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 17 of its series, 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, Wells Fargo Advantage Traditional Small Cap Growth Fund, 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 Emerging Markets Equity Select Fund, Wells Fargo Advantage Global Opportunities Fund, Wells Fargo Advantage International Equity Fund, and Wells Fargo Advantage Intrinsic World Equity Fund. Each series had an October 31 fiscal year end.

Date of reporting period: January 31, 2014

ITEM 1. INVESTMENTS


Wells Fargo Advantage Emerging Markets Local Bond Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Foreign Corporate Bonds and Notes @: 17.05%

Brazil : 0.62%
BRF SA ( Consumer Staples , Food Products , BRL ) 144A		7.75	%	5-22-2018		460,000	$	153,635

Germany : 2.72%
KfW ( Financials , Commercial Banks , TRY )		5.00		1-16-2017		625,000		240,755
KfW ( Financials , Commercial Banks , TRY )		8.50		4-15-2015		1,000,000		430,151

								670,906

Luxembourg : 4.17%
European Investment Bank ( Financials , Commercial Banks , ZAR )		6.00		10-21-2019		8,500,000		673,941
European Investment Bank ( Financials , Commercial Banks , HUF )		6.50		1-5-2015		80,000,000		355,239

								1,029,180

Mexico : 1.53%
America Movil SAB de CV ( Telecommunication Services , Wireless Telecommunication Services , MXN )		6.45		12-5-2022		3,000,000		202,945
Petroleos Mexicanos ( Energy , Oil, Gas & Consumable Fuels , MXN )		7.65		11-24-2021		2,300,000		174,159

								377,104

Netherlands : 0.72%
Rabobank Nederland ( Financials , Commercial Banks , TRY )		6.13		5-2-2017		460,000		177,623

Russia : 1.45%
RZD Capital Limited ( Industrials , Road & Rail , RUB )		8.30		4-2-2019		6,500,000		177,424
Sberbank Rossii ( Financials , Banks , RUB )		7.00		1-31-2016		6,500,000		180,059

								357,483

South Africa : 0.53%
Foodcorp Limited ( Consumer Staples , Food & Staples Retailing , EUR )		8.75		3-1-2018		90,000		131,549

United States : 5.31%
Inter-American Development Bank ( Financials , Commercial Banks , MXN )		8.00		1-26-2016		12,500,000		1,012,225
International Bank for Reconstruction & Development ( Financials , Diversified Financial Services , MXN )		7.50		3-5-2020		3,600,000		299,085

								1,311,310

Total Foreign Corporate Bonds and Notes (Cost $5,145,934)								4,208,790

Foreign Government Bonds @: 74.60%
Brazil (BRL)		10.00		1-1-2023		7,975,000		2,779,457
Chile (CLP)		5.50		8-5-2020		238,000,000		429,576
Colombia (COP)		7.75		4-14-2021		975,000,000		522,341
Hungary (HUF)		6.75		11-24-2017		258,000,000		1,184,723
Indonesia (IDR)		7.38		9-15-2016		14,700,000,000		1,182,260
Malaysia (MYR)		3.26		3-1-2018		3,400,000		997,918
Malaysia (MYR)		4.26		9-15-2016		3,125,000		955,881
Mexico (MXN)		4.75		6-14-2018		16,420,000		1,203,104
Nigeria (NGN)		15.10		4-27-2017		80,000,000		508,545
Poland (PLN)		4.00		10-25-2023		6,500,000		1,948,763
Republic of South Africa (ZAR)		7.75		2-28-2023		12,850,000		1,084,412
Romania (RON)		6.00		4-30-2016		1,800,000		561,584
Russia (RUB)		7.00		1-25-2023		53,500,000		1,406,334
Russia (RUB)		7.50		3-15-2018		25,400,000		717,584
Thailand (THB)		3.25		6-16-2017		39,750,000		1,217,716
Turkey (TRY)		6.30		2-14-2018		1,590,000		605,587


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Emerging Markets Local Bond Fund


Security name			Interest rate			Maturity date	Principal		Value
Foreign Government Bonds @ (continued)
Turkey (TRY)				9.00	%	3-8-2017		2,600,000	$	1,105,282

Total Foreign Government Bonds (Cost $20,542,258)										18,411,067

Yankee Corporate Bonds and Notes : 3.35%

Brazil : 1.37%
ITAU Unibanco Holding SA ( Financials , Commercial Banks )				5.13		5-13-2023	$	200,000		183,000
Petroplus International Finance Company ( Energy , Oil, Gas & Consumable Fuels )				5.75		1-20-2020		150,000		154,860

										337,860

India : 0.77%
Vedanta Resources plc ( Materials , Metals & Mining ) 144A				6.00		1-31-2019		200,000		189,500

Netherlands : 0.75%
Lukoil International Finance BV ( Energy , Oil, Gas & Consumable Fuels )				4.56		4-24-2023		200,000		184,500

United Kingdom : 0.46%
Sable International Finance Limited ( Telecommunication Services , Diversified Telecommunication Services )				7.75		2-15-2017		110,000		114,620

Total Yankee Corporate Bonds and Notes (Cost $857,183)										826,480


			Yield				Shares
Short-Term Investments : 2.89%

Investment Companies : 2.89%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07				712,240		712,240

Total Short-Term Investments (Cost $712,240)										712,240

Total investments in securities (Cost $27,257,615)*	97.89	%								24,158,577
Other assets and liabilities, net	2.11									520,741

Total net assets	100.00	%							$	24,679,318

@	Foreign bond principal is denominated in local currency.

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 $27,249,834 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	207,032
Gross unrealized depreciation		(3,298,289	)

Net unrealized depreciation		(3,091,257	)

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

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

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies will be converted to U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. 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 from changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are 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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Foreign corporate bonds and notes	$	0	$	4,208,790	$	0	$	4,208,790
Foreign government bonds		0		18,411,067		0		18,411,067
Yankee corporate bonds and notes		0		826,480		0		826,480
Short-term investments
Investment companies		712,240		0		0		712,240

	$	712,240	$	23,446,337	$	0	$	24,158,577

As of January 31, 2014, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts	$	0	$	(32,731	) ^*	$	0	$	(32,731	)

*	Amount represents the net unrealized losses.

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

Derivative transactions

As of January 31, 2014, the Fund entered into forward foreign currency exchange contracts for economic hedging purposes.

At January 31, 2014, 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 January 31, 2014		In exchange for U.S. $		Unrealized losses
	2-27-2014		State Street Bank		4,230,000 MYR	$	1,262,288	$	1,309,395	$	(47,107	)
	3-10-2014		State Street Bank		3,325,000 PLN		1,052,492		1,076,808		(24,316	)

Forward foreign currency contracts to sell:


Exchange date		Counterparty		Contracts to deliver		U.S. value at January 31, 2014		In exchange for U.S. $		Unrealized gains (losses)
	2-26-2014		State Street Bank		12,350,000 MXN	$	921,841	$	938,486	$	16,645
	3-24-2014		State Street Bank		23,300,000 RUB		656,202		678,984		22,782
	4-1-2014		State Street Bank		2,100,000 TRY		913,973		913,238		(735	)


Wells Fargo Advantage International Bond Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Corporate Bonds and Notes : 0.18%

United States : 0.18%
NBCUniversal Media LLC ( Consumer Discretionary , Media )		2.88	%	1-15-2023	$	2,600,000	$	2,455,107

Total Corporate Bonds and Notes (Cost $2,595,782)								2,455,107

Foreign Corporate Bonds and Notes @ : 20.06%

Australia : 0.96%
General Electric Capital Corporation ( Financials , Diversified Financial Services , AUD )		6.00		3-15-2019		1,405,000		1,312,594
Telstra Corporation Limited ( Telecommunication Services , Diversified Telecommunication Services , EUR )		3.75		5-16-2022		8,000,000		12,030,162

								13,342,756

Belgium : 0.50%
Anheuser-Busch InBev NV ( Consumer Staples , Beverages , EUR )		2.88		9-25-2024		5,000,000		6,940,907

Brazil : 0.32%
BRF SA ( Consumer Staples , Food Products , BRL ) 144A		7.75		5-22-2018		13,500,000		4,508,857

Czech Republic : 0.79%
EP Energy LLC ( Energy , Oil, Gas & Consumable Fuels , EUR )		5.88		11-1-2019		7,500,000		11,001,079

Finland : 0.84%
Nordic Investment Bank ( Financials , Banks , AUD )		5.00		4-19-2022		13,000,000		11,687,555

France : 1.26%
Casino Guichard Perrachon SA ( Consumer Staples , Food & Staples Retailing , EUR )		3.31		1-25-2023		4,300,000		5,918,412
Casino Guichard Perrachon SA ( Consumer Staples , Food & Staples Retailing , EUR )		4.73		5-26-2021		3,500,000		5,377,346
Pernod Ricard SA ( Consumer Staples , Beverages , EUR )		5.00		3-15-2017		1,900,000		2,848,026
Veolia Environnement ( Utilities , Multi-Utilities , EUR )		4.25		1-6-2021		2,200,000		3,364,118

								17,507,902

Germany : 1.95%
Daimler AG ( Consumer Discretionary , Automobiles , EUR )		2.00		6-25-2021		5,050,000		6,815,714
KfW ( Financials , Banks , NOK )		3.75		9-25-2015		35,500,000		5,832,192
KfW ( Financials , Banks , AUD )		6.25		5-19-2021		11,700,000		11,362,033
Unitymedia Hessen GmbH & Company ( Consumer Discretionary , Media , EUR ) 144A		5.13		1-21-2023		1,700,000		2,344,377
Unitymedia Hessen GmbH & Company ( Consumer Discretionary , Media , EUR ) 144A		5.75		1-15-2023		500,000		711,439

								27,065,755

Ireland : 0.70%
AG Spring Finance II Limited ( Financials , Diversified Financial Services , EUR ) 144A		7.50		6-1-2018		3,600,000		4,981,557
General Electric Capital Corporation ( Financials , Diversified Financial Services , EUR )		2.63		3-15-2023		3,500,000		4,779,926

								9,761,483

Italy : 0.41%
Luxottica Group SpA ( Consumer Discretionary , Textiles, Apparel & Luxury Goods , EUR )		3.63		3-19-2019		3,000,000		4,451,364


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage International Bond Fund


Security name	Interest rate			Maturity date	Principal		Value
Italy (continued)
Marcolin SpA ( Consumer Discretionary , Personal Products , EUR ) 144A		8.50	%	11-15-2019		900,000	$	1,262,383

								5,713,747

Luxembourg : 3.46%
Befesa Zinc Aser SA ( Utilities , Water Utilities , EUR )		8.88		5-15-2018		4,025,000		5,846,511
European Investment Bank ( Financials , Banks , AUD )		6.50		8-7-2019		22,400,000		21,806,155
Fiat Industrial SpA ( Financials , Consumer Finance , EUR )		6.25		3-9-2018		3,000,000		4,560,155
Gestamp Funding Luxembourg SA ( Consumer Discretionary , Auto Components , EUR )		5.88		5-31-2020		1,500,000		2,134,317
Heidelbergcement AG ( Industrials , Building Products , EUR )		8.50		10-31-2019		1,730,000		2,949,112
Numericable Finance & Company SCA ( Financials , Diversified Financial Services , EUR )		12.38		2-15-2019		1,521,000		2,493,443
Servus Luxembourg Holding SCA ( Consumer Discretionary , Automobiles , EUR ) 144A		7.75		6-15-2018		2,550,000		3,626,688
Sunrise Communications ( Telecommunication Services , Diversified Telecommunication Services , EUR )		7.00		12-31-2017		200,000		284,913
Telenet Finance V Luxembourg SCA ( Consumer Discretionary , Media , EUR )		6.25		8-15-2022		3,000,000		4,353,343

								48,054,637

Mexico : 0.63%
America Movil SAB de CV ( Telecommunication Services , Wireless Telecommunication Services , EUR )		3.00		7-12-2021		6,000,000		8,322,663
Petroleos Mexicanos ( Energy , Oil, Gas & Consumable Fuels , EUR ) 144A		7.19		9-12-2024		6,050,000		429,616

								8,752,279

Netherlands : 2.50%
ASML Holding NV ( Information Technology , Semiconductors & Semiconductor Equipment , EUR )		3.38		9-19-2023		400,000		560,771
Bank Nederlandse Gemeenten ( Financials , Banks , EUR )		2.63		9-1-2020		5,250,000		7,558,936
BMW Finance NV ( Financials , Consumer Finance , EUR )		3.25		1-14-2019		3,500,000		5,139,407
Heineken NV ( Consumer Staples , Beverages , EUR )		2.13		8-4-2020		6,000,000		8,164,218
Interxion Holding NV ( Information Technology , IT Services , EUR ) 144A		6.00		7-15-2020		1,600,000		2,296,069
Nokia Siemens Networks ( Telecommunication Services , Diversified Telecommunication Services , EUR ) 144A		6.75		4-15-2018		500,000		723,254
Ziggo Holding BV ( Consumer Discretionary , Media , EUR )		3.63		3-27-2020		7,600,000		10,368,505

								34,811,160

Poland : 0.16%
Play Finance 2 SA ( Telecommunication Services , Wireless Telecommunication Services , EUR ) 144A		5.25		2-1-2019		1,600,000		2,155,222

Russia : 0.03%
Sberbank Rossii ( Financials , Banks , RUB )		7.00		1-31-2016		14,200,000		393,361

South Africa : 0.01%
Foodcorp Limited ( Consumer Staples , Food & Staples Retailing , EUR)		8.75		3-1-2018		90,000		131,549

Spain : 0.38%
Portaventura Entertainment Barcelona BV ( Consumer Discretionary , Hotels, Restaurants & Leisure , EUR ) 144A		7.25		12-1-2020		750,000		1,036,155
Telefonica Emisiones S.A.U. ( Telecommunication Services , Diversified Telecommunication Services , EUR )		3.99		1-23-2023		3,000,000		4,202,626

								5,238,781


Wells Fargo Advantage International Bond Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Switzerland : 0.35%
Eurofima ( Financials , Banks , AUD )		6.25	%	12-28-2018		5,000,000	$	4,805,340

United Kingdom : 4.21%
Anglian Water Osprey Financing plc ( Utilities , Water & Sewer Revenue , GBP )		7.00		1-31-2018		4,000,000		7,066,134
Arqiva Broadcast Finance plc ( Consumer Discretionary , Media , GBP ) 144A		9.50		3-31-2020		800,000		1,463,070
B.A.T. International Finance plc ( Financials , Diversified Financial Services , EUR )		2.75		3-25-2025		4,950,000		6,688,854
Bakkavor Finance 2 plc ( Consumer Staples , Food & Staples Retailing , GBP )		8.25		2-15-2018		900,000		1,578,636
Bakkavor Finance 2 plc ( Consumer Staples , Food & Staples Retailing , GBP )		8.75		6-15-2020		700,000		1,247,966
Heathrow Funding Limited ( Industrials , Transportation Infrastructure , EUR )		4.60		2-15-2020		5,450,000		8,244,781
Imperial Tobacco Finance Company ( Consumer Staples , Tobacco , EUR )		5.00		12-2-2019		4,100,000		6,441,101
Jaguar Land Rover plc ( Consumer Discretionary , Automobiles , GBP )		8.25		3-15-2020		3,355,000		6,260,725
National Grid plc ( Utilities , Multi-Utilities , EUR )		4.38		3-10-2020		6,511,000		10,092,443
Phones4u Finance plc ( Telecommunication Services , Diversified Telecommunication Services , GBP )		9.50		4-1-2018		2,410,000		4,140,077
United Utilities plc ( Utilities , Water Utilities , EUR )		4.25		1-24-2020		1,778,000		2,715,774
Virgin Media Finance plc ( Telecommunication Services , Diversified Telecommunication Services , GBP )		8.88		10-15-2019		1,431,000		2,552,375

								58,491,936

United States : 0.60%
General Electric Capital Corporation ( Financials , Diversified Financial Services , NZD )		4.25		1-17-2018		10,600,000		8,385,649

Total Foreign Corporate Bonds and Notes (Cost $272,177,994)								278,749,955

Foreign Government Bonds @ : 71.87%
Australian Government Bond (AUD)		5.50		1-21-2018		38,950,000		37,135,169
Australian Government Bond Series 133 (AUD)		5.50		4-21-2023		9,000,000		8,838,054
Australian Government Bond Series 139 (AUD)		3.25		4-21-2025		58,495,000		47,300,302
Bonos y Obligaciones del Estado 144A (EUR)		3.80		4-30-2024		48,925,000		66,252,364
Bonos y Obligaciones del Estado 144A (EUR)		5.15		10-31-2028		30,295,000		45,167,009
Brazil (BRL)		8.50		1-5-2024		33,840,000		12,199,648
Brazil (BRL)		10.00		1-1-2023		129,150,000		45,011,524
Chile (CLP)		5.50		8-5-2020		291,500,000		526,140
Colombia (COP)		7.75		4-14-2021		1,675,000,000		897,355
Germany (NOK)		4.00		3-4-2016		40,000,000		6,644,074
Hungary (HUF)		6.00		11-24-2023		3,374,050,000		14,443,072
Hungary (HUF)		6.75		11-24-2017		777,000,000		3,567,944
Hungary (HUF)		7.00		6-24-2022		4,250,000,000		19,406,518
Indonesia (IDR)		7.38		9-15-2016		39,330,000,000		3,163,150
Italy Buoni Poliennali del Tesoro (EUR)		4.00		2-1-2017		32,200,000		46,429,876
Italy Buoni Poliennali del Tesoro (EUR)		4.50		3-1-2024		49,825,000		71,412,328
Korea (KRW)		2.75		9-10-2017		26,840,000,000		24,800,752
Korea (KRW)		5.25		3-10-2027		33,590,000,000		36,246,163
Malaysia (MYR)		3.26		3-1-2018		7,450,000		2,186,613
Malaysia (MYR)		3.31		10-31-2017		211,500,000		62,484,235
Malaysia (MYR)		4.26		9-15-2016		6,725,000		2,057,056
Mexico (MXN)		4.75		6-14-2018		643,510,000		47,150,412
Mexico (MXN)		7.25		12-15-2016		34,300,000		2,758,975
Mexico (MXN)		7.75		11-13-2042		217,740,000		16,277,864
New South Wales Treasury (AUD)		6.00		2-1-2018		15,000,000		14,400,229
New Zealand (NZD)		5.50		4-15-2023		68,825,000		59,436,244
Nigeria (NGN)		15.10		4-27-2017		170,000,000		1,080,659
Norway (NOK)		3.75		5-25-2021		127,300,000		21,991,694


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage International Bond Fund


Security name	Interest rate			Maturity date	Principal		Value
Foreign Government Bonds (continued)
Poland (PLN)		4.00	%	10-25-2023		209,200,000	$	62,720,178
Province of Ontario (AUD)		6.25		9-29-2020		13,600,000		12,955,254
Queensland Treasury (AUD)		5.75		7-22-2024		11,000,000		10,493,686
Queensland Treasury (AUD)		6.00		2-21-2018		15,000,000		14,371,047
Republic of South Africa (ZAR)		6.50		2-28-2041		22,300,000		1,433,349
Republic of South Africa (ZAR)		7.75		2-28-2023		438,875,000		37,036,682
Romania (RON)		6.00		4-30-2016		3,850,000		1,201,165
Russia (RUB)		7.00		1-25-2023		129,500,000		3,404,116
Russia (RUB)		7.50		3-15-2018		1,203,800,000		34,008,976
Sweden Government Bond Series 1052 (SEK)		4.25		3-12-2019		204,500,000		35,356,269
Sweden Government Bond Series 1057 (SEK)		1.50		11-13-2023		216,400,000		31,000,025
Thailand (THB)		3.25		6-16-2017		105,250,000		3,224,266
Turkey (TRY)		6.30		2-14-2018		77,655,000		29,576,641
Turkey (TRY)		9.00		3-8-2017		6,350,000		2,699,438

Total Foreign Government Bonds (Cost $1,064,685,899)								998,746,515

Yankee Corporate Bonds and Notes : 3.41%

Bermuda : 0.27%
Qtel International Finance Limited ( Telecommunication Services , Diversified Telecommunication Services )		4.75		2-16-2021	$	3,550,000		3,741,700

Brazil : 0.94%
ITAU Unibanco Holding SA ( Financials , Commercial Banks )		5.13		5-13-2023		7,350,000		6,725,250
Petroplus International Finance Company ( Energy , Oil, Gas & Consumable Fuels )		5.75		1-20-2020		6,185,000		6,385,413

								13,110,663

Cayman Islands : 0.51%
International Petroleum Investment Company Limited ( Energy , Oil, Gas & Consumable Fuels )		5.00		11-15-2020		5,700,000		6,205,875
Petrobras International Finance Company ( Energy , Oil, Gas & Consumable Fuels )		5.38		1-27-2021		860,000		849,940

								7,055,815

India : 0.11%
Vedanta Resources plc ( Materials , Metals & Mining ) 144A		6.00		1-31-2019		1,600,000		1,516,000

Netherlands : 0.51%
Lukoil International Finance BV ( Energy , Oil, Gas & Consumable Fuels )		4.56		4-24-2023		500,000		461,250
Mubadala Development Company ( Energy , Oil, Gas & Consumable Fuels )		5.50		4-20-2021		3,200,000		3,544,000
Myriad International Holdings BV ( Consumer Discretionary , Media )		6.00		7-18-2020		2,950,000		3,097,500

								7,102,750

Peru : 0.47%
Banco De Credito Del Peru ( Financials , Banks ) 144A(i)		4.25		4-1-2023		7,235,000		6,620,025

United Kingdom : 0.41%
British Sky Broadcasting Group plc ( Consumer Discretionary , Media ) 144A		3.13		11-26-2022		2,900,000		2,764,445
Sable International Finance Limited ( Telecommunication Services , Diversified Telecommunication Services )		7.75		2-15-2017		2,795,000		2,912,390

								5,676,835


Wells Fargo Advantage International Bond Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name			Interest rate			Maturity date	Principal		Value
United States : 0.19%
Iron Mountain Incorporated ( Industrials , Commercial Services & Supplies )				6.75	%	10-15-2018	$	1,920,000	$	2,612,158

Total Yankee Corporate Bonds and Notes (Cost $47,472,666)										47,435,946

Short-Term Investments : 1.56%

			Yield				Shares
Investment Companies : 1.56%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.06				21,714,577	$	21,714,577


Total Short-Term Investments (Cost $21,714,577)										21,714,577

Total investments in securities (Cost $1,408,646,918)*	97.08	%								1,349,102,100

Other assets and liabilities, net	2.92									40,532,261

Total net assets	100.00	%							$	1,389,634,361

@	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.

