 (JPY)		0.20			6-20-2017		900,000,000		8,676,676
Japan Government Five Year Bond Series 106 (JPY)		0.20			9-20-2017		700,000,000		6,749,118

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 89

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Japan Government Five Year Bond Series 107 (JPY)		0.20	%		12-20-2017		500,000,000	$	4,820,655
Japan Government Five Year Bond Series 110 (JPY)		0.30			3-20-2018		300,000,000		2,902,398
Japan Government Five Year Bond Series 113 (JPY)		0.30			6-20-2018		800,000,000		7,740,712
Japan Government Five Year Bond Series 117 (JPY)		0.20			3-20-2019		500,000,000		4,816,344
Japan Government Forty Year Bond Series 1 (JPY)		2.40			3-20-2048		211,500,000		2,391,270
Japan Government Forty Year Bond Series 2 (JPY)		2.20			3-20-2049		191,000,000		2,064,239
Japan Government Forty Year Bond Series 3 (JPY)		2.20			3-20-2050		223,000,000		2,409,718
Japan Government Forty Year Bond Series 5 (JPY)		2.00			3-20-2052		450,000,000		4,622,256
Japan Government Forty Year Bond Series 6 (JPY)		1.90			3-20-2053		300,000,000		2,996,699
Japan Government Ten Year Bond Series 276 (JPY)		1.60			12-20-2015		662,000,000		6,489,432
Japan Government Ten Year Bond Series 277 (JPY)		1.60			3-20-2016		628,000,000		6,179,002
Japan Government Ten Year Bond Series 279 (JPY)		2.00			3-20-2016		770,000,000		7,621,916
Japan Government Ten Year Bond Series 280 (JPY)		1.90			6-20-2016		400,000,000		3,970,755
Japan Government Ten Year Bond Series 281 (JPY)		2.00			6-20-2016		770,000,000		7,656,980
Japan Government Ten Year Bond Series 282 (JPY)		1.70			9-20-2016		1,745,000,000		17,329,077
Japan Government Ten Year Bond Series 284 (JPY)		1.70			12-20-2016		630,000,000		6,280,103
Japan Government Ten Year Bond Series 285 (JPY)		1.70			3-20-2017		700,000,000		7,004,252
Japan Government Ten Year Bond Series 286 (JPY)		1.80			6-20-2017		800,000,000		8,056,045
Japan Government Ten Year Bond Series 288 (JPY)		1.70			9-20-2017		700,000,000		7,056,043
Japan Government Ten Year Bond Series 289 (JPY)		1.50			12-20-2017		440,000,000		4,423,010
Japan Government Ten Year Bond Series 290 (JPY)		1.40			3-20-2018		475,000,000		4,773,160
Japan Government Ten Year Bond Series 291 (JPY)		1.30			3-20-2018		175,000,000		1,752,582
Japan Government Ten Year Bond Series 292 (JPY)		1.70			3-20-2018		400,000,000		4,060,312
Japan Government Ten Year Bond Series 293 (JPY)		1.80			6-20-2018		300,000,000		3,066,508
Japan Government Ten Year Bond Series 294 (JPY)		1.70			6-20-2018		300,000,000		3,055,594
Japan Government Ten Year Bond Series 296 (JPY)		1.50			9-20-2018		630,000,000		6,389,421
Japan Government Ten Year Bond Series 297 (JPY)		1.40			12-20-2018		525,000,000		5,317,862
Japan Government Ten Year Bond Series 298 (JPY)		1.30			12-20-2018		550,000,000		5,548,464
Japan Government Ten Year Bond Series 299 (JPY)		1.30			3-20-2019		500,000,000		5,055,774
Japan Government Ten Year Bond Series 300 (JPY)		1.50			3-20-2019		125,000,000		1,274,827
Japan Government Ten Year Bond Series 301 (JPY)		1.50			6-20-2019		620,000,000		6,340,137
Japan Government Ten Year Bond Series 302 (JPY)		1.40			6-20-2019		350,000,000		3,563,047
Japan Government Ten Year Bond Series 303 (JPY)		1.40			9-20-2019		970,000,000		9,898,755
Japan Government Ten Year Bond Series 304 (JPY)		1.30			9-20-2019		500,000,000		5,078,312
Japan Government Ten Year Bond Series 305 (JPY)		1.30			12-20-2019		1,250,000,000		12,723,281
Japan Government Ten Year Bond Series 306 (JPY)		1.40			3-20-2020		460,000,000		4,716,533
Japan Government Ten Year Bond Series 307 (JPY)		1.30			3-20-2020		350,000,000		3,570,114
Japan Government Ten Year Bond Series 308 (JPY)		1.30			6-20-2020		1,158,000,000		11,836,297
Japan Government Ten Year Bond Series 309 (JPY)		1.10			6-20-2020		450,000,000		4,549,773
Japan Government Ten Year Bond Series 311 (JPY)		0.80			9-20-2020		202,000,000		2,010,399
Japan Government Ten Year Bond Series 312 (JPY)		1.20			12-20-2020		1,200,000,000		12,236,471
Japan Government Ten Year Bond Series 313 (JPY)		1.30			3-20-2021		517,000,000		5,310,911
Japan Government Ten Year Bond Series 315 (JPY)		1.20			6-20-2021		865,000,000		8,842,155
Japan Government Ten Year Bond Series 317 (JPY)		1.10			9-20-2021		200,000,000		2,033,109
Japan Government Ten Year Bond Series 318 (JPY)		1.00			9-20-2021		450,000,000		4,544,332
Japan Government Ten Year Bond Series 320 (JPY)		1.00			12-20-2021		725,000,000		7,322,970
Japan Government Ten Year Bond Series 321 (JPY)		1.00			3-20-2022		600,000,000		6,061,220
Japan Government Ten Year Bond Series 322 (JPY)		0.90			3-20-2022		400,000,000		4,012,164
Japan Government Ten Year Bond Series 324 (JPY)		0.80			6-20-2022		500,000,000		4,977,082
Japan Government Ten Year Bond Series 325 (JPY)		0.80			9-20-2022		850,000,000		8,456,399

90 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Japan Government Ten Year Bond Series 326 (JPY)		0.70	%		12-20-2022		600,000,000	$	5,918,539
Japan Government Ten Year Bond Series 327 (JPY)		0.80			12-20-2022		550,000,000		5,468,457
Japan Government Ten Year Bond Series 328 (JPY)		0.60			3-20-2023		1,150,000,000		11,240,699
Japan Government Ten Year Bond Series 329 (JPY)		0.80			6-20-2023		800,000,000		7,942,187
Japan Government Ten Year Bond Series 332 (JPY)		0.60			12-20-2023		650,000,000		6,326,787
Japan Government Ten Year Bond Series 333 (JPY)		0.60			3-20-2024		1,000,000,000		9,717,978
Japan Government Thirty Year Bond Series 03 (JPY)		2.30			5-20-2030		100,000,000		1,141,910
Japan Government Thirty Year Bond Series 04 (JPY)		2.90			11-20-2030		40,000,000		490,372
Japan Government Thirty Year Bond Series 11 (JPY)		1.70			6-20-2033		247,000,000		2,546,271
Japan Government Thirty Year Bond Series 14 (JPY)		2.40			3-20-2034		125,000,000		1,423,301
Japan Government Thirty Year Bond Series 15 (JPY)		2.50			6-20-2034		245,000,000		2,826,459
Japan Government Thirty Year Bond Series 16 (JPY)		2.50			9-20-2034		150,000,000		1,728,606
Japan Government Thirty Year Bond Series 17 (JPY)		2.40			12-20-2034		110,000,000		1,248,551
Japan Government Thirty Year Bond Series 18 (JPY)		2.30			3-20-2035		890,500,000		9,950,106
Japan Government Thirty Year Bond Series 22 (JPY)		2.50			3-20-2036		425,000,000		4,887,665
Japan Government Thirty Year Bond Series 23 (JPY)		2.50			6-20-2036		225,000,000		2,586,697
Japan Government Thirty Year Bond Series 25 (JPY)		2.30			12-20-2036		190,000,000		2,114,919
Japan Government Thirty Year Bond Series 26 (JPY)		2.40			3-20-2037		110,000,000		1,244,494
Japan Government Thirty Year Bond Series 27 (JPY)		2.50			9-20-2037		140,000,000		1,609,927
Japan Government Thirty Year Bond Series 28 (JPY)		2.50			3-20-2038		325,000,000		3,738,907
Japan Government Thirty Year Bond Series 29 (JPY)		2.40			9-20-2038		130,000,000		1,470,964
Japan Government Thirty Year Bond Series 30 (JPY)		2.30			3-20-2039		210,000,000		2,336,180
Japan Government Thirty Year Bond Series 31 (JPY)		2.20			9-20-2039		255,000,000		2,786,356
Japan Government Thirty Year Bond Series 32 (JPY)		2.30			3-20-2040		590,000,000		6,565,334
Japan Government Thirty Year Bond Series 34 (JPY)		2.20			3-20-2041		445,000,000		4,858,859
Japan Government Thirty Year Bond Series 36 (JPY)		2.00			3-20-2042		490,000,000		5,135,880
Japan Government Thirty Year Bond Series 37 (JPY)		1.90			9-20-2042		250,000,000		2,563,312
Japan Government Thirty Year Bond Series 38 (JPY)		1.80			3-20-2043		200,000,000		2,003,658
Japan Government Thirty Year Bond Series 42 (JPY)		1.70			3-20-2044		475,000,000		4,633,876
Japan Government Twenty Year Bond Series 037 (JPY)		3.10			9-20-2017		250,000,000		2,622,327
Japan Government Twenty Year Bond Series 041 (JPY)		1.50			3-20-2019		395,000,000		4,028,453
Japan Government Twenty Year Bond Series 045 (JPY)		2.40			3-20-2020		430,000,000		4,636,863
Japan Government Twenty Year Bond Series 048 (JPY)		2.50			12-21-2020		100,000,000		1,097,821
Japan Government Twenty Year Bond Series 050 (JPY)		1.90			3-22-2021		629,000,000		6,697,295
Japan Government Twenty Year Bond Series 052 (JPY)		2.10			9-21-2021		408,000,000		4,421,164
Japan Government Twenty Year Bond Series 055 (JPY)		2.00			3-21-2022		300,000,000		3,245,550
Japan Government Twenty Year Bond Series 058 (JPY)		1.90			9-20-2022		560,000,000		6,040,481
Japan Government Twenty Year Bond Series 059 (JPY)		1.70			12-20-2022		100,000,000		1,064,848
Japan Government Twenty Year Bond Series 060 (JPY)		1.40			12-20-2022		100,000,000		1,041,321
Japan Government Twenty Year Bond Series 062 (JPY)		0.80			6-20-2023		257,000,000		2,551,427
Japan Government Twenty Year Bond Series 064 (JPY)		1.90			9-20-2023		428,500,000		4,651,473
Japan Government Twenty Year Bond Series 065 (JPY)		1.90			12-20-2023		250,000,000		2,717,307
Japan Government Twenty Year Bond Series 067 (JPY)		1.90			3-20-2024		678,000,000		7,378,298
Japan Government Twenty Year Bond Series 070 (JPY)		2.40			6-20-2024		493,000,000		5,596,968
Japan Government Twenty Year Bond Series 073 (JPY)		2.00			12-20-2024		998,500,000		10,994,412
Japan Government Twenty Year Bond Series 076 (JPY)		1.90			3-20-2025		300,000,000		3,277,201
Japan Government Twenty Year Bond Series 082 (JPY)		2.10			9-20-2025		255,000,000		2,841,594
Japan Government Twenty Year Bond Series 086 (JPY)		2.30			3-20-2026		380,000,000		4,323,823
Japan Government Twenty Year Bond Series 088 (JPY)		2.30			6-20-2026		375,000,000		4,271,749
Japan Government Twenty Year Bond Series 090 (JPY)		2.20			9-20-2026		250,000,000		2,823,014

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 91

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Japan Government Twenty Year Bond Series 092 (JPY)		2.10	%		12-20-2026		230,000,000	$	2,572,883
Japan Government Twenty Year Bond Series 093 (JPY)		2.00			3-20-2027		420,000,000		4,651,995
Japan Government Twenty Year Bond Series 095 (JPY)		2.30			6-20-2027		165,000,000		1,885,669
Japan Government Twenty Year Bond Series 097 (JPY)		2.20			9-20-2027		200,000,000		2,263,017
Japan Government Twenty Year Bond Series 099 (JPY)		2.10			12-20-2027		200,000,000		2,239,221
Japan Government Twenty Year Bond Series 100 (JPY)		2.20			3-20-2028		250,000,000		2,829,646
Japan Government Twenty Year Bond Series 102 (JPY)		2.40			6-20-2028		210,000,000		2,429,335
Japan Government Twenty Year Bond Series 105 (JPY)		2.10			9-20-2028		200,000,000		2,238,026
Japan Government Twenty Year Bond Series 108 (JPY)		1.90			12-20-2028		322,000,000		3,518,925
Japan Government Twenty Year Bond Series 110 (JPY)		2.10			3-20-2029		680,000,000		7,603,295
Japan Government Twenty Year Bond Series 112 (JPY)		2.10			6-20-2029		173,000,000		1,933,232
Japan Government Twenty Year Bond Series 113 (JPY)		2.10			9-20-2029		350,000,000		3,908,482
Japan Government Twenty Year Bond Series 115 (JPY)		2.20			12-20-2029		160,000,000		1,807,050
Japan Government Twenty Year Bond Series 116 (JPY)		2.20			3-20-2030		100,000,000		1,128,606
Japan Government Twenty Year Bond Series 117 (JPY)		2.10			3-20-2030		200,000,000		2,229,572
Japan Government Twenty Year Bond Series 118 (JPY)		2.00			6-20-2030		70,000,000		769,724
Japan Government Twenty Year Bond Series 120 (JPY)		1.60			6-20-2030		326,500,000		3,407,387
Japan Government Twenty Year Bond Series 121 (JPY)		1.90			9-20-2030		135,000,000		1,463,417
Japan Government Twenty Year Bond Series 123 (JPY)		2.10			12-20-2030		240,000,000		2,666,735
Japan Government Twenty Year Bond Series 125 (JPY)		2.20			3-20-2031		100,000,000		1,124,402
Japan Government Twenty Year Bond Series 126 (JPY)		2.00			3-20-2031		160,000,000		1,752,549
Japan Government Twenty Year Bond Series 127 (JPY)		1.90			3-20-2031		155,000,000		1,675,250
Japan Government Twenty Year Bond Series 128 (JPY)		1.90			6-20-2031		615,000,000		6,635,864
Japan Government Twenty Year Bond Series 130 (JPY)		1.80			9-20-2031		125,000,000		1,327,867
Japan Government Twenty Year Bond Series 133 (JPY)		1.80			12-20-2031		390,000,000		4,135,462
Japan Government Twenty Year Bond Series 134 (JPY)		1.80			3-20-2032		100,000,000		1,058,409
Japan Government Twenty Year Bond Series 139 (JPY)		1.60			6-20-2032		300,000,000		3,076,594
Japan Government Twenty Year Bond Series 140 (JPY)		1.70			9-20-2032		500,000,000		5,192,782
Japan Government Twenty Year Bond Series 141 (JPY)		1.70			12-20-2032		300,000,000		3,108,239
Japan Government Twenty Year Bond Series 142 (JPY)		1.80			12-20-2032		300,000,000		3,155,379
Japan Government Twenty Year Bond Series 143 (JPY)		1.60			3-20-2033		250,000,000		2,544,202
Japan Government Twenty Year Bond Series 146 (JPY)		1.70			9-20-2033		300,000,000		3,084,598
Japan Government Twenty Year Bond Series 148 (JPY)		1.50			3-20-2034		600,000,000		5,940,631
Japan Government Twenty Year Bond Series 149 (JPY)		1.50			6-20-2034		680,000,000		6,712,240
Japan Government Twenty Year Bond Series 72 (JPY)		2.10			9-20-2024		500,000,000		5,546,389
Japan Government Two Year Bond Series 339 (JPY)		0.10			4-15-2016		200,000,000		1,923,279
Japan Government Two Year Bond Series 340 (JPY)		0.10			5-15-2016		400,000,000		3,846,574
Netherlands Government Bond (EUR) 144A¤		0.00			4-15-2016		1,350,000		1,773,620
Netherlands Government Bond (EUR)		0.50			4-15-2017		1,025,000		1,363,445
Netherlands Government Bond (EUR) 144A		1.25			1-15-2018		1,000,000		1,365,173
Netherlands Government Bond (EUR) 144A		1.25			1-15-2019		1,750,000		2,402,891
Netherlands Government Bond (EUR) 144A		1.75			7-15-2023		1,900,000		2,670,861
Netherlands Government Bond (EUR)		2.00			7-15-2024		1,000,000		1,429,725
Netherlands Government Bond (EUR) 144A		2.25			7-15-2022		1,700,000		2,485,834
Netherlands Government Bond (EUR) 144A		2.50			1-15-2017		1,650,000		2,295,085
Netherlands Government Bond (EUR) 144A		2.50			1-15-2033		1,150,000		1,722,295
Netherlands Government Bond (EUR)		2.75			1-15-2047		350,000		565,679
Netherlands Government Bond (EUR) 144A		3.25			7-15-2021		1,500,000		2,322,979
Netherlands Government Bond (EUR) 144A		3.50			7-15-2020		1,400,000		2,166,705
Netherlands Government Bond (EUR)		3.75			1-15-2023		1,100,000		1,785,773

92 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Netherlands Government Bond (EUR) 144A		3.75	%		1-15-2042		1,650,000	$	3,115,159
Netherlands Government Bond (EUR) 144A		4.00			7-15-2016		1,450,000		2,046,854
Netherlands Government Bond (EUR) 144A		4.00			7-15-2018		1,750,000		2,642,278
Netherlands Government Bond (EUR) 144A		4.00			7-15-2019		1,450,000		2,247,204
Netherlands Government Bond (EUR) 144A		4.00			1-15-2037		1,178,000		2,209,238
Netherlands Government Bond (EUR) 144A		4.50			7-15-2017		1,600,000		2,370,441
Netherlands Government Bond (EUR)		5.50			1-15-2028		1,310,000		2,601,028
Netherlands Government Bond (EUR)		7.50			1-15-2023		335,000		678,649
Spain Government Bond (EUR)		3.15			1-31-2016		2,000,000		2,735,644
Spain Government Bond (EUR)		3.25			4-30-2016		2,300,000		3,171,980
Spain Government Bond (EUR)		3.80			1-31-2017		2,400,000		3,411,059
Spain Government Bond (EUR)		4.00			4-30-2020		2,525,000		3,836,234
Spain Government Bond (EUR)		4.20			1-31-2037		1,900,000		2,899,363
Spain Government Bond (EUR)		4.25			10-31-2016		2,600,000		3,700,948
Spain Government Bond (EUR)		4.30			10-31-2019		2,050,000		3,136,398
Spain Government Bond (EUR)		4.60			7-30-2019		1,700,000		2,622,828
Spain Government Bond (EUR)		4.65			7-30-2025		1,400,000		2,243,564
Spain Government Bond (EUR)		4.70			7-30-2041		1,100,000		1,782,645
Spain Government Bond (EUR)		4.80			1-31-2024		1,400,000		2,267,993
Spain Government Bond (EUR)		4.85			10-31-2020		1,700,000		2,702,840
Spain Government Bond (EUR)		4.90			7-30-2040		1,250,000		2,094,765
Spain Government Bond (EUR)		5.50			7-30-2017		2,100,000		3,151,943
Spain Government Bond (EUR)		5.50			4-30-2021		2,200,000		3,638,107
Spain Government Bond (EUR)		5.75			7-30-2032		1,450,000		2,642,798
Spain Government Bond (EUR)		5.85			1-31-2022		2,250,000		3,829,113
Spain Government Bond (EUR)		5.90			7-30-2026		2,150,000		3,802,157
Spain Government Bond (EUR)		6.00			1-31-2029		1,250,000		2,260,897
Sweden Government Bond Series 1047 (SEK)		5.00			12-1-2020		6,590,000		1,178,124
Sweden Government Bond Series 1050 (SEK)		3.00			7-12-2016		4,800,000		722,469
Sweden Government Bond Series 1051 (SEK)		3.75			8-12-2017		6,000,000		943,797
Sweden Government Bond Series 1052 (SEK)		4.25			3-12-2019		9,000,000		1,497,475
Sweden Government Bond Series 1053 (SEK)		3.50			3-30-2039		4,250,000		787,661
Sweden Government Bond Series 1054 (SEK)		3.50			6-1-2022		6,200,000		1,044,298
Sweden Government Bond Series 1056 (SEK)		2.25			6-1-2032		1,000,000		152,697
Sweden Government Bond Series 1057 (SEK)		1.50			11-13-2023		8,000,000		1,166,308
Sweden Government Bond Series 1058 (SEK)		2.50			5-12-2025		2,750,000		436,357
United Kingdom Gilt (GBP)		1.00			9-7-2017		5,250,000		8,651,555
United Kingdom Gilt (GBP)		1.25			7-22-2018		3,900,000		6,413,001
United Kingdom Gilt (GBP)		1.75			1-22-2017		3,300,000		5,574,480
United Kingdom Gilt (GBP)		1.75			7-22-2019		3,250,000		5,404,608
United Kingdom Gilt (GBP)		1.75			9-7-2022		4,000,000		6,453,205
United Kingdom Gilt (GBP)		2.00			1-22-2016		2,950,000		4,986,627
United Kingdom Gilt (GBP)		2.25			9-7-2023		1,750,000		2,903,840
United Kingdom Gilt (GBP)		2.75			9-7-2024		2,500,000		4,289,746
United Kingdom Gilt (GBP)		3.25			1-22-2044		2,950,000		5,175,521
United Kingdom Gilt (GBP)		3.50			7-22-2068		800,000		1,533,315
United Kingdom Gilt (GBP)		3.75			9-7-2019		2,950,000		5,379,842
United Kingdom Gilt (GBP)		3.75			9-7-2020		2,250,000		4,135,498
United Kingdom Gilt (GBP)		3.75			9-7-2021		3,400,000		6,298,564
United Kingdom Gilt (GBP)		3.75			7-22-2052		2,300,000		4,531,690

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 93

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
United Kingdom Gilt (GBP)		4.00	%		9-7-2016		3,400,000	$	5,999,665
United Kingdom Gilt (GBP)		4.00			3-7-2022		3,100,000		5,854,003
United Kingdom Gilt (GBP)		4.00			1-22-2060		2,800,000		5,924,692
United Kingdom Gilt (GBP)		4.25			12-7-2027		2,950,000		5,830,603
United Kingdom Gilt (GBP)		4.25			6-7-2032		3,250,000		6,520,881
United Kingdom Gilt (GBP)		4.25			3-7-2036		2,450,000		4,963,907
United Kingdom Gilt (GBP)		4.25			9-7-2039		1,350,000		2,773,516
United Kingdom Gilt (GBP)		4.25			12-7-2040		2,300,000		4,747,487
United Kingdom Gilt (GBP)		4.25			12-7-2046		1,850,000		3,914,037
United Kingdom Gilt (GBP)		4.25			12-7-2049		1,900,000		4,077,609
United Kingdom Gilt (GBP)		4.25			12-7-2055		2,525,000		5,543,342
United Kingdom Gilt (GBP)		4.50			3-7-2019		3,400,000		6,360,801
United Kingdom Gilt (GBP)		4.50			9-7-2034		3,400,000		7,077,202
United Kingdom Gilt (GBP)		4.50			12-7-2042		2,575,000		5,572,658
United Kingdom Gilt (GBP)		4.75			9-7-2015		2,575,000		4,456,656
United Kingdom Gilt (GBP)		4.75			3-7-2020		2,975,000		5,707,745
United Kingdom Gilt (GBP)		4.75			12-7-2030		4,100,000		8,635,419
United Kingdom Gilt (GBP)		4.75			12-7-2038		2,550,000		5,602,088
United Kingdom Gilt (GBP)		5.00			3-7-2018		3,200,000		5,977,286
United Kingdom Gilt (GBP)		5.00			3-7-2025		3,300,000		6,819,688
United Kingdom Gilt (GBP)		6.00			12-7-2028		1,150,000		2,685,004
United Kingdom Gilt (GBP)		8.00			12-7-2015		1,150,000		2,089,227
United Kingdom Gilt (GBP)		8.00			6-7-2021		2,100,000		4,826,770
United Kingdom Gilt (GBP)		8.75			8-25-2017		800,000		1,621,061
Total Foreign Government Bonds (Cost $1,592,576,107)									1,594,158,780
U.S. Treasury Securities: 23.38%
U.S. Treasury Bond		2.75			8-15-2042	$	7,000,000		6,577,816
U.S. Treasury Bond		2.75			11-15-2042		8,250,000		7,740,818
U.S. Treasury Bond		2.88			5-15-2043		9,350,000		8,983,302
U.S. Treasury Bond		3.00			5-15-2042		5,500,000		5,443,284
U.S. Treasury Bond		3.13			11-15-2041		6,000,000		6,096,564
U.S. Treasury Bond		3.13			2-15-2042		2,250,000		2,283,048
U.S. Treasury Bond		3.13			2-15-2043		6,250,000		6,315,431
U.S. Treasury Bond		3.13			8-15-2044		7,500,000		7,586,456
U.S. Treasury Bond		3.38			5-15-2044		6,000,000		6,352,500
U.S. Treasury Bond		3.50			2-15-2039		4,500,000		4,900,779
U.S. Treasury Bond		3.63			8-15-2043		6,500,000		7,199,764
U.S. Treasury Bond		3.63			2-15-2044		6,000,000		6,647,814
U.S. Treasury Bond		3.75			8-15-2041		6,000,000		6,817,500
U.S. Treasury Bond		3.75			11-15-2043		10,000,000		11,326,560
U.S. Treasury Bond		3.88			8-15-2040		7,000,000		8,111,250
U.S. Treasury Bond		4.25			5-15-2039		2,000,000		2,447,188
U.S. Treasury Bond		4.25			11-15-2040		9,500,000		11,676,089
U.S. Treasury Bond		4.38			2-15-2038		1,750,000		2,172,188
U.S. Treasury Bond		4.38			11-15-2039		800,000		998,125
U.S. Treasury Bond		4.38			5-15-2040		6,250,000		7,818,363
U.S. Treasury Bond		4.50			2-15-2036		2,300,000		2,901,954
U.S. Treasury Bond		4.50			5-15-2038		600,000		758,625

94 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		4.50	%		8-15-2039	$	5,600,000	$	7,108,500
U.S. Treasury Bond		4.63			2-15-2040		6,500,000		8,419,528
U.S. Treasury Bond		4.75			2-15-2037		1,550,000		2,024,204
U.S. Treasury Bond		4.75			2-15-2041		5,200,000		6,892,439
U.S. Treasury Bond		5.00			5-15-2037		300,000		404,719
U.S. Treasury Bond		5.38			2-15-2031		1,500,000		2,023,593
U.S. Treasury Bond		5.50			8-15-2028		1,000,000		1,336,094
U.S. Treasury Bond		6.00			2-15-2026		1,150,000		1,559,508
U.S. Treasury Bond		6.13			11-15-2027		2,400,000		3,355,874
U.S. Treasury Bond		6.25			5-15-2030		1,000,000		1,455,312
U.S. Treasury Bond		6.38			8-15-2027		400,000		569,250
U.S. Treasury Bond		6.50			11-15-2026		1,500,000		2,133,516
U.S. Treasury Bond		6.63			2-15-2027		950,000		1,368,594
U.S. Treasury Bond		6.75			8-15-2026		1,500,000		2,165,625
U.S. Treasury Bond		6.88			8-15-2025		1,500,000		2,150,625
U.S. Treasury Bond		7.50			11-15-2024		2,000,000		2,944,376
U.S. Treasury Note		0.25			9-15-2015		6,000,000		6,007,500
U.S. Treasury Note		0.25			9-30-2015		3,000,000		3,003,516
U.S. Treasury Note		0.25			10-15-2015		15,000,000		15,014,070
U.S. Treasury Note		0.25			10-31-2015		10,250,000		10,259,205
U.S. Treasury Note		0.25			11-30-2015		34,000,000		34,021,250
U.S. Treasury Note		0.25			12-15-2015		2,500,000		2,500,780
U.S. Treasury Note		0.25			2-29-2016		15,000,000		14,988,870
U.S. Treasury Note		0.25			4-15-2016		4,000,000		3,992,968
U.S. Treasury Note		0.25			5-15-2016		7,000,000		6,983,046
U.S. Treasury Note		0.38			11-15-2015		6,500,000		6,514,222
U.S. Treasury Note		0.38			1-15-2016		4,000,000		4,006,248
U.S. Treasury Note		0.38			2-15-2016		6,000,000		6,007,032
U.S. Treasury Note		0.38			3-15-2016		6,000,000		6,004,920
U.S. Treasury Note		0.38			3-31-2016		2,000,000		2,001,094
U.S. Treasury Note		0.38			5-31-2016		13,000,000		12,993,396
U.S. Treasury Note		0.50			6-15-2016		10,000,000		10,012,890
U.S. Treasury Note		0.50			7-31-2017		5,000,000		4,935,940
U.S. Treasury Note		0.63			7-15-2016		25,000,000		25,080,162
U.S. Treasury Note		0.63			8-31-2017		5,000,000		4,946,875
U.S. Treasury Note		0.63			9-30-2017		24,000,000		23,711,256
U.S. Treasury Note		0.63			11-30-2017		7,600,000		7,483,629
U.S. Treasury Note		0.63			4-30-2018		4,000,000		3,907,812
U.S. Treasury Note		0.75			6-30-2017		15,000,000		14,934,375
U.S. Treasury Note		0.75			12-31-2017		14,000,000		13,822,816
U.S. Treasury Note		0.75			2-28-2018		5,000,000		4,921,485
U.S. Treasury Note		0.75			3-31-2018		3,500,000		3,440,119
U.S. Treasury Note		0.88			9-15-2016		4,000,000		4,026,564
U.S. Treasury Note		0.88			12-31-2016		5,000,000		5,021,875
U.S. Treasury Note		0.88			1-31-2017		10,000,000		10,039,840
U.S. Treasury Note		0.88			4-30-2017		7,000,000		7,008,204
U.S. Treasury Note		0.88			5-15-2017		5,000,000		5,004,690
U.S. Treasury Note		0.88			1-31-2018		5,000,000		4,950,390
U.S. Treasury Note		0.88			7-31-2019		2,500,000		2,409,960
U.S. Treasury Note		1.00			8-31-2016		10,000,000		10,096,090

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 95

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.00	%		9-30-2016	$	10,000,000	$	10,088,280
U.S. Treasury Note		1.00			10-31-2016		5,000,000		5,041,795
U.S. Treasury Note		1.00			3-31-2017		12,000,000		12,062,808
U.S. Treasury Note		1.00			5-31-2018		7,000,000		6,922,342
U.S. Treasury Note		1.00			6-30-2019		25,000,000		24,273,450
U.S. Treasury Note		1.00			9-30-2019		10,000,000		9,671,880
U.S. Treasury Note		1.00			11-30-2019		10,000,000		9,640,620
U.S. Treasury Note		1.13			12-31-2019		5,000,000		4,846,875
U.S. Treasury Note		1.25			9-30-2015		7,000,000		7,083,125
U.S. Treasury Note		1.25			10-31-2015		5,000,000		5,062,110
U.S. Treasury Note		1.25			10-31-2018		10,000,000		9,921,880
U.S. Treasury Note		1.25			11-30-2018		10,000,000		9,910,160
U.S. Treasury Note		1.25			1-31-2019		2,500,000		2,471,095
U.S. Treasury Note		1.25			4-30-2019		12,000,000		11,827,500
U.S. Treasury Note		1.25			2-29-2020		10,000,000		9,725,780
U.S. Treasury Note		1.38			11-30-2015		7,500,000		7,608,983
U.S. Treasury Note		1.38			6-30-2018		10,000,000		10,014,840
U.S. Treasury Note		1.38			7-31-2018		5,000,000		5,002,735
U.S. Treasury Note		1.38			9-30-2018		11,000,000		10,982,818
U.S. Treasury Note		1.38			12-31-2018		10,000,000		9,954,690
U.S. Treasury Note		1.38			2-28-2019		5,000,000		4,964,060
U.S. Treasury Note		1.38			1-31-2020		3,000,000		2,942,814
U.S. Treasury Note		1.38			5-31-2020		10,000,000		9,758,590
U.S. Treasury Note		1.50			6-30-2016		5,000,000		5,094,725
U.S. Treasury Note		1.50			7-31-2016		15,000,000		15,287,700
U.S. Treasury Note		1.50			8-31-2018		12,000,000		12,051,564
U.S. Treasury Note		1.50			1-31-2019		7,000,000		6,994,533
U.S. Treasury Note		1.50			5-31-2019		25,000,000		24,888,675
U.S. Treasury Note		1.63			3-31-2019		20,000,000		20,057,820
U.S. Treasury Note		1.63			8-15-2022		6,100,000		5,863,625
U.S. Treasury Note		1.63			11-15-2022		12,500,000		11,964,850
U.S. Treasury Note		1.75			5-31-2016		10,000,000		10,230,080
U.S. Treasury Note		1.75			5-15-2022		7,500,000		7,296,090
U.S. Treasury Note		1.75			5-15-2023		12,500,000		12,002,925
U.S. Treasury Note		1.88			8-31-2017		6,500,000		6,672,146
U.S. Treasury Note		1.88			9-30-2017		6,000,000		6,153,750
U.S. Treasury Note		2.00			1-31-2016		9,000,000		9,219,024
U.S. Treasury Note		2.00			4-30-2016		8,500,000		8,727,112
U.S. Treasury Note		2.00			11-30-2020		10,000,000		10,040,620
U.S. Treasury Note		2.00			5-31-2021		5,000,000		4,993,750
U.S. Treasury Note		2.00			11-15-2021		16,000,000		15,926,256
U.S. Treasury Note		2.00			2-15-2023		11,000,000		10,810,932
U.S. Treasury Note		2.13			12-31-2015		24,000,000		24,597,192
U.S. Treasury Note		2.13			2-29-2016		4,000,000		4,108,124
U.S. Treasury Note		2.13			8-31-2020		4,500,000		4,563,635
U.S. Treasury Note		2.13			8-15-2021		10,000,000		10,057,030
U.S. Treasury Note		2.25			3-31-2016		5,000,000		5,150,000
U.S. Treasury Note		2.25			11-30-2017		7,500,000		7,773,630
U.S. Treasury Note		2.38			3-31-2016		22,500,000		23,213,678
U.S. Treasury Note		2.38			7-31-2017		3,500,000		3,643,283

96 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.38	%		5-31-2018	$	5,000,000	$	5,195,705
U.S. Treasury Note		2.38			6-30-2018		8,000,000		8,310,000
U.S. Treasury Note		2.38			8-15-2024		10,000,000		10,038,712
U.S. Treasury Note		2.50			6-30-2017		4,500,000		4,698,279
U.S. Treasury Note		2.50			8-15-2023		14,250,000		14,521,634
U.S. Treasury Note		2.50			5-15-2024		13,000,000		13,186,875
U.S. Treasury Note		2.63			2-29-2016		2,500,000		2,585,938
U.S. Treasury Note		2.63			4-30-2016		2,500,000		2,592,285
U.S. Treasury Note		2.63			1-31-2018		4,000,000		4,193,436
U.S. Treasury Note		2.63			4-30-2018		5,500,000		5,768,554
U.S. Treasury Note		2.63			8-15-2020		12,000,000		12,514,692
U.S. Treasury Note		2.63			11-15-2020		10,000,000		10,414,840
U.S. Treasury Note		2.75			11-30-2016		24,000,000		25,132,512
U.S. Treasury Note		2.75			5-31-2017		4,000,000		4,203,752
U.S. Treasury Note		2.75			12-31-2017		6,000,000		6,313,596
U.S. Treasury Note		2.75			2-28-2018		4,000,000		4,211,248
U.S. Treasury Note		2.75			2-15-2019		16,950,000		17,842,519
U.S. Treasury Note		2.75			11-15-2023		15,500,000		16,094,565
U.S. Treasury Note		2.75			2-15-2024		25,000,000		25,933,600
U.S. Treasury Note		2.88			3-31-2018		5,000,000		5,287,500
U.S. Treasury Note		3.00			8-31-2016		3,500,000		3,670,898
U.S. Treasury Note		3.00			9-30-2016		5,000,000		5,251,560
U.S. Treasury Note		3.00			2-28-2017		3,000,000		3,167,814
U.S. Treasury Note		3.13			10-31-2016		6,000,000		6,324,372
U.S. Treasury Note		3.13			1-31-2017		5,000,000		5,287,890
U.S. Treasury Note		3.13			4-30-2017		3,000,000		3,180,936
U.S. Treasury Note		3.13			5-15-2019		8,000,000		8,557,504
U.S. Treasury Note		3.13			5-15-2021		4,000,000		4,288,436
U.S. Treasury Note		3.25			5-31-2016		4,000,000		4,195,468
U.S. Treasury Note		3.25			6-30-2016		5,000,000		5,252,540
U.S. Treasury Note		3.25			7-31-2016		5,000,000		5,262,305
U.S. Treasury Note		3.25			12-31-2016		4,500,000		4,767,188
U.S. Treasury Note		3.25			3-31-2017		5,000,000		5,312,500
U.S. Treasury Note		3.38			11-15-2019		8,000,000		8,675,624
U.S. Treasury Note		3.50			2-15-2018		5,000,000		5,390,235
U.S. Treasury Note		3.50			5-15-2020		10,000,000		10,931,250
U.S. Treasury Note		3.63			8-15-2019		9,500,000		10,401,759
U.S. Treasury Note		3.63			2-15-2020		38,000,000		41,740,644
U.S. Treasury Note		3.63			2-15-2021		20,000,000		22,056,240
U.S. Treasury Note		3.75			11-15-2018		7,000,000		7,662,263
U.S. Treasury Note		3.88			5-15-2018		3,000,000		3,282,891
U.S. Treasury Note		4.00			8-15-2018		2,525,000		2,784,009
U.S. Treasury Note		4.25			11-15-2017		4,000,000		4,397,500
U.S. Treasury Note		4.50			11-15-2015		3,000,000		3,154,686
U.S. Treasury Note		4.50			2-15-2016		6,000,000		6,363,750
U.S. Treasury Note		4.50			5-15-2017		2,000,000		2,194,376
U.S. Treasury Note		4.63			11-15-2016		25,000,000		27,179,700
U.S. Treasury Note		4.63			2-15-2017		5,000,000		5,472,265
U.S. Treasury Note		4.75			8-15-2017		23,000,000		25,528,206
U.S. Treasury Note		4.88			8-15-2016		2,500,000		2,710,548

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 97

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		5.13	%		5-15-2016	$	2,000,000	$	2,159,454
U.S. Treasury Note		6.25			8-15-2023		3,500,000		4,645,977
U.S. Treasury Note		7.13			2-15-2023		3,000,000		4,150,314
U.S. Treasury Note		7.25			5-15-2016		2,500,000		2,788,280
U.S. Treasury Note		7.25			8-15-2022		1,000,000		1,378,125
U.S. Treasury Note		7.50			11-15-2016		2,000,000		2,299,376
U.S. Treasury Note		7.88			2-15-2021		500,000		682,031
U.S. Treasury Note		8.00			11-15-2021		4,100,000		5,746,084
U.S. Treasury Note		8.13			8-15-2019		1,350,000		1,770,609
U.S. Treasury Note		8.50			2-15-2020		1,700,000		2,301,905
U.S. Treasury Note		8.75			5-15-2017		2,500,000		3,029,103
U.S. Treasury Note		8.75			8-15-2020		400,000		556,656
U.S. Treasury Note		8.88			8-15-2017		1,275,000		1,568,947
U.S. Treasury Note		8.88			2-15-2019		1,200,000		1,584,094
U.S. Treasury Note		9.13			5-15-2018		2,900,000		3,731,938
Total U.S. Treasury Securities (Cost $1,423,396,502)									1,456,160,735
Yankee Corporate Bonds and Notes: 3.98%
Consumer Discretionary: 0.03%
Media: 0.03%
Grupo Televisa SA		6.00			5-15-2018		250,000		282,475
Grupo Televisa SA		6.63			1-15-2040		500,000		620,010
Grupo Televisa SAB		5.00			5-13-2045		500,000		513,905
WPP Finance 2010		3.63			9-7-2022		350,000		358,863
WPP Finance 2010		5.63			11-15-2043		200,000		223,563
									1,998,816
Consumer Staples: 0.08%
Beverages: 0.08%
Coca-Cola Femsa SAB de CV		2.38			11-26-2018		500,000		506,490
Coca-Cola Femsa SAB de CV		3.88			11-26-2023		300,000		312,630
Coca-Cola Femsa SAB de CV		4.63			2-15-2020		200,000		219,230
Coca-Cola Femsa SAB de CV		5.25			11-26-2043		300,000		342,507
Diageo Capital plc		0.63			4-29-2016		400,000		399,342
Diageo Capital plc		1.13			4-29-2018		500,000		491,205
Diageo Capital plc		2.63			4-29-2023		300,000		291,854
Diageo Capital plc		3.88			4-29-2043		230,000		221,997
Diageo Capital plc		5.75			10-23-2017		1,050,000		1,189,154
Diageo Capital plc		5.88			9-30-2036		175,000		219,475
Diageo Finance BV		5.30			10-28-2015		300,000		316,578
Fomento Economico Mexicano SAB de CV		2.88			5-10-2023		200,000		191,004
Fomento Economico Mexicano SAB de CV		4.38			5-10-2043		150,000		144,410
									4,845,876
Energy: 0.69%
Energy Equipment & Services: 0.03%
Ensco plc		3.25			3-15-2016		1,250,000		1,294,253
Ensco plc		4.70			3-15-2021		500,000		544,400
									1,838,653

