Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market Street, 12 ^th Floor, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market Street, 12 ^th Floor, 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 16 of its series, Wells Fargo Advantage Emerging Markets Local Bond Fund, Wells Fargo Advantage International Bond Fund, Wells Fargo Advantage Strategic Income Fund, Wells Fargo Advantage Asia Pacific Fund, Wells Fargo Advantage Diversified International Fund, Wells Fargo Advantage Emerging Markets Equity Fund, Wells Fargo Advantage Emerging Markets Equity Income Fund, Wells Fargo Advantage Global Opportunities Fund, Wells Fargo Advantage International Equity Fund, Wells Fargo Advantage Intrinsic World Equity Fund, Wells Fargo Advantage Intrinsic Small Cap Value Fund, Wells Fargo Advantage Small Cap Opportunities Fund, Wells Fargo Advantage Small Cap Value Fund, Wells Fargo Advantage Small/Mid Cap Value Fund, Wells Fargo Advantage Special Small Cap Value Fund, and Wells Fargo Advantage Traditional Small Cap Growth Fund. Each series has an October 31 fiscal year end.

Date of reporting period: July 31, 2013

ITEM 1. INVESTMENTS


Wells Fargo Advantage Emerging Markets Local Bond Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Foreign Corporate Bonds and Notes @: 19.57%

Brazil : 0.65%
BRF SA ( Consumer Staples , Food Products , BRL ) 144A		7.75	%	5-22-2018		460,000	$	171,188

Germany : 3.12%
KFW ( Financials , Commercial Banks , TRY )		5.00		1-16-2017		625,000		294,752
KFW ( Financials , Commercial Banks , TRY )		8.50		4-15-2015		1,000,000		520,985

								815,737

Ireland : 0.77%
RZD Capital Limited ( Industrials , Road & Rail , RUB )		8.30		4-2-2019		6,500,000		201,637

Luxembourg : 3.94%
European Investment Bank ( Financials , Commercial Banks , ZAR )		6.00		10-21-2019		8,500,000		783,933
European Investment Bank ( Financials , Commercial Banks , HUF )		6.50		1-5-2015		54,000,000		248,086

								1,032,019

Mexico : 1.59%
America Movil Sab De CV ( Telecommunication Services , Wireless Telecommunication Services , MXN )		6.45		12-5-2022		3,000,000		224,705
Petroleos Mexicanos Company ( Energy , Oil, Gas & Consumable Fuels , MXN )		7.65		11-24-2021		2,300,000		191,235

								415,940

Netherlands : 0.85%
Rabobank Nederland ( Financials , Commercial Banks , TRY )		6.13		5-2-2017		460,000		223,020

Russia : 0.75%
Sberbank Rossii ( Financials , Commercial Banks , RUB )		7.00		1-31-2016		6,500,000		197,200

South Africa : 0.55%
Foodcorp Limited ( Consumer Staples , Food & Staples Retailing , EUR )		8.75		3-1-2018		100,000		144,010

United States : 7.35%
Inter-American Development Bank ( Financials , Commercial Banks , MXN )		8.00		1-26-2016		12,500,000		1,066,921
International Bank for Reconstruction & Development ( Financials , Diversified Financial Services , MXN )		6.50		9-11-2013		6,900,000		541,833
International Bank for Reconstruction & Development ( Financials , Diversified Financial Services , MXN )		7.50		3-5-2020		3,600,000		315,785

								1,924,539

Total Foreign Corporate Bonds and Notes (Cost $5,617,918)								5,125,290

Foreign Government Bonds @: 73.04%
Brazil (BRL)		8.50		1-5-2024		2,025,000		827,717
Brazil (BRL)		10.00		1-1-2017		4,750,000		2,061,221
Chile (CLP)		5.50		8-5-2020		238,000,000		470,118
Colombia (COP)		7.75		4-14-2021		975,000,000		600,103
Hungary (HUF)		6.75		11-24-2017		268,000,000		1,254,071
Indonesia (IDR)		7.38		9-15-2016		11,000,000,000		1,073,880
Malaysia (MYR)		3.26		3-1-2018		2,350,000		710,395
Malaysia (MYR)		4.26		9-15-2016		3,125,000		983,262
Mexico (MXN)		7.75		11-13-2042		13,465,000		1,127,094
Nigeria (NGN)		15.10		4-27-2017		80,000,000		516,862
Poland (PLN) ¤		0.00		7-25-2015		1,800,000		533,039
Poland (PLN)		4.00		10-25-2023		3,400,000		1,056,317
Republic of South Africa (ZAR)		2.00		1-31-2025		1,860,005		190,674
Republic of South Africa (ZAR)		2.60		3-31-2028		10,221,260		1,099,116


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Emerging Markets Local Bond Fund


Security name			Interest rate			Maturity date	Principal		Value
Foreign Government Bonds @ (continued)
Romania (RON)				6.00	%	4-30-2016		1,800,000	$	559,208
Russia (RUB)				7.00		1-25-2023		81,500,000		2,409,531
Russia (RUB)				7.50		3-15-2018		25,400,000		803,666
Thailand (THB)				3.25		6-16-2017		32,000,000		1,021,772
Turkey (TRY)				6.30		2-14-2018		1,590,000		741,636
Turkey (TRY)				9.00		3-8-2017		2,100,000		1,084,739

Total Foreign Government Bonds (Cost $21,014,622)										19,124,421

Yankee Corporate Bonds and Notes : 3.11%

Brazil : 1.29%
ITAU Unibanco Holding SA ( Financials , Commercial Banks )				5.13		5-13-2023	$	200,000		184,800
Petroplus Finance Limited ( Energy , Oil, Gas & Consumable Fuels )				5.75		1-20-2020		150,000		155,038

										339,838

Luxembourg : 0.63%
TNK BP Finance SA ( Energy , Oil, Gas & Consumable Fuels )				6.63		3-20-2017		150,000		164,430

United Kingdom : 1.19%
Sable International Finance Limited ( Telecommunication Services , Diversified Telecommunication Services )				7.75		2-15-2017		110,000		116,600
Vedanta Resources plc ( Materials , Metals & Mining ) 144A				6.00		1-31-2019		200,000		195,000

										311,600

Total Yankee Corporate Bonds and Notes (Cost $838,013)										815,868


			Yield				Shares
Short-Term Investments : 1.59%

Investment Companies : 1.59%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08				415,877		415,877

Total Short-Term Investments (Cost $415,877)										415,877

Total investments in securities (Cost $27,886,430)*	97.31	%								25,481,456
Other assets and liabilities, net	2.69									703,263

Total net assets	100.00	%							$	26,184,719

@	Foreign bond principal is denominated in local currency.

¤	Security issued in zero coupon form with no periodic interest payments.

144A

Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

(l)

Investment in an affiliate

(u)

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

*	Cost for federal income tax purposes is $27,936,148 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	303,412
Gross unrealized depreciation		(2,758,104	)

Net unrealized depreciation	$	(2,454,692	)

Wells Fargo Advantage Emerging Markets Local Bond Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

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

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

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

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Forward foreign currency contracts

The Fund may be subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Fair valuation measurements

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


Level 1 –		quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Foreign corporate bonds and notes	$	0	$	5,125,290	$	0	$	5,125,290
Foreign government bonds		0		19,124,421		0		19,124,421
Yankee corporate bonds and notes		0		815,868		0		815,868
Short-term investments
Investment companies		415,877		0		0		415,877

	$	415,877	$	25,065,579	$	0	$	25,481,456

As of July 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	(153,485	)	$	0	$	(153,485	)

+	Forward foreign currency contracts are presented at the unrealized losses on the instrument.

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

Derivative transactions

As of July 31, 2013, the Fund entered into forward foreign currency exchange contracts for economic hedging purposes. At July 31, 2013, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:


Exchange date		Counterparty		Contracts to receive		U.S. value at July 31, 2013		In exchange for U.S. $		Unrealized gains (losses)
	8-7-2013		State Street Bank		36,000,000 THB	$	1,149,825	$	1,219,884	$	(70,059	)
	8-28-2013		State Street Bank		4,000,000 MYR		1,231,257		1,313,068		(81,811	)
	9-24-2013		State Street Bank		24,000,000 HUF		106,169		104,794		1,375

Forward foreign currency contracts to sell:


Exchange date		Counterparty		Contracts to deliver		U.S. value at July 31, 2013		In exchange for U.S. $		Unrealized gains (losses)
	9-24-2013		State Street Bank		205,000,000 HUF	$	906,858	$	896,018	$	(10,840	)
	10-30-2013		State Street Bank		2,150,000 TRY		1,091,776		1,096,491		4,715
	10-31-2013		State Street Bank		3,075,000 ZAR		307,716		310,851		3,135


Wells Fargo Advantage International Bond Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Corporate Bonds and Notes : 0.61%

United States : 0.61%
JPMorgan Chase & Company ( Financials , Diversified Financial Services )		3.25	%	9-23-2022	$	7,500,000	$	7,143,803
NBCUniversal Media LLC ( Consumer Discretionary , Media )		2.88		1-15-2023		2,600,000		2,473,884

Total Corporate Bonds and Notes (Cost $10,264,073)								9,617,687

Foreign Corporate Bonds and Notes @: 22.39%

Australia : 0.90%
Telstra Corporation Limited ( Telecommunication Services , Diversified Telecommunication Services , EUR )		3.75		5-16-2022		2,500,000		3,674,459
Telstra Corporation Limited ( Telecommunication Services , Diversified Telecommunication Services , EUR )		4.25		3-23-2020		7,000,000		10,645,377

								14,319,836

Brazil : 0.32%
BRF SA ( Consumer Staples , Food Products , BRL ) 144A		7.75		5-22-2018		13,500,000		5,023,999

Finland : 0.76%
Nordic Investment Bank ( Financials , Commercial Banks , AUD )		5.00		4-19-2022		13,000,000		12,064,413

France : 2.16%
Casino Guichard Perrachon SA ( Consumer Discretionary , Hotels, Restaurants & Leisure, EUR )		3.31		1-25-2023		4,300,000		5,648,941
Casino Guichard Perrachon SA ( Consumer Discretionary , Hotels, Restaurants & Leisure , EUR )		4.73		5-26-2021		3,500,000		5,164,153
Pernod Ricard SA ( Consumer Staples , Beverages , EUR )		4.88		3-18-2016		3,750,000		5,443,672
Pernod Ricard SA ( Consumer Staples , Beverages , EUR )		5.00		3-15-2017		1,900,000		2,825,808
Pernod Ricard SA ( Consumer Staples , Beverages , EUR )		7.00		1-15-2015		2,450,000		3,543,645
Veolia Environnement ( Utilities , Multi-Utilities , EUR )		6.75		4-24-2019		6,910,000		11,463,134

								34,089,353

Germany : 1.32%
KfW ( Financials , Commercial Banks , NOK )		3.75		9-25-2015		35,500,000		6,250,212
KfW ( Financials , Commercial Banks , AUD )		6.25		5-19-2021		11,700,000		11,739,868
Unitymedia Hessen GmbH & Company ( Consumer Discretionary , Media , EUR ) 144A		5.13		1-21-2023		1,700,000		2,180,177
Unitymedia Hessen GmbH & Company ( Consumer Discretionary , Media , EUR ) 144A		5.75		1-15-2023		500,000		661,849

								20,832,106

Ireland : 0.56%
AG Spring Finance II Limited ( Financials , Diversified Financial Services , EUR ) 144A		7.50		6-1-2018		3,600,000		4,730,351
Rottapharm Limited ( Health Care , Pharmaceuticals , EUR )		6.13		11-15-2019		3,000,000		4,100,803

								8,831,154

Italy : 0.27%
Luxottica Group SpA ( Consumer Discretionary , Textiles, Apparel & Luxury Goods , EUR )		3.63		3-19-2019		3,000,000		4,329,051

Luxembourg : 2.35%
Befesa Zinc Aser SA ( Utilities , Water Utilities , EUR )		8.88		5-15-2018		4,025,000		5,702,711


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage International Bond Fund


Security name	Interest rate			Maturity date	Principal		Value
Luxembourg (continued)
European Investment Bank ( Financials , Commercial Banks , AUD )		6.50	%	8-7-2019		16,400,000	$	16,339,635
Fiat Industrial SpA ( Financials , Consumer Finance , EUR )		6.25		3-9-2018		3,000,000		4,412,903
Heidelbergcement AG ( Industrials , Building Products , EUR )		8.50		10-31-2019		1,730,000		2,905,650
Servus Luxembourg Holding SCA ( Consumer Discretionary , Automobiles , EUR ) 144A		7.75		6-15-2018		2,550,000		3,409,354
Sunrise Communications ( Telecommunication Services , Diversified Telecommunication Services , EUR )		7.00		12-31-2017		200,000		283,365
Telenet Finance V Luxemburg SCA ( Consumer Discretionary , Media , EUR )		6.25		8-15-2022		3,000,000		4,110,781

								37,164,399

Mexico : 0.56%
America Movil SAB de CV ( Telecommunication Services , Wireless Telecommunication Services , EUR )		3.00		7-12-2021		6,500,000		8,826,099

Netherlands : 3.33%
Bank Nederlandse Gemeenten ( Financials , Commercial Banks , EUR )		2.63		9-1-2020		9,250,000		12,978,096
BMW Finance NV ( Financials , Consumer Finance , EUR )		3.63		1-29-2018		3,500,000		5,121,847
British-American Tobacco Holdings BV ( Consumer Staples , Tobacco , EUR )		4.00		7-7-2020		4,370,000		6,511,938
Deutsche Telekom International Finance BV ( Telecommunication Services , Diversified Telecommunication Services , EUR )		6.00		1-20-2017		2,600,000		4,021,294
Heineken NV ( Consumer Staples , Beverages , EUR )		2.13		8-4-2020		6,000,000		7,932,083
Interxion Holding NV ( Telecommunication Services , Wireless Telecommunication Services , EUR ) 144A		6.00		7-15-2020		1,600,000		2,149,845
Nokia Siemens Networks ( Telecommunication Services , Diversified Telecommunication Services , EUR ) 144A		6.75		4-15-2018		500,000		688,988
Rabobank Nederland ( Financials , Commercial Banks , NZD )		6.25		7-10-2014		4,361,000		3,571,740
UPC Holdings BV ( Consumer Discretionary , Media , EUR )		8.38		8-15-2020		1,635,000		2,392,634
Ziggo Holding BV ( Consumer Discretionary , Media , EUR )		3.63		3-27-2020		5,600,000		7,366,147

								52,734,612

New Zealand : 0.60%
General Electric Capital Corporation ( Financials , Diversified Financial Services , NZD )		4.25		1-17-2018		10,600,000		8,189,431
General Electric Capital Corporation ( Financials , Diversified Financial Services , AUD )		6.00		3-15-2019		1,405,000		1,338,863

								9,528,294

Russia : 0.03%
Sberbank Rossii ( Financials , Commercial Banks , RUB )		7.00		1-31-2016		14,200,000		430,806

South Africa : 0.25%
Foodcorp Limited ( Consumer Staples , Food & Staples Retailing , EUR )		8.75		3-1-2018		2,730,000		3,931,483

Spain : 0.25%
Telefonica Emisiones S.A.U. ( Telecommunication Services , Diversified Telecommunication Services , EUR )		3.99		1-23-2023		3,000,000		3,935,678

Sweden : 1.87%
Skandinaviska Enskilda Banken ( Financials , Commercial Banks , SEK )		3.00		6-20-2018		95,000,000		14,934,158
Swedbank Hypotek AB ( Financials , Commercial Banks , SEK )		3.75		9-19-2018		90,000,000		14,633,887

								29,568,045

Switzerland : 0.31%
Eurofima ( Financials , Commercial Banks , AUD )		6.25		12-28-2018		5,000,000		4,898,039


Wells Fargo Advantage International Bond Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
United Kingdom : 5.02%
Anglian Water Osprey Financing plc ( Utilities , Water & Sewer Revenue , GBP )		7.00	%	1-31-2018		4,000,000	$	6,550,261
Arqiva Broadcast Finance plc ( Consumer Discretionary , Media , GBP ) 144A		9.50		3-31-2020		800,000		1,305,233
B.A.T. International Finance plc ( Financials , Diversified Financial Services , EUR )		3.63		11-9-2021		4,000,000		5,808,435
GlaxoSmithKline plc ( Health Care , Pharmaceuticals , EUR )		5.63		12-13-2017		6,500,000		10,279,049
Heathrow Funding Limited ( Industrials , Transportation Infrastructure , EUR )		4.60		2-15-2020		9,450,000		14,162,365
Imperial Tobacco Finance Company ( Consumer Staples , Tobacco , EUR )		4.50		7-5-2018		5,000,000		7,463,395
Imperial Tobacco Finance Company ( Consumer Staples , Tobacco , EUR )		5.00		12-2-2019		4,100,000		6,326,773
Jaguar Land Rover plc ( Consumer Discretionary , Automobiles , GBP )		8.25		3-15-2020		3,355,000		5,639,693
National Grid plc ( Utilities , Multi-Utilities , EUR )		4.38		3-10-2020		6,511,000		9,985,395
Nationwide Building Society ( Financials , Diversified Financial Services , EUR )		3.13		4-3-2017		4,000,000		5,635,734
Phones4u Finance plc ( Telecommunication Services , Diversified Telecommunication Services , GBP )		9.50		4-1-2018		2,410,000		3,831,193
Virgin Media Finance plc ( Telecommunication Services , Diversified Telecommunication Services , GBP )		8.88		10-15-2019		1,431,000		2,378,273

								79,365,799

United States : 1.53%
Anheuser-Busch InBev NV ( Consumer Staples , Beverages , EUR )		2.88		9-25-2024		5,000,000		6,754,851
EP Energy LLC ( Energy , Oil, Gas & Consumable Fuels , EUR )		5.88		11-1-2019		3,500,000		5,006,447
General Electric Capital Corporation ( Financials , Diversified Financial Services , EUR )		2.63		3-15-2023		3,500,000		4,592,993
IBM Corporation ( Information Technology , Computers & Peripherals , EUR )		1.38		11-19-2019		1,800,000		2,345,300
Iron Mountain Incorporated ( Industrials , Commercial Services & Supplies , EUR )		6.75		10-15-2018		1,920,000		2,608,167
National Grid USA ( Utilities , Electric Utilities , EUR )		3.25		6-3-2015		2,065,000		2,868,828

								24,176,586

Total Foreign Corporate Bonds and Notes (Cost $346,800,872)								354,049,752

Foreign Government Bonds @: 71.22%
Australia Government Bond (AUD)		5.50		1-21-2018		45,000,000		44,815,839
Australian Government Bond Series 133 (AUD)		5.50		4-21-2023		69,750,000		71,669,526
Bonos y Obligaciones del Estado (EUR)		4.10		7-30-2018		42,700,000		58,635,088
Bonos y Obligaciones del Estado 144A (EUR)		4.40		10-31-2023		25,300,000		32,966,181
Bonos y Obligaciones del Estado 144A« (EUR)		5.40		1-31-2023		15,255,000		21,479,887
Brazil (BRL)		8.50		1-5-2024		48,285,000		19,736,455
Brazil (BRL)		10.00		1-1-2017		89,550,000		38,859,444
Canada (NZD)		6.25		6-16-2015		13,150,000		10,992,998
Chile (CLP)		5.50		8-5-2020		531,500,000		1,049,864
Colombia (COP)		7.75		4-14-2021		1,675,000,000		1,030,946
Germany (NOK)		4.00		3-4-2016		40,000,000		7,116,753
Hungary (HUF)		6.75		11-24-2017		707,000,000		3,308,314
Indonesia (IDR)		7.38		9-15-2016		25,630,000,000		2,502,141
Italy Buoni Poliennali del Tesoro (EUR)		4.00		2-1-2017		44,300,000		61,408,566
Italy Buoni Poliennali del Tesoro (EUR)		4.50		3-1-2024		44,900,000		59,930,421
Korea (KRW)		2.75		9-10-2017		33,300,000,000		29,170,880
Korea (KRW)		5.25		9-10-2015		11,400,000,000		10,631,293
Korea (KRW)		5.25		3-10-2027		33,590,000,000		35,232,387
Malaysia (MYR)		3.26		3-1-2018		5,250,000		1,587,052
Malaysia (MYR)		3.31		10-31-2017		223,000,000		67,534,354
Malaysia (MYR)		4.26		9-15-2016		14,875,000		4,680,329
Mexico (MXN)		7.25		12-15-2016		52,500,000		4,436,586


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage International Bond Fund


Security name	Interest rate			Maturity date	Principal		Value
Foreign Government Bonds @ (continued)
Mexico (MXN)		7.75	%	11-13-2042		851,450,000	$	71,271,020
New South Wales Treasury (AUD)		6.00		2-1-2018		15,000,000		14,959,255
New Zealand (NZD)		5.50		4-15-2023		60,925,000		53,454,354
Nigeria (NGN)		15.10		4-27-2017		170,000,000		1,098,331
Norway (NOK)		3.75		5-25-2021		167,000,000		30,852,944
Poland ¤ (PLN)		0.00		7-25-2015		4,000,000		1,184,532
Poland (PLN)		4.00		10-25-2023		80,100,000		24,885,583
Poland (PLN)		5.25		10-25-2020		146,300,000		49,791,984
Province of Ontario (AUD)		6.25		9-29-2020		13,600,000		13,377,236
Queensland Treasury (AUD)		5.75		7-22-2024		11,000,000		10,673,718
Queensland Treasury (AUD)		6.00		2-21-2018		15,000,000		14,900,093
Republic of South Africa (ZAR)		2.00		1-31-2025		245,515,346		25,168,465
Republic of South Africa (ZAR)		2.60		3-31-2028		21,902,700		2,355,248
Republic of South Africa (ZAR)		3.45		12-7-2033		16,968,700		2,071,143
Republic of South Africa (ZAR)		6.50		2-28-2041		22,300,000		1,665,849
Republic of South Africa (ZAR)		7.75		2-28-2023		143,000,000		14,418,134
Romania (RON)		6.00		4-30-2016		3,850,000		1,196,084
Russia (RUB)		7.00		1-25-2023		189,500,000		5,602,529
Russia (RUB)		7.50		3-15-2018		1,203,800,000		38,088,712
Sweden (SEK)		1.50		11-13-2023		216,400,000		31,142,557
Sweden (SEK)		3.75		8-12-2017		247,300,000		41,447,406
Thailand (THB)		3.25		6-16-2017		1,523,000,000		48,629,974
Turkey (TRY)		6.30		2-14-2018		77,655,000		36,221,217
Turkey (TRY)		9.00		3-8-2017		5,900,000		3,047,599

Total Foreign Government Bonds (Cost $1,186,664,257)								1,126,279,271

Yankee Corporate Bonds and Notes : 3.69%

Bermuda : 0.37%
Qtel International Finance Limited ( Telecommunication Services , Diversified Telecommunication Services )		4.75		2-16-2021	$	5,550,000		5,799,750

Brazil : 0.83%
ITAU Unibanco Holding SA ( Financials , Commercial Banks )		5.13		5-13-2023		7,350,000		6,791,400
Petroplus Finance Limited ( Energy , Oil, Gas & Consumable Fuels )		5.75		1-20-2020		6,185,000		6,392,736

								13,184,136

Cayman Islands : 0.44%
International Petroleum Investment Company Limited ( Energy , Oil, Gas & Consumable Fuels )		5.00		11-15-2020		5,700,000		6,106,125
Petrobras International Finance Company ( Energy , Oil, Gas & Consumable Fuels )		5.38		1-27-2021		860,000		857,012

								6,963,137

Luxembourg : 0.13%
Aguila 3 SA ( Industrials , Airlines )		7.88		1-31-2018		1,500,000		1,552,500
TNK BP Finance SA ( Financials , Commercial Banks )		6.63		3-20-2017		400,000		438,480

								1,990,980

Mexico : 0.12%
America Movil SAB de CV ( Telecommunication Services , Wireless Telecommunication Services )		3.13		7-16-2022		2,000,000		1,864,858

Netherlands : 0.41%
Mubadala Development Company ( Energy , Oil, Gas & Consumable Fuels )		5.50		4-20-2021		3,200,000		3,500,000


Wells Fargo Advantage International Bond Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name			Interest rate			Maturity date	Principal		Value
Netherlands (continued)
Myriad International Holdings BV ( Consumer Discretionary , Media ) 144A				6.00	%	7-18-2020	$	2,950,000	$	3,045,875

										6,545,875

Peru : 0.42%
Banco De Credito Del Peru ( Financials , Commercial Banks ) 144A(i)				4.25		4-1-2023		7,235,000		6,620,025

United Kingdom : 0.97%
British Sky Broadcasting Group plc ( Consumer Discretionary , Media ) 144A				3.13		11-26-2022		2,900,000		2,725,444
HSBC Holdings plc ( Financials , Commercial Banks )				4.00		3-30-2022		8,000,000		8,174,872
Sable International Finance Limited ( Telecommunication Services , Diversified Telecommunication Services )				7.75		2-15-2017		2,795,000		2,962,700
Vedanta Resources plc ( Materials , Metals & Mining ) 144A				6.00		1-31-2019		1,600,000		1,560,000

										15,423,016

Total Yankee Corporate Bonds and Notes (Cost $58,657,565)										58,391,777


			Yield				Shares
Short-Term Investments : 1.76%

Investment Companies : 1.76%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08				13,436,162		13,436,162
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)				0.12				14,420,000		14,420,000

Total Short-Term Investments (Cost $27,856,162)										27,856,162

Total investments in securities (Cost $1,630,242,929)*	99.67	%								1,576,194,649
Other assets and liabilities, net	0.33									5,266,020

Total net assets	100.00	%							$	1,581,460,669

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

@	Foreign bond principal is denominated in local currency.

(l)

Investment in an affiliate

(u)

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

144A

Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

¤	Security issued in zero coupon form with no periodic interest payments.

(i)

Illiquid security

(r)

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

(v)

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

*	Cost for federal income tax purposes is $1,630,362,389 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	50,277,071
Gross unrealized depreciation		(104,444,811	)

Net unrealized depreciation	$	(54,167,740	)

Wells Fargo Advantage International Bond Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

Foreign currency translation

Forward foreign currency contracts

Security loans

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

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

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Corporate bonds and notes	$	0	$	9,617,687	$	0	$	9,617,687
Foreign corporate bonds and notes		0		354,049,752		0		354,049,752
Foreign government bonds		0		1,126,279,271		0		1,126,279,271
Yankee corporate bonds and notes		0		58,391,777		0		58,391,777
Short-term investments
Investment companies		13,436,162		14,420,000		0		27,856,162

	$	13,436,162	$	1,562,758,487	$	0	$	1,576,194,649

As of July 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	578,376	$	0	$	578,376

+	Forward foreign currency contracts are presented at the unrealized gains on the instrument.