(i)

Illiquid security

*	Cost for federal income tax purposes is $1,408,792,165 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	21,165,487
Gross unrealized depreciation		(80,855,552	)

Net unrealized depreciation	$	(59,690,065	)

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

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

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

Foreign currency translation

Forward foreign currency contracts

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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Corporate bonds and notes	$	0	$	2,455,107	$	0	$	2,455,107
Foreign corporate bonds		0		278,749,955		0		278,320,339
Foreign government bonds		0		998,746,515		0		998,746,515
Yankee corporate bonds and notes		0		47,435,946		0		47,865,562
Short-term investments
Investment companies		21,714,577		0		0		21,714,577

	$	21,714,577	$	1,327,387,523	$	0	$	1,349,102,100

As of January 31, 2014, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts	$	0	$	17,398,295	*	$	0	$	17,398,295

*	Amount represents the net unrealized gains.

Derivative transactions

As of January 31, 2014, the Fund entered into forward foreign currency exchange contracts for economic hedging purposes. At January 31, 2014, 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 January 31, 2014		In exchange for U.S. $		Unrealized gains (losses)
	2-7-2014		State Street Bank		7,700,000,000 JPY	$	75,365,612	$	78,401,825	$	(3,036,213	)
	2-19-2014		State Street Bank		6,790,000,000 JPY		66,462,377		66,321,547		140,830
	2-26-2014		State Street Bank		15,000,000 MXN		1,119,645		1,142,712		(23,067	)
	2-27-2014		State Street Bank		9,150,000 MYR		2,730,480		2,832,379		(101,899	)
	2-27-2014		State Street Bank		77,000,000 GBP		126,558,692		124,589,850		1,968,842
	3-10-2014		State Street Bank		7,215,000 PLN		2,283,829		2,336,592		(52,763	)
	3-12-2014		State Street Bank		734,000,000 HUF		3,162,454		3,342,692		(180,238	)
	3-18-2014		State Street Bank		76,237,889 AUD		66,531,422		68,300,000		(1,768,578	)
	3-18-2014		State Street Bank		7,700,000,000 JPY		75,380,107		74,816,844		563,263
	3-18-2014		State Street Bank		8,250,000 AUD		7,199,625		7,323,278		(123,653	)
	3-18-2014		State Street Bank		4,600,000 AUD		4,014,337		4,010,556		3,781
	3-24-2014		State Street Bank		12,463,862 EUR		16,810,290		16,900,000		(89,710	)
	3-28-2014		State Street Bank		4,115,390,580 JPY		40,290,405		40,200,000		90,405
	4-14-2014		State Street Bank		9,950,000,000 JPY		97,421,803		94,856,852		2,564,951
	4-22-2014		State Street Bank		4,900,000 EUR		6,608,888		6,680,121		(71,233	)
	4-22-2014		State Street Bank		48,500,000 EUR		65,414,508		66,055,060		(640,552	)
	4-22-2014		State Street Bank		40,500,000 EUR		54,624,486		55,150,065		(525,579	)
	4-22-2014		State Street Bank		4,000,000 EUR		5,395,011		5,416,040		(21,029	)
	4-28-2014		State Street Bank		6,242,000,000 JPY		61,121,259		60,862,528		258,731
	4-28-2014		State Street Bank		81,150,000 CAD		72,717,904		72,553,564		164,340


Exchange date		Counterparty	Contracts to receive		U.S. value at January 31, 2014		In exchange for		U.S. value at January 31, 2014		Unrealized gains
	2-19-2014	State Street Bank		77,719,535 EUR	$	104,820,716		10,490,000,000 JPY	$	102,678,989	$	2,141,727
	2-19-2014	State Street Bank		3,830,000,000 JPY		37,489,088		26,837,079 EUR		36,195,299		1,293,789

Forward foreign currency contracts to sell:


Exchange date		Counterparty		Contracts to deliver		U.S. value at January 31, 2014		In exchange for U.S. $		Unrealized gains (losses)
	2-26-2014		State Street Bank		843,550,000 MXN	$	62,965,119	$	64,101,980	$	1,136,861
	2-26-2014		State Street Bank		29,000,000 MXN		2,164,648		2,203,731		39,083
	2-27-2014		State Street Bank		8,000,000 GBP		13,148,955		13,186,880		37,925
	3-3-2014		State Street Bank		66,000,000 TRY		28,964,137		32,120,540		3,156,403
	3-12-2014		State Street Bank		8,885,000,000 HUF		38,281,205		40,404,729		2,123,524
	3-13-2014		State Street Bank		123,745,000 PLN		39,162,269		40,082,286		920,017
	3-13-2014		State Street Bank		64,500,000 PLN		20,412,674		20,935,978		523,304
	3-13-2014		State Street Bank		84,000,000 NZD		67,744,864		69,053,880		1,309,016
	3-18-2014		State Street Bank		76,640,000 AUD		66,882,337		67,082,992		200,655
	3-18-2014		State Street Bank		201,700,000 AUD		176,019,929		178,992,614		2,972,685
	3-24-2014		State Street Bank		602,695,000 RUB		16,973,810		17,591,798		617,988
	3-24-2014		State Street Bank		592,000,000 RUB		16,672,605		17,186,321		513,716
	3-24-2014		State Street Bank		50,000,000 RUB		1,408,159		1,457,046		48,887
	3-31-2014		State Street Bank		403,150,000 ZAR		35,978,489		35,816,453		(162,036	)
	4-14-2014		State Street Bank		210,000,000 MYR		62,493,430		63,707,794		1,214,364
	4-28-2014		State Street Bank		66,175,000,000 KRW		61,517,821		60,604,812		(913,009	)
	4-30-2014		State Street Bank		435,000,000 SEK		66,305,253		67,409,661		1,104,408
	4-30-2014		State Street Bank		3,625,000 TRY		1,564,574		1,562,933		(1,641	)


Wells Fargo Advantage Strategic Income Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Agency Securities : 0.96%
FHLMC Series 2013-K713 Class B 144A±		3.17	%	4-25-2046	$	250,000	$	240,421

Total Agency Securities (Cost $226,572)								240,421

Asset-Backed Securities : 2.81%
AmeriCredit Automobile Receivables Trust Series 2012-4 Class E 144A		3.82		2-10-2020		250,000		255,754
CAL Funding II Limited Series 2012-1A Class A 144A		3.47		10-25-2027		218,750		217,576
Santander Drive Auto Receivables Trust Series 2012-5 Class D		3.30		9-17-2018		95,000		98,393
TAL Advantage LLC Series 2013-1A Class A 144A		2.83		2-22-2038		136,250		132,693

Total Asset-Backed Securities (Cost $721,008)								704,416

Corporate Bonds and Notes : 33.63%

Consumer Discretionary : 8.51%

Auto Components : 1.17%
United Rentals North America Incorporated		5.75		7-15-2018		275,000		293,906

Automobiles : 1.00%
Ford Motor Company		7.45		7-16-2031		200,000		251,811

Distributors : 0.06%
LKQ Corporation 144A		4.75		5-15-2023		15,000		13,950

Diversified Consumer Services : 0.57%
Service Corporation International		8.00		11-15-2021		124,000		142,290

Hotels, Restaurants & Leisure : 1.54%
Greektown Superholdings Incorporated Series A		13.00		7-1-2015		155,000		159,650
Hilton Worldwide Finance LLC 144A		5.63		10-15-2021		5,000		5,175
International Game Technology		5.35		10-15-2023		175,000		185,236
NAI Entertainment Holdings LLC 144A		5.00		8-1-2018		25,000		25,938
Pinnacle Entertainment Incorporated		7.50		4-15-2021		10,000		10,838

								386,837

Household Durables : 0.49%
Mohawk Industries Incorporated		3.85		2-1-2023		125,000		122,344

Media : 2.77%
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corporation 144A		5.25		2-15-2022		5,000		5,025
Cinemark USA Incorporated		5.13		12-15-2022		200,000		194,750
Cox Communications Incorporated 144A		2.95		6-30-2023		185,000		169,222
DreamWorks Animation SKG Incorporated 144A		6.88		8-15-2020		30,000		31,875
Gray Television Incorporated		7.50		10-1-2020		85,000		90,738
Lamar Media Corporation 144A		5.38		1-15-2024		5,000		5,063
Lamar Media Corporation		5.88		2-1-2022		150,000		156,000
Live Nation Entertainment Incorporated 144A		7.00		9-1-2020		5,000		5,425
Lynx I Corporation 144A		5.38		4-15-2021		5,000		5,013
Lynx II Corporation 144A		6.38		4-15-2023		5,000		5,100
Nexstar Broadcasting Group Incorporated		6.88		11-15-2020		25,000		26,688

								694,899

Specialty Retail : 0.89%
Advance Auto Parts Incorporated		4.50		12-1-2023		150,000		152,929
Neiman Marcus Group Limited 144A		8.00		10-15-2021		5,000		5,238
Penske Auto Group Incorporated		5.75		10-1-2022		50,000		51,500
Sonic Automotive Incorporated		5.00		5-15-2023		15,000		14,100

								223,767


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Strategic Income Fund


Security name	Interest rate			Maturity date	Principal		Value
Textiles, Apparel & Luxury Goods : 0.02%
William Carter Company 144A		5.25	%	8-15-2021	$	5,000	$	5,063

Consumer Staples : 1.67%

Beverages : 0.79%
Constellation Brands Incorporated		7.25		9-1-2016		175,000		198,406

Food Products : 0.14%
B&G Foods Incorporated		4.63		6-1-2021		25,000		24,219
Darling International Incorporated 144A		5.38		1-15-2022		5,000		5,038
Post Holdings Incorporated 144A		6.75		12-1-2021		5,000		5,238

								34,495

Tobacco : 0.74%
Lorillard Tobacco Company		8.13		6-23-2019		150,000		186,917

Energy : 5.84%

Energy Equipment & Services : 2.50%
Bristow Group Incorporated		6.25		10-15-2022		150,000		158,250
Era Group Incorporated		7.75		12-15-2022		90,000		93,825
Forum Energy Technologies Incorporated 144A		6.25		10-1-2021		5,000		5,225
NGPL PipeCo LLC 144A		7.77		12-15-2037		245,000		209,475
PHI Incorporated		8.63		10-15-2018		150,000		161,438

								628,213

Oil, Gas & Consumable Fuels : 3.34%
Denbury Resources Incorporated		6.38		8-15-2021		150,000		159,375
Energy Transfer Partners LP		5.20		2-1-2022		175,000		187,550
Exterran Partners LP		6.00		4-1-2021		10,000		9,925
Sabine Pass Liquefaction LLC 144A		5.63		2-1-2021		25,000		24,938
Sabine Pass Liquefaction LLC 144A		5.63		4-15-2023		10,000		9,500
Sabine Pass Liquefaction LLC 144A		6.25		3-15-2022		25,000		25,063
Sabine Pass LNG LP		6.50		11-1-2020		175,000		182,875
Sabine Pass LNG LP		7.50		11-30-2016		50,000		55,750
Semgroup LP 144A		7.50		6-15-2021		20,000		21,300
Suburban Propane Partners LP		7.38		3-15-2020		150,000		160,500

								836,776

Financials : 9.79%

Automobiles : 1.19%
General Motors Financial Company Incorporated		2.75		5-15-2016		300,000		300,000

Capital Markets : 1.64%
Lazard Group LLC		6.85		6-15-2017		175,000		200,670
Level 3 Financing Incorporated 144A		6.13		1-15-2021		5,000		5,113
Morgan Stanley		4.10		5-22-2023		210,000		204,764

								410,547

Commercial Banks : 0.93%
CIT Group Incorporated %%		4.25		8-15-2017		225,000		234,563

Consumer Finance : 0.75%
Ally Financial Incorporated		7.50		9-15-2020		15,000		17,625
Ally Financial Incorporated		8.00		3-15-2020		15,000		17,888
BMC Software Finance Incorporated 144A		8.13		7-15-2021		15,000		15,488
Credit Acceptance Corporation 144A		6.13		2-15-2021		5,000		5,088
SLM Corporation		7.25		1-25-2022		10,000		10,600


Wells Fargo Advantage Strategic Income Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
SLM Corporation		8.00	%		3-25-2020	$	30,000	$	33,488
SLM Corporation		8.45			6-15-2018		75,000		86,906

									187,083

Diversified Financial Services : 2.39%
Citigroup Incorporated		6.68			9-13-2043		175,000		200,723
Denali Borrower/Finance Corporation 144A		5.63			10-15-2020		80,000		79,900
JPMorgan Chase Commerical Mortgage ±		6.00			12-31-2049		135,000		129,938
Moody’s Corporation		4.88			2-15-2024		180,000		189,515

									600,076

Insurance : 1.53%
Genworth Holdings Incorporated		4.80			2-15-2024		225,000		225,012
ProAssurance Corporation		5.30			11-15-2023		150,000		158,313

									383,325

Real Estate Management & Development : 0.25%
Hockey Merger Sub 2 Incorporated 144A		7.88			10-1-2021		60,000		62,400

REITs : 1.11%
American Tower Corporation		3.50			1-31-2023		200,000		189,618
DuPont Fabros Technology Incorporated LP		5.88			9-15-2021		85,000		88,188

									277,806

Health Care : 0.68%

Health Care Providers & Services : 0.56%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corporation		6.00			10-15-2021		10,000		10,250
Community Health Systems Incorporated 144A		6.88			2-1-2022		20,000		20,500
Community Health Systems Incorporated 144A		5.13			8-1-2021		5,000		5,031
Lifepoint Hospitals Incorporated 144A		5.50			12-1-2021		20,000		20,350
Select Medical Corporation		6.38			6-1-2021		30,000		30,113
Tenet Healthcare Corporation 144A		6.00			10-1-2020		50,000		52,625

									138,869

Health Care Technology : 0.08%
Healthcare Technology Intermediate Incorporated (PIK at 8.13%) ¥144A		7.38			9-1-2018		20,000		20,675

Pharmaceuticals : 0.04%
Pinnacle Incorporated 144A		9.50			10-1-2023		10,000		10,800

Industrials : 1.34%

Commercial Services & Supplies : 0.54%
ADT Corporation 144A		6.25			10-15-2021		25,000		25,849
Iron Mountain Incorporated		5.75			8-15-2024		36,000		33,660
Iron Mountain Incorporated		6.00			8-15-2023		75,000		77,156

									136,665

Transportation Infrastructure : 0.80%
Penske Truck Leasing 144A		4.25			1-17-2023		200,000		200,744

Information Technology : 1.36%

Computers & Peripherals : 0.86%
NCR Corporation		5.00			7-15-2022		200,000		195,000


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Strategic Income Fund


Security name	Interest rate			Maturity date	Principal		Value
Computers & Peripherals (continued)
NCR Corporation 144A		5.88	%	12-15-2021	$	10,000	$	10,375
NCR Corporation 144A		6.38		12-15-2023		10,000		10,400

								215,775

Internet Software & Services : 0.19%
First Data Holdings Incorporated (PIK at 14.50%) ¥144A		14.50		9-24-2019		15,000		13,875
Verisign Incorporated		4.63		5-1-2023		35,000		33,513

								47,388

IT Services : 0.23%
Audatex North America Incorporated 144A		6.00		6-15-2021		35,000		36,488
Audatex North America Incorporated 144A		6.13		11-1-2023		5,000		5,175
First Data Corporation 144A		11.75		8-15-2021		5,000		5,138
SunGard Data Systems Incorporated		6.63		11-1-2019		10,000		10,475

								57,276

Software : 0.08%
Activision Blizzard Incorporated 144A		5.63		9-15-2021		15,000		15,525
Activision Blizzard Incorporated 144A		6.13		9-15-2023		5,000		5,213

								20,738

Materials : 0.11%

Containers & Packaging : 0.11%
Sealed Air Corporation 144A%%		8.38		9-15-2021		25,000		28,563

Telecommunication Services : 3.91%

Diversified Telecommunication Services : 1.97%
GCI Incorporated		6.75		6-1-2021		150,000		145,500
TW Telecommunications Holdings Incorporated		5.38		10-1-2022		155,000		153,450
TW Telecommunications Holdings Incorporated		5.38		10-1-2022		10,000		9,900
Verizon Communications Incorporated		5.15		9-15-2023		170,000		185,049

								493,899

Wireless Telecommunication Services : 1.94%
MetroPCS Wireless Incorporated		6.63		11-15-2020		150,000		158,625
MetroPCS Wireless Incorporated 144A		6.63		4-1-2023		5,000		5,188
Sprint Capital Corporation		6.88		11-15-2028		255,000		243,500
Sprint Corporation 144A		7.25		9-15-2021		5,000		5,388
Sprint Corporation 144A		7.88		9-15-2023		5,000		5,338
T-Mobile USA Incorporated 144A		5.25		9-1-2018		10,000		10,550
T-Mobile USA Incorporated		6.46		4-28-2019		5,000		5,263
T-Mobile USA Incorporated		6.50		1-15-2024		5,000		5,106
T-Mobile USA Incorporated		6.54		4-28-2020		5,000		5,294
T-Mobile USA Incorporated		6.63		4-28-2021		5,000		5,263
T-Mobile USA Incorporated		6.73		4-28-2022		15,000		15,750
T-Mobile USA Incorporated		6.84		4-28-2023		20,000		20,875

								486,140

Utilities : 0.42%

Independent Power Producers & Energy Traders : 0.42%
Calpine Corporation 144A		5.88		1-15-2024		5,000		4,963
Calpine Corporation 144A		6.00		1-15-2022		5,000		5,175


Wells Fargo Advantage Strategic Income Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Interest rate			Maturity date	Principal		Value
Independent Power Producers & Energy Traders (continued)
NSG Holdings LLC 144A		7.75	%	12-15-2025	$	90,000	$	95,175

								105,313

Total Corporate Bonds and Notes (Cost $8,473,233)								8,438,319

Foreign Government Bonds @: 21.44%
Brazil (BRL)		10.00		1-1-2017		895,000		348,676
Brazil (BRL)		10.00		1-1-2023		1,350,000		470,504
Hungary (HUF)		6.75		8-22-2014		62,500,000		274,831
Hungary (HUF)		6.75		11-24-2017		63,000,000		289,293
Indonesia (IDR)		5.25		5-15-2018		2,850,000,000		208,907
Indonesia (IDR)		7.38		9-15-2016		2,000,000,000		160,852
Indonesia (IDR)		8.25		6-15-2032		1,475,000,000		106,608
Malaysia (MYR)		3.26		3-1-2018		790,000		231,869
Malaysia (MYR)		4.26		9-15-2016		900,000		275,294
Mexico (MXN)		4.75		6-14-2018		4,710,000		345,105
Mexico (MXN)		7.25		12-15-2016		3,600,000		289,572
Poland (PLN)		4.00		10-25-2023		1,900,000		569,638
Republic of South Africa (ZAR)		7.75		2-28-2023		5,000,000		421,950
Romania (RON)		6.00		4-30-2016		400,000		124,796
Russia (RUB)		6.20		1-31-2018		30,850,000		838,572
Turkey (TRY)		6.30		2-14-2018		360,000		137,114
Turkey (TRY)		9.00		3-8-2017		675,000		286,948