98 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels: 0.66%
Alberta Energy Company Limited		7.38	%		11-1-2031	$	350,000	$	469,865
Alberta Energy Company Limited		8.13			9-15-2030		150,000		213,305
BP Capital Markets plc		0.70			11-6-2015		350,000		350,713
BP Capital Markets plc		1.38			11-6-2017		400,000		399,205
BP Capital Markets plc		1.38			5-10-2018		350,000		346,346
BP Capital Markets plc		1.85			5-5-2017		500,000		508,932
BP Capital Markets plc		2.24			5-10-2019		400,000		402,191
BP Capital Markets plc		2.25			11-1-2016		500,000		513,989
BP Capital Markets plc		2.50			11-6-2022		500,000		482,234
BP Capital Markets plc		2.75			5-10-2023		600,000		583,521
BP Capital Markets plc		3.13			10-1-2015		800,000		822,875
BP Capital Markets plc		3.20			3-11-2016		1,000,000		1,039,572
BP Capital Markets plc		3.25			5-6-2022		750,000		765,430
BP Capital Markets plc		3.81			2-10-2024		500,000		524,691
BP Capital Markets plc		4.50			10-1-2020		500,000		551,780
BP Capital Markets plc		4.74			3-11-2021		1,000,000		1,121,010
BP Capital Markets plc		4.75			3-10-2019		450,000		501,576
Canadian Natural Resources Limited		5.70			5-15-2017		1,150,000		1,280,319
Canadian Natural Resources Limited		5.85			2-1-2035		565,000		678,689
Canadian Natural Resources Limited		6.25			3-15-2038		500,000		631,989
Cenovus Energy Incorporated		3.00			8-15-2022		250,000		248,369
Cenovus Energy Incorporated		3.80			9-15-2023		250,000		260,822
Cenovus Energy Incorporated		4.45			9-15-2042		250,000		254,356
Cenovus Energy Incorporated		5.70			10-15-2019		200,000		231,441
Cenovus Energy Incorporated		6.75			11-15-2039		500,000		664,645
Enbridge Incorporated		5.60			4-1-2017		100,000		110,493
Encana Corporation		5.15			11-15-2041		500,000		554,701
Encana Corporation		5.90			12-1-2017		300,000		339,334
Encana Corporation		6.50			5-15-2019		400,000		470,997
Encana Corporation		6.50			8-15-2034		250,000		317,219
Encana Corporation		6.50			2-1-2038		350,000		450,537
Husky Energy Incorporated		4.00			4-15-2024		500,000		523,441
Husky Energy Incorporated		6.80			9-15-2037		100,000		134,138
Husky Energy Incorporated		7.25			12-15-2019		565,000		694,658
Noble Holdings International Limited Corporation		3.05			3-1-2016		150,000		154,643
Noble Holdings International Limited Corporation		3.95			3-15-2022		150,000		154,804
Noble Holdings International Limited Corporation		4.63			3-1-2021		200,000		216,549
Noble Holdings International Limited Corporation		4.90			8-1-2020		250,000		274,072
Noble Holdings International Limited Corporation		5.25			3-15-2042		200,000		211,081
Noble Holdings International Limited Corporation		6.05			3-1-2041		200,000		231,561
Petro-Canada		5.95			5-15-2035		700,000		848,315
Petro-Canada		6.80			5-15-2038		400,000		537,344
Suncor Energy Incorporated		5.95			12-1-2034		75,000		91,243
Suncor Energy Incorporated		6.10			6-1-2018		900,000		1,037,871
Suncor Energy Incorporated		6.50			6-15-2038		400,000		520,106
Suncor Energy Incorporated		6.85			6-1-2039		250,000		339,341
Talisman Energy Incorporated		3.75			2-1-2021		150,000		155,244
Talisman Energy Incorporated		6.25			2-1-2038		400,000		471,470
Talisman Energy Incorporated		7.75			6-1-2019		415,000		511,341
Total Capital Canada Limited		2.75			7-15-2023		350,000		343,953

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 99

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Total Capital International SA		1.00	%		1-10-2017	$	200,000	$	200,258
Total Capital International SA		1.50			2-17-2017		500,000		505,262
Total Capital International SA		1.55			6-28-2017		500,000		505,746
Total Capital International SA		2.13			1-10-2019		500,000		505,150
Total Capital International SA		2.70			1-25-2023		350,000		343,202
Total Capital International SA		3.75			4-10-2024		500,000		524,108
Total Capital SA		2.30			3-15-2016		500,000		512,735
Total Capital SA		3.13			10-2-2015		1,000,000		1,029,656
Total Capital SA		4.13			1-28-2021		100,000		109,597
Total Capital SA		4.25			12-15-2021		250,000		276,094
Total Capital SA		4.45			6-24-2020		500,000		556,565
TransCanada PipeLines Limited		0.75			1-15-2016		300,000		300,425
TransCanada PipeLines Limited		2.50			8-1-2022		500,000		484,120
TransCanada PipeLines Limited		3.75			10-16-2023		250,000		261,334
TransCanada PipeLines Limited		3.80			10-1-2020		300,000		321,794
TransCanada PipeLines Limited		5.00			10-16-2043		500,000		563,386
TransCanada PipeLines Limited		5.60			3-31-2034		100,000		119,420
TransCanada PipeLines Limited		6.10			6-1-2040		300,000		380,700
TransCanada PipeLines Limited		6.20			10-15-2037		585,000		754,711
TransCanada PipeLines Limited		7.13			1-15-2019		1,500,000		1,817,339
TransCanada PipeLines Limited		7.63			1-15-2039		500,000		737,370
Transocean Incorporated		3.80			10-15-2022		300,000		292,353
Transocean Incorporated		4.95			11-15-2015		500,000		522,977
Transocean Incorporated		5.05			12-15-2016		500,000		539,342
Transocean Incorporated		6.00			3-15-2018		600,000		667,673
Transocean Incorporated		6.38			12-15-2021		500,000		565,960
Transocean Incorporated		6.50			11-15-2020		300,000		339,322
Transocean Incorporated		6.80			3-15-2038		450,000		489,552
Transocean Incorporated		7.50			4-15-2031		220,000		262,096
Weatherford International Limited		4.50			4-15-2022		300,000		320,471
Weatherford International Limited		5.13			9-15-2020		200,000		222,546
Weatherford International Limited		5.95			4-15-2042		250,000		288,238
Weatherford International Limited		6.00			3-15-2018		100,000		113,374
Weatherford International Limited		6.50			8-1-2036		300,000		363,559
Weatherford International Limited		6.75			9-15-2040		300,000		373,659
Weatherford International Limited		7.00			3-15-2038		50,000		63,563
Weatherford International Limited		9.63			3-1-2019		1,000,000		1,298,305
									41,074,283
Financials: 1.83%
Banks: 1.18%
Australia & New Zealand Banking Group Limited		0.90			2-12-2016		500,000		502,455
Australia & New Zealand Banking Group Limited		1.25			1-10-2017		250,000		251,236
Australia & New Zealand Banking Group Limited		1.45			5-15-2018		250,000		247,739
Australia & New Zealand Banking Group Limited		1.88			10-6-2017		250,000		253,469
Australia & New Zealand Banking Group Limited		2.25			6-13-2019		1,000,000		1,005,713
Bank of Montreal		1.30			7-14-2017		1,000,000		1,000,440
Bank of Montreal		1.40			9-11-2017		1,000,000		1,001,941
Bank of Montreal		2.50			1-11-2017		500,000		516,294

100 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Bank of Montreal		2.55	%		11-6-2022	$	1,000,000	$	975,169
Bank of Nova Scotia		0.75			10-9-2015		500,000		501,830
Bank of Nova Scotia		1.10			12-13-2016		500,000		501,623
Bank of Nova Scotia		1.25			4-11-2017		1,000,000		1,002,704
Bank of Nova Scotia		1.30			7-21-2017		300,000		299,921
Bank of Nova Scotia		1.38			12-18-2017		500,000		497,489
Bank of Nova Scotia		1.45			4-25-2018		500,000		495,104
Bank of Nova Scotia		2.05			10-7-2015		500,000		508,682
Bank of Nova Scotia		2.05			10-30-2018		100,000		100,463
Bank of Nova Scotia		2.55			1-12-2017		750,000		775,673
Bank of Nova Scotia		2.80			7-21-2021		750,000		753,170
Bank of Nova Scotia		2.90			3-29-2016		500,000		517,415
Bank of Nova Scotia		4.38			1-13-2021		500,000		554,873
Barclays Bank plc		2.50			2-20-2019		500,000		508,083
Barclays Bank plc		3.75			5-15-2024		1,000,000		1,020,941
Barclays Bank plc		5.00			9-22-2016		900,000		971,615
Barclays Bank plc		5.13			1-8-2020		1,000,000		1,131,959
Barclays Bank plc		5.14			10-14-2020		800,000		873,282
BBVA US Senior SA		4.66			10-9-2015		1,249,000		1,298,589
BNP Paribas		1.25			12-12-2016		294,000		295,215
BNP Paribas		1.38			3-17-2017		500,000		500,258
BNP Paribas		2.40			12-12-2018		600,000		606,984
BNP Paribas		2.45			3-17-2019		500,000		505,729
BNP Paribas		2.70			8-20-2018		1,000,000		1,025,632
BNP Paribas		3.25			3-3-2023		500,000		503,974
BNP Paribas		3.60			2-23-2016		1,000,000		1,039,843
BNP Paribas		5.00			1-15-2021		1,150,000		1,297,712
BPCE SA		1.63			2-10-2017		1,000,000		1,006,678
BPCE SA		2.50			7-15-2019		1,000,000		998,770
Canadian Imperial Bank		0.90			10-1-2015		500,000		502,189
Canadian Imperial Bank		1.35			7-18-2016		200,000		202,132
Canadian Imperial Bank		1.55			1-23-2018		300,000		299,277
Canadian Imperial Bank		2.35			12-11-2015		500,000		511,141
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.50			1-11-2021		500,000		555,810
Credit Suisse (New York)		4.38			8-5-2020		1,000,000		1,094,533
Credit Suisse (New York)		5.30			8-13-2019		1,500,000		1,710,309
Credit Suisse (New York)		5.40			1-14-2020		1,500,000		1,689,402
HSBC Holdings plc		4.00			3-30-2022		1,000,000		1,071,256
HSBC Holdings plc		4.88			1-14-2022		250,000		281,927
HSBC Holdings plc		5.10			4-5-2021		1,000,000		1,145,648
HSBC Holdings plc		6.10			1-14-2042		500,000		651,484
HSBC Holdings plc		6.50			5-2-2036		1,000,000		1,260,039
HSBC Holdings plc		6.50			9-15-2037		850,000		1,074,800
HSBC Holdings plc		6.80			6-1-2038		350,000		459,166
Intesa Sanpaolo SpA		2.38			1-13-2017		500,000		506,556
Intesa Sanpaolo SpA		3.13			1-15-2016		1,000,000		1,025,882
Intesa Sanpaolo SpA		3.88			1-16-2018		700,000		733,112
Intesa Sanpaolo SpA		3.88			1-15-2019		500,000		522,758
Intesa Sanpaolo SpA		5.25			1-12-2024		500,000		549,866
Lloyds TSB Bank plc		2.30			11-27-2018		200,000		202,393

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 101

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Lloyds TSB Bank plc		4.20	%		3-28-2017	$	1,000,000	$	1,073,796
Lloyds TSB Bank plc		4.88			1-21-2016		1,000,000		1,057,891
NIBC Bank NV		4.88			11-19-2019		800,000		903,343
Rabobank Nederland NV		1.70			3-19-2018		500,000		502,690
Rabobank Nederland NV		2.13			10-13-2015		500,000		509,106
Rabobank Nederland NV		3.38			1-19-2017		1,000,000		1,054,286
Rabobank Nederland NV		3.88			2-8-2022		1,500,000		1,605,039
Rabobank Nederland NV		3.95			11-9-2022		750,000		771,480
Rabobank Nederland NV		5.25			5-24-2041		725,000		848,859
Rabobank Nederland NV		5.75			12-1-2043		1,000,000		1,185,267
Royal Bank of Canada		0.80			10-30-2015		250,000		250,891
Royal Bank of Canada		0.85			3-8-2016		950,000		952,491
Royal Bank of Canada		1.20			1-23-2017		250,000		250,873
Royal Bank of Canada		1.25			6-16-2017		500,000		500,350
Royal Bank of Canada		1.45			9-9-2016		500,000		506,427
Royal Bank of Canada		1.50			1-16-2018		450,000		451,130
Royal Bank of Canada		2.15			3-15-2019		500,000		505,113
Royal Bank of Canada		2.20			7-27-2018		1,000,000		1,020,547
Royal Bank of Canada		2.30			7-20-2016		600,000		617,474
Royal Bank of Canada		2.63			12-15-2015		250,000		256,657
Royal Bank of Scotland Group plc		3.95			9-21-2015		500,000		516,226
Royal Bank of Scotland Group plc		4.38			3-16-2016		1,000,000		1,052,399
Royal Bank of Scotland Group plc		5.63			8-24-2020		1,000,000		1,142,354
Royal Bank of Scotland Group plc		6.40			10-21-2019		575,000		676,172
Societe Generale		2.75			10-12-2017		200,000		206,344
Sumitomo Mitsui Banking Corporation		1.30			1-10-2017		500,000		500,990
Sumitomo Mitsui Banking Corporation		1.45			7-19-2016		250,000		252,211
Sumitomo Mitsui Banking Corporation		1.50			1-18-2018		500,000		495,956
Sumitomo Mitsui Banking Corporation		2.25			7-11-2019		500,000		501,523
Sumitomo Mitsui Banking Corporation		2.45			1-10-2019		500,000		507,478
Sumitomo Mitsui Banking Corporation		3.20			7-18-2022		1,000,000		1,020,740
Sumitomo Mitsui Banking Corporation		3.40			7-11-2024		250,000		256,008
Sumitomo Mitsui Banking Corporation		3.95			7-19-2023		250,000		266,512
Svenska Handelsbanken AB		1.63			3-21-2018		400,000		400,107
Svenska Handelsbanken AB		2.25			6-17-2019		500,000		502,950
Svenska Handelsbanken AB		2.88			4-4-2017		1,000,000		1,042,108
Svenska Handelsbanken AB		3.13			7-12-2016		500,000		521,259
Toronto Dominion Bank		1.40			4-30-2018		1,250,000		1,237,284
Toronto Dominion Bank		1.50			9-9-2016		500,000		507,227
Toronto Dominion Bank		2.50			7-14-2016		500,000		516,466
Toronto Dominion Bank		2.63			9-10-2018		600,000		617,319
Westpac Banking Corporation		0.95			1-12-2016		350,000		351,768
Westpac Banking Corporation		1.05			11-25-2016		200,000		200,328
Westpac Banking Corporation		1.13			9-25-2015		1,000,000		1,007,228
Westpac Banking Corporation		1.20			5-19-2017		1,000,000		1,000,151
Westpac Banking Corporation		2.00			8-14-2017		100,000		102,033
Westpac Banking Corporation		2.25			1-17-2019		250,000		253,090
Westpac Banking Corporation		3.00			12-9-2015		1,000,000		1,031,127
									73,407,415

102 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Capital Markets: 0.06%
Invesco Finance plc		4.00	%		1-30-2024	$	250,000	$	264,400
Invesco Finance plc		5.38			11-30-2043		250,000		291,426
Nomura Holdings Incorporated		2.00			9-13-2016		100,000		101,484
Nomura Holdings Incorporated		2.75			3-19-2019		1,500,000		1,520,412
Nomura Holdings Incorporated		4.13			1-19-2016		500,000		520,472
Nomura Holdings Incorporated		6.70			3-4-2020		356,000		427,987
Sasol Financing International Company		4.50			11-14-2022		500,000		513,475
									3,639,656
Diversified Financial Services: 0.53%
Abbey National Treasury Services plc		1.38			3-13-2017		750,000		752,525
Abbey National Treasury Services plc		3.05			8-23-2018		500,000		522,406
Abbey National Treasury Services plc		4.00			4-27-2016		500,000		525,644
Abbey National Treasury Services plc		4.00			3-13-2024		750,000		781,811
Barrick Australian Finance Proprietary Limited		5.95			10-15-2039		550,000		601,561
BHP Billiton Finance USA Limited		1.63			2-24-2017		500,000		507,807
BHP Billiton Finance USA Limited		2.88			2-24-2022		350,000		352,155
BHP Billiton Finance USA Limited		3.25			11-21-2021		500,000		518,799
BHP Billiton Finance USA Limited		3.85			9-30-2023		1,500,000		1,597,751
BHP Billiton Finance USA Limited		4.13			2-24-2042		650,000		654,600
BHP Billiton Finance USA Limited		5.00			9-30-2043		1,000,000		1,144,242
BHP Billiton Finance USA Limited		5.25			12-15-2015		150,000		158,707
BHP Billiton Finance USA Limited		5.40			3-29-2017		200,000		221,705
BHP Billiton Finance USA Limited		6.50			4-1-2019		1,050,000		1,257,441
Burlington Resources Finance Company		7.20			8-15-2031		500,000		712,927
ConocoPhillips Canada Funding Company		5.63			10-15-2016		150,000		164,988
ConocoPhillips Canada Funding Company		5.95			10-15-2036		300,000		382,641
Deutsche Bank AG (London)		1.35			5-30-2017		1,000,000		998,009
Deutsche Bank AG (London)		2.50			2-13-2019		500,000		507,729
Deutsche Bank AG (London)		3.25			1-11-2016		250,000		258,342
Deutsche Bank AG (London)		3.70			5-30-2024		1,000,000		1,010,732
Deutsche Bank AG (London) ±		4.30			5-24-2028		600,000		590,322
Deutsche Bank AG (London)		6.00			9-1-2017		1,500,000		1,692,321
Schlumberger Investment SA		3.65			12-1-2023		604,000		636,307
Shell International Finance BV		0.63			12-4-2015		1,000,000		1,001,489
Shell International Finance BV		1.90			8-10-2018		1,000,000		1,012,310
Shell International Finance BV		2.00			11-15-2018		500,000		507,405
Shell International Finance BV		2.25			1-6-2023		250,000		239,237
Shell International Finance BV		2.38			8-21-2022		250,000		242,931
Shell International Finance BV		3.25			9-22-2015		1,000,000		1,030,056
Shell International Finance BV		3.40			8-12-2023		250,000		258,324
Shell International Finance BV		3.63			8-21-2042		250,000		236,648
Shell International Finance BV		4.30			9-22-2019		1,000,000		1,108,766
Shell International Finance BV		4.38			3-25-2020		500,000		558,591
Shell International Finance BV		4.55			8-12-2043		500,000		551,281
Shell International Finance BV		5.20			3-22-2017		250,000		276,276
Shell International Finance BV		5.50			3-25-2040		300,000		370,401
Shell International Finance BV		6.38			12-15-2038		850,000		1,150,851
Syngenta Finance NV		3.13			3-28-2022		500,000		510,214

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 103

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services (continued)
Total Capital International SA		2.88	%		2-17-2022	$	1,000,000	$	1,010,863
Total Capital International SA		3.70			1-15-2024		1,000,000		1,053,984
UBS AG (Stamford)		2.38			8-14-2019		1,750,000		1,755,826
UBS AG (Stamford)		4.88			8-4-2020		1,488,000		1,675,312
UBS AG (Stamford)		5.75			4-25-2018		488,000		555,209
UBS AG (Stamford)		5.88			7-15-2016		430,000		467,978
UBS AG (Stamford)		5.88			12-20-2017		872,000		989,812
									33,115,236
Insurance: 0.06%
Aegon NV		4.63			12-1-2015		500,000		523,543
AON Corporation		4.00			11-27-2023		150,000		158,426
AON Corporation		4.45			5-24-2043		100,000		100,126
Aspen Insurance Holdings Limited		4.65			11-15-2023		200,000		209,235
AXA SA		8.60			12-15-2030		650,000		878,722
Manulife Financial Corporation		3.40			9-17-2015		400,000		411,727
Montpelier Re Holdings Limited		4.70			10-15-2022		100,000		104,785
Trinity Acquisition plc		4.63			8-15-2023		350,000		369,191
Trinity Acquisition plc		6.13			8-15-2043		350,000		396,930
XLIT Limited		2.30			12-15-2018		350,000		352,513
XLIT Limited		5.25			12-15-2043		200,000		225,494
									3,730,692
Real Estate Management & Development: 0.00%
Brookfield Asset Management Incorporated		5.80			4-25-2017		125,000		137,723
Health Care: 0.19%
Biotechnology: 0.01%
Actavis Funding SCS 144A		3.85			6-15-2024		500,000		505,858
Health Care Equipment & Supplies: 0.03%
Covidien International Finance SA		3.20			6-15-2022		500,000		508,861
Covidien International Finance SA		6.00			10-15-2017		600,000		680,375
Covidien International Finance SA		6.55			10-15-2037		400,000		535,856
									1,725,092
Pharmaceuticals: 0.15%
Actavis Funding SCS 144A		4.85			6-15-2044		500,000		514,914
AstraZeneca plc		4.00			9-18-2042		550,000		534,454
AstraZeneca plc		5.90			9-15-2017		800,000		905,550
AstraZeneca plc		6.45			9-15-2037		1,150,000		1,525,029
GlaxoSmithKline Capital plc		1.50			5-8-2017		1,000,000		1,010,677
Novartis Securities Investment Limited		5.13			2-10-2019		1,000,000		1,134,303
Perrigo Company 144A		1.30			11-8-2016		200,000		199,771
Perrigo Company 144A		4.00			11-15-2023		250,000		256,955
Sanofi Aventis		1.25			4-10-2018		591,000		584,747
Sanofi Aventis		2.63			3-29-2016		500,000		516,148
Sanofi Aventis		4.00			3-29-2021		700,000		763,990
Teva Pharmaceutical Finance BV		2.95			12-18-2022		500,000		484,447

104 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance BV		3.65	%		11-10-2021	$	500,000	$	520,745
Teva Pharmaceutical Finance BV		3.65			11-10-2021		500,000		520,745
									9,472,475
Industrials: 0.11%
Aerospace & Defense: 0.00%
Empresa Brasileira de Aeronautica		5.15			6-15-2022		200,000		214,250
Industrial Conglomerates: 0.06%
Koninklijke Philips Electronics NV		3.75			3-15-2022		500,000		528,803
Koninklijke Philips Electronics NV		5.00			3-15-2042		500,000		561,220
Koninklijke Philips Electronics NV		5.75			3-11-2018		650,000		738,767
Koninklijke Philips Electronics NV		6.88			3-11-2038		250,000		339,110
Tyco Electronics Group SA		3.45			8-1-2024		200,000		203,649
Tyco Electronics Group SA		4.88			1-15-2021		500,000		555,982
Tyco Electronics Group SA		7.13			10-1-2037		350,000		474,719
									3,402,250
Machinery: 0.01%
Pentair Finance SA		3.15			9-15-2022		250,000		246,450
Pentair Finance SA		5.00			5-15-2021		300,000		333,242
									579,692
Road & Rail: 0.04%
Canadian National Railway Company		2.25			11-15-2022		350,000		336,158
Canadian National Railway Company		5.55			3-1-2019		435,000		499,948
Canadian National Railway Company		6.20			6-1-2036		200,000		263,075
Canadian National Railway Company		6.38			11-15-2037		550,000		749,096
Canadian Pacific Railway Company		4.45			3-15-2023		200,000		220,999
Canadian Pacific Railway Company		5.75			3-15-2033		360,000		435,075
Canadian Pacific Railway Company		5.95			5-15-2037		65,000		82,279
Canadian Pacific Railway Company		7.25			5-15-2019		65,000		79,332
Kansas City Southern de Mexico SA de CV		3.00			5-15-2023		73,000		71,013
									2,736,975
Information Technology: 0.06%
Communications Equipment: 0.01%
Ericsson LM		4.13			5-15-2022		400,000		419,947
Internet Software & Services: 0.02%
Baidu Incorporated		2.75			6-9-2019		750,000		752,487
Baidu Incorporated		3.25			8-6-2018		576,000		596,552
									1,349,039
Technology Hardware, Storage & Peripherals: 0.03%
Seagate HDD (Cayman)		4.75			6-1-2023		1,000,000		1,032,500
Seagate HDD (Cayman) 144A		4.75			1-1-2025		1,000,000		1,020,000
									2,052,500

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 105

Security name	Interest rate			Maturity date		Principal		Value
Materials: 0.45%
Chemicals: 0.09%
Agrium Incorporated		3.50	%		6-1-2023	$	300,000	$	301,494
Agrium Incorporated		4.90			6-1-2043		200,000		211,752
Agrium Incorporated		6.13			1-15-2041		165,000		201,121
Agrium Incorporated		6.75			1-15-2019		300,000		354,252
LyondellBasell Industries NV		5.00			4-15-2019		400,000		447,323
LyondellBasell Industries NV		5.75			4-15-2024		500,000		592,807
LyondellBasell Industries NV		6.00			11-15-2021		1,500,000		1,793,235
Methanex Corporation		3.25			12-15-2019		100,000		102,572
Potash Corporation of Saskatchewan Incorporated		3.75			9-30-2015		560,000		579,123
Potash Corporation of Saskatchewan Incorporated		4.88			3-30-2020		255,000		288,252
Potash Corporation of Saskatchewan Incorporated		5.63			12-1-2040		200,000		244,613
Potash Corporation of Saskatchewan Incorporated		5.88			12-1-2036		225,000		280,549
Potash Corporation of Saskatchewan Incorporated		6.50			5-15-2019		65,000		77,172
									5,474,265
Metals & Mining: 0.34%
Barrick Gold Corporation		3.85			4-1-2022		500,000		507,447
Barrick Gold Corporation		4.10			5-1-2023		700,000		710,016
Barrick Gold Corporation		5.25			4-1-2042		500,000		502,753
Barrick Gold Corporation		6.95			4-1-2019		300,000		358,611
Falconbridge Limited		6.00			10-15-2015		600,000		633,104
Goldcorp Incorporated		2.13			3-15-2018		100,000		100,674
Goldcorp Incorporated		3.70			3-15-2023		300,000		300,802
Kinross Gold Corporation		5.13			9-1-2021		200,000		207,821
Rio Tinto Alcan Incorporated		6.13			12-15-2033		600,000		745,925
Rio Tinto Finance (USA) Limited		1.63			8-21-2017		500,000		506,401
Rio Tinto Finance (USA) Limited		2.00			3-22-2017		500,000		510,723
Rio Tinto Finance (USA) Limited		2.25			9-20-2016		200,000		205,476
Rio Tinto Finance (USA) Limited		2.25			12-14-2018		1,000,000		1,017,887
Rio Tinto Finance (USA) Limited		2.88			8-21-2022		500,000		495,772
Rio Tinto Finance (USA) Limited		3.50			3-22-2022		1,000,000		1,045,728
Rio Tinto Finance (USA) Limited		3.75			9-20-2021		500,000		532,376
Rio Tinto Finance (USA) Limited		4.13			8-21-2042		250,000		246,044
Rio Tinto Finance (USA) Limited		4.75			3-22-2042		250,000		267,555
Rio Tinto Finance (USA) Limited		5.20			11-2-2040		300,000		338,478
Rio Tinto Finance (USA) Limited		6.50			7-15-2018		750,000		880,731
Rio Tinto Finance (USA) Limited		7.13			7-15-2028		500,000		663,551
Rio Tinto Finance (USA) Limited		9.00			5-1-2019		480,000		624,652
Teck Resources Limited		3.00			3-1-2019		1,000,000		1,020,979
Teck Resources Limited		3.15			1-15-2017		250,000		260,404
Teck Resources Limited		3.75			2-1-2023		500,000		491,728
Teck Resources Limited		4.50			1-15-2021		350,000		370,351
Teck Resources Limited		4.75			1-15-2022		202,000		214,043
Teck Resources Limited		5.20			3-1-2042		500,000		490,543
Teck Resources Limited		6.00			8-15-2040		175,000		188,231
Teck Resources Limited		6.25			7-15-2041		300,000		331,728
Vale Overseas Limited		4.38			1-11-2022		1,200,000		1,252,104
Vale Overseas Limited		4.63			9-15-2020		300,000		325,517

106 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Metals & Mining (continued)
Vale Overseas Limited		6.25	%		1-11-2016	$	500,000	$	534,045
Vale Overseas Limited		6.25			1-23-2017		1,405,000		1,561,320
Vale Overseas Limited		6.88			11-21-2036		1,260,000		1,485,351
Vale Overseas Limited		6.88			11-10-2039		130,000		154,999
Vale Overseas Limited		8.25			1-17-2034		300,000		395,487
Vale SA		5.63			9-11-2042		750,000		774,773
									21,254,130
Paper & Forest Products: 0.02%
Celulosa Arauco y Constitucion SA		4.75			1-11-2022		500,000		517,557
Celulosa Arauco y Constitucion SA		7.25			7-29-2019		350,000		412,298
									929,855
Telecommunication Services: 0.52%
Diversified Telecommunication Services: 0.28%
British Telecommunications plc		1.25			2-14-2017		500,000		499,905
British Telecommunications plc		1.63			6-28-2016		500,000		505,652
British Telecommunications plc		5.95			1-15-2018		250,000		284,385
British Telecommunications plc		9.63			12-15-2030		1,150,000		1,857,498
Deutsche Telekom International Finance BV		5.75			3-23-2016		275,000		295,406
Deutsche Telekom International Finance BV		6.00			7-8-2019		500,000		584,128
Deutsche Telekom International Finance BV		8.75			6-15-2030		1,830,000		2,741,704
Deutsche Telekom International Finance BV		9.25			6-1-2032		500,000		803,072
France Telecom SA		2.75			9-14-2016		500,000		517,159
France Telecom SA		5.38			7-8-2019		600,000		681,944
France Telecom SA		5.38			1-13-2042		500,000		559,888
France Telecom SA		9.00			3-1-2031		925,000		1,413,544
Orange SA		2.75			2-6-2019		1,000,000		1,025,461
Royal KPN NV		8.38			10-1-2030		375,000		539,161
Telefonica Emisiones SAU		3.19			4-27-2018		500,000		521,874
Telefonica Emisiones SAU		3.99			2-16-2016		710,000		741,129
Telefonica Emisiones SAU		4.57			4-27-2023		300,000		321,606
Telefonica Emisiones SAU		5.13			4-27-2020		445,000		495,732
Telefonica Emisiones SAU		5.46			2-16-2021		500,000		567,832
Telefonica Emisiones SAU		6.42			6-20-2016		500,000		546,897
Telefonica Emisiones SAU		7.05			6-20-2036		550,000		722,689
Telefonica Europe BV		8.25			9-15-2030		420,000		585,387
Telefonica SA		5.88			7-15-2019		645,000		743,568
									17,555,621
Wireless Telecommunication Services: 0.24%
America Movil SAB de CV		2.38			9-8-2016		750,000		768,225
America Movil SAB de CV		3.13			7-16-2022		500,000		496,170
America Movil SAB de CV		4.38			7-16-2042		1,000,000		975,074
America Movil SAB de CV		5.00			3-30-2020		1,000,000		1,106,620
America Movil SAB de CV		5.63			11-15-2017		450,000		504,720
America Movil SAB de CV		6.13			11-15-2037		100,000		121,387
America Movil SAB de CV		6.13			3-30-2040		1,000,000		1,224,970
America Movil SAB de CV		6.38			3-1-2035		565,000		702,278
Rogers Communications Incorporated		3.00			3-15-2023		200,000		193,640

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Fixed Income Portfolio 107

Security name	Interest rate			Maturity date		Principal		Value
Wireless Telecommunication Services (continued)
Rogers Communications Incorporated		4.50	%		3-15-2043	$	200,000	$	197,719
Rogers Communications Incorporated		5.00			3-15-2044		1,000,000		1,065,609
Rogers Communications Incorporated		6.80			8-15-2018		750,000		885,870
Vodafone Group plc		1.25			9-26-2017		250,000		247,883
Vodafone Group plc		1.50			2-19-2018		500,000		495,457
Vodafone Group plc		1.63			3-20-2017		500,000		503,125
Vodafone Group plc		2.50			9-26-2022		1,000,000		944,920
Vodafone Group plc		2.95			2-19-2023		600,000		581,019
Vodafone Group plc		4.38			2-19-2043		500,000		487,520
Vodafone Group plc		4.63			7-15-2018		180,000		198,376
Vodafone Group plc		5.45			6-10-2019		400,000		455,433
Vodafone Group plc		5.63			2-27-2017		500,000		551,271
Vodafone Group plc		6.15			2-27-2037		1,000,000		1,212,252
Vodafone Group plc		6.25			11-30-2032		300,000		371,231
Vodafone Group plc		7.88			2-15-2030		250,000		353,452
									14,644,221
Utilities: 0.02%
Electric Utilities: 0.00%
Scottish Power Limited		5.81			3-15-2025		150,000		174,762
Independent Power & Renewable Electricity Producers: 0.01%
TransAlta Corporation		6.50			3-15-2040		90,000		95,086
TransAlta Corporation		6.65			5-15-2018		200,000		226,305
									321,391
Multi-Utilities: 0.01%
National Grid plc		6.30			8-1-2016		500,000		549,909
Water Utilities: 0.00%
United Utilities Group plc		5.38			2-1-2019		250,000		275,717
Total Yankee Corporate Bonds and Notes (Cost $233,165,600)									247,426,299
Yankee Government Bonds: 0.03%
Ukraine Government Aid		1.84			5-16-2019		2,000,000		1,999,000
Total Yankee Government Bonds (Cost $2,001,242)									1,999,000
	Yield					Shares
Short-Term Investments: 4.22%
Investment Companies: 4.22%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.07					261,304,361		261,304,361
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)		0.11					1,719,240		1,719,240
Total Short-Term Investments (Cost $263,023,601)									263,023,601

Total investments in securities
(Cost $6,436,391,015) *	106.08	%		6,606,847,030
Other assets and liabilities, net	(6.08	)		(378,389,854	)
Total net assets	100.00	%	$	6,228,457,176

108 Wells Fargo Advantage Diversified Fixed Income Portfolio Portfolio of investments—August 31, 2014 (unaudited)

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

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

¤ The security is issued in zero coupon form with no periodic interest payments.

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

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

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

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

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

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

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

* Cost for federal income tax purposes is $6,437,953,907 and unrealized gains (losses) consists of:

Gross unrealized gains	$	266,784,608
Gross unrealized losses		(97,891,485	)
Net unrealized gains	$	168,893,123

The following table shows the percent of total long-term investments by geographic location as of August 31, 2014 (unaudited):

United States	70.74	%
Japan	10.72
United Kingdom	3.93
France	2.93
Italy	2.68
Germany	2.20
Canada	1.51
Spain	1.48
Netherlands	1.12
Other	2.69
	100.00	%

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 1

Security name	Shares		Value
Common Stocks: 95.84%
Consumer Discretionary: 12.45%
Auto Components: 1.10%
Aisin Seiki Company Limited		37,400	$	1,382,123
Akebono Brake Industry Company Limited		22,700		100,797
Autoliv Incorporated		62,300		6,459,887
BorgWarner Incorporated		135,010		8,396,272
Bosch Limited		1,719		419,549
Bridgestone Corporation		124,400		4,267,227
Bridgestone Corporation ADR «		18,900		324,702
Calsonic Kansei Corporation		41,000		236,436
Cheng Shin Rubber Industry Company Limited		366,369		845,736
Compagnie Generale des Etablissements Michelin SCA Class B		18,498		2,045,303
Continental AG		9,343		1,994,888
Cooper Tire & Rubber Company		133,204		4,106,679
Daido Metal Company Limited		7,000		88,808
Dana Holding Corporation		332,137		7,715,543
Denso Corporation		98,100		4,255,133
Exedy Corporation		6,200		171,499
Exide Industries Limited		78,617		211,053
Faurecia		2,041		68,680
FCC Company Limited		7,000		120,429
Futaba Industrial Company Limited		6,100		34,005
Gentex Corporation		92,120		2,722,146
GKN plc		150,914		879,145
Halla Climate Control Corporation		8,860		470,984
Hankook Tire Company Limited		9,595		497,753
Hi-Lex Corporation		5,800		155,585
Hyundai Mobis		15,758		4,569,113
Hyundai Wia Corporation		3,195		702,683
Johnson Controls Incorporated		90,100		4,397,781
Kayaba Industry Company Limited		38,000		178,961
KEIHIN Corporation		9,300		131,306
Kenda Rubber Industrial Company Limited		177,578		377,844
Koito Manufacturing Company Limited		25,200		688,341
Kumho Tire Company Incorporated †		22,990		234,673
Lear Corporation		52,516		5,310,943
Leoni AG		4,204		259,096
Linamar Corporation		2,422		139,800
Magna International Incorporated Class A		21,800		2,471,723
Mando Corporation (a)		2,550		344,544
Martinrea International Incorporated		3,001		39,441
MITSUBA Corporation		8,000		132,097
Musashi Seimitsu Industry Company Limited		4,100		92,644
Nan Kang Rubber Tire Company Limited		148,145		170,247
NGK Spark Plug Company Limited		36,000		1,050,123
NHK Spring Company Limited		44,000		420,357
NIFCO Incorporated		9,400		317,565
Nippon Seiki Company Limited		10,000		222,788
Nissan Shatai Company Limited		17,000		271,065

2 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Auto Components (continued)
Nissin Kogyo Company Limited		8,500	$	153,424
NOK Corporation		23,300		503,421
Nokian Renkaat Oyj		13,330		424,738
Pacific Industrial Company Limited		10,300		77,217
Pirelli & Company SpA		24,552		375,185
Press Kogyo Company Limited		13,000		52,102
Riken Corporation		27,000		117,814
Sanden Corporation		27,000		164,006
Showa Corporation		13,400		150,298
Somboon Advance Technology PCL		70		39
Stanley Electric Company Limited		30,500		722,010
Sumitomo Rubber Industries Limited		36,300		518,447
Tachi-S Company Limited		5,700		86,120
Takata Corporation		7,500		148,782
Tenneco Automotive Incorporated †		129,200		8,279,136
The Goodyear Tire & Rubber Company		173,200		4,498,004
Tokai Rika Company Limited		8,200		162,747
Tokai Rubber Industries Incorporated		6,500		61,723
Tong Yang Industry Company Limited		100,374		127,606
Topre Corporation		8,900		135,923
Toyo Tire & Rubber Company Limited		25,000		408,237
Toyota Boshoku Corporation «		15,600		170,626
Toyota Gosei Company Limited		14,500		276,078
Toyota Industries Corporation		39,400		1,891,518
TPR Company Limited		5,200		136,191
TRW Automotive Holdings Corporation †		72,400		6,971,396
TS Tech Company Limited		9,900		265,281
Unipres Corporation		6,700		132,332
Valeo SA		7,819		944,879
Visteon Corporation †		106,277		10,754,170
Xinyi Glass Holding Company Limited		149		94
Yarnapund PCL †(a)		1,551,500		0
Yokohama Rubber Company Limited		49,000		435,158
YOROZU Corporation		3,500		56,850
				109,695,049
Automobiles: 1.34%
Bajaj Auto		14,575		542,527
Bayerische Motoren Werke AG		30,555		3,557,090
Brilliance China Automotive Holdings Limited		764,000		1,415,609
BYD Company Limited		135,000		958,929
China Motor Company Limited		198,150		189,595
Chongqing Changchun Automobile Class B		198,843		410,512
Daihatsu Motor Company Limited		40,000		686,242
Daimler AG		89,801		7,343,948
Dongfeng Motor Group Company Limited		748,000		1,385,963
Fiat SpA †		84,699		827,999
Ford Motor Company		516,800		8,997,488
Ford Otomotiv Sanayi AS †		14,299		188,536

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 3

Security name	Shares		Value
Automobiles (continued)
Fuji Heavy Industries Limited		128,700	$	3,655,849
General Motors Company		171,400		5,964,720
Ghabbour Auto †		3,188		14,714
Great Wall Motor Company Limited Class H		271,000		1,150,431
Guangzhou Automobile Group Company Limited		493,454		513,189
Hero Honda Motors Limited		20,559		882,533
Honda Motor Company Limited		334,900		11,307,643
Honda Motor Company Limited ADR		25		851
Hyundai Motor Company		37,902		8,709,666
Isuzu Motors Limited		251,000		1,734,287
Kia Motors Corporation		69,349		4,185,767
Mahindra & Mahindra Limited		57,433		1,331,900
Mahindra & Mahindra Limited GDR		10,726		249,916
Maruti Suzuki India Limited		14,444		662,810
Mazda Motor Corporation		117,400		2,768,990
Mitsubishi Motors Corporation		133,100		1,513,358
Nissan Motor Company Limited		476,500		4,575,169
Oriental Holdings Bhd		46,320		115,947
Peugeot SA †		8,024		112,706
PT Astra International Tbk		4,525,440		2,930,559
Renault SA		19,824		1,551,925
Sanyang Industry Company Limited		184,000		172,055
Suzuki Motor Corporation		87,800		2,853,110
Tan Chong Motor Holdings Bhd		87,300		124,635
Tata Motors Limited		164,889		1,426,746
Tata Motors Limited ADR		10,088		486,141
Tata Motors Limited Class A (Differential Voting Rights)		126,004		783,372
Tesla Motors Incorporated †		50,100		13,511,970
Tofas Turk Otomobil Fabrikasi AS		25,253		155,385
Toyota Motor Corporation		537,214		30,607,954
UMW Holdings Bhd		137,800		540,358
Volkswagen AG		3,151		705,914
Yamaha Motor Company Limited		58,300		1,078,644
Yue Loong Motor		230,929		370,840
				133,254,492
Distributors: 0.13%
Canon Marketing Japan Incorporated		10,300		205,911
D’ieteren SA NV		1,530		63,517
DOSHISHA Company Limited		4,400		79,504
Imperial Holding Limited		47,334		844,057
Inchcape plc		38,717		433,863
Jardine Cycle & Carriage Limited		19,439		701,270
LKQ Corporation †		178,300		5,063,720
Pacific Brands Limited		177,242		87,734
Paltac Corporation		4,300		54,925
Pool Corporation		97,600		5,530,016
Uni-Select Incorporated		432		11,367
				13,075,884