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

Derivative transactions

Forward foreign currency contracts to buy:


Exchange date		Counterparty	Contracts to receive		U.S. value at July 31, 2013		In exchange for U.S. $		Unrealized gains (losses)
	8-7-2013	State Street Bank		78,000,000 THB	$	2,491,288	$	2,643,082	$	(151,794	)
	8-7-2013	State Street Bank		9,350,000,000 JPY		95,498,317		95,889,076		(390,759	)
	8-28-2013	State Street Bank		8,750,000 MYR		2,693,375		2,872,337		(178,962	)
	8-28-2013	State Street Bank		1,000,000 GBP		1,520,966		1,567,590		(46,624	)
	9-4-2013	State Street Bank		32,000,000 CAD		31,130,373		31,131,433		(1,060	)
	9-4-2013	State Street Bank		33,100,000 CAD		32,200,480		32,126,815		73,665
	9-4-2013	State Street Bank		10,100,000 CAD		9,825,524		9,561,497		264,027
	9-24-2013	State Street Bank		60,000,000 HUF		265,422		261,986		3,436
	10-18-2013	State Street Bank		60,000,000 EUR		79,842,733		78,751,800		1,090,933
	10-31-2013	State Street Bank		11,960,000,000 JPY		122,211,616		122,126,804		84,812


Exchange date		Counterparty	Contracts to receive		U.S. value at July 31, 2013		In exchange for		U.S. value at July 31, 2013		Unrealized gains (losses)
	8-14-2013	State Street Bank		2,490,000,000 HUF	$	11,054,656		8,528,566 EUR	$	11,346,423	$	(291,767	)
	8-14-2013	State Street Bank		39,467,460 EUR		52,507,599		11,680,000,000 HUF		51,854,772		652,827
	8-14-2013	State Street Bank		9,190,000,000 HUF		40,800,116		31,073,573 EUR		41,340,353		(540,237	)
	9-3-2013	State Street Bank		29,166,209 EUR		38,805,344		72,265,000 TRY		37,102,737		1,702,607
	9-13-2013	State Street Bank		7,470,249,000 JPY		76,313,518		99,600,000 NZD		79,315,043		(3,001,525	)
	9-18-2013	State Street Bank		14,003,822,600 JPY		143,061,909		154,600,000 AUD		138,521,486		4,540,423
	9-18-2013	State Street Bank		45,000,000 AUD		40,319,967		4,104,202,500 JPY		41,928,198		(1,608,231	)
	9-18-2013	State Street Bank		454,001,000 JPY		4,638,037		5,000,000 AUD		4,479,996		158,041
	10-18-2013	State Street Bank		4,416,675,000 JPY		45,127,783		50,000,000 AUD		44,711,890		415,893

Forward foreign currency contracts to sell:


Exchange date		Counterparty	Contracts to deliver		U.S. value at July 31, 2013		In exchange for U.S. $		Unrealized gains (losses)
	8-21-2013	State Street Bank		250,000,000 PLN	$	78,126,160	$	76,600,178	$	(1,525,982	)
	8-28-2013	State Street Bank		14,390,000 GBP		21,886,700		21,720,122		(166,578	)
	9-4-2013	State Street Bank		75,200,000 CAD		73,156,377		71,332,562		(1,823,815	)
	9-24-2013	State Street Bank		460,000,000 HUF		2,034,901		2,010,577		(24,324	)
	9-30-2013	State Street Bank		1,455,000,000 THB		46,330,151		46,651,811		321,660
	10-30-2013	State Street Bank		4,575,000 TRY		2,323,197		2,333,231		10,034
	10-30-2013	State Street Bank		482,500,000 SEK		73,879,694		74,525,431		645,737
	10-31-2013	State Street Bank		417,500,000 ZAR		41,779,328		42,204,970		425,642
	10-31-2013	State Street Bank		6,000,000 ZAR		600,421		606,538		6,117
	10-31-2013	State Street Bank		4,450,000,000 JPY		45,471,713		45,405,893		(65,820	)


Wells Fargo Advantage Strategic Income Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Agency Securities : 0.93%
FHLMC Series 2013-K713 Class B ±144A		3.17	%	4-25-2046	$	250,000	$	228,677

Total Agency Securities (Cost $224,874)								228,677

Asset-Backed Securities : 2.95%
AmeriCredit Automobile Receivables Trust Series 2012-4 Class E 144A		3.82		2-10-2020		250,000		256,341
CAL Funding II Limited Series 2012-1A Class A 144A		3.47		10-25-2027		231,250		230,987
Santander Drive Auto Receivables Trust Series 2012-5 Class D		3.30		9-17-2018		95,000		95,646
TAL Advantage LLC Series 2013-1A Class A 144A		2.83		2-22-2038		143,750		139,864

Total Asset-Backed Securities (Cost $742,528)								722,838

Corporate Bonds and Notes : 31.52%

Consumer Discretionary : 9.03%

Automobiles : 1.01%
Ford Motor Company		7.45		7-16-2031		200,000		246,658

Distributors : 0.06%
LKQ Corporation 144A		4.75		5-15-2023		15,000		14,381

Diversified Consumer Services : 0.71%
Service Corporation International		8.00		11-15-2021		150,000		174,938

Hotels, Restaurants & Leisure : 3.23%
Ameristar Casinos Incorporated		7.50		4-15-2021		10,000		10,675
CityCenter Holdings LLC ¥		10.75		1-15-2017		250,000		270,000
Darden Restaurants Incorporated		3.35		11-1-2022		200,000		184,449
Greektown Superholdings Incorporated Series A		13.00		7-1-2015		150,000		157,875
NAI Entertainment Holdings LLC 144A%%		5.00		8-1-2018		25,000		25,063
NAI Entertainment Holdings LLC 144A		8.25		12-15-2017		133,000		144,438

								792,500

Household Durables : 0.49%
Mohawk Industries Incorporated		3.85		2-1-2023		125,000		120,513

Internet & Catalog Retail : 0.75%
Expedia Incorporated		5.95		8-15-2020		175,000		183,460

Media : 2.78%
Cinemark USA Incorporated		5.13		12-15-2022		200,000		192,750
Cox Communications Incorporated 144A		2.95		6-30-2023		185,000		165,539
DISH DBS Corporation		6.75		6-1-2021		150,000		159,000
Lamar Media Corporation		5.88		2-1-2022		150,000		154,500
Lynx I Corporation 144A		5.38		4-15-2021		5,000		5,063
Lynx II Corporation 144A		6.38		4-15-2023		5,000		5,131

								681,983

Consumer Staples : 1.66%

Beverages : 0.81%
Constellation Brands Incorporated		7.25		9-1-2016		175,000		199,063

Food Products : 0.10%
B&G Foods Incorporated		4.63		6-1-2021		25,000		24,156

Tobacco : 0.75%
Lorillard Tobacco Company		8.13		6-23-2019		150,000		183,185


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Strategic Income Fund


Security name	Interest rate			Maturity date	Principal		Value
Energy : 5.29%

Energy Equipment & Services : 1.95%
Era Group Incorporated		7.75	%	12-15-2022	$	100,000	$	100,000
NGPL PipeCo LLC 144A		7.77		12-15-2037		250,000		222,500
PHI Incorporated		8.63		10-15-2018		150,000		156,750

								479,250

Oil, Gas & Consumable Fuels : 3.34%
Denbury Resources Incorporated		6.38		8-15-2021		150,000		157,500
Energy Transfer Partners LP		5.20		2-1-2022		175,000		187,317
Exterran Partners LP 144A		6.00		4-1-2021		10,000		10,150
Sabine Pass Liquefaction LLC 144A		5.63		2-1-2021		25,000		24,656
Sabine Pass Liquefaction LLC 144A		5.63		4-15-2023		10,000		9,750
Sabine Pass LNG LP 144A		6.50		11-1-2020		175,000		182,000
Sabine Pass LNG LP		7.50		11-30-2016		60,000		66,000
Semgroup LP 144A		7.50		6-15-2021		20,000		20,250
Suburban Propane Partners LP		7.38		3-15-2020		150,000		160,500

								818,123

Financials : 6.52%

Capital Markets : 1.60%
Lazard Group LLC		6.85		6-15-2017		175,000		195,780
Morgan Stanley		4.10		5-22-2023		210,000		197,321

								393,101

Consumer Finance : 2.56%
Ally Financial Incorporated		7.50		9-15-2020		15,000		17,419
Ally Financial Incorporated		8.00		3-15-2020		15,000		17,663
General Motors Financial Company Incorporated 144A		2.75		5-15-2016		300,000		298,875
HSBC Finance Corporation		6.68		1-15-2021		175,000		198,007
SLM Corporation		7.25		1-25-2022		10,000		10,600
SLM Corporation		8.00		3-25-2020		25,000		27,875
SLM Corporation		8.45		6-15-2018		50,000		57,506

								627,945

Diversified Financial Services : 1.01%
General Electric Capital Corporation		5.30		2-11-2021		225,000		246,703

Insurance : 0.61%
Prudential Financial Incorporated ±		5.20		3-15-2044		160,000		148,400

REITs : 0.74%
American Tower Corporation		3.50		1-31-2023		200,000		182,203

Health Care : 0.92%

Health Care Providers & Services : 0.92%
HCA Incorporated		8.50		4-15-2019		5,000		5,413
Health Management Associates Incorporated		6.13		4-15-2016		200,000		220,750

								226,163

Industrials : 1.43%

Air Freight & Logistics : 0.64%
Bristow Group Incorporated		6.25		10-15-2022		150,000		156,000


Wells Fargo Advantage Strategic Income Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Transportation Infrastructure : 0.79%
Penske Truck Leasing 144A		4.25	%	1-17-2023	$	200,000	$	194,203

Information Technology : 1.59%

Computers & Peripherals : 0.79%
NCR Corporation		5.00		7-15-2022		200,000		193,500

Internet Software & Services : 0.06%
Verisign Incorporated 144A		4.63		5-1-2023		15,000		14,400

IT Services : 0.74%
Audatex North America Incorporated 144A		6.00		6-15-2021		25,000		25,438
First Data Corporation		11.25		3-31-2016		158,000		157,210

								182,648

Telecommunication Services : 4.65%

Diversified Telecommunication Services : 2.28%
Cincinnati Bell Incorporated		8.25		10-15-2017		250,000		261,875
GCI Incorporated		6.75		6-1-2021		150,000		141,000
TW Telecommunications Holdings Incorporated		5.38		10-1-2022		155,000		155,775

								558,650

Wireless Telecommunication Services : 2.37%
MetroPCS Wireless Incorporated		6.63		11-15-2020		150,000		157,500
Motorola Solutions Incorporated		3.75		5-15-2022		200,000		195,134
Sprint Capital Corporation		6.88		11-15-2028		250,000		230,000

								582,634

Utilities : 0.43%

Independent Power Producers & Energy Traders : 0.43%
NSG Holdings LLC 144A		7.75		12-15-2025		100,000		105,500


Total Corporate Bonds and Notes (Cost $8,010,644)								7,730,260


Foreign Government Bonds @: 21.83%
Brazil (BRL)		8.50		1-5-2024		800,000		326,999
Brazil (BRL)		10.00		1-1-2017		875,000		379,699
Hungary (HUF)		6.75		8-22-2014		62,500,000		284,855
Hungary (HUF)		6.75		11-24-2017		63,000,000		294,800
Indonesia (IDR)		5.25		5-15-2018		2,850,000,000		254,110
Indonesia (IDR)		8.25		6-15-2032		1,475,000,000		143,545
Malaysia (MYR)		3.26		3-1-2018		350,000		105,803
Malaysia (MYR)		4.26		9-15-2016		900,000		283,180
Mexico (MXN)		7.25		12-15-2016		3,600,000		304,223
Mexico (MXN)		7.75		11-13-2042		3,930,000		328,962
Poland (PLN)		4.00		10-25-2023		1,850,000		574,761
Republic of South Africa (ZAR)		7.75		2-28-2023		5,000,000		504,131
Romania (RON)		6.00		4-30-2016		400,000		124,269
Russia (RUB)		6.20		1-31-2018		30,850,000		927,534
Turkey (TRY)		6.30		2-14-2018		360,000		167,918
Turkey (TRY)		9.00		3-8-2017		675,000		348,666

Total Foreign Government Bonds (Cost $6,039,172)								5,353,455


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Strategic Income Fund


Security name	Interest rate			Maturity date	Principal		Value
Municipal Obligations : 1.51%

Idaho : 0.53%
Idaho Housing & Finance Association Legacy Public Charter School ( Education Revenue )		7.00	%	5-1-2017	$	130,000	$	128,720

Texas : 0.98%
North Texas Tollway Authority ( Transportation Revenue )		8.91		2-1-2030		210,000		241,277


Total Municipal Obligations (Cost $379,204)								369,997

Non-Agency Mortgage Backed Securities : 9.35%
Americold LLC Trust Series 2010-ARTA Class B 144A		6.03		1-14-2029		200,000		227,542
BB-UBS Trust Series 2012-TFT Class C ±144A		3.47		6-5-2030		150,000		140,010
Commercial Mortgage Trust Series 2012-LC4 Class B ±		4.93		12-10-2044		175,000		179,837
FREMF Mortgage Trust Series 2011-K15 Class B ±144A		4.93		8-25-2044		250,000		251,118
FREMF Mortgage Trust Series 2011-K703 Class B ±144A		4.89		7-25-2044		250,000		260,145
FREMF Mortgage Trust Series 2013-K502 Class B ±144A		2.73		3-25-2045		250,000		245,481
GS Mortgage Securities Trust Series 2012 Class B 144A		3.41		12-10-2030		250,000		235,212
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5 Class B ±144A		5.31		8-15-2046		250,000		269,118
JPMorgan Chase Commerical Mortgage ±		6.00		12-31-2049		135,000		132,806
Morgan Stanley Capital I Trust Series 2007-HQ11 Class AM ±		5.48		2-12-2044		25,000		27,565
Morgan Stanley Trust Series 2012-C5 Class B ±		4.44		8-15-2045		250,000		248,202
Morgan Stanley Trust Series 2013-C7 Class C ±		4.19		2-15-2046		80,000		74,655

Total Non-Agency Mortgage Backed Securities (Cost $2,458,905)								2,291,691

Term Loans : 24.44%
Albertson’s LLC		4.25		3-21-2016		23,097		23,155
Albertson’s LLC		4.75		3-21-2019		16,803		16,877
Allison Transmission Incorporated		3.20		8-7-2017		149,250		150,181
Applied Systems Incorporated		4.25		12-8-2016		9,974		10,018
Arris Group Incorporated		3.50		4-17-2020		54,863		54,702
Atlantic Aviation FBO Incorporated		3.25		5-20-2020		25,000		25,031
Bausch & Lomb Incorporated		3.53		11-1-2016		24,938		24,906
Capital Automotive LP		4.00		4-10-2019		132,866		133,738
CBAC Borrower LLC		8.25		7-2-2020		35,000		36,050
CCC Information Services Incorporated <		4.00		12-20-2019		30,437		30,475
CDW LLC		3.50		4-29-2020		59,850		59,463
Centaur LLC		5.25		2-20-2019		59,850		60,224
Community Health Systems Incorporated		3.77		1-25-2017		150,000		150,980
Cricket Communications Incorporated		4.75		10-10-2019		248,750		250,720
Cricket Communications Incorporated		4.75		3-9-2020		10,000		10,078
Crown Castle International Corporation		3.25		1-31-2019		248,745		248,822
CSC Holdings Incorporated		2.69		4-17-2020		130,000		129,048
DineEquity Incorporated		3.75		10-19-2017		248,729		251,761
Dunkin’ Brands Incorporated		3.75		2-14-2020		248,648		249,767
Emdeon Business Services LLC		3.75		11-2-2018		24,938		25,073
EMI Music Publishing		4.25		6-29-2018		64,837		65,202
Equipower Resources Holdings LLC <		0.00		12-15-2020		45,000		45,169
Federal-Mogul Corporation		2.14		12-29-2014		164,669		162,303
Federal-Mogul Corporation		2.14		12-28-2015		84,015		82,808
First Data Corporation		4.19		3-23-2018		15,000		14,963
Focus Brands Incorporated		4.27		2-21-2018		29,185		29,249
HCA Incorporated		2.94		5-1-2018		100,000		100,275
HGIM Corporation		5.50		6-18-2020		75,000		76,031
Hubbard Radio LLC		4.50		4-29-2019		25,000		25,047
Intelsat Jackson Holdings Limited		4.25		4-2-2018		248,747		250,612
JC Penney Corporation		6.00		5-21-2018		20,000		20,104
KAR Auction Services Incorporated		3.75		5-19-2017		243,259		245,022
Kasima LLC		3.25		5-14-2021		25,000		25,016
La Frontera Generation LLC		4.50		9-30-2020		15,000		15,081
Level 3 Financing Incorporated		5.25		8-1-2019		250,000		251,483
MGM Resorts International		3.50		12-20-2019		248,750		248,854


Wells Fargo Advantage Strategic Income Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Term Loans (continued)
Multiplan Incorporated		4.00	%	8-25-2017	$	37,485	$	37,780
National Cinemedia LLC		2.95		11-26-2019		45,000		44,831
Nielsen Finance LLC		2.94		5-2-2016		248,750		249,986
NRG Energy Incorporated		2.75		7-2-2018		248,742		248,327
Nusil Technology LLC		5.25		4-7-2017		4,959		4,957
Pep Boys-Manny, Moe & Jack		5.00		10-11-2018		199,000		199,991
Philadelphia Energy Solutions LLC		6.25		4-4-2018		39,900		39,601
Regal Cinemas Corporation		2.71		8-23-2017		24,300		24,361
Riverbed Technology Incorporated		4.00		12-18-2019		182,603		184,088
Salem Communications Corporation		4.50		3-16-2020		29,600		29,711
SBA Senior Finance II LLC		3.75		9-27-2019		54,986		55,192
Spin Holdco Incorporated		4.25		11-14-2019		91,333		91,818
SRAM LLC First Lien		4.02		4-10-2020		29,433		29,507
Sungard Data Systems Incorporated		4.50		1-31-2020		149,250		151,210
Surgical Care Affiliates LLC		4.25		6-29-2018		25,000		25,039
Syniverse Holdings Incorporated		4.00		4-23-2019		250,000		250,418
Tallgrass Energy Partners LP		5.25		11-13-2018		107,571		108,513
Texas Competitive Electric Holdings LLC		3.72		10-10-2014		400,000		283,800
The Geo Group Incorporated		3.25		4-3-2020		74,813		75,280
United Surgical Partners International Incorporated		4.75		4-3-2019		9,975		10,029
Valeant Pharmaceuticals International Incorporated <		0.00		6-24-2020		10,000		10,130
Valeant Pharmaceuticals International Incorporated Series C		3.50		12-11-2019		199,000		200,803
Vertafore Incorporated		4.25		10-2-2019		14,963		14,995
Washington Multifamily Laundry Systems LLC		5.25		2-21-2019		24,938		25,000

Total Term Loans (Cost $6,035,051)								5,993,655

Yankee Corporate Bonds and Notes : 3.18%

Consumer Discretionary : 0.78%

Media : 0.78%
WPP Finance 2010 Company		3.63		9-7-2022		200,000		189,898

Consumer Staples : 0.61%

Food Products : 0.61%
BRF SA 144A		3.95		5-22-2023		175,000		150,500

Financials : 0.59%

Commercial Banks : 0.59%
Banco de Brasil 144A		5.88		1-26-2022		150,000		144,000

Health Care : 0.15%

Pharmaceuticals : 0.15%
VPII Escrow Corporation 144A		6.75		8-15-2018		10,000		10,550
VPII Escrow Corporation 144A		7.50		7-15-2021		25,000		26,813

								37,363

Industrials : 1.05%

Building Products : 1.05%
ArcelorMittal		4.25		8-5-2015		250,000		257,499


Total Yankee Corporate Bonds and Notes (Cost $825,437)								779,260


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Strategic Income Fund


Security name	Yield				Shares		Value
Short-Term Investments : 2.81%

Investment Companies : 2.40%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.08	%			588,930	$	588,930


				Maturity date	Principal
U.S. Treasury Securities : 0.41%
U.S. Treasury Bill #(z)		0.03		9-19-2013	$	100,000		99,996


Total Short-Term Investments (Cost $688,925)								688,926


Total investments in securities (Cost $25,404,740)*		98.52	%					24,158,759
Other assets and liabilities, net		1.48						361,914

Total net assets		100.00	%				$	24,520,673

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

144A

Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

¥	A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

%%	Security issued on a when-issued basis.

@	Foreign bond principal is denominated in local currency.

<	All or a portion of the position represents an unfunded loan commitment.

(l)

Investment in an affiliate

(u)

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

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

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

(z)

Zero coupon security. Rate represents yield to maturity at time of purchase.

*	Cost for federal income tax purposes is $25,405,349 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	35,643
Gross unrealized depreciation		(1,282,233	)

Net unrealized depreciation	($	1,246,590	)

Wells Fargo Advantage Strategic Income Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

Foreign currency translation

Forward foreign currency contracts

When-issued transactions

The Fund may purchase securities on a forward commitment or ‘when-issued’ basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund 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.

Term loans

The Fund may invest in term loans. The Fund begins earning interest when the loans are funded. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. The Fund assumes the credit risk of the borrower and there could be potential loss to the Fund in the event of default by the borrower.

As of July 31, 2013, the Fund had unfunded term loan commitments of $60,309.

Futures contracts

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

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

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable Inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Agency securities	$	0	$	228,677	$	0	$	228,677
Asset-backed securities		0		722,838		0		722,838
Corporate bonds and notes		0		7,730,260		0		7,730,260
Foreign government bonds		0		5,353,455		0		5,353,455
Municipal obligations		0		369,997		0		369,997
Non-agency mortgage backed securities		0		2,291,691		0		2,291,691
Term loans		0		5,523,339		470,316		5,993,655
Yankee corporate bonds and notes		0		779,260		0		779,260
Short-term investments
Investment companies		588,930		0		0		588,930
U.S. Treasury securities		99,996		0		0		99,996

	$	688,926	$	22,999,517	$	470,316	$	24,158,759

As of July 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	0	$	207,199	$	0	$	207,199
Forward foreign currency contracts+		0		21,315		0		21,315

+	Futures contracts and forward foreign currency contracts are presented at the unrealized gains on the instrument.

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

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:


	Term loans
Balance as of January 31, 2013	$	0
Accrued discounts		(335	)
Realized losses		(32	)
Change in unrealized losses		(2,141	)
Purchases		474,741
Sales		(1,917	)
Transfers into Level 3		0
Transfers out of Level 3		0

Balance as of July 31, 2013	$	470,316

Change in unrealized gains (losses) relating to securities still held at July 31, 2013	$	(2,141	)

The investment types categorized above were valued using indicative broker quotes and are therefore considered Level 3 inputs. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Fund and therefore the disclosure that would address these inputs is not included above.

Derivative transactions

During the nine months ended July 31, 2013, the Fund entered into futures contracts to manage duration exposure.

At July 31, 2013, the Fund had short futures contracts outstanding as follows:


Expiration date		Contracts	Type	Contract value at July 31, 2013		Unrealized gains
	9-19-2013	4 Short	U.S. Treasury Bonds	$	536,250	$	24,305
	9-19-2013	54 Short	10-Year U.S. Treasury Notes		6,827,625		174,999
	9-30-2013	6 Short	5-Year U.S. Treasury Notes		728,203		7,895

As of July 31, 2013, the Fund had segregated $99,996 as cash collateral for open futures contracts.