Total Foreign Government Bonds (Cost $6,312,154)								5,380,529

Municipal Obligations : 1.45%

Idaho : 0.51%
Idaho Housing & Finance Association Legacy Public Charter School ( Education Revenue )		7.00		5-1-2017		130,000		128,833

Texas : 0.94%
North Texas Tollway Authority ( Transportation Revenue )		8.91		2-1-2030		210,000		236,479

Total Municipal Obligations (Cost $378,546)								365,312

Non-Agency Mortgage Backed Securities : 8.76%
Americold LLC Trust Series 2010-ARTA Class B 144A		6.03		1-14-2029		200,000		227,216
BB-UBS Trust Series 2012-TFT Class C 144A±		3.47		6-5-2030		150,000		142,227
Commercial Mortgage Trust Series 2012-LC4 Class B ±		4.93		12-10-2044		175,000		185,707
FREMF Mortgage Trust Series 2011-K15 Class B 144A±		4.93		8-25-2044		250,000		262,079
FREMF Mortgage Trust Series 2011-K703 Class B 144A±		4.89		7-25-2044		250,000		266,580
FREMF Mortgage Trust Series 2013-K502 Class B 144A±		2.73		3-25-2045		250,000		248,736
GS Mortgage Securities Trust Series 2012 Class B 144A		3.41		12-10-2030		250,000		232,176
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5 Class B 144A±		5.31		8-15-2046		250,000		274,561
Morgan Stanley Capital I Trust Series 2007-HQ11 Class AM ±		5.48		2-12-2044		25,000		27,490
Morgan Stanley Trust Series 2012-C5 Class B ±		4.44		8-15-2045		250,000		256,215
Morgan Stanley Trust Series 2013-C7 Class C ±		4.19		2-15-2046		80,000		76,556

Total Non-Agency Mortgage Backed Securities (Cost $2,321,742)								2,199,543

Term Loans : 23.52%
Albertson’s LLC		4.25		3-21-2016		18,039		18,197
Albertson’s LLC		4.75		3-21-2019		5,985		6,041
Allison Transmission Incorporated <		3.16		8-7-2017		31,163		31,351
Allison Transmission Incorporated		3.75		8-23-2019		153,542		153,894
American Beacon Advisors Incorporated		4.75		11-22-2019		85,000		85,106
Applied Systems Incorporated <		0.00		1-25-2021		55,000		55,516
Applied Systems Incorporated <		0.00		1-24-2022		5,000		5,113
Ardagh Holdings USA Incorporated <		0.00		12-17-2019		25,000		25,063
Arris Group Incorporated		3.50		4-17-2020		46,254		46,158


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Strategic Income Fund


Security name	Interest rate			Maturity date	Principal		Value
Term Loans (continued)
Atlantic Aviation FBO Incorporated <		3.25	%	5-31-2020	$	29,875	$	29,975
BMC Software Finance Incorporated		5.00		9-10-2020		40,000		39,938
Capital Automotive LP		4.00		4-10-2019		129,461		130,333
CBAC Borrower LLC		8.25		7-2-2020		35,000		36,116
CBS Outdoor Americas Capital LLC <		0.00		1-31-2021		65,000		65,224
CCC Information Services Incorporated		4.00		12-20-2019		60,195		60,327
CDW LLC		3.25		4-29-2020		59,550		59,569
Centaur Acquisition LLC		5.25		2-20-2019		84,487		85,253
CityCenter Holdings LLC		5.00		10-16-2020		70,000		70,788
Community Health Systems Incorporated		3.49		1-25-2017		150,000		150,804
USI Incorporated <		0.00		12-27-2019		15,000		15,105
Cricket Communications Incorporated		4.75		10-10-2019		247,500		247,965
Cricket Communications Incorporated		4.75		3-8-2020		9,950		9,959
Crown Castle Operating Company		3.25		1-31-2021		247,499		248,242
CSC Holdings Incorporated		2.66		4-17-2020		398		396
Darling International Incorporated		3.25		1-3-2021		5,000		5,017
Dell Incorporated		4.50		4-29-2020		119,675		119,063
DineEquity Incorporated		3.75		10-19-2017		247,458		248,851
Dunkin’ Brands Incorporated		3.75		2-11-2020		122,975		123,071
Emdeon Business Services LLC <		3.75		11-2-2018		49,813		49,925
EMI Music Publishing		4.25		6-29-2018		61,666		61,898
Equipower Resources Holdings LLC		0.00		12-21-2018		70,000		70,525
Equipower Resources Holdings LLC		4.25		12-31-2019		64,725		64,995
Federal-Mogul Corporation		2.11		12-27-2014		133,384		132,383
Federal-Mogul Corporation		2.11		12-27-2015		78,597		78,007
First Data Corporation		4.16		3-23-2018		55,000		54,945
Focus Brands Incorporated		4.27		2-21-2018		27,695		27,729
Grosvenor Capital Management Holdings LLP		3.75		1-4-2021		20,000		19,963
HGIM Corporation		5.50		6-18-2020		89,775		91,066
Hilton Worldwide Finance LLC		3.75		10-26-2020		16,000		16,092
Hubbard Radio LLC		4.50		4-29-2019		43,505		43,632
Intelsat Jackson Holdings		3.75		6-30-2019		240,332		242,091
KAR Auction Services Incorporated		3.75		5-19-2017		137,987		138,764
La Frontera Generation LLC		4.50		9-30-2020		14,012		14,139
Learfield Communications Incorporated		5.00		10-9-2020		20,000		20,175
Level 3 Financing Incorporated <		4.00		8-1-2019		288,205		289,646
MGM Resorts International		3.50		12-20-2019		247,500		247,448
Multiplan Incorporated		4.00		8-26-2017		33,187		33,402
National Cinemedia LLC		2.91		11-26-2019		20,000		19,981
Nielsen Finance LLC Company		2.91		5-2-2016		247,500		248,042
NRG Energy Incorporated		2.75		7-2-2018		69,392		69,116
Nusil Technology LLC		5.25		4-7-2017		4,932		4,878
Pep Boys-Manny, Moe & Jack		4.25		10-11-2018		198,000		199,481
Philadelphia Energy Solutions LLC		6.25		4-4-2018		39,700		35,755
Salem Communications Corporation		4.50		3-16-2020		29,125		29,253
Salix Pharmaceuticals Ltd First Lien		4.25		1-2-2020		10,000		10,110
SBA Senior Finance II LLC		3.75		9-20-2019		54,986		55,260
Spin Holdco Incorporated <		4.25		11-14-2019		136,105		137,239
SRAM LLC First Lien		4.02		4-10-2020		4,238		4,248
SunGard Data Systems Incorporated		4.50		1-31-2020		148,500		148,908
Surgical Care Affiliates LLC		4.25		6-30-2018		24,875		24,937
Syniverse Holdings Incorporated		4.00		4-23-2019		242,380		243,532
Tallgrass Operations, LLC		4.25		11-13-2018		107,071		107,821
Texas Competitive Electric Holdings LLC		3.73		10-10-2014		400,000		280,956
The Geo Group Incorporated		3.25		4-3-2020		74,438		74,624
United Surgical Partners International Incorporated		4.75		4-3-2019		9,925		9,978
Valeant Pharmaceuticals International Incorporated		3.75		12-11-2019		197,500		198,841
Valeant Pharmaceuticals International Incorporated		4.50		8-5-2020		9,925		10,023
Vertafore Incorporated		4.25		10-3-2019		73,340		73,853
Vertafore Incorporated		9.75		10-29-2017		10,000		10,169
WASH Multifamily Laundry Systems LLC		4.50		2-21-2019		34,787		34,918

Total Term Loans (Cost $5,970,404)								5,901,183


Wells Fargo Advantage Strategic Income Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes : 2.60%

Consumer Discretionary : 0.79%

Media : 0.79%
WPP Finance 2010		3.63	%		9-7-2022	$	200,000	$	197,171

Consumer Staples : 0.59%

Food Products : 0.59%
BRF SA 144A		3.95			5-22-2023		175,000		148,750

Financials : 0.02%

Diversified Financial Services : 0.02%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		5,000		5,138

Health Care : 0.15%

Pharmaceuticals : 0.15%
VPII Escrow Corporation 144A		6.75			8-15-2018		10,000		10,963
VPII Escrow Corporation 144A		7.50			7-15-2021		25,000		27,844

									38,807

Industrials : 1.03%

Building Products : 1.03%
ArcelorMittal		4.25			8-5-2015		250,000		257,500

Telecommunication Services : 0.02%

Diversified Telecommunication Services : 0.02%
Intelsat Jackson Holdings SA		6.63			12-15-2022		5,000		5,163

Total Yankee Corporate Bonds and Notes (Cost $671,424)									652,529

Short-Term Investments : 5.48%

	Yield					Shares
Investment Companies : 5.04%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.07					1,266,053		1,266,053


						Principal
U.S. Treasury Securities : 0.44%
U.S. Treasury Bill #(z)		0.05			3-20-2014	$	110,000		109,992

Total Short-Term Investments (Cost $1,376,044)									1,376,045

Total investments in securities (Cost $26,451,127)*		100.65	%						25,258,297
Other assets and liabilities, net		(0.65	)						(163,975	)

Total net assets		100.00	%					$	25,094,322

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.

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

%%	Security issued on a when-issued basis.

¥	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.


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Strategic Income Fund

@	Foreign bond principal is denominated in local currency.

<	All or a portion of the position represents an unfunded term 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 term 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 $26,470,764 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	403,731
Gross unrealized depreciation		(1,616,198	)

Net unrealized depreciation	$	(1,212,467	)

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

Investments in 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 January 31, 2014, the Fund had unfunded term loan commitments of $359,170.

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.

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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Agency securities	$	0	$	240,421	$	0	$	240,421
Asset-backed securities		0		704,416		0		704,416
Corporate bonds and notes		0		8,438,319		0		8,438,319
Foreign government bonds		0		5,380,529		0		5,380,529
Municipal obligations		0		365,312		0		365,312
Non-agency mortgage backed securities		0		2,199,543		0		2,199,543
Term loans		0		5,260,483		640,700		5,901,183
Yankee corporate bonds and notes		0		652,529		0		652,529
Short-term investments
Investment companies		1,266,053		0		0		1,266,053
U.S. Treasury securities		109,992		0		0		109,992

	$	1,376,045	$	23,241,552	$	640,700	$	25,258,297

As of January 31, 2014, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Futures contracts	$	0	$	(42,674	)*	$	0	$	(42,674	)
Forward foreign currency contracts		0		73,820	*		0		73,820

*	Amount represents the net unrealized gains (losses).

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended January 31, 2014, 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 October 31, 2013	$	510,983
Accrued discounts (premiums)		(206	)
Realized gains (losses)		(17	)
Change in unrealized gains (losses)		3,583
Purchases		134,022
Sales		(1,163	)
Transfers into Level 3		29,253
Transfers out of Level 3		(35,755	)

Balance as of January 31, 2014	$	640,700

Change in unrealized gains (losses) relating to securities still held at January 31, 2014	$	3,122

The investment type categorized above was valued using indicative broker quotes. These indicative broker quotes are 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

As of January 31, 2014, the Fund entered into futures contracts to help manage the duration of the portfolio.

At January 31, 2014, the Fund had short futures contracts outstanding as follows:


Expiration date		Counterparty	Contracts	Type	Contract value at January 31, 2014		Unrealized gains (losses)
	3-20-2014	J.P. Morgan Securities LLC	6 Short	U.S. Treasury Bonds	$	801,563	$	(18,855	)
	3-20-2014	J.P. Morgan Securities LLC	55 Short	10-Year U.S. Treasury Notes		6,916,250		(25,026	)
	3-31-2014	J.P. Morgan Securities LLC	6 Short	5-Year U.S. Treasury Notes		723,750		1,207

As of January 31, 2014, the Fund entered into forward foreign currency exchange contracts for economic hedging purposes.

At January 31, 2014, 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 January 31, 2014		In exchange for U.S. $		Unrealized gains (losses)
	3-12-2014	State Street Bank	133,100,000 HUF	$	573,464	$	605,275	$	31,811
	3-13-2014	State Street Bank	1,800,000 PLN		569,656		583,039		13,383
	3-24-2014	State Street Bank	15,500,000 RUB		436,529		451,684		15,155
	3-24-2014	State Street Bank	15,400,000 RUB		433,713		449,504		15,791
	3-31-2014	State Street Bank	4,900,000 ZAR		437,293		435,323		(1,970	)
	4-1-2014	State Street Bank	1,000,000 TRY		435,225		434,875		(350	)


Wells Fargo Advantage Asia Pacific Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 89.67%

Australia : 5.62%
AMP Limited (Financials , Insurance)		465,857	$	1,740,855
BHP Billiton Limited (Materials , Metals & Mining)		63,100		2,019,468
Boral Limited (Materials , Construction Materials)		217,900		905,802
Computershare Limited (Information Technology , IT Services)		189,200		1,849,511
Mirvac Group (Financials , REITs)		1,133,400		1,656,465
OceanaGold Corporation (Materials , Metals & Mining)†		681,000		1,209,834
Ozforex Group Limited (Financials , Diversified Financial Services)†		50,000		128,647
Treasury Wine Estates Limited (Consumer Staples , Beverages)		138,300		440,561

				9,951,143

Bermuda : 0.37%
First Pacific Company Limited (Financials , Diversified Financial Services)		651,000		649,402

Cayman Islands : 3.03%
GCL-Poly Energy Holdings Limited (Information Technology , Semiconductors & Semiconductor Equipment)†		9,705,000		3,327,713
Greentown China Holdings Limited (Financials , Real Estate Management & Development)		475,000		686,526
Wasion Group Holdings Limited (Information Technology , Electronic Equipment, Instruments & Components)		2,232,000		1,350,706

				5,364,945

China : 9.99%
Agricultural Bank of China (Financials , Commercial Banks)		1,844,000		811,951
AviChina Industry & Technology Company Limited (Industrials , Aerospace & Defense)		3,064,000		1,803,929
Baidu Incorporated (Information Technology , Internet Software & Services)†		6,000		939,000
China Construction Bank (Financials , Commercial Banks)		1,275,000		892,389
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		82,000		784,034
China Petroleum & Chemical Corporation (Energy , Oil, Gas & Consumable Fuels)		1,178,000		936,151
China Shipping Container Lines Company Limited Class H (Industrials , Marine)†«		3,113,000		739,852
Cosco Pacific Limited (Industrials , Transportation Infrastructure)		22,861		29,391
Guodian Technology & Environment Group Corporation Limited (Industrials , Electrical Equipment)		2,925,000		895,517
Hollysys Automation Technologies Limited (Information Technology , Electronic Equipment, Instruments & Components)†		70,000		1,180,900
Huaneng Renewables Corporation Limited (Utilities , Independent Power Producers & Energy Traders)		3,760,000		1,577,073
Industrial & Commercial Bank of China Limited Class H (Financials , Commercial Banks)		4,079,000		2,547,758
PetroChina Company Limited (Energy , Oil, Gas & Consumable Fuels)		1,310,000		1,272,346
Qinhuangdao Port Company Limited (Industrials , Transportation Infrastructure)†		1,513,000		896,442
Shanghai Electric Group Company Limited (Industrials , Electrical Equipment)		3,730,000		1,197,973
Shenzhen Expressway Company Limited (Industrials , Transportation Infrastructure)		2,676,000		1,186,947

				17,691,653

Hong Kong : 9.10%
Beijing Enterprises Water Group Limited (Utilities , Water Utilities)		3,462,000		1,973,195
China Everbright International Limited (Industrials , Commercial Services & Supplies)		1,430,000		1,901,685
China Merchants Holdings International Company Limited (Industrials , Transportation Infrastructure)		254,000		870,000
China Overseas Land & Investment Limited (Financials , Real Estate Management & Development)		296,000		805,198
China Singyes Solar Technologies Holdings Limited (Industrials , Construction & Engineering)		1,742,000		1,998,943
Fosun International (Materials , Metals & Mining)		1,102,500		1,197,575
HK Electric Investments Limited (Utilities , Electric Utilities)†		1,429,625		968,576
Power Assets Holdings Limited (Utilities , Electric Utilities)		118,500		892,767
Samsonite International SA (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		331,800		921,669
Shanghai Industrial Holdings Limited (Industrials , Industrial Conglomerates)		253,000		845,727
Shun Tak Holdings Limited (Industrials , Industrial Conglomerates)		2,386,000		1,390,346
Sun Hung Kai & Company Limited (Financials , Capital Markets)		1,668,000		969,379
Termbray Petro-King Oilfield Services Limited (Energy , Energy Equipment & Services)†		2,630,000		1,389,463

				16,124,523


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Asia Pacific Fund


Security name	Shares		Value
India : 2.64%
Adani Enterprises Limited (Industrials , Trading Companies & Distributors)		49	$	187
Coal India Limited (Energy , Oil, Gas & Consumable Fuels)		283,400		1,119,262
Hindalco Industries Limited (Materials , Metals & Mining)		759,300		1,327,609
Oil & Natural Gas Corporation Limited (Energy , Oil, Gas & Consumable Fuels)		203,900		896,730
Power Grid Corporation of India Limited (Utilities , Electric Utilities)		70,673		107,721
Sesa Sterlite Limited (Materials , Metals & Mining)		409,100		1,230,140

				4,681,649

Indonesia : 2.01%
PT Bank Rakyat Indonesia Tbk (Financials , Commercial Banks)		1,639,300		1,127,954
PT Surya Semesta Internusa Tbk (Financials , Real Estate Management & Development)		16,588,000		920,813
PT Telekomunikasi Indonesia Tbk (Telecommunication Services , Diversified Telecommunication Services)		5,416,000		1,010,498
PT Wijaya Karya Persero Tbk (Industrials , Construction & Engineering)		3,108,800		501,295

				3,560,560

Japan : 34.23%
Avex Group Holdings Incorporated (Consumer Discretionary , Media)		58,000		1,334,051
Fuji Heavy Industries Limited (Consumer Discretionary , Automobiles)		98,400		2,741,948
FUJIFILM Holdings Corporation (Information Technology , Electronic Equipment, Instruments & Components)		115,800		3,430,817
GLP J-Reit (Financials , REITs)		3,050		3,173,290
Hitachi Limited (Information Technology , Electronic Equipment, Instruments & Components)		497,000		3,852,638
Hulic REIT Incorporated (Financials , REITs)†(a)		100		105,706
Japan Airlines Company Limited (Industrials , Airlines)		57,300		2,893,883
JFE Holdings Incorporated (Materials , Metals & Mining)		100,900		2,133,151
Komatsu Limited (Industrials , Machinery)		77,700		1,633,548
M3 Incorporated (Health Care , Health Care Technology)		700		2,072,526
Matsushita Electric Industrial Company Limited (Consumer Discretionary , Household Durables)		290,000		3,360,673
Mitsubishi Corporation (Industrials , Trading Companies & Distributors)		55,700		1,037,458
Mitsubishi Electric Corporation (Industrials , Electrical Equipment)		337,000		3,885,544
Mitsubishi Heavy Industries Limited (Industrials , Machinery)		424,000		2,780,464
Mitsui Fudosan Company Limited (Financials , Real Estate Management & Development)		159,000		5,118,440
Mizuho Financial Group Incorporated (Financials , Commercial Banks)		1,552,100		3,326,905
Modec Incorporated (Energy , Energy Equipment & Services)		44,100		1,214,185
Nagoya Railroad Company Limited (Industrials , Road & Rail)		635,000		1,901,830
Nippon Telegraph & Telephone Corporation (Telecommunication Services , Diversified Telecommunication Services)		66,300		3,608,636
Otsuka Corporation (Information Technology , IT Services)		7,700		920,202
SoftBank Corporation (Telecommunication Services , Wireless Telecommunication Services)		34,500		2,553,817
Sumitomo Mitsui Trust Holdings Incorporated (Financials , Commercial Banks)		759,000		3,677,254
Toshiba Corporation (Industrials , Industrial Conglomerates)		449,000		1,898,483
West Holdings Corporation (Consumer Discretionary , Household Durables)«		70,700		905,115
Yahoo Japan Corporation (Information Technology , Internet Software & Services)		191,600		1,095,179

				60,655,743

Malaysia : 1.58%
Barakah Offshore Petroleum Bhd (Energy , Oil, Gas & Consumable Fuels)†		1,808,800		945,884
Oldtown Bhd (Consumer Staples , Food Products)		795,975		470,007
Westports Holdings (Industrials , Transportation Infrastructure)		1,826,700		1,381,010

				2,796,901

New Zealand : 0.54%
Air New Zealand Limited (Industrials , Airlines)		689,500		953,376

Philippines : 1.49%
ABS-CBN Holdings Corporation (Consumer Discretionary , Media)		969,200		598,817
GT Capital Holdings Incorporated (Financials , Diversified Financial Services)		25,200		412,776
Pepsi-Cola Products Philippines Incorporated (Consumer Staples , Beverages)		8,608,000		829,387