4 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Diversified Consumer Services: 0.40%
Apollo Group Incorporated †		210,100	$	5,834,477
Benesse Corporation		17,200		609,179
DeVry Incorporated		124,800		5,357,664
Educomp Solutions Limited †		5,295		2,535
H&R Block Incorporated		174,711		5,858,060
Hillenbrand Incorporated		126,986		4,246,412
InvoCare Limited		17,951		190,957
Navitas Limited		45,031		225,845
New Oriental Education & Technology Group Incorporated		34,319		782,816
Raffles Education Corporation Limited †		55,177		15,682
Service Corporation International		452,443		10,030,661
Sotheby’s		150,300		6,133,743
				39,288,031
Hotels, Restaurants & Leisure: 2.01%
Accor SA		17,218		836,620
Accordia Golf Company Limited		14,600		174,563
Ajisen China Holdings Limited		200		165
Amax International Holdings Limited †		4,175		770
Ardent Leisure Group		56,552		165,316
Aristocrat Leisure Limited		88,978		459,549
Autogrill SpA		9,260		77,687
Bally Technologies Incorporated †		81,809		6,486,636
Banyan Tree Holdings Limited		13,000		6,765
Berjaya Land Bhd		408,500		110,160
Berjaya Sports Toto Bhd		167,304		199,576
Cafe de Coral Holdings Limited		52,000		187,534
Carnival Corporation		53,300		2,019,004
Carnival plc		20,101		749,506
Cheesecake Factory Incorporated		102,200		4,593,890
Chipotle Mexican Grill Incorporated †		18,394		12,483,088
Colowide Company Limited		10,000		131,193
Compass Group plc		164,978		2,682,736
Cracker Barrel Old Country Store Incorporated		52,300		5,251,443
Crown Limited		72,900		1,075,742
Darden Restaurants Incorporated «		83,300		3,941,756
Domino’s Pizza Incorporated		119,700		9,031,365
Doutor Nichires Holdings Company Limited		5,200		85,113
Dunkin Brands Group Incorporated		64,583		2,811,944
Echo Entertainment Group Limited		137,296		405,199
Egyptian Resorts Company †		16,982		3,966
Flight Centre Limited		11,645		510,077
Formosa International Hotels Corporation		17,981		202,125
Fu Ji Food & Catering Services †		1,669		306
Fuji Kyuko Company Limited		10,000		107,454
Fujita Kanko Incorporated		30,000		109,856
Galaxy Entertainment Group Limited		509,000		3,835,537
Genting Bhd		467,700		1,421,499
Genting Singapore plc		1,113,320		1,087,427

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 5

Security name	Shares		Value
Hotels, Restaurants & Leisure (continued)
Grand Korea Leisure Company Limited		10,260	$	457,372
Great Canadian Gaming Corporation †		676		12,279
Greene King plc		17,051		233,393
H.I.S Company Limited		8,400		250,680
Hong Kong & Shanghai Hotels Limited		94,530		139,782
Hotel Properties Limited		32,000		109,651
Hotel Shilla Company Limited		7,990		937,729
Hyatt Hotels Corporation Class A †		37,824		2,310,668
Imperial Hotel Limited		6,400		137,171
Intercontinental Hotels Group plc		26,328		1,009,228
International Game Technology		167,030		2,816,126
Intralot SA-Integrated Lottery Systems & Services †		4,444		10,335
J D Wetherspoon plc		8,168		100,955
Jollibee Foods Corporation		94,580		390,468
Kangwon Land Incorporated		28,940		1,028,933
Kentucky Fried Chicken (Japan) Limited		100		2,076
Kingston Financial Group Limited		1,024,000		108,345
Kisoji Company Limited		3,500		66,168
Kuoni Reisen Holding AG		214		63,054
Ladbrokers plc		95,658		211,372
Las Vegas Sands Corporation		80,355		5,344,411
Life Time Fitness Incorporated †		79,905		3,683,621
Lottomatica SpA «		6,123		145,701
Macau Legend Development Limited Ǡ		840,000		466,062
Marriott International Incorporated Class A		133,200		9,244,080
Marriott Vacations Worldwide Corporation †		66,234		3,946,884
Marston’s plc		50,669		124,663
McDonald’s Corporation		214,414		20,094,880
McDonald’s Holdings Company Japan Limited		12,400		305,695
Melco Crown Entertainment Limited ADR		32,470		920,849
Melco International Development Limited		180,000		479,610
MGM China Holdings Limited		177,200		586,471
MGM Resorts International †		197,600		4,835,272
Millennium & Copthorne Hotels plc		18,690		183,066
Minor International PCL		115,797		130,516
Miramar Hotel & Investment Company Limited		48,000		61,502
Mitchells & Butlers plc †		19,207		130,798
MOS Food Services Incorporated		6,100		130,155
Multi-Purpose Holdings Bhd		221,370		215,611
Norwegian Cruise Line Holdings Limited †		59,869		1,994,236
Ohsho Food Service Corporation		1,600		61,666
OPAP SA		18,417		292,566
Oriental Land Company Limited		11,200		2,179,288
Paddy Power plc		4,093		261,640
Panera Bread Company Class A †		15,849		2,376,399
Papa John’s International Incorporated		70,000		2,772,000
Paradise Company Limited		11,315		438,562
PartyGaming plc		58,620		87,878
Plenus Company Limited		4,100		98,160
Punch Taverns plc †		32,370		4,944

6 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Hotels, Restaurants & Leisure (continued)
Resorts World Bhd		621,815	$	889,716
RESORTTRUST Incorporated «		14,700		322,554
Restaurant Group plc		15,681		167,651
REXLot Holdings Limited		16,544		1,900
Round One Corporation		8,500		55,308
Royal Caribbean Cruises Limited		106,300		6,777,688
Royal Holdings Company Limited		5,300		86,954
Saizeriya Company Limited		4,700		64,190
Sands China Limited		459,523		2,994,292
Shangri-La Asia Limited		274,166		424,512
SJM Holdings Limited		390,000		981,284
Sky City Entertainment Group Limited		115,072		363,832
Sodexho Alliance SA		9,330		919,069
St. Marc Holdings Company Limited		1,200		67,817
Starbucks Corporation		162,400		12,636,344
Tabcorp Holdings Limited		144,500		484,491
Tattersall’s Limited		270,269		838,027
The Wendy’s Company		582,822		4,749,999
Thomas Cook Group plc †		117,612		243,677
Tim Hortons Incorporated		14,344		1,153,008
Tokyo Dome Corporation		36,000		166,774
Tokyotokeiba Company Limited «		32,000		100,879
Transat A.T. Incorporated Class A †		1,458		12,015
TUI AG		12,319		179,266
TUI Travel plc		61,222		378,601
Vail Resorts Incorporated		79,020		6,281,300
Watami Food Service Company «		3,900		49,479
Whitbread plc		16,280		1,186,226
William Hill plc		82,355		478,526
Wowprime Corporation		12,463		151,563
Wyndham Worldwide Corporation		77,300		6,256,662
Wynn Macau Limited		273,600		1,048,499
Wynn Resorts Limited		47,937		9,246,089
Yoshinoya D&C Company Limited		11,800		145,622
Yum! Brands Incorporated		94,000		6,808,420
Zensho Company Limited «		18,000		167,812
				200,118,584
Household Durables: 0.84%
Alpine Electronics Incorporated		7,900		125,890
Altek Corporation †		623		538
Amtran Technology Company Limited		169,006		109,126
Arcelik AS		78,008		467,362
Barratt Developments plc		86,863		533,417
Bellway plc		9,497		251,633
Berkeley Group Holdings plc		11,306		450,097
Bovis Homes Group plc		9,917		138,954
Casio Computer Company Limited «		54,600		950,889
Chofu Seisakusho Company Limited		3,500		92,609
Corona Corporation		2,000		23,240

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 7

Security name	Shares		Value
Household Durables (continued)
D.R. Horton Incorporated		179,831	$	3,898,736
Dorel Industries Incorporated Class B		2,467		83,383
Ekornes ASA		800		10,326
Electrolux AB Class B		25,871		656,283
Fleetwood Corporation Limited		5,850		11,364
Foster Electric Company Limited		4,400		64,026
Fujitsu General Limited		11,000		152,876
Funai Electric Company Limited		2,100		22,828
Garmin Limited «		77,200		4,194,276
GUD Holdings Limited		7,917		58,044
Haier Electronics Group Company		262,000		757,260
Harman International Industries Incorporated		42,170		4,852,924
Haseko Corporation		56,900		470,863
Husqvarna AB Class A		1		8
Husqvarna AB Class B		37,065		280,536
Iida Group Holdings Company		25,700		368,043
Jarden Corporation †		69,650		4,164,374
JM AB		8,886		289,239
JVC Kenwood Holdings Incorporated †		26,300		70,524
Leggett & Platt Incorporated		91,719		3,218,420
Lennar Corporation Class A		114,400		4,482,192
LG Electronics Incorporated		25,457		1,898,071
Matsushita Electric Industrial Company Limited		426,410		5,208,968
Mohawk Industries Incorporated †		36,200		5,285,924
Newell Rubbermaid Incorporated		185,119		6,205,189
Nexity SA		1,566		64,003
Nikon Corporation		73,100		1,061,248
NVR Incorporated †		2,534		2,972,863
Panahome Corporation		18,000		130,098
Peace Mark Holdings Limited †(a)		10,000		0
Persimmon plc		31,295		687,876
Pioneer Corporation †		54,900		170,433
Pulte Homes Incorporated		204,500		3,930,490
Redrow plc		3,458		15,736
Rinnai Corporation		7,000		620,981
Sangetsu Company Limited		6,500		176,424
SEB SA		3,036		238,950
Sekisui Chemical Company Limited		93,000		1,099,428
Sekisui House Limited		119,700		1,504,807
Sharp Corporation †		327,000		1,030,862
Skyworth Digital Holdings Limited		5,491		2,947
Sony Corporation		203,294		3,888,270
Steinhoff International Holdings Limited «		511,004		2,515,675
Sumitomo Foresting Company Limited		31,600		352,917
Takamatsu Corporation		3,600		64,288
Tamron Company Limited		4,000		83,964
Tatung Company Limited †		394,770		127,846
Taylor Woodrow plc		300,372		571,468
Techtronic Industries Company Limited		263,500		804,095

8 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Household Durables (continued)
Tempur-Pedic International Incorporated †		132,800	$	7,771,456
TOKEN Corporation		1,340		60,982
TRI Pointe Homes Incorporated †		14,468		214,126
Tupperware Corporation		32,600		2,388,276
Welling Holding Limited		800		206
Woongjin Coway Company Limited		13,020		1,092,758
				83,491,905
Internet & Catalog Retail: 0.95%
Amazon.com Incorporated †		81,027		27,471,394
Askul Corporation «		4,000		96,112
ASOS plc †		7,672		360,830
CJ O Shopping Company Limited		949		336,846
Ctrip.com International Limited ADR †		32,114		2,060,755
Groupon Incorporated †		233,000		1,584,400
GS Home Shopping Incorporated		834		232,775
Home Retail Group plc		62,866		191,200
HSN Incorporated		72,487		4,391,987
Hyundai Home Shopping Network		1,833		294,668
Lands End Incorporated Ǡ		26,063		898,652
Liberty TripAdvisor Holdings Incorporated Class A †		164,191		5,873,112
Liberty Ventures Series A		164,191		6,254,035
N Brown Group plc		13,911		102,308
Netflix Incorporated †		35,726		17,064,167
Nissen Company Limited †		2,200		7,993
Ocado Group plc †		44,034		239,997
Priceline Group Incorporated †		11,696		14,553,450
Rakuten Incorporated		144,800		1,873,236
Senshukai Company Limited		7,500		62,209
Shutterfly Incorporated †		81,900		4,177,719
Start Today Company Limited		12,500		297,347
TripAdvisor Incorporated †		65,720		6,512,195
Wotif.com Holdings Limited		18,653		57,489
				94,994,876
Leisure Products: 0.32%
Amer Sports Oyj		13,925		278,111
Aruze Corporation		4,400		78,362
Beneteau SA †		1,319		22,461
Brunswick Corporation		207,000		8,901,000
Fields Corporation		2,900		43,816
Giant Manufacturing Company Limited		62,687		521,160
Hasbro Incorporated		73,221		3,855,452
Heiwa Corporation		9,000		205,440
Mattel Incorporated		212,395		7,325,504
Merida Industry Limited		47,250		347,769
Mizuno Corporation		17,000		98,688
Namco Bandai Holdings Incorporated		43,500		1,214,965
Polaris Industries Incorporated		38,256		5,561,657

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 9

Security name	Shares		Value
Leisure Products (continued)
Sankyo Company Limited		10,300	$	394,498
Sega Sammy Holdings Incorporated		37,300		710,903
Shimano Incorporated		16,400		1,956,115
Tomy Company Limited		14,100		76,703
Yamaha Corporation		36,000		516,238
				32,108,842
Media: 1.69%
Agora SA †		5,097		12,890
Aimia Incorporated		16,463		261,185
Amalgamated Holdings Limited		22,965		211,908
AMC Networks Incorporated Class A †		36,912		2,309,768
APN News & Media Limited †		45,589		31,508
Arnoldo Mondadori Editore SpA †		1,753		2,073
Asatsu-DK Incorporated		5,100		134,601
Astro Malaysia Holdings Bhd		365,200		380,030
Avex Group Holdings Incorporated		7,200		117,849
Axel Springer AG		4,131		244,745
BEC World PCL		121,700		180,988
British Sky Broadcasting plc		92,582		1,342,570
Cablevision Systems Corporation New York Group Class A «		138,800		2,569,188
Charter Communication Incorporated †		39,995		6,274,016
Cheil Worldwide Incorporated †		21,540		487,542
Cineplex Incorporated «		8,140		306,644
CJ E&M Corporation †		6,785		316,850
Cogeco Cable Incorporated		1,258		72,544
Corus Entertainment Incorporated Class B «		12,391		278,635
CyberAgent Incorporated		9,100		311,365
Cyfrowy Polsat SA		44,163		352,841
Daiichikosho Company Limited		8,500		247,946
Daily Mail & General Trust plc		23,399		337,182
Dentsu Incorporated		48,200		1,957,278
DIRECTV Group Incorporated †		106,504		9,207,271
Discovery Communications Incorporated Class A		49,902		2,181,715
Discovery Communications Incorporated Class C †		43,348		1,862,664
DISH Network Corporation †		24,400		1,581,364
eSun Holdings Limited †		3,000		341
Eutelsat Communications SA		13,912		464,029
Fairfax Media Limited		382,378		308,911
Fuji Television Network Incorporated		8,900		137,548
Gannett Company Incorporated		146,818		4,956,576
Gestevision Telecinco SA †		15,943		182,544
GFK SE		2,287		94,658
Grupo Televisa SA		504,702		3,745,681
Hakuhodo DY Holdings Incorporated		56,200		581,202
Havas SA		33,703		275,535
Informa plc		60,450		517,837
Interpublic Group of Companies Incorporated		274,883		5,368,465
Ipsos		1,688		50,414

10 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Media (continued)
ITV plc		319,668	$	1,120,832
JC Decaux SA		5,375		189,698
Kabel Deutschland Holding AG		1,781		251,332
Kadokawa Group Holdings Incorporated «		4,200		109,032
Lagardere SCA		10,820		297,916
Lamar Advertising Company Class A		41,138		2,158,922
Liberty Global plc Class A		44,212		1,930,738
Liberty Global plc Class C †		119,497		5,010,509
Liberty Media Corporation Class A		18,126		892,343
Liberty Media Corporation Class C †		154,430		7,485,222
Live Nation Incorporated †		301,555		6,622,148
M6 Metropole Television SA		5,835		110,327
Madison Square Garden Incorporated Class A †		38,000		2,540,680
Mediaset SpA †		67,736		279,287
Meredith Corporation		82,700		3,852,166
Modern Times Group Class B		4,115		155,080
Morningstar Incorporated		13,304		913,719
Naspers Limited		97,405		12,378,711
New York Times Company Class A		279,368		3,458,576
News Corporation Class A †		324,126		5,712,721
Nippon Television Network Corporation		10,000		153,684
Numericable Group SA Ǡ		7,382		436,966
Omnicom Group Incorporated		31,200		2,246,712
PagesJaunes SA †		18,416		14,519
Pearson plc		78,175		1,441,881
ProSiebenSat.1 Media AG		8,128		325,894
PT Bhakti Investama Tbk		5,200,153		167,596
PT Media Nusantara Citra Tbk		1,052,000		252,264
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		7,553		44,064
Publicis Groupe		16,558		1,233,587
Quebecor Incorporated		6,882		175,579
REA Group Limited		14,191		635,117
Reed Elsevier NV - Netherlands Exchange «		65,450		1,492,066
Reed Elsevier plc - United Kingdom Exchange		118,539		1,933,487
Regal Entertainment Group Class A «		180,493		3,799,378
Rightmove plc		11,307		473,037
RTL Group		1,962		189,507
Schibsted ASA		8,244		418,322
Scripps Networks Interactive Incorporated		68,764		5,481,178
Seat Pagine Gialle SpA †		259		1
SES SA		43,074		1,593,774
Shaw Communications Incorporated Class B		37,500		944,656
Shochiku Company Limited		26,000		241,895
Sinclair Broadcast Group Incorporated «		160,500		4,662,525
Singapore Press Holdings Limited «		289,000		960,210
Sirius XM Holdings Incorporated Ǡ		712,414		2,586,063
Sky Deutschland AG †		48,593		429,255
SKY Network Television Limited		62,990		347,741
Sky Perfect JSAT Holdings Incorporated		46,800		286,526

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 11

Security name	Shares		Value
Media (continued)
SM Entertainment Company †		3,747	$	153,731
Societe Television Francaise 1 SA		10,997		165,447
Star Publications Limited		33,600		29,635
Starz Liberty Capital †		61,885		1,936,382
Sun TV Network Limited		19,075		110,715
Technicolor †		23,402		179,605
Telenet Group Holding NV †		5,930		346,498
Television Broadcasts Limited		55,000		346,675
Thomson Corporation		34,752		1,316,824
Toei Company Limited		16,000		87,962
Toho Company Limited Tokyo		28,300		655,242
Tokyo Broadcasting System Incorporated		5,700		65,631
TV Asahi Corporation		3,800		65,668
TVN SA †		35,805		156,726
Twenty-First Century Fox Incorporated		413,914		14,660,834
United Business Media Limited		19,504		204,963
Viacom Incorporated Class B		53,363		4,330,407
West Australian Newspapers Holding Limited		144,989		251,190
Wolters Kluwer NV		33,251		920,988
WPP plc		120,952		2,536,085
Yellow Media Limited †		225		3,512
Zee Entertainment Enterprises Limited		102,539		462,507
Zenrin Company Limited		5,000		58,388
				167,741,959
Multiline Retail: 0.44%
Aeon Company Bhd		165,600		204,373
Big Lots Incorporated		124,237		5,758,385
Canadian Tire Corporation Limited		7,500		774,763
Debenhams plc		147,783		163,030
Dollar General Corporation †		64,200		4,108,158
Dollar Tree Incorporated †		123,384		6,616,467
Dollarama Incorporated		6,458		549,818
Don Quijote Company Limited		10,200		540,170
Far Eastern Department Stores Company Limited		185,584		186,885
Fuji Company Limited		5,100		98,182
H2O Retailing Corporation		18,500		303,162
Harvey Norman Holdings Limited		97,512		323,303
Hyundai Department Store Company Limited		3,673		574,161
Hyundai Greenfood Company Limited		13,680		269,161
Isetan Mitsukoshi Holdings Limited		75,800		910,664
Izumi Company Limited		8,900		278,432
J.Front Retailing Company Limited		51,400		651,114
Kintetsu Corporation †		27,000		90,307
Kohl’s Corporation		130,700		7,683,853
Lifestyle International Holdings Limited		119,500		222,037
Lotte Shopping Company Limited		3,266		1,069,394
Macy’s Incorporated		47,412		2,953,293
Marks & Spencer Group plc		149,257		1,065,245

12 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Multiline Retail (continued)
Marui Company Limited		53,600	$	450,251
Matsuya Company Limited		9,600		110,168
Metro Holdings Limited		163,200		121,513
Myer Holdings Limited		106,299		240,253
New World Department Store China Limited		150,000		64,258
Next plc		15,421		1,816,404
Pantaloon Retail India Limited		16,821		34,110
Parkson Holdings Bhd †		133,371		126,939
Robinson Department Store PCL		106,500		190,059
Ryohin Keikaku Company Limited		5,200		583,747
SACI Falabella		250,254		1,885,136
Sears Canada Incorporated		655		8,831
Sears Holdings Corporation «		29,801		1,037,075
Seria Company Limited		3,700		152,026
Shinsegae Company Limited		1,463		336,189
Stockmann Oyj ABP		1,375		17,407
Takashimaya Company Limited		65,000		555,385
The Daiei Incorporated †		4,800		6,044
Warehouse Group Limited		10,254		26,589
Woolworths Holdings Limited		144,711		1,078,049
				44,234,790
Specialty Retail: 2.17%
ABC-Mart Incorporated		4,200		215,157
Advance Auto Parts Incorporated		45,396		6,192,922
Aeropostale Incorporated Ǡ		171,800		719,842
Alpen Company Limited		2,900		46,519
American Eagle Outfitters Incorporated		112,502		1,584,028
AOKI Holdings Incorporated		6,600		78,912
Aoyama Trading Company Limited		10,700		264,608
Ascena Retail Group Incorporated †		293,400		5,102,226
AT Group Company Limited		5,000		100,918
Autobacs Seven Company Limited		16,500		263,569
AutoNation Incorporated †		38,300		2,077,775
AutoZone Incorporated †		7,400		3,987,416
Bed Bath & Beyond Incorporated †		46,800		3,007,368
Belle International Holdings Limited		1,217,000		1,556,180
Best Buy Company Incorporated		172,300		5,494,647
Best Denki Company Limited		8,000		10,995
BIC Camera Incorporated «		22,100		202,213
Cabela’s Incorporated †		27,600		1,684,152
CarMax Incorporated †		132,500		6,943,000
Carphone Warehouse Group plc		67,062		383,654
Chico’s FAS Incorporated		324,695		5,130,181
Children’s Place Retail Stores Incorporated		47,298		2,542,740
Chiyoda Company Limited		8,400		176,566
Chow Sang Sang Holdings International Limited		81,000		203,387
Chow Tai Fook Jewellery Company Limited		230,800		332,350
CST Brands Incorporated		168,799		5,880,957

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 13

Security name	Shares		Value
Specialty Retail (continued)
DCM Japan Holdings Company Limited		27,000	$	183,209
Delek Automotive Systems Limited		1,187		12,619
Dick’s Sporting Goods Incorporated		63,307		2,853,246
Dickson Concepts International Limited		37,670		21,387
DSW Incorporated Class A		159,400		4,931,836
Dufry Group Register Shares †		2,183		372,136
Edion Corporation		14,400		91,068
Esprit Holdings Limited		355,658		577,310
Express Incorporated †		184,000		3,190,560
Fast Retailing Company Limited		11,800		3,691,576
Fielmann AG		1,552		100,086
Foot Locker Incorporated		96,335		5,405,357
Foschini Limited		43,808		472,816
Fourlis Holdings SA †		1,820		11,933
Futures Lifestyle Fashions Limited		5,607		8,131
Gamestop Corporation Class A «		76,300		3,219,860
Genesco Incorporated †		51,100		4,052,230
GEO Company Limited		10,200		89,506
Giordano International Limited		338,000		200,618
GNC Holdings Incorporated Class A		59,853		2,271,421
Group 1 Automotive Incorporated		42,700		3,422,832
Grupo Elektra SA de CV		16,094		468,774
Guess? Incorporated		38,400		900,096
Gulliver International Company Limited		11,100		100,070
Halfords Group		10,381		82,206
Hennes & Mauritz AB		89,703		3,815,674
Hikari Tsushin Incorporated		3,600		223,519
Hotai Motor Company Limited		85,000		1,195,781
Howden Joinery Group plc		55,350		324,737
Industria de Diseno Textil SA		106,685		3,090,941
IT City Public Company Limited †		172,900		16,998
JB Hi-Fi Limited «		17,769		279,964
JIN Company Limited		2,300		66,428
Joshin Denki Company Limited		10,000		87,462
Jumbo SA †		9,157		134,757
K’s Holdings Corporation		9,400		262,454
Kingfisher plc		235,574		1,187,735
Kohnan Shoji Company Limited		4,900		51,475
Komeri Company Limited		6,500		158,994
LOTTE Himart Company Limited		2,142		158,440
Luk Fook Holdings International Limited		65,000		203,805
Lumber Liquidators Holdings Incorporated †		60,400		3,456,088
Mr Price Group Limited		44,003		844,478
Murphy USA Incorporated †		94,111		5,126,226
NAFCO Company Limited		1,400		22,754
Nishimatsuya Chain Company Limited		8,400		66,283
Nitori Company Limited		16,700		1,001,567
O’Reilly Automotive Incorporated †		65,506		10,217,626
OSIM International Limited		55,515		119,559
Outerwall Incorporated Ǡ		43,662		2,573,002

14 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Specialty Retail (continued)
Paris Miki Incorporated		3,500	$	16,248
PetSmart Incorporated		57,000		4,079,490
Point Incorporated		3,600		72,073
Pou Sheng International Holdings Limited †		282,000		27,290
Praktiker Bau Und Heimwerkermaerkte AG †		3,061		48
Premier Investments Limited		16,893		152,250
Reitman’s Canada Limited Class A		2,386		13,079
Rent-A-Center Incorporated		119,682		3,334,341
Right On Company Limited		1,000		6,488
RONA Incorporated		10,259		134,830
Ross Stores Incorporated		49,798		3,755,765
Sa Sa International Holdings Limited		182,000		142,077
Sally Beauty Holdings Incorporated †		82,600		2,302,888
Sanrio Company Limited «		11,000		314,104
Shimachu Company Limited		9,900		226,365
Shimamura Company Limited		4,400		396,675
Staples Incorporated		426,000		4,975,680
Super Cheap Auto Group Limited		25,951		229,039
The Buckle Incorporated «		59,800		2,940,964
The Home Depot Incorporated		297,430		27,809,705
The Men’s Wearhouse Incorporated		99,642		5,383,657
Tiffany & Company		65,300		6,591,382
TJX Companies Incorporated		158,200		9,430,302
Tractor Supply Company		82,750		5,540,113
Trinity Limited		202,000		63,336
Truworths International Limited		104,568		729,390
Ulta Salon, Cosmetics and Fragrance Incorporated †		39,700		3,863,207
United Arrows Limited		4,100		150,137
Urban Outfitters Incorporated †		67,913		2,702,258
USS Company Limited		44,100		726,911
Vitamin Shoppe Incorporated †		69,400		2,719,786
WH Smith plc		12,180		233,548
World Duty Free SpA †		9,260		106,219
Xebio Company Limited		4,100		67,148
Yamada Denki Company Limited «		183,000		587,457
				215,424,162
Textiles, Apparel & Luxury Goods: 1.06%
Adidas-Salomon AG		19,806		1,484,414
ASICS Corporation		37,200		761,913
Billabong International Limited †		77,940		41,128
Burberry Group plc		41,524		979,582
Carter’s Incorporated		34,000		2,814,520
China Hongxing Sports Limited †(a)		37,000		0
Christian Dior SA		4,809		855,248
Compagnie Financiere Richemont SA		49,685		4,738,219
Crocs Incorporated †		203,300		3,140,985
Daidoh Limited		1,200		6,390
Daphne International Holdings Limited		130,000		67,096
Deckers Outdoor Corporation †		75,098		6,927,040

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 15

Security name	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Descente Limited		9,000	$	77,678
Eclat Textile Company Limited		41,371		346,021
Feng Tay Enterprise Company Limited		88,400		253,159
Fibrechem Technologies Limited †(a)		20,000		0
Formosa Taffeta Company Limited		209,000		222,002
Fossil Group Incorporated †		29,140		2,951,591
Fujibo Holdings Incorporated		23,000		74,497
Geox SpA †		950		3,383
Gildan Activewear Incorporated «		10,931		626,725
Global Brands Group Holding Limited †		1,128,530		260,652
Gunze Limited		36,000		101,725
Hanesbrands Incorporated		61,700		6,335,356
Hermes International		1,479		508,861
Hugo Boss AG		2,130		298,483
Iconix Brand Group Incorporated †		103,200		4,296,216
Jaybharat Textiles & Real Estate Limited †(a)		15,488		5,309
Kering		7,111		1,506,639
Kurabo Industries Limited		43,000		76,044
Li & Fung Limited		1,128,530		1,400,824
LPP SA		207		549,337
lululemon athletica incorporated Ǡ		9,595		383,128
Luxottica Group SpA		12,870		687,413
LVMH Moet Hennessy Louis Vuitton SA		26,096		4,527,841
Makalot Industrial Company Limited		40,255		198,645
Michael Kors Holdings Limited †		106,395		8,524,367
Ng2 SA		3,479		129,256
Nike Incorporated Class B		159,100		12,497,305
Onward Kashiyama Company Limited		27,000		180,095
Pacific Textiles Holdings Limited		106,000		126,926
Pandora AS		4,743		354,581
Ports Design Limited		33,000		13,711
Pou Chen Corporation		584,600		675,731
Prada SpA «		47,800		338,915
Puma AG Rudolf Dassler Sport		229		56,869
PVH Corporation		48,381		5,647,998
Ralph Lauren Corporation		13,417		2,270,156
Ruentex Industries Limited		153,911		373,314
Sanyo Shokai Limited		23,000		52,612
Seiko Holdings Corporation Class C		23,000		100,360
Seiren Company Limited		20,900		187,818
Shenzhou International Group Holdings Limited		117,000		364,585
Stella International		100,000		274,837
Steven Madden Limited †		125,250		4,257,248
Tainan Spinning Company Limited		358,060		221,613
Texwinca Holdings Limited		100,000		91,483
The Japan Wool Textile Company Limited		13,000		95,584
The Swatch Group AG - Bearer Shares		2,953		1,601,224
The Swatch Group AG - Regular Shares		4,901		501,818
Titan Industries Limited		44,383		265,801

16 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Tod’s SpA		810	$	89,720
TSI Holdings Company Limited		20,900		144,027
Under Armour Incorporated Class A †		99,792		6,821,781
Unitika Limited †		168,000		74,276
VF Corporation		76,816		4,925,442
Wacoal Corporation		26,000		258,138
Wolverine World Wide Incorporated		220,880		5,866,573
Youngone Corporation		5,630		314,274
Yue Yuen Industrial Holdings Limited		151,500		470,136
				105,676,638
Consumer Staples: 6.53%
Beverages: 1.41%
Ambev SA		1,055,533		7,686,034
Anadolu Efes Biracilik Ve Malt Sanayii AS †		41,874		555,995
Anheuser-Busch InBev NV		72,633		8,069,124
Anheuser-Busch InBev NV Strip VVPR †(a)		6,960		0
Arca Continental SAB de CV		178,900		1,313,354
Asahi Breweries Limited		94,600		2,983,157
Britvic plc		18,843		214,596
Brown-Forman Corporation Class B		96,121		8,906,572
C&C Group plc		40,119		227,726
Carlsberg AS		10,130		923,849
Carlsberg Brewery Malaysia Bhd		27,300		108,265
Coca-Cola Amatil Limited		95,306		801,099
Coca-Cola Central Japan Company Limited		8,300		207,490
Coca-Cola Enterprises Incorporated		156,900		7,496,682
Coca-Cola Femsa SA		110,500		1,204,141
Coca-Cola HBC AG - London Exchange		17,518		411,227
Coca-Cola Icecek Uretim AS		15,881		374,708
Coca-Cola West Japan Company Limited		14,900		231,853
Compania Cervecerias Unidas SA		26,092		283,808
Constellation Brands Incorporated Class A †		98,800		8,604,492
Cott Corporation		9,100		68,127
Davide Campari-Milano SpA		22,742		175,257
Diageo plc		226,919		6,688,658
Dr Pepper Snapple Group Incorporated		130,940		8,238,745
Fomento Economico Mexicano Sab de CV		439,800		4,264,564
Fraser & Neave Holdings		12,000		67,005
Guinness Anchor Bhd		33,500		142,418
Heineken Holding NV		9,870		681,245
Heineken NV «		20,410		1,552,746
Hey Song Corporation		74,250		82,595
Hite Jinro Company Limited		6,516		148,449
ITO EN Limited		11,400		265,045
Kirin Brewery Company Limited		188,900		2,531,799
Lotte Chilsung Beverage Company Limited		132		268,439
LT Group Incorporated		735,600		258,472
Molson Coors Brewing Company		104,972		7,762,679

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 17

Security name	Shares		Value
Beverages (continued)
Monster Beverage Corporation †		80,552	$	7,121,602
PepsiCo Incorporated		198,163		18,328,096
Pernod-Ricard SA		18,977		2,237,651
Remy Cointreau SA «		1,980		157,372
SABMiller plc		80,862		4,460,898
Sapporo Holdings Limited		76,000		325,052
Suntory Beverage & Food Limited		23,100		847,004
Takara Holdings Incorporated		39,000		337,354
Thai Beverage PCL		2,160,000		1,227,813
The Coca-Cola Company		481,166		20,074,246
Treasury Wine Estates Limited		114,523		546,559
Tsingtao Brewery Company Limited		70,000		531,545
United Spirits Limited		17,882		706,690
				140,702,297
Food & Staples Retailing: 1.41%
Aeon Company Limited «		157,400		1,700,395
Ain Pharmaciez Incorporated		2,200		106,358
Alimentation Couche Tard Incorporated		39,729		1,191,541
ARCS Company Limited		9,300		196,646
Axfood AB		1,584		78,801
Big C Supercenter PCL ADR		174,400		1,310,457
Bim Birlesik Magazalar AS		67,584		1,588,373
Booker Group plc		194,495		432,351
C.P. Seven Eleven PCL		830,800		1,235,535
Carrefour SA		62,398		2,163,249
Casey’s General Stores Incorporated		84,110		6,029,846
Casino Guichard Perrachon SA		5,420		646,856
Cawachi Limited		2,100		36,593
Cencosud SA		244,002		731,890
China Resources Enterprise Limited		266,000		715,621
Cocokara Fine Incorporated		4,000		105,839
Colruyt SA		6,243		297,769
Cosmos Pharmaceutical Corporation		1,800		224,384
Costco Wholesale Corporation		94,427		11,433,221
Dairy Farm International Holdings Limited		52,200		542,880
Delhaize Group SA		10,066		701,651
Distribuidora Internacional SA		61,010		513,691
Dongsuh Company Incorporated		12,182		242,090
E-MART Company Limited		4,953		1,191,905
Empire Company Limited		2,672		185,760
Eurocash SA «		15,296		164,758
FamilyMart Company Limited		12,400		519,621
George Weston Limited		5,500		435,882
Heiwado Company Limited		8,100		131,568
Inageya Company Limited		5,500		61,690
J Sainsbury plc		119,290		574,908
Jeronimo Martins SA		20,490		277,574
Kasumi Company Limited		10,000		80,927

18 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Food & Staples Retailing (continued)
Kato Sangyo Company Limited		5,600	$	122,070
Kesko Oyj		7,559		276,610
Kesko Oyj Class A		1,500		53,629
Koninklijke Ahold NV		92,779		1,584,791
Lawson Incorporated «		13,100		940,526
Life Corporation		4,000		60,474
Loblaw Companies Limited		15,709		783,066
Magnit OJSC Sponsored GDR		68,877		4,008,641
Massmart Holdings Limited		23,414		287,060
Matsumotokiyoshi Holdings Company Limited		9,100		287,313
Metcash Limited		168,315		441,726
Metro AG †		12,722		446,821
Metro Incorporated «		9,679		627,493
OKUWA Company Limited		6,000		57,379
President Chain Store Corporation		126,032		955,027
Puregold Price Club Incorporated		289,300		240,199
Rallye SA		2,005		95,763
Rite Aid Corporation †		1,901,380		11,826,584
Ryoshoku Limited		4,200		99,101
Safeway Incorporated		154,716		5,381,022
Seven & I Holdings Company Limited «		147,480		5,914,367
Shoprite Holdings Limited		81,698		1,129,391
Sligro Food Group NV		1,429		56,460
Sonae SGPS SA		93,661		142,510
SPAR Group Limited		29,921		365,714
Sugi Pharmacy Company Limited		8,400		349,580
Sun Art Retail Group Limited «		518,000		618,254
Sundrug Company Limited		6,600		293,066
Super-Sol Limited		1,882		5,359
Sysco Corporation		83,348		3,153,055
Tesco plc		770,024		2,939,579
The Fresh Market Incorporated Ǡ		90,109		3,005,135
The Jean Coutu Group PJC Incorporated		9,211		191,116
The Kroger Company		68,400		3,487,032
The Maruetsu Incorporated		2,000		8,650
Tsuruha Holdings Incorporated		6,600		360,306
United Natural Foods Incorporated †		105,079		6,755,529
UNY Company Limited		43,900		246,831
Valor Company Limited		9,100		145,799
Wal-Mart de Mexico SAB de CV		1,321,710		3,590,123
Wal-Mart Stores Incorporated		210,643		15,903,547
Walgreen Company		115,200		6,971,904
Welcia Holdings Company		4,800		140,939
Wesfarmers Limited		203,896		8,247,467
Whole Foods Market Incorporated		80,242		3,140,672
William Morrison Supermarkets plc		218,799		644,750
Woolworths Limited		223,672		7,553,769
Yaoko Company Limited		2,300		138,161
Yokohama Reito Company		7,100		56,366
				139,981,356

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 19

Security name	Shares		Value
Food Products: 2.03%
Ajinomoto Company Incorporated		120,000	$	1,950,887
Alicorp SA		148,947		409,480
Archer Daniels Midland Company		86,500		4,312,890
Ariake Japan Company Limited		5,600		130,628
Aryzta AG		9,603		877,089
Asiatic Development Bhd		46,000		146,815
Associated British Foods plc		34,117		1,621,585
Barry Callebaut AG		233		285,524
Boustead Plantations Bhd		16,100		8,173
BRF Brasil Foods SA		163,200		4,367,067
Bunge Limited		94,345		7,986,304
CALBEE Incorporated		20,700		714,239
Campbell Soup Company		119,300		5,347,026
Chaoda Modern Agriculture Limited †(a)		277,776		0
Charoen Pokphand Food PCL		445,500		411,467
China Agri-Industries Holdings Limited		700		286
China Culiangwang Beverages Holdings Limited †		48,000		2,446
China Fishery Group Limited		36,922		10,642
China Huishan Dairy Holdings Company Limited «		1,506,000		349,778
China Huiyuan Juice Group †		21,500		9,293
China Mengniu Dairy Company		347,000		1,609,622
CJ Cheiljedang Corporation		1,850		689,679
ConAgra Foods Incorporated		264,514		8,517,351
Corbion NV		9,068		151,796
Dairy Crest Group plc		6,886		47,225
Danone SA		55,788		3,895,302
Darling Ingredients Incorporated †		354,500		6,834,760
Dean Foods Company «		215,700		3,490,026
Dydo Drinco Incorporated		1,900		80,532
Ebro Puleva SA		6,042		122,259
Ezaki Glico Company Limited		20,000		390,600
Felda Global Ventures Holdings Bhd		469,000		568,395
Flowers Foods Incorporated		110,450		2,162,611
Fuji Oil Company Limited		13,300		218,588
Futuris Corporation Limited †		36,531		6,482
General Mills Incorporated		81,600		4,355,808
Global Bio-Chem Technology Group Company Limited †		179,200		6,937
Golden Agri-Resources Limited		1,248,045		509,590
Goodman Fielder Limited		268,842		160,694
GrainCorp Limited		43,413		367,343
Grupo Bimbo Sab de CV		544,700		1,723,646
Hain Celestial Group Incorporated †		108,933		10,714,650
Hokuto Corporation		5,200		98,257
House Foods Corporation		16,400		294,127
Indofood Agri Resources Limited		39,000		27,009
Indofood CBP Sukses Makmur Tbk		384,000		344,689
Ingredion Incorporated		49,705		3,964,471
IOI Corporation Bhd		654,346		992,314
Itoham Foods Incorporated		35,000		168,869
J-Oil Mills Incorporated		19,000		63,002