During the nine months ended July 31, 2013, the Fund entered into forward foreign currency contracts for economic hedging purposes. At July 31, 2013, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to sell:


Exchange date		Counterparty	Contracts to deliver	U.S. value at July 31, 2013		In exchange for U.S. $		Unrealized gains (losses)
	8-13-2013	State Street Bank	135,000,000 HUF	$	599,402	$	589,172	($	10,230	)
	8-28-2013	State Street Bank	1,135,000 TRY		583,379		609,674		26,295
	10-31-2013	State Street Bank	5,150,000 ZAR		515,362		520,612		5,250


Wells Fargo Advantage Asia Pacific Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 88.72%

Australia : 4.07%
AMP Limited (Financials , Insurance)		465,857	$	1,892,684
BHP Billiton Limited (Materials , Metals & Mining)		63,100		1,964,691
Cochlear Limited (Health Care , Health Care Equipment & Supplies)		17,600		966,271
Sydney Airport Holdings Limited (Industrials , Transportation Infrastructure)		558,900		1,803,498
Treasury Wine Estates Limited (Consumer Staples , Beverages)		138,300		592,963

				7,220,107

China : 10.83%
Baidu Incorporated (Information Technology , Internet Software & Services)†		8,500		1,124,635
China Construction Bank (Financials , Commercial Banks)		1,254,000		936,183
China Dongxiang Group Company (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		5,049,000		898,399
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		131,500		1,398,828
Cosco Pacific Limited (Industrials , Transportation Infrastructure)		21,670		30,456
Country Garden Holdings Company Limited (Financials , Real Estate Management & Development)		1,530,000		864,072
Guodian Technology & Environment Group Corporation Limited (Industrials , Electrical Equipment)		2,925,000		584,578
Hollysys Automation Technologies Limited (Information Technology , Electronic Equipment, Instruments & Components)†«		70,000		950,600
Huaneng Renewables Corporation Limited (Utilities , Independent Power Producers & Energy Traders)		2,558,000		907,022
Industrial & Commercial Bank of China Limited Class H (Financials , Commercial Banks)		5,146,000		3,383,955
PetroChina Company Limited (Energy , Oil, Gas & Consumable Fuels)		2,234,000		2,612,613
Shanghai Electric Group Company Limited (Industrials , Electrical Equipment)		5,162,000		1,737,173
Shenzhen Expressway Company Limited (Industrials , Transportation Infrastructure)		2,676,000		900,557
SINA Corporation (Information Technology , Internet Software & Services)†		14,500		1,000,065
Trina Solar Limited (Information Technology , Semiconductors & Semiconductor Equipment)†		121,100		898,562
Zhejiang Expressway Company Limited (Industrials , Transportation Infrastructure)		1,172,000		995,858

				19,223,556

Hong Kong : 6.83%
China Singyes Solar Technologies Holdings Limited (Industrials , Construction & Engineering)		882,000		887,049
CNOOC Limited (Energy , Oil, Gas & Consumable Fuels)		675,000		1,218,474
First Pacific Company Limited (Financials , Diversified Financial Services)		1,323,000		1,496,043
GCL-Poly Energy Holdings Limited (Information Technology , Semiconductors & Semiconductor Equipment)†«		9,299,000		2,374,029
L’Occitane International SA (Consumer Discretionary , Specialty Retail)		343,250		770,095
Magic Holdings International Limited (Consumer Staples , Personal Products)		1,599,000		947,984
Shun Tak Holdings Limited (Industrials , Industrial Conglomerates)		1,840,000		790,036
SmarTone Telecommunications Holding Limited (Telecommunication Services , Wireless Telecommunication Services)		601,000		957,806
Termbray Petro-King Oilfield Services Limited (Energy , Energy Equipment & Services)†		1,796,000		891,562
Tianneng Power International Limited (Consumer Discretionary , Auto Components)		1,558,000		761,362
Wasion Group Holdings Limited (Information Technology , Electronic Equipment, Instruments & Components)		1,582,000		1,034,187

				12,128,627

India : 2.93%
Aditya Birla Nuvo Limited (Industrials , Industrial Conglomerates)		48,400		927,524
Coal India Limited (Energy , Oil, Gas & Consumable Fuels)		362,200		1,677,122
Emami Limited (Consumer Staples , Personal Products)		132,450		1,019,650
Hindalco Industries Limited (Materials , Metals & Mining)		538,600		798,090
Oberoi Realty Limited (Financials , Real Estate Management & Development)		238,500		781,729

				5,204,115

Indonesia : 4.96%
PT AKR Corporindo Tbk (Industrials , Trading Companies & Distributors)		1,925,000		810,083
PT Astra Otoparts Tbk (Consumer Discretionary , Auto Components)		581,500		226,320
PT Garuda Indonesia Persero Tbk (Industrials , Airlines)†		22,216,000		1,080,808
PT Gudang Garam Tbk (Consumer Staples , Tobacco)		298,500		1,230,015


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Asia Pacific Fund


Security name	Shares		Value
Indonesia (continued)
PT Lippo Karawaci Terbuka Tbk (Financials , Real Estate Management & Development)		14,164,500	$	1,764,102
PT Telekomunikasi Indonesia Tbk (Telecommunication Services , Diversified Telecommunication Services)		2,331,500		2,699,572
PT Tower Bersama Infrastructure Tbk (Telecommunication Services , Wireless Telecommunication Services)†		1,809,500		1,003,566

				8,814,466

Japan : 29.88%
Dynam Japan Holdings Corporation Limited (Consumer Discretionary , Hotels, Restaurants & Leisure)		680,600		1,295,278
Fuji Heavy Industries Limited (Consumer Discretionary , Automobiles)		71,000		1,756,327
FUJIFILM Holdings Corporation (Information Technology , Electronic Equipment, Instruments & Components)		84,300		1,853,722
GLP J-REIT (Financials , REITs)		2,750		2,696,354
Hitachi Limited (Information Technology , Electronic Equipment, Instruments & Components)		749,000		5,033,623
Japan Airlines Company Limited (Industrials , Airlines)		46,000		2,443,060
Japan Retail Fund Investment Corporation (Financials , REITs)		460		906,751
JFE Holdings Incorporated (Materials , Metals & Mining)		145,400		3,292,328
M3 Incorporated (Health Care , Health Care Technology)		600		1,654,581
Mitsubishi Corporation (Industrials , Trading Companies & Distributors)		55,700		1,017,744
Mitsubishi Electric Corporation (Industrials , Electrical Equipment)		337,000		3,280,165
Mitsubishi Heavy Industries Limited (Industrials , Machinery)		424,000		2,282,178
Mitsui Fudosan Company Limited (Financials , Real Estate Management & Development)		175,000		5,295,935
Mizuho Financial Group Incorporated (Financials , Commercial Banks)		1,876,300		3,890,194
Modec Incorporated (Energy , Energy Equipment & Services)		61,600		1,807,546
Nagoya Railroad Company Limited (Industrials , Road & Rail)		635,000		1,777,040
Nippon Telegraph & Telephone Corporation (Telecommunication Services , Diversified Telecommunication Services)		66,300		3,341,748
ORIX Corporation (Financials , Diversified Financial Services)		215,800		3,206,915
Sumitomo Mitsui Trust Holdings Incorporated (Financials , Commercial Banks)		486,000		2,243,611
THK Company Limited (Industrials , Machinery)		109,600		2,290,283
Tokyo Electron Limited (Information Technology , Semiconductors & Semiconductor Equipment)		36,900		1,682,755

				53,048,138

Malaysia : 2.82%
Berjaya Sports Toto Bhd (Consumer Discretionary , Hotels, Restaurants & Leisure)		743,600		958,153
Eastern & Oriental Bhd (Financials , Real Estate Management & Development)		3,121,800		1,915,038
Gamuda Bhd (Industrials , Construction & Engineering)		760,600		1,116,047
Malayan Banking Bhd (Financials , Commercial Banks)		320,400		1,013,349

				5,002,587

New Zealand : 0.47%
Telecom Corporation of New Zealand Limited (Telecommunication Services , Diversified Telecommunication Services)«		464,200		834,202

Philippines : 1.98%
ABS-CBN Holdings Corporation (Consumer Discretionary , Media)		969,200		898,234
D&L Industries Incorporated (Materials , Chemicals)		2,125,700		340,171
Global Estate Resorts Incorporated (Financials , Real Estate Management & Development)†		6,823,000		263,934
GT Capital Holdings Incorporated (Financials , Diversified Financial Services)		25,200		474,059
Pepsi-Cola Products Philippines Incorporated (Consumer Staples , Beverages)		960,500		130,042
Semirara Mining Corporation (Energy , Oil, Gas & Consumable Fuels)		245,800		1,409,261

				3,515,701

Singapore : 12.80%
Ascott Residence Trust (Financials , REITs)		1,325,000		1,308,475
CapitaLand Limited (Financials , Real Estate Management & Development)		318,000		808,231
CapitaMall Trust (Financials , REITs)		590,000		942,440
Croesus Retail Trust (Financials , REITs)†		2,451,000		1,803,269
CSE Global Limited (Information Technology , IT Services)		1,498,000		972,459
Dyna-Mac Holdings Limited (Energy , Energy Equipment & Services)		2,305,000		734,567


Wells Fargo Advantage Asia Pacific Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name				Shares		Value
Singapore (continued)
Global Logistic Properties Limited (Financials , Real Estate Management & Development)					636,000	$	1,421,285
Hutchison Port Holdings Trust (Industrials , Transportation Infrastructure)					1,808,000		1,337,920
Keppel Corporation Limited (Industrials , Industrial Conglomerates)					107,000		871,425
Lippo Malls Indonesia REIT (Financials , REITs)					4,806,000		1,871,952
Mapletree Commercial Trust (Financials , REITs)					1,938,000		1,814,707
Mapletree Greater China Commercial Trust (Financials , REITs)†					1,193,000		882,417
Religare Health Trust (Financials , REITs)					1,390,000		929,693
SIA Engineering Company (Industrials , Transportation Infrastructure)					382,000		1,463,855
Singapore Airport Terminal Services Limited (Industrials , Transportation Infrastructure)					407,000		1,063,257
Singapore Telecommunications Limited (Telecommunication Services , Diversified Telecommunication Services)					321,000		992,666
SPH REIT (Financials , REITs)†					250,000		192,784
STX OSV Holdings Limited (Industrials , Machinery)					3,038,000		1,972,184
Venture Corporation Limited (Information Technology , Electronic Equipment, Instruments & Components)					234,000		1,347,822

							22,731,408

South Korea : 3.87%
Hyundai Motor Company Limited (Consumer Discretionary , Automobiles)					4,500		931,304
Korea Electric Power Corporation (Utilities , Electric Utilities)†					48,600		1,239,415
KT Corporation (Telecommunication Services , Diversified Telecommunication Services)					31,700		1,027,109
POSCO (Materials , Metals & Mining)					4,600		1,324,610
SK Telecom Company Limited (Telecommunication Services , Wireless Telecommunication Services)					12,000		2,355,297

							6,877,735

Taiwan : 3.28%
Chroma ATE Incorporated (Information Technology , Electronic Equipment, Instruments & Components)					309,000		646,101
Cleanaway Company Limited (Industrials , Commercial Services & Supplies)					307,000		2,027,112
Mediatek Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)					119,000		1,428,643
Taiwan Semiconductor Manufacturing Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)					502,000		1,715,939

							5,817,795

Thailand : 2.42%
PTT Global Chemical PCL (Materials , Chemicals)					823,100		1,735,610
Shin Corporation PCL (Telecommunication Services , Wireless Telecommunication Services)					618,800		1,719,987
Thai Oil PCL (Energy , Oil, Gas & Consumable Fuels)					435,900		849,518

							4,305,115

United Kingdom : 1.58%
HSBC Holdings plc (Financials , Commercial Banks)					250,000		2,809,258

Total Common Stocks (Cost $153,771,434)							157,532,810

Investment Companies : 0.51%

Thailand : 0.51%
Samui Airport Property Fund					1,597,900		908,710

Total Investment Companies (Cost $932,934)							908,710


	Dividend yield
Preferred Stocks : 2.79%
South Korea : 2.79%
Samsung Electronics Company Limited ±		0.94	%		6,800		4,945,234


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Asia Pacific Fund


Security name					Shares		Value
Total Preferred Stocks (Cost $5,077,637)							$	4,945,234


				Expiration date
Warrants : 3.14%

United Kingdom : 3.14%
HSBC Bank plc (Financials , Commercial Banks)†				2-19-2019		180,000		359,477
HSBC Bank plc (Financials , Commercial Banks)†				6-8-2020		702,500		1,299,801
HSBC Bank plc (Financials , Commercial Banks)†				6-11-2020		241,819		682,975
HSBC Bank plc (Financials , Commercial Banks)†				8-20-2020		693,500		1,394,038
HSBC Bank plc (Financials , Commercial Banks)†				2-20-2023		749,900		1,836,545

Total Warrants (Cost $5,551,532)								5,572,836


	Yield
Short-Term Investments : 1.74%

Investment Companies : 1.74%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%			1,597,171		1,597,171
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.12				1,490,479		1,490,479

Total Short-Term Investments (Cost $3,087,650)								3,087,650

Total investments in securities (Cost $168,421,187)*		96.90	%					172,047,240
Other assets and liabilities, net		3.10						5,511,070

Total net assets		100.00	%				$	177,558,310

†	Non-income-earning security

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

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

(l)

Investment in an affiliate

(u)

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

(r)

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

(v)

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

*	Cost for federal income tax purposes is $172,415,015 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	12,341,103
Gross unrealized depreciation		(12,708,878	)

Net unrealized depreciation	$	(367,775	)

Wells Fargo Advantage Asia Pacific Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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 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 July 31, 2013, fair value pricing was not used in pricing foreign securities.

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

Foreign currency translation

Security loans

the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	157,532,810	$	0	$	0	$	157,532,810
Investment companies		908,710		0		0		908,710
Preferred stocks		4,945,234		0		0		4,945,234
Warrants		0		5,572,836		0		5,572,836
Short-term investments
Investment companies		1,597,171		1,490,479		0		3,087,650

	$	164,983,925	$	7,063,315	$	0	$	172,047,240


Wells Fargo Advantage Diversified International Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 97.04%

Australia : 1.80%
Arrium Limited (Materials , Metals & Mining)		198,700	$	177,708
Bendigo Bank Limited (Financials , Commercial Banks)		26,100		250,553
Challenger Financial Services Group Limited (Financials , Diversified Financial Services)		46,700		179,239
Downer EDI Limited (Industrials , Commercial Services & Supplies)		42,300		143,340
Leighton Holdings Limited (Industrials , Construction & Engineering)		7,100		105,428
Lend Lease Corporation Limited (Financials , Real Estate Management & Development)		20,800		163,965
Metcash Limited (Consumer Staples , Food & Staples Retailing)		28,500		88,379
Perilya Limited (Industrials , Professional Services)†		289,100		45,475
Seven Network Limited (Industrials , Trading Companies & Distributors)		15,300		95,442
Toll Holdings Limited (Industrials , Air Freight & Logistics)		26,100		125,042
United Construction Group Limited (Industrials , Construction & Engineering)		14,100		92,265

				1,466,836

Austria : 0.45%
OMV AG (Energy , Oil, Gas & Consumable Fuels)		5,300		234,547
Voestalpine AG (Materials , Metals & Mining)		3,400		130,336

				364,883

Belgium : 1.77%
Anheuser-Busch InBev NV (Consumer Staples , Beverages)		7,409		713,418
Delhaize Group SA (Consumer Staples , Food & Staples Retailing)		3,600		236,374
KBC Groep NV (Financials , Commercial Banks)		3,700		148,407
Telenet Group Holding NV (Telecommunication Services , Diversified Telecommunication Services)		3,381		163,702
UCB SA (Health Care , Pharmaceuticals)		3,202		184,555

				1,446,456

Brazil : 0.57%
Banco do Brasil SA (Financials , Commercial Banks)		12,100		120,239
BM&F Bovespa SA (Financials , Diversified Financial Services)		14,800		79,795
Companhia de Saneamento Basico do Estado de Sao Paulo (Utilities , Water Utilities)		17,700		181,550
Companhia de Saneamento de Minas Gerais SA (Utilities , Water Utilities)		5,300		84,076

				465,660

Canada : 3.16%
Barrick Gold Corporation (Materials , Metals & Mining)		18,169		300,723
Canadian Pacific Railway Limited (Industrials , Road & Rail)		2,980		366,182
Cenovus Energy Incorporated (Energy , Oil, Gas & Consumable Fuels)		11,290		334,184
Magna International Incorporated Class A (Consumer Discretionary , Auto Components)		4,500		344,149
Metro Incorporated (Consumer Staples , Food & Staples Retailing)		3,400		243,869
Suncor Energy Incorporated (Energy , Oil, Gas & Consumable Fuels)		4,293		135,674
Valeant Pharmaceuticals International Incorporated (Health Care , Pharmaceuticals)†		6,539		612,050
WestJet Airlines Limited (Industrials , Airlines)		11,100		237,757

				2,574,588

China : 4.40%
AutoNavi Holdings Limited ADR (Information Technology , Software)†«		19,212		239,382
Baidu Incorporated (Information Technology , Internet Software & Services)†		7,848		1,038,369
Biostime International Holdings Limited (Consumer Staples , Food Products)		27,500		132,791
China Communications Services Corporation Limited (Telecommunication Services , Diversified Telecommunication Services)		220,000		142,968
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		50,500		537,192
China Petroleum & Chemical Corporation (Energy , Oil, Gas & Consumable Fuels)		369,200		274,677
China Railway Construction Corporation Limited (Industrials , Construction & Engineering)		141,500		143,952
Industrial & Commercial Bank of China Limited Class H (Financials , Commercial Banks)		513,000		337,343
Shenguan Holdings Group Limited (Consumer Staples , Food Products)		172,000		73,186
Tencent Holdings Limited (Information Technology , Internet Software & Services)		9,200		417,319


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Diversified International Fund


Security name	Shares		Value
China (continued)
Xtep International Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		546,241	$	247,920

				3,585,099

Denmark : 0.11%
Rockwool International A/S B Shares (Industrials , Building Products)		563		89,258

Finland : 0.39%
Metso Oyj (Industrials , Machinery)		5,883		207,166
TietoEnator Oyj (Information Technology , IT Services)		5,800		110,725

				317,891

France : 5.76%
Alstom SA (Industrials , Machinery)		3,400		114,979
Arkema SA (Materials , Chemicals)		910		91,220
AXA SA (Financials , Insurance)		7,500		165,379
BNP Paribas SA (Financials , Commercial Banks)		3,600		232,926
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary , Auto Components)		1,400		140,581
Credit Agricole SA (Financials , Commercial Banks)†		10,900		104,087
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		752		136,708
Pernod-Ricard SA (Consumer Staples , Beverages)		2,717		323,503
Renault SA (Consumer Discretionary , Automobiles)		2,500		196,792
Sanofi-Aventis SA (Health Care , Pharmaceuticals)		5,065		540,203
Schneider Electric SA (Industrials , Electrical Equipment)		6,911		549,896
SCOR SE (Financials , Insurance)		7,700		246,105
Societe Generale SA (Financials , Commercial Banks)		3,700		148,727
Thales SA (Industrials , Aerospace & Defense)		4,200		216,514
Total SA (Energy , Oil, Gas & Consumable Fuels)		6,000		320,082
Unibail-Rodamco SE (Financials , Real Estate Management & Development)		1,717		416,069
Vivendi SA (Telecommunication Services , Wireless Telecommunication Services)		12,000		256,385
Zodiac Aerospace SA (Industrials , Aerospace & Defense)		3,383		491,688

				4,691,844

Germany : 12.49%
Allianz AG (Financials , Insurance)		4,608		718,465
BASF SE (Materials , Chemicals)		2,900		257,175
Bayer AG (Health Care , Pharmaceuticals)		11,446		1,330,095
Beiersdorf AG (Consumer Staples , Personal Products)		4,850		448,557
Brenntag AG (Materials , Chemicals)		837		137,518
Daimler AG (Consumer Discretionary , Automobiles)		4,800		333,460
Deutsche Bank AG (Financials , Commercial Banks)		3,300		148,848
Deutsche Post AG (Industrials , Air Freight & Logistics)		24,445		685,205
E.ON SE (Utilities , Electric Utilities)		6,200		105,205
Hannover Rueckversicherung AG (Financials , Insurance)		2,200		163,606
Heidelbergcement AG (Materials , Construction Materials)		5,643		433,464
Kabel Deutschland Holding AG (Consumer Discretionary , Media)		6,219		701,423
Linde AG (Materials , Chemicals)		5,886		1,133,848
Metro AG (Consumer Staples , Food & Staples Retailing)		23,616		814,186
MTU Aero Engines AG (Industrials , Aerospace & Defense)		458		41,737
Muenchener Rueckversicherungs-Gesellschaft AG (Financials , Insurance)		4,834		959,491
Norddeutsche Affinerie AG (Materials , Metals & Mining)		1,800		101,161
RWE AG (Utilities , Multi-Utilities)		2,900		87,249
SAP AG (Information Technology , Software)		5,752		423,089
Siemens AG (Industrials , Industrial Conglomerates)		7,167		784,794
Volkswagen AG (Consumer Discretionary , Automobiles)		1,600		364,303

				10,172,879

Hong Kong : 4.09%
AIA Group Limited (Financials , Insurance)		200,200		948,650
Beijing Enterprises Holdings Limited (Industrials , Industrial Conglomerates)		48,500		324,246


Wells Fargo Advantage Diversified International Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Hong Kong (continued)
China Everbright Limited (Financials , Capital Markets)		404,000	$	571,963
China Resources Land Limited (Financials , Real Estate Management & Development)		104,600		287,274
Guangdong Investment Limited (Utilities , Water Utilities)		58,000		46,965
Hengdeli Holdings Limited (Consumer Discretionary , Specialty Retail)«		1,902,366		490,579
Hong Kong Land Holdings Limited (Financials , Real Estate Management & Development)		24,058		162,873
Johnson Electric Holdings Limited (Industrials , Electrical Equipment)		178,500		106,102
Kingboard Laminates Holdings Limited (Information Technology , Electronic Equipment, Instruments & Components)		226,500		90,535
Sands China Limited (Consumer Discretionary , Hotels, Restaurants & Leisure)		13,600		73,562
Wheelock & Company (Financials , Real Estate Management & Development)		22,000		114,601
Yue Yuen Industrial Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		42,000		115,620

				3,332,970

India : 0.53%
Coal India Limited (Energy , Oil, Gas & Consumable Fuels)		16,734		77,485
Gail Limited (Utilities , Gas Utilities)		800		24,240
Grasim Industries GDR (Industrials , Construction & Engineering)		1,800		78,678
Tata Motors Limited ADR (Consumer Discretionary , Auto Components)		7,700		185,108
Tata Steel Limited GDR (Industrials , Machinery)		17,100		62,928

				428,439

Indonesia : 0.20%
PT Bank Rakyat Indonesia Tbk (Financials , Commercial Banks)		202,500		162,552

Ireland : 1.05%
Covidien plc (Health Care , Health Care Equipment & Supplies)		10,501		647,177
Mallinckrodt plc (Health Care , Pharmaceuticals)†		1,259		57,776
Smurfit Kappa Group plc (Materials , Containers & Packaging)		7,500		151,660

				856,613

Israel : 0.45%
Bank Hapoalim Limited (Financials , Commercial Banks)		38,000		182,107
Teva Pharmaceutical Industries Limited (Health Care , Pharmaceuticals)		4,600		182,242

				364,349

Italy : 1.89%
Enel SpA (Utilities , Electric Utilities)		48,100		160,231
ENI SpA (Energy , Oil, Gas & Consumable Fuels)		30,391		671,554
Intesa Sanpaolo SpA (Financials , Commercial Banks)		372,695		707,032

				1,538,817

Japan : 18.14%
Adeka Corporation (Materials , Chemicals)		20,600		208,293
Aisin Seiki Company Limited (Consumer Discretionary , Auto Components)		3,300		131,110
Alpine Electronics Incorporated (Consumer Discretionary , Household Durables)		11,600		114,093
Aozora Bank Limited (Financials , Commercial Banks)		41,000		126,882
Asahi Glass Company Limited (Industrials , Building Products)		79,000		512,358
Capcom Company Limited (Information Technology , Software)		31,900		567,560
Credit Saison Company Limited (Financials , Consumer Finance)		1,100		24,728
Daiwa Securities Group Incorporated (Financials , Capital Markets)		78,000		665,999
Eizo Nanao Corporation (Information Technology , Computers & Peripherals)		7,300		164,177
Fukuoka Financial Group Incorporated (Financials , Commercial Banks)		23,000		103,830
Hitachi Capital Corporation (Financials , Consumer Finance)		5,100		121,679
Hitachi Limited (Information Technology , Electronic Equipment, Instruments & Components)		50,000		336,023
Honda Motor Company Limited (Consumer Discretionary , Automobiles)		19,000		704,422
Ishikawajima-Harima Heavy Industries Company Limited (Industrials , Machinery)		49,000		206,690
Itochu Corporation (Industrials , Trading Companies & Distributors)		38,700		460,874
Japan Tobacco Incorporated (Consumer Staples , Tobacco)		23,400		818,558


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Diversified International Fund


Security name	Shares		Value
Japan (continued)
JX Holdings Incorporated (Energy , Oil, Gas & Consumable Fuels)		28,500	$	151,655
KDDI Corporation (Telecommunication Services , Wireless Telecommunication Services)		8,400		464,141
Kyorin Company Limited (Health Care , Pharmaceuticals)		7,900		172,588
Maeda Road Construction Company Limited (Industrials , Construction & Engineering)		11,000		180,768
Marubeni Corporation (Industrials , Trading Companies & Distributors)		30,000		208,967
Miraca Holdings Incorporated (Health Care , Health Care Providers & Services)		1,800		86,957
Mitsubishi Corporation (Industrials , Trading Companies & Distributors)		5,500		100,495
Mitsubishi Heavy Industries Limited (Industrials , Machinery)		7,000		37,677
Mitsubishi UFJ Financial Group Incorporated (Financials , Commercial Banks)		106,000		650,659
Mitsui & Company Limited (Industrials , Trading Companies & Distributors)		9,000		120,876
Mitsui Fudosan Company Limited (Financials , Real Estate Management & Development)		11,000		332,887
Mitsui OSK Lines Limited (Industrials , Marine)†		162,000		625,432
Mizuho Financial Group Incorporated (Financials , Commercial Banks)		154,300		319,915
NGK Insulators Limited (Industrials , Electrical Equipment)		30,000		401,389
Nichirei Corporation (Consumer Staples , Food Products)		21,000		101,236
Nippon Telegraph & Telephone Corporation (Telecommunication Services , Diversified Telecommunication Services)		5,600		282,259
Nissan Motor Company Limited (Consumer Discretionary , Automobiles)		26,200		274,818
Nitto Denko Corporation (Materials , Chemicals)		10,300		581,749
NTT DoCoMo Incorporated (Telecommunication Services , Wireless Telecommunication Services)		100		152,691
Ono Pharmaceutical Company Limited (Health Care , Pharmaceuticals)		2,400		154,182
ORIX Corporation (Financials , Diversified Financial Services)		2,900		43,096
Otsuka Holdings Company Limited (Health Care , Pharmaceuticals)		6,000		193,954
Rengo Company Limited (Materials , Containers & Packaging)		23,000		116,750
Sankyu Incorporated (Industrials , Road & Rail)		28,000		97,804
SEINO Holdings Company Limited (Industrials , Road & Rail)		3,000		26,964
Sharp Corporation (Consumer Discretionary , Household Durables)†		85,000		350,730
Sojitz Corporation (Industrials , Trading Companies & Distributors)		77,400		132,017
Sumitomo Corporation (Consumer Discretionary , Distributors)		19,900		266,661
Sumitomo Mitsui Financial Group Incorporated (Financials , Commercial Banks)		8,000		366,459
Takeda Pharmaceutical Company Limited (Health Care , Pharmaceuticals)		3,000		134,052
Toshiba TEC Corporation (Information Technology , Office Electronics)		22,000		126,953
Toyo Tire & Rubber Company Limited (Consumer Discretionary , Auto Components)		19,000		109,642
Toyota Motor Corporation (Consumer Discretionary , Automobiles)		22,600		1,378,021
West Japan Railway Company (Industrials , Road & Rail)		2,700		114,166
Yamada Denki Company Limited (Consumer Discretionary , Specialty Retail)		10,990		445,616
Yokohama Rubber Company Limited (Consumer Discretionary , Auto Components)		21,000		207,190

				14,778,692

Liechtenstein : 0.13%
Verwaltungs-Und Privat-Bank AG (Financials , Capital Markets)		1,400		107,937

Malaysia : 0.25%
Astro Malaysia Holdings Bhd (Consumer Discretionary , Media)		41,700		38,564
Tenaga Nasional Berhad (Utilities , Electric Utilities)		59,200		162,234

				200,798

Netherlands : 3.07%
Aegon NV (Financials , Insurance)		17,300		133,372
Akzo Nobel NV (Materials , Chemicals)		10,300		626,963
ING Groep NV (Financials , Diversified Financial Services)†		16,600		169,604
Koninklijke Ahold NV (Consumer Staples , Food & Staples Retailing)		16,900		278,451
Koninklijke Vopak NV (Industrials , Transportation Infrastructure)		1,899		109,365
Nutreco NV (Consumer Staples , Food Products)		2,600		122,445
Unilever NV (Consumer Staples , Food Products)		21,669		871,739
Ziggo NV (Telecommunication Services , Diversified Telecommunication Services)		4,696		186,545

				2,498,484

Nigeria : 0.18%
Nigerian Breweries plc (Consumer Staples , Beverages)		136,314		146,236


Wells Fargo Advantage Diversified International Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Norway : 1.27%
Atea ASA (Information Technology , IT Services)		5,400	$	56,815
DnB Nor ASA (Financials , Commercial Banks)		7,800		129,916
Frontline 2012 Limited (Energy , Oil, Gas & Consumable Fuels)†		11,711		75,519
Marine Harvest ASA (Consumer Staples , Food Products)«		547,586		551,972
Statoil ASA (Energy , Oil, Gas & Consumable Fuels)		5,700		123,619
Yara International ASA (Materials , Chemicals)		2,200		98,785

				1,036,626

Russia : 1.12%
Gazprom Neft Sponsored ADR (Energy , Oil, Gas & Consumable Fuels)(i)		10,500		185,640
Lukoil ADR (Energy , Oil, Gas & Consumable Fuels)		4,200		247,901
Mobile Telesystems ADR (Telecommunication Services , Wireless Telecommunication Services)		14,461		281,845
Sberbank of Russia (Financials , Commercial Banks)		67,125		193,991

				909,377

Singapore : 0.18%
Global Logistic Properties Limited (Financials , Real Estate Management & Development)		64,000		143,022

South Africa : 0.31%
Absa Group Limited (Financials , Commercial Banks)		9,300		134,756
Imperial Holding Limited (Consumer Discretionary , Distributors)		5,700		118,969