Wells Fargo Advantage Asia Pacific Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Philippines (continued)
Philippine Long Distance Telephone Company (Telecommunication Services , Wireless Telecommunication Services)		13,375	$	800,098

				2,641,078

Singapore : 5.64%
ARA Asset Management Limited (Financials , Capital Markets)		421,000		562,840
Dyna-Mac Holdings Limited (Energy , Energy Equipment & Services)		479,000		141,181
First Resources Limited (Consumer Staples , Food Products)		562,000		878,420
Global Logistic Properties Limited (Financials , Real Estate Management & Development)		618,000		1,369,899
Hutchison Port Holdings Trust (Industrials , Transportation Infrastructure)		1,455,000		970,817
Keppel Corporation Limited (Industrials , Industrial Conglomerates)		107,000		876,016
Lippo Malls Indonesia Retail Trust (Financials , REITs)		3,603,000		1,163,083
Midas Holdings Limited (Materials , Metals & Mining)		2,357,000		853,098
Raffles Medical Group Limited (Health Care , Health Care Providers & Services)		574,000		1,351,572
Singapore Airport Terminal Services Limited (Industrials , Transportation Infrastructure)		369,000		906,985
Singapore Post Limited (Industrials , Air Freight & Logistics)		883,000		924,516

				9,998,427

South Korea : 6.45%
Hana Financial Group Incorporated (Financials , Commercial Banks)		23,390		889,310
Hotel Shilla Company Limited (Consumer Discretionary , Hotels, Restaurants & Leisure)		23,000		1,666,383
Korea Electric Power Corporation (Utilities , Electric Utilities)		48,600		1,590,449
LG Chem Limited (Materials , Chemicals)		4,700		1,134,395
NAVER Corporation (Information Technology , Internet Software & Services)		2,600		1,638,790
POSCO (Materials , Metals & Mining)		6,300		1,748,238
S-Oil Corporation (Energy , Oil, Gas & Consumable Fuels)		13,900		886,358
SK Telecom Company Limited (Telecommunication Services , Wireless Telecommunication Services)		4,300		864,082
Suprema Incorporated (Information Technology , Electronic Equipment, Instruments & Components)†		42,600		1,017,851

				11,435,856

Taiwan : 5.91%
Chicony Electronics Company Limited (Information Technology , Computers & Peripherals)		359,000		915,609
Chroma Ate Incorporated (Information Technology , Electronic Equipment, Instruments & Components)		309,000		661,935
Cleanaway Company Limited (Industrials , Commercial Services & Supplies)		144,000		882,188
Everlight Electronics Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		540,000		1,288,593
Radiant Opto-Electronics Corporation (Information Technology , Semiconductors & Semiconductor Equipment)		513,000		2,235,284
Taiwan Cement Corporation (Materials , Construction Materials)		598,000		874,671
Taiwan Semiconductor Manufacturing Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		784,000		2,720,925
WPG Holdings Company Limited (Information Technology , Electronic Equipment, Instruments & Components)		774,000		899,521

				10,478,726

Thailand : 0.55%
Hemaraj Land & Development Public Company Limited (Financials , Real Estate Management & Development)		1,187,200		98,544
Mega Lifesciences Public Company Limited (Health Care , Pharmaceuticals)†		1,520,000		874,886

				973,430

United Kingdom : 0.52%
HSBC Holdings plc (Financials , Commercial Banks)		87,200		915,176

Total Common Stocks (Cost $148,069,337)				158,872,588


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Asia Pacific Fund


Security name						Expiration date	Shares		Value
Participation Notes : 4.21%

China : 4.21%
HSBC Bank plc (China Vanke Company Limited Class A) (Financials , Real Estate Management & Development)						2-11-2019		635,000	$	772,730
HSBC Bank plc (Guangxi Wuzhou Zhongheng Group Company Limited Class A) (Health Care , Pharmaceuticals)						10-31-2014		419,700		893,435
HSBC Bank plc (Qingdao Haier Company Limited Class A) (Consumer Discretionary , Household Durables)						6-8-2020		702,500		2,453,410
HSBC Bank plc (Shanghai International Airport Company Limited Class A) (Industrials , Transportation Infrastructure)						8-20-2020		693,500		1,526,601
HSBC Bank plc (Shenzhen Fuanna Bedding & Furnishing Company Limited Class A) (Consumer Discretionary , Household Durables)						10-31-2023		295,350		679,374
HSBC Bank plc (Weichai Power Company Limited Class A) (Industrials , Machinery)						12-20-2021		395,000		1,139,811

Total Participation Notes (Cost $6,818,648)										7,465,361


			Dividend yield
Preferred Stocks : 2.50%

South Korea : 2.50%
Samsung Electronics Company Limited ±				0.95	%			5,000		4,434,663

Total Preferred Stocks (Cost $3,668,219)										4,434,663

Investment Companies : 0.56%

Thailand : 0.07%
Samui Airport Property Fund								272,400		127,907

United States : 0.49%
WisdomTree Japan Hedged Equity ETF								18,500		862,285

Total Investment Companies (Cost $1,023,726)										990,192


			Yield
Short-Term Investments : 3.38%

Investment Companies : 3.38%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07				4,628,675		4,628,675
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)				0.08				1,364,598		1,364,598
Total Short-Term Investments (Cost $5,993,273)										5,993,273

Total investments in securities (Cost $165,573,203)*	100.32	%								177,756,077
Other assets and liabilities, net	(0.32	)								(571,196	)

Total net assets	100.00	%							$	177,184,881

†	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.

±	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.


Wells Fargo Advantage Asia Pacific Fund		Portfolio of investments — January 31, 2014 (unaudited)

(v)

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

*	Cost for federal income tax purposes is $168,334,106 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	18,598,593
Gross unrealized depreciation		(9,176,622	)

Net unrealized appreciation	$	9,421,971

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the 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 of the Fund 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 January 31, 2014, such 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 vehicles are fair valued at net asset value.

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

Foreign currency translation

Security loans

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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in Securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	158,766,882	$	105,706	$	0	$	158,872,588
Investment companies		990,192		0		0		990,192
Participation notes		0		7,465,361		0		7,465,361
Preferred stocks		4,434,663		0		0		4,434,663
Short-term investments
Investment companies		4,628,675		1,364,598		0		5,993,273

	$	168,820,412	$	8,935,665	$	0	$	177,756,077

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


Wells Fargo Advantage Diversified International Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 94.03%

Australia : 2.32%
Arrium Limited (Materials , Metals & Mining)		198,700	$	270,403
Bendigo Bank Limited (Financials , Commercial Banks)		26,100		264,960
Challenger Financial Services Group Limited (Financials , Diversified Financial Services)		46,700		245,217
Downer EDI Limited (Industrials , Commercial Services & Supplies)		42,300		182,503
Fortescue Metals Group Limited (Materials , Metals & Mining)		29,600		138,071
GrainCorp Limited (Consumer Staples , Food Products)		18,900		125,707
Leighton Holdings Limited (Industrials , Construction & Engineering)		7,100		102,213
Lend Lease Corporation Limited (Financials , Real Estate Management & Development)		20,800		191,679
Metcash Limited (Consumer Staples , Food & Staples Retailing)		28,500		75,324
Mineral Resources Limited (Materials , Metals & Mining)		14,900		147,088
Seven Network Limited (Industrials , Trading Companies & Distributors)		15,300		104,173
Toll Holdings Limited (Industrials , Air Freight & Logistics)		26,100		127,684
United Construction Group Limited (Industrials , Construction & Engineering)		14,100		86,501

				2,061,523

Austria : 0.43%
OMV AG (Energy , Oil, Gas & Consumable Fuels)		5,300		229,454
Voestalpine AG (Materials , Metals & Mining)		3,400		152,448

				381,902

Belgium : 1.68%
Anheuser-Busch InBev NV (Consumer Staples , Beverages)		7,409		709,968
Delhaize Group SA (Consumer Staples , Food & Staples Retailing)		3,600		231,647
Telenet Group Holding NV (Consumer Discretionary , Media)		4,435		263,484
UCB SA (Health Care , Pharmaceuticals)		3,986		282,182

				1,487,281

Bermuda : 0.37%
Hong Kong Land Holdings Limited (Financials , Real Estate Management & Development)		24,058		145,404
Johnson Electric Holdings Limited (Industrials , Electrical Equipment)		64,000		57,337
Yue Yuen Industrial Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		42,000		130,127

				332,868

Brazil : 0.38%
Banco do Brasil SA (Financials , Commercial Banks)		12,100		104,742
Companhia de Saneamento Basico do Estado de Sao Paulo (Utilities , Water Utilities)		17,700		163,266
Companhia de Saneamento de Minas Gerais SA (Utilities , Water Utilities)		5,300		69,115

				337,123

Canada : 2.21%
Canadian Pacific Railway Limited (Industrials , Road & Rail)		1,598		242,065
Magna International Incorporated Class A (Consumer Discretionary , Auto Components)		4,500		382,222
Metro Incorporated (Consumer Staples , Food & Staples Retailing)		3,400		195,407
Valeant Pharmaceuticals International Incorporated (Health Care , Pharmaceuticals)†		6,539		886,950
WestJet Airlines Limited (Industrials , Airlines)		11,100		251,451

				1,958,095

Cayman Islands : 2.52%
Baidu Incorporated (Information Technology , Internet Software & Services)†		7,848		1,228,212
China Resources Land Limited (Financials , Real Estate Management & Development)		104,600		248,082
Kingboard Laminates Holdings Limited (Information Technology , Electronic Equipment, Instruments & Components)		226,500		84,730
Sands China Limited (Consumer Discretionary , Hotels, Restaurants & Leisure)		33,200		257,824


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Diversified International Fund


Security name	Shares		Value
Cayman Islands (continued)
Tencent Holdings Limited (Information Technology , Internet Software & Services)		5,900	$	416,352

				2,235,200

China : 2.16%
AutoNavi Holdings Limited ADR (Information Technology , Software)«†		11,548		180,149
Biostime International Holdings Limited (Consumer Staples , Food Products)		27,500		237,480
China Communications Services Corporation Limited (Telecommunication Services , Diversified Telecommunication Services)		220,000		119,601
China Petroleum & Chemical Corporation (Energy , Oil, Gas & Consumable Fuels)		369,200		293,401
China Railway Construction Corporation Limited (Industrials , Construction & Engineering)		141,500		119,001
Dongfeng Motor Group Company Limited (Consumer Discretionary , Automobiles)		196,000		291,356
Industrial & Commercial Bank of China Limited Class H (Financials , Commercial Banks)		632,000		394,749
Xtep International Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		546,241		275,995

				1,911,732

Curacao : 0.27%
Schlumberger Limited (Energy , Energy Equipment & Services)		2,705		236,877

Czech Republic : 0.09%
CEZ AS (Utilities , Electric Utilities)		3,200		80,721

Denmark : 0.15%
Rockwool International AS B Shares (Industrials , Building Products)		746		135,247

Finland : 0.14%
TietoEnator Oyj (Information Technology , IT Services)		5,800		127,350

France : 5.68%
Alstom SA (Industrials , Machinery)		6,700		190,214
Arkema SA (Materials , Chemicals)		910		97,130
AXA SA (Financials , Insurance)		9,900		260,366
BNP Paribas SA (Financials , Commercial Banks)		3,600		278,938
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary , Auto Components)		1,400		147,882
Credit Agricole SA (Financials , Commercial Banks)†		10,900		146,817
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		752		134,029
Pernod-Ricard SA (Consumer Staples , Beverages)		2,145		230,395
Renault SA (Consumer Discretionary , Automobiles)		2,500		218,354
Sanofi-Aventis SA (Health Care , Pharmaceuticals)		3,700		363,286
Schneider Electric SA (Industrials , Electrical Equipment)		7,440		600,956
SCOR SE (Financials , Insurance)		7,700		249,863
Societe Generale SA (Financials , Commercial Banks)		3,700		209,987
Thales SA (Industrials , Aerospace & Defense)		4,200		273,739
Total SA (Energy , Oil, Gas & Consumable Fuels)		6,000		342,624
Unibail-Rodamco SE (Financials , REITs)		1,509		363,688
Vivendi SA (Telecommunication Services , Diversified Telecommunication Services)		12,000		322,717
Zodiac Aerospace SA (Industrials , Aerospace & Defense)		3,456		609,206

				5,040,191

Germany : 10.76%
Allianz AG (Financials , Insurance)		2,300		384,029
BASF SE (Materials , Chemicals)		2,900		311,060
Bayer AG (Health Care , Pharmaceuticals)		12,607		1,664,430
Beiersdorf AG (Consumer Staples , Personal Products)		4,850		480,385
Daimler AG (Consumer Discretionary , Automobiles)		4,800		402,215
Deutsche Bank AG (Financials , Capital Markets)		3,300		159,736
Deutsche Post AG (Industrials , Air Freight & Logistics)		24,445		846,313
E.ON SE (Utilities , Multi-Utilities)		8,100		147,153
Hannover Rueckversicherung AG (Financials , Insurance)		2,200		174,764
Heidelbergcement AG (Materials , Construction Materials)		1,397		104,098


Wells Fargo Advantage Diversified International Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Germany (continued)
Linde AG (Materials , Chemicals)		5,886	$	1,115,352
Metro AG (Consumer Staples , Food & Staples Retailing)		20,728		855,170
MTU Aero Engines AG (Industrials , Aerospace & Defense)		4,247		377,184
Muenchener Rueckversicherungs-Gesellschaft AG (Financials , Insurance)		3,212		663,450
Norddeutsche Affinerie AG (Materials , Metals & Mining)		1,800		104,292
RWE AG (Utilities , Multi-Utilities)		2,900		107,324
SAP AG (Information Technology , Software)		6,787		518,644
Siemens AG (Industrials , Industrial Conglomerates)		5,802		735,252
Volkswagen AG (Consumer Discretionary , Automobiles)		1,600		389,181

				9,540,032

Hong Kong : 3.49%
AIA Group Limited (Financials , Insurance)		200,200		927,474
Beijing Enterprises Holdings Limited (Industrials , Industrial Conglomerates)		58,500		499,698
China Everbright Limited (Financials , Capital Markets)		470,000		642,568
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		55,000		525,876
Hengdeli Holdings Limited (Consumer Discretionary , Specialty Retail)		1,902,366		405,676
Wheelock & Company Limited (Financials , Real Estate Management & Development)		22,000		90,046

				3,091,338

India : 0.62%
Coal India Limited (Energy , Oil, Gas & Consumable Fuels)		16,734		66,089
Gail Limited (Utilities , Gas Utilities)		2,800		95,564
Grasim Industries GDR (Industrials , Construction & Engineering)		1,800		73,512
Tata Motors Limited ADR (Consumer Discretionary , Automobiles)		7,700		214,445
Tata Steel Limited GDR (Industrials , Machinery)		17,100		96,615

				546,225

Indonesia : 0.19%
PT Bank Rakyat Indonesia Tbk (Financials , Commercial Banks)		241,500		166,169

Ireland : 0.90%
Covidien plc (Health Care , Health Care Equipment & Supplies)		9,086		620,029
Smurfit Kappa Group plc (Materials , Containers & Packaging)		7,500		176,005

				796,034

Israel : 0.46%
Bank Hapoalim Limited (Financials , Commercial Banks)		38,000		198,721
Teva Pharmaceutical Industries Limited (Health Care , Pharmaceuticals)		4,600		207,877

				406,598

Italy : 2.12%
Enel SpA (Utilities , Electric Utilities)		48,100		219,788
ENI SpA (Energy , Oil, Gas & Consumable Fuels)		41,743		948,634
Intesa Sanpaolo SpA (Financials , Commercial Banks)		197,711		535,972
Intesa Sanpaolo SpA - RSP (Financials , Commercial Banks)		78,713		174,740

				1,879,134

Japan : 18.44%
Adeka Corporation (Materials , Chemicals)		20,600		229,852
Aisin Seiki Company Limited (Consumer Discretionary , Auto Components)		3,300		123,544
Alpine Electronics Incorporated (Consumer Discretionary , Household Durables)		11,600		164,628
Aozora Bank Limited (Financials , Commercial Banks)		41,000		117,980
Asahi Glass Company Limited (Industrials , Building Products)		79,000		452,334
Avex Group Holdings Incorporated (Consumer Discretionary , Media)		10,700		246,109
Capcom Company Limited (Information Technology , Software)		31,900		630,069
Daiichikosho Company Limited (Consumer Discretionary , Media)		7,300		228,281


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Diversified International Fund


Security name	Shares		Value
Japan (continued)
Daiwa House Industry Company Limited (Financials , Real Estate Management & Development)		26,000	$	499,794
Daiwa Securities Group Incorporated (Financials , Capital Markets)		93,000		882,940
Denso Corporation (Consumer Discretionary , Auto Components)		5,500		287,408
Eizo Nanao Corporation (Information Technology , Computers & Peripherals)		7,300		185,769
Fukuoka Financial Group Incorporated (Financials , Commercial Banks)		23,000		97,025
Hitachi Capital Corporation (Financials , Consumer Finance)		1,900		48,258
Hitachi Limited (Information Technology , Electronic Equipment, Instruments & Components)		56,000		434,100
Honda Motor Company Limited (Consumer Discretionary , Automobiles)		20,400		777,304
Ishikawajima-Harima Heavy Industries Company Limited (Industrials , Machinery)		117,000		540,511
Itochu Corporation (Industrials , Trading Companies & Distributors)		38,100		471,728
Japan Tobacco Incorporated (Consumer Staples , Tobacco)		3,200		100,131
JX Holdings Incorporated (Energy , Oil, Gas & Consumable Fuels)		28,500		138,637
KDDI Corporation (Telecommunication Services , Wireless Telecommunication Services)		4,300		240,105
Kyorin Company Limited (Health Care , Pharmaceuticals)		7,900		178,537
Maeda Road Construction Company Limited (Industrials , Construction & Engineering)		11,000		181,736
Marubeni Corporation (Industrials , Trading Companies & Distributors)		30,000		212,293
Miraca Holdings Incorporated (Health Care , Health Care Providers & Services)		1,800		85,886
Mitsubishi Corporation (Industrials , Trading Companies & Distributors)		5,500		102,442
Mitsubishi UFJ Financial Group Incorporated (Financials , Commercial Banks)		126,000		768,308
Mitsui & Company Limited (Industrials , Trading Companies & Distributors)		11,000		149,114
Mitsui Fudosan Company Limited (Financials , Real Estate Management & Development)		13,000		418,489
Mitsui OSK Lines Limited (Industrials , Marine)		125,000		521,190
Mizuho Financial Group Incorporated (Financials , Commercial Banks)		154,300		330,740
NGK Insulators Limited (Industrials , Machinery)		35,000		601,889
Nichirei Corporation (Consumer Staples , Food Products)		21,000		96,398
Nippon Telegraph & Telephone Corporation (Telecommunication Services , Diversified Telecommunication Services)		5,600		304,802
Nitto Denko Corporation (Materials , Chemicals)		12,200		549,519
NTT DoCoMo Incorporated (Telecommunication Services , Wireless Telecommunication Services)		10,000		162,768
Olympus Corporation (Consumer Discretionary , Household Durables)†		8,000		238,818
Ono Pharmaceutical Company Limited (Health Care , Pharmaceuticals)		3,500		305,912
Orix Corporation (Financials , Diversified Financial Services)		10,600		164,960
Otsuka Holdings Company Limited (Health Care , Pharmaceuticals)		6,000		184,751
Rengo Company Limited (Materials , Containers & Packaging)		23,000		122,688
Resona Holdings Incorporated (Financials , Commercial Banks)		37,000		197,729
Sankyu Incorporated (Industrials , Road & Rail)		28,000		106,333
SEINO Holdings Company Limited (Industrials , Road & Rail)		3,000		28,717
Sharp Corporation (Consumer Discretionary , Household Durables)†		85,000		294,509
Sojitz Corporation (Industrials , Trading Companies & Distributors)		77,400		134,846
Sumitomo Corporation (Industrials , Trading Companies & Distributors)		19,900		251,258
Sumitomo Metal Mining Company Limited (Materials , Metals & Mining)		11,000		144,808
Sumitomo Mitsui Financial Group Incorporated (Financials , Commercial Banks)		8,000		377,723
Toshiba TEC Corporation (Information Technology , Office Electronics)		22,000		147,499
Toyo Tire & Rubber Company Limited (Consumer Discretionary , Auto Components)		19,000		108,789
Toyota Motor Corporation (Consumer Discretionary , Automobiles)		27,000		1,564,980
West Japan Railway Company (Industrials , Road & Rail)		5,400		223,357
Yokohama Rubber Company Limited (Consumer Discretionary , Auto Components)		21,000		189,919

				16,348,214

Liechtenstein : 0.16%
Verwaltungs-und Privat-Bank AG (Financials , Capital Markets)		1,400		144,841

Malaysia : 0.17%
Tenaga Nasional Berhad (Utilities , Electric Utilities)		42,000		148,540