20 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Food Products (continued)
JBS SA		181,023	$	818,384
Kagome Company Limited		16,000		269,883
KAMEDA SEIKA Company Limited		2,900		90,725
Kellogg Company		37,300		2,423,381
Kerry Group plc Class A – Dublin Exchange		15,076		1,134,072
Keurig Green Mountain Incorporated		77,792		10,371,229
Khon Kaen Sugar Industry PCL		23,320		10,076
Kikkoman Corporation		38,000		831,986
Kraft Foods Group Incorporated		77,492		4,564,279
Kuala Lumpur Kepong Bhd		99,100		692,945
Kulim (Malaysia) Bhd †		101,600		106,371
Lancaster Colony Corporation		41,769		3,692,797
Lindt & Spruengli AG		10		626,600
Lindt & Spruengli AG - Participation Certificate		96		503,293
Lotte Confectionery Company Limited		228		487,953
Maple Leaf Foods Incorporated		14,491		269,882
Marico Kaya Enterprises Limited †		1,401		12,746
Marine Harvest ASA «		25,295		342,208
Marudai Food Company Limited		35,000		131,866
Maruha Nichiro Corporation †		8,700		135,461
McCormick & Company Incorporated		78,300		5,456,727
Mead Johnson Nutrition Company		45,720		4,370,832
Megmilk Snow Brand Company Limited		9,100		119,473
Meiji Holdings Company Limited		14,900		1,227,286
Mitsui Sugar Company Limited		17,000		63,886
Mondelez International Incorporated Class A		224,855		8,137,502
Morinaga & Company Limited		51,000		108,328
Morinaga Milk Industry Company Limited		43,000		150,022
Nestle India Limited		4,820		478,866
Nestle Malaysia Bhd		10,000		213,579
Nestle SA		284,669		22,093,204
Nestle SA ADR		15		1,164
Nichirei Corporation		52,000		244,894
Nippon Flour Mills Company Limited		38,000		191,014
Nippon Meat Packers Incorporated		39,000		825,393
Nippon Suisan Kaisha Limited †		41,400		120,167
Nisshin Seifun Group Incorporated		46,200		532,402
Nissin Food Products Company Limited		16,700		956,625
Nong Shim Company Limited		901		223,928
Nutreco NV		6,963		267,838
Orion Corporation		971		836,021
Orkla ASA		72,715		656,998
Osem Investment Limited		3,453		76,160
PPB Group Bhd		119,200		558,939
Premier Foods plc †		25,209		17,996
PT Astra Agro Lestari Tbk		71,500		155,867
PT Charoen Pokphand Indonesia Tbk		1,636,000		537,758
PT Indofood Sukses Makmur Tbk		993,924		584,161
QP Corporation		24,000		411,053

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 21

Security name	Shares		Value
Food Products (continued)
Ridley Corporation Limited		11,389	$	9,467
Riken Vitamin Company Limited		2,000		51,459
Sakata Seed Corporation		5,700		75,821
Saputo Incorporated		12,604		766,696
Showa Sangyo Company Limited		27,000		99,909
Shree Renuka Sugars Limited		50,603		16,178
Standard Foods Corporation		71,499		183,708
Strauss Group Limited		1,291		23,563
Suedzucker AG		5,793		99,713
Tata Tea Limited		45,086		111,823
Tate & Lyle plc		44,144		495,778
Thai Union Frozen Products PCL		37,044		79,736
The Hershey Company		33,800		3,089,996
The Nisshin Oillio Group Limited		21,000		74,074
Tiger Brands Limited		43,269		1,245,385
Tingyi Holding Corporation		498,000		1,397,604
Toyo Suisan Kaisha Limited		20,000		625,691
TreeHouse Foods Incorporated †		93,923		7,750,526
Tyson Foods Incorporated Class A		179,609		6,835,919
Uni-President Enterprises Corporation		1,218,198		2,229,318
Unilever NV		158,929		6,606,171
Unilever plc ADR		103,047		4,548,845
United Plantations Bhd		17,000		148,319
Universal Robina Corporation		238,100		887,414
Viscofan SA		4,011		223,617
Vitasoy International Holdings Limited		188,000		237,242
Want Want China Holdings Limited		1,798,000		2,229,506
Wei Chuan Food Corporation		140,000		206,086
Wilmar International Limited		474,930		1,201,536
Yakult Honsha Company Limited		31,100		1,706,771
Yamazaki Baking Company Limited		34,000		447,364
				202,357,708
Household Products: 0.74%
Church & Dwight Company Incorporated		82,400		5,622,976
Clorox Company		76,500		6,777,900
Colgate-Palmolive Company		187,516		12,137,911
Henkel AG & Company KGaA		11,153		1,060,838
Hindustan Unilever Limited		153,378		1,876,656
Kimberly-Clark Corporation		50,316		5,434,128
LG Household & Health Care Limited Class H		2,428		1,228,427
Lion Corporation		52,000		301,869
Pigeon Corporation		7,000		413,763
PT Unilever Indonesia Tbk		256,000		678,983
PZ Cussons plc		28,166		172,357
Reckitt Benckiser Group plc		61,638		5,372,239
ST Corporation		700		6,741
Svenska Cellulosa AB Class A		7,500		180,062
Svenska Cellulosa AB Class B		56,712		1,363,181

22 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Household Products (continued)
The Procter & Gamble Company		345,482	$	28,713,009
Uni-Charm Corporation		29,400		1,930,236
				73,271,276
Personal Products: 0.28%
Aderans Company Limited		6,500		96,146
Amorepacific Corporation		663		1,379,683
Amorepacific Group		757		789,887
Avon Products Incorporated		277,900		3,901,716
BaWang International Group Holding Limited †		82,000		4,126
Beiersdorf AG		10,132		891,834
Colgate-Palmolive Company India Limited		6,799		172,115
Dabur India Limited		131,061		502,386
Dr. Ci Labo Company Limited		4,400		155,836
Emami Limited		9,988		107,682
Estee Lauder Companies Incorporated Class A		55,820		4,288,651
Euglena Company Limited Ǡ		10,800		138,471
FANCL Corporation		7,300		91,070
Godrej Consumer Products Limited		26,964		438,121
Hengan International Group Company Limited		203,500		2,170,215
Kao Corporation		101,000		4,353,741
Kobayashi Pharmaceutical Company Limited		5,600		358,999
Kose Corporation		4,900		213,811
L’Oreal SA		19,239		3,185,164
Mandom Corporation		3,200		123,331
Marico Limited		70,088		314,460
Milbon Company Limited		2,000		66,221
Natura Cosmeticos SA		45,000		824,414
NU Skin Enterprises Incorporated Class A		36,400		1,627,808
Oriflame Cosmetics SA «		2,947		56,290
Pola Orbis Holdings Incorporated		3,800		149,743
Shiseido Company Limited		76,800		1,417,233
				27,819,154
Tobacco: 0.66%
Altria Group Incorporated		262,680		11,316,254
British American Tobacco Malaysia Bhd		28,400		648,731
British American Tobacco plc		164,537		9,706,605
Eastern Company		2,662		63,489
Imperial Tobacco Group plc		81,118		3,537,731
ITC Limited		496,529		2,907,329
Japan Tobacco Incorporated		214,500		7,347,571
KT&G Corporation		30,094		2,816,629
Lorillard Incorporated		48,900		2,919,330
Philip Morris International Incorporated		205,550		17,590,969
PT Gudang Garam Tbk		106,500		491,644
Reynolds American Incorporated		38,462		2,248,873
Souza Cruz SA		85,600		801,508

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 23

Security name	Shares		Value
Tobacco (continued)
Swedish Match AB		21,840	$	729,328
Universal Corporation		53,800		2,838,488
				65,964,479
Energy: 7.22%
Energy Equipment & Services: 1.54%
Aban Offshore Limited		2,949		34,447
Aker Solutions ASA		17,388		263,151
AMEC plc		31,672		591,528
Atwood Oceanics Incorporated †		126,000		6,225,660
Baker Hughes Incorporated		58,300		4,030,862
Bourbon SA		4,428		126,254
Bristow Group Incorporated		80,500		5,874,890
Bumi Armada Bhd		170,300		159,386
Calfrac Well Services Limited		3,918		73,906
Cameron International Corporation †		48,838		3,630,129
CARBO Ceramics Incorporated «		43,100		4,637,129
CGG SP ADR †		689		6,201
China Oilfield Services Limited Class H		474,000		1,403,643
Compagnie Generale de Geophysique Veritas Ǡ		16,437		147,186
Core Laboratories NV		26,884		4,247,403
Dresser-Rand Group Incorporated †		47,541		3,294,591
Dril-Quip Incorporated †		88,510		8,981,110
Enerflex Limited		4,043		78,012
Ensign Energy Services Incorporated		11,978		179,676
Ezra Holdings Limited		125,000		112,085
FMC Technologies Incorporated †		140,304		8,676,399
Fred Olsen Energy ASA		4,001		93,796
Fugro NV		7,340		266,233
Halliburton Company		1		68
Helix Energy Solutions Group Incorporated †		216,195		5,906,447
Helmerich & Payne Incorporated		72,400		7,605,620
Hunting plc		13,249		195,539
John Wood Group plc		30,475		396,903
KNM Group Bhd †		12		4
Kvaerner ASA		10,061		17,288
McDermott International Incorporated Ǡ		519,100		3,737,520
Modec Incorporated		3,100		84,647
Mullen Group Limited		6,400		170,816
Nabors Industries Limited		169,100		4,601,211
Noble Corporation plc		164,900		4,693,054
Oceaneering International Incorporated		64,168		4,463,526
Oil States International Incorporated		35,300		2,278,615
Paragon Offshore PLC Ǡ		54,965		512,277
Pason Systems Incorporated		10,745		342,421
Patterson-UTI Energy Incorporated		95,079		3,284,029
Petrofac Limited		25,283		473,882
Petroleum Geo-Services ASA		19,980		150,351
Precision Drilling Corporation		20,412		260,195

24 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Energy Equipment & Services (continued)
Prosafe ASA		26,130	$	159,108
Saipem SpA †		23,203		550,606
Sapurakencana Petroleum Bhd		640,922		858,087
Savanna Energy Services Corporation		11,539		83,521
SBM Offshore NV †		17,972		275,225
Schlumberger Limited		283,405		31,072,524
Schoeller-Bleckmann Oilfield Equipment AG		1,839		193,308
Seacor Holdings Incorporated †		41,200		3,361,920
Seadrill Limited «		33,756		1,242,850
Seventy Seven Energy Incorporated †		5,345		125,447
Shawcor Limited Class A		4,528		245,411
Shinko Plantech Company Limited		7,600		58,948
Subsea 7 SA		26,952		448,334
Technip SA		10,276		951,902
Tecnicas Reunidas SA		2,168		118,546
Tenaris SA		45,222		997,652
TGS Nopec Geophysical Company ASA		10,707		300,586
Tidewater Incorporated		35,240		1,792,659
Toyo Kanetsu K. K.		23,000		57,696
Trican Well Service Limited		16,245		234,718
Trinidad Drilling Limited		7,400		68,058
Unit Corporation †		95,900		6,311,179
Weatherford International plc †		456,339		10,810,671
WorleyParsons Limited		36,573		561,547
				153,188,593
Oil, Gas & Consumable Fuels: 5.68%
Advantage Oil & Gas Limited †		8,522		52,670
AET&D Holdings No. 1 Limited (a)		20,314		0
Afren plc †		100,824		163,198
Alpha Natural Resources Incorporated Ǡ		510,100		2,014,895
Altagas Limited		11,048		534,364
Anadarko Petroleum Corporation		108,900		12,271,941
Apache Corporation		53,000		5,396,990
ARC Resources Limited «		29,540		853,897
Athabasca Oil Corporation †		28,194		205,368
Australian Worldwide Exploration Limited †		77,909		126,608
Bankers Petroleum Limited †		23,555		142,981
Banpu PCL		142,000		143,378
Bayan Resources Group †		170,500		102,030
Baytex Energy Corporation «		11,349		507,485
Beach Petroleum Limited		243,921		370,191
BG Group plc		307,585		6,135,309
Bharat Petroleum Corporation Limited		36,149		413,617
Birchcliff Energy Limited †		4,522		52,818
Bonavista Energy Corporation «		16,745		228,236
BP plc		1,636,041		13,081,972
Brightoil Petroleum Holdings Limited †		514,000		191,671
Cabot Oil & Gas Corporation		249,824		8,379,097

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 25

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Cairn Energy plc †		48,348	$	144,156
Caltex Australia Limited		22,940		610,393
Cameco Corporation «		37,200		727,372
Canadian Natural Resources Limited		103,154		4,495,970
Canadian Oil Sands Limited		45,830		987,160
Cenovus Energy Incorporated		72,271		2,305,121
Cheniere Energy Incorporated †		130,400		10,465,904
Chesapeake Energy Corporation		74,832		2,035,430
Chevron Corporation		243,123		31,472,272
China Coal Energy Company		929,962		566,373
China Petroleum & Chemical Corporation		5,875,600		5,958,957
China Shenhua Energy Company Limited		891,500		2,570,954
Cimarex Energy Company		55,500		8,056,380
CNOOC Limited		3,725,000		7,488,403
Coal India Limited		146,299		858,554
Coal of Africa Limited †		38,864		2,250
Concho Resources Incorporated †		68,428		9,719,513
Connacher Oil & Gas Limited †		22,597		3,845
ConocoPhillips Company		160,467		13,033,130
Continental Resources Incorporated Ǡ		9,867		1,591,448
Corridor Resources Incorporated †		1,363		2,520
Cosan SA Industria Comercio Npv		23,400		486,084
Cosmo Oil Company Limited		129,000		241,770
Crescent Point Energy Corporation «		36,103		1,494,192
Crew Energy Incorporated †		7,839		80,387
Dart Energy Limited †		34,277		4,162
Delek Group Limited		312		113,470
DNO ASA †		102,500		308,925
Dragon Oil plc		21,264		209,549
Ecopetrol SA Sponsored ADR «		63,212		2,185,871
Empresas Copec SA		115,354		1,468,564
Enbridge Incorporated		77,200		3,850,415
Encana Corporation		70,534		1,626,310
Energen Corporation		46,326		3,728,316
Energy Resources of Australia Limited †		13,099		16,393
Energy XXI (Bermuda) Limited		153,800		2,537,700
Enerplus Corporation		20,247		463,486
ENI SpA		247,150		6,163,617
ENI SpA ADR		4,276		213,201
EnQuest plc - United Kingdom Exchange †		56,296		112,619
EOG Resources Incorporated		117,896		12,954,412
EQT Corporation		89,400		8,855,964
Esso Thailand PCL †		26,300		4,858
Establissements Maurel et Prom †		5,783		90,271
EXCO Resources Incorporated «		416,374		2,011,086
Exxaro Resources Limited		30,766		435,202
Exxon Mobil Corporation		549,931		54,696,137
Formosa Petrochemical Corporation		366,590		925,965
Galp Energia SGPS SA		20,077		356,132
Gazprom ADR		1,577,489		11,279,046

26 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Golar LNG Limited		2,733	$	169,326
Gran Tierra Energy Incorporated †		23,505		157,594
Grupa Lotos SA †		10,126		95,286
GS Holdings Corporation		22,513		955,851
Gulf Keystone Petroleum Limited Ǡ		88,919		116,619
Gulfport Energy Corporation †		48,900		2,860,650
Hess Corporation		35,500		3,589,050
Hidili Industry International Development Limited †		88,000		10,333
HollyFrontier Corporation		128,985		6,453,120
Husky Energy Incorporated «		26,600		809,767
Idemitsu Kosan Company Limited		21,600		473,749
Imperial Oil Limited		23,700		1,261,181
Indian Oil Corporation Limited		25,887		153,325
Inpex Holdings Incorporated		211,800		3,033,130
IRPC PCL		974,221		101,265
Itochu Enex Company Limited		6,000		43,193
Ivanhoe Energy Incorporated †		427		978
Japan Petroleum Exploration Company		7,300		284,156
JX Holdings Incorporated		488,400		2,510,417
Karoon Gas Australia Limited †		31,102		110,091
Keyera Corporation		7,024		617,967
Kodiak Oil & Gas Corporation †		584,100		9,503,307
Koninklijke Vopak NV		6,083		311,877
Kunlun Energy Company Limited		780,000		1,288,250
Lightstream Resources Limited		12,979		74,964
Long Run Exploration Limited		449		2,176
Lubelski Wegiel Bogdanka SA		8,893		323,463
Lukoil ADR		27,399		1,520,918
Lukoil ADR - London Exchanges		110,894		6,182,341
Lundin Petroleum AB †		23,462		437,064
Mangalore Refinery & Petrochemicals Limited †		21,310		21,616
Marathon Oil Corporation		88,361		3,683,770
Marathon Petroleum Corporation		39,588		3,602,904
Meg Energy Corporation †		12,100		431,006
Mitsuuroko Holdings Company Limited		10,000		56,706
MOL Hungarian Oil & Gas plc		10,411		512,643
Mongolia Energy Company Limited †		277,000		8,042
Murphy Oil Corporation		112,300		7,015,381
Neste Oil Oyj		15,503		303,515
New Hope Corporation Limited		33,755		96,468
New Zealand Oil & Gas Limited		22,428		14,539
Newfield Exploration Company †		84,400		3,782,808
Niko Resource Limited Ǡ		5,137		7,465
Nippon Gas Company Limited		8,800		265,155
Noble Energy Incorporated		79,494		5,734,697
NovaTek OAO		6,672		661,952
NovaTek OAO Sponsored GDR		27,002		2,716,401
NuVista Energy Limited †		3,905		41,841
Oasis Petroleum Incorporated †		56,700		2,789,073
Oil & Natural Gas Corporation Limited		461,642		3,309,398

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 27

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Oil India Limited		23,455	$	237,874
Oil Refineries Limited †		49,320		16,281
Oil Search Limited		194,333		1,758,709
OMV AG		14,891		575,241
ONEOK Incorporated		122,392		8,591,918
Ophir Energy plc †		50,585		197,014
Origin Energy Limited		214,079		3,105,054
PA Resources AB †		1,136		1,065
Pacific Rubiales Energy Corporation		30,807		641,187
Paladin Energy Limited Ǡ		189,449		75,198
Paz Oil Company Limited		173		26,653
Peabody Energy Corporation		173,000		2,747,240
Pembina Pipeline Corporation «		28,155		1,293,944
Pengrowth Energy Corporation «		42,515		270,973
Penn West Petroleum Limited «		42,170		327,726
Petrobras Energia SA †		3,538		22,820
PetroChina Company Limited		4,882,000		6,929,246
Petroleo Brasileiro SA		685,945		6,784,374
Petronas Dagangan Bhd		54,000		344,353
Petronet LNG Limited		37,495		113,758
Peyto Exploration & Development Corporation «		13,213		468,221
Phillips 66		73,962		6,436,173
Pioneer Natural Resources Company		31,300		6,530,745
Polish Oil & Gas		349,279		532,160
Polski Koncern Naftowy Orlen SA		69,716		858,241
Premier Oil plc		62,107		358,812
PT Adaro Energy Tbk		4,031,000		453,154
PT Bumi Resources Tbk †		4,613,358		76,906
PT Indika Energy Tbk †		202,500		12,724
PT Indo Tambangraya Megah Tbk		86,500		208,347
PT Tambang Batubara Bukit Asam Tbk		159,500		182,032
PTT Exploration and Production PCL		297,271		1,531,029
PTT PCL - Foreign Exchange		193,700		1,946,703
QEP Resources Incorporated		115,000		4,090,550
Questerre Energy Corporation †(a)		8,414		9,156
Range Resources Corporation		96,945		7,618,908
Reliance Industries Limited		408,987		6,731,301
Reliance Industries Limited GDR 144A		2,006		66,760
Repsol YPF SA		88,887		2,206,221
Roc Oil Company Limited †		8,115		5,192
Rosetta Resources Incorporated †		134,400		6,720,000
Rosneft OJSC GDR		256,180		1,560,905
Royal Dutch Shell plc Class A - Amsterdam Exchange		53,947		2,178,609
Royal Dutch Shell plc Class A - London Exchange		298,671		12,088,551
Royal Dutch Shell plc Class B		213,879		9,038,341
S-Oil Corporation		8,742		403,928
SandRidge Energy Incorporated Ǡ		255,550		1,339,082
Santos Limited «		171,084		2,369,596
Saras SpA †		12,269		14,654
Sasol Limited		118,620		6,875,929

28 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Semgroup Corporation Class A		94,000	$	8,246,620
Showa Shell Sekiyu KK		37,700		404,375
Silverwillow Energy Corporation †		1,901		332
SK Energy Company Limited		14,381		1,334,634
SM Energy Company		41,700		3,712,968
SOCO International plc		30,069		211,158
Southwestern Energy Company †		79,513		3,274,345
Spectra Energy Corporation		88,112		3,670,746
Spyglass Resources Corporation		2,042		2,949
Statoil ASA		99,008		2,779,531
Storm Resources Limited †		281		1,489
Suncor Energy Incorporated		136,487		5,602,331
Surgutneftegas SP ADR		257,109		1,779,194
Talisman Energy Incorporated		97,600		981,117
Tatneft ADR		15,590		578,389
Tatneft Sponsored ADR		63,100		2,341,010
Teekay Corporation		83,135		5,097,838
Tesoro Corporation		84,900		5,496,426
Thai Oil PCL		104,800		169,800
The Williams Companies Incorporated		89,900		5,343,656
TonenGeneral Sekiyu KK		53,000		483,416
Total SA		206,933		13,646,641
Touchstone Exploration Incorporated †		3,067		2,398
Tourmaline Oil Corporation †		13,128		664,912
TransCanada Corporation		66,600		3,578,992
Transglobe Energy Corporation		11,093		75,191
Tullow Oil plc		85,595		1,037,334
Tupras Turkiye Petrol Rafinerileri AS		26,905		632,327
Ultra Petroleum Corporation Ǡ		95,900		2,544,227
Ultrapar Participacoes SA		109,300		2,816,849
Valero Energy Corporation		66,951		3,624,727
Veresen Incorporated «		17,802		304,859
Vermilion Energy Incorporated «		9,494		617,595
Washington H. Soul Pattinson & Company Limited		25,619		349,332
Western Refining Incorporated		34,800		1,619,244
White Energy Company Limited Ǡ		56,094		9,954
Whitehaven Coal Limited Ǡ		113,230		208,859
Woodside Petroleum Limited		118,676		4,732,760
World Fuel Services Corporation		153,482		6,811,531
WPX Energy Incorporated †		128,282		3,414,867
Yanchang Petroleum International Limited †		280,000		14,813
Yanzhou Coal Mining Company Limited		442,000		374,129
				565,453,136
Financials: 20.90%
Banks: 8.09%
77 Bank Limited		73,000		393,609
Affin Holdings Bhd		93,730		100,213
Agricultural Bank of China Limited		6,254,000		2,888,926

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 29

Security name	Shares		Value
Banks (continued)
Agricultural Bank of Greece †(a)		342	$	0
Akbank TAS		440,661		1,679,874
Alior Bank SA †		10,058		239,317
AMMB Holdings Bhd		186,100		394,400
Aozora Bank Limited		218,000		743,813
Associated BancCorp		326,405		5,934,043
Asya Katilim Bankasi AS †(a)		100,851		57,856
Australia & New Zealand Banking Group Limited		509,452		15,906,086
Axis Bank Limited		257,235		1,684,024
Banca Carige SpA †		33,259		5,297
Banca Monte dei Paschi di Siena SpA †		265,869		397,547
Banca Piccolo Credito Valtellinese Scarl †		9,849		11,356
Banca Popolare dell’Emilia Romagna Scarl †		38,724		324,878
Banca Popolare dell’Etruria e del Lazio †		258		247
Banca Popolare di Milano Scarl †		484,767		385,679
Banca Popolare di Sondrio Scarl		27,109		123,387
Banco Bilbao Vizcaya Argentaria SA		519,916		6,291,753
Banco Bradesco SA		118,670		2,121,587
Banco Comercial Portugues SA †		3,424,278		465,681
Banco Continental Peru		37,404		63,776
Banco de Brasil SA		288,985		4,517,125
Banco de Chile		6,234,155		769,123
Banco de Credito del Peru		5,944		10,427
Banco de Credito e Inversiones		9,827		541,795
Banco de Sabade SA		321,738		1,012,903
Banco Espirito Santo SA †(a)		275,359		0
Banco Itau Holding Financeira SA		58,589		973,648
Banco Popolare Societa Cooperativa †		39,538		616,658
Banco Popular Espanol SA		149,620		934,014
Banco Santander Brasil SA		213,914		1,477,378
Banco Santander Central Hispano SA		984,234		9,815,648
Banco Santander Central Hispano SA ADR «		87,065		863,685
Banco Santander Chile SA		13,980,264		826,769
Bancolombia SA ADR		36,000		2,278,080
BancorpSouth Incorporated		190,673		4,036,547
Bangkok Bank PCL – Non-voting		76,900		493,566
Bangkok Bank PCL		31,000		198,967
Bank BPH SA †		309		3,574
Bank Handlowy w Warszawie SA		8,631		308,544
Bank Hapoalim Limited		105,587		598,164
Bank Leumi Le - Israel Exchange †		148,085		577,923
Bank Millennium SA		93,393		234,142
Bank of America Corporation		1,339,566		21,553,617
Bank of Baroda		16,312		234,277
Bank of China Limited		15,905,100		7,388,128
Bank of Communications Limited		2,112,350		1,542,687
Bank of Cyprus PCL †(a)		115,392		0
Bank of East Asia Limited		268,846		1,144,756
Bank of Greece		900		15,728
Bank of Hawaii Corporation		98,517		5,718,912

30 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Banks (continued)
Bank of India		22,645	$	103,541
Bank of Ireland plc - Europe Exchange †		2,392,830		952,650
Bank of Kyoto Limited		72,000		633,188
Bank of Montreal «		62,035		4,773,152
Bank of Nova Scotia		108,505		7,189,092
Bank of Queensland Limited		68,292		802,369
Bank of the Philippine Islands		347,596		757,377
Bank of the Ryukyus Limited		7,500		121,318
Bank of Yokohama Limited		252,000		1,389,518
Bank Pekao SA		31,782		1,787,083
Bank Zachodni WBK SA		6,822		789,132
Bankia SA †		318,040		615,132
Bankinter SA		39,803		329,537
Banque Cantonale Vaudoise Waadtlaender Kantonalbank		244		132,757
Barclays Africa Group Limited		90,379		1,411,493
Barclays plc		1,310,008		4,881,362
BDO Unibank Incorporated		350,788		728,126
Bendigo Bank Limited		82,324		957,237
Berner Kantonalbank AG		648		127,052
BNP Paribas SA		98,106		6,623,209
BNP Paribas SA ADR		1,680		56,700
BOC Hong Kong Holdings Limited		659,000		2,215,076
BOK Financial Corporation		16,662		1,122,686
Branch Banking & Trust Corporation		92,697		3,460,379
BRE Bank SA		3,102		448,891
BS Financial Group Incorporated		58,633		971,482
Bumiputra Commerce Holdings Bhd		742,748		1,739,048
Canadian Imperial Bank of Commerce «		38,100		3,641,103
Canadian Western Bank		8,239		308,176
Canara Bank		13,142		81,899
Cathay General Bancorp		168,009		4,374,954
Chang Hwa Commercial Bank		1,131,723		704,239
Chiba Bank Limited		168,000		1,183,565
China Banking Corporation †		133,386		157,861
China CITIC Bank		2,069,000		1,305,464
China Construction Bank		19,758,990		14,685,297
China Development Financial Holding Corporation		3,636,338		1,228,719
China Merchants Bank Company Limited		1,204,022		2,302,386
China Minsheng Banking Corporation Limited		1,691,280		1,588,702
China Trust Financial Holding Company Limited		3,813,648		2,775,024
CIT Group Incorporated		118,742		5,694,866
Citigroup Incorporated		397,069		20,508,614
City National Corporation		30,600		2,321,928
Comerica Incorporated		119,409		6,011,049
Commerce Bancshares Incorporated		51,895		2,393,916
Commercial International Bank		155,635		1,005,852
Commerzbank AG †		79,746		1,207,092
Commonwealth Bank of Australia		299,797		22,769,229
CorpBanca NPV		35,444,248		439,157
Credicorp Limited		17,248		2,674,647

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 31

Security name	Shares		Value
Banks (continued)
Credit Agricole d’Ile de France		154	$	15,178
Credit Agricole SA		108,946		1,615,443
Credito Emiliano SpA		1,169		10,798
Criteria CaixaCorp SA		78,586		472,715
Cullen Frost Bankers Incorporated		34,153		2,684,426
Dah Sing Banking Group Limited		36,901		66,279
Dah Sing Financial Holdings Limited		32,795		192,537
Danske Bank AS		64,716		1,819,706
DBS Group Holdings Limited		329,562		4,728,194
Dexia †		39,586		1,612
DGB Financial Group Incorporated		28,214		492,517
DnB Nor ASA		85,061		1,586,501
E.SUN Financial Holding Company Limited		1,383,719		909,656
East West Bancorp Incorporated		89,220		3,108,425
EnTie Commercial Bank		238,977		120,726
Erste Bank Der Oesterreichischen Sparkassen AG		26,833		688,573
Far Eastern International Bank		616,661		222,811
FIBI Holdings Limited †		970		24,092
Fifth Third Bancorp		116,100		2,369,021
First Financial Holding Company Limited		1,672,303		1,035,031
First Horizon National Corporation		484,012		5,885,586
First Niagara Financial Group Incorporated		227,045		1,975,292
First Republic Bank		80,589		3,940,802
FirstMerit Corporation		362,146		6,241,586
FNB Corporation PA		361,416		4,467,102
Fukuoka Financial Group Incorporated		165,000		799,270
Fulton Financial Corporation		400,340		4,617,922
Getin Noble Bank SA †		246,433		200,042
Glacier Bancorp Incorporated		165,066		4,493,097
Grupo Financiero Banorte SAB de CV		533,500		3,761,131
Grupo Financiero Inbursa SAB de CV		682,564		2,092,046
Grupo Financiero Santander SAB de CV		333,979		1,004,995
Gunma Bank Limited		92,000		542,035
Hana Financial Group Incorporated		75,684		3,176,048
Hancock Holding Company		180,132		5,987,588
Hang Seng Bank Limited		137,700		2,325,782
HDFC Bank Limited		245,309		3,410,191
HDFC Bank Limited ADR		4,473		222,263
Higashi-Nippon Bank Limited		24,000		63,895
Hokuhoku Financial Group Incorporated		305,000		606,805
Hong Leong Bank Bhd		97,760		446,619
Hong Leong Financial Group Bhd		68,900		372,480
HSBC Holdings plc		1,676,122		18,142,649
Hua Nan Financial Holdings Company Limited		1,632,519		1,013,139
Huntington Bancshares Incorporated		538,096		5,297,555
IBERIABANK Corporation		66,900		4,365,225
ICICI Bank Limited		117,408		3,012,208
ICICI Bank Limited ADR		4,228		226,198
Indian Overseas Bank		27,110		27,164
Indusind Bank Limited		81,278		784,183

32 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Banks (continued)
Industrial & Commercial Bank of China Limited Class H		19,721,442	$	13,079,685
Industrial Bank of Korea		44,220		767,564
Industrial Development Bank of India Limited		65,269		81,694
ING Bank Slaski SA		7,363		312,639
International Bancshares Corporation		124,940		3,293,418
Intesa Sanpaolo RSP		86,693		226,112
Intesa Sanpaolo SpA		1,335,380		3,972,465
Israel Discount Bank Limited †		70,341		118,071
Itausa Investimentos Itau SA		52,534		254,632
Jimoto Holdings Incorporated		34,300		71,208
Joyo Bank Limited		145,000		752,559
JPMorgan Chase & Company		483,177		28,724,873
Jyske Bank AS †		7,244		394,855
Kansai Urban Banking Corporation		76,000		92,037
Kasikornbank PCL - Foreign Exchange		145,600		1,030,232
Kasikornbank PCL - Non-voting		118,800		836,882
KB Financial Group Incorporated		100,141		4,103,613
KBC Groep NV †		24,231		1,380,987
KeyCorp		590,550		8,037,386
Kiatnakin Finance		6,000		7,890
King’s Town Bank		212,000		239,019
KJB Financial Group Company Limited †		5,204		58,253
KNB Financial Group Company Limited †		7,953		106,673
Komercni Banka AS		3,616		839,396
Kotak Mahindra Bank Limited		52,649		900,230
Krung Thai Bank PCL ADR		433,625		319,042
Laurentian Bank of Canada		1,861		85,185
Liu Chong Hing Bank Limited		5,771		13,478
Lloyds TSB Group plc †		4,809,550		6,089,837
Lloyds TSB Group plc ADR Ǡ		3,708		19,022
M&T Bank Corporation «		84,421		10,436,968
Malayan Banking Bhd		715,848		2,293,802
Malaysian Plantations Bhd		96,700		149,100
MB Financial Incorporated		125,700		3,556,053
Mega Financial Holding Company Limited		2,211,187		1,908,587
Metropolitan Bank & Trust Company		248,660		490,191
Mitsubishi UFJ Financial Group Incorporated		2,619,070		15,058,174
Mitsubishi UFJ Financial Group Incorporated ADR		440		2,539
Miyazaki Bank Limited		34,000		108,818
Mizuho Financial Group Incorporated		4,487,500		8,535,501
National Australia Bank Limited		437,257		14,374,843
National Bank of Canada		30,600		1,472,166
National Bank of Greece SA †		5,946		20,391
National Bank of Greece SA ADR †		486		1,667
National Penn Bancshares Incorporated		256,156		2,561,560
Natixis		85,430		600,541
Nedbank Group Limited «		43,668		936,306
Nishi-Nippon City Bank Limited		144,000		376,453
Nordea Bank AB		282,459		3,681,656
North Pacific Bank Limited		60,600		245,790

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 33

Security name	Shares		Value
Banks (continued)
Old National Bancorp		232,721	$	3,046,318
OTP Bank		46,916		810,517
Oversea-Chinese Banking Corporation Limited		481,682		3,856,387
PacWest Bancorp		90,700		3,803,958
PKO Bank Polski SA		189,570		2,263,867
PNC Financial Services Group Incorporated		69,787		5,914,448
Popular Incorporated †		226,742		7,019,932
PrivateBancorp Incorporated		142,500		4,205,175
Prosperity Bancshares Incorporated		127,700		7,713,080
PT Bank Central Asia Tbk		3,545,500		3,394,708
PT Bank CIMB Niaga Tbk †		220,500		18,662
PT Bank Danamon Indonesia Tbk		786,234		252,052
PT Bank Mandiri Persero Tbk		2,438,712		2,162,995
PT Bank Negara Indonesia Persero Tbk		1,689,000		772,486
PT Bank Pan Indonesia Tbk †		506,500		38,753
PT Bank Rakyat Indonesia Tbk		2,773,500		2,619,976
Public Bank Bhd		263,851		1,613,911
Punjab National Bank Limited		17,505		273,523
Raiffeisen Bank International AG		3,869		99,132
Regions Financial Corporation		901,100		9,146,165
Resona Holdings Incorporated		370,400		2,008,551
RHB Capital Bhd		196,279		571,027
Royal Bank of Canada «		130,800		9,716,468
Royal Bank of Scotland Group plc †		78,058		470,145
Sberbank of Russia ADR		555,515		4,527,447
Sberbank Sponsored ADR		137,254		1,118,620
Senshu Ikeda Holdings Incorporated		45,180		238,829
Seven Bank Limited		144,500		586,083
Shiga Bank		52,000		300,870
Shimizu Bank Limited		1,000		26,508
Shinhan Financial Group Company Limited		109,029		5,645,271
Shinsei Bank Limited		417,000		877,726
Shizuoka Bank Limited		128,000		1,327,426
Siam Commercial Bank PCL		345,600		2,023,394
Signature Bank †		29,700		3,518,262
Sinopac Financial Holdings Company Limited		1,893,201		864,562
Skandinaviska Enskilda Banken AB Class A		159,842		2,086,859
Sociedad Matriz Banco de Chile Class B		1,087,348		335,418
Societe Generale SA		75,627		3,831,214
St. Galler Kantonalbank		210		80,976
Standard Bank Group Limited		293,052		3,791,508
Standard Chartered plc		165,238		3,327,501
State Bank of India Limited		26,808		1,087,120
State Bank of India Limited GDR 144A		1,788		146,080
Sumitomo Mitsui Financial Group Incorporated		261,484		10,556,620
Sumitomo Mitsui Financial Group Incorporated ADR		494		4,026
Sumitomo Mitsui Trust Holdings Incorporated		764,000		3,134,717
SunTrust Banks Incorporated		76,200		2,901,696
Suruga Bank Limited		44,000		835,638
Susquehanna Bancshares Incorporated		409,815		4,229,291

34 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Banks (continued)
SVB Financial Group †		110,066	$	12,252,547
Svenska Handelsbanken AB		46,888		2,197,733
Swedbank AB		92,146		2,346,745
Sydbank AG †		8,747		268,941
Synovus Financial Corporation		304,731		7,359,254
Ta Chong Bank Limited †		373,418		121,181
Taishin Financial Holdings Company Limited		2,051,892		1,043,434
Taiwan Business Bank †		785,253		245,896
Taiwan Cooperative Financial Holdings		1,594,076		890,620
TCF Financial Corporation		361,698		5,714,828
Texas Capital Bancshares Incorporated †		89,100		4,809,618
Thanachart Capital PLC-Foreign Shares		15,516		17,003
The Aichi Bank Limited – Tokai		1,900		95,324
The Akita Bank Limited – Akita		37,000		104,551
The Aomori Bank Limited		40,000		120,333
The Awa Bank Limited		49,000		285,867
The Bank of Iwate Limited		3,600		168,158
The Bank of Nagoya Limited		35,000		138,257
The Bank of Okinawa Limited		4,000		168,965
The Bank of Saga Limited		25,000		57,427
The Chiba Kogyo Bank Limited		4,700		34,693
The Chugoku Bank Limited		41,200		623,276
The Daisan Bank Limited		49,000		84,771
The Daishi Bank Limited		76,000		272,459
The Ehime Bank Limited		27,000		63,838
The Eighteenth Bank Limited		34,000		90,845
The Fukui Bank Limited		32,000		75,660
The Hachijuni Bank Limited		99,000		597,549
The Higo Bank Limited		41,000		217,127
The Hiroshima Bank Limited		120,000		578,980
The Hokkoku Bank Limited		58,000		200,125
The Hokuetsu Bank Limited		48,000		95,497
The Hyakugo Bank Limited		49,000		195,915
The Hyakujushi Bank Limited		60,000		201,836
The Iyo Bank Limited		62,000		628,670
The Juroku Bank Limited		69,000		263,280
The Kagoshima Bank Limited		37,000		238,262
The Kanto Tsukuba Bank Limited		15,600		56,376
The Keiyo Bank Limited		55,000		282,282
The Kiyo Bank Limited		15,200		219,136
The Michinoku Bank Limited		27,000		54,236
The Minato Bank Limited		79,000		150,339
The Musashino Bank Limited		6,600		225,825
The Nanto Bank Limited		51,000		215,676
The Ogaki Kyoritsu Bank Limited		68,000		188,226
The Oita Bank Limited		32,000		120,256
The San-in Godo Bank Limited		30,000		211,351
The Shikoku Bank Limited		41,000		91,028
The Tochigi Bank Limited		22,000		90,288
The Toho Bank Limited		57,000		202,701

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 35

Security name	Shares		Value
Banks (continued)
Tisco Financial Group PCL		6,820	$	9,395
TMB Bank PCL		2,682,765		255,341
Tokyo Tomin Bank Limited		5,300		62,299
Tomony Holdings Incorporated		27,500		116,032
Toronto-Dominion Bank «		167,262		8,806,907
TOWA Bank Limited		58,000		54,630
Trustmark Corporation		147,189		3,493,531
TT Hellenic Postbank SA †(a)		8,178		0
Turkiye Garanti Bankasi AS		522,954		2,049,235
Turkiye Halk Bankasi AS		138,688		1,016,981
Turkiye Is Bankasi		315,808		815,271
Turkiye Vakiflar Bankasi Tao		219,660		506,087
Umpqua Holdings Corporation		363,061		6,342,676
Unicredit SpA		529,142		4,095,117
Unione di Banche SpA		86,182		673,205
United Bankshares Incorporated		134,193		4,421,659
United Mizrahi Bank Limited		8,324		102,114
United Overseas Bank Limited		239,421		4,395,279
US Bancorp		240,163		10,154,092
Valiant Holding AG		1,769		165,425
Valley National Bancorp «		453,458		4,534,580
VTB Bank OJSC GDR		437,100		909,168
Webster Financial Corporation		198,241		5,848,110
Wells Fargo & Company (l)		612,220		31,492,597
Westamerica Bancorporation «		59,598		2,882,755
Westpac Banking Corporation		574,844		18,812,122
Wintrust Financial Corporation		100,700		4,689,599
Woori Finance Holdings Company Limited		68,591		930,151
Yachiyo Bank Limited		2,900		91,840
Yamagata Bank Limited «		33,000		155,731
Yamaguchi Financial Group		50,000		491,614
Yamanashi Chou Bank Limited		35,000		156,086
Yapi Ve Kredi Bankasi AS «		184,289		410,100
Yes Bank Limited		36,455		343,673
Zions Bancorporation		118,200		3,444,348
				804,968,475
Capital Markets: 1.57%
3I Group plc		93,011		607,149
Aberdeen Asset Management plc		107,379		774,385
Affiliated Managers Group Incorporated †		31,386		6,627,154
AGF Management Limited		6,067		69,414
Allied Properties (Hong Kong) Limited		297,208		58,674
Apollo Investment Corporation		1		9
Ashmore Group plc «		39,880		233,048
Azimut Holding SpA		9,036		235,201
Bank of New York Mellon Corporation		149,956		5,875,276
BlackRock Incorporated		27,874		9,213,193
Brewin Dolphin Holding plc		23,817		116,642