				253,725

South Korea : 2.80%
Hana Financial Group Incorporated (Financials , Commercial Banks)		14,830		475,225
Industrial Bank of Korea (Financials , Commercial Banks)		13,500		136,992
Samsung Electronics Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		126		143,561
Samsung Electronics Company Limited GDR (Information Technology , Semiconductors & Semiconductor Equipment)		837		479,601
SK Telecom Company Limited (Telecommunication Services , Wireless Telecommunication Services)		4,477		878,723
Woori Finance Holdings Company Limited (Financials , Commercial Banks)		16,400		164,230

				2,278,332

Spain : 0.40%
Banco Santander Central Hispano SA (Financials , Commercial Banks)		22,800		166,644
Grifols SA (Health Care , Biotechnology)		3,658		154,314
Grifols SA B Shares (Health Care , Biotechnology)		232		7,435

				328,393

Sweden : 1.41%
Boliden AB (Materials , Metals & Mining)		12,400		175,399
Nordea Bank AB (Financials , Commercial Banks)		15,000		189,970
Saab AB (Industrials , Aerospace & Defense)		9,100		164,880
Telefonaktiebolaget LM Ericsson Class B Shares (Information Technology , Communications Equipment)		11,300		133,575
Volvo AB Class B (Industrials , Machinery)		33,135		488,524

				1,152,348

Switzerland : 8.94%
ABB Limited (Industrials , Electrical Equipment)		27,464		606,585
Actelion Limited (Health Care , Biotechnology)		725		48,179
Baloise Holding AG (Financials , Insurance)		2,000		217,408
Compagnie Financiere Richemont SA (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		3,334		326,393
Credit Suisse Group AG (Financials , Capital Markets)		20,379		598,741
Georg Fischer AG (Industrials , Machinery)		400		209,520
Holcim Limited (Materials , Construction Materials)		4,140		299,277


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Diversified International Fund


Security name	Shares		Value
Switzerland (continued)
Nestle SA (Consumer Staples , Food Products)		13,035	$	883,132
Novartis AG (Health Care , Pharmaceuticals)		8,991		647,037
Roche Holdings AG (Health Care , Pharmaceuticals)		3,633		895,050
Swatch Group AG Class B (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		501		297,747
Swiss Reinsurance AG (Financials , Insurance)		6,501		517,720
UBS AG (Financials , Diversified Financial Services)		20,708		407,917
Valora Holding AG (Consumer Discretionary , Specialty Retail)		600		121,368
Zurich Financial Services AG (Financials , Insurance)		4,472		1,203,712

				7,279,786

Thailand : 0.14%
Bangchak Petroleum plc (Energy , Oil, Gas & Consumable Fuels)		107,100		118,050

United Kingdom : 17.51%
Amlin plc (Financials , Insurance)		19,500		119,280
AstraZeneca plc (Health Care , Pharmaceuticals)		9,400		476,897
Aviva plc (Financials , Insurance)		22,000		124,332
BAE Systems plc (Industrials , Aerospace & Defense)		49,700		337,128
Barclays plc (Financials , Commercial Banks)		50,000		218,984
BP plc (Energy , Oil, Gas & Consumable Fuels)		141,149		976,023
British Land Company plc (Financials , REITs)		19,975		181,562
BT Group plc (Telecommunication Services , Diversified Telecommunication Services)		70,500		365,394
Capita plc (Industrials , Professional Services)		38,503		610,913
Centrica plc (Utilities , Gas Utilities)		21,200		126,099
Cobham plc (Industrials , Aerospace & Defense)		10,300		45,064
Debenhams plc (Consumer Discretionary , Multiline Retail)		457,053		753,697
Diageo plc (Consumer Staples , Beverages)		4,429		138,391
Firstgroup plc (Industrials , Road & Rail)		32,500		49,416
GlaxoSmithKline plc (Health Care , Pharmaceuticals)		4,400		112,719
HSBC Holdings plc (Financials , Commercial Banks)		52,764		600,239
Imperial Tobacco Group plc (Consumer Staples , Tobacco)		14,796		496,536
Intercontinental Hotels Group plc (Consumer Discretionary , Hotels, Restaurants & Leisure)		3,563		103,364
J Sainsbury plc (Consumer Staples , Food & Staples Retailing)		42,600		255,074
Johnson Matthey plc (Materials , Chemicals)		7,357		317,289
Land Securities Group plc (Financials , REITs)		24,606		355,229
Liberty Global plc Class A (Consumer Discretionary , Media)†		3,993		323,912
Liberty Global plc Class C (Consumer Discretionary , Media)†		448		34,568
Man Group plc (Financials , Capital Markets)		409,697		500,471
Marston’s plc (Consumer Discretionary , Hotels, Restaurants & Leisure)		33,800		79,904
Meggitt plc (Industrials , Aerospace & Defense)		34,947		291,068
Old Mutual plc (Financials , Insurance)		59,600		176,074
Pace plc (Consumer Discretionary , Household Durables)		36,800		174,608
Prudential plc (Financials , Insurance)		8,667		153,865
Reckitt Benckiser Group plc (Consumer Staples , Household Products)		5,706		406,149
Rolls-Royce Holdings plc (Industrials , Aerospace & Defense)		28,183		503,762
Royal & Sun Alliance Insurance Group plc (Financials , Insurance)		53,200		101,163
Royal Dutch Shell plc Class B (Energy , Oil, Gas & Consumable Fuels)		19,000		670,423
SABMiller plc (Consumer Staples , Beverages)		14,318		701,466
Smiths Group plc (Industrials , Industrial Conglomerates)		20,061		422,672
Standard Chartered plc (Financials , Commercial Banks)		8,419		195,249
Tesco plc (Consumer Staples , Food & Staples Retailing)		76,159		425,542
Tullett Prebon plc (Financials , Capital Markets)		20,600		104,323
Vodafone Group plc (Telecommunication Services , Wireless Telecommunication Services)		111,300		334,397
Vodafone Group plc ADR (Telecommunication Services , Wireless Telecommunication Services)		18,872		565,216
WH Smith plc (Consumer Discretionary , Specialty Retail)«		15,600		184,750
William Morrison Supermarkets plc (Consumer Staples , Food & Staples Retailing)		48,700		214,174
Wolseley plc (Industrials , Trading Companies & Distributors)		11,972		572,962
WPP plc (Consumer Discretionary , Media)		20,333		366,230

				14,266,578

United States : 2.08%
Apple Incorporated (Information Technology , Computers & Peripherals)		719		325,348


Wells Fargo Advantage Diversified International Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name						Shares		Value
United States (continued)
KKR & Company LP (Financials , Capital Markets)							16,873	$	345,053
QUALCOMM Incorporated (Information Technology , Communications Equipment)							7,896		509,687
Schlumberger Limited (Energy , Energy Equipment & Services)							6,381		518,967

									1,699,055

Total Common Stocks (Cost $71,159,580)									79,056,573


			Dividend yield
Preferred Stocks : 0.62%

Brazil : 0.21%
Companhia Energetica de Minas Gerais SA ( Utilities , Oil, Gas & Consumable Fuels ) ±				6.89	%		7,109		65,003
Companhia Vale Do Rio Doce Class A ( Materials , Metals & Mining ) ±				3.26			8,400		103,649

									168,652

Germany : 0.41%
Henkel AG & Company KGaA Vorzug ( Consumer Staples , Household Products ) ±				1.28			3,405		333,578

Total Preferred Stocks (Cost $547,332)									502,230


			Yield
Short-Term Investments : 2.82%

Investment Companies : 2.82%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08			1,167,587		1,167,587
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)				0.12			1,129,761		1,129,761

Total Short-Term Investments (Cost $2,297,348)									2,297,348

Total investments in securities (Cost $74,004,260)*	100.48	%							81,856,151
Other assets and liabilities, net	(0.48	)							(387,055	)

Total net assets	100.00	%						$	81,469,096

(i)

Illiquid security

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

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

†	Non-income-earning security

(l)

Investment in an affiliate

(u)

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

(r)

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

(v)

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

*	Cost for federal income tax purposes is $76,682,177 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	12,933,778
Gross unrealized depreciation		(7,759,804	)

Net unrealized appreciation	$	5,173,974

Wells Fargo Advantage Diversified International Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

Foreign currency translation

Forward foreign currency contracts

if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	78,808,672	$	247,901	$	0	$	79,056,573
Preferred stocks		502,230		0		0		502,230
Short-term investments
Investment companies		1,167,587		1,129,761		0		2,297,348

	$	80,478,489	$	1,377,662	$	0	$	81,856,151

As of July 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	(38,905	)	$	0	$	(38,905	)

+	Forward foreign currency contracts are presented at the unrealized losses on the instrument.

Derivative transactions

Forward foreign currency contracts to sell:


Exchange date	Counterparty	Contracts to deliver	U.S.value at July 31, 2013		In exchange for U.S. $		Unrealized losses
10-7-2013	Barclays	209,706,000 JPY	$	2,142,554	$	2,103,649	$	(38,905	)


Wells Fargo Advantage Emerging Markets Equity Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 88.20%

Argentina : 0.29%
MercadoLibre Incorporated (Information Technology , Internet Software & Services)«		94,800	$	11,132,364

Brazil : 11.68%
All America Latina Logistica SA (Industrials , Road & Rail)		8,132,870		31,442,748
B2W Companhia Global do Varejo (Consumer Discretionary , Internet & Catalog Retail)†		2,015,290		9,363,786
Banco Bradesco SA ADR (Financials , Commercial Banks)		7,262,708		88,750,292
BM&FBOVESPA SA (Financials , Diversified Financial Services)		5,224,000		28,165,428
BRF Brasil Foods SA ADR (Consumer Staples , Food Products)		816,278		17,492,838
Brookfield Incorporacoes SA (Financials , Real Estate Management & Development)†		4,603,572		3,349,740
CETIP SA (Financials , Capital Markets)		3,602,537		36,319,877
Cia de Concessoes Rodoviarias (Industrials , Transportation Infrastructure)		1,903,200		14,932,948
Companhia De Bebidas ADR (Consumer Staples , Beverages)		2,113,400		79,844,252
Lojas Renner SA (Consumer Discretionary , Multiline Retail)		1,046,600		27,709,312
MRV Engenharia e Participacoes SA (Consumer Discretionary , Household Durables)		2,257,000		6,420,729
Multiplan Empreendimentos IImobilianios SA (Financials , Real Estate Management & Development)		707,400		15,615,607
Petroleo Brasileiro SA ADR (Energy , Oil, Gas & Consumable Fuels)		2,233,200		30,460,848
Petroleo Brasileiro SA ADR Class A (Energy , Oil, Gas & Consumable Fuels)		1,862,953		26,714,746
Raia Drogasil SA (Consumer Staples , Food & Staples Retailing)		690,000		5,837,333
Tim Participacoes SA (Telecommunication Services , Wireless Telecommunication Services)		2,150,963		7,995,339
Vale SA Depository Receipt (Materials , Metals & Mining)«		1,441,636		19,779,246

				450,195,069

Chile : 0.45%
Banco Santander Chile SA ADR (Financials , Commercial Banks)«		707,700		15,965,712
Inversiones La Construccion (Financials , Diversified Financial Services)		100,000		1,289,287

				17,254,999

China : 16.96%
51job Incorporated ADR (Industrials , Professional Services)†		583,191		38,782,202
Baidu Incorporated (Information Technology , Internet Software & Services)†		179,700		23,776,107
Bitauto Holdings Limited ADR (Information Technology , Internet Software & Services)†		61,645		742,206
China Life Insurance Company Limited (Financials , Insurance)		24,305,290		58,290,576
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		9,855,165		104,834,070
Ctrip.com International Limited ADR (Consumer Discretionary , Specialty Retail)«†		1,193,506		43,718,125
Dalian Port Company Limited (Industrials , Transportation Infrastructure)		18,732,000		3,743,695
First Tractor Company (Industrials , Machinery)		7,532,000		4,447,955
Hengan International Group Company Limited (Consumer Staples , Personal Products)		3,450,000		37,900,356
NetEase Incorporated ADR (Information Technology , Internet Software & Services)		201,800		12,856,678
New Oriental Education & Technology Group Incorporated (Consumer Discretionary , Diversified Consumer Services)		1,990,189		44,162,294
PetroChina Company Limited (Energy , Oil, Gas & Consumable Fuels)		23,270,000		27,213,742
Shandong Weigao Group Medical Polymer Company Class H (Health Care , Health Care Equipment & Supplies)		5,900,000		5,576,229
Sichuan Expressway Company (Industrials , Transportation Infrastructure)		22,984,000		5,630,718
SINA Corporation (Information Technology , Internet Software & Services)†		1,623,117		111,946,379
Sinotrans Limited (Industrials , Air Freight & Logistics)		32,149,000		6,052,084
Sun Art Retail Group Limited (Consumer Staples , Food & Staples Retailing)		16,154,500		22,454,163
Tingyi Holding Corporation (Consumer Staples , Food Products)		15,078,000		37,288,674
Tsingtao Brewery Company Limited (Consumer Staples , Beverages)		8,412,000		64,264,660

				653,680,913

Colombia : 0.59%
Bancolombia SA ADR (Financials , Commercial Banks)		394,900		22,687,005

Hong Kong : 4.54%
AIA Group Limited (Financials , Insurance)		10,691,400		50,661,322
Belle International Holdings Limited (Consumer Discretionary , Specialty Retail)		23,116,000		33,382,227
CNOOC Limited (Energy , Oil, Gas & Consumable Fuels)		34,780,000		62,783,021


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Emerging Markets Equity Fund


Security name	Shares		Value
Hong Kong (continued)
Johnson Electric Holdings Limited (Industrials , Electrical Equipment)		15,985,000	$	9,501,631
Li Ning Company Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)†«		10,906,500		6,750,116
Shangri-La Asia Limited (Consumer Discretionary , Hotels, Restaurants & Leisure)		3,033,500		4,771,868
Texwinca Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		7,166,000		6,976,030

				174,826,215

India : 5.83%
Bharti Airtel Limited (Telecommunication Services , Wireless Telecommunication Services)		4,838,728		27,414,551
Bharti Infratel Limited (Industrials , Construction & Engineering)		5,218,871		12,771,450
Housing Development Finance Corporation Limited (Financials , Thrifts & Mortgage Finance)		890,700		11,725,365
ICICI Bank Limited ADR (Financials , Commercial Banks)		1,478,355		48,460,477
Infosys Technologies Limited ADR (Information Technology , IT Services)«		748,115		37,166,353
ITC Limited (Consumer Staples , Tobacco)		4,282,640		24,066,739
Reliance Industries Limited (Energy , Oil, Gas & Consumable Fuels)		1,294,200		18,561,091
Reliance Industries Limited (Energy , Oil, Gas & Consumable Fuels)144A		1,246,587		35,739,649
Ultra Tech Cement Limited (Materials , Construction Materials)		286,000		8,638,795

				224,544,470

Indonesia : 1.20%
PT Astra Agro Lestari Tbk (Consumer Staples , Food Products)		2,659,000		4,023,104
PT Astra International Incorporated Tbk (Consumer Discretionary , Automobiles)		13,851,000		8,760,058
PT Bank Central Asia Tbk (Financials , Commercial Banks)		9,299,500		9,410,343
PT Matahari Department Store Tbk (Consumer Discretionary , Multiline Retail)†		1,833,000		2,220,467
PT Telekomunik Indonesia Persoro Tbk (Telecommunication Services , Diversified Telecommunication Services)«		483,877		22,069,630

				46,483,602

Israel : 0.35%
Israel Chemicals Limited (Materials , Chemicals)		1,719,600		13,741,167

Malaysia : 1.70%
Genting Bhd (Consumer Discretionary , Hotels, Restaurants & Leisure)		7,480,900		22,668,695
KLCC Property Holdings Bhd (Financials , REITs)		3,437,900		6,952,104
Resorts World Bhd (Consumer Discretionary , Hotels, Restaurants & Leisure)		15,496,300		19,871,951
Sime Darby Bhd (Industrials , Industrial Conglomerates)		5,465,937		15,973,207

				65,465,957

Mexico : 9.79%
America Movil SAB de CV ADR (Telecommunication Services , Wireless Telecommunication Services)		2,573,420		53,990,352
Cemex SAB de CV ADR (Materials , Construction Materials)†		3,196,990		36,797,355
Fibra Uno Administracion SA B de CV (Financials , REITs)		7,652,159		24,443,294
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples , Beverages)		710,400		70,677,696
Grupo Financiero Banorte SAB de CV (Financials , Commercial Banks)		7,511,984		47,385,297
Grupo Financiero Santander SAB de CV ADR (Financials , Commercial Banks)†		1,283,641		18,510,103
Grupo Sanborns SA de CV (Consumer Discretionary , Multiline Retail)		3,864,153		8,985,171
Grupo Televisa SAB ADR (Consumer Discretionary , Media)		2,905,000		78,725,500
Wal-Mart de Mexico SAB de CV (Consumer Staples , Food & Staples Retailing)		13,827,100		37,835,012

				377,349,780

Peru : 0.37%
Compania de Minas Buenaventura SA ADR (Materials , Metals & Mining)		993,600		14,208,480

Philippines : 0.65%
Ayala Corporation (Financials , Diversified Financial Services)		632,624		8,790,895
Metropolitan Bank & Trust Company (Financials , Commercial Banks)		2,808,093		6,866,670


Wells Fargo Advantage Emerging Markets Equity Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Philippines (continued)
SM Investments Corporation (Industrials , Industrial Conglomerates)		426,582	$	9,331,174

				24,988,739

Russia : 4.67%
Lukoil ADR (Energy , Oil, Gas & Consumable Fuels)		796,249		46,978,691
Magnit (Consumer Staples , Food & Staples Retailing)(a)		47,300		11,517,427
Mobile Telesystems ADR (Telecommunication Services , Wireless Telecommunication Services)		2,427,800		47,317,822
Sberbank of Russia (Financials , Commercial Banks)		5,517,377		15,945,220
Sberbank of Russia Sponsored ADR (Financials , Commercial Banks)		961,195		11,082,578
Yandex NV Class A (Information Technology , Internet Software & Services)†		1,448,106		47,063,445

				179,905,183

South Africa : 5.43%
Anglo American Platinum Limited (Materials , Metals & Mining)†«		246,832		8,767,158
AngloGold Ashanti Limited ADR (Materials , Metals & Mining)«		1,077,592		14,191,887
Clicks Group Limited (Consumer Staples , Food & Staples Retailing)		580,000		3,374,588
Gold Fields Limited ADR (Materials , Metals & Mining)		960,700		5,793,021
Impala Platinum Holdings Limited (Materials , Metals & Mining)		1,290,758		12,691,047
MTN Group Limited (Telecommunication Services , Wireless Telecommunication Services)		1,822,643		34,224,785
Sasol Limited (Energy , Oil, Gas & Consumable Fuels)		470,000		21,654,158
Shoprite Holdings Limited (Consumer Staples , Food & Staples Retailing)		1,958,100		33,118,298
Standard Bank Group Limited (Financials , Commercial Banks)		1,885,190		21,117,262
Tiger Brands Limited (Consumer Staples , Food Products)		1,743,333		54,426,695

				209,358,899

South Korea : 9.48%
Amorepacific Corporation (Consumer Staples , Personal Products)		7,190		6,067,268
KB Financial Group Incorporated (Financials , Commercial Banks)		330,000		10,457,307
KB Financial Group Incorporated ADR (Financials , Commercial Banks)		93,117		2,944,360
KT Corporation ADR (Telecommunication Services , Diversified Telecommunication Services)		3,914,813		62,715,304
KT&G Corporation (Consumer Staples , Tobacco)		764,891		51,540,823
Lotte Chilsung Beverage Company Limited (Consumer Staples , Beverages)		5,255		6,890,193
Lotte Confectionery Company Limited (Consumer Staples , Food Products)		4,427		6,249,836
Samsung Electronics Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		138,136		157,388,415
Samsung Life Insurance Company Limited (Financials , Insurance)		459,337		43,953,737
Shinhan Financial Group Company Limited (Financials , Commercial Banks)		465,945		17,004,914

				365,212,157

Taiwan : 7.87%
104 Corporation (Industrials , Commercial Services & Supplies)		1,655,000		4,796,142
Far Eastern Textile Company Limited (Industrials , Industrial Conglomerates)		26,613,491		30,042,408
First Financial Holding Company Limited (Financials , Commercial Banks)		8,987,510		5,574,765
Fuhwa Financial Holdings Company Limited (Financials , Capital Markets)		48,050,750		25,077,760
Mediatek Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)		1,088,881		13,072,455
President Chain Store Corporation (Consumer Staples , Food & Staples Retailing)		2,565,000		19,117,853
Siliconware Precision Industries Company (Information Technology , Semiconductors & Semiconductor Equipment)		4,713,000		5,477,400
Taiwan Semiconductor Manufacturing Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		13,035,224		44,557,066
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology , Semiconductors & Semiconductor Equipment)		7,357,852		124,936,327
Uni-President Enterprises Corporation (Consumer Staples , Food Products)		15,008,000		30,630,104

				303,282,280

Thailand : 3.82%
Bangkok Bank PCL (Financials , Commercial Banks)		3,729,800		24,905,054


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Emerging Markets Equity Fund


Security name							Shares		Value
Thailand (continued)
PTT Exploration & Production PCL ADR (Energy , Oil, Gas & Consumable Fuels)								4,553,739	$	22,695,952
PTT PCL (Energy , Oil, Gas & Consumable Fuels)								2,890,200		30,564,096
Siam Commercial Bank PCL (Financials , Commercial Banks)								7,395,100		37,448,030
Thai Beverage PCL (Consumer Staples , Beverages)								74,127,000		31,497,486

										147,110,618

Turkey : 1.32%
Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples , Beverages)								2,430,453		33,520,026
Turkcell Iletisim Hizmetleri AS ADR (Telecommunication Services , Wireless Telecommunication Services)†								1,181,462		17,237,531

										50,757,557

United Kingdom : 1.21%
African Barrick Gold Limited (Materials , Metals & Mining)								1,428,500		2,453,437
Standard Chartered plc (Financials , Commercial Banks)								1,909,560		44,285,486

										46,738,923

Total Common Stocks (Cost $3,274,094,178)										3,398,924,377


			Interest rate			Maturity date	Principal
Convertible Debentures : 0.00%

Brazil : 0.00%
Lupatech SA (s)(a)(i)				6.50	%	4-15-2018	$	303,000		6,800

Total Convertible Debentures (Cost $160,691)										6,800


			Dividend yield				Shares
Preferred Stocks : 2.12%

Brazil : 2.12%
Lojas Americanas SA ( Consumer Discretionary , Multiline Retail ) ±				0.49				9,560,903		66,677,172
Vale SA ADR ( Materials , Metals & Mining ) ±				3.50				1,203,500		14,815,085

Total Preferred Stocks (Cost $87,782,343)										81,492,257


Short-Term Investments : 9.21%

			Yield
Investment Companies : 9.21%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08				295,187,301		295,187,301
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)				0.12				59,761,457		59,761,457

Total Short-Term Investments (Cost $354,948,758)										354,948,758

Total investments in securities (Cost $3,716,985,970)*	99.53	%								3,835,372,192
Other assets and liabilities, net	0.47									18,109,703

Total net assets	100.00	%							$	3,853,481,895

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

†	Non-income-earning security

144A

Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.


Wells Fargo Advantage Emerging Markets Equity Fund		Portfolio of investments — July 31, 2013 (unaudited)

(s)

Security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on this security.