Mexico : 0.61%
Grupo Televisa SAB ADR (Consumer Discretionary , Media)		18,592		540,284

Netherlands : 3.37%
Aegon NV (Financials , Insurance)		17,300		151,358
Akzo Nobel NV (Materials , Chemicals)		10,300		741,951
ASML Holdings NV (Technology , Software)		4,757		404,065
ING Groep NV (Financials , Diversified Financial Services)†		16,600		220,302


Wells Fargo Advantage Diversified International Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Netherlands (continued)
Koninklijke Ahold NV (Consumer Staples , Food & Staples Retailing)		16,900	$	281,836
Nielsen Holdings NV (Industrials , Professional Services)		1,418		59,967
Unilever NV (Consumer Staples , Food Products)		21,669		809,678
Ziggo NV (Telecommunication Services , Diversified Telecommunication Services)		7,280		316,500

				2,985,657

Nigeria : 0.14%
Nigerian Breweries plc (Consumer Staples , Beverages)		133,969		128,896

Norway : 1.53%
DnB Nor ASA (Financials , Commercial Banks)		12,100		204,511
Frontline 2012 Limited (Energy , Oil, Gas & Consumable Fuels)		25,569		201,621
Marine Harvest ASA (Consumer Staples , Food Products)		54,759		629,369
Statoil ASA (Energy , Oil, Gas & Consumable Fuels)		5,700		134,931
Yara International ASA (Materials , Chemicals)		4,600		189,790

				1,360,222

Poland : 0.10%
Asseco Poland SA (Information Technology , Software)		5,900		86,179

Russia : 1.15%
Gazprom Neft Sponsored ADR (Energy , Oil, Gas & Consumable Fuels)		10,500		213,675
Lukoil ADR (Energy , Oil, Gas & Consumable Fuels)		4,200		239,400
Mobile TeleSystems Open Joint Stock Company ADR (Telecommunication Services , Wireless Telecommunication Services)		14,461		249,452
Sberbank of Russia (Financials , Commercial Banks)		115,453		316,341

				1,018,868

Singapore : 0.07%
Global Logistic Properties Limited (Financials , Real Estate Management & Development)		28,000		62,067

South Africa : 0.23%
Barclays Africa Group Limited (Financials , Commercial Banks)		9,300		108,806
Imperial Holding Limited (Consumer Discretionary , Distributors)		5,700		94,645

				203,451

South Korea : 2.58%
Hana Financial Group Incorporated (Financials , Commercial Banks)		14,830		563,850
Industrial Bank of Korea (Financials , Commercial Banks)		13,500		156,803
Samsung Electronics Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		126		150,014
Samsung Electronics Company Limited GDR (Information Technology , Semiconductors & Semiconductor Equipment)		837		491,319
SK Telecom Company Limited (Telecommunication Services , Wireless Telecommunication Services)		3,692		741,905
Woori Finance Holdings Company Limited (Financials , Commercial Banks)†		16,400		188,531

				2,292,422

Spain : 0.55%
Banco Santander Central Hispano SA (Financials , Commercial Banks)		22,800		197,110
Grifols SA (Health Care , Biotechnology)		4,008		207,818
Grifols SA ADR (Materials , Metals & Mining)		2,113		83,696

				488,624

Sweden : 1.20%
Boliden AB (Materials , Metals & Mining)		12,400		188,610
Nordea Bank AB (Financials , Commercial Banks)		15,000		200,797
Saab AB (Industrials , Aerospace & Defense)		9,100		236,133


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Diversified International Fund


Security name	Shares		Value
Sweden (continued)
Volvo AB Class B (Industrials , Machinery)		33,135	$	439,008

				1,064,548

Switzerland : 8.09%
ABB Limited (Industrials , Electrical Equipment)		27,464		685,199
Actelion Limited (Health Care , Biotechnology)		2,170		203,920
Baloise Holding AG (Financials , Insurance)		2,000		239,343
Credit Suisse Group AG (Financials , Capital Markets)		9,117		275,526
Georg Fischer AG (Industrials , Machinery)		400		274,637
Nestle SA (Consumer Staples , Food Products)		13,035		946,013
Novartis AG (Health Care , Pharmaceuticals)		8,991		712,021
Roche Holdings AG (Health Care , Pharmaceuticals)		4,035		1,109,497
Swatch Group AG Class B (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		1,096		653,381
Swiss Reinsurance AG (Financials , Insurance)		4,437		383,677
UBS AG (Financials , Capital Markets)		19,057		378,134
Valora Holding AG (Consumer Discretionary , Specialty Retail)		520		133,922
Zurich Financial Services AG (Financials , Insurance)		4,058		1,178,483

				7,173,753

Taiwan : 0.07%
Powertech Technology Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)		46,000		63,778

Thailand : 0.12%
Bangchak Petroleum plc (Energy , Oil, Gas & Consumable Fuels)		135,400		109,723

United Kingdom : 17.44%
Amlin plc (Financials , Insurance)		19,500		134,058
AstraZeneca plc (Health Care , Pharmaceuticals)		9,400		596,240
Aviva plc (Financials , Insurance)		22,000		160,938
BAE Systems plc (Industrials , Aerospace & Defense)		49,700		350,582
Barclays plc (Financials , Commercial Banks)		50,000		223,981
BP plc (Energy , Oil, Gas & Consumable Fuels)		153,024		1,202,438
BT Group plc (Telecommunication Services , Diversified Telecommunication Services)		70,500		444,225
Capita plc (Industrials , Professional Services)		38,831		627,810
Centrica plc (Utilities , Gas Utilities)		21,200		108,455
Croda International plc (Materials , Chemicals)		2,851		113,045
Debenhams plc (Consumer Discretionary , Media)		420,235		511,555
Firstgroup plc (Industrials , Road & Rail)†		32,500		71,164
GlaxoSmithKline plc (Health Care , Pharmaceuticals)		4,400		113,127
HSBC Holdings plc (Financials , Commercial Banks)		36,861		379,935
Imperial Tobacco Group plc (Consumer Staples , Tobacco)		14,586		533,029
Intercontinental Hotels Group plc (Consumer Discretionary , Hotels, Restaurants & Leisure)		7,468		241,850
J Sainsbury plc (Consumer Staples , Food & Staples Retailing)		42,600		241,534
Johnson Matthey plc (Materials , Chemicals)		7,687		408,290
Land Securities Group plc (Financials , REITs)		21,430		362,504
Liberty Global plc Class A (Consumer Discretionary , Media)†		6,480		517,946
Liberty Global plc Class C (Consumer Discretionary , Media)†		448		35,540
Man Group plc (Financials , Capital Markets)		525,735		706,096
Meggitt plc (Industrials , Aerospace & Defense)		33,620		284,906
Old Mutual plc (Financials , Insurance)		59,600		169,009
Pace plc (Consumer Discretionary , Household Durables)		36,800		216,150
Prudential plc (Financials , Insurance)		11,575		233,665
Reckitt Benckiser Group plc (Consumer Staples , Household Products)		5,780		433,564
Rolls-Royce Holdings plc (Industrials , Aerospace & Defense)		47,419		925,298
Royal & Sun Alliance Insurance Group plc (Financials , Insurance)		53,200		84,832
Royal Dutch Shell plc Class B (Energy , Oil, Gas & Consumable Fuels)		19,000		694,958
Royal Mail plc (Industrials , Air Freight & Logistics)†		23,258		228,638
SABMiller plc (Consumer Staples , Beverages)		14,750		664,382
Smiths Group plc (Industrials , Industrial Conglomerates)		12,364		292,276
Tesco plc (Consumer Staples , Food & Staples Retailing)		39,100		205,910
Tullett Prebon plc (Financials , Capital Markets)		20,600		112,430


Wells Fargo Advantage Diversified International Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name						Shares		Value
United Kingdom (continued)
Vodafone Group plc (Telecommunication Services , Wireless Telecommunication Services)							161,363	$	600,957
Vodafone Group plc ADR (Telecommunication Services , Wireless Telecommunication Services)							18,872		699,396
WH Smith plc (Consumer Discretionary , Specialty Retail)							15,600		267,475
William Morrison Supermarkets plc (Consumer Staples , Food & Staples Retailing)							48,700		192,059
Wolseley plc (Industrials , Trading Companies & Distributors)							11,988		646,781
WPP plc (Consumer Discretionary , Media)							20,333		426,842

									15,463,870

United States : 1.07%
Apple Incorporated (Information Technology , Computers & Peripherals)							719		359,931
QUALCOMM Incorporated (Information Technology , Communications Equipment)							7,896		586,041

									945,972

Total Common Stocks (Cost $70,546,931)									83,381,549


			Dividend yield
Preferred Stocks : 0.70%

Brazil : 0.22%
Companhia Energetica de Minas Gerais SA ( Utilities , Oil, Gas & Consumable Fuels ) ±				11.02	%		9,296		53,660
Companhia Vale Do Rio Doce Class A ( Materials , Metals & Mining ) ±				6.09			11,100		137,988

									191,648

Germany : 0.48%
Henkel AG & Company KGaA ( Consumer Staples , Household Products ) ±				1.15			3,959		429,189

Total Preferred Stocks (Cost $646,342)									620,837


						Principal
Other : 0.18%
HSBC Bank plc (Expiring 11/17/2016) (Ryanair Holdings plc)						$	18,300		156,270

Total Other (Cost $145,680)									156,270


			Yield			Shares
Short-Term Investments : 3.83%

Investment Companies : 3.83%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07			3,223,081		3,223,081
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)				0.08			172,793		172,793

Total Short-Term Investments (Cost $3,395,874)									3,395,874

Total investments in securities (Cost $74,734,827)*	98.74	%							87,554,530
Other assets and liabilities, net	1.26								1,118,708

Total net assets	100.00	%						$	88,673,238

±	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.


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Diversified International Fund

(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 $77,346,757 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	16,201,980
Gross unrealized depreciation		(5,994,207	)

Net unrealized appreciation	$	10,207,773

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

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

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

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

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.

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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	83,065,208	$	316,341	$	0	$	83,381,549
Preferred stocks		620,837		0		0		620,837
Other		156,270		0		0		156,270
Short-term investments
Investment companies		3,223,081		172,793		0		3,395,874

	$	87,065,396	$	489,134	$	0	$	87,554,530

As of January 31, 2014, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	(60,111	)	$	0	$	(60,111	)

+	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 January 31, 2014		In Exchange for U.S. $		Unrealized Gains (Losses)
4-8-2014	State Street Bank	270,813,800 JPY	$	2,651,482	$	2,591,371	$	(60,111	)


Wells Fargo Advantage Emerging Markets Equity Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 87.62%

Argentina : 0.31%
MercadoLibre Incorporated (Information Technology , Internet Software & Services)«		151,800	$	14,647,182

Brazil : 11.05%
All America Latina Logistica SA (Industrials , Road & Rail)		12,632,870		34,601,998
Ambev SA ADR (Consumer Staples , Beverages)		13,997,000		91,540,380
B2W Companhia Global Do Varejo (Consumer Discretionary , Internet & Catalog Retail)†		2,135,690		20,611,300
Banco Bradesco SA ADR (Financials , Commercial Banks)		9,512,708		100,168,815
BM&F Bovespa SA (Financials , Diversified Financial Services)		10,724,000		42,616,041
BRF Brasil Foods SA ADR (Consumer Staples , Food Products)		1,106,278		19,558,995
Brookfield Incorporacoes SA (Financials , Real Estate Management & Development)†		4,603,572		2,518,063
CCR SA (Industrials , Transportation Infrastructure)		1,903,200		12,255,559
Cetip SA (Financials , Capital Markets)		5,122,537		49,033,712
Lojas Renner SA (Consumer Discretionary , Multiline Retail)		1,456,600		33,456,682
Multiplan Empreendimentos Ilmobilianios SA (Financials , Real Estate Management & Development)		1,421,200		25,682,599
Petroleo Brasileiro SA ADR (Energy , Oil, Gas & Consumable Fuels)		2,483,200		27,836,672
Petroleo Brasileiro SA ADR Class A (Energy , Oil, Gas & Consumable Fuels)		2,302,953		27,405,141
Raia Drogasil SA (Consumer Staples , Food & Staples Retailing)		2,322,600		13,984,203
Vale SA ADR (Materials , Metals & Mining)		1,221,636		16,614,250

				517,884,410

Chile : 0.98%
Banco Santander Chile SA ADR (Financials , Commercial Banks)		1,207,700		23,525,996
Inversiones La Construccion (Financials , Diversified Financial Services)		100,000		1,188,470
SACI Falabella (Consumer Discretionary , Multiline Retail)		2,730,000		21,283,305

				45,997,771

China : 16.99%
51Job Incorporated ADR (Industrials , Professional Services)«†		583,191		42,578,775
Baidu Incorporated (Information Technology , Internet Software & Services)†		179,700		28,123,050
China Life Insurance Company Limited (Financials , Insurance)		33,905,290		92,587,422
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		12,185,165		116,507,054
CNOOC Limited (Energy , Oil, Gas & Consumable Fuels)		46,980,000		73,327,322
Ctrip.com International Limited ADR (Consumer Discretionary , Internet & Catalog Retail)†		944,016		37,298,072
First Tractor Company (Industrials , Machinery)		7,532,000		4,978,046
Hengan International Group Company Limited (Consumer Staples , Personal Products)		4,740,000		51,336,232
New Oriental Education & Technology Group Incorporated (Consumer Discretionary , Diversified Consumer Services)		1,941,182		56,954,280
PetroChina Company Limited (Energy , Oil, Gas & Consumable Fuels)		26,870,000		26,097,658
Shandong Weigao Group Medical Polymer Company Limited Class H (Health Care , Health Care Equipment & Supplies)		8,600,000		10,138,106
Sichuan Expressway Company (Industrials , Transportation Infrastructure)		22,984,000		6,358,259
SINA Corporation (Information Technology , Internet Software & Services)†		1,621,907		105,732,117
Sun Art Retail Group Limited (Consumer Staples , Food & Staples Retailing)		22,554,500		29,565,723
Tingyi Holding Corporation (Consumer Staples , Food Products)		22,528,000		58,574,860
Tsingtao Brewery Company Limited (Consumer Staples , Beverages)		7,552,000		55,717,012

				795,873,988

Colombia : 0.59%
Bancolombia SA ADR (Financials , Commercial Banks)«		632,900		27,809,626

Hong Kong : 3.45%
AIA Group Limited (Financials , Insurance)		13,441,400		62,270,475
Belle International Holdings Limited (Consumer Discretionary , Specialty Retail)		57,616,000		62,926,011
Johnson Electric Holdings Limited (Industrials , Electrical Equipment)		15,985,000		14,320,915
Li Ning Company Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)†«		12,606,500		10,164,043
Shangri-La Asia Limited (Consumer Discretionary , Hotels, Restaurants & Leisure)		3,033,500		5,053,767
Texwinca Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		7,164,000		6,887,909

				161,623,120


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Emerging Markets Equity Fund


Security name	Shares		Value
India : 6.26%
Bharti Airtel Limited (Telecommunication Services , Wireless Telecommunication Services)		4,838,728	$	24,326,859
Bharti Infratel Limited (Industrials , Construction & Engineering)		5,218,871		14,322,638
Housing Development Finance Corporation Limited (Financials , Thrifts & Mortgage Finance)		2,100,700		27,105,752
ICICI Bank Limited ADR (Financials , Commercial Banks)		1,688,355		54,314,380
Infosys Technologies Limited ADR (Information Technology , IT Services)		708,115		41,481,377
ITC Limited (Consumer Staples , Tobacco)		9,782,640		50,759,497
Reliance Industries Limited (Energy , Oil, Gas & Consumable Fuels)		3,044,200		40,382,840
Reliance Industries Limited GDR (Energy , Oil, Gas & Consumable Fuels)144A		1,246,587		32,785,238
Ultra Tech Cement Limited (Materials , Construction Materials)		286,000		7,808,797

				293,287,378

Indonesia : 0.95%
PT Astra International Tbk (Consumer Discretionary , Automobiles)		13,851,000		7,334,031
PT Bank Central Asia Tbk (Financials , Commercial Banks)		9,299,500		7,621,970
PT Matahari Department Store Tbk (Consumer Discretionary , Multiline Retail)†		1,833,000		1,755,092
PT Telekomunik Indonesia Persoro Tbk (Telecommunication Services , Diversified Telecommunication Services)«		768,877		27,887,169

				44,598,262

Israel : 0.28%
Israel Chemicals Limited (Materials , Chemicals)		1,569,600		12,885,501

Malaysia : 1.43%
Genting Bhd (Consumer Discretionary , Hotels, Restaurants & Leisure)		7,880,900		24,552,283
Genting Malaysia Bhd (Consumer Discretionary , Hotels, Restaurants & Leisure)		15,996,300		20,889,958
KLCC Property Holdings Bhd (Financials , REITs)		3,437,900		5,958,410
Sime Darby Bhd (Industrials , Industrial Conglomerates)		5,865,937		15,783,746

				67,184,397

Mexico : 11.35%
America Movil SAB de CV ADR (Telecommunication Services , Wireless Telecommunication Services)		3,203,420		68,104,709
Cemex SAB de CV ADR (Materials , Construction Materials)†		4,781,719		59,149,864
Fibra Uno Administracion SAB de CV (Financials , REITs)		17,202,159		55,514,071
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples , Beverages)		1,134,400		102,368,256
Grupo Financiero Banorte SAB de CV (Financials , Commercial Banks)		11,264,711		71,105,645
Grupo Financiero Santander SAB de CV ADR (Financials , Commercial Banks)		2,023,641		22,381,469
Grupo Sanborns SA de CV (Consumer Discretionary , Multiline Retail)		4,264,153		7,776,484
Grupo Televisa SAB ADR (Consumer Discretionary , Media)		2,475,000		71,923,500
Wal-Mart de Mexico SAB de CV (Consumer Staples , Food & Staples Retailing)		30,727,100		73,497,826

				531,821,824

Peru : 0.34%
Compania de Minas Buenaventura SA ADR (Materials , Metals & Mining)«		1,263,600		15,668,640

Philippines : 0.45%
Ayala Corporation (Financials , Diversified Financial Services)		632,624		7,350,865
Metropolitan Bank & Trust Company (Financials , Commercial Banks)		3,650,521		6,153,019
SM Investments Corporation (Industrials , Industrial Conglomerates)		476,582		7,442,523

				20,946,407

Russia : 4.79%
Lukoil ADR (Energy , Oil, Gas & Consumable Fuels)		1,011,249		57,489,506
Magnit (Consumer Staples , Food & Staples Retailing)(a)		69,300		16,522,962
Mobile TeleSystems OJSC ADR (Telecommunication Services , Wireless Telecommunication Services)		3,387,800		58,439,550
Sberbank of Russia (Financials , Commercial Banks)		5,517,377		15,117,613
Sberbank of Russia ADR (Financials , Commercial Banks)		2,181,195		23,600,530


Wells Fargo Advantage Emerging Markets Equity Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Russia (continued)
Yandex NV Class A (Information Technology , Internet Software & Services)†		1,448,106	$	53,217,896

				224,388,057

South Africa : 4.85%
Anglo American Platinum Limited (Materials , Metals & Mining)†«		106,832		4,256,455
AngloGold Ashanti Limited ADR (Materials , Metals & Mining)		1,077,592		15,775,947
Clicks Group Limited (Consumer Staples , Food & Staples Retailing)		1,020,000		5,212,222
Gold Fields Limited ADR (Materials , Metals & Mining)		960,700		3,343,236
Impala Platinum Holdings Limited (Materials , Metals & Mining)		1,290,758		13,409,990
MTN Group Limited (Telecommunication Services , Wireless Telecommunication Services)		2,112,643		37,549,014
Sasol Limited (Energy , Oil, Gas & Consumable Fuels)		470,000		22,556,955
Shoprite Holdings Limited (Consumer Staples , Food & Staples Retailing)		3,388,100		43,511,845
Standard Bank Group Limited (Financials , Commercial Banks)		2,085,190		21,946,899
Tiger Brands Limited (Consumer Staples , Food Products)		2,483,333		59,448,911

				227,011,474

South Korea : 9.55%
Amorepacific Corporation (Consumer Staples , Personal Products)†		8,490		8,010,296
KB Financial Group Incorporated (Financials , Commercial Banks)		330,000		11,351,117
KB Financial Group Incorporated ADR (Financials , Commercial Banks)		93,117		3,124,075
KT Corporation ADR (Telecommunication Services , Diversified Telecommunication Services)		4,054,813		57,375,604
KT&G Corporation (Consumer Staples , Tobacco)		949,891		67,180,594
Lotte Chilsung Beverage Company Limited (Consumer Staples , Beverages)†		5,255		7,953,567
Lotte Confectionery Company Limited (Consumer Staples , Food Products)†		3,327		5,781,492
Samsung Electronics Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		175,736		209,229,024
Samsung Life Insurance Company Limited (Financials , Insurance)		642,337		61,836,688
Shinhan Financial Group Company Limited (Financials , Commercial Banks)		365,945		15,545,369