36 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Capital Markets (continued)
Canaccord Financial Incorporated		5,064	$	56,168
Capital Securities Corporation		362,713		126,808
Charles Schwab Corporation		153,500		4,376,285
China Cinda Asset Management Company Limited †		3,330,000		1,705,808
CI Financial Corporation		14,903		489,045
CITIC Securities Company Limited		182,000		432,100
Close Brothers Group plc		13,950		313,343
Credit Suisse Group AG		132,898		3,746,419
Daewoo Securities Company Limited †		41,552		483,568
Daiwa Securities Group Incorporated		342,000		2,781,164
Deutsche Bank AG		117,952		4,035,758
Dundee Corporation Class A †		3,983		69,235
Eaton Vance Corporation		77,900		3,050,564
EFG International		1,432		15,988
Egyptian Financial Group-Hermes Holding Company †		50,569		128,154
Federated Investors Incorporated Class B		68,114		2,090,419
Financial Engines Incorporated		109,300		3,920,591
Financiere de Tubize		2,881		234,208
Franklin Resources Incorporated		91,920		5,195,318
Fuhwa Financial Holdings Company Limited		2,324,457		1,252,028
GAM Holding AG		21,185		411,908
GIMV NV		1,389		67,884
GMP Capital Incorporated		3,500		26,782
Goldman Sachs Group Incorporated		89,943		16,109,691
Greenhill & Company Incorporated «		52,424		2,569,824
Grupo BTG Pactual		71,900		1,207,702
Guoco Group Limited		14,000		174,863
Haitong Securities Company Limited		317,600		507,337
Hargreaves Lansdown plc		24,237		451,460
Henderson Group plc		106,112		408,872
Hyundai Securities Company Limited †		21,587		166,488
ICAP plc		54,134		340,789
Ichiyoshi Securities Company Limited		7,400		89,259
IGM Financial Incorporated «		10,400		496,231
Intermediate Capital Group plc		41,679		282,309
Invesco Limited		285,262		11,650,100
Investec Limited		52,895		477,065
Investec plc		47,156		429,399
IOOF Holdings Limited		40,299		354,919
Iwai Securities Company Limited		1,000		9,803
JAFCO Company Limited		7,800		314,489
Janus Capital Group Incorporated		338,596		4,113,941
Julius Baer Group Limited		19,658		893,555
Jupiter Fund Management plc		46,400		289,251
Kabu.com Securities Company Limited		9,400		44,360
Korea Investment Holdings Company Limited		9,034		453,504
Kyokuto Securities Company Limited		4,800		82,072
Legg Mason Incorporated		71,500		3,526,380
LPL Financial Holdings Incorporated		50,800		2,473,452
Macquarie Group Limited		63,570		3,461,341

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 37

Security name	Shares		Value
Capital Markets (continued)
Macquarie Korea Infrastructure Fund		71,030	$	486,166
Man Group plc		173,995		342,297
Masterlink Securities Corporation		132,572		45,905
Matsui Securities Company Limited		24,800		235,498
Mediobanca SpA †		44,444		388,341
Mercantile Investment Company Limited		5,857		738
Mirae Asset Securities Company Limited		5,554		265,389
Mito Securities Company Limited		3,000		11,476
MLP AG		1,057		6,264
Monex Beans Holdings Incorporated		39,100		122,886
Morgan Stanley		182,652		6,266,790
Nomura Holdings Incorporated		718,500		4,608,841
Nomura Holdings Incorporated ADR «		30,500		194,895
Northern Trust Corporation		26,100		1,810,035
Okasan Holdings Incorporated		45,000		342,544
Partners Group Holding AG		1,488		392,564
Perpetual Trustees Australia Limited		7,255		335,606
Pioneers Holding †		11,002		23,804
Platinum Asset Management Limited		43,875		245,453
President Securities Corporation		352,468		199,874
Rathbone Brothers		6,015		202,512
Ratos AB Class B		21,869		177,255
Raymond James Financial Incorporated		80,907		4,420,758
RHJ International †		1,117		5,695
Richemont SA †		1,457		33,809
Samsung Securities Company Limited		13,029		636,705
SBI Holdings Incorporated		42,516		503,433
Schroders plc		11,497		464,953
Schroders plc (Non-Voting)		4,395		140,820
Stifel Financial Corporation †		130,152		6,231,678
T. Rowe Price Group Incorporated		56,900		4,608,616
TD Ameritrade Holding Corporation		161,500		5,347,265
Tokai Tokyo Securities Company Limited		40,900		298,755
Tong Yang Investment Bank †		7,124		21,183
Tullett Prebon plc		11,401		51,199
UBS AG		326,047		5,845,797
UOB-Kay Hian Holdings Limited		51,126		66,514
Value Partners Group Limited		67,000		51,784
Verwaltungs-und Privat-Bank AG		62		5,065
Virtus Investment Partners Incorporated		1		224
Vontobel Holdings AG		3,142		116,364
Waterland Financial Holdings		680,774		207,941
Woori Investment & Securities Company Limited		32,427		378,973
				156,340,810
Consumer Finance: 0.28%
ACOM Company Limited †		93,700		324,206
Aeon Credit Service Company Limited		16,900		392,105
AIFUL Corporation †		54,100		239,185

38 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Consumer Finance (continued)
Capital One Financial Corporation		76,900	$	6,310,414
Credit Saison Company Limited		31,326		622,335
Discover Financial Services		63,326		3,949,643
Hitachi Capital Corporation		8,400		220,889
Hong Leong Singapore Finance Limited		46,000		101,277
International Personal Finance plc		23,636		202,671
J Trust Company Limited		11,400		125,565
Jaccs Company Limited		22,000		128,137
Mahindra & Mahindra Financial Services Limited		51,709		238,008
Navient Corporation		285,000		5,112,900
Orient Corporation †		93,000		214,523
Portfolio Recovery Associates Incorporated †		105,700		6,006,931
Provident Financial plc		12,082		429,039
Samsung Card Company Limited		9,337		448,916
Shriram Transport Finance Company Limited		25,628		381,865
SKS Microfinance Limited †		6,165		30,124
SLM Corporation		285,000		2,525,100
				28,003,833
Diversified Financial Services: 1.08%
Ackermans & Van Haaren NV		2,400		290,404
ASX Limited		5,334		186,764
Ayala Corporation		49,722		798,859
Bajaj Auto Limited		5,564		122,430
BCP Capital SAA		107		178
Berkshire Hathaway Incorporated Class B †		230,000		31,567,500
BM&F Bovespa SA		394,894		2,381,536
Bolsas y Mercados Espanoles		6,793		281,024
Bursa Malaysia Bhd		59,100		151,125
CBOE Holdings Incorporated		54,700		2,900,468
Century Leasing System Incorporated		11,100		328,055
Chailease Holding Company Limited		264,000		713,645
Challenger Financial Services Group Limited		104,111		763,291
Corporation Financiera Alba		1,616		95,933
D.Carnegie & Company AB †(a)		1		0
Deutsche Boerse AG		18,044		1,282,889
ECM Libra Bhd †(a)		46,763		0
Eurazeo		3,492		265,342
Exor SpA		5,847		232,631
Fimalac		158		12,093
First Pacific Company Limited		479,650		558,866
FirstRand Limited		678,070		2,749,469
FNFV Group †		60,985		913,555
Fubon Financial Holding Company Limited		1,830,579		2,988,650
Fuyo General Lease Company Limited		4,100		164,126
Goldin Financial Holdings Limited †		440,000		166,347
Groupe Bruxelles Lambert SA		7,755		762,392
Haci Omer Sabanci Holding AS		194,044		897,728
Hankook Tire Worldwide Company Limited		3,596		77,492

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 39

Security name	Shares		Value
Diversified Financial Services (continued)
Hong Kong Exchanges & Clearing Limited		191,954	$	4,411,198
IBJ Leasing Company Limited		6,500		159,493
IG Group Holdings plc		37,974		382,668
Industrivarden AB Class A		18,200		352,061
Industrivarden AB Class C		13,675		246,529
ING Groep NV †		364,202		5,007,955
IntercontinentalExchange Group Incorporated		68,228		12,895,092
Investor AB Class A		17,400		633,338
Investor AB Class B		40,618		1,505,178
Japan Securities Finance Company Limited		17,700		110,407
Kinnevik Investment AB		21,989		892,239
Leucadia National Corporation		205,711		5,128,375
London Stock Exchange Group plc		15,448		523,948
Lundbergforetagen AB		5,095		221,099
Marfin Investment Group SA †		31,243		16,380
Metro Pacific Investments Corporation		2,050,000		242,145
Mitsubishi UFJ Securities Company Limited		107,100		571,296
MPHB Capital Bhd †		85		71
Onex Corporation		8,400		489,105
ORIX Corporation		256,700		3,873,507
Osaka Securities Exchange Company		52,700		1,250,071
Pargesa Holding SA		2,020		173,495
PHH Corporation †		118,092		2,829,484
Power Finance Corporation Limited		84,672		348,986
Reliance Capital Limited		23,714		206,657
Remgro Limited		125,787		2,871,594
Ricoh Leasing Company Limited		4,800		138,632
RMB Holdings Limited		166,219		872,372
Rural Electrification Corporation Limited		59,789		264,410
Singapore Exchange Limited		152,000		885,921
SNS Reaal NV Ǡ(a)		4,259		0
Sofina SA		2,215		252,390
The NASDAQ OMX Group Incorporated		75,500		3,281,985
TMX Group Limited		2,056		103,282
Voya Financial Incorporated		94,673		3,700,768
Wendel		3,495		421,890
Zenkoku Hosho Company Limited		9,000		240,992
				107,157,805
Insurance: 3.99%
ACE Limited		44,736		4,756,779
Admiral Group plc		19,943		441,997
Aegon NV «		183,011		1,446,651
AFLAC Incorporated		61,300		3,754,012
Ageas NV		24,124		809,718
AIA Group Limited		1,656,400		9,040,680
Aksigorta AS		15,670		20,299
Alleghany Corporation †		10,500		4,526,865
Allianz AG		42,233		7,202,868

40 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Insurance (continued)
Allianz AG ADR		5	$	86
Allied World Assurance Company		66,534		2,461,093
Allstate Corporation		59,827		3,678,762
American Financial Group Incorporated		48,448		2,905,427
American International Group Incorporated		182,500		10,230,950
Amlin plc		48,663		363,465
AMP Limited		528,150		2,900,403
Arch Capital Group Limited †		75,966		4,222,190
Argo Group International Holdings Limited		60,700		3,195,248
Arthur J. Gallagher & Company		103,393		4,883,251
Aspen Insurance Holdings Limited		43,724		1,859,144
Assicurazioni Generali SpA		129,712		2,651,970
Assurant Incorporated		49,399		3,297,383
Assured Guaranty Limited		109,984		2,656,114
Aviva plc		272,831		2,359,820
AXA SA		176,076		4,361,043
Axis Capital Holdings Limited		71,122		3,429,503
Bajaj Finserv		7,957		138,120
Baloise Holding AG		4,595		599,119
BB Seguridade Participacoes SA		163,052		2,603,296
Beazley plc		46,327		193,813
Brown & Brown Incorporated		83,455		2,722,302
Cathay Financial Holding Company Limited		1,861,719		3,176,517
Catlin Group Limited		38,348		327,230
China Life Insurance Company		1,705,000		4,894,968
China Life Insurance Company (Taiwan)		562,519		522,236
China Pacific Insurance Group Company Limited		509,600		1,913,453
Chubb Corporation		31,136		2,862,955
Cincinnati Financial Corporation		98,234		4,724,073
Clal Insurance Enterprise Holdings Limited †		832		15,241
CNO Financial Group Incorporated		461,600		8,239,560
CNP Assurances		18,792		370,747
Dai-Ichi Mutual Life Insurance Company		195,700		2,803,507
Delta Lloyd NV «		13,964		336,411
Direct Line Insurance Group plc		90,632		449,733
Discovery Holdings Limited		85,119		783,258
Dongbu Insurance Company Limited		11,740		708,603
Endurance Specialty Holdings Limited		94,978		5,515,372
Erie Indemnity Company		18,000		1,377,180
Euler Hermes SA		1,281		145,763
Everest Reinsurance Group Limited		31,343		5,135,237
Fairfax Financial Holdings Limited		1,900		875,489
First American Financial Corporation		226,349		6,416,994
FNF Group		182,976		5,180,051
Genworth Financial Incorporated †		316,334		4,488,779
Gjensidige Forsikring ASA		20,511		426,571
Great Eastern Holdings Limited		10,000		184,060
Great-West Lifeco Incorporated «		23,800		696,511
Grupo Catalana Occidente SA		4,581		155,115
Hannover Rueckversicherung AG		5,268		437,533

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 41

Security name	Shares		Value
Insurance (continued)
Harel Insurance Investments & Finances Limited		4,380	$	24,629
HCC Insurance Holdings Incorporated		64,408		3,229,417
Helvetia Holding AG		513		255,089
Hiscox Limited		29,734		320,365
Hyundai Marine & Fire Insurance Company Limited		14,670		450,683
Industrial Alliance Insurance & Financial Services Incorporated «		9,339		403,175
Insurance Australia Group Limited		435,784		2,633,293
Intact Financial Corporation		12,815		871,109
Jardine Lloyd Thompson Group plc		11,879		204,703
Kemper Corporation		102,262		3,717,224
Korea Life Insurance Company Limited		51,670		354,675
Korea Reinsurance Company		11,222		130,598
Lancashire Holdings plc		19,049		198,126
Legal & General Group plc		564,612		2,265,553
Liberty Holdings Limited		27,424		335,734
LIG Insurance Company Limited		12,020		358,603
Lincoln National Corporation		172,260		9,481,190
Loews Corporation		40,300		1,762,722
Manulife Financial Corporation		175,000		3,532,834
Mapfre SA		59,378		222,590
Markel Corporation †		8,299		5,475,680
Marsh & McLennan Companies Incorporated		72,209		3,834,298
MBIA Incorporated †		324,500		3,384,535
Mediolanum SpA		18,175		135,047
Menorah Mivtachim Holdings Limited		1,664		18,807
Mercury General Corporation		81,722		4,186,618
Meritz Fire & Marine Insurance Company Limited		13,130		177,406
MetLife Incorporated		147,126		8,053,677
Migdal Insurance & Financial Holding Limited		10,202		15,512
Mitsui Sumitomo Insurance Group Holdings Incorporated		104,100		2,347,740
MMI Holdings Limited		225,444		581,034
Montpelier Re Holdings Limited		85,624		2,692,875
Muenchener Rueckversicherungs Gesellschaft AG		15,459		3,099,665
New China Life Insurance Company Limited		112,300		400,655
NIB Holdings Limited		69,823		221,066
NKSJ Holdings Incorporated		81,300		1,963,640
Old Mutual plc		360		1,181
Old Mutual plc - London Exchanges		447,204		1,476,685
Old Republic International Corporation		154,885		2,377,485
PartnerRe Limited		30,957		3,457,587
People’s Insurance Company Group of China Limited		1,621,000		677,678
PICC Property & Casualty Company Limited		1,106,822		1,836,599
Ping An Insurance Group Company of China Limited		493,500		4,018,019
Platinum Underwriters Holdings Limited		61,200		3,823,164
Power Corporation of Canada «		32,500		957,693
Power Financial Corporation		24,500		792,031
Powszechny Zaklad Ubezpieczen SA		14,675		2,148,824
Primerica Incorporated		115,294		5,802,747
Principal Financial Group Incorporated		177,000		9,609,330
ProAssurance Corporation		125,798		5,811,868

42 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Insurance (continued)
Protective Life Corporation		167,100	$	11,596,740
Prudential Financial Incorporated		61,062		5,477,261
Prudential plc		223,605		5,382,661
QBE Insurance Group Limited		234,122		2,518,943
Rand Merchant Insurance Holdings Limited		151,190		477,685
Reinsurance Group of America Incorporated		46,539		3,861,806
RenaissanceRe Holdings Limited		28,562		2,924,463
Resolution Limited		129,419		658,960
RLI Corporation		77,924		3,483,203
RSA Insurance Group plc		97,743		743,512
Sampo Oyj		45,762		2,250,628
Samsung Fire & Marine Insurance Company Limited		10,009		2,739,284
Samsung Life Insurance Company		37,845		3,975,041
Sanlam Limited		488,659		3,023,696
Santam Limited		1		21
SCOR SE		17,098		523,456
Selective Insurance Group Incorporated		126,252		3,026,260
Shin Kong Financial Holding Company Limited		1,721,276		561,464
Societa Cattolica di Assicurazione Societa Cooperativa		2,135		46,512
Sony Financial Holdings Incorporated		33,900		542,817
St. James’s Place plc		25,880		308,057
Stancorp Financial Group Incorporated		97,551		6,391,542
Standard Life plc		225,796		1,440,944
Storebrand ASA †		21,988		122,038
Sun Life Financial Incorporated «		57,400		2,134,353
SunCorp-Metway Limited		232,090		3,127,854
Swiss Life Holding		2,683		676,266
Swiss Reinsurance AG		32,594		2,671,639
T&D Holdings Incorporated		131,000		1,624,831
Taiwan Life Insurance Company Limited †		118,227		83,853
The Hanover Insurance Group Incorporated		98,000		6,218,100
The Hartford Financial Services Group Incorporated		292,482		10,836,458
The Progressive Corporation		67,800		1,696,356
The Travelers Companies Incorporated		48,190		4,564,075
Tokio Marine Holdings Incorporated		142,300		4,337,589
Tong Yang Life Insurance Company		13,010		146,273
Topdanmark AS †		12,150		374,858
Torchmark Corporation		89,031		4,856,641
TrygVesta AS		2,183		216,802
Unipol Gruppo Finanziario SpA		365		1,990
UnipolSai SpA		3,026		9,503
UnipolSai SpA RSP		13		3,896
UNUM Group		170,153		6,171,449
Validus Holdings Limited		62,947		2,461,857
W.R. Berkley Corporation		70,712		3,418,925
White Mountain Insurance Group Limited		2,940		1,864,666
Wiener Staedtische Allgemeine Versicherung AG		4,394		212,955
XL Group plc		168,700		5,766,166
Zurich Financial Services AG		13,809		4,166,541
Zurich Insurance Group ADR «		2,122		64,191
				396,792,057

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 43

Security name	Shares		Value
Real Estate Management & Development: 0.96%
Aeon Mall Company Limited		20,800	$	453,204
Africa Israel Investments Limited †		1,061		1,752
Agile Property Holdings Limited		274,000		214,956
Alexander & Baldwin Incorporated		96,149		3,932,494
Altisource Portfolio Solutions SA Ǡ		37,400		3,737,382
AMP NZ Office Trust		145,054		137,103
Argosy Property Trust		133,416		113,828
Ascendas India Trust		83,000		53,493
Asia Food & Properties Limited		85,000		44,234
Atrium European Real Estate Limited		10,857		59,345
Atrium Ljungberg AB		1,011		15,232
Ayala Land Incorporated		1,245,200		942,468
BR Malls Participacoes SA		103,100		1,071,761
Brookfield Asset Management Incorporated «		52,850		2,525,115
Bukit Sembawang Estates Limited		28,000		132,261
Bund Center Investment Limited		85,000		13,951
Buwog AG †		5,071		98,946
C C Land Holdings Limited		511		107
CA Immobilien Anlagen AG		3,951		81,661
Capital & Counties Properties plc		88,920		493,643
CapitaLand Limited		485,500		1,290,469
Castellum AB		18,738		305,631
Cathay Real Estate Development Company Limited		260,000		146,568
Central Pattana PCL		106,000		160,128
Cheung Kong Holdings Limited		251,000		4,576,267
China Overseas Land & Investment Limited		1,002,480		2,819,861
China Resources Land Limited		490,000		1,121,619
China Vanke Company Limited Class H †		80		150
Chinese Estates Holdings Limited		69,696		181,208
City Developments Limited		83,000		666,499
Country Garden Holdings Company Limited		1,648,669		731,792
Daibiru Corporation		10,800		108,057
Daikyo Incorporated		67,000		128,146
Daito Trust Construction Company Limited		15,500		1,916,551
Daiwa House Industry Company Limited		129,000		2,439,401
DB Realty Limited †		11,179		14,803
Deutsche Euroshop AG		4,842		229,228
Deutsche Wohnen AG		24,211		546,213
DLF Limited		85,755		250,566
Dream Unlimited Class A †		3,983		50,039
Echo Investment †		52,305		98,798
Elbit Imaging Limited †		41		162
Emperor International Holdings Limited		200,000		48,258
Evergrande Real Estate Group Limited «		1,557,000		650,922
Fabege AB		13,162		173,064
Far East Consortium		146,146		58,458
Farglory Land Development Company Limited		52,252		72,547
First Capital Realty Incorporated		7,489		133,070
FirstService Corporation		2,138		117,489
Future Mall Management Limited †		504		98

44 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Real Estate Management & Development (continued)
Gagfah SA †		6,247	$	122,303
Gazit Globe Limited		4,376		54,919
Global Logistic Properties Limited		679,000		1,549,297
Goldcrest Company Limited		3,340		68,472
Grainger plc		37,054		127,706
Great Eagle Holdings Limited		68,999		253,737
Greentown China Holdings Limited		122,000		128,453
Guocoland Limited		42,554		71,886
Hang Lung Group Limited		147,000		821,298
Hang Lung Properties Limited		439,000		1,450,107
Heiwa Real Estate Company Limited		10,100		153,764
Heliopolis Housing		1,417		13,030
Henderson Land Development Company Limited		244,736		1,621,563
Highwealth Construction Corporation		207,600		368,104
HKR International Limited		125,600		57,370
Hong Kong Land Holdings Limited		217,000		1,486,450
Housing Development & Infrastructure Limited †		33,352		49,687
Howard Hughes Corporation †		19,223		3,044,347
Huaku Development Company Limited		62,336		150,154
Huang Hsiang Construction Company		39,000		53,561
Hufvudstaden AB		14,497		192,588
Hysan Development Company Limited		117,533		576,287
IGB Corporation Bhd		149,784		136,383
IJM Land Bhd		40,400		42,297
Immoeast AG Interim Shares †(a)		15,082		0
Immofinanz AG		101,423		317,836
Immofinanz AG Interim Shares (a)		19,870		0
IOI Properties Group Bhd †		327,172		255,344
IVG Immobilien AG †(a)		4,150		0
Jones Lang LaSalle Incorporated		27,655		3,694,985
K Wah International Holdings Limited		167,143		109,343
Kabuki-Za Company Limited		2,000		93,806
Kenedix Incorporated †		44,000		196,223
Keppel Land Limited		137,030		380,685
Kerry Properties Limited		145,053		539,032
Kowloon Development Company Limited		45,000		54,406
Kungsleden		18,987		128,767
Land & Houses PCL		456,840		155,903
LEG Immobilien AG		4,572		340,138
Lend Lease Corporation Limited		100,259		1,339,008
Leopalace21 Corporation †		45,200		259,788
Lifestyle Properties Development Limited †		5,975		771
Longfor Properties Company Limited		306,000		390,888
Matsunichi Communication Holdings Limited †		326,000		174,146
Medinet Nasr Housing †		4,144		26,272
Megaworld Corporation		2,758,000		276,433
Midland Holdings Limited †		56,000		27,675
Mitsubishi Estate Company Limited		257,189		5,936,272
Mitsui Fudosan Company Limited		173,000		5,511,990
Mobimo Holding AG		799		164,926

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 45

Security name	Shares		Value
Real Estate Management & Development (continued)
Multiplan Empreendimentos Imobiliarios SA		19,999	$	515,587
New World China Land Limited		526,000		322,385
New World Development Limited		698,238		882,928
Nomura Real Estate Holding Incorporated		24,700		445,595
NTT Urban Development Corporation		20,600		236,006
Palm Hills Developments SAE †		46,809		28,543
Polytec Asset Holdings Limited		100,000		15,226
Prelios SpA †		1,105		661
Prince Housing & Development Corporation		265,310		114,501
PSP Swiss Property AG		3,653		330,264
PT Bumi Serpong Damai Tbk		2,777,000		381,029
PT Lippo Karawaci Terbuka Tbk		4,995,500		456,951
Radium Life Tech Company Limited		81,705		52,346
Realogy Holdings Corporation †		86,606		3,530,927
Relo Holdings Incorporated		2,000		135,903
Robinsons Land Company		372,100		191,171
Ruentex Development Company Limited		178,988		321,562
Savills plc		10,369		110,773
Shimao Property Holding Limited		283,500		624,062
Shoei Company Limited		74,600		846,057
Shree Precoated Steels Limited †		3,781		295
Sino Land Company		650,829		1,150,490
SM Prime Holdings Incorporated		1,536,054		570,031
SOHO China Limited		374,000		305,954
SP Setia Bhd		240,118		262,820
Sumitomo Real Estate Sales Company Limited		4,700		121,876
Sumitomo Realty & Development Company Limited		93,000		3,601,298
Sun Hung Kai Properties Limited		293,284		4,450,319
Sun Hung Kai Properties Limited ADR		3,148		47,503
Swire Pacific Limited Class A		126,000		1,695,705
Swire Pacific Limited Class B		195,000		484,603
Swire Properties Limited		200,183		671,577
Swiss Prime Site AG		5,716		456,383
T M G Holding LLC		108,625		158,607
TA Global Bhd		34,080		4,001
Tian An China Investment		224,097		158,746
TOC Company Limited		13,900		94,319
Tokyo Tatemono Company Limited		83,000		709,981
Tokyu Fudosan Holdings Corporation		101,600		779,247
UEM Land Holdings Bhd		413,675		251,985
United Industrial Corporation Limited		63,596		170,567
United Overseas Land Limited		104,247		529,978
Wharf Holdings Limited		287,500		2,248,050
Wheelock & Company Limited		145,000		759,608
Wheelock Properties (Singapore) Limited		39,000		60,886
Wing Tai Holdings Limited		88,730		132,841
				95,547,545
REITs: 4.59%
Abacus Property Group		38,623		97,394
Activia Properties Incorporated		44		387,794

46 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
REITs (continued)
Advance Residence Investment Corporation		249	$	613,137
AEON REIT Investment Corporation		168		228,478
Alexandria Real Estate Equities Incorporated		46,000		3,636,760
American Capital Agency Corporation		218,400		5,165,160
American Realty Capital Properties Incorporated		1,928,485		25,378,863
American Tower Corporation		87,481		8,625,627
ANF Immobilier SA		45		1,436
Annaly Capital Management Incorporated		615,553		7,325,081
Armour Residential Incorporated		756,625		3,200,524
Ascendas REIT		349,000		656,619
Astro Japan Properties Trust		1,780		7,115
AvalonBay Communities Incorporated		28,100		4,330,210
Befimmo S.C.A. Sicafi		976		78,856
Beni Stabili SpA «		6,222		4,987
BioMed Realty Trust Incorporated		128,186		2,877,776
Blife Investment Corporation		72		332,164
Boardwalk REIT		1,855		117,479
Boston Properties Incorporated		34,489		4,187,654
Brandywine Realty Trust		341,920		5,477,558
British Land Company plc		94,866		1,150,478
Bunnings Warehouse Property Trust		72,500		178,758
Calloway REIT		5,367		131,645
Camden Property Trust		53,200		3,981,488
Canadian Apartment Properties		5,440		119,077
Canadian REIT		4,006		178,212
CapitaCommerical Trust		360,464		490,604
CapitaMall Trust		468,636		750,388
Cathay No.1 REIT		400,000		245,429
CBL & Associates Properties Incorporated		112,568		2,138,792
CDL Hospitality Trusts		121,000		159,841
CFS Retail Property Trust		425,902		855,208
Champion REIT		571,653		261,115
Charter Hall Group		37,593		158,697
Chimera Investment Corporation		726,673		2,405,288
Cofinimmo SA		2,190		270,260
Corio NV		10,249		550,585
Corporate Office Properties Trust		187,600		5,324,088
Cousins Properties Incorporated		7		89
Cromwell Group		275,061		258,178
Crown Castle International Corporation		74,366		5,912,841
CubeSmart REIT		289,600		5,386,560
CYS Investments Incorporated		343,317		3,237,479
DA Office Investment Corporation		41		216,733
Daiwa House REIT Investment Corporation		57		259,128
DCT Industrial Trust Incorporated		679,620		5,402,979
DDR Corporation		190,937		3,478,872
Derwent Valley Holdings plc		8,076		374,200
Dexus Property Group		983,003		1,106,281
DiamondRock Hospitality		429,033		5,714,720
Douglas Emmett Incorporated		284,740		8,135,022

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 47

Security name	Shares		Value
REITs (continued)
Duke Realty Corporation		206,400	$	3,839,040
DuPont Fabros Technology Incorporated		148,600		4,184,576
EastGroup Properties Incorporated		66,575		4,316,723
Emlak Konut GYO AS		469,570		590,900
EPR Properties		109,572		6,235,743
Equity Commonwealth		235,812		6,338,627
Equity Lifestyle Properties Incorporated		172,450		7,879,241
Equity Residential		44,100		2,931,327
Essex Property Trust Incorporated		38,209		7,391,531
Eurocommercial Properties NV		3,156		155,050
Extra Space Storage Incorporated		65,100		3,430,770
Federal Realty Investment Trust		41,001		5,116,105
Federation Centres		271,491		674,467
Fonciere des Regions		3,297		333,571
Fortune REIT		246,000		230,128
Franklin Street Properties Corporation		175,148		2,128,048
Frontier Real Estate Investment Corporation		90		479,216
Fukuoka REIT Corporation		100		191,263
Gecina SA		2,316		327,134
General Growth Properties Incorporated		59,900		1,471,743
Global One Real Estate Investment Corporation		36		106,050
GLP J-REIT		383		458,297
Goodman Group		278,722		1,452,543
Goodman Property Trust		181,257		170,564
GPT Group		304,105		1,133,235
Granite Real Estate Investment Trust		4,243		158,317
Great Portland Estates plc		28,410		309,637
Growthpoint Properties Limited		333,644		788,265
H&R REIT		11,358		241,617
Hammerson plc		65,021		655,764
Hankyu REIT Incorporated		23		136,614
Hatteras Financial Corporation		214,787		4,274,261
HCP Incorporated		65,904		2,855,620
Health Care REIT Incorporated		38,002		2,568,175
Healthcare Realty Trust Incorporated		214,882		5,363,455
Heiwa Real Estate REIT Incorporated		149		127,884
Home Properties Incorporated		123,305		7,918,647
Hospitality Properties Trust		95,921		2,822,955
Host Hotels & Resorts Incorporated		487,100		11,115,622
Hulic REIT Incorporated		121		205,146
Icade SA		3,119		290,030
Ichigo Real Estate Investment Corporation		189		135,694
Industrial & Infrastructure Fund Investment Corporation		32		282,954
ING Office Fund		109,870		376,590
Invesco Mortgage Capital Incorporated		260,800		4,595,296
Japan Excellent Incorporated		231		311,049
Japan Hotel REIT Investment Corporation		503		304,087
Japan Logistics Fund Incorporated		162		372,750
Japan Prime Realty Investment Corporation		149		547,768
Japan Real Estate Investment Corporation		228		1,253,458

48 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
REITs (continued)
Japan Rental Housing Investment Incorporated		139	$	103,270
Japan Retail Fund Investment Corporation «		429		899,686
Kenedix Realty Investment		52		287,875
Kenedix Residential Investment Corporation		43		111,421
Keppel REIT		206,614		206,771
Kilroy Realty Corporation		50,595		3,200,134
Kimco Realty Corporation		273,180		6,416,998
Kiwi Income Property Trust		171,472		171,396
KLCC Property Holdings Bhd		105,300		221,157
Klepierre		9,609		457,683
Land Securities Group plc		74,578		1,339,632
LaSalle Hotel Properties		220,500		8,059,275
Lexington Corporate Properties Trust		429,358		4,671,415
Liberty International plc		84,404		479,222
Liberty Property Trust		91,532		3,242,063
Mack-Cali Realty Corporation		202,308		4,276,791
Macquarie Countrywide Trust		55,434		205,537
Macquarie MEAG Prime REIT		254,000		165,734
Mapletree Logistics Trust		296,631		279,045
Medical Properties Trust Incorporated		358,900		5,056,901
Mercialys SA		3,326		82,378
MFA Mortgage Investments Incorporated		803,443		6,781,059
MID REIT Incorporated		33		79,134
Mid-America Apartment Communities Incorporated		171,455		12,399,626
Mirvac Group		619,201		1,061,186
Mori Hills REIT Corporation		260		376,587
Mori Trust Sogo REIT Incorporated		165		303,374
National Retail Properties Incorporated «		81,254		3,017,774
Nippon Accommodations Fund Incorporated		76		276,111
Nippon Building Fund Incorporated		266		1,480,263
Nippon Prologis REIT Incorporated		290		704,061
Nomura Real Estate Master Fund Incorporated		326		409,517
Nomura Real Estate Office Fund		68		315,018
Nomura Real Estate Residential REIT		25		137,921
Omega Healthcare Investors Incorporated «		80,274		3,023,922
ORIX JREIT Incorporated		355		475,290
Parkway Life REIT		64,000		120,412
Piedmont Office Realty Trust Incorporated «		89,400		1,742,406
Plum Creek Timber Company		120,900		4,912,167
Post Properties Incorporated		120,146		6,610,433
Premier Investment Company		43		189,903
Prologis Incorporated		65,200		2,669,288
Public Storage Incorporated		31,497		5,517,644
Realty Income Corporation «		146,880		6,568,474
Redefine Properties Limited		668,119		598,825
Redwood Trust Incorporated «		179,371		3,474,416
Regency Centers Corporation		58,783		3,358,861
Retail Properties of America Incorporated Class A		118,900		1,880,998
RioCan REIT		14,088		351,001
RLJ Lodging Trust		269,168		8,023,898

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 49

Security name	Shares		Value
REITs (continued)
Scentre Group †		976,543	$	3,128,306
Segro plc		77,485		476,085
Sekisui House SI Investment Corporation		125		131,073
Senior Housing Properties Trust		129,189		3,013,979
Shaftesbury plc		24,082		273,861
Shopping Centres Australasia Property Group		107,532		185,795
SIA REIT Incorporated		14		60,012
Simon Property Group Incorporated		66,886		11,372,627
Sovran Self Storage Incorporated		69,468		5,367,792
Spirit Realty Capital Incorporated		229,200		2,706,852
Starwood Property Trust Incorporated		149,500		3,565,575
Starwood Waypoint Residential Trust †		91,828		2,541,799
Stockland Australia		430,550		1,708,977
Sunstone Hotel Investors Incorporated		386,846		5,636,346
Suntec REIT		384,000		561,066
Tanger Factory Outlet Centers Incorporated		207,800		7,254,298
Taubman Centers Incorporated		39,773		3,029,509
The Link REIT		450,655		2,674,838
The Macerich Company		87,528		5,714,703
Tokyu REIT Incorporated		182		251,891
Top REIT Incorporated		29		133,788
Two Harbors Investment Corporation		775,600		8,314,432
UDR Incorporated		160,900		4,814,128
Unibail-Rodamco SE		8,909		2,392,702
United Urban Investment Corporation		457		737,033
Vastned Retail NV		1,059		51,526
Ventas Incorporated		38,400		2,525,952
Vornado Realty Trust		23,000		2,435,010
Washington Prime Group Incorporated		142,193		2,775,607
Washington Real Estate Investment Trust		145,875		4,052,408
Weingarten Realty Investors		71,900		2,460,418
Wereldhave NV		2,570		236,548
Westfield Corporation		396,483		2,821,651
Weyerhaeuser Company		70,039		2,377,824
WP Carey Incorporated		36,289		2,477,813
Yuexiu Real Estate Investment Trust		325,000		167,741
				456,365,172
Thrifts & Mortgage Finance: 0.34%
Capitol Federal Financial Incorporated		305,315		3,770,640
Genworth Mortgage Insurance Canada Incorporated		2,068		73,225
Home Capital Group Incorporated		4,758		237,265
Housing Development Finance Corporation Limited		359,659		6,368,714
Hudson City Bancorp Incorporated		304,961		3,009,965
MGIC Investment Corporation †		741,000		6,246,630
New York Community Bancorp Incorporated «		282,838		4,511,266
Ocwen Financial Corporation †		72,800		2,034,032
Paragon Group of Companies plc		26,738		153,098
People’s United Financial Incorporated		215,141		3,216,358
Washington Federal Incorporated		214,709		4,669,921
				34,291,114

50 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Health Care: 9.46%
Biotechnology: 1.76%
3-D Matrix Limited †		3,100	$	109,943
Acorda Therapeutics Incorporated †		88,942		2,897,730
Actelion Limited		11,077		1,359,815
Aegerion Pharmaceuticals Incorporated †		53,700		1,640,535
Alexion Pharmaceuticals Incorporated †		42,208		7,145,392
Alnylam Pharmaceuticals Incorporated †		140,200		9,767,734
Arena Pharmaceuticals Incorporated Ǡ		502,400		2,069,888
Ariad Pharmaceuticals Incorporated Ǡ		406,400		2,527,808
Biogen Idec Incorporated †		51,407		17,634,657
BioMarin Pharmaceutical Incorporated †		87,797		6,252,902
Biota Pharmaceuticals Incorporated †		2,053		4,722
Celgene Corporation †		173,324		16,469,246
Cepheid Incorporated †		147,654		5,910,590
CK Life Sciences International Holdings Incorporated		702,000		73,370
CSL Limited		92,150		6,357,511
Cubist Pharmaceuticals Incorporated †		41,200		2,844,036
Gilead Sciences Incorporated †		334,400		35,974,752
Green Cross Corporation		1,207		141,657
Grifols SA		14,254		663,570
Grifols SA Class B		11,206		443,049
Incyte Corporation †		344,900		18,693,580
Japan Tissue Engineering Company Limited †		3,200		52,593
Medigen Biotechnology Corporation †		29,000		134,859
Medivation Incorporated †		47,000		4,289,220
Mesoblast Limited Ǡ		31,890		149,812
Myriad Genetics Incorporated Ǡ		161,300		5,837,447
NanoCarrier Company Limited Ǡ		6,400		80,273
Nicox SA †		1,380		4,053
PDL BioPharma Incorporated «		321,068		3,239,576
Pharmacyclics Incorporated †		40,200		5,000,478
Regeneron Pharmaceuticals Incorporated †		17,813		6,243,813
Savient Pharmaceuticals Incorporated †(a)		2,670		0
Seattle Genetics Incorporated †		69,100		3,041,091
Takara Bio Incorporated		6,300		91,916
United Therapeutics Corporation †		28,605		3,370,527
Valneva SE Ǡ		847		5,448
Vertex Pharmaceuticals Incorporated †		51,538		4,822,411
				175,346,004
Health Care Equipment & Supplies: 1.30%
Abbott Laboratories		196,294		8,291,459
Alere Incorporated †		172,264		6,106,759
Align Technology Incorporated †		43,800		2,385,348
Ansell Limited		26,015		483,505
ASAHI INTECC Company Limited		4,600		214,869
Baxter International Incorporated		70,500		5,286,090
bioMerieux SA		1,765		185,066
Biosensors International Group Limited †		247,000		145,346

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 51

Security name	Shares		Value
Health Care Equipment & Supplies (continued)
Boston Scientific Corporation †		865,600	$	10,975,808
C.R. Bard Incorporated		46,194		6,857,037
CareFusion Corporation †		139,658		6,411,699
Cochlear Limited		10,052		681,104
Coloplast Class B		10,575		877,877
Cooper Companies Incorporated		30,508		4,973,719
DiaSorin SpA		1,623		63,998
Edwards Lifesciences Corporation †		64,891		6,441,081
Elekta AB Class B «		35,308		402,373
Essilor International SA Cie Generale d’Optique		19,946		2,115,513
Fisher & Paykel Healthcare Corporation		88,571		379,316
Fukuda Denshi Company Limited		2,200		131,097
Getinge AB		18,499		483,567
GN Store Nord		17,550		399,054
Golden Meditech Holdings Limited		31,610		5,588
Haemonetics Corporation †		112,392		4,011,270
Hogy Medical Company Limited		2,000		112,067
IDEXX Laboratories Incorporated †		32,737		4,058,406
Intuitive Surgical Incorporated †		8,342		3,920,823
Mindray Medical International Limited ADR «		21,696		677,783
Nagaileben Company Limited		8,000		155,779
Nakanishi Incorporated		6,500		260,200
Nihon Kohden Corporation		8,300		459,493
Nikkiso Company Limited		14,000		166,044
Nipro Corporation «		22,400		197,638
Nobel Biocare Holding AG		14,841		269,969
Olympus Corporation †		56,500		2,017,372
Olympus Corporation ADR Ǡ		3,365		119,558
Paramount Bed Holdings Company Limited		3,500		107,814
Phonak Holding AG		4,488		717,650
ResMed Incorporated «		89,051		4,724,156
Sirona Dental Systems Incorporated †		126,581		10,317,617
Smith & Nephew plc		83,542		1,446,561
St. Jude Medical Incorporated		38,400		2,518,656
St. Shine Optical Company Limited		12,000		248,106
Straumann Holding AG		989		242,066
Teleflex Incorporated		94,531		10,349,254
Terumo Corporation		70,600		1,776,451
Thoratec Corporation †		117,130		2,928,250
TOA Medical Electronics Company		32,500		1,257,268
Top Glove Corporation Bhd		104,900		159,413
Varian Medical Systems Incorporated †		62,676		5,328,714
West Pharmaceutical Services Incorporated		152,266		6,612,912
William Demant Holding AS †		3,503		270,655
				129,729,218
Health Care Providers & Services: 1.93%
Aetna Incorporated		43,477		3,570,766
Alfresa Holdings Corporation		10,400		617,733