(a)

Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(i)

Illiquid security

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

(l)

Investment in an affiliate

(u)

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

(v)

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

(r)

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

*	Cost for federal income tax purposes is $3,724,110,553 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	471,874,358
Gross unrealized depreciation		(360,612,719	)

Net unrealized appreciation	$	111,261,639

Wells Fargo Advantage Emerging Markets Equity Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

Foreign currency translation

Security loans

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	3,387,406,950	$	11,517,427	$	0	$	3,398,924,377
Preferred stocks		81,492,257		0		0		81,492,257
Convertible debentures		0		0		6,800		6,800
Short-term investments
Investment companies		295,187,301		59,761,457		0		354,948,758

	$	3,764,086,508	$	71,278,884	$	6,800	$	3,835,372,192

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


Wells Fargo Advantage Emerging Markets Equity Income Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 84.33%

Australia : 0.79%
BHP Billiton Limited (Materials , Metals & Mining)		4,675	$	145,562

Brazil : 8.56%
Alupar Investimento SA (Utilities , Electric Utilities)†		18,860		144,673
EDP Energias Do Brasil SA (Utilities , Electric Utilities)		23,600		122,172
Grendene SA (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		18,800		175,528
Itau Unibanco Holding SA ADR (Financials , Commercial Banks)		13,447		171,449
Natura Cosmeticos SA (Consumer Staples , Personal Products)		10,700		215,515
Telefonica Brasil ADR (Telecommunication Services , Diversified Telecommunication Services)		12,201		261,955
Transmissora Alianca de Energia Eletrica SA Composite Unit (Utilities , Electric Utilities)		22,300		223,161
Valid Solucoes SA (Industrials , Commercial Services & Supplies)		17,600		266,621

				1,581,074

Chile : 1.25%
Aguas Andinas SA Class A (Utilities , Water Utilities)		243,000		170,244
Enersis SA (Utilities , Electric Utilities)		197,825		59,615

				229,859

China : 15.50%
ANTA Sports Products Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		87,000		98,267
China BlueChemical Limited (Materials , Chemicals)		136,000		62,778
China Construction Bank (Financials , Commercial Banks)		478,000		356,854
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		31,500		335,080
China Petroleum & Chemical Corporation (Energy , Oil, Gas & Consumable Fuels)		119,600		88,980
Cosco Pacific Limited (Industrials , Transportation Infrastructure)		139,835		196,529
Country Garden Holdings Company Limited (Financials , Real Estate Management & Development)		311,000		175,638
Digital China Holdings Limited (Information Technology , Electronic Equipment, Instruments & Components)		48,000		52,731
Guangzhou R&F Properties Company Limited (Financials , Real Estate Management & Development)		60,800		94,544
Huaneng Power International Incorporated (Utilities , Independent Power Producers & Energy Traders)		160,000		167,105
Industrial & Commercial Bank of China Limited Class H (Financials , Commercial Banks)		459,000		301,834
Jiangsu Express Company Limited (Industrials , Transportation Infrastructure)		124,000		128,867
KWG Property Holding Limited (Financials , Real Estate Management & Development)		202,500		116,190
PetroChina Company Limited (Energy , Oil, Gas & Consumable Fuels)		278,000		325,115
Shenzhen Expressway Company Limited (Industrials , Transportation Infrastructure)		388,000		130,574
Zhejiang Expressway Company Limited (Industrials , Transportation Infrastructure)		272,000		231,121

				2,862,207

Czech Republic : 0.34%
CEZ AS (Utilities , Electric Utilities)		2,600		61,852

Hong Kong : 4.56%
Bosideng International Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		596,000		123,725
Shanghai Industrial Holdings Limited (Industrials , Industrial Conglomerates)		73,000		226,843
SmarTone Telecommunications Holding Limited (Telecommunication Services , Wireless Telecommunication Services)		129,500		206,382
Wynn Macau Limited (Consumer Discretionary , Hotels, Restaurants & Leisure)		24,000		68,080
Xinyi Glass Holding Company Limited (Consumer Discretionary , Auto Components)		144,000		132,013
Yue Yuen Industrial Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		31,000		85,338

				842,381

India : 0.63%
ICICI Bank Limited ADR (Financials , Commercial Banks)		3,550		116,369

Indonesia : 3.96%
Lippo Malls Indonesia (Financials , REITs)		369,000		143,727


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Emerging Markets Equity Income Fund


Security name	Shares		Value
Indonesia (continued)
PT Perusahaan Gas Negara Persero Tbk (Utilities , Gas Utilities)		432,500	$	248,285
PT Telekomunikasi Indonesia Tbk (Telecommunication Services , Diversified Telecommunication Services)		292,000		338,098

				730,110

Malaysia : 3.31%
Berjaya Sports Toto Bhd (Consumer Discretionary , Hotels, Restaurants & Leisure)		166,766		214,883
Malayan Banking Bhd (Financials , Commercial Banks)		64,700		204,631
Maxis Bhd (Telecommunication Services , Wireless Telecommunication Services)		30,500		66,848
Sunway Real Estate Investment Trust (Financials , REITs)		305,200		125,128

				611,490

Mexico : 4.96%
Bolsa Mexicana De Valores SA (Financials , Diversified Financial Services)		80,000		214,770
Grupo Aeroportuario Del Pacifico SAB de CV (Industrials , Transportation Infrastructure)		33,040		172,485
Grupo Financiero Santander SAB de CV (Financials , Commercial Banks)		97,181		281,133
Macquarie Mexico Real Estate Management SA de CV (Financials , REITs)144A		123,466		248,039

				916,427

Panama : 0.68%
Banco Latinoamericano De Exportaciones SA E Shares (Financials , Commercial Banks)		4,990		125,698


Philippines : 3.52%
Globe Telecom Incorporated (Telecommunication Services , Wireless Telecommunication Services)		5,710		214,963
Philippine Long Distance Telephone Company (Telecommunication Services , Wireless Telecommunication Services)		3,660		254,506
Semirara Mining Corporation (Energy , Oil, Gas & Consumable Fuels)		31,590		181,117

				650,586

Poland : 0.76%
Powszechny Zaklad Ubezpieczen SA (Financials , Insurance)		994		141,067


Russia : 4.08%
Lukoil ADR (Energy , Oil, Gas & Consumable Fuels)		2,980		175,820
Mail.Ru Group Limited (Information Technology , Internet Software & Services)		1,900		60,705
MegaFon GDR (Telecommunication Services , Wireless Telecommunication Services)		3,641		115,602
Mobile Telesystems ADR (Telecommunication Services , Wireless Telecommunication Services)		16,180		315,348
Moscow Exchange MICEX-RTS OAO (Financials , Diversified Financial Services)(a)		50,563		86,287

				753,762

Singapore : 7.02%
Ascendas India Trust (Financials , Real Estate Management & Development)		144,000		81,017
Ascott Residence Trust (Financials , REITs)		169,000		166,892
Asian Pay Television Trust (Consumer Discretionary , Media)†		103,000		72,943
Hutchison Port Holdings Trust (Industrials , Transportation Infrastructure)		162,000		119,880
Keppel Corporation Limited (Industrials , Industrial Conglomerates)		20,000		162,883
Mapletree Greater China Commercial Trust (Financials , REITs)†		213,000		157,548
Religare Health Trust (Financials , REITs)		133,000		88,956
SembCorp Industries Limited (Industrials , Industrial Conglomerates)		31,000		123,917
Singapore Telecommunications Limited (Telecommunication Services , Diversified Telecommunication Services)		53,000		163,898
STX OSV Holdings Limited (Industrials , Machinery)		244,000		158,398

				1,296,332

South Africa : 3.79%
Absa Group Limited (Financials , Commercial Banks)		10,683		154,795
Growthpoint Properties Limited (Financials , REITs)		46,500		117,175


Wells Fargo Advantage Emerging Markets Equity Income Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
South Africa (continued)
Kumba Iron Ore Limited (Materials , Metals & Mining)		2,595	$	115,203
MTN Group Limited (Telecommunication Services , Wireless Telecommunication Services)		3,655		68,632
Sanlam Limited (Financials , Insurance)		26,533		127,831
Sasol Limited (Energy , Oil, Gas & Consumable Fuels)		2,498		115,090

				698,726

South Korea : 5.60%
Kangwon Land Incorporated (Consumer Discretionary , Hotels, Restaurants & Leisure)		5,060		128,817
KT Corporation ADR (Telecommunication Services , Diversified Telecommunication Services)		15,588		249,720
KT&G Corporation (Consumer Staples , Tobacco)		2,120		142,852
S-Oil Corporation (Energy , Oil, Gas & Consumable Fuels)		2,100		141,131
SK Telecom Company Limited ADR (Telecommunication Services , Wireless Telecommunication Services)		17,164		370,571

				1,033,091

Taiwan : 8.50%
ASUSTeK Computer Incorporated (Information Technology , Computers & Peripherals)		7,000		61,161
Chroma ATE Incorporated (Information Technology , Electronic Equipment, Instruments & Components)		30,000		62,728
Chunghwa Telecom Company Limited (Telecommunication Services , Diversified Telecommunication Services)		42,000		134,320
Cleanaway Company Limited (Industrials , Commercial Services & Supplies)		26,000		171,677
CTCI Corporation (Industrials , Construction & Engineering)		33,000		59,427
Delta Electronics Incorporated (Information Technology , Electronic Equipment, Instruments & Components)		17,000		82,487
Huaku Development Company Limited (Financials , Real Estate Management & Development)		26,680		86,126
MediaTek Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)		7,000		84,038
Mega Financial Holding Company Limited (Financials , Commercial Banks)		150,065		125,361
Quanta Computer Incorporated (Information Technology , Computers & Peripherals)		37,000		86,125
Radiant Opto-Electronics Corporation (Information Technology , Semiconductors & Semiconductor Equipment)		52,530		164,843
Siliconware Precision Industries Company (Information Technology , Semiconductors & Semiconductor Equipment)		61,000		70,894
Taiwan Cement Corporation (Materials , Construction Materials)		74,000		91,655
United Microelectronics Corporation ADR (Information Technology , Semiconductors & Semiconductor Equipment)		53,048		116,706
Wistron Corporation (Information Technology , Computers & Peripherals)		107,850		102,863
WPG Holdings Company Limited (Information Technology , Electronic Equipment, Instruments & Components)		56,000		69,751

				1,570,162

Thailand : 3.86%
Esso (Thailand) PCL (Energy , Oil, Gas & Consumable Fuels)		701,400		155,742
Major Cineplex Group PCL (Consumer Discretionary , Media)		137,400		92,624
PTT Global Chemical PCL (Materials , Chemicals)		58,500		123,355
Shin Corporation PCL (Telecommunication Services , Wireless Telecommunication Services)		70,100		194,847
Thai Oil PCL (Energy , Oil, Gas & Consumable Fuels)		40,300		78,540
Thai Union Frozen Products PCL (Consumer Staples , Food Products)		38,000		68,291

				713,399

Turkey : 0.83%
Cimsa Cimento Sanayi ve Ticaret AS (Materials , Construction Materials)		15,336		89,119
Turkcell Iletisim Hizmetleri AS (Telecommunication Services , Wireless Telecommunication Services)†		11,100		64,790

				153,909

United Kingdom : 1.83%
HSBC Holdings plc (Financials , Commercial Banks)		30,000		337,110


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Emerging Markets Equity Income Fund


Security name	Dividend yield			Shares		Value
Total Common Stocks (Cost $15,359,875)						$	15,571,173

Preferred Stocks : 3.67%

Brazil : 2.57%
Banco Bradesco SA ( Financials , Commercial Banks ) ±		4.05	%	$	13,300		161,488
Companhia Vale Do Rio Doce Class A ( Materials , Metals & Mining ) ±		8.27			9,700		119,690
Petroleo Brasileiro SA ( Energy , Oil, Gas & Consumable Fuels ) ±		5.49			27,000		192,794

							473,972

Russia : 1.10%
Sberbank ADR ( Financials , Commercial Banks ) (a) ±		4.55			89,927		203,779

Total Preferred Stocks (Cost $770,022)							677,751

Investment Companies : 2.09%

Brazil : 0.92%
FII BTG Pactual Corporate Office Fund					2,893		169,293

Thailand : 1.17%
Samui Airport Property Fund					379,700		215,932

Total Investment Companies (Cost $430,138)							385,225

Short-Term Investments : 9.93%

	Yield
Investment Companies : 9.93%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			1,833,351		1,833,351

Total Short-Term Investments (Cost $1,833,351)							1,833,351

Total investments in securities (Cost $18,393,386)*		100.02	%				18,467,500
Other assets and liabilities, net		(0.02	)				(3,189	)

Total net assets		100.00	%			$	18,464,311

†	Non-income-earning security

144A

Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

(a)

Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

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

(l)

Investment in an affiliate

(u)

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

*	Cost for federal income tax purposes is $18,473,865 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	857,408
Gross unrealized depreciation		(863,773	)

Net unrealized depreciation	$	(6,365	)

Wells Fargo Advantage Emerging Markets Equity Income Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

Foreign currency translation

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	15,484,886	$	86,287	$	0	$	15,571,173
Preferred stocks		473,972		203,779		0		677,751
Investment companies		385,225		0		0		385,225
Short-term investments
Investment companies		1,833,351		0		0		1,833,351

	$	18,177,434	$	290,066	$	0	$	18,467,500


Wells Fargo Advantage Global Opportunities Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 96.34%

Argentina : 0.19%
IRSA Inversiones y Representaciones SA ADR (Financials , Real Estate Management & Development)		65,927	$	512,912

Australia : 0.91%
Atlas Iron Limited (Materials , Metals & Mining)		1,411,882		1,034,292
Perseus Mining Limited (Materials , Metals & Mining)†		694,751		365,319
Tiger Resources Limited (Materials , Metals & Mining)†		6,290,400		1,130,825

				2,530,436

Austria : 0.50%
RHI AG (Materials , Construction Materials)		44,429		1,395,495

Canada : 2.65%
B2Gold Corporation (Materials , Metals & Mining)†		353,826		1,033,471
MBAC Fertilizer Corporation (Materials , Chemicals)†«		578,864		1,121,545
MBAC Fertilizer Corporation - Restricted Shares (Materials , Chemicals)†		84,000		162,749
Mercator Minerals Limited (Materials , Metals & Mining)†		120,000		12,852
Nevsun Resources Limited (Materials , Metals & Mining)		142,458		479,899
Parex Resources Incorporated (Energy , Oil, Gas & Consumable Fuels)†		282,382		1,426,894
Surge Energy Incorporated (Energy , Oil, Gas & Consumable Fuels)†(a)144A		41,460		214,748
Surge Energy Incorporated (Energy , Oil, Gas & Consumable Fuels)†«		468,396		2,426,119
Taseko Mines Limited (Materials , Metals & Mining)†		221,008		456,175

				7,334,452

China : 1.70%
51job Incorporated ADR (Industrials , Professional Services)†		17,955		1,194,008
Pactera Technology International Limited ADR (Information Technology , IT Services)†		261,547		1,752,365
Sinotrans Limited (Industrials , Air Freight & Logistics)		9,264,000		1,743,958

				4,690,331

Denmark : 1.02%
Jyske Bank (Financials , Commercial Banks)†		64,371		2,823,284

France : 5.44%
ALTEN (Information Technology , IT Services)		62,095		2,313,026
Atos Origin SA (Information Technology , IT Services)		27,217		2,046,121
JC Decaux SA (Consumer Discretionary , Media)		24,444		784,360
Laurent Perrier Group (Consumer Staples , Beverages)		6,288		558,380
M6 Metropole Television SA (Consumer Discretionary , Media)		38,591		760,082
Mersen (Industrials , Electrical Equipment)		86,897		1,976,818
SCOR SE (Financials , Insurance)		107,396		3,432,554
Teleperformance (Industrials , Professional Services)		65,487		3,171,190

				15,042,531

Germany : 2.83%
Amadeus Fire AG (Industrials , Professional Services)		19,648		1,188,919
Gerresheimer AG (Health Care , Life Sciences Tools & Services)		26,401		1,540,651
GSW Immobilien AG (Financials , Real Estate Management & Development)		37,823		1,530,668
Hochtief AG (Industrials , Construction & Engineering)		32,160		2,450,670
United Internet AG (Information Technology , Internet Software & Services)		34,179		1,116,744

				7,827,652

Hong Kong : 1.22%
China High Precision Automation Group (Information Technology , Electronic Equipment, Instruments & Components)«(a)(i)		3,447,000		151,114
Emperor Watch & Jewellery Limited (Consumer Discretionary , Specialty Retail)		11,230,000		854,312


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Global Opportunities Fund


Security name	Shares		Value
Hong Kong (continued)
Luk Fook Holdings International Limited (Consumer Discretionary , Specialty Retail)«		385,000	$	1,077,222
Sunlight REIT (Financials , REITs)		2,019,000		822,637
Techtronic Industries Company Limited (Consumer Discretionary , Household Durables)		187,000		457,638

				3,362,923

Ireland : 0.37%
C&C Group plc (Consumer Staples , Beverages)		185,219		1,020,121

Israel : 0.66%
Bezeq The Israeli Telecommunication Corporation Limited (Telecommunication Services , Diversified Telecommunication Services)		1,132,883		1,829,625

Italy : 1.34%
Amplifon SpA (Health Care , Health Care Providers & Services)		239,874		1,200,516
Credito Emiliano SpA (Financials , Commercial Banks)		38,081		209,433
Davide Campari-Milano SpA (Consumer Staples , Beverages)		150,106		1,160,219
Mediobanca SpA (Financials , Capital Markets)		183,334		1,125,347

				3,695,515

Japan : 10.82%
Aeon Delight Company Limited (Industrials , Commercial Services & Supplies)		119,100		2,176,181
Anritsu Corporation (Information Technology , Electronic Equipment, Instruments & Components)		152,400		1,917,647
Avex Group Holdings Incorporated (Consumer Discretionary , Media)		19,100		655,459
Chiba Bank Limited (Financials , Commercial Banks)		155,000		1,074,916
Credit Saison Company Limited (Financials , Consumer Finance)		72,300		1,625,292
FamilyMart Company Limited (Consumer Staples , Food & Staples Retailing)		56,900		2,513,456
Hitachi Chemical Company Limited (Industrials , Chemicals)		151,700		2,558,030
Isuzu Motors Limited (Consumer Discretionary , Automobiles)		328,000		2,334,961
Musashi Seimitsu Industry Company Limited (Consumer Discretionary , Auto Components)		121,200		3,056,305
ORIX JREIT Incorporated (Financials , REITs)		1,958		2,189,776
Shimanura Company Limited (Consumer Discretionary , Specialty Retail)		12,900		1,480,911
Sumitomo Heavy Industries Limited (Industrials , Machinery)		385,000		1,793,075
Taikisha Limited (Industrials , Construction & Engineering)		30,700		742,181
Tamron Company Limited (Consumer Discretionary , Leisure Equipment & Products)		46,737		937,031
Tokai Carbon Company Limited (Materials , Chemicals)		118,000		339,863
Tokyo Ohka Kogyo Company Limited (Materials , Chemicals)		74,755		1,609,473
Toshiba Machine Company Limited (Industrials , Machinery)		348,263		1,611,308
Yusen Logistics Company Limited (Industrials , Air Freight & Logistics)		145,000		1,309,161

				29,925,026

Luxembourg : 0.58%
Eurofins Scientific (Health Care , Life Sciences Tools & Services)		7,351		1,613,601

Netherlands : 1.00%
Nutreco NV (Consumer Staples , Food Products)«		34,748		1,636,436
USG People NV (Industrials , Professional Services)		150,291		1,117,662

				2,754,098

Norway : 1.94%
Hoegh LNG Holdings Limited (Energy , Oil, Gas & Consumable Fuels)†		256,797		1,943,583
Petroleum Geo-Services ASA (Energy , Energy Equipment & Services)		76,607		1,031,558
SpareBank 1 SR Bank ASA (Financials , Commercial Banks)		284,043		2,400,445

				5,375,586

Russia : 0.70%
Sollers OJSC (Consumer Discretionary , Automobiles)(a)		88,170		1,928,953


Wells Fargo Advantage Global Opportunities Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
South Korea : 1.42%
BS Financial Group Incorporated (Financials , Commercial Banks)		123,420	$	1,763,261
Handsome Company Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		28,060		693,117
Kiwoom Securities Company (Financials , Capital Markets)		28,836		1,457,939

				3,914,317

Spain : 0.54%
Prosegur Compania de Seguridad SA (Industrials , Commercial Services & Supplies)		288,293		1,488,098

Sweden : 0.57%
Meda AB Class A (Health Care , Pharmaceuticals)		134,804		1,574,883

Switzerland : 2.87%
Aryzta AG (Consumer Staples , Food Products)		37,768		2,336,396
Barry Callebaut AG (Consumer Staples , Food Products)		1,931		1,872,681
Dufry AG (Consumer Discretionary , Specialty Retail)†		15,311		2,000,216
Lonza Group AG (Health Care , Life Sciences Tools & Services)		22,355		1,719,894

				7,929,187

Taiwan : 1.04%
Catcher Technology Company Limited (Information Technology , Computers & Peripherals)		257,000		1,114,168
Siliconware Precision Industries Company (Information Technology , Semiconductors & Semiconductor Equipment)		1,142,000		1,327,221
Siliconware Precision Industries Company ADR (Information Technology , Semiconductors & Semiconductor Equipment)		75,440		430,008

				2,871,397

United Kingdom : 12.29%
Aberdeen Asset Management plc (Financials , Capital Markets)		247,227		1,445,330
Ashmore Group plc (Financials , Capital Markets)		123,497		696,434
Ashtead Group plc (Industrials , Trading Companies & Distributors)		168,078		1,805,162
Babcock International Group plc (Industrials , Commercial Services & Supplies)		145,985		2,609,437
Bovis Homes Group plc (Consumer Discretionary , Household Durables)		299,517		3,642,845
Capita plc (Industrials , Professional Services)		156,342		2,480,622
Catlin Group Limited (Financials , Insurance)		355,102		2,733,407
Devro plc (Consumer Staples , Food Products)		98,416		467,861
Enquest plc (Energy , Oil, Gas & Consumable Fuels)†		794,664		1,496,597
Hays plc (Industrials , Professional Services)		398,557		625,100
Hiscox Limited (Financials , Insurance)		180,387		1,783,690
Mitie Group plc (Industrials , Commercial Services & Supplies)		411,580		1,696,775
Morgan Advanced Materials plc (Industrials , Machinery)		249,311		1,158,653
Oxford Instruments plc (Information Technology , Electronic Equipment, Instruments & Components)		40,476		877,431
Partnership Assurance Group (Financials , Insurance)†		111,000		842,605
Perform Group plc (Consumer Discretionary , Media)†		232,202		1,773,252
Savills plc (Financials , Real Estate Management & Development)		209,545		2,008,254
SIG plc (Industrials , Trading Companies & Distributors)		655,994		1,814,239
Subsea 7 SA (Energy , Energy Equipment & Services)		51,244		972,217
Taylor Wimpey plc (Consumer Discretionary , Household Durables)		1,891,808		3,064,978

				33,994,889

United States : 43.74%
A. Schulman Incorporated (Materials , Chemicals)		87,411		2,342,615
ACCO Brands Corporation (Industrials , Commercial Services & Supplies)†		277,300		1,832,953
ACI Worldwide Incorporated (Information Technology , Software)†		79,300		3,754,855
ALLETE Incorporated (Utilities , Electric Utilities)		53,900		2,890,118
ATMI Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)†		156,400		3,886,540
Bio-Rad Laboratories Incorporated Class A (Health Care , Life Sciences Tools & Services)†		26,800		3,269,332
Brown & Brown Incorporated (Financials , Insurance)		113,700		3,750,963
Cambrex Corporation (Health Care , Life Sciences Tools & Services)†		84,500		1,237,925
Carbo Ceramics Incorporated (Energy , Energy Equipment & Services)«		21,200		1,862,632
Casey’s General Stores Incorporated (Consumer Staples , Food & Staples Retailing)		19,000		1,258,370


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Global Opportunities Fund


Security name						Shares		Value
United States (continued)
Comstock Resources Incorporated (Energy , Oil, Gas & Consumable Fuels)							188,280	$	3,157,456
Delta Apparel Incorporated (Consumer Discretionary , Textiles, Apparel & Luxury Goods)†							102,600		1,646,730
Denny’s Corporation (Consumer Discretionary , Hotels, Restaurants & Leisure)†							624,359		3,552,603
Douglas Dynamics Incorporated (Industrials , Machinery)							176,300		2,533,431
EMCOR Group Incorporated (Industrials , Construction & Engineering)							29,800		1,230,144
First Citizens BancShares Incorporated (Financials , Commercial Banks)							20,212		4,234,414
First Niagara Financial Group Incorporated (Financials , Commercial Banks)							295,100		3,154,619
Forward Air Corporation (Industrials , Air Freight & Logistics)							58,505		2,139,528
Franklin Electric Company Incorporated (Industrials , Electrical Equipment)							123,362		4,596,468
Global Payments Incorporated (Information Technology , IT Services)							51,600		2,389,596
Guess? Incorporated (Consumer Discretionary , Specialty Retail)							79,000		2,660,720
Haemonetics Corporation (Health Care , Health Care Equipment & Supplies)†							77,400		3,267,828
Imation Corporation (Information Technology , Computers & Peripherals)†							514,954		2,409,985
Kadant Incorporated (Industrials , Machinery)							123,241		4,034,910
Lattice Semiconductor Corporation (Information Technology , Semiconductors & Semiconductor Equipment)†							456,800		2,357,088
Macquarie Infrastructure Company LLC (Industrials , Transportation Infrastructure)							69,167		4,037,969
Maidenform Brands Incorporated (Consumer Discretionary , Textiles, Apparel & Luxury Goods)†							178,400		4,167,424
Matthews International Corporation Class A (Consumer Discretionary , Diversified Consumer Services)							75,640		2,925,755
Mueller Industries Incorporated (Industrials , Machinery)							67,000		3,677,630
Neenah Paper Incorporated (Materials , Paper & Forest Products)							80,325		3,178,460
NetScout Systems Incorporated (Information Technology , Software)†							93,900		2,491,167
Post Properties Incorporated (Financials , REITs)							66,300		3,084,276
Progress Software Corporation (Information Technology , Software)†							107,900		2,761,161
Quanex Building Products Corporation (Industrials , Building Products)							85,489		1,455,023
Schweitzer Manduit International Incorporated (Materials , Paper & Forest Products)							17,439		944,147
Silgan Holdings Incorporated (Materials , Containers & Packaging)							50,500		2,436,120
Simpson Manufacturing Company Incorporated (Industrials , Building Products)							74,100		2,446,782
Stone Energy Corporation (Energy , Oil, Gas & Consumable Fuels)†							106,664		2,598,335
The Men’s Wearhouse Incorporated (Consumer Discretionary , Specialty Retail)							104,400		4,168,692
Thoratec Corporation (Health Care , Health Care Equipment & Supplies)†							60,500		1,983,795
TIBCO Software Incorporated (Information Technology , Software)†							108,900		2,715,966
TreeHouse Foods Incorporated (Consumer Staples , Food Products)†							53,700		3,812,163
Vishay Intertechnology Incorporated (Information Technology , Electronic Equipment, Instruments & Components)†							181,390		2,610,201

									120,946,889

Total Common Stocks (Cost $224,300,638)									266,382,201


			Yield
Short-Term Investments : 6.43%

Investment Companies : 6.43%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08	%		9,685,793		9,685,793
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)				0.12			8,084,998		8,084,998

Total Short-Term Investments (Cost $17,770,791)									17,770,791

Total investments in securities (Cost $242,071,429)*	102.77	%							284,152,992
Other assets and liabilities, net	(2.77	)							(7,657,946	)

Total net assets	100.00	%						$	276,495,046

†	Non-income-earning security

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

(a)

Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.


Wells Fargo Advantage Global Opportunities Fund		Portfolio of investments — July 31, 2013 (unaudited)

144A

Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

(i)

Illiquid security

(l)

Investment in an affiliate

(u)

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

(r)

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

(v)

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

*	Cost for federal income tax purposes is $243,399,600 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	56,298,528
Gross unrealized depreciation		(15,545,136	)

Net unrealized appreciation	$	40,753,392

Wells Fargo Advantage Global Opportunities Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

Foreign currency translation

Forward foreign currency contracts

Security loans

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	264,087,386	$	2,143,701	$	151,114	$	266,382,201
Short-term investments
Investment companies		9,685,793		8,084,998		0		17,770,791

	$	273,773,179	$	10,228,699	$	151,114	$	284,152,992

As of July 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	210,219	$	0	$	210,219

+	Forward foreign currency contracts are presented at the unrealized gains on the instrument.