				447,387,826

Taiwan : 8.24%
104 Corporation (Industrials , Commercial Services & Supplies)		1,655,000		6,036,059
Far Eastern New Century Corporation (Industrials , Industrial Conglomerates)		27,145,760		28,091,736
Fuhwa Financial Holdings Company Limited (Financials , Capital Markets)		48,050,750		26,750,245
Media Tek Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)		1,918,881		25,592,110
President Chain Store Corporation (Consumer Staples , Food & Staples Retailing)		3,225,000		21,664,907
Taiwan Semiconductor Manufacturing Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		14,535,224		50,445,477
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology , Semiconductors & Semiconductor Equipment)		9,847,852		166,625,656
Uni-President Enterprises Corporation (Consumer Staples , Food Products)		37,000,480		61,029,329

				386,235,519

Thailand : 3.36%
Bangkok Bank PCL (Financials , Commercial Banks)		3,729,800		19,377,786
PTT Exploration & Production PCL ADR (Energy , Oil, Gas & Consumable Fuels)		5,503,739		25,509,605
PTT PCL (Energy , Oil, Gas & Consumable Fuels)		3,090,200		25,837,480
Siam Commercial Bank PCL (Financials , Commercial Banks)		9,505,100		42,903,965
Thai Beverage PCL (Consumer Staples , Beverages)		100,627,000		43,643,548

				157,272,384

Turkey : 0.94%
Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples , Beverages)		2,900,453		29,381,745
Turkcell Iletisim Hizmetleri AS ADR (Telecommunication Services , Wireless Telecommunication Services)†		1,181,462		14,709,202

				44,090,947


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Emerging Markets Equity Fund


Security name								Shares		Value
United Kingdom : 1.46%
African Barrick Gold Limited (Materials , Metals & Mining)«									1,428,500	$	5,161,584
Standard Chartered Bank plc (Financials , Commercial Banks)									3,099,560		63,182,491

											68,344,075

Total Common Stocks (Cost $4,179,275,503)											4,104,958,788


			Interest rate			Maturity date		Principal
Convertible Debentures : 0.00%

Brazil : 0.00%
Lupatech SA (Energy, Energy Equipment & Services) (a)(i)(s)				6.50	%		4-15-2018	$	303,000		3,968

Total Convertible Debentures (Cost $160,691)											3,968


			Dividend yield					Shares
Preferred Stocks : 2.02%

Brazil : 2.02%
Lojas Americanas SA ( Consumer Discretionary , Multiline Retail ) ±				0.25					13,180,903		80,289,764
Vale SA ADR ( Materials , Metals & Mining ) ±				6.98					1,153,500		14,164,980

Total Preferred Stocks (Cost $110,834,693)											94,454,744


						Expiration date
Warrants : 0.02%

Malaysia : 0.02%
Genting Bhd (Consumer Discretionary , Hotels, Restaurants & Leisure)							12-18-2018		1,070,225		933,828

Total Warrants (Cost $504,268)											933,828


			Yield
Short-Term Investments : 11.54%

Investment Companies : 11.54%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07					507,169,932		507,169,932
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)				0.08					33,371,123		33,371,123
Total Short-Term Investments (Cost $540,541,055)											540,541,055

Total investments in securities (Cost $4,831,316,210)*	101.20	%									4,740,892,383
Other assets and liabilities, net	(1.20	)									(56,007,739	)

Total net assets	100.00	%								$	4,684,884,644

«	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.

(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

(s)

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

(l)

Investment in an affiliate

(u)

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


Wells Fargo Advantage Emerging Markets Equity Fund		Portfolio of investments — January 31, 2014 (unaudited)

(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.

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

*	Cost for federal income tax purposes is $4,840,115,248 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	437,586,303
Gross unrealized depreciation		(536,809,168	)

Net unrealized depreciation	$	(99,222,865	)

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

Notes to Portfolio of investments – January 31, 2014 (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”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund 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 January 31, 2014, fair value pricing was not used in pricing foreign securities.

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices 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.

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

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

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.

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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable Inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	4,073,318,213	$	31,640,575	$	0	$	4,104,958,788
Preferred stocks		94,454,744		0		0		94,454,744
Warrants		0		933,828		0		933,828
Convertible debentures		0		0		3,968		3,968
Short-term investments
Investment companies		507,169,932		33,371,123		0		540,541,055

	$	4,674,942,889	$	65,945,526	$	3,968	$	4,740,892,383

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended January 31, 2014, 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 — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 66.15%

Australia : 1.18%
BHP Billiton Limited (Materials , Metals & Mining)		19,860	$	635,604

Brazil : 8.35%
Alupar Investimento SA (Utilities , Electric Utilities)†		81,660		527,537
Grendene SA (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		86,800		575,489
Itau Unibanco Holding SA ADR (Financials , Commercial Banks )		44,635		546,332
Natura Cosmeticos SA (Consumer Staples , Personal Products)		35,600		579,307
Telefonica Brasil ADR (Telecommunication Services , Diversified Telecommunication Services)		21,801		414,219
Transmissora Alianca de Energia Eletrica SA Composite Unit (Utilities , Electric Utilities)		53,000		389,168
Tupy SA (Consumer Discretionary , Auto Components)		97,786		802,710
Valid Solucoes SA (Industrials , Commercial Services & Supplies)		53,000		661,059

				4,495,821

Chile : 1.14%
Aguas Andinas SA Class A (Utilities , Water Utilities)		962,517		615,198

China : 10.59%
Agricultural Bank of China (Financials , Commercial Banks)		322,000		141,783
ANTA Sports Products Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		114,000		167,457
China Construction Bank (Financials , Commercial Banks)		385,000		269,467
China Hongqiao Group Limited (Materials , Metals & Mining)		338,500		212,122
China Lilang Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		599,000		359,733
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		59,500		568,902
China Petroleum & Chemical Corporation (Energy , Oil, Gas & Consumable Fuels)		601,600		478,088
Cosco Pacific Limited (Industrials , Transportation Infrastructure)		475,521		611,355
Datang International Power Generation Company Limited (Utilities , Independent Power Producers & Energy Traders)		298,000		119,331
Digital China Holdings Limited (Information Technology , Electronic Equipment, Instruments & Components)		108,000		106,354
Guangshen Railway Company (Industrials , Road & Rail)		622,000		270,361
Guangzhou R&F Properties Company Limited (Financials , Real Estate Management & Development)		209,200		279,319
Huaneng Power International Incorporated (Utilities , Independent Power Producers & Energy Traders)		160,000		149,657
Industrial & Commercial Bank of China Limited Class H (Financials , Commercial Banks)		944,000		589,626
PetroChina Company Limited (Energy , Oil, Gas & Consumable Fuels)		538,000		522,536
Qinhuangdao Port Company Limited (Industrials , Transportation Infrastructure)†		269,000		159,381
Shenzhen Expressway Company Limited (Industrials , Transportation Infrastructure)		704,000		312,261
Yuzhou Properties Company (Financials, Real Estate Management & Development )		623,000		136,764
Zhejiang Expressway Company Limited (Industrials , Transportation Infrastructure)		272,000		245,393

				5,699,890

Cyprus : 0.45%
Globaltrans Investment plc (Industrials , Road & Rail)		18,187		240,978

Czech Republic : 1.65%
CEZ AS (Utilities , Electric Utilities)		18,697		471,639
Komercni Banka AS (Financials , Commercial Banks)		1,920		415,863

				887,502

Hong Kong : 2.56%
Bosideng International Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		1,932,000		352,072
Shanghai Industrial Holdings Limited (Industrials , Industrial Conglomerates)		125,000		417,849
SJM Holdings Limited (Consumer Discretionary , Hotels, Restaurants & Leisure)		45,000		141,584
Texwinca Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		218,000		209,599
Yue Yuen Industrial Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		83,500		258,705

				1,379,809


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Emerging Markets Equity Income Fund


Security name	Shares		Value
Indonesia : 1.51%
PT Bank Rakyat Indonesia Tbk (Financials , Commercial Banks)		288,900	$	198,784
PT Surya Semesta Internusa Tbk (Financials , Real Estate Management & Development)		2,927,000		162,480
PT Telekomunikasi Indonesia Tbk (Telecommunication Services , Diversified Telecommunication Services)		2,420,500		451,608

				812,872

Malaysia : 1.68%
Berjaya Sports Toto Berhad (Consumer Discretionary , Hotels, Restaurants & Leisure)		166,766		202,085
Sunway Real Estate Investment Trust (Financials , REITs)		545,500		208,648
Telecom Malaysia Berhad (Telecommunication Services , Diversified Telecommunication Services)		113,000		186,136
Westports Holdings (Industrials , Transportation Infrastructure)		404,682		305,945

				902,814

Mexico : 5.72%
Bolsa Mexicana de Valores SAB (Financials , Diversified Financial Services)		132,800		268,102
Grupo Aeroportuario del Centro Norte SAB de CV (Industrials , Transportation Infrastructure)		203,741		632,368
Grupo Aeroportuario del Pacifico SAB de CV (Industrials , Transportation Infrastructure)		130,530		711,600
Grupo Financiero Santander SAB de CV (Financials , Commercial Banks)		276,343		613,889
Macquarie Mexico Real Estate Management SA de CV (Financials , REITs)144A		467,093		852,181

				3,078,140

Panama : 0.67%
Banco Latinoamericano de Comercio Exterior SA (Financials , Commercial Banks)		14,289		362,941

Philippines : 2.25%
Globe Telecom Incorporated (Telecommunication Services , Wireless Telecommunication Services)		10,840		409,859
Philippine Long Distance Telephone Company (Telecommunication Services , Wireless Telecommunication Services)		9,420		563,508
Semirara Mining Corporation (Energy , Oil, Gas & Consumable Fuels)		33,500		237,043

				1,210,410

Poland : 2.71%
Bank Pekao SA (Financials , Commercial Banks)		11,204		658,128
Powszechny Zaklad Ubezpieczen SA (Financials , Insurance)		3,074		402,292
Telekomunikacja Polska SA (Telecommunication Services , Diversified Telecommunication Services)		119,700		396,370

				1,456,790

Russia : 6.06%
Alrosa Corporate (Materials , Metals & Mining)(a)		930,015		964,168
Gazprom ADR (Energy , Oil, Gas & Consumable Fuels)		84,168		695,228
Lukoil ADR – London Exchanges (Energy , Oil, Gas & Consumable Fuels)		7,036		399,997
Mail.Ru Group Limited (Information Technology , Internet Software & Services)		14,275		532,029
Mining and Metallurgical Company OJSC (Materials , Metals & Mining)(a)		4,407		673,379

				3,264,801

Singapore : 2.66%
Ascendas India Trust (Financials , Real Estate Management & Development)		685,000		367,515
Ascott Residence Trust (Financials , REITs)		202,800		188,811
Asian Pay Television Trust (Consumer Discretionary , Media)		114,000		68,341
Hutchison Port Holdings Trust (Industrials , Transportation Infrastructure)		255,000		170,143
Keppel Corporation Limited (Industrials , Industrial Conglomerates)		26,000		212,864
Keppel REIT (Financials , REITs)		1,600		1,416
Lippo Malls Indonesia Retail Trust (Financials , REITs)		827,000		266,963
STX OSV Holdings Limited (Industrials , Machinery)†		244,000		157,674

				1,433,727


Wells Fargo Advantage Emerging Markets Equity Income Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
South Africa : 5.12%
Barclays Africa Group Limited (Financials , Commercial Banks)		17,546	$	205,281
Kumba Iron Ore Limited (Materials , Metals & Mining)		19,957		805,788
MTN Group Limited (Telecommunication Services , Wireless Telecommunication Services)		35,920		638,423
Sanlam Limited (Financials , Insurance)		102,418		439,573
Sasol Limited (Energy , Oil, Gas & Consumable Fuels)		13,928		668,454

				2,757,519

South Korea : 3.03%
Hite Jinro Company Limited (Consumer Staples , Beverages)†		6,850		136,697
Kangwon Land Incorporated (Consumer Discretionary , Hotels, Restaurants & Leisure)†		5,060		159,598
KT&G Corporation (Consumer Staples , Tobacco)		4,583		324,131
S-Oil Corporation (Energy , Oil, Gas & Consumable Fuels)		7,450		475,062
SK Telecom Company Limited ADR (Telecommunication Services , Wireless Telecommunication Services)		24,510		537,749

				1,633,237

Taiwan : 6.36%
Chicony Electronics Company Limited (Computers & Peripherals)		63,000		160,678
Chroma Ate Incorporated (Information Technology , Electronic Equipment, Instruments & Components)		95,000		203,508
Chunghwa Telecom Company Limited (Telecommunication Services , Diversified Telecommunication Services)		42,000		125,685
Cleanaway Company Limited (Industrials , Commercial Services & Supplies)		44,000		269,558
CTCI Corporation (Industrials , Construction & Engineering)		122,000		166,572
Delta Electronics Incorporated (Information Technology , Electronic Equipment, Instruments & Components)		27,000		148,246
Everlight Electronics Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		75,000		178,971
Huaku Development Company Limited (Financials , Real Estate Management & Development)		26,680		65,640
Mega Financial Holding Company Limited (Financials , Commercial Banks)		237,065		191,441
Quanta Computer Incorporated (Computers & Peripherals)		46,000		113,248
Radiant Opto-Electronics Corporation (Information Technology , Semiconductors & Semiconductor Equipment)		141,530		616,686
Siliconware Precision Industries Company (Information Technology , Semiconductors & Semiconductor Equipment)		164,000		200,011
Taiwan Cement Corporation (Materials , Construction Materials)		160,000		234,026
United Microelectronics Corporation ADR (Information Technology , Semiconductors & Semiconductor Equipment)		207,025		418,191
WPG Holdings Company Limited (Information Technology , Electronic Equipment, Instruments & Components)		283,000		328,895

				3,421,356

Thailand : 0.71%
Hemaraj Land & Development Public Company Limited (Financials , Real Estate Management & Development)		538,300		44,682
PTT Global Chemical pcl (Materials , Chemicals)		105,300		227,283
Thai Union Frozen Products pcl (Consumer Staples , Food Products)		51,700		109,242

				381,207

Turkey : 0.78%
Akcansa Cimento (Materials , Construction Materials)		32,614		164,469
Cimsa Cimento Sanayi ve Ticaret AS (Materials , Construction Materials)		50,917		257,896

				422,365


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Emerging Markets Equity Income Fund


Security name						Shares		Value
United Kingdom : 0.97%
HSBC Holdings plc (Financials , Commercial Banks)							49,600	$	520,559

Total Common Stocks (Cost $36,821,554)									35,613,540


				Expiration date
Participation Notes : 2.25%

India : 1.94%
HSBC Bank plc (NMDC Limited) (Materials , Metals & Mining)					11-2-2020		60,156		264,539
HSBC Bank plc (Oil and Natural Gas Corporation) ( Energy , Oil, Gas & Consumable Fuels )					11-2-2020		107,750		425,514
HSBC Bank plc (Coal India) (Materials , Metals & Mining)					1-10-2024		153,986		356,335

Qatar : 0.31%
HSBC Bank plc (Qatar National Bank) ( Financials , Commercial Banks )					11-2-2020		3,280		166,184

Total Participation Notes (Cost $1,262,561)									1,212,572


	Dividend yield
Preferred Stocks : 4.58%

Brazil : 2.34%
Banco Bradesco SA ( Financials , Commercial Banks ) ±		3.10	%				23,200		251,492
Companhia Vale Do Rio Doce Class A ( Materials , Metals & Mining ) ±		6.09					52,700		655,133
Petroleo Brasileiro SA ( Energy , Oil, Gas & Consumable Fuels ) ±		5.43					58,100		353,909

									1,260,534

Russia : 2.24%
Rostelecom Pfd Preference ( Telecommunication Services , Wireless Telecommunication Services ) ±		6.43					191,073		390,612
Sberbank ADR ( Financials , Commercial Banks ) (a)±		4.78					379,308		816,035

									1,206,647

Total Preferred Stocks (Cost $2,742,594)									2,467,181

Investment Companies : 0.04%

Thailand : 0.04%
Samui Airport Property Fund (Financials , Capital Markets)							45,900		21,553

Total Investment Companies (Cost $26,409)									21,553


	Yield
Short-Term Investments : 43.15%

Investment Companies : 43.15%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07					23,227,188		23,227,188

Total Short-Term Investments (Cost $23,227,188)									23,227,188


Wells Fargo Advantage Emerging Markets Equity Income Fund		Portfolio of investments — January 31, 2014 (unaudited)


Total investments in securities (Cost $64,080,306)*	116.17	%		62,542,034
Other assets and liabilities, net	(16.17	)		(8,704,669	)

Total net assets	100.00	%	$	53,837,365

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.

(l)

Investment in an affiliate

(u)

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

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

†	Non-income-earning security

*	Cost for federal income tax purposes is $64,097,162 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	962,321
Gross unrealized depreciation		(2,517,449	)

Net unrealized depreciation	$	(1,555,128	)

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

Investments in 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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	33,975,993	$	1,637,547	$	0	$	35,613,540
Investment companies		21,553		0		0		21,553
Preferred stocks		1,260,534		1,206,647		0		2,467,181
Participation notes		0		1,212,572		0		1,212,572
Short-term investments
Investment companies		23,227,188		0		0		23,227,188

	$	58,485,268	$	4,056,766	$	0	$	62,542,034


Wells Fargo Advantage Emerging Markets Equity Select Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 87.26%

Argentina : 0.36%
MercadoLibre Incorporated (Information Technology , Internet Software & Services)		170	$	16,403

Brazil : 11.01%
All America Latina Logistica SA (Industrials , Road & Rail)		13,500		36,977
Ambev SA ADR (Consumer Staples , Beverages)		14,000		91,560
Banco Bradesco SA ADR (Financials , Commercial Banks)		9,400		98,982
BM&F Bovespa SA (Financials , Diversified Financial Services)		11,000		43,713
BRF Brasil Foods SA ADR (Consumer Staples , Food Products)		1,300		22,984
CCR SA (Industrials , Transportation Infrastructure)		2,000		12,879
Cetip SA (Financials , Capital Markets)		5,000		47,861
Lojas Renner SA (Consumer Discretionary , Multiline Retail)		1,500		34,453
Multiplan Empreendimentos Ilmobilianios SA (Financials , Real Estate Management & Development)		1,600		28,914
Petroleo Brasileiro SA ADR (Energy , Oil, Gas & Consumable Fuels)		5,000		56,050
Vale SA ADR (Materials , Metals & Mining)		2,200		29,920

				504,293

Chile : 0.72%
Banco Santander Chile SA ADR (Financials , Commercial Banks)		1,700		33,116

China : 16.25%
Baidu Incorporated (Information Technology , Internet Software & Services)†		200		31,300
China Life Insurance Company Limited (Financials , Insurance)		34,000		92,846
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		12,000		114,737
CNOOC Limited (Energy , Oil, Gas & Consumable Fuels)		46,000		71,798
Ctrip.com International Limited ADR (Consumer Discretionary , Internet & Catalog Retail)†		1,000		39,510
Hengan International Group Company Limited (Consumer Staples , Personal Products)		5,000		54,152
New Oriental Education & Technology Group Incorporated (Consumer Discretionary , Diversified Consumer Services)		1,900		55,746
PetroChina Company Limited (Energy , Oil, Gas & Consumable Fuels)		30,000		29,138
SINA Corporation (Information Technology , Internet Software & Services)†		1,610		104,956
Sun Art Retail Group Limited (Consumer Staples , Food & Staples Retailing)		26,000		34,082
Tingyi Holding Corporation (Consumer Staples , Food Products)		22,000		57,202
Tsingtao Brewery Company Limited (Consumer Staples , Beverages)		8,000		59,022

				744,489

Colombia : 0.67%
Bancolombia SA ADR (Financials , Commercial Banks)		700		30,758

Hong Kong : 2.65%
AIA Group Limited (Financials , Insurance)		13,000		60,226
Belle International Holdings Limited (Consumer Discretionary , Specialty Retail)		56,000		61,161

				121,387

India : 4.84%
HDFC Bank Limited (Financials , Commercial Banks)		1,700		53,193
ICICI Bank Limited ADR (Financials , Commercial Banks)		1,600		51,472
Infosys Technologies Limited ADR (Information Technology , IT Services)		650		38,077
Reliance Industries Limited GDR (Energy , Oil, Gas & Consumable Fuels)		3,000		78,900

				221,642

Indonesia : 1.85%
PT Astra International Tbk (Consumer Discretionary , Automobiles)		40,000		21,180
PT Bank Central Asia Tbk (Financials , Commercial Banks)		25,000		20,490
PT Matahari Department Store Tbk (Consumer Discretionary , Multiline Retail)†		10,000		9,575


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Emerging Markets Equity Select Fund