52 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Health Care Providers & Services (continued)
AmerisourceBergen Corporation		140,000	$	10,834,600
AS ONE Corporation		2,400		78,889
Bangkok Chain Hospital PCL		87		27
Bangkok Dusit Medical Services PCL Class F		644,000		393,175
Brookdale Senior Living Incorporated †		346,600		12,113,670
Bumrungrad Hospital PCL		28,900		122,151
Cardinal Health Incorporated		44,900		3,309,130
Catamaran Corporation – Canada Exchange †		19,135		901,578
Celesio AG		9,643		327,530
Centene Corporation †		128,832		10,065,644
Chemed Corporation «		38,351		4,050,249
Community Health Systems Incorporated †		74,796		4,059,927
DaVita HealthCare Partners Incorporated †		104,684		7,817,801
Express Scripts Holding Company †		166,719		12,325,536
Fresenius Medical Care AG & Company KGaA		19,133		1,349,253
Fresenius SE & Company KGaA		36,249		1,768,479
HCA Holdings Incorporated †		40,218		2,808,021
Health Net Incorporated †		165,200		7,797,440
Henry Schein Incorporated †		50,882		6,090,067
Humana Incorporated		101,069		13,011,623
IHH Healthcare Bhd		615,700		953,241
Laboratory Corporation of America Holdings †		51,871		5,562,127
Life Healthcare Group Holdings Limited		235,988		990,746
LifePoint Hospitals Incorporated †		94,197		7,045,936
Magellan Health Services Incorporated †		55,057		3,075,484
McKesson Corporation		49,500		9,653,985
Medi-Clinic Corporation		66,427		575,945
Mediceo Paltac Holdings Company Limited		38,000		491,595
MEDNAX Incorporated †		63,056		3,609,956
Message Company Limited		2,200		77,495
Miraca Holdings Incorporated		11,100		516,354
Network Healthcare Holdings Limited		257,207		778,885
Nichii Gakkan Company		7,200		60,551
Orpea		3,644		240,311
Owens & Minor Incorporated		138,900		4,778,160
Patterson Companies Incorporated		53,700		2,162,499
Pharmaniaga Bhd		7,405		11,253
Primary Health Care Limited		90,392		381,586
Ramsay Health Care Limited		24,522		1,190,005
Rhoen Klinikum AG		9,680		302,967
Ryman Healthcare Limited		72,433		488,328
Ship Healthcare Holdings Incorporated		6,600		210,601
Sigma Pharmaceuticals Limited		257,710		198,568
Sonic Healthcare Limited		69,727		1,148,093
Suzuken Company Limited		16,200		539,507
Team Health Holdings Incorporated †		153,400		8,976,968
Tenet Healthcare Corporation †		63,300		3,872,694
Toho Pharmaceutical		12,300		238,091
TOKAI Corporation		2,600		81,590
United Drug plc		34,039		192,134

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 53

Security name	Shares		Value
Health Care Providers & Services (continued)
UnitedHealth Group Incorporated		128,100	$	11,103,708
VCA Antech Incorporated †		194,000		7,905,500
Vital KSK Holdings Incorporated		9,000		79,321
WellCare Health Plans Incorporated †		95,600		6,296,216
WellPoint Incorporated		36,300		4,229,313
				191,433,002
Health Care Technology: 0.22%
AGFA-Gevaert NV Strip VVPR †(a)		2,275		0
Allscripts Healthcare Solutions Incorporated †		338,400		4,999,860
athenahealth Incorporated †		22,963		3,316,776
Cerner Corporation †		66,724		3,847,306
HMS Holdings Corporation †		192,979		4,411,500
M3 Incorporated		28,600		500,009
Medidata Solutions Incorporated †		106,800		4,970,472
				22,045,923
Life Sciences Tools & Services: 0.70%
Bio-Rad Laboratories Incorporated Class A †		44,567		5,359,627
Covance Incorporated †		34,837		2,887,987
Divi’s Laboratories Limited		12,947		333,863
Gerresheimer AG		3,694		266,955
Illumina Incorporated †		78,757		14,125,856
Lonza Group AG		5,820		666,284
Mettler-Toledo International Incorporated †		17,560		4,749,629
Parexel International Corporation †		125,100		7,060,644
PerkinElmer Incorporated		246,600		11,060,010
QIAGEN NV †		22,655		548,616
Tecan Group AG		803		90,092
TECHNE Corporation		72,296		6,905,714
Thermo Fisher Scientific Incorporated		85,800		10,314,018
Waters Corporation †		50,465		5,219,595
				69,588,890
Pharmaceuticals: 3.55%
AbbVie Incorporated		208,075		11,502,386
Actavis plc †		57,094		12,959,196
Alapis Holding Industrial & Commercial SA of Pharmaceutical Chemical Products †(a)		1,231		0
Allergan Incorporated		67,204		10,999,951
Almirall SA †		1,080		16,929
Aspen Pharmacare Holdings Limited		82,217		2,355,994
Astellas Pharma Incorporated		422,500		6,082,993
AstraZeneca plc		113,048		8,571,195
Bayer AG		74,876		10,040,017
Bristol-Myers Squibb Company		215,777		10,929,105
BTG plc †		29,198		310,470
Cadila Healthcare Limited		9,434		186,612
Cardiome Pharma Corporation †		781		5,294
Celltrion Incorporated Ǡ		17,606		723,201

54 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Pharmaceuticals (continued)
Chugai Pharmaceutical Company Limited		41,100	$	1,301,595
Cipla Limited India		66,901		566,917
Daiichi Sankyo Company Limited		131,800		2,328,304
Dainippon Sumitomo Pharma Company Limited		32,900		446,804
Dong-A ST Company Limited		1,090		108,038
Dr. Reddys Laboratories Limited		17,225		836,809
Eisai Company Limited		52,800		2,205,223
Eli Lilly & Company		131,400		8,351,784
Fuso Pharmaceutical Industries Limited		16,000		48,748
Galenica AG		419		397,070
GlaxoSmithKline Pharmaceuticals Limited		4,235		173,689
GlaxoSmithKline plc		444,758		10,887,196
Glenmark Pharmaceuticals Limited		35,144		415,207
Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited		58,000		202,063
H. Lundbeck AS		7,172		150,806
Haw Par Corporation Limited		27,500		188,023
Hikma Pharmaceuticals plc		10,618		304,427
Hisamitsu Pharmaceutical Company Incorporated		15,000		595,415
Hua Han Bio-Pharmaceutical Holdings Limited		2,771		880
Ipsen		2,572		122,861
Jazz Pharmaceuticals plc †		31,190		5,081,475
Johnson & Johnson		361,776		37,527,024
Kaken Pharmaceutical Company Limited		17,000		428,247
Kissei Pharmaceutical Company Limited		7,200		179,991
Kyorin Company Limited		14,000		314,191
Kyowa Hakko Kogyo Company Limited		51,000		691,143
Lupin Limited		30,584		647,869
Mallinckrodt plc †		245,073		19,971,007
Meda AB Class A		25,008		336,517
Merck & Company Incorporated		372,358		22,382,439
Merck KGaA		12,492		1,087,090
Mochida Pharmaceutical Company Limited		3,000		206,161
Mylan Laboratories Incorporated †		244,500		11,882,700
Nektar Therapeutics †		266,600		3,801,716
Nichi-Iko Pharmaceutical Company Limited		10,000		155,606
Nicholas Piramal India Limited		18,361		208,528
Nippon Shinyaku Company Limited		12,000		381,181
Novartis AG		238,838		21,424,007
Novo Nordisk AS Class B		179,836		8,216,325
Ono Pharmaceutical Company Limited		20,400		1,819,520
Orion Oyj Class A		3,628		140,579
Orion Oyj Class B		8,702		341,305
Otsuka Holdings Company Limited		101,500		3,689,490
Perrigo Company plc		79,714		11,856,660
Pfizer Incorporated		813,155		23,898,625
Pharmaxis Limited †		22,924		1,135
PT Kalbe Farma Tbk		4,452,500		631,857
Ranbaxy Laboratories Limited †		34,908		368,582
Recordati SpA		6,569		107,029
Roche Holding AG		2,539		723,907

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 55

Security name	Shares		Value
Pharmaceuticals (continued)
Roche Holding AG Genusschein		61,846	$	18,034,066
Rohto Pharmaceutical Company Limited		21,000		297,304
Salix Pharmaceuticals Limited †		38,333		6,099,164
Sanofi ADR		9,844		538,467
Sanofi-Aventis SA		110,160		12,086,185
Santen Pharmaceutical Company Limited		15,600		899,611
Sawai Pharmaceutical Company Limited		6,700		381,864
Seikagaku Corporation		7,900		143,961
Shionogi & Company Limited		60,700		1,429,333
Shire Limited plc		53,872		4,402,916
Sihuan Pharmaceutical Holdings Group limited		1,126,000		754,052
Sosei Group Corporation †		2,300		99,918
Stada Arzneimittel AG		5,207		207,784
Sun Pharmaceutical Industries Limited		193,872		2,732,515
Taisho Pharmaceutical Holding Company Limited		12,000		909,991
Takeda Pharmaceutical Company Limited		135,800		6,199,721
Tanabe Seiyaku Company Limited		46,800		716,090
Teva Pharmaceutical Industries Limited		90,328		4,705,294
The United Laboratories International Holdings Limited †		500		385
Towa Pharmaceutical Company Limited		1,900		77,428
Tsumura & Company		13,600		347,565
UCB SA		9,628		932,357
Valeant Pharmaceuticals International Incorporated †		30,257		3,544,686
Yuhan Corporation		1,877		320,253
Zeria Pharmaceutical Company Limited		9,000		220,059
Zoetis Incorporated		114,461		4,056,498
				352,954,575
Industrials: 12.79%
Aerospace & Defense: 1.58%
Airbus Group NV		44,600		2,742,874
B/E Aerospace Incorporated †		58,400		4,948,816
BAE Systems plc		307,386		2,271,377
Bharat Electronics Limited		2,301		77,994
Bombardier Incorporated Class B		143,159		481,893
CAE Incorporated		24,800		306,550
Chemring Group plc		8,445		32,141
Cobham plc		107,360		529,533
Curtiss-Wright Corporation		105,000		7,543,200
DigitalGlobe Incorporated †		149,700		4,546,389
Elbit Systems Limited		1,785		106,216
Embraer SA		156,200		1,521,877
Esterline Technologies Corporation †		68,860		8,072,458
Exelis Incorporated		389,639		6,697,894
Finmeccanica SpA †		34,904		326,538
General Dynamics Corporation		44,226		5,450,855
HEICO Corporation		119,725		6,202,952
Hexcel Corporation †		211,400		8,707,566
Huntington Ingalls Industries Incorporated		107,068		10,932,713

56 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Aerospace & Defense (continued)
L-3 Communications Holdings Incorporated		57,700	$	6,344,115
Lockheed Martin Corporation		35,400		6,159,600
MacDonald Dettwiler & Associates Limited		2,966		226,467
Meggitt plc		76,370		597,921
MTU Aero Engines AG		4,407		384,494
Northrop Grumman Corporation		28,351		3,606,814
Precision Castparts Corporation		32,696		7,979,786
QinetiQ plc		51,946		186,792
Raytheon Company		42,000		4,046,280
Rockwell Collins Incorporated		87,000		6,697,260
Rolls-Royce Holdings plc		181,553		3,077,348
Saab AB		5,318		143,426
Safran SA		31,081		2,037,247
Singapore Technologies Engineering Limited		264,000		773,580
Spirit AeroSystems Holdings Incorporated †		229,000		8,782,150
Teledyne Technologies Incorporated †		82,254		7,984,396
Thales SA		9,751		544,460
TransDigm Group Incorporated		30,740		5,778,813
Ultra Electronics Holdings		5,405		160,170
United Technologies Corporation		182,959		19,755,913
Zodiac Aerospace SA		17,330		565,284
				157,332,152
Air Freight & Logistics: 0.48%
Bollore Investissement		945		596,008
C.H. Robinson Worldwide Incorporated		92,323		6,301,968
Deutsche Post AG		84,258		2,755,038
FedEx Corporation		62,700		9,272,076
Forward Air Corporation		65,900		3,050,511
Freightways Limited		37,588		162,233
Glovis Company Limited		5,038		1,503,028
Hub Group Incorporated Class A †		70,701		3,074,786
Kerry Logistics Network Limited		72,526		119,784
Kintetsu World Express Incorporated		4,600		182,815
Mainfreight Limited		9,747		123,353
Mitsui-Soko Company Limited		20,000		83,618
Oesterreichische Post AG		4,954		231,927
Panalpina Welttransport Holdings AG		1,522		216,019
PostNL †		25,238		126,378
Royal Mail plc		51,790		383,811
Singapore Post Limited		260,000		359,073
The Shibusawa Warehouse Company Limited		12,000		40,713
TNT Express NV «		40,089		299,615
Toll Holdings Limited		126,473		705,173
United Parcel Service Incorporated Class B		152,400		14,833,092
UTI Worldwide Incorporated †		205,007		1,881,964
Yamato Holdings Company Limited		81,500		1,683,735
				47,986,718

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 57

Security name	Shares		Value
Airlines: 1.08%
Air China		534,000	$	330,733
Air France-KLM Ǡ		16,025		167,648
Airasia Bhd		365,000		279,077
Alaska Air Group Incorporated		86,196		3,994,323
All Nippon Airways Company Limited		215,000		522,596
American Airlines Group Incorporated		1,517,222		59,035,108
Asiana Airlines †		21,610		102,834
Cathay Pacific Airways Limited		167,000		310,295
China Airlines †		594,775		198,985
Chorus Aviation Incorporated		63		269
Delta Air Lines Incorporated		190,000		7,520,200
Deutsche Lufthansa AG		24,014		415,713
easyJet plc		22,179		491,553
Eva Airways Corporation †		355,165		178,233
International Consolidated Airlines – United Kingdom Exchange †		72,922		437,274
Japan Airlines Company Limited		11,700		657,840
JetBlue Airways Corporation †		479,400		5,863,062
Korean Air Lines Company Limited		6,337		227,806
LAN Airlines SA †		79,059		983,724
Malaysian Airline System Bhd †		230,670		18,296
Qantas Airways Limited †		203,671		279,621
Ryanair Holdings plc ADR †		16,200		889,380
Singapore Airlines Limited		90,200		729,370
Spirit Airlines Incorporated †		166,301		11,705,927
Thai Airways International PCL †		76,300		36,311
Turk Hava Yollari Anonim Ortakligi †		148,808		471,587
United Continental Holdings Incorporated †		229,000		10,902,690
Virgin Australia International Holdings (a)		177,317		0
WestJet Airlines Limited		11,787		318,714
				107,069,169
Building Products: 0.55%
A.O. Smith Corporation		162,700		7,985,316
Aica Kogyo Company Limited		12,200		291,501
Asahi Glass Company Limited		228,000		1,234,612
Assa Abloy AB Class B		30,983		1,565,275
Bunka Shutter Company Limited		12,000		107,838
Central Glass Company Limited		41,000		152,501
Compagnie de Saint-Gobain		44,812		2,274,562
Daikin Industries Limited		57,400		3,955,577
Fortune Brands Home & Security Incorporated		103,497		4,472,105
Geberit AG		3,718		1,261,540
GWA International Limited		48,362		137,761
JS Group Corporation		55,900		1,236,790
KCC Corporation		1,527		1,028,592
Kingspan Group plc		16,453		286,336
Lennox International Incorporated		96,758		8,104,450
Masco Corporation		232,000		5,445,040
Nibe Industrier AB Class B		13,413		370,384

58 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Building Products (continued)
Nichias Corporation		22,000	$	146,744
NICHIHA Corporation		5,800		59,424
Nippon Sheet Glass Company Limited †		171,000		203,796
Nitto Boseki Company Limited		38,000		157,413
Noritz Corporation		8,300		142,714
Okabe Company Limited		8,500		101,711
Owens Corning Incorporated		69,000		2,484,000
Rockwool International AS Class A		500		78,939
Rockwool International AS Class B		400		62,869
Sankyo Tateyama Incorporated		4,600		88,865
Sanwa Shutter Corporation		45,000		329,136
Sekisui Jushi Corporation		6,000		82,291
Simpson Manufacturing Company Incorporated		91,100		2,944,352
Taiwan Glass Industrial Corporation		343,581		296,562
Takara Standard Company Limited		24,000		212,216
Takasago Thermal Engineering Company		13,300		167,712
TOTO Limited		64,000		778,125
Trakya Cam Sanayi AS		32,517		39,866
Uponor Oyj		2,800		43,082
USG Corporation †		224,800		6,512,456
Wienerberger AG		10,742		160,622
				55,003,075
Commercial Services & Supplies: 1.06%
ABM Industries Incorporated		115,674		3,076,928
Aeon Delight Company Limited		3,500		85,881
Aggreko plc		24,032		679,042
Babcock International Group plc		46,368		862,922
Bilfinger Berger AG		4,408		335,235
Brady Corporation Class A		104,500		2,781,790
Brambles Limited		322,483		2,861,239
Brink’s Company		104,900		2,872,162
Cabcharge Australia Limited		26,928		135,807
Cintas Corporation		66,800		4,418,152
Civeo Corporation		151,900		3,859,779
Clean Harbors Incorporated †		118,604		7,180,286
Copart Incorporated †		66,290		2,282,365
Covanta Holding Corporation		85,300		1,790,447
Dai Nippon Printing Company Limited		124,000		1,300,841
Daiseki Company Limited		6,700		120,033
Davis Service Group plc		15,297		270,968
De La Rue plc		11,470		135,388
Deluxe Corporation		111,438		6,636,133
Downer EDI Limited		82,141		373,605
Duskin Company Limited		11,300		200,488
East Asiatic Company Limited AS		250		2,470
Edenred		14,182		420,579
G4S plc		126,965		558,570
Herman Miller Incorporated		134,100		3,985,452

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 59

Security name	Shares		Value
Commercial Services & Supplies (continued)
HNI Corporation		98,700	$	3,741,717
HomeServe plc		13,090		70,127
Intrum Justitia AB		10,031		311,009
Itoki Corporation		1,000		6,574
K-Green Trust		25,027		21,039
Kaba Holding		280		137,629
Kar Auction Services Incorporated		90,400		2,726,464
KEPCO Plant Service & Engineering Company Limited		3,274		252,504
Kokuyo Company Limited		21,900		174,703
Kyodo Printing Company Limited		6,000		22,144
Loomis AB		8,827		261,428
Matsuda Sangyo Company Limited		1,800		22,075
Mineral Resources Limited		30,606		303,853
Mitie Group plc		40,984		214,869
Mitsubishi Pencil Company Limited		5,700		180,513
Moshi Moshi Hotline Incorporated		8,300		81,927
Msa Safety Incorporated		68,500		3,792,160
Nippon Kanzai Company Limited		500		13,624
Nissha Printing Company Limited		7,200		93,421
Okamura Corporation		20,000		163,391
Oyo Corporation		3,900		69,982
Park24 Company Limited		21,100		367,062
Pilot Corporation		2,900		158,874
Pitney Bowes Incorporated		130,200		3,523,212
PMP Limited †		14,400		6,321
Progressive Waste Solutions Limited		12,017		310,676
Prosegur Compania de Seguridad SA		26,730		181,229
Recall Holdings Limited †		54,476		242,687
Regus plc		55,194		158,337
Rentokil Initial plc		173,799		365,859
Republic Services Incorporated		176,400		6,937,812
Ritchie Bros Auctioneers Incorporated		6,229		147,977
RR Donnelley & Sons Company		431,800		7,629,906
S1 Corporation Incorporated (Korea)		5,118		373,521
Salmat Limited		5,981		9,552
Sato Corporation «		7,500		216,253
Secom Company Limited		42,000		2,566,947
Securitas AB		25,461		278,134
Serco Group plc		48,699		250,951
Shanks Group plc		6,285		11,034
Societe BIC SA		2,766		375,795
Sohgo Security Services Company Limited		15,700		390,519
Stericycle Incorporated †		50,831		6,041,264
Taiwan Secom Company Limited		64,960		184,510
Tetra Tech Incorporated		141,900		3,618,450
Tomra Systems ASA		7,776		65,553
Toppan Forms Company Limited		6,500		65,659
Toppan Printing Company Limited		124,000		910,529
Transcontinental Incorporated Class A		3,424		47,583
Transpacific Industries Group Limited		162,245		136,376

60 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Commercial Services & Supplies (continued)
Uchida Yoko Company Limited		2,000	$	8,554
United Stationers Incorporated		83,500		3,394,275
Waste Connections Incorporated		76,948		3,775,069
Waste Management Incorporated		52,253		2,454,323
				105,092,518
Construction & Engineering: 0.52%
Abengoa SA		2,071		12,463
Actividades de Construccion y Servicios SA		16,825		708,647
Aecon Group Incorporated		8,690		132,352
Arcadis NV		6,603		218,115
Ausenco Limited		9,573		5,096
Balfour Beatty plc		61,174		246,786
Boart Longyear Group Limited Ǡ		89,116		13,317
Bouygues SA		16,988		623,558
Budimex SA		489		18,626
Cardno Limited «		35,271		216,754
Carillion plc		47,881		267,562
Chicago Bridge & Iron Company NV		63,800		4,046,196
China Communications Construction Company Limited		1,015,779		740,531
China Railway Construction Corporation Limited		450,500		431,315
China Railway Group Limited Class H		1,000,000		517,416
China State Construction International Holdings Limited		438,000		706,447
Chiyoda Corporation		33,000		360,940
Chudenko Corporation		6,500		104,392
Cintra Concesiones de Infraestructuras de Transporte SA		39,046		794,707
Comsys Holdings Corporation		25,400		484,833
CTCI Corporation		123,000		220,154
Daelim Industrial Company Limited		6,425		553,819
Daewoo Engineering & Construction Company Limited †		31,654		265,982
Dialog Group Bhd		784,124		430,373
Doosan Heavy Industries & Construction Company Limited		13,384		380,816
Eiffage SA		4,842		313,654
EMCOR Group Incorporated		147,732		6,382,022
Flsmidth & Company AS «		5,428		289,837
Fluor Corporation		96,900		7,159,941
Gamuda Bhd		314,200		481,468
GS Engineering & Construction Corporation †		11,855		430,846
Henderson Investments Limited		18,000		1,533
Hibiya Engineering Limited		6,000		93,363
HKC Holdings Limited †		217,196		5,829
Hochtief AG		4,214		333,105
Housing & Construction Holdings Limited		10,493		24,641
Hyundai Development Company		13,643		554,358
Hyundai Engineering & Construction Company Limited		17,322		1,091,647
IJM Corporation Bhd		221,620		457,021
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV †		189,001		586,800
Imtech NV Ǡ		48,710		24,577
Interchina Holdings Company †		960,000		47,071

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 61

Security name	Shares		Value
Construction & Engineering (continued)
Interserve plc		12,112	$	133,113
Italian-Thai Development PCL †		95,501		15,847
JGC Corporation		50,000		1,446,970
Kajima Corporation		191,000		976,616
Kandenko Company Limited		21,000		113,028
KBR Incorporated		94,800		2,087,496
KEPCO Engineering & Construction Company Incorporated		1,785		105,627
Kinden Corporation		32,000		343,236
Koninklijke Bam Groep NV «		28,776		68,021
Koninklijke Boskalis Westminster NV		7,449		428,649
Kumho Industrial Company Limited †		9		98
Kyowa Exeo Corporation		21,600		294,588
Lanco Infratech Limited †		198,580		27,490
Larsen & Toubro Limited		42,205		1,061,733
Larsen & Toubro Limited GDR		8,011		201,397
Leighton Holdings Limited		17,730		371,583
Macmahon Holdings Limited †		139,645		15,651
Maeda Corporation		31,000		282,753
Maeda Road Construction Company Limited		12,000		202,182
Malaysia Marine & Heavy Engineering		135,600		141,107
Malaysian Resources Corporation Bhd		50		27
Mirait Holdings Corporation		11,700		133,255
Monadelphous Group Limited «		18,415		269,332
NCC AB		8,600		274,147
Nippo Corporation		8,000		157,163
Nippon Densetsu Kogyo Company Limited		8,000		133,942
Nippon Koei Company Limited		15,000		68,192
Nishimatsu Construction Company Limited		77,000		410,736
Obayashi Corporation		141,000		1,076,015
Obrascon Huarte Lain SA		3,542		129,637
Okumura Corporation		38,000		222,058
Outotec Oyj «		15,988		144,216
Peab AB		21,523		153,972
Penta-Ocean Construction Company Limited		55,000		201,932
Polimex Mostostal SA †		86,564		2,162
Power Line Engineering PCL (a)		244,400		14,768
Punj Lloyd Limited †		22,537		13,649
PYI Corporation Limited		111,318		2,614
Samsung Engineering Company Limited †		7,013		441,965
Sanki Engineering Company Limited		10,000		76,025
Shimizu Corporation		138,000		1,140,660
Sho-Bond Holdings Company Limited		4,700		195,146
Sino Thai Engineering & Construction PCL		374,529		299,013
Skanska AB		34,816		720,305
SNC-Lavalin Group Incorporated		14,400		737,416
Socam Development Limited †		63		58
Sumitomo Mitsui Construction Company Limited †		150,200		183,338
Taikisha Limited		8,000		189,687
Taisei Corporation		216,000		1,287,135
Tekfen Holding AS †		41,044		103,108
Toa Corporation		31,000		57,504
Toda Corporation		49,000		258,081

62 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Construction & Engineering (continued)
Tokyo Energy & Systems Incorporated		1,000	$	6,795
Tokyu Construction Company Limited		80		411
Toshiba Plant Systems & Services Corporation		6,000		101,437
Totetsu Kogyo Company Limited		5,900		146,189
Toyo Engineering Corporation		28,000		135,365
United Construction Group Limited		30,880		187,462
United Engineers Limited		59,000		134,622
Vinci SA		43,394		2,836,623
YIT Oyj		11,040		101,397
Yokogawa Bridge Holdings Corporation		8,000		117,103
				51,960,757
Electrical Equipment: 1.08%
ABB Limited		205,224		4,656,409
ABB Limited (India)		14,757		239,704
Acuity Brands Incorporated		95,722		11,858,041
Alstom SA †		20,310		718,796
AMETEK Incorporated		145,168		7,685,194
Bharat Heavy Electricals limited		122,363		485,782
Cosel Company Limited		4,900		62,401
Daihen Corporation		18,000		72,661
Denyo Company Limited		3,200		46,103
Eaton Corporation plc		61,537		4,295,898
Elswedy Cables Holding Company †		9,692		50,561
Emerson Electric Company		87,200		5,582,544
EnerSys		100,700		6,474,003
FDG Electric Vehicles Limited †		1,480,000		105,032
Fuji Electric Holdings Company Limited		123,000		594,637
Fujikura Limited		69,000		337,556
Furukawa Electric Company Limited		135,000		290,643
Futaba Corporation		6,900		106,241
Gamesa Corporation Tecnologica SA †		8,248		103,758
Generac Holdings Incorporated Ǡ		145,600		6,773,312
General Cable Corporation		112,400		2,413,228
GS Yuasa Corporation		79,000		475,314
Hubbell Incorporated Class B		33,700		4,074,330
Johnson Electric Holdings Limited		54,750		213,700
Legrand SA		23,684		1,309,201
LS Cable Limited		7,178		495,547
LS Industrial Systems Company Limited		3,641		224,791
Mabuchi Motor Company Limited		5,800		492,787
Mitsubishi Electric Corporation		397,000		4,967,985
NIDEC Corporation		50,000		3,187,563
Nippon Carbon Company Limited		11,000		19,453
Nitto Kogyo Corporation		9,700		200,349
Nordex AG †		816		14,743
Ormat Industries		3,095		22,893
Osram Licht AG †		7,623		318,717
Polypore International Incorporated †		92,900		4,164,707
Prysmian SpA		18,370		373,162

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 63

Security name	Shares		Value
Electrical Equipment (continued)
RegalBeloit Corporation		98,971	$	7,033,869
Rockwell Automation Incorporated		82,200		9,585,342
Roper Industries Incorporated		58,945		8,874,759
Sanyo Denki Company Limited		6,000		50,171
Schneider Electric Infrastructure Limited †		5,981		13,247
Schneider Electric SA		52,663		4,450,722
Schneider Electric SA – London Exchanges		1,614		136,404
SGL Carbon AG †		3,056		89,444
Shihlin Electric		118,000		162,252
Sumitomo Electric Industries Limited		155,400		2,274,729
Suzlon Energy Limited †		89,769		31,881
TECO Electric & Machinery Company Limited		303,000		381,151
Ushio Incorporated		25,200		281,924
Vestas Wind Systems AS †		15,405		648,386
Walsin Lihwa Corporation †		600,000		214,784
Ya Hsin Industrial Company Limited †(a)		40,000		0
				107,736,811
Industrial Conglomerates: 0.95%
Aboitiz Equity Ventures Incorporated		548,400		688,645
Aditya Birla Nuvo Limited		5,674		135,940
Alfa SA de CV		613,500		1,980,765
Alliance Global Group Incorporated		970,700		547,689
Antarchile SA		32,607		439,013
Beijing Enterprises Holdings Limited		135,000		1,163,605
Bidvest Group Limited		57,909		1,527,337
Boustead Holdings Bhd		80,800		132,274
CITIC Pacific Limited «		402,000		782,209
CJ Corporation		4,217		744,458
Danaher Corporation		129,294		9,905,213
DCC plc – United Kingdom Exchange		9,251		549,204
Discount Investment Corporation †		1,353		11,121
DMCI Holdings Incorporated		161,600		296,514
Dogan Sirketler Grubu Holdings †		170,145		61,399
Doosan Corporation		3,897		463,128
Enka Insaat Ve Sanayi AS		97,486		243,997
Far Eastern New Century Corporation		878,918		942,417
Gallant Venture Limited †		42,000		9,751
General Electric Company		1,281,407		33,290,954
Grupo Carso SAB de CV		111,000		679,068
Hong Leong Asia Limited		11,000		13,474
Hopewell Holdings		123,000		442,004
Hutchison Whampoa Limited		437,000		5,683,783
Jardine Matheson Holdings Limited		31,985		1,927,416
Jardine Strategic Holdings Limited		39,394		1,433,942
JG Summit Holdings		615,492		726,309
Katakura Industries Company Limited		5,400		70,170
Keihan Electric Railway Company Limited		109,000		482,954
Keppel Corporation Limited		270,051		2,356,636

64 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Industrial Conglomerates (continued)
Koc Holding AS		126,301	$	645,675
Koninklijke Philips Electronics NV		78,900		2,404,122
LG Corporation		33,994		2,377,015
MMC Corporation Bhd		109,200		85,572
Nisshinbo Industries Incorporated		31,000		288,712
NWS Holdings Limited		280,878		530,584
Quinenco SA		62,686		135,156
Rheinmetall AG		3,555		192,239
Samsung Techwin Company Limited		9,105		382,986
San Miguel Corporation		214,380		388,441
SembCorp Industries Limited		165,000		676,354
Shun Tak Holdings Limited †		294,250		152,629
Siemens AG		69,350		8,687,612
Siemens India Limited		21,727		284,406
Sime Darby Bhd		659,878		1,980,471
SK Corporation		7,547		1,194,628
SM Investments Corporation		70,518		1,248,621
Smiths Group plc		35,162		768,205
Tokai Holdings Corporation		26,800		133,169
Top Frontier Investment Holdings Incorporated †		8		23
Toshiba Corporation		829,000		3,653,990
Turk Sise Ve Cam Fabrikalari AS		125,797		169,941
Yazicilar Holding AS		9,222		83,196
				94,195,136
Machinery: 2.61%
Aalberts Industries NV		11,130		308,499
AG Growth International Incorporated		1,000		43,217
AGCO Corporation		57,800		2,822,952
Aida Engineering Limited		11,300		107,955
Airtac International Group		16,050		165,115
Alfa Laval AB		28,699		655,344
Amada Company Limited		76,000		715,844
Andritz AG		7,071		378,327
Asahi Diamond Industrial Company Limited		12,000		168,389
Atlas Copco AB Class A		61,897		1,802,202
Atlas Copco AB Class B		37,370		996,106
ATS Automation Tooling Systems Incorporated †		4,800		58,847
Austal Limited †		9,718		11,572
Bando Chemical Industries Limited		15,000		60,262
Bodycote plc		18,289		211,019
Bradken Limited		25,084		110,108
Bucher Industries AG		862		256,332
Cargotec Corporation		3,652		132,392
Chart Industries Incorporated †		66,700		4,461,563
China Conch Venture Holdings Limited		277,500		642,364
China International Marine Containers (Group) Company Limited Class H		157,100		338,118
CKD Corporation		12,000		113,605
Clarcor Incorporated		109,338		6,911,255

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 65

Security name	Shares		Value
Machinery (continued)
CNH Industrial NV		78,164	$	678,871
Colfax Corporation †		53,864		3,426,289
Cosco Corporation Singapore Limited		190,000		110,284
Crane Company		107,400		7,473,966
CSBC Corporation Taiwan		102		60
CSR Corporation Limited		446,000		402,261
Cummins Incorporated		38,600		5,601,246
Cummins India Limited		13,858		157,764
Daewoo Shipbuilding & Marine Engineering Company Limited		28,300		693,580
Daifuku Company Limited		21,500		254,789
Donaldson Company Incorporated		84,200		3,524,612
Doosan Infracore Company Limited †		19,520		228,130
Ebara Corporation		89,000		502,119
FANUC Corporation		36,300		6,070,643
Flowserve Corporation		82,700		6,276,103
Fuji Machine Manufacturing Company Limited		17,200		163,660
Fujitec Company Limited		13,000		152,059
Furukawa Company Limited		61,000		140,708
GEA Group AG		16,445		743,960
Georg Fischer AG		456		301,500
Gildemeister AG		3,643		104,662
Glory Limited		13,000		392,955
Graco Incorporated		38,200		2,936,052
Hanjin Heavy Industries & Construction Company Limited †		14,343		87,845
Hino Motors Limited		56,200		796,723
Hitachi Construction Machinery Company Limited		18,600		365,403
Hitachi Koki Company Limited		9,300		78,211
Hitachi Zosen Corporation		30,600		149,993
Hiwin Technologies Corporation		56,810		554,976
Hoshizaki Electric Company Limited		12,000		585,900
Hosokawa Micron Corporation		4,000		24,220
Hyundai Heavy Industries Company Limited		12,411		1,762,596
Hyundai Mipo Dockyard Company Limited		2,652		337,401
Hyundai Rotem Company Limited		9,250		203,437
IDEX Corporation		50,963		3,921,093
IMI plc		29,234		658,105
Iseki & Company Limited		44,000		117,987
Ishikawajima-Harima Heavy Industries Company Limited		282,000		1,328,079
ITT Corporation		198,991		9,523,709
Jain Irrigation Systems Limited (Differential Voting Rights)		1,993		2,449
Japan Steel Works		72,000		310,712
Jaya Holdings Limited		61,000		3,028
Joy Global Incorporated		68,200		4,306,830
JTEKT Corporation		46,600		740,799
Juki Corporation †		7,000		21,260
Kawasaki Heavy Industries Limited		321,000		1,193,974
KCI Konecranes Oyj «		3,753		119,090
Kennametal Incorporated		172,000		7,707,320
King Slide Works Company Limited		17,000		228,066
Kitz Corporation		21,100		112,755

66 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Machinery (continued)
Komatsu Limited		181,830	$	4,115,620
Komori Corporation		11,000		127,608
Kone Oyj Class B		38,458		1,627,127
KOPEX SA †		1,096		3,678
Krones AG		626		57,322
Kubota Corporation		230,865		3,297,279
Kurita Water Industries Limited		21,400		480,263
Kyokuto Kaihatsu Kogyo Company		6,900		100,471
Makino Milling Machine Company Limited		25,000		185,497
Makita Corporation		26,900		1,502,129
Makita Corporation ADR		1		56
MAN AG		3,130		371,168
Manitowoc Company Incorporated		293,146		8,624,355
Max Company Limited		6,000		69,720
Meidensha Corporation		41,000		164,717
Melrose Industries plc		96,849		438,458
Metso Oyj		12,945		507,551
Minebea Company Limited		73,000		913,509
Mitsubishi Heavy Industries Limited		660,000		4,061,685
Mitsuboshi Belting Company Limited		10,000		63,819
Mitsui Engineering & Shipbuilding Company Limited		152,000		331,626
Miura Company Limited		7,400		255,332
Morgan Advanced Materials plc		21,935		115,837
Mori Seiki Company Limited		22,100		278,255
Morita Holdings Corporation		7,000		66,808
Mueller Industries Incorporated		121,800		3,561,432
Nabtesco Corporation		24,600		566,265
Nachi-Fujikoshi Corporation		45,000		299,294
Namura Shipbuilding Company Limited		1,000		9,294
Navistar International Corporation Ǡ		148,121		5,585,643
NGK Insulators Limited		53,000		1,334,615
Nippon Sharyo Limited		14,000		54,765
Nippon Thompson Company Limited		13,000		67,471
Nitta Corporation		3,300		80,434
NKT Holding AS		1,131		66,636
Nordson Corporation		37,642		3,051,261
Noritake Company Limited		17,000		43,789
NSK Limited		94,000		1,248,575
NTN Corporation		101,000		424,211
OILES Corporation		4,980		125,978
Okuma Corporation		29,000		232,736
OSG Corporation		18,700		319,021
Oshkosh Corporation		56,500		2,806,920
Paccar Incorporated		46,600		2,926,946
Pall Corporation		65,700		5,543,109
Pentair plc		118,224		8,047,508
Rotork plc		7,725		353,448
Ryobi Limited		20,000		59,590
Samsung Heavy Industries Company Limited		44,830		1,204,810
Sandvik AB		105,184		1,311,555

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 67

Security name	Shares		Value
Machinery (continued)
Sasebo Heavy Industries Company Limited †		4,000	$	4,690
Schindler Holding AG		2,474		359,761
Schindler Holding AG - Participation Certificate		5,042		728,798
SembCorp Marine Limited		147,200		466,684
Shima Seiki Manufacturing Limited		4,400		70,919
Shin Zu Shing Company Limited		649		1,759
Shinmaywa Industries Limited		17,000		166,822
Shinwa Company Limited Nagoya		500		6,286
Singamas Container Holding		180,000		35,535
Sintokogio Limited		10,700		71,577
SKF AB Class A		976		22,469
SKF AB Class B		35,091		809,339
SMC Corporation		12,800		3,345,629
Spirax Sarco Engineering plc		7,794		383,001
SPX Corporation		28,800		2,996,640
Stanley Black & Decker Incorporated		98,100		8,976,150
Star Micronics Company Limited		6,100		85,891
STX Corporation Company Limited †		1,049		1,097
Sulzer AG		2,037		270,254
Sumitomo Heavy Industries Limited		116,000		597,588
Tadano Limited		23,000		413,379
Takuma Company Limited		14,000		89,346
Terex Corporation		233,700		8,742,717
The Middleby Corporation †		124,200		10,709,766
The Timken Company		51,200		2,318,848
THK Company Limited		24,100		570,506
Toro Company		121,370		7,467,896
Toshiba Machine Company Limited		18,000		79,581
Trelleborg AB Class B		21,858		418,443
Trinity Industries Incorporated		328,258		15,881,122
Triyards Holdings Limited		7,100		4,405
Tsubakimoto Chain Company		30,000		255,466
Tsugami Corporation «		18,000		95,324
Tsukishima Kikai Company Limited		5,000		55,120
United Tractors		352,380		667,255
Vallourec SA		11,333		506,145
Valmet Corporation		12,945		137,178
Valmont Industries Incorporated «		16,177		2,276,913
Vesuvius plc		23,880		184,346
Volvo AB Class A		43,600		527,436
Volvo AB Class B		132,230		1,578,795
Wabco Holdings Incorporated †		39,000		4,024,800
Wabtec Corporation		59,980		4,999,933
Wartsila Oyj		17,118		860,551
WEG SA		57,980		724,977
Weir Group plc		19,255		845,506
Woodward Governor Company		133,200		6,957,036
Xylem Incorporated		118,881		4,429,506
Yungtay Engineering Company Limited		78,000		193,366
Zardoya Otis SA (a)		582		8,443

68 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Machinery (continued)
Zardoya-Otis SA		14,550	$	211,062
Zoomlion Heavy Industry Class H		306,400		190,955
				259,961,828
Marine: 0.15%
A.P. Moller Maersk AS Class A		200		481,575
A.P. Moller Maersk AS Class B		645		1,615,657
Chinese Maritime Transport Limited		6,000		7,307
Compagnie Maritime Belge SA		227		5,433
Daiichi Chuo Kisen Kaisha Ǡ		12,000		10,380
DS Norden AS		1,300		41,163
Evergreen Marine Corporation (Taiwan) Limited †		333,298		203,499
Hanjin Shipping Company Limited †		16,787		102,813
Hyundai Merchant Marine Company Limited †		15,411		186,947
Iino Kaiun Kaisha Limited		15,900		100,402
Inui Steamship Company Limited		1,100		3,351
Kawasaki Kisen Kaisha Limited		178,000		427,700
Kirby Corporation †		35,318		4,213,084
Kuehne & Nagel International AG		5,401		727,742
Malaysian Bulk Carriers Bhd		14,000		7,595
Matson Incorporated		97,649		2,635,547
MISC Bhd		242,400		529,096
Mitsui OSK Lines Limited		228,000		834,908
Neptune Orient Lines Limited †		184,000		148,049
Nippon Yusen Kabushiki Kaisha		322,000		947,013
Orient Overseas International Limited		30,500		181,228
Pacific Basin Shipping Limited		252,000		154,776
Pan Ocean Company Limited – South Korea Exchange †		199		849
Pan Ocean Company Limited – Singapore Exchange †		450		1,513
Regional Container Lines PCL †		73,800		29,807
Shih Wei Navigation Company Limited		34,209		24,263
Shinwa Kaiun Kaisha Limited		2,000		5,190
Shipping Corporation of India Limited †		33,100		32,811
Sincere Navigation Corporation		128,800		117,637
Taiwan Navigation Company Limited		20,000		16,126
Thoresen Thai Agencies PCL †		183,321		134,305
U-Ming Transport Corporation		113,000		185,999
Wan Hai Lines Limited		209,212		137,536
Yang Ming Marine Transport †		285,357		128,404
				14,379,705
Professional Services: 0.46%
Adecco SA		12,375		936,836
ALS Limited		72,843		506,156
Bureau Veritas SA		23,580		560,172
Capita plc		61,090		1,244,406
Corporate Executive Board Company		72,700		4,792,384
Dun & Bradstreet Corporation		24,195		2,840,009
Experian Group Limited		96,629		1,681,188
Hays plc		95,742		212,193
IHS Incorporated Class A †		35,823		5,103,703
Intertek Group plc		15,050		699,837