Derivative transactions

Forward foreign currency contracts to sell:

Exchange

date

Counterparty

Contracts to deliver

U.S. value at
July 31, 2013

In exchange
for U.S. $

Unrealized
gains

9-9-2013

JPMorgan Chase Bank

439,245,000 JPY

4,487,086

4,697,305

210,219


Wells Fargo Advantage International Equity Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 97.79%

Canada : 5.51%
Barrick Gold Corporation (Materials , Metals & Mining)		177,579	$	2,939,191
Cenovus Energy Incorporated (Energy , Oil, Gas & Consumable Fuels)		102,332		3,029,027
Suncor Energy Incorporated (Energy , Oil, Gas & Consumable Fuels)		53,023		1,675,715
Valeant Pharmaceuticals International Incorporated (Health Care , Pharmaceuticals)†		58,605		5,485,428

				13,129,361

China : 6.06%
AutoNavi Holdings Limited ADR (Information Technology , Software)«†		171,799		2,140,616
Biostime International Holdings Limited (Consumer Staples , Food Products)		302,000		1,458,288
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		472,000		5,020,888
Industrial & Commercial Bank of China Limited Class H (Financials , Commercial Banks)		4,660,000		3,064,366
Shenguan Holdings Group Limited (Consumer Staples , Food Products)		1,886,000		802,491
Xtep International Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		4,317,715		1,959,662

				14,446,311

Finland : 0.93%
Metso Oyj (Industrials , Machinery)		63,318		2,229,703
Germany : 8.65%
Bayer AG (Health Care , Pharmaceuticals)		38,291		4,449,646
Metro AG (Consumer Staples , Food & Staples Retailing)		157,204		5,419,767
SAP AG (Information Technology , Software)		51,197		3,765,797
Siemens AG (Industrials , Industrial Conglomerates)		63,864		6,993,178

				20,628,388

Hong Kong : 4.10%
China Everbright Limited (Financials , Capital Markets)		3,518,000		4,980,613
Hengdeli Holdings Limited (Consumer Discretionary , Specialty Retail)		18,582,874		4,792,118

				9,772,731

Italy : 4.38%
ENI SpA (Energy , Oil, Gas & Consumable Fuels)		185,884		4,107,499
Intesa Sanpaolo SpA (Financials , Commercial Banks)		3,337,281		6,331,085

				10,438,584

Japan : 23.95%
Asahi Glass Company Limited (Industrials , Building Products)		689,000		4,468,543
Capcom Company Limited (Information Technology , Software)		277,700		4,940,797
Daiwa Securities Group Incorporated (Financials , Capital Markets)		746,000		6,369,686
Hitachi Limited (Information Technology , Electronic Equipment, Instruments & Components)		449,000		3,017,485
Itochu Corporation (Industrials , Trading Companies & Distributors)		225,600		2,686,647
Mitsubishi UFJ Financial Group Incorporated (Financials , Commercial Banks)		979,000		6,009,386
Mitsui Fudosan Company Limited (Financials , Real Estate Management & Development)		101,000		3,056,511
Mitsui OSK Lines Limited (Industrials , Marine)†		1,456,000		5,621,162
Nitto Denko Corporation (Materials , Chemicals)		85,388		4,822,752
Sharp Corporation (Consumer Discretionary , Household Durables)†		829,000		3,420,652
Toyota Motor Corporation (Consumer Discretionary , Automobiles)		138,900		8,469,339
Yamada Denki Company Limited (Consumer Discretionary , Specialty Retail) «		103,610		4,201,120

				57,084,080

Netherlands : 2.30%
Akzo Nobel NV (Materials , Chemicals)		90,067		5,482,392


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage International Equity Fund


Security name				Shares		Value
Norway : 2.60%
Frontline 2012 Limited (Energy , Oil, Gas & Consumable Fuels)†					123,728	$	797,866
Marine Harvest ASA (Consumer Staples , Food Products)					5,351,950		5,394,818

							6,192,684

Russia : 1.80%
Mobile Telesystems ADR (Telecommunication Services , Wireless Telecommunication Services)					127,250		2,480,103
Sberbank of Russia (Financials , Commercial Banks)					629,774		1,820,047

							4,300,150

South Korea : 5.79%
Hana Financial Group Incorporated (Financials , Commercial Banks)					121,150		3,882,235
Samsung Electronics Company Limited GDR (Information Technology , Semiconductors & Semiconductor Equipment)144A					8,069		4,623,537
SK Telecom Company Limited (Telecommunication Services , Wireless Telecommunication Services)					26,995		5,298,438

							13,804,210

Sweden : 1.71%
Volvo AB Class B (Industrials , Machinery)					275,740		4,065,358

Switzerland : 8.49%
ABB Limited (Industrials , Electrical Equipment)					228,745		5,052,188
Compagnie Financiere Richemont SA (Consumer Discretionary , Textiles, Apparel & Luxury Goods)					31,411		3,075,084
Novartis AG (Health Care , Pharmaceuticals)					54,759		3,940,731
Swatch Group AG Class B (Consumer Discretionary , Textiles, Apparel & Luxury Goods)					4,381		2,603,652
Zurich Financial Services AG (Financials , Insurance)					20,647		5,557,478

							20,229,133

United Kingdom : 17.20%
BP plc (Energy , Oil, Gas & Consumable Fuels)					902,598		6,241,324
Capita plc (Industrials , Professional Services)					339,512		5,386,915
Debenhams plc (Consumer Discretionary , Multiline Retail)					4,355,492		7,182,360
Man Group plc (Financials , Capital Markets)					3,642,986		4,450,141
Reckitt Benckiser Group plc (Consumer Staples , Household Products)					49,046		3,491,060
Smiths Group plc (Industrials , Industrial Conglomerates)					160,505		3,381,731
Vodafone Group plc ADR (Telecommunication Services , Wireless Telecommunication Services)					184,658		5,530,507
Wolseley plc (Industrials , Trading Companies & Distributors)					111,341		5,328,617

							40,992,655

United States : 4.32%
Apple Incorporated (Information Technology , Computers & Peripherals)					7,254		3,282,435
KKR & Company LP (Financials , Capital Markets)					125,523		2,566,945
QUALCOMM Incorporated (Information Technology , Communications Equipment)					68,745		4,437,492

							10,286,872

Total Common Stocks (Cost $200,163,288)							233,082,612


	Yield
Short-Term Investments : 0.88%

Investment Companies : 0.88%
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.12	%		2,085,890		2,085,890

Total Short-Term Investments (Cost $2,085,890)							2,085,890

Total investments in securities (Cost $202,249,178)*		98.67	%				235,168,502
Other assets and liabilities, net		1.33					3,178,048

Total net assets		100.00	%			$	238,346,550


Wells Fargo Advantage International Equity Fund		Portfolio of investments — July 31, 2013 (unaudited)

†	Non-income-earning security

144A

Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

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

(l)

Investment in an affiliate

(u)

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

(v)

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

(r)

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

*	Cost for federal income tax purposes is $206,130,299 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	42,914,983
Gross unrealized depreciation		(13,876,780	)

Net unrealized appreciation	$	29,038,203

Wells Fargo Advantage International Equity Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

Foreign currency translation

Forward foreign currency contracts

Security loans

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	233,082,612	$	0	$	0	$	233,082,612
Short-term investments
Investment companies		0		2,085,890		0		2,085,890

	$	233,082,612	$	2,085,890	$	0	$	235,168,502

As of July 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	(382,889	)	$	0	$	(382,889	)

+	Forward foreign currency contracts are presented at the unrealized losses on the instrument.

Derivative transactions

Forward foreign currency contracts to sell:

Exchange

Date

Counterparty

Contracts to deliver

U.S. value at
July 31, 2013

In exchange
for U.S. $

Unrealized
losses

10-7-2013

Barclays

2,063,850,000 JPY

21,086,232

20,703,343

(382,889

)


Wells Fargo Advantage Intrinsic World Equity Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 99.00%

Chile : 1.48%
Enersis SA ADR (Utilities , Electric Utilities)		174,600	$	2,653,920

France : 9.60%
L’Oreal SA (Consumer Staples , Personal Products)		20,500		3,434,930
Pinault-Printempts-Redoute SA (Consumer Discretionary , Multiline Retail)		17,080		3,910,521
Sanofi-Aventis SA (Health Care , Pharmaceuticals)		34,132		3,640,319
Total SA (Energy , Oil, Gas & Consumable Fuels)		51,880		2,767,644
Total SA ADR (Energy , Oil, Gas & Consumable Fuels)		11,300		599,465
Vivendi SA (Telecommunication Services , Wireless Telecommunication Services)		132,500		2,830,918

				17,183,797

Germany : 2.55%
Adidas-Salomon AG (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		41,000		4,570,816

Japan : 7.18%
Kao Corporation (Consumer Staples , Personal Products)		85,800		2,751,629
Kao Corporation ADR (Consumer Staples , Personal Products)		15,500		496,775
Komatsu Limited (Industrials , Machinery)		123,000		2,748,688
Komatsu Limited ADR (Industrials , Machinery)«		13,500		300,915
ORIX Corporation (Financials , Consumer Finance)		149,000		2,214,227
ORIX Corporation ADR (Financials , Consumer Finance)«		14,500		1,078,800
TOTO Limited (Industrials , Building Products)		319,000		3,261,352

				12,852,386

Luxembourg : 3.23%
Millicom International Cellular SA (Telecommunication Services , Wireless Telecommunication Services)		39,930		3,188,568
Samsonite International SA (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		942,983		2,583,732

				5,772,300

Netherlands : 7.37%
European Aeronautic Defence & Space Company NV (Industrials , Aerospace & Defense)		89,795		5,361,904
Heineken NV (Consumer Staples , Beverages)		48,000		3,371,639
Unilever NV (Consumer Staples , Food Products)		111,479		4,460,275

				13,193,818

Singapore : 2.31%
DBS Group Holdings Limited (Financials , Commercial Banks)		315,260		4,142,772

South Korea : 2.45%
Samsung Electronics Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		3,850		4,386,586

Spain : 1.73%
Banco Santander Central Hispano SA ADR (Financials , Commercial Banks)«		424,183		3,105,020

Switzerland : 5.65%
Novartis AG ADR (Health Care , Pharmaceuticals)		49,100		3,516,051
Transocean Limited (Energy , Energy Equipment & Services)		57,000		2,688,120
UBS AG (Financials , Diversified Financial Services)		198,000		3,900,308

				10,104,479

United Kingdom : 5.92%
Diageo plc (Consumer Staples , Beverages)		86,764		2,711,070
HSBC Holdings plc ADR (Financials , Commercial Banks)		35,672		2,024,386
Royal Dutch Shell plc Class A (Energy , Oil, Gas & Consumable Fuels)		79,662		2,712,515


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Intrinsic World Equity Fund


Security name						Shares		Value
United Kingdom (continued)
Standard Chartered plc (Financials , Commercial Banks)							135,733	$	3,147,847

									10,595,818

United States : 49.53%
Abbott Laboratories (Health Care , Health Care Equipment & Supplies)							101,000		3,699,630
Air Products & Chemicals Incorporated (Materials , Chemicals)							37,580		4,082,691
Apple Incorporated (Information Technology , Computers & Peripherals)							7,877		3,564,343
Autoliv Incorporated GDR (Consumer Discretionary , Auto Components)							51,350		4,226,548
Baxter International Incorporated (Health Care , Health Care Equipment & Supplies)							59,800		4,367,792
Charles Schwab Corporation (Financials , Capital Markets)							220,900		4,879,681
eBay Incorporated (Information Technology , Internet Software & Services)†							64,800		3,349,512
EMC Corporation (Information Technology , Computers & Peripherals)							186,500		4,876,975
Franklin Resources Incorporated (Financials , Capital Markets)							88,800		4,340,544
Home Depot Incorporated (Consumer Discretionary , Specialty Retail)							50,300		3,975,209
JPMorgan Chase & Company (Financials , Diversified Financial Services)							88,144		4,912,265
Occidental Petroleum Corporation (Energy , Oil, Gas & Consumable Fuels)							41,000		3,651,050
Oracle Corporation (Information Technology , Software)							153,800		4,975,430
PepsiCo Incorporated (Consumer Staples , Beverages)							46,500		3,884,610
QUALCOMM Incorporated (Information Technology , Communications Equipment)							65,306		4,215,502
Schlumberger Limited (Energy , Energy Equipment & Services)							47,684		3,878,140
SunTrust Banks Incorporated (Financials , Commercial Banks)							62,600		2,177,854
Texas Instruments Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)							104,500		4,096,400
United Parcel Service Incorporated Class B (Industrials , Air Freight & Logistics)							41,846		3,632,233
Visa Incorporated Class A (Information Technology , IT Services)							17,307		3,063,512
Walt Disney Company (Consumer Discretionary , Media)							62,900		4,066,485
Zions Bancorporation (Financials , Commercial Banks)							160,048		4,743,823

									88,660,229

Total Common Stocks (Cost $134,292,126)									177,221,941

Short-Term Investments : 2.91%

			Yield
Investment Companies : 2.91%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08	%		1,882,244		1,882,244
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)				0.12			3,334,355		3,334,355

Total Short-Term Investments (Cost $5,216,599)									5,216,599

Total investments in securities (Cost $139,508,725)*	101.91	%							182,438,540

Other assets and liabilities, net	(1.91	)							(3,423,750	)

Total net assets	100.00	%						$	179,014,790

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

†	Non-income-earning security

(l)

Investment in an affiliate

(u)

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

(v)

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

(r)

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

*	Cost for federal income tax purposes is $139,941,176 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	46,965,897
Gross unrealized depreciation		(4,468,533	)

Net unrealized appreciation	$	42,497,364

Wells Fargo Advantage Intrinsic World Equity Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

Foreign currency translation

Security loans

is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

Level 3 –		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.

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable Inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	177,221,941	$	0	$	0	$	177,221,941
Short-term investments
Investment companies		1,882,244		3,334,355		0		5,216,599

	$	179,104,185	$	3,334,355	$	0	$	182,438,540


Wells Fargo Advantage Intrinsic Small Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 90.64%

Consumer Discretionary : 19.12%
Auto Components : 1.52%
Dana Holding Corporation		74,500	$	1,627,826

Automobiles : 1.01%
Thor Industries Incorporated		20,000		1,081,000

Hotels, Restaurants & Leisure : 1.70%
Six Flags Entertainment Corporation		49,500		1,821,105

Household Durables : 1.38%
Taylor Morrison Home Corporation Class A †		61,000		1,478,030

Specialty Retail : 11.56%
Abercrombie & Fitch Company Class A		46,000		2,294,020
Aeropostale Incorporated †		70,000		1,059,100
Ascena Retail Group Incorporated †		112,000		2,138,080
Chico’s FAS Incorporated		114,500		1,961,385
DSW Incorporated Class A		14,300		1,083,797
Group 1 Automotive Incorporated		18,500		1,346,615
OfficeMax Incorporated		220,000		2,505,800

				12,388,797

Textiles, Apparel & Luxury Goods : 1.95%
Jones Group Incorporated		127,500		2,093,550

Consumer Staples : 2.35%

Food Products : 2.35%
Flowers Foods Incorporated		64,500		1,480,920
J & J Snack Foods Corporation		13,000		1,035,840

				2,516,760

Energy : 5.54%

Energy Equipment & Services : 4.05%
Forum Energy Technologies Incorporated †«		64,500		1,862,760
Helix Energy Solutions Group Incorporated †		66,420		1,685,075
Tetra Technologies Incorporated †		78,000		789,360

				4,337,195

Oil, Gas & Consumable Fuels : 1.49%
Oasis Petroleum Incorporated †		38,000		1,597,520

Financials : 18.26%

Capital Markets : 3.90%
ETRADE Financial Corporation †*		92,500		1,378,250
Eaton Vance Corporation		23,700		959,139
Stifel Financial Corporation †		49,000		1,844,850

				4,182,239

Commercial Banks : 6.51%
Associated Banc-Corp		95,000		1,609,300
Cathay General Bancorp		35,000		831,600
Hancock Holding Company		55,000		1,801,800
TCF Financial Corporation		68,000		1,036,320


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Intrinsic Small Cap Value Fund


Security name	Shares		Value
Commercial Banks (continued)
Zions Bancorporation		57,000	$	1,689,480

				6,968,500

Insurance : 2.59%
Horace Mann Educators Corporation		29,000		821,860
Stancorp Financial Group Incorporated		36,829		1,955,252

				2,777,112

Real Estate Management & Development : 2.55%
Jones Lang LaSalle Incorporated		30,000		2,730,900

REITs : 2.71%
CommonWealth REIT		41,840		965,249
Redwood Trust Incorporated		114,500		1,939,630

				2,904,879

Health Care : 5.78%

Health Care Equipment & Supplies : 1.45%
Steris Corporation		34,500		1,553,190

Health Care Providers & Services : 1.46%
AMN Healthcare Services Incorporated †		106,000		1,566,680

Life Sciences Tools & Services : 2.87%
Bio-Rad Laboratories Incorporated Class A †		15,700		1,915,243
Charles River Laboratories International Incorporated †		25,500		1,161,270

				3,076,513

Industrials : 24.36%

Commercial Services & Supplies : 8.83%
ACCO Brands Corporation †		83,000		548,630
Herman Miller Incorporated		38,000		1,068,180
Kar Auction Services Incorporated		163,000		4,146,720
Resources Connection Incorporated		134,500		1,788,850
Schawk Incorporated		59,000		813,020
United Stationers Incorporated		26,360		1,091,040

				9,456,440

Construction & Engineering : 3.30%
EMCOR Group Incorporated		39,500		1,630,560
Pike Electric Corporation		155,500		1,898,655

				3,529,215

Machinery : 6.04%
Harsco Corporation		54,700		1,409,072
IDEX Corporation		40,800		2,433,720
Trinity Industries Incorporated		27,000		1,062,990
Wabtec Corporation		27,000		1,567,620

				6,473,402

Marine : 1.51%
Kirby Corporation †		19,150		1,617,409


Wells Fargo Advantage Intrinsic Small Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name				Shares		Value
Professional Services : 1.19%
Korn/Ferry International †					65,500	$	1,279,215

Road & Rail : 1.44%
Landstar System Incorporated					28,520		1,541,791

Trading Companies & Distributors : 2.05%
Aercap Holdings NV †					125,500		2,198,760

Information Technology : 11.68%

Communications Equipment : 0.69%
Plantronics Incorporated					16,000		743,840

Computers & Peripherals : 0.90%
Avid Technology Incorporated †					162,000		965,520

Electronic Equipment, Instruments & Components : 2.30%
Jabil Circuit Incorporated					107,000		2,459,930

IT Services : 3.62%
DST Systems Incorporated					13,500		945,405
VeriFone Systems Incorporated †					154,000		2,936,780

							3,882,185

Semiconductors & Semiconductor Equipment : 2.33%
ATMI Incorporated †					38,500		956,725
International Rectifier Corporation †					64,000		1,543,040

							2,499,765

Software : 1.84%
Informatica Corporation †					51,500		1,965,755

Materials : 1.61%

Construction Materials : 0.84%
Texas Industries Incorporated †«					14,600		907,244


Metals & Mining : 0.77%
Walter Industries Incorporated «					73,500		822,465


Telecommunication Services : 0.59%

Diversified Telecommunication Services : 0.59%
General Communication Incorporated Class A †					71,500		632,775

Utilities : 1.35%

Electric Utilities : 1.35%
Westar Energy Incorporated					43,000		1,444,370

Total Common Stocks (Cost $80,061,952)							97,121,877


	Yield
Short-Term Investments : 11.24%

Investment Companies : 11.24%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		10,222,240		10,222,240
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.12			1,817,400		1,817,400

Total Short-Term Investments (Cost $12,039,640)							12,039,640

Total investments in securities (Cost $92,101,592)*		101.88	%			$	109,161,517
Other assets and liabilities, net		(1.88	)				(2,017,204	)

Total net assets		100.00	%			$	107,144,313


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Intrinsic Small Cap Value Fund

†	Non-income-earning security

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

(l)

Investment in an affiliate

(u)

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

(r)

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

(v)

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

*	Cost for federal income tax purposes is $92,806,475 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	19,111,460
Gross unrealized depreciation		(2,756,418	)

Net unrealized appreciation	$	16,355,042

Wells Fargo Advantage Intrinsic Small Cap Value Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

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

Security loans

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	97,121,877	$	0	$	0	$	97,121,877
Short-term investments
Investment companies		10,222,240		1,817,400		0		12,039,640

	$	107,344,117	$	1,817,400	$	0	$	109,161,517


Wells Fargo Advantage Small Cap Opportunities Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 90.64%

Consumer Discretionary : 14.30%

Distributors : 1.28%
Core Mark Holding Company Incorporated		90,600	$	5,676,090
LKQ Corporation †		117,800		3,071,046

				8,747,136

Diversified Consumer Services : 1.51%
Steiner Leisure Limited †		60,100		3,482,194
Stewart Enterprises Incorporated Class A		521,600		6,853,824

				10,336,018

Hotels, Restaurants & Leisure : 6.68%
Ameristar Casinos Incorporated		324,800		8,597,456
Bally Technologies Incorporated †		97,000		6,952,960
Brinker International Incorporated		55,800		2,240,370
Domino’s Pizza Incorporated		110,100		6,890,058
Home Inns & Hotels Management ADR «†		86,500		2,405,565
Ignite Restaurant Group Incorporated †		220,300		3,527,003
Red Robin Gourmet Burgers Incorporated †		92,100		5,238,648
SHFL Entertainment Incorporated †		221,900		5,048,225
Six Flags Entertainment Corporation		131,400		4,834,206

				45,734,491

Household Durables : 0.97%
Harman International Industries Incorporated		109,200		6,609,876

Leisure Equipment & Products : 0.97%
Brunswick Corporation		41,100		1,551,525
Callaway Golf Company		607,100		4,358,978
LeapFrog Enterprises Incorporated †		61,800		711,936

				6,622,439

Media : 0.51%
John Wiley & Sons Incorporated		76,900		3,470,497

Specialty Retail : 2.38%
Aeropostale Incorporated †		366,600		5,546,658
Children’s Place Retail Stores Incorporated †		43,616		2,357,009
Finish Line Incorporated		236,500		5,264,490
Group 1 Automotive Incorporated		42,900		3,122,691

				16,290,848

Consumer Staples : 3.29%

Beverages : 0.28%
Cott Corporation		230,416		1,928,582

Food & Staples Retailing : 0.71%
Casey’s General Stores Incorporated		73,000		4,834,790

Food Products : 1.83%
Dean Foods Company		700,900		7,639,810


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Small Cap Opportunities Fund


Security name	Shares		Value
Food Products (continued)
Pinnacle Foods Incorporated		192,900	$	4,913,163

				12,552,973

Personal Products : 0.47%
Elizabeth Arden Incorporated †		78,400		3,219,104

Energy : 4.49%

Energy Equipment & Services : 1.45%
Bristow Group Incorporated		47,400		3,223,674
Helix Energy Solutions Group Incorporated †		264,500		6,710,365

				9,934,039

Oil, Gas & Consumable Fuels : 3.04%
Carrizo Oil & Gas Incorporated †		213,100		6,748,877
Jones Energy Incorporated †		336,400		4,729,784
Laredo Petroleum Holdings Incorporated «†		263,800		5,779,858
Stealthgas Incorporated †		160,000		1,614,400
Teekay Corporation		48,834		1,937,245

				20,810,164

Financials : 16.56%

Capital Markets : 1.43%
FXCM Incorporated Class A		166,200		2,742,300
HFF Incorporated Class A		217,500		4,567,500
Stifel Financial Corporation †		64,931		2,444,652

				9,754,452

Commercial Banks : 4.20%
First Horizon National Corporation		248,600		3,065,238
First Midwest Bancorp Incorporated		210,200		3,209,754
FirstMerit Corporation		277,800		6,228,276
Lakeland Financial Corporation		123,000		3,880,650
Old National Bancorp		359,200		5,176,072
Simmons First National Corporation		115,500		3,158,925
Susquehanna Bancshares Incorporated		300,100		3,991,330

				28,710,245

Diversified Financial Services : 0.52%
Compass Diversified Holdings		202,300		3,566,549

Insurance : 4.27%
Amerisafe Incorporated		84,000		3,001,320
Brown & Brown Incorporated		265,700		8,765,443
Markel Corporation †		11,461		6,074,330
Primerica Incorporated		39,300		1,612,872
ProAssurance Corporation		91,600		4,903,348
Reinsurance Group of America Incorporated		71,000		4,834,390

				29,191,703

REITs : 5.77%
Blackstone Mortgage Trust Incorporated Class A		148,079		3,743,437
Colonial Properties Trust		239,050		5,787,401
Equity Lifestyle Properties Incorporated		112,634		4,335,283
LaSalle Hotel Properties		199,404		5,371,944
Mid-America Apartment Communities Incorporated		126,108		8,518,595


Wells Fargo Advantage Small Cap Opportunities Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
REITs (continued)
Parkway Properties Incorporated		323,358	$	5,658,765
Redwood Trust Incorporated «		357,972		6,064,046

				39,479,471

Thrifts & Mortgage Finance : 0.37%
Ocwen Financial Corporation †		53,700		2,557,194

Health Care : 11.55%

Biotechnology : 1.42%
Cepheid Incorporated †		114,300		3,985,641
Lexicon Genetics Incorporated †		1,020,800		2,531,584
Onyx Pharmaceuticals Incorporated †		24,400		3,203,720

				9,720,945

Health Care Equipment & Supplies : 4.67%
Cooper Companies Incorporated		59,600		7,590,060
Haemonetics Corporation †		127,600		5,387,272
Masimo Corporation		113,200		2,636,428
Sirona Dental Systems Incorporated †		96,800		6,834,080
Spectranetics Corporation †		87,600		1,578,552
Unilife Corporation «†		523,869		1,477,311
Volcano Corporation †		122,300		2,442,331
West Pharmaceutical Services Incorporated		54,100		3,990,416

				31,936,450

Health Care Providers & Services : 2.31%
Centene Corporation †		40,400		2,240,988
HealthSouth Rehabilitation Corporation †		272,700		8,879,112
Lifepoint Hospitals Incorporated †		95,400		4,689,864

				15,809,964

Health Care Technology : 0.21%
Quality Systems Incorporated		62,800		1,436,236

Life Sciences Tools & Services : 2.05%
Fluidigm Corporation †		125,200		2,223,552
Parexel International Corporation †		188,700		9,331,215
TECHNE Corporation		33,700		2,485,038

				14,039,805

Pharmaceuticals : 0.89%
Salix Pharmaceuticals Limited †		82,100		6,067,190

Industrials : 18.02%
Aerospace & Defense : 0.64%
Hexcel Corporation †		125,100		4,404,771

Airlines : 1.41%
Allegiant Travel Company		66,200		6,446,556
Spirit Airlines Incorporated †		96,500		3,189,325

				9,635,881


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Small Cap Opportunities Fund


Security name	Shares		Value
Building Products : 2.03%
Armstrong World Industries Incorporated †		34,500	$	1,727,760
Fortune Brands Home & Security Incorporated		75,400		3,114,774
Ply Gem Holdings Incorporated †		190,400		3,568,096
Simpson Manufacturing Company Incorporated		115,500		3,813,810
Universal Forest Products Incorporated		39,700		1,637,625

				13,862,065

Commercial Services & Supplies : 2.76%
ABM Industries Incorporated		253,700		6,570,830
Standard Parking Corporation †		237,661		5,470,956
Waste Connections Incorporated		158,090		6,838,973

				18,880,759

Construction & Engineering : 1.28%
Great Lakes Dredge & Dock Company		265,100		2,038,619
MYR Group Incorporated †		130,400		2,816,640
Primoris Services Corporation		188,600		3,922,880

				8,778,139

Electrical Equipment : 3.55%
AZZ Incorporated		75,100		2,841,033
Belden Incorporated		47,300		2,772,253
EnerSys		173,600		9,186,912
Regal-Beloit Corporation		72,800		4,708,704
Thermon Group Holdings Incorporated †		238,100		4,764,381

				24,273,283

Machinery : 1.84%
Enpro Industries Incorporated †		30,100		1,710,583
IDEX Corporation		124,773		7,442,709
Wabash National Corporation †		322,800		3,463,644

				12,616,936

Professional Services : 1.89%
On Assignment Incorporated †		76,100		2,323,333
RPX Corporation †		103,900		1,812,016
ScanSource Incorporated †		57,500		2,047,575
Towers Watson & Company Class A		79,700		6,713,131

				12,896,055

Road & Rail : 1.13%
Genesee & Wyoming Incorporated †		44,900		4,025,734
Roadrunner Transportation Systems Incorporated †		121,900		3,685,037

				7,710,771

Trading Companies & Distributors : 1.49%
Applied Industrial Technologies Incorporated		144,900		7,557,984
MRC Global Incorporated †		99,400		2,665,908

				10,223,892

Information Technology : 11.69%

Communications Equipment : 0.56%
JDS Uniphase Corporation †		261,000		3,828,870


Wells Fargo Advantage Small Cap Opportunities Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Electronic Equipment, Instruments & Components : 1.83%
Fabrinet †		162,300	$	2,403,663
MTS Systems Corporation		112,000		7,061,600
OSI Systems Incorporated †		43,700		3,076,043