Security name	Shares		Value
Indonesia (continued)
PT Telekomunikasi Indonesia Tbk (Telecommunication Services , Diversified Telecommunication Services)		180,000	$	33,584

				84,829

Malaysia : 1.76%
Genting Bhd (Consumer Discretionary , Hotels, Restaurants & Leisure)		11,000		34,270
Genting Malaysia Bhd (Consumer Discretionary , Hotels, Restaurants & Leisure)		19,000		24,813
Sime Darby Bhd (Industrials , Industrial Conglomerates)		8,000		21,526

				80,609

Mexico : 12.00%
America Movil SAB de CV ADR (Telecommunication Services , Wireless Telecommunication Services)		3,300		70,158
Cemex SAB de CV ADR (Materials , Construction Materials)†		5,000		61,850
Fibra Uno Administracion SAB de CV (Financials , REITs)		17,500		56,475
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples , Beverages)		1,200		108,288
Grupo Financiero Banorte SAB de CV (Financials , Commercial Banks)		11,000		69,435
Grupo Financiero Santander SAB de CV ADR (Financials , Commercial Banks)		2,000		22,120
Grupo Sanborns SA de CV (Consumer Discretionary , Multiline Retail)		5,000		9,118
Grupo Televisa SAB ADR (Consumer Discretionary , Media)		2,700		78,462
Wal-Mart de Mexico SAB de CV (Consumer Staples , Food & Staples Retailing)		31,000		74,151

				550,057

Peru : 0.46%
Compania de Minas Buenaventura SA ADR (Materials , Metals & Mining)		1,700		21,080


Philippines : 1.01%
Ayala Corporation (Financials , Diversified Financial Services)		1,500		17,429
Metropolitan Bank & Trust Company (Financials , Commercial Banks)		6,000		10,113
SM Investments Corporation (Industrials , Industrial Conglomerates)		1,200		18,740

				46,282

Russia : 6.04%
Lukoil ADR (Energy , Oil, Gas & Consumable Fuels)		1,200		68,220
Magnit (Consumer Staples , Food & Staples Retailing)(a)		200		47,685
Mobile TeleSystems Open Joint Stock Company ADR (Telecommunication Services , Wireless Telecommunication Services)		3,500		60,375
Sberbank of Russia ADR (Financials , Commercial Banks)		4,000		43,280
Yandex NV Class A (Information Technology , Internet Software & Services)		1,550		56,962

				276,522

South Africa : 4.97%
AngloGold Ashanti Limited ADR (Materials , Metals & Mining)		1,500		21,960
Impala Platinum Holdings Limited (Materials , Metals & Mining)		1,300		13,506
MTN Group Limited (Telecommunication Services , Wireless Telecommunication Services)		2,500		44,434
Sasol Limited (Energy , Oil, Gas & Consumable Fuels)		400		19,197
Shoprite Holdings Limited (Consumer Staples , Food & Staples Retailing)		3,300		42,380
Standard Bank Group Limited (Financials , Commercial Banks)		2,500		26,313
Tiger Brands Limited (Consumer Staples , Food Products)		2,500		59,848

				227,638

South Korea : 8.46%
KT Corporation ADR (Telecommunication Services , Diversified Telecommunication Services)		4,000		56,600
KT&G Corporation (Consumer Staples , Tobacco)		1,000		70,724
Samsung Electronics Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		170		202,400


Wells Fargo Advantage Emerging Markets Equity Select Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name				Shares		Value
South Korea (continued)
Samsung Life Insurance Company Limited (Financials , Insurance)					600	$	57,761

							387,485

Taiwan : 7.81%
Far Eastern New Century Corporation (Industrials , Industrial Conglomerates)					21,000		21,732
Media Tek Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)					2,000		26,674
President Chain Store Corporation (Consumer Staples , Food & Staples Retailing)					4,000		26,871
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology , Semiconductors & Semiconductor Equipment)					13,000		219,960
Uni-President Enterprises Corporation (Consumer Staples , Food Products)					38,000		62,678

							357,915

Thailand : 4.32%
Bangkok Bank PCL (Financials , Commercial Banks)					5,000		25,977
PTT Exploration & Production PCL ADR (Energy , Oil, Gas & Consumable Fuels)					7,000		32,445
PTT PCL (Energy , Oil, Gas & Consumable Fuels)					4,000		33,444
Siam Commercial Bank PCL (Financials , Commercial Banks)					12,000		54,165
Thai Beverage PCL (Consumer Staples , Beverages)					120,000		52,046

							198,077

Turkey : 0.66%
Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples , Beverages)					3,000		30,390

United Kingdom : 1.42%
Standard Chartered Bank plc (Financials , Commercial Banks)					3,200		65,230

Total Common Stocks (Cost $4,416,621)							3,998,202


	Dividend yield
Preferred Stocks : 1.73%

Brazil : 1.73%
Lojas Americanas SA ( Consumer Discretionary , Multiline Retail ) ±		0.84	%		13,000		79,188

Total Preferred Stocks (Cost $87,412)							79,188

Investment Companies : 2.90%

United States : 2.90%
iShares MSCI South Korea Capped ETF					1,100		64,944
iShares MSCI Taiwan ETF					5,000		67,850

Total Investment Companies (Cost $141,015)							132,794


	Yield
Short-Term Investments : 5.63%

Investment Companies : 5.63%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07			258,041		258,041

Total Short-Term Investments (Cost $258,041)							258,041


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Emerging Markets Equity Select Fund


Total investments in securities (Cost $4,903,089)*	97.52	%	$	4,468,225
Other assets and liabilities, net	2.48			113,814

Total net assets	100.00	%	$	4,582,039

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

(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.

(u)

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

(l)

Investment in an affiliate

†	Non-income-earning security

*	Cost for federal income tax purposes is $4,903,089 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	24,429
Gross unrealized depreciation		(459,293	)

Net unrealized depreciation	$	(434,864	)

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

Investments in 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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	3,950,517	$	47,685	$	0	$	3,998,202
Preferred stocks		79,188		0		0		79,188
Investment companies		132,794		0		0		132,794
Short-term investments
Investment companies		258,041		0		0		258,041

	$	4,420,540	$	47,685	$	0	$	4,468,225

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


Wells Fargo Advantage Global Opportunities Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 202.86%

Australia : 2.49%
Atlas Iron Limited (Materials , Metals & Mining)		1,216,169	$	1,074,974
Tiger Resources Limited (Materials , Metals & Mining)†		7,425,450		2,436,894

				3,511,868

Austria : 1.18%
RHI AG (Materials , Construction Materials)		50,924		1,669,296

Canada : 4.03%
Capstone Mining Corporation (Materials , Metals & Mining)†		370,642		961,756
MBAC Fertilizer Corporation (Materials , Chemicals)«†		578,864		608,100
MBAC Fertilizer Corporation - Legend Shares (Materials , Chemicals)(i)		84,000		88,242
Nevsun Resources Limited (Materials , Metals & Mining)		269,500		989,679
Parex Resources Incorporated (Energy , Oil, Gas & Consumable Fuels)†		216,382		1,420,204
Surge Energy Incorporated (Energy , Oil, Gas & Consumable Fuels)«		250,323		1,386,750
Surge Energy Incorporated - Interim Shares (Energy , Oil, Gas & Consumable Fuels)(a)		41,460		229,682

				5,684,413

Denmark : 2.69%
DSV AS (Industrials , Road & Rail)		60,876		1,952,028
Jyske Bank AS (Financials , Commercial Banks)†		36,220		1,852,114

				3,804,142

France : 11.64%
ALTEN (Information Technology , IT Services)		62,095		2,800,935
Atos Origin SA (Information Technology , IT Services)		24,177		2,115,901
Eutelsat Communications SA (Consumer Discretionary , Media)		70,370		2,136,853
M6 Metropole Television SA (Consumer Discretionary , Media)		77,126		1,673,158
Mersen (Industrials , Electrical Equipment)		64,777		2,026,861
Saft Groupe SA (Industrials , Electrical Equipment)		20,477		716,946
SCOR SE (Financials , Insurance)		60,115		1,950,714
Teleperformance (Industrials , Professional Services)		51,345		3,005,406

				16,426,774

Germany : 7.21%
Amadeus Fire AG (Industrials , Professional Services)		17,446		1,409,176
Deutsche Wohnen AG (Financials , Real Estate Management & Development)		78,014		1,461,996
Gerresheimer AG (Health Care , Life Sciences Tools & Services)		23,727		1,595,230
Hochtief AG (Industrials , Construction & Engineering)		23,489		1,873,532
MTU Aero Engines AG (Industrials , Aerospace & Defense)		22,555		2,003,152
Software AG (Information Technology , Software)		48,743		1,811,785
TOM TAILOR Holding AG (Consumer Discretionary , Textiles, Apparel & Luxury Goods)†		893		18,332

				10,173,203

Hong Kong : 2.11%
Emperor Watch & Jewellery Limited (Consumer Discretionary , Specialty Retail)		12,430,000		820,211
Luk Fook Holdings International Limited (Consumer Discretionary , Specialty Retail)		298,000		971,928
Sunlight REIT (Financials , REITs)		3,233,000		1,181,010

				2,973,149

Ireland : 0.52%
C&C Group plc (Consumer Staples , Beverages)		130,076		736,820


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Global Opportunities Fund


Security name	Shares		Value
Italy : 4.02%
Amplifon SpA (Health Care , Health Care Providers & Services)«		239,874	$	1,292,778
Credito Emiliano SpA (Financials , Commercial Banks)		154,070		1,262,349
Davide Campari-Milano SpA (Consumer Staples , Beverages)		114,020		910,370
Mediobanca SpA (Financials , Capital Markets)†		239,943		2,205,409

				5,670,906

Japan : 18.83%
Aeon Delight Company Limited (Industrials , Commercial Services & Supplies)		93,200		1,890,089
Anritsu Corporation (Information Technology , Electronic Equipment, Instruments & Components)		152,400		1,695,985
Avex Group Holdings Incorporated (Consumer Discretionary , Media)		89,800		2,065,479
Chiba Bank Limited (Financials , Commercial Banks)		216,000		1,386,865
Credit Saison Company Limited (Financials , Consumer Finance)		40,800		1,017,105
FamilyMart Company Limited (Consumer Staples , Food & Staples Retailing)		39,000		1,771,166
Hitachi Chemical Company Limited (Materials , Chemicals)		151,700		2,203,414
Isuzu Motors Limited (Consumer Discretionary , Automobiles)		190,000		1,151,121
Musashi Seimitsu Industry Company Limited (Consumer Discretionary , Auto Components)		103,400		2,042,294
ORIX JREIT Incorporated (Financials , REITs)		1,719		2,288,186
Sumitomo Heavy Industries Limited (Industrials , Machinery)		250,000		1,174,513
Sumitomo Warehouse Company Limited (Industrials , Transportation Infrastructure)		284,000		1,531,604
Taikisha Limited (Industrials , Construction & Engineering)		63,400		1,383,171
Tokyo Ohka Kogyo Company Limited (Materials , Chemicals)		74,755		1,507,246
Toshiba Machine Company Limited (Industrials , Machinery)		420,263		2,299,374
Yusen Logistics Company Limited (Industrials , Air Freight & Logistics)		97,300		1,172,324

				26,579,936

Luxembourg : 1.52%
Eurofins Scientific (Health Care , Life Sciences Tools & Services)		4,450		1,133,123
Subsea 7 SA (Energy , Energy Equipment & Services)		59,185		1,016,359

				2,149,482

Netherlands : 3.88%
Arcadis NV (Industrials , Construction & Engineering)		63,378		2,266,019
Nutreco NV (Consumer Staples , Food Products)		27,765		1,240,046
USG People NV (Industrials , Professional Services)		124,981		1,963,745

				5,469,810

Norway : 3.64%
Hoegh LNG Holdings Limited (Energy , Oil, Gas & Consumable Fuels)†		281,371		2,151,480
Petroleum Geo-Services ASA (Energy , Energy Equipment & Services)		88,011		909,209
SpareBank 1 SR Bank ASA (Financials , Commercial Banks)		215,103		2,081,659

				5,142,348

Portugal : 0.48%
Banco BPI SA (Financials , Commercial Banks)†		332,415		676,975

Russia : 1.06%
Sollers OJSC (Consumer Discretionary , Automobiles)(a)		74,590		1,496,884

South Korea : 4.22%
BS Financial Group Incorporated (Financials , Commercial Banks)		123,420		1,821,068
Handsome Company Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		38,400		1,029,661
Hy-Lok Corporation (Industrials , Machinery)		59,024		1,474,852
Kiwoom Securities Company (Financials , Capital Markets)		32,020		1,630,517

				5,956,098

Spain : 2.77%
Prosegur Compania de Seguridad SA (Industrials , Commercial Services & Supplies)		316,737		1,905,236


Wells Fargo Advantage Global Opportunities Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Spain (continued)
Viscofan SA (Consumer Staples , Food Products)		37,959	$	2,010,951

				3,916,187

Sweden : 3.05%
Avanza Bank Holding AB (Financials , Capital Markets)		58,408		2,139,683
Meda AB Class A (Health Care , Pharmaceuticals)		178,257		2,169,917

				4,309,600

Switzerland : 2.37%
Aryzta AG (Consumer Staples , Food Products)		23,001		1,810,094
Dufry AG (Consumer Discretionary , Specialty Retail)†		9,807		1,539,223

				3,349,317

Taiwan : 1.93%
Catcher Technology Company Limited (Information Technology , Computers & Peripherals)		200,000		1,334,766
Siliconware Precision Industries Company (Information Technology , Semiconductors & Semiconductor Equipment)		1,142,000		1,392,756

				2,727,522

United Kingdom : 25.60%
Aberdeen Asset Management plc (Financials , Capital Markets)		206,960		1,329,585
Ashtead Group plc (Industrials , Trading Companies & Distributors)		168,078		2,181,414
Babcock International Group plc (Industrials , Commercial Services & Supplies)		98,166		2,243,112
Bovis Homes Group plc (Consumer Discretionary , Household Durables)		276,319		3,738,399
Catlin Group Limited (Financials , Insurance)		280,183		2,429,625
Debenhams plc (Consumer Discretionary , Multiline Retail)		1,872,195		2,279,036
Devro plc (Consumer Staples , Food Products)		295,307		1,502,968
Domino’s Pizza Group plc (Consumer Discretionary , Hotels, Restaurants & Leisure)		263,128		2,286,057
Enquest plc (Energy , Oil, Gas & Consumable Fuels)†		794,664		1,691,719
Hays plc (Industrials , Professional Services)		398,557		870,089
Jupiter Fund Management plc (Financials , Capital Markets)		379,037		2,329,142
Morgan Advanced Materials plc (Industrials , Machinery)		458,759		2,338,629
Oxford Instruments plc (Information Technology , Electronic Equipment, Instruments & Components)		75,271		2,072,610
Perform Group plc (Consumer Discretionary , Media)†		588,701		2,395,218
Savills plc (Financials , Real Estate Management & Development)		193,479		1,987,874
SIG plc (Industrials , Trading Companies & Distributors)		478,228		1,542,443
Taylor Wimpey plc (Consumer Discretionary , Household Durables)		1,579,049		2,912,484

				36,130,404

United States : 97.62%
A. Schulman Incorporated (Materials , Chemicals)		91,811		3,118,820
Abercrombie & Fitch Company Class A (Consumer Discretionary , Specialty Retail)		43,100		1,524,878
ACCO Brands Corporation (Industrials , Commercial Services & Supplies)†		72,200		419,482
ACI Worldwide Incorporated (Information Technology , Software)†		75,000		4,545,750
ATMI Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)†		156,400		4,329,152
Bio-Rad Laboratories Incorporated Class A (Health Care , Life Sciences Tools & Services)†		28,800		3,661,056
Brown & Brown Incorporated (Financials , Insurance)		127,822		4,025,115
Cambrex Corporation (Health Care , Life Sciences Tools & Services)†		122,600		2,301,202
CARBO Ceramics Incorporated (Energy , Energy Equipment & Services)«		13,200		1,519,584
Christopher & Banks Corporation (Consumer Discretionary , Specialty Retail)†		144,200		1,029,588
Clean Harbors Incorporated (Industrials , Commercial Services & Supplies)†		67,100		3,762,968
Comstock Resources Incorporated (Energy , Oil, Gas & Consumable Fuels)«		105,940		1,816,871
Delta Apparel Incorporated (Consumer Discretionary , Textiles, Apparel & Luxury Goods)†		102,600		1,660,068
Denny’s Corporation (Consumer Discretionary , Hotels, Restaurants & Leisure)†		566,960		3,889,346
Douglas Dynamics Incorporated (Industrials , Machinery)		180,502		2,620,889
First Citizens BancShares Incorporated (Financials , Commercial Banks)		15,912		3,520,371
Forward Air Corporation (Industrials , Air Freight & Logistics)		84,705		3,772,761


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Global Opportunities Fund


Security name						Shares		Value
United States (continued)
Franklin Electric Company Incorporated (Industrials , Electrical Equipment)							106,462	$	4,241,446
Guess? Incorporated (Consumer Discretionary , Specialty Retail)							76,800		2,154,240
Haemonetics Corporation (Health Care , Health Care Equipment & Supplies)†							100,800		3,819,312
Hatteras Financial Corporation (Financials , REITs)							142,700		2,560,038
ICU Medical Incorporated (Health Care , Health Care Equipment & Supplies)†							28,169		1,817,182
Imation Corporation (Information Technology , Computers & Peripherals)†							522,888		2,515,091
Kadant Incorporated (Industrials , Machinery)							121,341		4,357,355
Krispy Kreme Doughnuts Incorporated (Consumer Discretionary , Hotels, Restaurants & Leisure)†							122,100		2,106,225
Lattice Semiconductor Corporation (Information Technology , Semiconductors & Semiconductor Equipment)†							604,000		3,491,120
Macquarie Infrastructure Company LLC (Industrials , Transportation Infrastructure)							74,767		4,130,877
Matthews International Corporation Class A (Consumer Discretionary , Diversified Consumer Services)							81,140		3,450,073
MRC Global Incorporated (Industrials , Trading Companies & Distributors)†							50,283		1,403,901
Mueller Industries Incorporated (Industrials , Machinery)							72,100		4,487,504
Neenah Paper Incorporated (Materials , Paper & Forest Products)							101,100		4,391,784
NetScout Systems Incorporated (Information Technology , Software)†							125,400		4,429,128
Parexel International Corporation (Health Care , Life Sciences Tools & Services)†							54,000		2,635,740
Penn Virginia Corporation (Energy , Oil, Gas & Consumable Fuels)†							228,700		2,742,113
Post Properties Incorporated (Financials , REITs)							79,800		3,745,014
Progress Software Corporation (Information Technology , Software)†							70,500		1,703,985
Quanex Building Products Corporation (Industrials , Building Products)							85,589		1,621,912
Schweitzer Manduit International Incorporated (Materials , Paper & Forest Products)							60,500		2,790,865
Simpson Manufacturing Company Incorporated (Industrials , Building Products)							84,600		2,757,960
Steris Corporation (Health Care , Health Care Equipment & Supplies)							61,600		2,826,824
Stone Energy Corporation (Energy , Oil, Gas & Consumable Fuels)†							45,664		1,413,301
SunEdison Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)†							81,000		1,126,710
TIBCO Software Incorporated (Information Technology , Software)†							99,600		2,120,484
TreeHouse Foods Incorporated (Consumer Staples , Food Products)†							60,700		3,996,488
UMB Financial Corporation (Financials , Commercial Banks)							46,900		2,780,701
Validus Holdings Limited (Financials , Insurance)							25,000		870,995
Virtus Investment Partners Incorporated (Financials , Capital Markets)†							12,400		2,260,024
Vishay Intertechnology Incorporated (Information Technology , Electronic Equipment, Instruments & Components)							251,090		3,409,802
West Pharmaceutical Services Incorporated (Health Care , Health Care Equipment & Supplies)							44,300		2,102,034

									137,778,129

Total Common Stocks (Cost $234,970,219)									286,333,263


			Yield
Short-Term Investments : 9.64%

Investment Companies : 9.64%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07	%		8,977,573		8,977,573
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)				0.08			4,626,828		4,626,828

Total Short-Term Investments (Cost $13,604,401)									13,604,401

Total investments in securities (Cost $248,574,620)*	212.50	%							299,937,664
Other assets and liabilities, net	(112.50	)							(158,793,708	)

Total net assets	100.00	%						$	141,143,956

(i)

Illiquid security

†	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.

(l)

Investment in an affiliate


Wells Fargo Advantage Global Opportunities Fund		Portfolio of investments — January 31, 2014 (unaudited)

(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 $250,162,876 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	59,526,705
Gross unrealized depreciation		(9,751,917	)

Net unrealized appreciation	$	49,774,788

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles 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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	284,606,697	$	1,726,566	$	0	$	286,333,263
Short-term investments
Investment companies		8,977,573		4,626,828		0		13,604,401

	$	293,584,270	$	6,353,394	$	0	$	299,937,664

As of January 31, 2014, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts	$	0	$	107,586	*	$	0	$	107,586

*	Amount represents the net unrealized gains.