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 69

Security name	Shares		Value
Professional Services (continued)
Manpower Incorporated		49,500	$	3,840,210
MEITEC Corporation		7,200		231,823
Michael Page International plc		20,623		156,019
Nielsen Holdings NV		184,271		8,658,894
Nihon M&A Center Incorporated		5,400		170,494
Poyry Oyj †		835		3,849
Randstad Holdings NV		9,424		457,478
SAI Global Limited		31,844		139,484
SEEK Limited		58,955		961,916
SGS SA		519		1,151,575
Stantec Incorporated		3,535		240,912
Teleperformance		6,495		421,499
Temp Holdings Company Limited		8,800		303,638
The Advisory Board Company †		79,500		3,943,200
Verisk Analytics Incorporated Class A †		88,824		5,701,613
WS Atkins plc		8,888		205,543
				45,165,031
Road & Rail: 1.27%
Asciano Group		170,137		997,889
Aurizon Holdings Limited		59,294		264,151
Avis Budget Group Incorporated †		241,000		16,269,910
Canadian National Railway Company		73,500		5,278,778
Canadian Pacific Railway Limited		14,300		2,864,340
Central Japan Railway Company		38,100		5,339,017
ComfortDelGro Corporation Limited		275,000		552,620
Container Corporation of India		13,018		283,326
CSX Corporation		133,300		4,120,303
DSV AS		17,460		535,606
East Japan Railway Company		73,000		5,671,190
Evergreen International Storage & Transport Corporation		124,000		78,821
Firstgroup plc †		137,119		289,328
Fukuyama Transporting Company Limited		37,000		199,856
Genesee & Wyoming Incorporated Class A †		30,140		2,963,666
Go-Ahead Group plc		3,179		116,266
Hankyu Hanshin Holdings Incorporated		244,000		1,437,570
Hertz Global Holdings Incorporated †		273,100		8,070,105
Hitachi Transport System Limited		8,700		125,594
J.B. Hunt Transport Services Incorporated		56,914		4,299,853
Kansas City Southern		65,318		7,535,084
Keihin Electric Express Railway Company Limited		101,000		888,221
Keio Corporation		110,000		848,960
Keisei Electric Railway Company Limited		66,000		682,551
Kintetsu Corporation		373,000		1,308,520
Korea Express Company Limited †		2,016		309,175
Landstar System Incorporated		97,094		6,589,284
Maruzen Showa Unyu Company Limited		16,000		51,978
MTR Corporation Limited		250,208		992,754
Nagoya Railroad Company Limited		169,000		698,448

70 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Road & Rail (continued)
Nankai Electric Railway Company Limited		100,000	$	491,134
National Express Group plc		29,635		126,145
Nippon Express Company Limited		193,000		882,964
Nippon Konpo Unyu Soko Company Limited		12,800		226,487
Nishi-Nippon Railroad Company Limited		75,000		294,824
Norfolk Southern Corporation		38,000		4,066,000
Odakyu Electric Railway Company Limited		122,000		1,203,056
Old Dominion Freight Line Incorporated †		150,153		10,010,701
Ryder System Incorporated		33,636		3,038,676
Sagami Railway Company Limited		88,000		345,081
Sankyu Incorporated		56,000		280,417
SBS Transit Limited		1,684		2,279
SEINO Holdings Company Limited		34,000		318,939
Senko Company Limited		15,000		73,958
SMRT Corporation Limited		98,000		122,789
Stagecoach Group plc		49,321		299,682
Tobu Railway Company Limited		207,000		1,084,290
Tokyu Corporation		216,000		1,498,890
TransForce Incorporated		6,211		159,888
Transport International Holdings Limited		45,600		87,434
Union Pacific Corporation		196,500		20,685,555
West Japan Railway Company		37,200		1,759,264
				126,721,617
Trading Companies & Distributors: 0.83%
Adani Enterprises Limited		63,989		505,015
Air Lease Corporation		192,648		7,301,359
Applied Industrial Technologies Incorporated		91,100		4,437,481
Ashtead Group plc		48,201		783,805
Barloworld Limited		44,693		424,712
BayWa AG		313		14,740
Beacon Roofing Supply Incorporated †		107,100		3,054,492
Brenntag AG		14,433		763,785
Bunzl plc		31,676		865,581
China Daye Non-Ferrous Metal Mining Limited †		660,000		14,648
Daewoo International Corporation		7,912		290,667
Emeco Holdings Limited †		72,033		14,128
Fastenal Company		60,524		2,740,527
Finning International Incorporated		16,500		514,439
GATX Corporation		97,534		6,463,578
Grafton Group plc		18,582		198,976
Hanwa Company Limited		40,000		157,624
iMarketKorea Incorporated		5,870		189,598
Inaba Denki Sangyo Company Limited		4,100		140,285
Inabata & Company Limited		8,900		88,363
Itochu Corporation		310,200		3,942,905
Iwatani International Corporation		49,000		382,411
Japan Pulp & Paper Company Limited		25,000		78,812
Kanamoto Company Limited		6,000		273,920

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 71

Security name	Shares		Value
Trading Companies & Distributors (continued)
Kanematsu Corporation		81,000	$	135,461
Kloeckner & Company †		8,856		121,134
Kuroda Electric Company Limited		5,800		89,192
LG International Corporation		5,460		150,238
Marubeni Corporation		340,000		2,454,130
Misumi Group Incorporated		15,400		478,822
Mitsubishi Corporation		305,700		6,321,434
Mitsubishi Corporation ADR		33		1,361
Mitsui & Company Limited		332,200		5,415,072
Mitsui & Company Limited ADR		263		85,870
MonotaRO Company Limited		5,900		164,335
MRC Global Incorporated †		66,200		1,643,084
MSC Industrial Direct Company		28,625		2,580,258
Nagase & Company Limited		24,600		301,929
Nichiden Corporation		3,600		80,619
Noble Group Limited		918,576		1,000,171
Okaya & Company Limited		1,100		73,795
Onoken Company Limited		700		7,885
Paperlinx Limited †		60,182		2,586
Reece Australia Limited		12,985		396,564
Rexel SA		7,698		153,239
Russel Metals Incorporated		4,649		155,979
Samsung Corporation		34,243		2,519,382
Seven Network Limited		22,953		165,493
SIG plc		78,253		242,545
SK Networks Company Limited †		31,860		308,875
Sojitz Corporation		240,500		397,578
Sumitomo Corporation		244,800		3,159,848
Tat Hong Holdings Limited		7,000		4,680
Toromont Industries Limited		6,843		171,122
Toyota Tsusho Corporation		45,500		1,200,418
Travis Perkins plc		23,342		675,434
Trusco Nakayama Corporation		3,400		87,414
Veritiv Corporation †		1,114		49,595
W.W. Grainger Incorporated		13,680		3,368,016
Wakita & Company Limited		7,000		81,138
Watsco Incorporated		59,095		5,465,697
WESCO International Incorporated †		93,824		7,880,278
Wolseley plc		26,144		1,405,388
Yamazen Corporation		18,000		137,018
Yuasa Trading Company Limited		38,000		79,619
				82,854,547
Transportation Infrastructure: 0.17%
Abertis Infraestructuras SA		39,990		841,243
Aeroports de Paris		3,323		441,647
Airports of Thailand PCL		53,200		394,753
Ansaldo STS SpA		6,620		69,935
Atlantia SpA		40,773		1,035,044

72 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Transportation Infrastructure (continued)
Auckland International Airport Limited		167,179	$	513,201
BBA Aviation plc		37,408		200,717
Bintulu Port Holdings Bhd		6,400		14,213
CCR SA		204,620		1,851,955
China Merchants Holdings International Company Limited		312,875		1,037,527
China Resources & Transportation Group Limited †		2,600,000		110,709
Cosco Pacific Limited		409,575		573,930
Flughafen Zuerich AG		455		297,369
Fraport AG		3,869		262,317
Groupe Eurotunnel SA		53,575		689,307
GVK Power & Infrastructure Limited †		127,035		28,577
Hong Kong Aircraft Engineering Company Limited		10,000		114,580
Hopewell Highway Infrastructure Limited		167,500		83,858
Hutchison Port Holdings Trust		977,000		703,440
International Container Term Services Incorporated		175,300		453,931
Japan Airport Terminal Company Limited		13,800		494,065
Kamigumi Company Limited		48,000		446,576
Macquarie Atlas Roads Limited		53,146		162,805
Malaysia Airports Holdings Bhd		103,841		253,672
Mitsubishi Logistics Corporation		30,000		449,517
Mundra Port & Special Economic Zone Limited		99,788		465,146
Nissin Corporation		18,000		49,479
Port of Tauranga Limited		9,453		124,772
PT Jasa Marga Tbk		395,500		209,626
Shenzhen International Holdings Limited		208,510		279,267
SIA Engineering Company		42,000		154,005
Singapore Airport Terminal Services Limited		108,666		263,607
Societa Iniziative Autostradali e Servizi SpA		1,409		15,875
Sumitomo Warehouse Company Limited		29,000		156,365
Sydney Airport Holdings Limited		211,514		875,118
TAV Havalimanlari Holding AS		40,981		340,323
Transurban Group		336,066		2,529,783
Westshore Terminals Investment Corporation		8,100		269,454
				17,257,708
Information Technology: 14.64%
Communications Equipment: 1.12%
ADTRAN Incorporated		126,600		2,921,928
Alcatel-Lucent SA †		273,639		946,330
ARRIS Group Incorporated †		260,100		7,961,661
Aruba Networks Incorporated †		237,300		5,066,355
Brocade Communications Systems Incorporated		288,736		3,046,165
Ciena Corporation †		223,380		4,621,732
Cisco Systems Incorporated		669,549		16,732,030
Comba Telecom Systems Holdings Limited		212		92
D-Link Corporation †		749		539
Denki Kogyo Company Limited		13,000		79,091
EVS Broadcast Equipment SA		552		23,833
F5 Networks Incorporated †		46,038		5,717,459

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 73

Security name	Shares		Value
Communications Equipment (continued)
Finisar Corporation †		209,100	$	4,246,821
Harris Corporation		70,300		5,018,717
Hitachi Kokusai Electric Incorporated		9,000		139,267
InterDigital Incorporated		81,632		3,622,012
Japan Radio Company Limited †		2,000		7,939
Nokia Oyj		354,521		2,978,937
Palo Alto Networks Incorporated †		27,800		2,362,722
Plantronics Incorporated		96,800		4,620,264
Polycom Incorporated †		292,690		3,878,143
QUALCOMM Incorporated		367,097		27,936,082
Spirent plc		75,771		129,691
Telefonaktiebolaget LM Ericsson Class A		3,200		38,047
Telefonaktiebolaget LM Ericsson Class B		289,375		3,608,260
Viasat Incorporated Ǡ		90,200		5,135,988
VTech Holdings Limited		27,900		341,998
Zinwell Corporation		446		416
ZTE Corporation		164,600		370,825
				111,553,344
Electronic Equipment, Instruments & Components: 1.52%
AAC Technologies Holdings Incorporated		190,000		1,239,282
ALPS Electric Company Limited		34,900		561,177
Amano Corporation		12,600		135,997
Amphenol Corporation Class A		93,834		9,665,840
Anixter International Incorporated		59,341		5,294,997
Anritsu Corporation		27,600		235,029
Arisawa Manufacturing Company Limited		3,400		24,737
Arrow Electronics Incorporated †		67,114		4,177,847
Asia Optical Company Incorporated †		14,239		21,913
AU Optronics Corporation		1,793,319		890,945
Avnet Incorporated		87,938		3,914,120
Benchmark Electronics Incorporated †		127,204		3,133,035
Calcomp Electronics PCL		253,344		23,637
Canon Electronics Incorporated		3,800		72,315
Celestica Incorporated †		22,738		250,112
Cheng Uei Precision Industry Company Limited		71,855		138,948
Chroma ATE Incorporated		84,624		249,140
Chunghwa Picture Tubes Limited †		75		5
Citizen Holdings Company Limited		63,500		451,021
CMK Corporation †		4,800		12,687
Cognex Corporation †		176,000		7,388,480
Corning Incorporated		178,400		3,721,424
Daishinku Corporation		6,000		22,144
Daiwabo Company Limited		29,000		58,254
Delta Electronics Incorporated		472,531		3,319,834
Delta Electronics Thailand PCL		22,600		45,992
Electrocomponents plc		44,350		179,872
Enplas Corporation		2,000		112,836
FEI Company		90,000		7,563,600

74 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Electronic Equipment, Instruments & Components (continued)
FIH Mobile Limited †		528,000	$	297,722
Flextronics International Limited †		112,900		1,246,416
FUJIFILM Holdings Corporation		94,700		2,853,879
Halma plc		39,753		407,855
Hamamatsu Photonics		14,100		670,138
Hannstar Display Corporation		899,226		315,882
Hexagon AB		23,900		781,706
Hioki EE Corporation		900		14,887
Hirose Electric Company Limited		6,100		787,380
Hitachi High Technologies Corporation		12,500		349,128
Hitachi Limited		894,000		6,757,951
Hon Hai Precision Industry Company Limited		2,949,629		10,065,478
Horiba Limited		8,200		307,761
Hosiden Corporation		12,200		66,485
Hoya Corporation		85,100		2,750,240
Ibiden Company Limited		27,700		543,910
Ingenico SA		5,380		516,863
Ingram Micro Incorporated Class A †		106,173		3,060,968
Innolux Display Corporation		1,658,666		843,469
IPG Photonics Corporation †		23,100		1,586,508
Japan Aviation Electronics Industry Limited		13,000		298,996
Keyence Corporation		8,800		3,765,871
Kingboard Chemicals Holdings Limited		140		291
KOA Corporation		3,700		38,229
Kyocera Corporation		64,900		3,034,322
Kyocera Corporation ADR		60		2,809
Laird Group plc		37,748		182,613
Largan Precision Company Limited		26,244		2,173,062
LG Display Company Limited †		52,370		1,810,315
LG Innotek Company Limited †		2,021		268,085
Littelfuse Incorporated		46,251		4,250,929
Mitsumi Electric Company Limited		16,600		135,933
Muramoto Electron (Thailand) PCL		300		2,038
Murata Manufacturing Company Limited		41,400		3,952,786
Nan Ya Printed Circuit Board Corporation †		26,197		48,642
Nichicon Corporation		13,600		99,211
Nippon Chemi-Con Corporation †		32,000		94,421
Nippon Electric Glass Company Limited		80,000		402,134
Nippon Signal Company Limited		10,900		112,096
Oki Electric Industry Company Limited		138,000		311,692
OMRON Corporation		43,604		1,887,991
Optex Company Limited		30		600
Pan-International Industrial		770		558
Premier Farnell plc		32,868		106,458
Ryosan Company Limited		6,500		142,813
Samsung Electro-Mechanics Company Limited		13,434		727,380
Samsung SDI Company Limited		13,252		1,980,056
Shimadzu Corporation		52,000		455,303
Silitech Technology Corporation		381		340
Simplo Technology Company Limited		67,000		376,575

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 75

Security name	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Spectris plc		9,963	$	322,035
Synnex Technology International Corporation		261,462		398,878
Taiyo Yuden Company Limited		21,700		218,992
TDK Corporation		24,900		1,239,675
TE Connectivity Limited		57,940		3,631,679
Tech Data Corporation †		85,500		5,771,250
Teikoky Tsushin Kogyo Company		2,000		3,518
TOKO Incorporated		14,000		42,655
Topcon Corporation		14,800		345,516
Toyo Corporation		3,700		42,105
TPK Holding Company Limited		58,033		394,129
Trimble Navigation Limited †		160,018		5,322,199
Tripod Technology Corporation		120,261		244,219
Truly International		250,000		135,806
Unimicron Technology Corporation		312,402		263,902
Universal Display Corporation Ǡ		88,700		3,081,438
Venture Corporation Limited		49,000		315,015
Vishay Intertechnology Incorporated		289,554		4,632,864
Vishay Precision Group †		200		3,060
Wasion Group Holdings Limited		28,000		23,375
Wintek Corporation †		398,484		135,314
WPG Holdings Company Limited		352,227		458,983
Yageo Corporation		410,900		343,671
Yamatake Corporation		13,400		339,234
Yaskawa Electric Corporation		48,000		616,810
Yokogawa Electric Corporation		44,700		516,835
Yokowo Company Limited		3,200		16,516
Young Fast Optoelectronics Company Limited †		13,071		11,545
Zebra Technologies Corporation Class A †		106,800		8,333,604
Zhen Ding Technology Holding		78,750		260,300
				151,257,517
Internet Software & Services: 2.07%
Access Company Limited †		3,200		16,947
Akamai Technologies Incorporated †		106,148		6,413,462
AOL Incorporated †		174,585		7,545,564
Baidu.com Incorporated ADR †		64,083		13,747,085
Carsales.com Limited		34,330		356,856
CoStar Group Incorporated †		18,200		2,634,450
Daum Communications Corporation «		2,430		395,673
Dena Company Limited «		19,400		241,649
eBay Incorporated †		246,308		13,670,094
Equinix Incorporated †		30,772		6,716,297
Facebook Incorporated Class A †		373,953		27,979,163
GMO Internet Incorporated		12,000		113,259
Google Incorporated Class A †		61,742		35,956,071
Google Incorporated Class C †		61,704		35,270,006
Gree Incorporated «		21,300		167,051
HC International Incorporated †		66,000		126,890

76 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Internet Software & Services (continued)
Internet Initiative Japan Incorporated		6,600	$	137,842
Kakaku.com Incorporated		27,500		431,088
LinkedIn Corporation Class A †		20,887		4,715,240
Mixi Incorporated «		2,000		112,259
Naver Corporation		6,805		5,154,337
NetEase.com Incorporated ADR		18,804		1,655,504
Pandora Media Incorporated †		96,788		2,617,148
Rackspace Hosting Incorporated †		68,004		2,352,938
SINA Corporation †		16,564		764,926
Telecity Group plc		21,802		268,202
Tencent Holdings Limited		1,262,725		20,610,798
United Internet AG		13,768		591,468
VeriSign Incorporated Ǡ		78,500		4,480,388
Yahoo Japan Corporation		255,200		1,027,717
Yahoo! Incorporated †		200,000		7,702,000
Yandex NV Class A †		51,836		1,473,697
				205,446,069
IT Services: 2.30%
Alliance Data Systems Corporation †		31,180		8,251,475
Amadeus IT Holding SA		39,511		1,469,208
Amdocs Limited		103,794		4,888,697
Atos Origin SA		4,794		365,724
Blackhawk Network Holdings Incorporated †		51,918		1,426,187
Broadridge Financial Solutions Incorporated		77,513		3,297,403
CACI International Incorporated Class A †		52,000		3,750,240
Cap Gemini SA		14,926		1,061,206
CGI Group Incorporated †		24,400		863,526
Cielo SA		174,872		3,277,922
Cognizant Technology Solutions Corporation Class A †		133,574		6,108,339
Computershare Limited		93,886		1,080,277
Convergys Corporation		214,977		4,127,558
Digital Garage Incorporated		7,000		122,918
DST Systems Incorporated		19,400		1,800,514
Fidelity National Information Services Incorporated		188,100		10,674,675
Fiserv Incorporated †		147,128		9,485,342
FleetCor Technologies Incorporated †		45,400		6,523,526
Fujitsu Limited		385,000		2,640,920
Gartner Incorporated †		58,100		4,333,679
Genpact Limited †		105,300		1,832,220
HCL Technologies Limited		54,299		1,459,263
Henry Jack & Associates Incorporated		53,700		3,104,397
Indra Sistemas SA		6,012		90,370
Ines Corporation		2,500		20,616
Infosys Technologies Limited		116,330		6,899,282
Infosys Technologies Limited ADR «		2,757		164,042
International Business Machines Corporation		207,346		39,872,636
Iress Market Technology Limited «		16,055		153,994
IT Holdings Corporation		15,406		283,999

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 77

Security name	Shares		Value
IT Services (continued)
Itochu Techno-Science Corporation		5,100	$	226,705
Leidos Holdings Incorporated		45,587		1,716,351
MasterCard Incorporated Class A		217,500		16,488,675
Maximus Incorporated		150,300		6,192,360
Mphasis Limited		22,655		166,366
NEC Networks & System Integration Corporation		5,800		137,021
Net One Systems Company Limited «		17,400		108,368
NeuStar Incorporated Class A «†		40,100		1,182,549
Nihon Unisys Limited		9,400		86,732
Nomura Research Institute Limited		23,800		751,434
NS Solutions Corporation		2,600		76,717
NTT Data Corporation		24,800		889,077
OBIC Company Limited		13,100		448,859
Otsuka Corporation		10,800		457,763
Paychex Incorporated		38,800		1,616,020
Science Applications International Corporation		93,349		4,305,256
SK C&C Company Limited		4,840		1,014,350
Sumisho Computer Systems		9,400		268,417
Tata Consultancy Services Limited		107,025		4,448,822
Tech Mahindra Limited		8,329		324,348
Teradata Corporation †		101,701		4,644,685
TietoEnator Oyj		8,394		228,306
TKC AS		2,200		46,349
Total System Services Incorporated		103,150		3,245,099
Transcosmos Incorporated		4,400		89,273
Visa Incorporated		109,211		23,209,522
Western Union Company		357,400		6,243,778
Wex Incorporated †		82,558		9,382,717
Wipro Limited		133,741		1,245,832
Wipro Limited ADR «		13,142		157,178
Wirecard AG		9,255		345,787
Xerox Corporation		713,839		9,858,117
				229,032,988
Semiconductors & Semiconductor Equipment: 3.06%
Advanced Micro Devices Incorporated Ǡ		1,388,600		5,790,462
Advanced Semiconductor Engineering Incorporated		1,587,821		1,978,767
Advantest Corporation		33,400		387,786
Aixtron AG †		8,010		105,090
Altera Corporation		190,500		6,732,270
Analog Devices Incorporated		198,100		10,126,872
Applied Materials Incorporated		158,400		3,659,832
ARM Holdings plc		132,795		2,140,664
ASM International NV		4,894		190,020
ASM Pacific Technology		46,000		478,694
ASML Holdings NV		43,275		4,140,063
Avago Technologies Limited		159,200		13,068,728
Axell Corporation		1,400		23,790
Cavium Incorporated †		112,961		6,346,149

78 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Chipbond Technology Corporation		155,000	$	271,207
Cirrus Logic Incorporated †		127,300		3,078,114
Cree Incorporated Ǡ		74,763		3,406,202
CSR plc		15,839		206,680
Cypress Semiconductor Corporation		301,800		3,334,890
Dainippon Screen Manufacturing Company Limited		45,000		248,690
Disco Corporation		5,400		345,139
Elan Microelectronics Corporation		82,000		140,734
Epistar Corporation		213,210		463,647
Everlight Electronics Company Limited		83,210		184,846
Fairchild Semiconductor International Incorporated †		264,682		4,645,169
Faraday Technology Corporation		527		629
Ferrotec Corporation		3,100		21,244
First Solar Incorporated †		46,000		3,205,280
Formosa Sumco Technology Corporation		12,600		15,576
GCL-Poly Energy Holdings Limited †		1,990,000		716,395
Gintech Energy Corporation †		8		8
Global Unichip Corporation		4,386		12,252
Hermes Microvision Incorporated		13,000		558,873
Himax Technologies Incorporated «		29,262		243,460
Hynix Semiconductor Incorporated †		129,467		5,796,935
Infineon Technologies AG		102,520		1,191,476
Inotera Memories Incorporated †		415,888		680,381
Integrated Device Technology Incorporated †		302,582		4,977,474
Intel Corporation		634,334		22,150,943
International Rectifier Corporation †		158,600		6,248,840
King Yuan Electronics Company Limited		341,063		312,075
Kinsus Interconnect Technology Corporation		53,582		226,765
KLA-Tencor Corporation		106,400		8,131,088
Kontron AG †		3,147		18,781
Lam Research Corporation		106,400		7,651,224
Linear Technology Corporation		159,000		7,172,490
Macronix International †		849,267		220,198
Marvell Technology Group Limited		263,600		3,666,676
Maxim Integrated Products Incorporated		183,700		5,674,493
Media Tek Incorporated		339,531		5,673,901
Megachips Corporation		3,200		43,520
Microchip Technology Incorporated		126,500		6,176,995
Microsemi Corporation †		206,800		5,509,152
Mimasu Semiconductor Industry Company Limited		600		5,386
Nanya Technology Corporation †(a)		180,688		48,964
Novatek Microelectronics Corporation Limited		119,790		615,171
NVIDIA Corporation		375,900		7,311,255
NXP Semiconductor NV †		20,074		1,375,470
ON Semiconductor Corporation †		317,100		3,094,896
Phison Electronics Corporation		34,000		246,266
PMC-Sierra Incorporated †		443,233		3,271,060
Powertech Technology Incorporated		181,914		345,077
PV Crystalox Solar plc		3,180		944
Q-Cells AG †		3,594		76

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 79

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Radiant Opto-Electronics Corporation		114,735	$	495,168
Realtek Semiconductor Corporation		99,440		362,622
REC Solar ASA †		635		9,267
Renesas Electronics Corporation Ǡ		33,400		269,974
RF Micro Devices Incorporated †		588,623		7,340,129
Richtek Technology Corporation		29,166		162,952
Rohm Company Limited		18,900		1,206,170
Samsung Electronics Company Limited		28,570		34,770,334
Sanken Electric Company Limited		24,000		199,529
Semtech Corporation †		148,500		3,869,168
Seoul Semiconductor Company Limited		9,698		279,286
Shindengen Electric Manufacturing Company Limited		9,000		59,167
Shinkawa Limited †		2,200		10,488
Shinko Electric Industries		12,800		93,498
Silicon Laboratories Incorporated †		86,265		3,910,392
Siliconware Precision Industries Company		700,471		1,021,747
Sino-American Silicon Products Incorporated		122,000		197,956
Sino-Tech International Holdings Limited †		2,700,000		16,374
Skyworks Solutions Incorporated		116,900		6,623,554
Solarworld AG †		26		466
STMicroelectronics NV		66,138		552,697
Sumco Corporation		21,800		187,734
SunEdison Incorporated †		521,431		11,487,125
Synaptics Incorporated †		76,300		6,264,230
Taiwan Semiconductor Manufacturing Company Limited		4,332,298		17,972,431
Teradyne Incorporated		429,208		8,837,393
Texas Instruments Incorporated		144,600		6,966,828
Tokyo Electron Limited		35,300		2,419,379
Tokyo Seimitsu Company Limited		7,800		130,818
Transcend Information Incorporated		68,130		229,072
ULVAC Incorporated †		9,400		126,574
United Microelectronics Corporation		2,665,301		1,217,155
Vanguard International Semiconductor Corporation		191,000		279,562
Veeco Instruments Incorporated †		83,700		2,960,469
VIA Technologies Incorporated †		485		335
Windbond Electronics Corporation †		630,000		213,931
Xinyi Solar Holdings Limited		149		44
				304,850,212
Software: 2.22%
ACI Worldwide Incorporated †		245,700		4,783,779
Activision Blizzard Incorporated		57,100		1,344,134
Ansys Incorporated †		54,945		4,467,029
Aspen Technology Incorporated †		197,502		8,115,357
Asseco Poland SA		17,110		225,965
Autodesk Incorporated †		133,798		7,176,925
AVEVA Group plc		4,997		174,709
CA Incorporated		212,500		6,001,000
Capcom Company Limited		7,500		137,681

80 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Software (continued)
Check Point Software Technologies Limited †		13,229	$	939,524
China Mobile Games ADR †		293		5,374
Citrix Systems Incorporated †		99,600		6,997,896
Colopl Incorporated Ǡ		5,900		249,507
CommVault Systems Incorporated †		95,100		5,243,814
Compuware Corporation		475,200		4,443,120
Concur Technologies Incorporated †		29,320		2,943,142
Constellation Software Incorporated		1,591		394,319
Dassault Systemes SA		12,602		834,543
DTS Corporation		4,200		91,432
FactSet Research Systems Incorporated «		25,141		3,202,963
Fair Isaac Corporation		78,200		4,548,894
Financial Technologies Limited		3,146		13,164
Fortinet Incorporated †		85,100		2,196,431
Fuji Soft Incorporated		4,700		112,706
Gemalto NV «		6,728		658,687
Guidewire Software Incorporated †		143,744		6,547,539
GungHo Online Entertainment Incorporated «		66,800		356,969
I-Flex Solutions Limited †		4,122		244,983
IGG Incorporated		195,000		113,477
Informatica Corporation †		67,438		2,296,601
Intuit Incorporated		63,542		5,285,424
Konami Corporation		20,000		463,069
Micro Focus International plc		14,891		215,446
Micros Systems Incorporated †		47,729		3,244,140
Microsoft Corporation		961,771		43,693,257
NCsoft Corporation		3,519		503,235
NetSuite Incorporated †		18,800		1,647,632
Nexon Company Limited		26,600		232,138
NHN Entertainment Corporation †		3,574		255,198
Nice Systems Limited		6,731		260,051
Nintendo Company Limited		22,200		2,460,147
Nippon System Development Company Limited		7,300		114,153
Open Text Corporation		11,200		629,170
Oracle Corporation (Japan)		5,800		236,359
Progress Software Corporation †		109,200		2,529,072
Qlik Technologies Incorporated †		191,600		5,408,868
Red Hat Incorporated †		112,352		6,844,484
Rovi Corporation †		200,689		4,641,937
Royalblue Group plc		2,334		88,655
Salesforce.com Incorporated †		120,468		7,118,454
SAP AG		84,470		6,570,570
ServiceNow Incorporated †		62,300		3,808,399
Software AG		6,805		175,610
SolarWinds Incorporated †		135,700		5,806,603
Solera Holdings Incorporated		42,860		2,612,746
Splunk Incorporated †		49,900		2,692,105
Square Enix Company Limited		12,400		284,838
SS&C Technologies Holdings †		138,600		6,273,036
Symantec Corporation		82,300		1,998,244

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 81

Security name	Shares		Value
Software (continued)
Take-Two Interactive Software Incorporated †		159,040	$	3,739,030
Tecmo Koei Holdings Company Limited		8,000		121,640
Temenos Group AG		5,073		196,167
The Sage Group plc		119,600		781,707
TIBCO Software Incorporated †		95,100		1,981,884
TiVo Incorporated †		243,367		3,429,041
Trend Micro Incorporated		20,400		656,831
Tyler Technologies Incorporated †		61,524		5,479,327
Ubisoft Entertainment †		8,390		139,234
Ultimate Software Group Incorporated †		60,600		8,907,594
V1 Group Limited †		1,400		135
VMware Incorporated †		21,511		2,120,554
Workday Incorporated Class A †		19,200		1,748,544
Xero Limited †		14,012		295,352
				220,551,744
Technology Hardware, Storage & Peripherals: 2.35%
3D Systems Corporation Ǡ		58,900		3,151,739
Acer Incorporated †		625,517		517,942
Advantech Company Limited		61,701		579,018
Apple Incorporated		1,318,416		135,137,640
ASUSTeK Computer Incorporated		185,601		1,943,531
BenQ Corporation †		171,392		87,157
Blackberry Limited †		42,015		426,990
Brother Industries Limited		49,100		951,845
Canon Incorporated		212,100		6,929,001
Canon Incorporated ADR		7		229
Catcher Technology Company Limited		156,614		1,587,596
Chicony Electronics Company Limited		115,960		380,190
Clevo Company		125,978		238,128
Compal Electronic Incorporated		929,754		827,402
Diebold Incorporated		138,836		5,271,603
Eizo Nanao Corporation		3,500		90,826
Elitegroup Computer Systems		27,076		19,611
Foxconn Technology Company Limited		271,788		681,959
Gigabyte Technology Company Limited		100,000		133,487
Hewlett-Packard Company		235,315		8,941,970
HTC Corporation †		165,691		762,199
Inventec Company Limited		871,583		685,241
Jess Link Products Company Limited		143		148
Konica Minolta Holdings Incorporated		102,000		1,120,534
Lenovo Group Limited		1,664,000		2,542,146
Lexmark International Incorporated		127,800		6,461,568
Lite-On Technology Corporation		530,525		879,460
Logitech International SA		18,355		251,918
Micro-Star International Company Limited		218		299
Mitac Holdings Corporation		183,065		158,319
NEC Corporation		500,149		1,778,607
Neopost SA		3,201		213,789

82 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
NetApp Incorporated		78,581	$	3,312,975
Pegatron Corporation		375,150		795,721
Quanta Computer Incorporated		713,766		2,015,418
Ricoh Company Limited		143,065		1,547,596
Riso Kagaku Corporation		3,700		119,842
Ritek Corporation †		159		22
SanDisk Corporation		134,000		13,126,640
Seagate Technology plc		214,007		13,392,558
Seiko Epson Corporation		29,500		1,494,209
Toshiba TEC Corporation		25,000		158,105
Wacom Company Limited «		32,000		143,938
Western Digital Corporation		136,500		14,060,865
Wincor Nixdorf AG		2,644		140,735
Wistron Corporation		533,012		624,125
				233,684,841
Materials: 5.52%
Chemicals: 2.61%
Adeka Corporation		19,600		261,471
Agrium Incorporated		14,300		1,352,273
Air Liquide SA		32,542		4,157,842
Air Products & Chemicals Incorporated		27,800		3,703,238
Air Water Incorporated		36,000		566,063
Airgas Incorporated		41,205		4,548,208
Akzo Nobel NV		23,954		1,693,006
Alent plc		23,880		139,152
Alexandria Mineral Oils Company		1,424		15,660
Arkema SA		5,927		444,760
Asahi Kasei Corporation		256,000		2,053,019
Asahi Organic Chemicals Industry Company Limited		3,000		6,632
Asian Paints Limited		59,910		616,279
BASF SE		83,164		8,555,009
Batu Kawan Bhd		35,500		220,749
Cabot Corporation		127,100		6,962,538
Castrol India Limited		27,072		156,128
Celanese Corporation Class A		102,400		6,404,096
Chemtura Corporation †		204,863		5,058,067
China Petrochemical Development Corporation		458,261		163,279
China Steel Chemical Corporation		35,000		220,137
Christian Hansen Holding AS		8,826		359,025
Chugoku Marine Paints Limited		12,000		89,846
Ciech SA		645		7,274
Clariant AG		25,999		457,648
Croda International plc		12,671		459,000
Cytec Industries Incorporated		81,975		8,446,704
Daicel Chemical Industries Limited		64,000		709,847
Dainichiseika Color & Chemicals Manufacturing Company Limited		15,000		76,553
Dainippon Ink & Chemicals Incorporated		166,000		378,125
Daiso Company Limited		20,000		65,356

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 83

Security name	Shares		Value
Chemicals (continued)
DC Chemical Company Limited †		4,822	$	691,948
Denki Kagaku Kogyo Kabushiki Kaisha		92,000		311,250
Dow Chemical Company		160,344		8,586,421
DuluxGroup Limited		60,734		325,587
E.I. du Pont de Nemours & Company		122,391		8,091,269
Earth Chemical Company Limited		2,900		111,908
Ecolab Incorporated		57,438		6,595,031
EMS-Chemie Holdings AG		754		327,701
Eternal Chemical Company Limited		145,041		156,733
Filtrona plc		22,982		326,976
FMC Corporation		79,026		5,226,780
Formosa Chemicals & Fibre Corporation		869,495		2,164,247
Formosa Plastics Corporation		1,253,709		3,250,613
Frutarom Industries Limited		1,818		45,622
Fufeng Group Limited		200		79
Fujimori Kogyo Company Limited		3,100		95,641
Givaudan SA		717		1,190,249
Hanwha Chem Corporation		19,613		317,228
Hanwha Corporation (Korea)		11,460		341,896
Hitachi Chemical Company Limited		19,400		360,982
Honam Petrochemical Corporation		3,390		546,639
Huntsman Corporation		123,800		3,328,982
Hyosung Corporation		5,120		395,885
Incitec Pivot Limited		295,845		856,544
Indorama Ventures PCL		398,233		336,640
Ishihara Sangyo Kaisha Limited †		110,000		97,266
Israel Chemicals Limited		39,013		301,233
Johnson Matthey plc		19,624		1,028,838
JSR Corporation		39,100		679,444
K&S AG		16,172		502,756
KANEKA Corporation		60,000		354,654
Kansai Paint Company Limited		52,000		825,643
Kanto Denka Kogyo Company Limited †		6,000		24,393
Kemira Oyj		9,572		133,443
Kolon Industries Incorporated		3,691		218,777
Koninklijke DSM NV «		18,855		1,259,041
Korea Kumho Petrochemical Company		2,618		209,915
Kuraray Company Limited		67,000		833,274
Kureha Corporation		28,000		138,056
LANXESS AG		8,492		525,712
Lee Chang Yung Chemical Industry Corporation		130,692		65,804
LG Chem Limited		11,338		3,013,552
Linde AG		17,717		3,507,019
Lintec Corporation		9,300		198,970
LyondellBasell Industries NV Class A		56,000		6,403,600
Methanex Corporation «		12,000		802,354
Mexichem SAB de CV		177,979		772,251
Minerals Technologies Incorporated		76,684		4,801,952
Mitsubishi Chemical Holdings Corporation		289,200		1,442,317
Mitsubishi Gas Chemical Company Incorporated		85,000		549,810

84 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Chemicals (continued)
Mitsui Chemicals Incorporated		193,000	$	569,475
Monsanto Company		113,108		13,080,940
Nan Ya Plastics Corporation		1,369,125		3,229,230
NewMarket Corporation		24,758		10,073,783
Nihon Nohyaku Company Limited		10,000		104,858
Nihon Parkerizing Company Limited		13,000		298,746
Nippon Chemical Industrial Company Limited †		4,000		5,997
Nippon Kayaku Company Limited		35,000		429,910
Nippon Paint Company Limited		43,000		1,063,790
Nippon Shokubai Company Limited		32,000		388,140
Nippon Soda Company Limited		28,000		147,744
Nippon Synthetic Chemical Industry Company Limited		7,000		53,823
Nippon Valqua Industries Limited		4,000		12,072
Nissan Chemical Industries Limited		33,000		595,012
Nitto Denko Corporation		31,700		1,660,483
NOF Corporation		39,000		266,885
Novozymes AS Class B		23,343		1,083,787
Nufarm Limited		40,981		164,962
Nuplex Industries Limited		34,891		89,013
OCI Materials Company Limited		682		30,537
Okamoto Industries Incorporated		14,000		53,823
Olin Corporation		176,000		4,803,040
Orica Limited		66,613		1,275,371
Oriental Union Chemical Corporation		186,626		175,447
Petkim Petrokimya Holding SA		82,074		130,620
Petronas Chemicals Group Bhd		416,600		832,671
PolyOne Corporation		204,400		8,016,568
Potash Corporation of Saskatchewan		82,800		2,908,242
PPG Industries Incorporated		31,700		6,525,762
Praxair Incorporated		66,202		8,708,873
PTT Global Chemical pcl		356,623		697,838
RPM International Incorporated		91,018		4,289,678
Sakai Chemical Industry Company Limited		33,000		101,495
Samsung Fine Chemicals Company		4,271		168,490
Sanyo Chemical Industries Limited		13,000		85,963
Scotts Miracle-Gro Company		95,292		5,501,207
Sensient Technologies Corporation		104,790		5,879,767
Shikoku Chemicals Corporation		9,000		62,540
Shin-Etsu Chemical Company Limited		74,300		4,610,321
Shin-Etsu Polymer Company Limited		3,100		17,311
Showa Denko KK		267,000		384,930
Sidi Kerir Petrochemcials Company		9,866		27,625
Sigma-Aldrich Corporation		70,944		7,378,176
Sika AG		92		347,737
Sinopec Shanghai Petrochemical Company Limited		916,000		306,119
SK Chemicals Company Limited		3,812		254,522
SK Kaken Company Limited		2,000		169,158
SKC Company Limited		4,380		147,951
Solvay SA		6,042		950,682
Stella Chemifa Corporation		600		9,100