				12,541,306

IT Services : 2.04%
Gartner Incorporated †		33,700		2,022,337
Genpact Limited		230,200		4,693,778
Sapient Corporation †		528,200		7,241,622

				13,957,737

Office Electronics : 0.52%
Zebra Technologies Corporation†		76,200		3,518,154

Semiconductors & Semiconductor Equipment : 3.68%
Atmel Corporation †		673,900		5,323,810
Entegris Incorporated †		273,600		2,607,408
Fairchild Semiconductor International Incorporated †		361,400		4,560,868
Integrated Device Technology Incorporated †		525,000		4,730,250
MA-COM Technology Solutions Holdings Incorporated †		166,800		2,673,804
Monolithic Power Systems Incorporated		89,000		2,330,020
Nanometrics Incorporated †		190,900		2,932,224

				25,158,384

Software : 3.06%
Cadence Design Systems Incorporated †		220,300		3,211,974
Comverse Incorporated †		58,830		1,842,556
NetScout Systems Incorporated †		182,900		4,852,337
PTC Incorporated †		292,100		7,910,068
Verint Systems Incorporated †		87,825		3,142,379

				20,959,314

Materials : 5.89%

Chemicals : 1.53%
Innophos Holdings Incorporated		98,800		4,924,192
Minerals Technologies Incorporated		80,300		3,693,800
Taminco Corporation «†		80,709		1,840,165

				10,458,157

Containers & Packaging : 2.08%
Berry Plastics Group Incorporated †		373,900		8,622,134
Packaging Corporation of America		104,000		5,594,160

				14,216,294

Metals & Mining : 2.28%
Compass Minerals International Incorporated		38,400		2,903,040
Globe Specialty Metals Incorporated		219,000		2,612,670
Horsehead Holding Corporation †		160,900		1,971,025
Kaiser Aluminum Corporation		70,300		4,587,075
Pretium Resources Incorporated †		419,600		3,541,424

				15,615,234


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Small Cap Opportunities Fund


Security name						Shares		Value
Utilities : 4.85%

Electric Utilities : 2.79%
Cleco Corporation							146,800	$	7,121,268
IDACORP Incorporated							161,900		8,543,463
UNS Energy Corporation							67,700		3,442,545

									19,107,276

Multi-Utilities : 1.69%
Northwestern Corporation							272,981		11,519,798

Water Utilities : 0.37%
SJW Corporation							90,300		2,518,466

Total Common Stocks (Cost $475,319,469)									620,042,703

Investment Companies : 1.02%
iShares Russell 2000 Index ETF «							67,100		6,956,257

Total Investment Companies (Cost $6,538,443)									6,956,257

Short-Term Investments : 11.17%

			Yield
Investment Companies : 11.17%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08	%		58,225,443		58,225,443
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)				0.12			18,219,275		18,219,275
Total Short-Term Investments (Cost $76,444,718)									76,444,718

Total investments in securities (Cost $558,302,630)*	102.83	%							703,443,678

Other assets and liabilities, net	(2.83	)							(19,350,551	)

Total net assets	100.00	%						$	684,093,127

†	Non-income-earning security

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

(l)

Investment in an affiliate

(u)

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

(v)

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

(r)

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

*	Cost for federal income tax purposes is $561,881,118 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	151,536,297
Gross unrealized depreciation		(9,973,737	)

Net unrealized appreciation	$	141,562,560

Wells Fargo Advantage Small Cap Opportunities Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

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

Security loans

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	620,042,703	$	0	$	0	$	620,042,703
Investment companies		6,956,257		0		0		6,956,257
Short-term investments
Investment companies		58,225,443		18,219,275		0		76,444,718

	$	685,224,403	$	18,219,275	$	0	$	703,443,678


Wells Fargo Advantage Small Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 94.03%

Consumer Discretionary : 6.54%

Auto Components : 0.42%
Gentex Corporation		667,400	$	15,069,892

Diversified Consumer Services : 0.88%
Cambium Learning Group Incorporated †		1,421,000		1,932,560
Corinthian Colleges Incorporated †**		8,373,200		18,755,968
Strayer Education Incorporated		248,800		11,011,888

				31,700,416

Hotels, Restaurants & Leisure : 2.92%
Denny’s Corporation †		3,134,400		17,834,736
Scientific Games Corporation Class A †		3,119,900		42,524,237
The Wendy’s Company		6,402,900		45,524,619

				105,883,592

Household Durables : 1.54%
Cavco Industries Incorporated †**		732,500		40,133,675
Harman International Industries Incorporated		210,300		12,729,459
KB Home Incorporated		173,200		3,074,300

				55,937,434

Specialty Retail : 0.55%
Stage Stores Incorporated		303,500		7,575,360
Vitamin Shoppe Incorporated †		259,200		12,449,376

				20,024,736

Textiles, Apparel & Luxury Goods : 0.23%
Crocs Incorporated †		621,900		8,501,373

Consumer Staples : 0.86%

Personal Products : 0.86%
Prestige Brands Holdings Incorporated †		914,800		31,020,868

Energy : 25.27%

Energy Equipment & Services : 8.90%
Ensco plc Class A		198,100		11,359,054
Helix Energy Solutions Group Incorporated †		1,338,900		33,967,893
Helmerich & Payne Incorporated		621,600		39,285,120
ION Geophysical Corporation †		6,455,400		39,700,710
Key Energy Services Incorporated †		2,234,900		14,169,266
Newpark Resources Incorporated †**		7,028,900		80,410,616
Oceaneering International Incorporated		414,200		33,587,478
Parker Drilling Company †		3,139,960		19,059,557
PHI Incorporated (non-voting) †		603,800		21,253,760
PHI Incorporated (voting) †**		136,800		4,856,400
Vantage Drilling Company †		3,593,000		6,611,120
Willbros Group Incorporated †**		2,520,700		18,098,626

				322,359,600

Oil, Gas & Consumable Fuels : 16.37%
Clean Energy Fuels Corporation †		112,400		1,451,084
Comstock Resources Incorporated		139,500		2,339,415
Forest Oil Corporation †		596,900		3,056,128
InterOil Corporation †#**		4,949,374		424,161,352


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Small Cap Value Fund


Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Newfield Exploration Company †		243,300	$	5,985,180
PetroQuest Energy Incorporated †		238,400		1,072,800
Range Resources Corporation		1,061,000		83,925,100
Synergy Resources Corporation †		258,209		2,001,120
Trilogy Energy Corporation		2,436,100		68,925,193

				592,917,372

Financials : 18.35%

Commercial Banks : 4.28%
Ameris Bancorp †		270,900		5,214,825
Associated Banc-Corp		192,900		3,267,726
Bancorp Incorporated †		1,413,500		21,202,500
BBCN Bancorp Incorporated		643,600		9,402,996
CenterState Banks Incorporated		1,140,400		11,244,344
City National Corporation		238,400		16,575,952
First Horizon National Corporation		1,446,100		17,830,413
First Niagara Financial Group Incorporated		2,352,000		25,142,880
IBERIABANK Corporation		344,200		20,238,960
National Bank Holdings Corporation Class A		749,200		14,984,000
Park Sterling Corporation		953,200		6,386,440
Sandy Spring Bancorp Incorporated		147,100		3,595,124

				155,086,160

Insurance : 4.31%
Argo Group International Holdings Limited #**		2,122,100		94,751,765
Hilltop Holdings Incorporated †		1,778,900		30,294,667
Mercury General Corporation		365,000		16,133,000
OneBeacon Insurance Group Limited		1,029,400		14,926,300

				156,105,732

REITs : 9.62%
Anworth Mortgage Asset Corporation		1,559,000		7,576,740
Capstead Mortgage Corporation		2,193,700		25,929,534
Chimera Investment Corporation		48,480,000		144,470,400
GEO Group Incorporated		572,200		19,866,784
Hatteras Financial Corporation		410,000		8,236,900
Invesco Mortgage Capital Incorporated		2,683,800		44,094,834
MFA Mortgage Investments Incorporated		4,271,400		34,085,772
Redwood Trust Incorporated		2,026,200		34,323,828
Sun Communities Incorporated		620,200		30,030,084

				348,614,876

Thrifts & Mortgage Finance : 0.14%
Northwest Bancshares Incorporated		354,400		4,897,808

Health Care : 5.64%

Biotechnology : 0.01%
Amarin Corporation plc ADR †		80,000		436,800

Health Care Equipment & Supplies : 2.01%
Hologic Incorporated †		1,002,600		22,759,020
OraSure Technologies Incorporated †**		7,235,400		32,052,822
Symmetry Medical Incorporated †		248,600		2,165,306
Thoratec Corporation †		189,800		6,223,542
Varian Medical Systems Incorporated †		133,800		9,700,500

				72,901,190


Wells Fargo Advantage Small Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Health Care Providers & Services : 2.37%
Air Methods Corporation		219,700	$	7,379,723
Amedisys Incorporated †		1,120,800		14,021,208
Cross Country Healthcare Incorporated †**		2,566,200		14,473,368
Gentiva Health Services Incorporated †**		2,527,300		27,143,202
Healthways Incorporated †		1,330,000		22,822,800

				85,840,301

Health Care Technology : 0.60%
Allscripts Healthcare Solutions Incorporated †		1,095,100		17,313,531
Medidata Solutions Incorporated †		48,600		4,496,958

				21,810,489

Life Sciences Tools & Services : 0.65%
Nordion Incorporated †		1,480,100		10,745,526
Parexel International Corporation †		256,800		12,698,760

				23,444,286

Industrials : 11.21%

Airlines : 5.86%
Alaska Air Group Incorporated		169,900		10,392,783
Delta Air Lines Incorporated †		3,869,700		82,153,731
Latam Airlines Group SP ADR		200,800		2,700,760
United Continental Holdings Incorporated †		2,907,000		101,308,950
US Airways Group Incorporated †		819,700		15,861,195

				212,417,419

Commercial Services & Supplies : 2.75%
ABM Industries Incorporated		1,899,600		49,199,640
ACCO Brands Corporation †		4,701,100		31,074,271
Healthcare Services Group Incorporated		780,200		19,200,722

				99,474,633

Construction & Engineering : 0.97%
Chicago Bridge & Iron Company NV		129,900		7,739,442
Primoris Services Corporation		1,312,900		27,308,320

				35,047,762

Electrical Equipment : 0.68%
GrafTech International Limited †		3,301,100		24,824,272

Professional Services : 0.45%
Hill International Incorporated †**		2,711,700		8,514,738
Kforce Incorporated		464,500		7,747,860

				16,262,598

Road & Rail : 0.25%
Covenant Transport Incorporated Class A †**		1,421,200		9,109,892

Trading Companies & Distributors : 0.25%
Applied Industrial Technologies Incorporated		170,900		8,914,144

Information Technology : 10.79%

Communications Equipment : 1.32%
Alcatel-Lucent SA ADR †		1,467,900		3,728,466


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Small Cap Value Fund


Security name	Shares		Value
Communications Equipment (continued)
Brocade Communications Systems Incorporated †		3,843,300	$	25,596,378
Harmonic Incorporated †		2,413,700		18,488,942

				47,813,786

Computers & Peripherals : 3.29%
Cray Incorporated †#**		2,728,200		63,212,394
Intermec Incorporated †**		3,527,700		35,030,061
Lexmark International Incorporated		249,700		9,361,253
Quantum Corporation †		7,194,800		11,511,680

				119,115,388

Electronic Equipment, Instruments & Components : 5.30%
Checkpoint Systems Incorporated †		1,540,600		26,498,320
Cognex Corporation		674,100		35,801,451
Coherent Incorporated		834,900		47,322,132
OSI Systems Incorporated †#**		1,171,200		82,440,768

				192,062,671

Internet Software & Services : 0.32%
Monster Worldwide Incorporated †		2,048,300		11,716,276

Office Electronics : 0.06%
Zebra Technologies Corporation Class A †		45,000		2,077,650

Software : 0.50%
Accelrys Incorporated †		1,790,100		15,627,573
Tangoe Incorporated †		141,250		2,550,975

				18,178,548

Materials : 14.23%

Chemicals : 0.47%
Calgon Carbon Corporation †		959,400		17,202,042

Containers & Packaging : 0.38%
Intertape Polymer Group Incorporated		1,163,300		13,598,977

Metals & Mining : 12.88%
Agnico-Eagle Mines Limited		908,700		25,816,167
Carpenter Technology Corporation		878,500		45,927,980
Dominion Diamond Corporation †		476,200		6,728,706
NovaGold Resources Incorporated †		2,650,200		7,712,082
Osisko Mining Corporation †		1,878,700		7,834,179
Randgold Resources Limited ADR #		3,264,900		242,484,123
Royal Gold Incorporated		747,700		38,648,613
Sandstorm Gold Limited †(i)		107,900		618,267
Sandstorm Gold Limited Canadian Exchange †		2,443,711		13,894,723
Silver Standard Resources Incorporated †		2,656,500		20,375,355
Steel Dynamics Incorporated		2,271,600		35,346,096
United States Steel Corporation		646,100		11,209,835
Webco Industries Incorporated †(a)(i)		90,150		10,006,650

				466,602,776

Paper & Forest Products : 0.50%
Wausau Paper Corporation		1,589,300		18,102,127


Wells Fargo Advantage Small Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name								Shares		Value
Telecommunication Services : 1.14%

Diversified Telecommunication Services : 1.14% Cincinnati Bell Incorporated †**									11,956,000	$	41,248,200

Total Common Stocks (Cost $2,408,262,070)											3,406,322,086

Investment Companies : 1.45%
KBW Regional Banking ETF											6,331,256
Market Vectors Gold Miners ETF											31,401,121
Market Vectors Junior Gold Miners ETF											14,815,764

Total Investment Companies (Cost $68,112,651)											52,548,141


						Expiration date
Warrants : 0.01%

Materials : 0.01%

Metals & Mining : 0.01% Sandstorm Gold Limited†(i)							10-19-2015		470,263		219,770

Total Warrants (Cost $0)											219,770


			Yield
Short-Term Investments : 4.39%

Investment Companies : 4.39%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08	%				158,966,173		158,966,173

Total Short-Term Investments (Cost $158,966,173)											158,966,173

Total investments in securities (Cost $2,635,340,894)*	99.88	%									3,618,056,170
Other assets and liabilities, net	0.12										4,508,857

Total net assets	100.00	%								$	3,622,565,027

†	Non-income-earning security

**	Represents an affiliate of the Fund under section 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as the Fund holds 5% or more of the issuer’s outstanding voting shares.

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

(a)

Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(i)

Illiquid security

(l)

Investment in an affiliate

(u)

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

*	Cost for federal income tax purposes is $2,675,313,779 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,280,778,104
Gross unrealized depreciation		(338,035,713	)

Net unrealized appreciation	$	942,742,391

Wells Fargo Advantage Small Cap Value Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

Foreign currency translation

Options

The Fund may be subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may write covered call options or secured put options on individual securities and/or indices. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains from investments on the expiration date. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

The Fund may also purchase call or put options. The premium is included in the Statement of Assets and Liabilities as an investment, the value of which is subsequently adjusted based on the current market value of the option. Premiums paid for purchased options that expire are recognized as realized losses from investments on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. Options traded over the counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	3,396,315,436	$	10,006,650	$	0	$	3,406,322,086
Investment companies		52,548,141		0		0		52,548,141
Warrants		0		219,770		0		219,770
Short-term investments
Investment companies		158,966,173		0		0		158,966,173

	$	3,607,829,750	$	10,226,420	$	0	$	3,618,056,170

As of July 31, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Written options	$	0	$	(349,950	)	$	0	$	(349,950	)

Investments in affiliates

An affiliated investment is a company in which the Fund has ownership of at least 5% of the outstanding voting shares. The following is a summary of transactions in issuers that were either affiliates of the Fund at the beginning of the period or the end of the period.


	Shares, beginning of period		Shares purchased			Shares sold		Shares, end of period		Value, end of period
Argo Group International Holdings Limited		2,115,700		214,750	*		208,350		2,122,100	$	94,751,765
Cavco Industries Incorporated		539,500		193,000			0		732,500		40,133,675
Cincinnati Bell Incorporated		9,419,300		3,533,900			997,200		11,956,000		41,248,200
Corinthian Colleges Incorporated		5,019,300		3,353,900			0		8,373,200		18,755,968
Covenant Transport Incorporated Class A		1,412,300		8,900			0		1,421,200		9,109,892
Cray Incorporated		3,468,455		41,500			781,755		2,728,200		63,212,394
Crexus Investment Corporation		4,085,800		0			4,085,800		0		0
Cross Country Healthcare Incorporated		2,581,900		4,900			20,600		2,566,200		14,473,368
dELiaA*s Incorporated		1,916,100		16,100			1,932,200		0		0
Gentiva Health Services Incorporated		2,421,800		150,600			45,100		2,527,300		27,143,202
Hill International Incorporated		2,775,200		66,500			130,000		2,711,700		8,514,738
Intermec Incorporated		3,718,000		0			190,300		3,527,700		35,030,061
InterOil Corporation		4,627,800		472,300			150,726		4,949,374		424,161,352
MRV Communications Incorporated		3,470,950		0			3,470,950		0		0
Newpark Resources Incorporated		7,309,456		9,400			289,956		7,028,900		80,410,616
OraSure Technologies Incorporated		6,780,100		874,000			418,700		7,235,400		32,052,822
OSI Systems Incorporated		614,140		557,060			0		1,171,200		82,440,768
PHI Incorporated (voting)		147,530		1,900			12,630		136,800		4,856,400
Skyline Corporation		874,400		147,700			1,022,100		0		0
Webco Industries Incorporated		89,900		250			0		90,150		10,006,650
Willbros Group Incorporated		2,070,000		450,700			0		2,520,700		18,098,626
										$	1,004,400,497

*	Inclusive of stock dividend for 204,250 shares received on May 30, 2013.

Derivative transactions

As of July 31, 2013, the Fund entered into written options for economic hedging purposes. Open call options written at July 31, 2013 were as follow for the Fund:


Expiration Date		Number of contracts		Strike price		Market value
8-17-2013	Argo Group International Holdings Limited		100	$	45.00	$	(2,500	)

8-17-2013	Cray Incorporated		100		20.00		(31,000	)

8-17-2013	InterOil Corporation		100		85.00		(50,000	)

8-17-2013	InterOil Corporation		100		90.00		(31,600	)

8-17-2013	InterOil Corporation		300		87.50		(120,000	)

9-21-2013	InterOil Corporation		200		135.00		(7,600	)

9-21-2013	Argo Group International Holdings Limited		50		45.00		(4,500	)

9-21-2013	OSI Systems Incorporated		100		75.00		(23,000	)

9-21-2013	Rangold Resources Limited		150		80.00		(39,750	)

10-19-2013	Cray Incorporated		200		22.50		(40,000	)


Wells Fargo Advantage Small/Mid Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 98.15%

Consumer Discretionary : 8.50%

Auto Components : 0.98%
Gentex Corporation		84,300	$	1,903,494

Hotels, Restaurants & Leisure : 2.15%
Century Casinos Incorporated †		922,700		3,460,125
Empire Resorts Incorporated †		214,700		697,775

				4,157,900

Household Durables : 2.43%
Cavco Industries Incorporated †		55,600		3,046,324
Skyline Corporation †		339,800		1,661,622

				4,707,946

Internet & Catalog Retail : 0.43%
dELiAs Incorporated †*		553,443		830,165

Leisure Equipment & Products : 0.36%
Black Diamond Incorporated †		66,700		689,678

Media : 1.87%
Cinemark Holdings Incorporated		25,400		739,648
Entravision Communications Corporation Class A		279,700		1,591,493
Interpublic Group of Companies Incorporated		78,500		1,291,325

				3,622,466

Specialty Retail : 0.28%
Stage Stores Incorporated		21,800		544,128

Consumer Staples : 0.41%

Household Products : 0.41%
WD-40 Company		13,900		799,389


Energy : 21.95%

Energy Equipment & Services : 5.74%
Cal Dive International Incorporated †		682,000		1,336,720
Helix Energy Solutions Group Incorporated †		103,150		2,616,916
Helmerich & Payne Incorporated		10,700		676,240
Key Energy Services Incorporated †		130,200		825,468
Newpark Resources Incorporated †		229,900		2,630,056
Parker Drilling Company †		177,300		1,076,211
Willbros Group Incorporated †		271,400		1,948,652

				11,110,263

Oil, Gas & Consumable Fuels : 16.21%
Canadian Natural Resources Limited		66,600		2,065,932
Clean Energy Fuels Corporation †		3,000		38,730
Gulfport Energy Corporation †		13,000		691,600
InterOil Corporation †		207,600		17,791,320
James River Coal Company †		332,100		657,558
Penn West Petroleum Limited		87,135		1,028,193
PostRock Energy Corporation †		442,400		814,016
Range Resources Corporation		33,900		2,681,490
Triangle Petroleum Corporation †		122,478		869,594


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Small/Mid Cap Value Fund


Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Trilogy Energy Corporation		138,100	$	3,907,298
Whiting Petroleum Corporation †		16,500		849,255

				31,394,986

Financials : 20.84%

Capital Markets : 0.44%
Safeguard Scientifics Incorporated †		56,900		850,655

Commercial Banks : 5.78%
1st United Bancorp Incorporated		143,500		1,116,430
American River Bankshares †		102,600		913,140
Bancorp Incorporated †		91,300		1,369,500
BBCN Bancorp Incorporated		21,706		317,125
First Niagara Financial Group Incorporated		127,100		1,358,699
IBERIABANK Corporation		10,398		611,402
Midsouth Bancorp Incorporated		29,100		474,330
Pacific Premier Bancorp Incorporated †		222,900		2,904,385
Sierra Bancorp		103,600		1,634,808
Univest Corporation of Pennsylvania		24,000		486,960

				11,186,779

Insurance : 4.32%
Argo Group International Holdings Limited		88,920		3,970,278
First Acceptance Corporation †		714,300		1,314,312
Health Insurance Innovations Incorporated Class A †		100,700		1,221,491
Hilltop Holdings Incorporated †		63,500		1,081,405
Mercury General Corporation		17,800		786,760

				8,374,246

REITs : 10.15%
Capstead Mortgage Corporation		70,400		832,128
Chimera Investment Corporation		2,563,800		7,640,124
GEO Group Incorporated		29,900		1,038,128
Hatteras Financial Corporation		14,900		299,341
MFA Mortgage Investments Incorporated		116,800		932,064
Origen Financial Incorporated		759,990		1,018,387
Redwood Trust Incorporated		108,700		1,841,378
Sun Communities Incorporated		40,298		1,951,229
UMH Properties Incorporated		376,100		4,110,773

				19,663,552

Thrifts & Mortgage Finance : 0.15%
Northwest Bancshares Incorporated		20,600		284,692

Health Care : 7.03%

Biotechnology : 0.78%
Amarin Corporation plc ADR †		27,600		150,696
Discovery Laboratories Incorporated †		836,900		1,347,409

				1,498,105

Health Care Equipment & Supplies : 2.32%
Allied Healthcare Products Incorporated †**		412,000		1,017,640
EnteroMedics Incorporated †		907,800		1,016,736
OraSure Technologies Incorporated †		385,990		1,709,936


Wells Fargo Advantage Small/Mid Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Health Care Equipment & Supplies (continued)
Stryker Corporation		10,690	$	753,217

				4,497,529

Health Care Providers & Services : 1.06%
Accretive Health Incorporated †		66,600		664,668
Cross Country Healthcare Incorporated †		114,900		648,036
Ensign Group Incorporated		19,400		741,856

				2,054,560

Health Care Technology : 2.87%
Allscripts Healthcare Solutions Incorporated †		21,800		344,658
Computer Programs & Systems Incorporated		31,950		1,780,893
Merge Healthcare Incorporated †		587,400		2,660,922
Omnicell Incorporated †		36,600		772,260

				5,558,733

Industrials : 13.17%

Aerospace & Defense : 0.93%
Orbital Sciences Corporation †		97,400		1,805,796

Airlines : 1.49%
JetBlue Airways Corporation †		294,600		1,926,684
US Airways Group Incorporated †		49,300		953,955

				2,880,639

Building Products : 1.61%
Patrick Industries Incorporated †		125,200		3,118,732

Commercial Services & Supplies : 3.58%
ABM Industries Incorporated		79,798		2,066,768
ACCO Brands Corporation †		283,800		1,875,918
Cintas Corporation		15,150		719,777
Healthcare Services Group Incorporated		55,400		1,363,394
Standard Parking Corporation †		39,200		902,384

				6,928,241

Construction & Engineering : 2.12%
Integrated Electrical Services Incorporated †		376,000		2,214,640
Primoris Services Corporation		90,600		1,884,480

				4,099,120

Electrical Equipment : 0.68%
GrafTech International Limited †		176,200		1,325,024

Machinery : 1.83%
Actuant Corporation Class A		29,800		1,052,238
Kaydon Corporation		45,600		1,326,048
Kennametal Incorporated		27,000		1,170,180

				3,548,466

Professional Services : 0.93%
Hill International Incorporated †		575,900		1,808,326


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Small/Mid Cap Value Fund


Security name	Shares		Value
Information Technology : 10.65%

Communications Equipment : 2.60%
BlackBerry Limited †		157,600	$	1,391,608
Brocade Communications Systems Incorporated †		205,600		1,369,296
Sandvine Corporation †		1,208,800		2,282,531

				5,043,435

Computers & Peripherals : 1.76%
Cray Incorporated †		147,000		3,405,990


Electronic Equipment, Instruments & Components : 0.49%
GSI Group Incorporated †		112,200		943,602


IT Services : 3.44%
Henry Jack & Associates Incorporated		6,300		304,290
Official Payments Holdings Incorporated †		566,700		4,051,905
Western Union Company		128,870		2,314,505

				6,670,700

Semiconductors & Semiconductor Equipment : 1.58%
Advanced Micro Devices Incorporated †		217,500		819,975
FormFactor Incorporated †		306,900		2,231,163

				3,051,138

Software : 0.78%
Accelrys Incorporated †		67,760		591,545
Informatica Corporation †		24,200		923,714

				1,515,259

Materials : 14.28%

Containers & Packaging : 0.80%
Avery Dennison Corporation		18,900		845,397
Intertape Polymer Group Incorporated		60,500		707,245

				1,552,642

Metals & Mining : 13.48%
Agnico-Eagle Mines Limited		24,100		684,681
Endeavour Mining Corporation †		1,219,300		807,248
Goldcorp Incorporated		41,600		1,174,368
Goldgroup Mining Incorporated †		1,030,800		110,396
Goldgroup Mining Incorporated - Legend Shares †		1,041,000		111,489
Lucara Diamond Corporation †		1,580,800		1,303,053
McEwen Mining Incorporated †		1,002,300		1,964,508
Newmont Mining Corporation		51,300		1,539,000
NovaGold Resources Incorporated †		140,700		409,437
Randgold Resources Limited ADR		128,400		9,536,268
Rockwell Diamonds Incorporated †(a)		442,400		88,273
Rockwell Diamonds Incorporated - Canada Exchange †		193,750		38,671
Rockwell Diamonds Incorporated - Legend Shares †		500,000		99,796
Rockwell Diamonds Incorporated - Legend Shares †(i)		672,000		134,125
Royal Gold Incorporated		42,500		2,196,825
Sandstorm Gold Limited †		11,600		66,468
Sandstorm Gold Limited - Legend Shares †(i)		331,400		1,884,311
Sandstorm Gold Limited Canadian Exchange †		183,243		1,041,904
Sandstorm Metals & Energy Limited †		398,510		655,712
Silver Standard Resources Incorporated †		165,768		1,271,441


Wells Fargo Advantage Small/Mid Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name							Shares		Value
Metals & Mining (continued)
United States Steel Corporation								56,785	$	985,220

										26,103,194

Telecommunication Services : 1.32%

Diversified Telecommunication Services : 1.32%
Cincinnati Bell Incorporated †								740,500		2,554,725

Total Common Stocks (Cost $140,690,399)										190,084,295

Investment Companies : 1.10%
Market Vectors Junior Gold Miners ETF								52,871		2,139,669

Total Investment Companies (Cost $4,868,994)										2,139,669


						Expiration date
Warrants : 0.34%

Health Care : 0.08%

Health Care Equipment & Supplies : 0.08%
EnteroMedics Incorporated †(a)(i)						5-14-2016		270,908		130,686
EnteroMedics Incorporated †(a)(i)						9-28-2016		13,680		7,806
EnteroMedics Incorporated †(a)(i)						2-27-2018		48,280		15,324

										153,816

Materials : 0.26%

Metals & Mining : 0.26%
Sandstorm Gold Limited†(i)						4-23-2014		904,067		501,722

Total Warrants (Cost $15,993)										655,538


			Yield
Short-Term Investments : 0.96%

Investment Companies : 0.96%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08	%			1,859,791		1,859,791

Total Short-Term Investments (Cost $1,859,791)										1,859,791

Total investments in securities (Cost $147,435,177)*	100.55	%								194,739,293
Other assets and liabilities, net	(0.55	)								(1,071,049	)

Total net assets	100.00	%							$	193,668,244

†	Non-income-earning security

**	Represents an affiliate of the Fund under section 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as the Fund holds 5% or more of the issuer’s outstanding voting shares.