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 85

Security name	Shares		Value
Chemicals (continued)
Sumida Electric		3,100	$	104,431
Sumitomo Bakelite Company Limited		36,000		146,360
Sumitomo Chemical Company Limited		318,000		1,140,026
Symrise AG		9,598		512,775
Syngenta AG		8,855		3,178,174
Synthos SA		150,781		216,548
T. Hasegawa Company Limited		4,600		71,137
Taekwang Industrial Company Limited		176		225,999
Taiwan Fertilizer Company Limited		147,000		278,848
Taiyo Nippon Sanso Corporation «		61,000		548,763
Takasago International Corporation		13,000		70,220
Teijin Limited		177,000		433,803
Tenma Corporation		1,000		15,628
Tessenderlo Chemie NV Strip VVP †(a)		124		0
The Israel Corporation Limited †		200		112,687
The Sherwin-Williams Company		19,700		4,296,767
Toagosei Company Limited		51,000		212,735
Tokai Carbon Company Limited		40,000		112,644
Tokuyama Corporation		66,000		218,213
Tokyo Ohka Kogyo Company Limited		9,000		243,241
Toray Industries Incorporated		319,000		2,176,540
Tosoh Corporation		116,000		479,408
Toyo Ink Manufacturing Company Limited		45,000		210,630
Toyobo Company Limited		171,000		269,537
TSRC Corporation		179,371		251,139
UBE Industries Limited Japan		191,000		323,091
Umicore SA «		12,219		591,071
Uralkali Sponsored GDR		89,041		1,603,219
USI Corporation		140,300		75,805
Valspar Corporation		50,300		4,062,228
Victrex plc		9,279		267,731
W.R. Grace & Company †		45,635		4,519,234
Wacker Chemie AG		1,172		139,196
Westlake Chemical Corporation		25,000		2,428,250
Yara International ASA		16,864		846,200
Yushiro Chemical Industry Company Limited		600		7,404
Zeon Corporation		41,000		414,945
				259,994,750
Construction Materials: 0.45%
Adelaide Brighton Limited		79,668		264,141
Ambuja Cements Limited		128,437		436,660
Anhui Conch Cement Company Limited «		341,000		1,231,992
Asia Cement Corporation		545,058		747,641
Associated Cement Companies Limited		9,386		230,868
Boral Limited		150,970		776,901
Brickworks Limited		11,048		145,488
Buzzi Unicem SpA		3,462		52,449
Cemex SAB de CV †		3,069,057		4,067,276

86 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Construction Materials (continued)
China Resources Cement Holdings Limited		336,369	$	231,334
CRH plc		72,398		1,672,339
CSR Limited		83,020		271,378
Eagle Materials Incorporated		107,500		10,955,325
Fletcher Building Limited – Australia Exchange		8,657		66,380
Fletcher Building Limited – New Zealand Exchange		120,402		926,534
Goldsun Development & Construction Company Limited †		424,675		150,602
Grasim Industries Limited		1,616		90,477
Grasim Industries Limited GDR		2,371		132,748
Heidelbergcement AG		13,467		1,016,045
Holcim Limited		21,927		1,743,555
Imerys SA		3,080		246,136
India Cements Limited		26,354		48,969
Italcementi SpA		2,260		16,332
Italmobiliare SpA		261		6,410
James Hardie Industries NV		75,959		908,766
Lafarge Malayan Cement Bhd		55,470		179,503
Lafarge SA		17,831		1,365,913
Martin Marietta Materials Incorporated		35,117		4,598,922
Nuh Cimento Sanayi AS		6,665		29,633
PT Indocement Tunggal Prakarsa Tbk		408,500		846,858
PT Semen Gresik Persero Tbk		663,500		920,307
RHI AG		2,303		69,024
SA Des Ciments Vicat		887		64,497
Shree Cement Limited		2,671		347,278
Siam Cement PCL – Foreign Registration		31,300		431,183
Siam Cement PCL – Non-voting		36,100		497,307
Siam City Cement PCL		10,000		133,375
Suez Cement Company		4,510		25,357
Sumitomo Osaka Cement Company Limited		74,000		261,022
Taiheiyo Cement Corporation		234,000		978,327
Taiwan Cement Corporation		832,746		1,323,345
TCC International Holdings Limited		121,000		53,708
Titan Cement Company SA		5,264		140,408
Ultra Tech Cement Limited		13,699		575,694
Ultratech Cement Limited GDR		1,352		56,817
Vulcan Materials Company		81,000		5,133,780
				44,469,004
Containers & Packaging: 0.37%
Amcor Limited		243,363		2,595,639
AptarGroup Incorporated		142,582		9,146,635
Avery Dennison Corporation		63,900		3,075,507
Bemis Company Incorporated		66,014		2,689,410
Cascades Incorporated		2,512		14,578
CCL Industries Incorporated		1,924		200,557
DS Smith plc		99,241		467,904
FP Corporation		6,600		212,187
Fuji Seal International Incorporated		4,300		144,856

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 87

Security name	Shares		Value
Containers & Packaging (continued)
Goodpack Limited		41,000	$	81,734
Huhtamaki Oyj		10,786		289,114
La Seda De Barcelona SA †(a)		482		0
Mayr-Melnhof Karton AG		610		71,142
MeadWestvaco Corporation		112,700		4,846,100
Nampak Limited		117,445		469,615
Nihon Yamamura Glass Company Limited		9,000		14,273
Orora Limited		238,838		368,054
Owens-Illinois Incorporated †		106,400		3,276,056
Qualipak International Holdings Limited †		7,681		6,036
Rengo Company Limited		50,000		234,994
Rexam plc		67,076		564,576
Rock-Tenn Company Class A		90,200		4,434,232
Smurfit Kappa Group plc		16,584		376,214
Sonoco Products Company		64,839		2,668,773
Toyo Seikan Kaisha Limited		32,700		446,916
				36,695,102
Metals & Mining: 1.91%
Acerinox SA		7,768		118,909
African Minerals Limited †		22,055		11,259
African Rainbow Minerals Limited		22,497		383,132
Agnico-Eagle Mines Limited		19,266		736,761
Aichi Steel Corporation		18,000		69,547
Alacer Gold Corporation		17,005		38,630
Alamos Gold Incorporated		9,312		85,643
Alcoa Incorporated		741,300		12,312,993
Alkane Resources Limited †		26,657		5,477
Allegheny Technologies Incorporated		69,700		2,939,249
Alumina Limited †		454,301		657,656
Anglo American Platinum Limited †		11,072		459,956
Anglo American plc		133,132		3,381,593
Anglogold Ashanti Limited †		103,958		1,764,594
Antofagasta plc		33,519		437,104
ArcelorMittal		92,503		1,346,103
Arrium Limited		224,083		164,287
Asahi Holdings Incorporated		8,000		141,323
Assore Limited		7,325		216,146
Atlas Iron Limited «		163,678		87,134
AuRico Gold Incorporated		30,195		137,465
B2Gold Corporation Ǡ		55,517		142,967
Barrick Gold Corporation		93,600		1,720,835
Beadell Resources Limited †		130,759		62,282
Bekaert SA		3,186		118,387
BHP Billiton Limited		593,407		20,322,974
BHP Billiton plc		191,237		6,055,973
Bhushan Steel Limited		8,325		13,912
BlueScope Steel Limited †		113,681		585,010
Boliden AB		25,134		398,088

88 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Metals & Mining (continued)
CAP SA		15,197	$	182,566
Carpenter Technology Corporation		115,300		6,310,369
Centerra Gold Incorporated		13,776		83,115
China Metal Recycling Holdings Limited †(a)		68,664		0
China Rare Earth Holdings Limited †		43		6
China Steel Corporation		3,181,348		2,745,982
Chubu Steel Plate Company Limited		2,600		13,219
Chung Hung Steel Corporation †		954		265
Cia Siderurgica Nacional SA		168,978		741,284
Cia Vale do Rio Doce		292,146		3,800,443
Cliffs Natural Resources Incorporated «		98,816		1,489,157
Coeur D’alene Mines Corporation †		225,900		1,789,128
Commercial Metals Company		255,734		4,419,084
Compania de Minas Buenaventura SA ADR		39,492		575,004
Compass Minerals International Incorporated		73,309		6,529,633
Daido Steel Company Limited		74,000		325,032
Delong Holdings Limited †		7,000		1,345
Detour Gold Corporation †		15,148		190,726
Dominion Diamond Corporation †		10,250		138,860
Dongkuk Steel Mill Company Limited		6,732		48,733
Dowa Mining Company Limited		61,000		547,004
Eastern Platinum Limited †		3,200		2,678
El Ezz Aldekhela Steel Alexandria		164		15,957
El Ezz Steel Company †		15,612		37,425
Eldorado Gold Corporation		67,207		555,680
Energy Fuels Incorporated †		1,133		8,534
Eramet †		866		95,150
Eregli Demir Ve Celik Fabrikalari Tas		398,233		773,805
Feng Hsin Iron & Steel Company		115,690		166,430
First Majestic Silver Corporation †		10,800		110,652
First Quantum Minerals Limited		56,722		1,273,415
Fortescue Metals Group Limited		304,444		1,185,679
Fosun International		246,500		302,795
Franco-Nevada Corporation		13,507		761,003
Freeport-McMoRan Copper & Gold Incorporated Class B		135,100		4,913,587
Fresnillo plc		15,690		250,579
G-Resources Group Limited †		6,447,000		173,860
Gerdau SA		32,565		155,224
Gindalbie Metals Limited Ǡ		94,123		4,307
Glencore International plc		1,001,463		6,025,188
Gold Fields Limited		165,151		780,524
Goldcorp Incorporated		77,180		2,167,116
Golden Star Resources Limited †		13,559		6,734
Grupo Mexico SAB de CV		651,356		2,373,458
Hindalco Industries Limited		159,435		446,933
Hindalco Industries Limited GDR 144A		47,917		134,321
Hindustan Zinc Limited		43,032		117,544
Hitachi Metals Limited		39,000		664,213
Hudbay Minerals Incorporated		14,987		151,621
Hyundai Hysco Company Limited		2,309		188,327

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 89

Security name	Shares		Value
Metals & Mining (continued)
Hyundai Steel Company		16,472	$	1,229,775
IAMGOLD Corporation †		35,249		141,670
Iluka Resources Limited		79,595		661,606
Impala Platinum Holdings Limited		122,990		1,109,836
Independence Group NL		42,669		186,103
Indophil Resources NL †		152,574		28,499
Industrias Penoles SAB de CV		28,068		714,753
Intrepid Mines Limited †		100,257		26,218
JFE Holdings Incorporated		113,092		2,286,949
Jiangxi Copper Company Limited		314,000		555,067
Jindal Steel & Power Limited		77,705		298,373
JSW Steel Limited		25,023		512,831
KGHM Polska Miedz SA		30,789		1,266,954
Kingsgate Consolidated Limited †		23,656		20,105
Kinross Gold Corporation †		113,307		448,101
Kobe Steel Limited		648,000		1,052,545
Korea Zinc Company Limited		3,251		1,348,238
Koza Altin Isletmeleri AS		13,742		147,815
Kumba Iron Ore Limited «		16,043		479,053
Kurimoto Limited		22,000		52,016
Kyoei Steel Limited		5,200		96,308
Labrador Iron Ore Royalty Company		2,785		76,816
Lonmin plc †		59,315		226,288
Lundin Mining Corporation †		45,155		241,702
Lynas Corporation Limited Ǡ		320,009		47,820
Major Drilling Group International		4,509		33,839
Maruichi Steel Tube Limited		15,900		422,390
Mechel ADR †		11,200		19,152
Medusa Mining Limited †		33,903		38,313
Melewar Industrial Group Bhd †		1		0
Mercator Minerals Limited †(a)		33,385		921
Midas Holdings Limited		65,000		20,295
Mincor Resources NL		16,028		9,730
Minera Frisco SAB de CV †		130,377		263,311
Mineral Deposit Limited †		6,406		9,214
Mining & Metallurgical Company Norilsk Nickel ADR		187,999		3,679,140
Mitsubishi Materials Corporation		252,000		850,132
Mitsubishi Steel Manufacturing Company Limited		27,000		60,464
Mitsui Mining & Smelting Company Limited		112,000		344,466
Mongolian Mining Corporation †		163,500		12,869
Mytilineos Holdings SA †		1,209		9,817
Nakayama Steel Works Limited †		14,000		11,168
Nakornthai Strip Mill plc †(a)		5,418,300		10,178
National Aluminum Company Limited		36,556		34,038
Neturen Company Limited		6,900		50,070
Nevsun Resources Limited		18,400		76,152
New Gold Incorporated †		45,386		293,446
Newcrest Mining Limited †		147,150		1,555,716
Newmont Mining Corporation		60,364		1,635,261
Nippon Denko Company Limited		10,000		26,431

90 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Metals & Mining (continued)
Nippon Light Metal Holdings Company Limited		103,200	$	164,652
Nippon Steel Corporation		1,757,000		4,971,510
Nisshin Steel Holdings Company Limited		17,264		183,517
Nittetsu Mining Company Limited		12,000		52,593
NMDC Limited		207,319		579,284
Norddeutsche Affinerie AG		3,804		186,885
Norsk Hydro ASA		97,893		574,917
Northern Dynasty Minerals †		2,200		1,477
NovaCopper Incorporated †		2,136		2,534
NovaGold Resources Incorporated †		12,820		50,582
Novolipet Steel GDR Register Shares		18,613		266,166
Nucor Corporation		38,100		2,069,592
Nyrstar Strip VVPR †(a)		3,073		0
Om Holdings Limited †		28,126		10,639
Osisko Gold Royalties Limited †		3,915		54,154
Outokumpu Oyj †		8,348		64,497
OZ Minerals Limited		56,980		228,299
Pacific Metals Company Limited †		27,000		113,922
Pan American Silver Corporation		16,145		231,640
Pan Australian Resources Limited		81,991		175,358
Petropavlovsk plc †		9,120		6,132
Philex Mining Corporation		24		6
Pilot Gold Incorporated †		4,936		5,902
Polyus Gold International Limited †		110,465		347,063
POSCO		17,885		5,891,405
PT Aneka Tambang Tbk		74		8
PT International Nickel Indonesia Tbk		380,928		136,121
Randgold Resources Limited		8,613		727,098
Real Gold Mining Limited †(a)		41,000		0
Regis Resources Limited		88,984		146,268
Reliance Steel & Aluminum Company		49,200		3,440,064
Resolute Mining Limited †		139,174		74,090
Rio Tinto Limited		84,701		4,954,441
Rio Tinto plc		111,153		5,929,895
Royal Gold Incorporated		38,585		2,999,984
Sally Malay Mining Limited †		21,272		15,794
Salzgitter AG		2,771		103,476
Sandfire Resources NL †		24,651		145,965
Sanyo Special Steel Company Limited		26,000		106,954
Seabridge Gold Incorporated †		2,100		24,509
Semafo Incorporated †		21,405		95,282
Sesa Sterlite Limited		301,698		1,377,976
Sherritt International Corporation		27,940		109,725
Silver Standard Resources Incorporated †		5,023		47,167
Silver Wheaton Corporation		32,641		815,350
Silvercorp Metals Incorporated		13,691		25,183
Sims Group Limited †		28,188		316,967
Sociedad Minera Cerro Verde SA †		3,244		77,888
Sociedad Minera El Brocal SA †		3,920		19,018
Southern Copper Corporation		19,708		646,619

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 91

Security name	Shares		Value
Metals & Mining (continued)
SSAB Svenskt Stal AB Class A †		20,546	$	190,049
SSAB Svenskt Stal AB Class B †		4,150		34,498
St. Barbara Limited †		67,401		6,610
Steel Authority of India Limited		105,948		141,514
Steel Dynamics Incorporated		142,500		3,311,700
Straits Resources Limited †		76,749		502
Sumitomo Metal Mining Company Limited		106,000		1,608,160
Sumitomo Titanium Corporation		3,700		89,971
Talvivaara Mining Company plc Ǡ		152,775		12,084
Taseko Mines Limited †		8,732		19,114
Tata Steel Limited		48,920		413,700
Teck Cominco Incorporated Limited		45,708		1,037,920
Teranga Gold Corporation †		13,496		10,651
Thompson Creek Metals Company Incorporated †		6,878		19,800
Thyssenkrupp AG †		36,326		1,008,308
TimkenSteel Corporation		25,600		1,223,168
Toho Titanium Company Limited †		7,700		56,763
Toho Zinc Company Limited		26,000		110,452
Tokyo Steel Manufacturing Company Limited		16,100		92,225
Ton Yi Industrial Corporation		243,350		186,438
Topy Industries Limited		36,000		69,547
Trans Hex Group Limited †		3,465		1,072
Tung Ho Steel Enterprise Corporation		217,962		183,030
Turquoise Hill Resources Limited †		57,728		194,320
Tycoons Worldwide Groups Thailand PCL †		54,500		7,405
United States Steel Corporation		93,400		3,609,910
Vedanta Resources plc		10,041		168,529
Viohalco SA †		1,430		7,798
Voestalpine AG		9,874		423,599
Worthington Industries Incorporated		110,319		4,461,300
Yamana Gold Incorporated		78,246		666,383
Yamato Kogyo Company Limited		10,800		357,076
Yieh Phui Enterprise		474,022		154,622
Yodogawa Steel Works Limited		31,000		133,481
Young Poong Corporation		239		328,347
Zhidao International Holding †		102,000		6,054
Zijin Mining Group Company Limited Class H		1,339,000		349,002
ZPH Stalprodukt SA		374		26,273
				190,700,980
Paper & Forest Products: 0.18%
Ahlstrom Oyj		1,791		18,097
Canfor Corporation †		8,208		190,385
China Sandi Holdings Limited †		181,900		11,735
Chuetsu Pulp & Paper Company Limited		4,000		7,035
Compania Manufacturera De Papeles y Cartones SA		308,967		779,263
Daio Paper Corporation		22,000		195,800
Domtar Corporation		142,200		5,302,638
Fibria Celulose SA †		50,315		523,267

92 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Paper & Forest Products (continued)
Gunns Limited †(a)		59,667	$	0
Hokuetsu Paper Mills Limited		29,500		130,991
Holmen AB Class B		6,246		199,196
International Paper Company		58,300		2,824,635
Mitsubishi Paper Mills Limited †		65,000		56,226
Mondi plc		33,273		570,611
Munksjo Oyj		989		10,266
Nippon Paper Industries Company Limited		22,300		359,646
OJI Paper Company Limited		192,000		780,585
Resolute Forest Products Incorporated †		211,415		3,634,224
Stora Enso Oyj		69,844		607,986
Tokushu Tokai Holdings Company Limited		24,000		62,050
UPM-Kymmene Oyj		55,974		840,643
West Fraser Timber Company Limited		6,150		311,375
Yuen Foong Yu Paper Manufacturing Company Limited		433,565		197,995
				17,614,649
Telecommunication Services: 2.43%
Diversified Telecommunication Services: 1.33%
AT&T Incorporated		661,498		23,125,970
BCE Incorporated «		24,500		1,102,984
Belgacom SA		15,466		551,425
Bell Aliant Incorporated		11,577		328,475
Bezeq Israeli Telecommunication Corporation Limited		178,458		337,295
BT Group plc		688,824		4,425,545
Cable & Wireless Communication plc		241,619		198,717
CenturyLink Incorporated		74,771		3,064,863
China Telecom Corporation Limited		3,640,000		2,249,740
China Unicom Limited		1,183,688		2,110,769
Chorus Limited		60,850		89,326
Chunghwa Telecom Company Limited		985,602		3,063,262
Citic 1616 Holdings Limited		481		193
Colt Telecom Group SA †		85,344		207,850
Deutsche Telekom AG		279,410		4,177,948
Elisa Oyj		17,138		466,583
France Telecom SA		201,914		3,056,312
Frontier Communications Corporation «		640,141		4,352,959
Hellenic Telecommunications Organization SA †		21,810		311,791
Hong Kong Telecommunications Trust & Hong Kong Trust Limited		425,364		503,847
Hutchison Telecommunications Hong Kong Holdings Limited		196,000		85,228
Iliad SA		1,823		400,499
Inmarsat plc		40,614		472,315
KT Corporation		30,161		1,041,111
Level 3 Communications Incorporated †		99,844		4,488,986
LG Telecom Limited		51,939		560,907
Mahanagar Telephone Nigam Limited †		8,074		3,852
Manitoba Telecom Services Incorporated		5,945		168,842
Nippon Telegraph & Telephone Corporation		69,400		4,655,793
PCCW Limited		819,477		521,290

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 93

Security name	Shares		Value
Diversified Telecommunication Services (continued)
Portugal Telecom SGPS SA «		69,503	$	145,296
PT Telekomunikasi Indonesia Tbk		11,182,500		2,547,669
PT Xl Axiata Tbk		521,500		265,264
Rostelecom Sponsored ADR «		8,973		143,696
Royal KPN NV †		274,617		911,103
Shin Satellite PCL		188,600		233,240
Singapore Telecommunications Limited		1,333,100		4,151,763
SK Broadband Company Limited †		33,822		121,085
Swisscom AG		2,129		1,236,051
TalkTalk Telecom Group plc		57,843		290,293
Tata Communications Limited		3,567		22,091
TDC AS		45,035		386,566
Telecom Corporation of New Zealand Limited		191,402		469,888
Telecom Egypt Company		36,313		73,184
Telecom Italia SpA †		885,010		1,018,083
Telecom Italia SpA RSP		592,709		545,153
Telecom Malaysia Bhd		408,822		824,907
Telefonica Brasil SA		6,724		125,829
Telefonica SA		366,744		5,816,331
Telekom Austria AG		23,473		219,598
Telekomunikacja Polska SA		132,850		445,467
Telenor ASA		70,077		1,606,651
Teliasonera AB		206,312		1,505,442
Telstra Corporation Limited		833,616		4,328,770
Telus Corporation		19,486		710,586
Tiscali SpA †		588		41
True Corporation PCL †		679,867		238,400
TT&T PCL †(a)		270,800		0
Turk Telekomunikasyon AS		117,421		340,067
tw telecom incorporated †		90,771		3,724,788
Verizon Communications Incorporated		528,237		26,316,767
Vivendi SA		113,848		2,961,145
Windstream Holdings Incorporated «		380,335		4,297,786
				132,147,677
Wireless Telecommunication Services: 1.10%
Advanced Info Service PCL - Foreign Register		241,600		1,580,914
America Movil SAB de CV Class A		22,794		27,715
America Movil SAB de CV Class L		10,398,636		12,778,869
Bharti Airtel Limited		253,598		1,545,493
Cellcom Israel Limited		6,225		72,899
China Mobile Limited		1,272,500		15,828,156
Digi.com Bhd		598,500		1,088,009
Empresa Nacional de Telecomunicaciones SA		22,604		261,767
Far Eastone Telecommunications Company Limited		361,722		770,870
Freenet AG		9,566		255,658
Global Telecom Holding †		313,006		236,832
Globe Telecom Incorporated		8,330		343,899
Idea Cellular Limited		166,212		443,469

94 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Wireless Telecommunication Services (continued)
Intouch Holdings PCL		137,100	$	295,104
KDDI Corporation		101,200		5,834,964
Maxis Bhd		514,200		1,068,531
MegaFon OAO		22,517		637,231
Millicom International Cellular SA		6,159		552,078
Mobile Telesystems ADR		125,100		2,308,095
Mobilone Limited		94,400		287,194
MTN Group Limited		363,524		8,215,054
NTT DoCoMo Incorporated		258,300		4,464,920
Okinawa Cellular Telephone Company		2,400		66,986
Orascom Telecom Media & Technology Holding SAE †		313,006		54,721
Partner Communications Company Limited †		5,768		41,584
Philippine Long Distance Telephone Company		18,020		1,425,895
PT Indonesian Satellite Corporation Tbk †		241,500		79,072
Reliance Communications Limited		99,697		190,588
Reliance Communications Limited GDR 144A		32,828		62,757
Rogers Communications Incorporated «		35,000		1,426,653
SBA Communications Corporation Class A †		76,113		8,394,503
Sistema JSFC Sponsored GDR – London Exchanges		46,976		1,068,704
SK Telecom Company Limited		10,256		2,761,367
SmarTone Telecommunications Holding Limited		52,289		77,185
SoftBank Corporation		177,645		12,815,641
Sprint Corporation †		113,174		634,906
StarHub Limited		109,000		362,155
Taiwan Mobile Company Limited		434,202		1,384,368
Tata Teleservices Maharashtra Limited †		30,393		5,535
Tele2 AB Class B		29,579		367,979
Telephone & Data Systems Incorporated		221,659		5,838,498
Tim Participacoes SA		177,415		994,665
TM International SDN Bhd		889,150		1,954,889
Total Access Group Incorporated		81,100		271,688
Turkcell Iletisim Hizmetleri AS †		179,299		1,049,333
VimpelCom Limited ADR		49,963		425,685
Vodacom Group Proprietary Limited		70,753		851,391
Vodafone Group plc		2,345,938		8,052,107
				109,556,576
Utilities: 3.90%
Electric Utilities: 1.60%
Acciona SA †		2,541		203,263
ALLETE Incorporated		80,232		3,904,891
American Electric Power Company Incorporated		64,098		3,442,063
AusNet Services		324,913		429,385
CEZ AS		37,756		1,095,556
Cheung Kong Infrastructure Holdings Limited		104,000		750,808
Chubu Electric Power Company Incorporated †		139,500		1,610,930
Cleco Corporation		132,626		7,482,759
CLP Holdings Limited		370,000		3,131,851
Companhia Energetica de Minas Gerais		22,649		192,241

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 95

Security name	Shares		Value
Electric Utilities (continued)
Companhia General de Electricidad SA		82,344	$	385,926
Contact Energy Limited		63,825		296,295
CPFL Energia SA		47,500		479,350
Duke Energy Corporation		93,550		6,921,765
Edison International		39,968		2,363,708
El Paso Electric Company		92,100		3,623,214
Electricite de France SA		26,434		859,467
Emera Incorporated «		12,523		395,972
Endesa SA		7,520		279,333
Enea SA		23,564		110,355
Enel SpA		620,103		3,280,322
Energias de Portugal SA		245,535		1,188,535
Enersis SA		4,350,024		1,477,760
Entergy Corporation		114,339		8,850,982
EVN AG		581		7,863
Exelon Corporation		113,371		3,788,859
FirstEnergy Corporation		50,146		1,716,999
Fortis Incorporated (Canada) «		18,274		563,363
Fortum Oyj		40,768		1,023,132
Great Plains Energy Incorporated		108,346		2,781,242
Hawaiian Electric Industries Incorporated «		218,484		5,547,309
Hokkaido Electric Power Company Incorporated †		37,200		321,069
Hokuriku Electric Power Company		36,400		471,246
Iberdrola SA		501,703		3,681,703
IDACORP Incorporated		110,163		6,248,445
Infratil Limited		115,574		233,463
ITC Holdings Corporation		98,136		3,665,380
Japan Wind Development Company Limited †		1,200		6,643
Kansai Electric Power Company Incorporated †		155,000		1,417,786
Korea Electric Power Corporation		66,574		2,770,771
Kyushu Electric Power Company Incorporated †		91,000		923,600
Manila Electric Company		51,050		296,699
Nextera Energy Incorporated		56,611		5,573,353
Northeast Utilities		198,684		9,117,609
OGE Energy Corporation		127,196		4,772,394
Pepco Holdings Incorporated		159,488		4,395,489
Pinnacle West Capital Corporation		69,904		3,981,033
PNM Resources Incorporated		174,837		4,582,478
Polska Grupa Energetyczna SA «		151,828		1,033,850
Portland General Electric Company		165,853		5,716,953
Power Assets Holdings Limited		249,105		2,269,252
Power Grid Corporation of India Limited		231,455		492,815
PPL Corporation		83,366		2,886,965
Public Power Corporation SA †		10,093		146,542
Red Electrica Corporation SA		10,670		898,532
Reliance Energy Limited		32,954		379,775
Romande Energie Holding SA		7		8,235
Scottish & Southern Energy plc		91,779		2,312,930
Shikoku Electric Power Company Incorporated †		39,900		489,714
Spark Infrastructure Group		222,795		409,916

96 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Electric Utilities (continued)
Tata Power Company Limited		384,258	$	548,397
Tauron Polska Energia SA «		210,484		327,921
Tenaga Nasional Bhd		587,437		2,307,256
Terna SpA		126,682		652,499
The Chugoku Electric Power Company Incorporated		58,500		771,416
The Okinawa Electric Power Company Incorporated		2,600		84,588
The Southern Company		115,238		5,116,567
Tohoku Electric Power Company Incorporated		96,600		1,066,783
Tokyo Electric Power Company Incorporated †		157,300		568,454
Trustpower Limited		3,817		21,934
UIL Holdings Corporation		126,100		4,697,225
Westar Energy Incorporated		87,113		3,217,083
Xcel Energy Incorporated		72,738		2,331,253
				159,401,514
Gas Utilities: 0.73%
AGL Resources Incorporated		75,869		4,044,576
APA Group		152,734		1,105,506
Atmos Energy Corporation		216,046		10,923,286
Aygaz AS		12,972		57,613
China Gas Holdings Limited		654,000		1,164,534
China Resources Gas Group Limited		210,000		611,028
Enagas SA		21,486		716,234
Envestra Limited		159,835		197,793
Gail India Limited		63,415		463,385
Gas Natural SDG SA		33,541		1,028,401
Hanjin Heavy Industries & Construction Holdings Company Limited		2,009		20,804
Hong Kong & China Gas Company Limited		1,202,788		2,728,371
Korea Gas Corporation †		5,695		316,779
National Fuel Gas Company		53,600		4,097,184
New Jersey Resources Corporation		93,400		4,878,282
Northwest Natural Gas Company		58,936		2,679,231
ONE Gas Incorporated		118,661		4,441,481
Osaka Gas Company Limited		387,000		1,591,965
Petronas Gas Bhd		91,700		663,312
Piedmont Natural Gas Company «		166,590		6,230,466
PT Perusahaan Gas Negara Persero Tbk		2,360,000		1,170,165
Questar Corporation		112,303		2,640,244
Rubis SCA		4,759		287,079
Saibu Gas Company Limited		65,000		165,553
Shizuoka Gas Company Limited		11,500		76,155
SNAM Rete Gas SpA		157,963		918,641
Southwest Gas Corporation		101,607		5,304,901
Superior Plus Corporation «		9,992		136,376
Toho Gas Company Limited		93,000		535,413
Tokyo Gas Company Limited		463,000		2,629,504
Towngas China Company Limited		127,000		135,357
UGI Corporation		78,239		4,145,102
WGL Holdings Incorporated		113,455		4,934,158

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 97

Security name	Shares		Value
Gas Utilities (continued)
Xinao Gas Holdings Limited		136,000	$	960,768
				71,999,647
Independent Power & Renewable Electricity Producers: 0.24%
Aboitiz Power Corporation		386,100		332,081
Adani Power Limited †		93,197		72,493
AES Gener SA		472,711		243,300
Babcock & Brown Wind Partners †		70,286		15,098
China Longyuan Power Group		771,000		833,669
China Renewable Energy Investment Limited †		15,871		666
China Resources Power Holdings Company		464,600		1,405,781
Colbun SA		1,637,920		427,680
Datang International Power Generation Company Limited		804,000		446,087
Drax Group plc		35,738		372,299
Dynegy Incorporated †		208,201		6,804,009
EDP Renovaveis SA		9,632		69,671
Electric Power Development Company		27,200		891,460
Electricity Generating PCL		29,800		159,076
Empresa Nacional de Electricidad SA (Chile)		742,709		1,142,366
Enel Green Power SpA		152,321		420,299
Etrion Corporation †		2,567		1,227
Glow Energy PCL		31,600		86,569
Huaneng Power International Incorporated		748,000		899,525
Indiabulls Infrastructure & Power Limited †		128,891		10,196
Neyveli Lignite Corporation Limited		4,901		6,958
NHPC Limited		186,049		66,380
NRG Energy Incorporated		219,789		6,765,105
NTPC Limited		479,483		1,085,711
PNOC Energy Development Corporation		1,562,250		260,494
Ratchaburi Electricity Generating Holding PCL ADR		20,700		37,751
Reliance Power Limited †		138,060		169,617
Sechilienne SA		480		12,172
Tractebel Energia SA		31,629		529,999
Transalta Corporation «		24,700		284,869
				23,852,608
Multi-Utilities: 1.20%
ACEA SpA		1,765		23,933
AEM SpA		134,739		147,563
AGL Energy Limited		123,953		1,632,299
Alliant Energy Corporation		71,118		4,159,692
Ameren Corporation		155,006		6,198,690
ATCO Limited		8,258		355,368
Avista Corporation		131,420		4,265,893
Black Hills Corporation		97,042		5,214,067
Canadian Utilities Limited Class A		11,598		417,498
Canadian Utilities Limited Class B		516		18,560
CenterPoint Energy Incorporated		274,910		6,828,764
Centrica plc		497,567		2,638,359

98 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Shares		Value
Multi-Utilities (continued)
CMS Energy Corporation		177,621	$	5,424,545
Consolidated Edison Incorporated		35,115		2,032,807
Dominion Resources Incorporated		75,486		5,300,627
DTE Energy Company		111,174		8,699,366
Duet Group		258,336		588,706
E.ON SE		187,516		3,407,527
GDF Suez		147,526		3,633,564
Hera SpA		43,571		122,401
Integrys Energy Group Incorporated		50,732		3,444,195
Just Energy Group Incorporated «		8,403		49,925
MDU Resources Group Incorporated		121,103		3,791,735
National Grid plc		359,866		5,370,911
NiSource Incorporated		200,183		7,941,260
Northwestern Corporation		85,431		4,124,609
PG&E Corporation		59,065		2,745,341
Public Service Enterprise Group Incorporated		72,602		2,714,589
RWE AG		45,697		1,788,098
SCANA Corporation		89,457		4,646,397
Sempra Energy		29,909		3,169,457
Suez Environnement Company SA		28,095		517,923
TECO Energy Incorporated		144,064		2,607,558
Vector Limited		28,886		64,753
Vectren Corporation		180,737		7,451,787
Veolia Environnement SA		45,364		832,994
Wisconsin Energy Corporation «		146,726		6,651,090
YTL Corporation Bhd		985,009		506,255
YTL Power International Bhd		429,768		203,158
				119,732,264
Water Utilities: 0.13%
Aguas Andinas SA Class A		613,482		383,714
American Water Works Company Incorporated		113,978		5,768,427
Aqua America Incorporated		112,812		2,821,428
Companhia de Saneamento Basico do Estado de Sao Paulo		77,100		736,730
Guangdong Investment Limited		564,000		681,890
Hyflux Limited		81,500		74,711
Pennon Group plc		35,570		480,384
Puncak Niaga Holdings Bhd †		13,700		14,561
Severn Trent plc		25,380		819,518
United Utilities Group plc		65,169		948,786
				12,730,149
Total Common Stocks (Cost $6,669,047,680)				9,536,396,041

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 99

Security name	Dividend yield			Shares		Value
Preferred Stocks: 0.65%
Consumer Discretionary: 0.08%
Automobiles: 0.07%
Bayerische Motoren Werke AG ±		3.75	%		4,593	$	439,225
Hyundai Motor Company ±		1.25			9,019		1,396,502
Hyundai Motor Company ±		1.28			5,939		878,594
Porsche AG ±		3.00			14,496		1,319,006
Volkswagen AG ±		2.48			13,751		3,086,939
							7,120,266
Media: 0.00%
Zee Entertainment Enterprises Limited		6.00			2,153,319		29,099
Multiline Retail: 0.01%
Lojas Americanas SA ±		1.06			122,250		865,061
Consumer Staples: 0.03%
Beverages: 0.00%
ITO EN Limited ±		2.76			4,600		79,625
Food & Staples Retailing: 0.01%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar ±		0.88			22,278		1,133,755
Household Products: 0.02%
Henkel AG & Company KGaA ±		1.60			17,027		1,785,336
Energy: 0.12%
Oil, Gas & Consumable Fuels: 0.12%
Petroleo Brasileiro SA ±		4.20			951,758		9,927,876
Surgutneftegaz SP ADR «±		9.01			269,016		1,936,915
							11,864,791
Financials: 0.25%
Banks: 0.25%
Banco Bradesco SA ±		2.42			488,700		8,916,019
Banco Itau Holding Financeira SA ±		2.70			640,123		11,541,373
Investimentos Itau SA ±		3.30			914,359		4,452,318
Shinkin Central Bank ±		3.28			138		268,055
							25,177,765
Capital Markets: 0.00%
Hyundai Securities Company Limited ±		6.86			6,105		46,422
Insurance: 0.00%
Unipol Gruppo Finanziario SpA ±		4.97			185		927
Health Care: 0.00%
Life Sciences Tools & Services: 0.00%
Valneva SE †		0.00			612		378

100 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name	Dividend yield					Shares		Value
Information Technology: 0.05%
Semiconductors & Semiconductor Equipment: 0.05%
Samsung Electronics Company Limited ±		1.35	%				5,235	$	5,266,236
Materials: 0.09%
Chemicals: 0.02%
Braskem SA ±		4.06					30,900		210,509
Fuchs Petrolub AG ±		2.36					6,432		264,146
LG Chem Limited ±		2.21					1,978		344,314
Sociedad Quimica y Minera de Chile SA Class B ±		3.60					23,458		644,979
									1,463,948
Metals & Mining: 0.07%
Gerdau SA ±		1.97					263,802		1,527,306
Metalurgica Gerdau SA ±		2.59					24,537		173,847
Vale SA ±		6.97					466,530		5,412,457
									7,113,610
Telecommunication Services: 0.01%
Diversified Telecommunication Services: 0.01%
Telefonica Brasil SA ±		7.53					65,756		1,405,595
Utilities: 0.02%
Electric Utilities: 0.02%
Companhia Energetica de Minas Gerais ±		4.70					167,349		1,432,391
Multi-Utilities: 0.00%
RWE AG ±		4.51					3,735		114,543
Total Preferred Stocks (Cost $60,752,699)									64,899,748
				Expiration date
Rights: 0.00%
Consumer Staples: 0.00%
Food Products: 0.00%
China Culiangwang Beverages Holdings Limited †(a)					9-12-2014		24,000		449
Energy: 0.00%
Oil, Gas & Consumable Fuels: 0.00%
PT Bumi Resources Tbk †(a)					9-2-2014		7,150,704		611
Financials: 0.00%
Banks: 0.00%
Oversea-Chinese Banking Corporation Limited †(a)					9-2-2014		60,210		113,303

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 101

Security name	Expiration date		Shares		Value
Health Care: 0.00%
Biotechnology: 0.00%
Intercell AG †(a)		9-2-2014		1,885	$	0
Information Technology: 0.00%
Software: 0.00%
Constellation Software Incorporated †		9-2-2014		1,591		812
Total Rights (Cost $8,021)						115,175
Warrants: 0.00%
Consumer Discretionary: 0.00%
Automobiles: 0.00%
Peugeot SA †		4-29-2017		32,389		68,603
Media: 0.00%
Seat Pagine Gialle SpA †(a)		9-2-2014		259		0
Yellow Media Limited †		12-20-2022		128		453
						453
Consumer Staples: 0.00%
Food Products: 0.00%
Kulim Malaysia Bhd †		2-27-2016		8,450		2,252
Energy: 0.00%
Energy Equipment & Services: 0.00%
KNM Group Bhd †		11-15-2017		44,637		4,744
Oil, Gas & Consumable Fuels: 0.00%
Maurel et Prom SA †		12-31-2015		3,641		794
Financials: 0.00%
Real Estate Management & Development: 0.00%
Africa Israel Investments Limited †		3-31-2015		92		7
Sinarmas Land Limited †		11-18-2015		42,500		14,971
Sun Hung Kai Properties Limited †		4-22-2016		24,189		59,614
						74,592
Health Care: 0.00%
Health Care Equipment & Supplies: 0.00%
Golden Meditech Holdings Limited †				5,605		137
Industrials: 0.00%
Construction & Engineering: 0.00%
Malaysian Resources Corporation Bhd †		9-16-2018		88,483		7,720
Power Line Engineering PCL †(a)		10-20-2015		122,200		1,224
						8,944

102 Wells Fargo Advantage Diversified Stock Portfolio Portfolio of investments—August 31, 2014 (unaudited)

Security name				Expiration date		Shares		Value
Materials: 0.00%
Chemicals: 0.00%
Indorama Ventures PCL †(a)					8-24-2017		39,823	$	0
Indorama Ventures PCL †(a)					8-24-2018		30,633		0
									0
Metals & Mining: 0.00%
Kinross Gold Corporation †					9-17-2014		1,456		7
Utilities: 0.00%
Water Utilities: 0.00%
Puncak Niaga Holdings Bhd †					7-20-2018		1,370		1,021
Total Warrants (Cost $140,398)									161,547
	Yield
Short-Term Investments: 5.17%
Investment Companies: 5.17%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%				280,013,775		280,013,775
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)		0.11					233,979,502		233,979,502
Total Short-Term Investments (Cost $513,993,277)									513,993,277

Total investments in securities (Cost $7,243,942,075) *	101.66	%		10,115,565,788
Other assets and liabilities, net	(1.66	)		(165,620,090	)
Total net assets	100.00	%	$	9,949,945,698

Portfolio of investments—August 31, 2014 (unaudited) Wells Fargo Advantage Diversified Stock Portfolio 103

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

† Non-income-earning security

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

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

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

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

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

* Cost for federal income tax purposes is $7,309,245,558 and unrealized gains (losses) consists of:

Gross unrealized gains	$	3,138,047,515
Gross unrealized losses		(331,727,285	)
Net unrealized gains	$	2,806,320,230

The following table shows percent of total long-term investments by geographic locations as of August 31, 2014 (unaudited):

United States	64.61	%
Japan	7.03
United Kingdom	3.14
Australia	2.27
South Korea	1.86
Canada	1.68
China	1.56
Switzerland	1.38
Taiwan	1.35
France	1.31
Germany	1.16
Brazil	1.09
Bermuda	1.08
Ireland	1.04
Other	9.44
	100.00	%

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees that have been implemented since the Registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Master Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Master Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: October 27, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Master Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: October 27, 2014
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date: October 27, 2014