(a)

Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(i)

Illiquid security

(l)

Investment in an affiliate


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Small/Mid Cap Value Fund

(u)

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

*	Cost for federal income tax purposes is $155,496,059 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	66,823,965
Gross unrealized depreciation		(27,580,731	)

Net unrealized appreciation	$	39,243,234

Wells Fargo Advantage Small/Mid Cap Value Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

Foreign currency translation

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	189,996,022	$	88,273	$	0	$	190,084,295
Investment companies		2,139,669		0		0		2,139,669
Warrants		0		655,538		0		655,538
Short-term investments
Investment companies		1,859,791		0		0		1,859,791

	$	193,995,482	$	743,811	$	0	$	194,739,293

Investments in affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
Allied Healthcare Products Incorporated		453,100		0		41,100		412,000	$	1,017,640
Evans & Sutherland Computer Corporation		104,000		0		104,000		0		0


Wells Fargo Advantage Special Small Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 95.34%

Consumer Discretionary : 15.06%

Auto Components : 0.68%
Modine Manufacturing Company †		505,798	$	5,563,773

Diversified Consumer Services : 2.93%
Hillenbrand Incorporated		370,502		9,184,745
Matthews International Corporation Class A		381,622		14,761,139

				23,945,884

Hotels, Restaurants & Leisure : 2.90%
Denny’s Corporation †		1,889,644		10,752,074
DineEquity Incorporated		112,500		7,837,875
Krispy Kreme Doughnuts Incorporated †		78,100		1,641,662
Ruby Tuesday Incorporated †		107,300		785,436
The Wendy’s Company		373,600		2,656,296

				23,673,343

Household Durables : 2.19%
Blyth Incorporated		223,782		3,135,186
Cavco Industries Incorporated †		111,249		6,095,333
Dixie Group Incorporated †**		733,977		6,598,453
Helen of Troy Limited †		47,000		1,996,560

				17,825,532

Media : 1.01%
AH Belo Corporation		1,100,660		8,254,950

Specialty Retail : 2.96%
Christopher & Banks Corporation †		711,645		4,867,652
Guess? Incorporated		266,000		8,958,880
The Men’s Wearhouse Incorporated		259,000		10,341,870

				24,168,402

Textiles, Apparel & Luxury Goods : 2.39%
Delta Apparel Incorporated †		304,839		4,892,666
Maidenform Brands Incorporated †		624,100		14,578,976

				19,471,642

Consumer Staples : 4.51%

Food & Staples Retailing : 0.65%
Casey’s General Stores Incorporated		30,700		2,033,261
SUPERVALU Incorporated †«		407,500		3,264,075

				5,297,336

Food Products : 1.97%
Seneca Foods Corporation Class A †		70,192		2,467,249
TreeHouse Foods Incorporated †		191,800		13,615,882

				16,083,131

Household Products : 1.89%
Central Garden & Pet Company †		250,592		1,876,934


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Special Small Cap Value Fund


Security name	Shares		Value
Household Products (continued)
Central Garden & Pet Company Class A †		201,902	$	1,522,341
WD-40 Company		208,636		11,998,656

				15,397,931

Energy : 7.34%

Energy Equipment & Services : 2.61%
Atwood Oceanics Incorporated †		77,200		4,349,448
Cal Dive International Incorporated †«		391,800		767,928
Carbo Ceramics Incorporated «		91,300		8,021,618
Steel Excel Incorporated †		281,659		8,168,111

				21,307,105

Oil, Gas & Consumable Fuels : 4.73%
Bill Barrett Corporation †«		191,786		4,299,842
Comstock Resources Incorporated		680,863		11,418,073
Energy XXI (Bermuda) Limited		151,300		4,062,405
Penn Virginia Corporation †		743,300		3,746,232
Stone Energy Corporation †		453,937		11,057,905
Swift Energy Company †«		313,547		3,994,589

				38,579,046

Financials : 15.29%

Capital Markets : 2.98%
Apollo Investment Corporation		548,320		4,457,842
CIFC Corporation †		253,585		1,729,450
Investment Technology Group Incorporated †		573,851		8,154,423
Westwood Holdings Group Incorporated		201,612		10,028,181

				24,369,896

Commercial Banks : 7.21%
BBCN Bancorp Incorporated		204,500		2,987,745
First Citizens BancShares Incorporated		153,549		32,168,516
First Niagara Financial Group Incorporated		539,850		5,770,997
TCF Financial Corporation		381,436		5,813,085
UMB Financial Corporation		202,461		12,107,168

				58,847,511

Insurance : 2.57%
Brown & Brown Incorporated		288,000		9,501,120
Fortegra Financial Corporation †		289,220		1,952,235
Stewart Information Services Corporation		80,574		2,492,154
Validus Holdings Limited		198,100		7,018,683

				20,964,192

REITs : 1.59%
Hatteras Financial Corporation		250,800		5,038,572
Post Properties Incorporated		169,981		7,907,516

				12,946,088

Thrifts & Mortgage Finance : 0.94%
Pennymac Financial Service Incorporated †		105,455		2,066,918
Provident New York Bancorp		517,116		5,610,709

				7,677,627


Wells Fargo Advantage Special Small Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Health Care : 6.44%

Health Care Equipment & Supplies : 3.44%
Haemonetics Corporation †		175,900	$	7,426,498
ICU Medical Incorporated †		47,450		3,401,691
Orthofix International NV †		22,200		504,162
Steris Corporation		79,000		3,556,580
Thoratec Corporation †		148,617		4,873,151
West Pharmaceutical Services Incorporated		112,941		8,330,528

				28,092,610

Health Care Providers & Services : 0.93%
Owens & Minor Incorporated «		140,900		5,066,764
VCA Antech Incorporated †		87,900		2,528,004

				7,594,768

Health Care Technology : 0.70%
Omnicell Incorporated †		269,600		5,688,560

Life Sciences Tools & Services : 1.37%
Bio-Rad Laboratories Incorporated Class A †		44,600		5,440,754
Cambrex Corporation †		394,948		5,785,988

				11,226,742

Industrials : 20.38%

Air Freight & Logistics : 1.40%
Forward Air Corporation		313,709		11,472,338

Building Products : 2.23%
Quanex Building Products Corporation		347,599		5,916,135
Simpson Manufacturing Company Incorporated		372,000		12,283,440

				18,199,575

Commercial Services & Supplies : 2.59%
ACCO Brands Corporation †		947,069		6,260,126
Courier Corporation		232,312		3,605,482
Viad Corporation		467,844		11,251,648

				21,117,256

Electrical Equipment : 2.00%
Franklin Electric Company Incorporated		437,674		16,307,733

Machinery : 6.73%
Commercial Vehicle Group Incorporated †		309,770		2,242,735
Douglas Dynamics Incorporated		553,048		7,947,300
John Bean Technologies Corporation		162,660		3,856,669
Kadant Incorporated **		801,480		26,240,455
Mueller Industries Incorporated		266,620		14,634,772

				54,921,931

Professional Services : 3.93%
FTI Consulting Incorporated †		208,800		7,779,888
Heidrick & Struggles International Incorporated		62,000		953,560
Insperity Incorporated		181,600		6,005,512
Korn/Ferry International †		487,500		9,520,875


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Special Small Cap Value Fund


Security name	Shares		Value
Professional Services (continued)
ScanSource Incorporated †		96,700	$	3,443,487
Towers Watson & Company Class A		52,100		4,388,383

				32,091,705

Road & Rail : 0.45%
Arkansas Best Corporation		168,525		3,656,993


Transportation Infrastructure : 1.05%
Macquarie Infrastructure Company LLC		146,465		8,550,627

Information Technology : 17.58%

Communications Equipment : 1.49%
Aviat Networks Incorporated †		1,109,347		2,939,770
Black Box Corporation		87,400		2,365,044
Ixia †		209,500		2,912,050
NETGEAR Incorporated †		133,400		3,976,654

				12,193,518

Computers & Peripherals : 1.55%
Imation Corporation †**		2,706,550		12,666,654

Electronic Equipment, Instruments & Components : 2.80%
AVX Corporation		622,648		7,963,668
GSI Group Incorporated †		262,400		2,206,784
Orbotech Limited †		525,615		6,480,833
Vishay Intertechnology Incorporated †		431,521		6,209,587

				22,860,872

Internet Software & Services : 0.84%
EarthLink Incorporated		1,089,975		6,834,143

IT Services : 1.51%
Global Payments Incorporated		118,500		5,487,735
Sykes Enterprises Incorporated †		387,900		6,811,524

				12,299,259

Semiconductors & Semiconductor Equipment : 4.68%
ATMI Incorporated †		661,433		16,436,610
DSP Group Incorporated †		713,064		5,312,327
Exar Corporation †		492,972		6,413,566
Lattice Semiconductor Corporation †		1,696,481		8,753,842
Sunedison Incorporated †		127,600		1,286,208

				38,202,553

Software : 4.71%
ACI Worldwide Incorporated †		246,132		11,654,350
Micros Systems Incorporated †		66,700		3,250,291
NetScout Systems Incorporated †		309,743		8,217,482
Progress Software Corporation †		328,097		8,396,002
TIBCO Software Incorporated †		275,700		6,875,958

				38,394,083

Materials : 6.48%

Chemicals : 2.74%
A. Schulman Incorporated		276,505		7,410,334


Wells Fargo Advantage Special Small Cap Value Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name								Shares		Value
Chemicals (continued)
American Pacific Corporation †									129,533	$	4,711,115
Innospec Incorporated									87,900		3,772,668
Plastec Technologies Limited †(a) (i)									152,638		854,773
Sensient Technologies Corporation									127,800		5,624,478

											22,373,368

Metals & Mining : 1.05%
Royal Gold Incorporated									165,000		8,528,850

Paper & Forest Products : 2.69%
Clearwater Paper Corporation †									59,894		2,930,014
Neenah Paper Incorporated									355,468		14,065,869
Schweitzer Manduit International Incorporated									92,024		4,982,179

											21,978,062

Telecommunication Services : 1.17%

Wireless Telecommunication Services : 1.17%
Leap Wireless International Incorporated †									572,900		9,555,972

Utilities : 1.09%

Electric Utilities : 1.09%
ALLETE Incorporated									166,253		8,914,486

Total Common Stocks (Cost $665,675,987)											778,096,047


						Expiration date
Warrants : 0.00%

Aerospace & Defense : 0.00%
Plastec Technologies Limited †(a)(i)							11/18/2014		145,800		0

Total Warrants (Cost $0)											0


			Yield
Short-Term Investments : 6.30%

Investment Companies : 6.30%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08	%				35,881,995		35,881,995
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)				0.12					15,545,125		15,545,125

Total Short-Term Investments (Cost $51,427,120)											51,427,120

Total investments in securities (Cost $717,103,107)*	101.64	%									829,523,167
Other assets and liabilities, net	(1.64	)									(13,402,374	)

Total net assets	100.00	%								$	816,120,793

†	Non-income-earning security

**	Represents an affiliate of the Fund under section 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940,as amended, as the Fund holds 5% or more of the issuer’s outstanding voting shares.

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

(a)

Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Special Small Cap Value Fund

(i)

Illiquid security

(l)

Investment in an affiliate

(u)

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

(r)

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

(v)

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

*	Cost for federal income tax purposes is $727,539,296 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	198,633,852
Gross unrealized depreciation		(96,649,981	)

Net unrealized appreciation	$	101,983,871

Wells Fargo Advantage Special Small Cap Value Fund (“the Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

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

Security loans

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities, which are carried at fair value, were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	777,241,274	$	0	$	854,773	$	778,096,047
Short-term investments
Investment companies		35,881,995		15,545,125		0		51,427,120

	$	813,123,269	$	15,545,125	$	854,773	$	829,523,167

Investments in affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
AH Belo Corporation		1,165,260		14,700		79,300		1,100,660	$	8,254,950
Dixie Group Incorporated		728,577		5,400		0		733,977		6,598,453
Imation Corporation		2,708,521		77,600		79,571		2,706,550		12,666,654
Kadant Incorporated		986,302		13,500		198,322		801,480		26,240,455

									$	53,760,512


Wells Fargo Advantage Traditional Small Cap Growth Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Common Stocks : 97.05%

Consumer Discretionary : 15.84%
Auto Components : 0.83%
Dana Holding Corporation		60,400	$	1,319,740

Diversified Consumer Services : 0.79%
Grand Canyon Education Incorporated †		37,100		1,254,722

Hotels, Restaurants & Leisure : 1.62%
BJ’s Restaurants Incorporated †		35,400		1,261,656
Bravo Brio Restaurant Group Incorporated †		80,800		1,320,272

				2,581,928

Household Durables : 1.57%
Ethan Allen Interiors Incorporated		48,718		1,479,566
SodaStream International Limited «†		15,600		1,015,248

				2,494,814

Internet & Catalog Retail : 2.77%
RetailMeNot Incorporated †		34,748		988,581
Shutterfly Incorporated †		63,700		3,413,683

				4,402,264

Media : 0.22%
Shutterstock Incorporated †		6,582		349,833

Specialty Retail : 7.07%
Francescas Holdings Corporation †		38,600		959,596
Group 1 Automotive Incorporated		23,300		1,696,007
Lumber Liquidators Holdings Incorporated †		19,700		1,907,354
Pier 1 Imports Incorporated		85,300		2,004,550
Select Comfort Corporation †		40,700		929,995
Ulta Salon Cosmetics & Fragrance Incorporated †		17,100		1,725,390
Vitamin Shoppe Incorporated †		42,338		2,033,494

				11,256,386

Textiles, Apparel & Luxury Goods : 0.97%
Oxford Industries Incorporated		22,800		1,542,876

Consumer Staples : 0.89%

Food Products : 0.89%
Annie’s Incorporated †		34,100		1,408,671

Energy : 4.50%

Energy Equipment & Services : 0.61%
ION Geophysical Corporation †		157,500		968,625

Oil, Gas & Consumable Fuels : 3.89%
Comstock Resources Incorporated		74,400		1,247,688
Energy XXI (Bermuda) Limited		68,200		1,831,170
Oasis Petroleum Incorporated †		55,600		2,337,424
Rosetta Resources Incorporated †		17,000		775,370

				6,191,652


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Traditional Small Cap Growth Fund


Security name	Shares		Value
Financials : 9.09%

Capital Markets : 2.88%
Financial Engines Incorporated		56,800	$	2,711,632
Stifel Financial Corporation †		49,900		1,878,735

				4,590,367

Commercial Banks : 2.44%
Signature Bank †		17,300		1,583,815
SVB Financial Group †		26,400		2,302,608

				3,886,423

Consumer Finance : 1.85%
Portfolio Recovery Associates Incorporated †		19,700		2,941,407

Diversified Financial Services : 1.25%
MarketAxess Holdings Incorporated		38,400		1,985,280

Insurance : 0.67%
First American Financial Corporation		46,600		1,059,218

Health Care : 21.00%

Biotechnology : 4.78%
Achillion Pharmaceuticals Incorporated †		65,079		464,664
Alnylam Pharmaceuticals Incorporated †		27,900		1,288,143
Array BioPharma Incorporated †		110,300		734,598
Cepheid Incorporated †		54,200		1,889,954
Exact Sciences Corporation †		115,900		1,590,148
ISIS Pharmaceuticals Incorporated †		27,600		796,260
NPS Pharmaceuticals Incorporated †		46,300		833,863

				7,597,630

Health Care Equipment & Supplies : 6.76%
Align Technology Incorporated †		58,700		2,526,448
Cardiovascular Systems Incorporated †		71,784		1,478,033
DexCom Incorporated †		124,337		2,708,060
Endologix Incorporated †		170,700		2,668,041
NxStage Medical Incorporated †		106,400		1,378,944

				10,759,526

Health Care Providers & Services : 2.98%
ExamWorks Group Incorporated †		153,000		3,714,840
Healthways Incorporated †		60,191		1,032,878

				4,747,718

Health Care Technology : 4.12%
Athena Health Incorporated †		19,400		2,171,830
HealthStream Incorporated †		91,800		2,891,700
HMS Holdings Corporation †		61,600		1,490,104

				6,553,634

Pharmaceuticals : 2.36%
Akorn Incorporated †		82,300		1,167,837
Pacira Pharmaceuticals Incorporated †		11,900		403,767
Santarus Incorporated †		26,100		634,752


Wells Fargo Advantage Traditional Small Cap Growth Fund		Portfolio of investments — July 31, 2013 (unaudited)


Security name	Shares		Value
Pharmaceuticals (continued)
The Medicines Company †		49,900	$	1,541,910

				3,748,266

Industrials : 15.90%

Aerospace & Defense : 3.35%
Hexcel Corporation †		97,943		3,448,573
TASER International Incorporated †		212,600		1,887,888

				5,336,461


Air Freight & Logistics : 1.38%
Echo Global Logistics Incorporated †		101,100		2,200,947


Building Products : 1.35%
Gibraltar Industries Incorporated †		75,900		1,168,860
USG Corporation †		39,000		980,070

				2,148,930

Commercial Services & Supplies : 1.40%
InnerWorkings Incorporated †		190,749		2,227,948

Electrical Equipment : 1.01%
Polypore International Incorporated †		38,137		1,601,373

Machinery : 3.45%
Barnes Group Incorporated		104,300		3,441,900
RBC Bearings Incorporated †		37,247		2,043,370

				5,485,270

Professional Services : 1.37%
Wageworks Incorporated †		64,520		2,178,840

Trading Companies & Distributors : 2.59%
Beacon Roofing Supply Incorporated †		64,800		2,643,192
MSC Industrial Direct Company		18,200		1,473,290

				4,116,482

Information Technology : 26.13%

Communications Equipment : 2.73%
Aruba Networks Incorporated †		108,700		1,932,686
Procera Networks Incorporated †		109,271		1,630,323
Sonus Networks Incorporated †		226,200		773,604

				4,336,613

Electronic Equipment, Instruments & Components : 0.69%
IPG Photonics Corporation «		18,100		1,102,290

Internet Software & Services : 8.62%
Angie’s List Incorporated «†		34,034		749,429
Bankrate Incorporated «†		134,100		2,404,413
Demandware Incorporated †		32,000		1,421,440
Liquidity Services Incorporated «†		33,500		954,750
LivePerson Incorporated †		115,642		1,068,532
Pandora Media Incorporated †		117,300		2,151,282


Portfolio of investments — July 31, 2013 (unaudited)		Wells Fargo Advantage Traditional Small Cap Growth Fund


Security name						Shares		Value
Internet Software & Services (continued)
Responsys Incorporated †							80,100	$	1,160,649
SPS Commerce Incorporated †							19,609		1,265,369
Support.com Incorporated †							501,537		2,532,762

									13,708,626

Semiconductors & Semiconductor Equipment : 4.29%
Cavium Incorporated †							104,300		3,813,208
Mellanox Technologies Limited «†							42,300		1,930,995
Power Integrations Incorporated							19,500		1,075,425

									6,819,628

Software : 9.80%
Concur Technologies Incorporated «†							46,478		4,131,429
Fleetmatics Group plc †							48,812		1,838,260
Infoblox Incorporated †							49,100		1,605,570
Qlik Technologies Incorporated †							75,500		2,364,660
Realpage Incorporated «†							64,300		1,296,288
Sourcefire Incorporated †							20,900		1,576,487
Ultimate Software Group Incorporated †							20,574		2,783,662

									15,596,356

Materials : 2.36%

Chemicals : 0.66%
Rockwood Holdings Incorporated							15,552		1,053,337

Metals & Mining : 1.70%
Materion Corporation							89,666		2,702,533

Telecommunication Services : 1.34%

Diversified Telecommunication Services : 1.34%
Cogent Communications Group Incorporated							74,662		2,136,826

Total Common Stocks (Cost $112,139,428)									154,393,440

Short-Term Investments : 7.75%

			Yield
Investment Companies : 7.75%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.08	%		4,148,070		4,148,070
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)				0.12			8,185,875		8,185,875
Total Short-Term Investments (Cost $12,333,945)									12,333,945

Total investments in securities (Cost $124,473,373)*	104.80	%							166,727,385
Other assets and liabilities, net	(4.80	)							(7,635,172	)

Total net assets	100.00	%						$	159,092,213

†	Non-income-earning security

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

(l)

Investment in an affiliate

(u)

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

(v)

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

(r)

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


Wells Fargo Advantage Traditional Small Cap Growth Fund		Portfolio of investments — July 31, 2013 (unaudited)

*	Cost for federal income tax purposes is $125,759,131 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	44,854,783
Gross unrealized depreciation		(3,886,529	)

Net unrealized appreciation	$	40,968,254

Wells Fargo Advantage Traditional Small Cap Growth Fund (the “Fund”)

Notes to Portfolio of investments – July 31, 2013 (unaudited)

Securities valuation

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

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

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

Security loans

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

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

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

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

As of July 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	154,393,440	$	0	$	0	$	154,393,440
Short-term investments
Investment companies		4,148,070		8,185,875		0		12,333,945

	$	158,541,510	$	8,185,875	$	0	$	166,727,385

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

ACA — ACA Financial Guaranty Corporation

ADR — American depositary receipt

ADS — American depositary shares

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

Ambac — Ambac Financial Group Incorporated

AMT — Alternative minimum tax

AUD — Australian dollar

BAN — Bond anticipation notes

BHAC — Berkshire Hathaway Assurance Corporation

BRL — Brazilian real

CAB — Capital appreciation bond

CAD — Canadian dollar

CCAB — Convertible capital appreciation bond

CDA — Community Development Authority

CDO — Collateralized debt obligation

CHF — Swiss franc

COP — Certificate of participation

DKK — Danish krone

DRIVER — Derivative inverse tax-exempt receipts

DW&P — Department of Water & Power

DWR — Department of Water Resources

ECFA — Educational & Cultural Facilities Authority

EDA — Economic Development Authority

EDFA — Economic Development Finance Authority

ETF — Exchange-traded fund

EUR — Euro

FDIC — Federal Deposit Insurance Corporation

FFCB — Federal Farm Credit Banks

FGIC — Financial Guaranty Insurance Corporation

FHA — Federal Housing Administration

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FICO — The Financing Corporation

FNMA — Federal National Mortgage Association

FSA — Farm Service Agency

GBP — Great British pound

GDR — Global depositary receipt

GNMA — Government National Mortgage Association

GO — General obligation

HCFR — Healthcare facilities revenue

HEFA — Health & Educational Facilities Authority

HEFAR — Higher education facilities authority revenue

HFA — Housing Finance Authority

HFFA — Health Facilities Financing Authority

HKD — Hong Kong dollar

HUD — Department of Housing and Urban Development

HUF — Hungarian forint

IDA — Industrial Development Authority

IDAG — Industrial Development Agency

IDR — Industrial development revenue

IEP — Irish pound

JPY — Japanese yen

KRW — Republic of Korea won

LIBOR — London Interbank Offered Rate

LIQ — Liquidity agreement

LLC — Limited liability company

LLP — Limited liability partnership

LOC — Letter of credit

LP — Limited partnership

MBIA — Municipal Bond Insurance Association

MFHR — Multifamily housing revenue

MSTR — Municipal securities trust receipts

MTN — Medium-term note

MUD — Municipal Utility District

MXN — Mexican peso

MYR — Malaysian ringgit

National — National Public Finance Guarantee Corporation

NOK — Norwegian krone

NZD — New Zealand dollar

PCFA — Pollution Control Financing Authority

PCL — Public Company Limited

PCR — Pollution control revenue

PFA — Public Finance Authority

PFFA — Public Facilities Financing Authority

PFOTER — Puttable floating option tax-exempt receipts

plc — Public limited company

PLN — Polish zloty

PUTTER — Puttable tax-exempt receipts

R&D — Research & development

Radian — Radian Asset Assurance

RAN — Revenue anticipation notes

RDA — Redevelopment Authority

RDFA — Redevelopment Finance Authority

REIT — Real estate investment trust

ROC — Reset option certificates

SAVRS — Select auction variable rate securities

SBA — Small Business Authority

SEK — Swedish krona

SFHR — Single-family housing revenue

SFMR — Single-family mortgage revenue

SGD — Singapore dollar

SKK — Slovakian koruna

SPA — Standby purchase agreement

SPDR — Standard & Poor’s Depositary Receipts

STRIPS — Separate trading of registered interest and principal securities

TAN — Tax anticipation notes

TBA — To be announced

TIPS — Treasury inflation-protected securities

TRAN — Tax revenue anticipation notes

TRY — Turkish lira

TTFA — Transportation Trust Fund Authority

TVA — Tennessee Valley Authority

ZAR — South African rand

ITEM 2. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds 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.

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 Funds Trust

By:		/s/ Karla M. Rabusch
		Karla M. Rabusch
		President

Date:		September 25, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.


Wells Fargo Funds Trust

By:		/s/ Karla M. Rabusch
		Karla M. Rabusch
		President

Date:		September 25, 2013

By:		/s/ Nancy Wiser
		Nancy Wiser
		Treasurer

Date:		September 25, 2013

By:		/s/ Jeremy DePalma
		Jeremy DePalma
		Treasurer

Date:		September 25, 2013