Derivative transactions

As of January 31, 2014, the Fund entered into forward foreign currency exchange contracts for economic hedging purposes.

At January 31, 2014, 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 January 31, 2014		In exchange for U.S. $		Unrealized gains
3-10-2014		State Street Bank		439,245,000 JPY	$	4,299,849	$	4,407,435	$	107,586


Wells Fargo Advantage International Equity Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 97.25%

Canada : 2.09%
Valeant Pharmaceuticals International Incorporated (Health Care , Pharmaceuticals)†		31,382	$	4,256,654


China : 6.75%
AutoNavi Holdings Limited ADR (Information Technology , Software)«†		95,513		1,490,003
Biostime International Holdings Limited (Consumer Staples , Food Products)		180,000		1,554,414
China Mobile Limited (Telecommunication Services , Wireless Telecommunication Services)		386,000		3,690,695
Dongfeng Motor Group Company Limited (Consumer Discretionary , Automobiles)		1,376,000		2,045,441
Industrial & Commercial Bank of China Limited Class H (Financials , Commercial Banks)		4,433,000		2,768,868
Xtep International Holdings Limited (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		4,317,715		2,181,580

				13,731,001

Germany : 8.70%
Bayer AG (Health Care , Pharmaceuticals)		30,127		3,977,493
Metro AG (Consumer Staples , Food & Staples Retailing)		110,515		4,559,486
SAP AG (Information Technology , Software)		51,197		3,912,337
Siemens AG (Industrials , Industrial Conglomerates)«		41,361		5,241,423

				17,690,739

Hong Kong : 3.85%
China Everbright Limited (Financials , Capital Markets)		3,520,000		4,812,421
Hengdeli Holdings Limited (Consumer Discretionary , Specialty Retail)		14,138,874		3,015,089

				7,827,510

Italy : 5.49%
ENI SpA (Energy , Oil, Gas & Consumable Fuels)		238,185		5,412,894
Intesa Sanpaolo SpA (Financials , Commercial Banks)		2,122,018		5,752,549

				11,165,443

Japan : 25.25%
Asahi Glass Company Limited (Industrials , Building Products)		587,000		3,361,016
Avex Group Holdings Incorporated (Consumer Discretionary , Media)		82,600		1,899,873
Capcom Company Limited (Information Technology , Software)		242,400		4,787,738
Daiwa House Industry Company Limited (Financials , Real Estate Management & Development)		198,000		3,806,127
Daiwa Securities Group Incorporated (Financials , Capital Markets)		671,000		6,370,461
Hitachi Limited (Information Technology , Electronic Equipment, Instruments & Components)		436,000		3,379,779
Itochu Corporation (Industrials , Trading Companies & Distributors)		165,000		2,042,919
Mitsubishi UFJ Financial Group Incorporated (Financials , Commercial Banks)		884,400		5,392,788
Mitsui Fudosan Company Limited (Financials , Real Estate Management & Development)		101,000		3,251,336
Mitsui OSK Lines Limited (Industrials , Marine)		979,000		4,081,961
Nitto Denko Corporation (Materials , Chemicals)		94,488		4,255,983
Sharp Corporation (Consumer Discretionary , Household Durables)†		680,000		2,356,073
Toyota Motor Corporation (Consumer Discretionary , Automobiles)		109,700		6,358,456

				51,344,510

Netherlands : 2.66%
Akzo Nobel NV (Materials , Chemicals)		75,081		5,408,388

Norway : 3.29%
Frontline 2012 Limited (Energy , Oil, Gas & Consumable Fuels)144A		270,139		2,130,145
Marine Harvest ASA (Consumer Staples , Food Products)		397,031		4,563,286

				6,693,431


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage International Equity Fund


Security name						Shares		Value
Russia : 2.18%
Mobile TeleSystems Open Joint Stock Company ADR (Telecommunication Services , Wireless Telecommunication Services)							105,371	$	1,817,650
Sberbank of Russia (Financials , Commercial Banks)							953,357		2,612,198

									4,429,848

South Korea : 5.44%
Hana Financial Group Incorporated (Financials , Commercial Banks)							93,790		3,565,983
Samsung Electronics Company Limited GDR (Information Technology , Semiconductors & Semiconductor Equipment)144A							7,232		4,245,184
SK Telecom Company Limited (Telecommunication Services , Wireless Telecommunication Services)							16,117		3,238,699

									11,049,866

Sweden : 1.80%
Volvo AB Class B (Industrials , Machinery)							275,740		3,653,300

Switzerland : 8.61%
ABB Limited (Industrials , Electrical Equipment)							208,709		5,207,078
Novartis AG (Health Care , Pharmaceuticals)							47,737		3,780,419
Swatch Group AG Class B (Consumer Discretionary , Textiles, Apparel & Luxury Goods)							3,317		1,977,432
Zurich Financial Services AG (Financials , Insurance)							22,516		6,538,866

									17,503,795

United Kingdom : 17.54%
BP plc (Energy , Oil, Gas & Consumable Fuels)							846,941		6,655,123
Capita plc (Industrials , Professional Services)							279,667		4,521,584
Debenhams plc (Consumer Discretionary , Media)							3,041,355		3,702,263
Man Group plc (Financials , Capital Markets)							3,870,833		5,198,781
Reckitt Benckiser Group plc (Consumer Staples , Household Products)							42,649		3,199,148
Smiths Group plc (Industrials , Industrial Conglomerates)							90,464		2,138,502
Vodafone Group plc ADR (Telecommunication Services , Wireless Telecommunication Services)							141,622		5,248,513
Wolseley plc (Industrials , Trading Companies & Distributors)							92,558		4,993,759

									35,657,673

United States : 3.60%
Apple Incorporated (Information Technology , Computers & Peripherals)							6,261		3,134,257
QUALCOMM Incorporated (Information Technology , Communications Equipment)							56,279		4,177,027

									7,311,284

Total Common Stocks (Cost $156,977,676)									197,723,442


			Yield
Short-Term Investments : 4.76%

Investment Companies : 4.76%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07	%		3,913,396		3,913,396
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)				0.08			5,763,045		5,763,045

Total Short-Term Investments (Cost $9,676,441)									9,676,441

Total investments in securities (Cost $166,654,117)*	102.01	%							207,399,883
Other assets and liabilities, net	(2.01	)							(4,091,441	)

Total net assets	100.00	%						$	203,308,442

†	Non-income-earning security


Wells Fargo Advantage International Equity Fund		Portfolio of investments — January 31, 2014 (unaudited)

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

144A

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

(l)

Investment in an affiliate

(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 $169,212,064 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	46,273,723
Gross unrealized depreciation		(8,085,904	)

Net unrealized appreciation	$	38,187,819

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles 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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	195,111,244	$	2,612,198	$	0	$	197,723,442
Short-term investments
Investment companies		3,913,396		5,763,045		0		9,676,441

	$	199,024,640	$	8,375,243	$	0	$	207,399,883

As of January 31, 2014, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts	$	0	$	(451,974	)*	$	0	$	(451,974	)

*	Amount represents the net unrealized loss.

Derivative transactions

Forward foreign currency contracts to buy:


Exchange date		Counterparty	Contracts to receive	U.S. value at January 31, 2014		In exchange for U.S. $		Unrealized losses
	4-8-2014	State Street Bank	2,036,241,900 JPY		19,936,424	$	19,484,450	$	(451,974	)


Wells Fargo Advantage Intrinsic World Equity Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 97.16%

Chile : 1.21%
Enersis SA ADR (Utilities , Electric Utilities)«		167,230	$	2,219,142

Curacao : 2.19%
Schlumberger Limited (Energy , Energy Equipment & Services)		45,718		4,003,525

France : 8.15%
Kering (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		16,365		3,267,681
L’Oreal SA (Consumer Staples , Personal Products)		19,655		3,234,060
Sanofi-Aventis SA (Health Care , Pharmaceuticals)		32,397		3,180,910
Total SA (Energy , Oil, Gas & Consumable Fuels)		51,880		2,962,552
Total SA ADR (Energy , Oil, Gas & Consumable Fuels)		9,179		524,763
Vivendi SA (Telecommunication Services , Diversified Telecommunication Services)		64,622		1,737,884

				14,907,850

Germany : 2.34%
Adidas-Salomon AG (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		38,373		4,289,860

Japan : 5.24%
Kao Corporation (Consumer Staples , Personal Products)		85,800		2,750,269
Kao Corporation ADR (Consumer Staples , Personal Products)		7,531		239,938
ORIX Corporation (Financials , Diversified Financial Services)		149,000		2,318,782
ORIX Corporation ADR (Financials , Diversified Financial Services)«		14,500		1,110,120
TOTO Limited (Industrials , Building Products)		197,300		3,170,858

				9,589,967

Luxembourg : 4.11%
Millicom International Cellular SA (Telecommunication Services , Wireless Telecommunication Services)		37,601		3,661,727
Samsonite International SA (Consumer Discretionary , Textiles, Apparel & Luxury Goods)		1,392,900		3,869,178

				7,530,905

Netherlands : 8.01%
Airbus Group NV (Industrials , Aerospace & Defense)		84,848		6,020,397
Heineken NV (Consumer Staples , Beverages)		45,522		2,778,760
Sensata Technologies Holdings NV (Industrials , Electrical Equipment)†		49,841		1,866,047
Unilever NV (Consumer Staples , Food Products)		106,872		3,990,600

				14,655,804

Singapore : 2.13%
DBS Group Holdings Limited (Financials , Commercial Banks)		300,000		3,890,338

South Korea : 2.36%
Samsung Electronics Company Limited (Information Technology , Semiconductors & Semiconductor Equipment)		3,633		4,325,403

Spain : 2.00%
Banco Santander Central Hispano SA ADR (Financials , Commercial Banks)«		422,781		3,652,828

Switzerland : 5.45%
Novartis AG ADR (Health Care , Pharmaceuticals)		46,474		3,674,699
Transocean Limited (Energy , Energy Equipment & Services)«		54,650		2,365,252
UBS AG (Financials , Capital Markets)		198,000		3,928,771

				9,968,722

United Kingdom : 5.29%
Diageo plc (Consumer Staples , Beverages)		82,306		2,436,126


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Intrinsic World Equity Fund


Security name						Shares		Value
United Kingdom (continued)
HSBC Holdings plc ADR (Financials , Commercial Banks)«							35,740	$	1,840,253
Royal Dutch Shell plc Class A (Energy , Oil, Gas & Consumable Fuels)							79,952		2,761,558
Standard Chartered Bank plc (Financials , Commercial Banks)							129,584		2,641,485

									9,679,422

United States : 48.68%
Abbott Laboratories (Health Care , Health Care Equipment & Supplies)							94,914		3,479,547
Air Products & Chemicals Incorporated (Materials , Chemicals)							33,915		3,565,823
Apple Incorporated (Information Technology , Computers & Peripherals)							7,592		3,800,555
Autoliv Incorporated GDR (Consumer Discretionary , Auto Components)							48,314		4,373,142
Baxter International Incorporated (Health Care , Health Care Equipment & Supplies)							56,458		3,856,081
Charles Schwab Corporation (Financials , Capital Markets)							208,647		5,178,619
eBay Incorporated (Information Technology , Internet Software & Services)†							61,013		3,245,892
EMC Corporation (Information Technology , Computers & Peripherals)							175,603		4,256,617
Express Scripts Holding Company (Health Care , Health Care Providers & Services)†							34,379		2,567,768
Franklin Resources Incorporated (Financials , Capital Markets)							84,209		4,379,710
Goldman Sachs Group Incorporated (Financials , Capital Markets)							22,339		3,666,277
Home Depot Incorporated (Consumer Discretionary , Specialty Retail)							47,676		3,663,901
JPMorgan Chase & Company (Financials , Diversified Financial Services)							85,200		4,716,672
Occidental Petroleum Corporation (Energy , Oil, Gas & Consumable Fuels)							39,412		3,451,309
Oracle Corporation (Information Technology , Software)							145,237		5,359,245
PepsiCo Incorporated (Consumer Staples , Beverages)							43,398		3,487,463
QUALCOMM Incorporated (Information Technology , Communications Equipment)							61,056		4,531,576
SunTrust Banks Incorporated (Financials , Commercial Banks)							59,126		2,188,845
Texas Instruments Incorporated (Information Technology , Semiconductors & Semiconductor Equipment)							97,580		4,137,392
The Walt Disney Company (Consumer Discretionary , Media)							59,265		4,303,232
United Parcel Service Incorporated Class B (Industrials , Air Freight & Logistics)							40,444		3,851,482
Visa Incorporated Class A (Information Technology , IT Services)							16,255		3,501,815
Zions Bancorporation (Financials , Commercial Banks)							122,446		3,520,321

									89,083,284

Total Common Stocks (Cost $129,233,759)									177,797,050


			Yield
Short-Term Investments : 6.32%
Investment Companies : 6.32%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07	%		5,005,591		5,005,591
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)				0.08			6,551,550		6,551,550


Total Short-Term Investments (Cost $11,557,141)									11,557,141

Total investments in securities (Cost $140,790,900)*	103.48	%							189,354,191

Other assets and liabilities, net	(3.48	)							(6,366,168	)

Total net assets	100.00	%						$	182,988,023

«	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.


Wells Fargo Advantage Intrinsic World Equity Fund		Portfolio of investments — January 31, 2014 (unaudited)

*	Cost for federal income tax purposes is $141,803,207 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	52,087,931
Gross unrealized depreciation		(4,536,947	)

Net unrealized appreciation	$	47,550,984

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

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

Foreign currency translation

Security loans

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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	177,797,050	$	0	$	0	$	177,797,050
Short-term investments
Investment companies		5,005,591		6,551,550		0		11,557,141

	$	182,802,641	$	6,551,550	$	0	$	189,354,191


Wells Fargo Advantage Intrinsic Small Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 93.27%

Consumer Discretionary : 13.94%

Auto Components : 0.79%
Dana Holding Corporation		61,000	$	1,154,120

Hotels, Restaurants & Leisure : 1.78%
Six Flags Entertainment Corporation		72,500		2,602,025

Household Durables : 1.60%
Taylor Morrison Home Corporation Class A †		110,250		2,331,788

Multiline Retail : 1.52%
Big Lots Incorporated †		83,001		2,223,597

Specialty Retail : 8.25%
Abercrombie & Fitch Company Class A		71,500		2,529,670
Ascena Retail Group Incorporated †		118,000		2,213,680
Chico’s FAS Incorporated		115,430		1,916,138
DSW Incorporated Class A		36,840		1,387,026
Office Depot Incorporated †		816,850		3,994,397

				12,040,911

Consumer Staples : 4.96%

Beverages : 1.04%
Treasury Wine Estates ADR		478,690		1,520,272

Food Products : 3.92%
Dean Foods Company		134,800		2,129,840
Flowers Foods Incorporated		99,500		2,084,525
J & J Snack Foods Corporation		17,025		1,499,903

				5,714,268

Energy : 5.04%

Energy Equipment & Services : 2.45%
Forum Energy Technologies Incorporated †		81,200		2,039,744
Helix Energy Solutions Group Incorporated †		75,415		1,537,712

				3,577,456

Oil, Gas & Consumable Fuels : 2.59%
Energy XXI (Bermuda) Limited		74,500		1,709,775
Oasis Petroleum Incorporated †		49,500		2,069,595

				3,779,370

Financials : 19.39%

Capital Markets : 1.11%
ETRADE Financial Corporation †*		81,000		1,621,620


Commercial Banks : 6.43%
Associated Banc-Corp		122,950		2,024,987
Cathay General Bancorp		44,380		1,042,930
Hancock Holding Company		53,170		1,839,682
Umpqua Holdings Corporation «		155,190		2,725,136
Zions Bancorporation		61,145		1,757,919

				9,390,654


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Intrinsic Small Cap Value Fund


Security name	Shares		Value
Real Estate Management & Development : 3.01%
Jones Lang LaSalle Incorporated		38,500	$	4,399,010

REITs : 7.66%
CommonWealth REIT		57,525		1,413,965
CubeSmart REIT		131,745		2,171,158
Hudson Pacific Properties Incorporated		88,085		1,914,087
Pennymac Mortgage Investment REIT		123,050		2,897,828
Redwood Trust Incorporated		148,630		2,779,381

				11,176,419

Thrifts & Mortgage Finance : 1.18%
Essent Group Limited †		68,770		1,726,127


Health Care : 7.49%

Health Care Equipment & Supplies : 2.82%
Integra LifeSciences Holdings †		50,500		2,346,230
Steris Corporation		38,405		1,762,405

				4,108,635

Health Care Providers & Services : 1.88%
AMN Healthcare Services Incorporated †		181,815		2,747,225

Life Sciences Tools & Services : 2.79%
Bio-Rad Laboratories Incorporated Class A †		20,515		2,607,867
Charles River Laboratories International Incorporated †		25,985		1,468,932

				4,076,799

Industrials : 22.11%

Commercial Services & Supplies : 7.69%
Herman Miller Incorporated		62,895		1,762,947
Kar Auction Services Incorporated		180,726		5,027,797
Schawk Incorporated		77,035		930,583
Tetra Tech Incorporated †		67,697		1,997,738
United Stationers Incorporated		36,560		1,514,681

				11,233,746

Construction & Engineering : 3.69%
EMCOR Group Incorporated		52,470		2,230,500
Pike Electric Corporation †		298,985		3,151,302

				5,381,802

Machinery : 3.88%
Harsco Corporation		82,550		2,095,945
IDEX Corporation		25,955		1,869,020
Wabtec Corporation		23,110		1,705,749

				5,670,714

Professional Services : 2.56%
Korn/Ferry International †		57,165		1,341,091
Resources Connection Incorporated		177,800		2,396,744

				3,737,835

Road & Rail : 1.49%
Landstar System Incorporated		37,735		2,167,498


Wells Fargo Advantage Intrinsic Small Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name				Shares		Value
Trading Companies & Distributors : 2.80%
Aercap Holdings NV †					110,000	$	4,090,900

Information Technology : 14.12%

Communications Equipment : 0.69%
Plantronics Incorporated					23,388		1,004,047

Computers & Peripherals : 2.90%
Avid Technology Incorporated †					212,410		1,474,125
Diebold Incorporated					82,000		2,754,380

							4,228,505

Electronic Equipment, Instruments & Components : 1.93%
Jabil Circuit Incorporated					157,000		2,821,290

IT Services : 5.14%
EVERTEC Incorporated					134,413		3,243,386
VeriFone Systems Incorporated †					146,950		4,263,020

							7,506,406

Semiconductors & Semiconductor Equipment : 1.93%
ATMI Incorporated †					50,240		1,390,643
International Rectifier Corporation †					55,160		1,434,712

							2,825,355

Software : 1.53%
Informatica Corporation †					55,300		2,231,908

Materials : 4.31%

Containers & Packaging : 3.55%
Berry Plastics Group Incorporated †					102,300		2,281,290
Silgan Holdings Incorporated					63,200		2,896,456

							5,177,746

Metals & Mining : 0.76%
Walter Industries Incorporated «					98,250		1,116,120

Telecommunication Services : 0.61%

Diversified Telecommunication Services : 0.61%
General Communication Incorporated Class A †					91,635		891,609

Utilities : 1.30%

Electric Utilities : 1.30%
Westar Energy Incorporated					57,220		1,897,981

Total Common Stocks (Cost $118,415,260)							136,173,758


	Yield
Short-Term Investments : 9.21%

Investment Companies : 9.21%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		9,620,334		9,620,334


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Intrinsic Small Cap Value Fund


Security name			Yield			Shares		Value
Investment Companies (continued)
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)				0.08	%		3,823,175	$	3,823,175

Total Short-Term Investments (Cost $13,443,509)									13,443,509

Total investments in securities (Cost $131,858,769)*	102.48	%							149,617,267

Other assets and liabilities, net	(2.48	)							(3,613,606	)

Total net assets	100.00	%						$	146,003,661

†	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 $132,546,643 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	22,695,357
Gross unrealized depreciation		(5,624,733	)

Net unrealized appreciation	$	17,070,624

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. 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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	134,653,486	$	1,520,272	$	0	$	136,173,758
Short-term investments
Investment companies		9,620,334		3,823,175		0		13,443,509

	$	144,273,820	$	5,343,447	$	0	$	149,617,267


Wells Fargo Advantage Small Cap Opportunities Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value

Common Stocks : 91.85%

Consumer Discretionary : 12.80%

Auto Components : 0.25%
Fox Factory Holding Corporation †		71,100	$	1,153,242

Distributors : 0.31%
Core Mark Holding Company Incorporated		18,900		1,429,785

Diversified Consumer Services : 0.60%
Steiner Leisure Limited †		55,800		2,734,758

Hotels, Restaurants & Leisure : 4.87%
Bally Technologies Incorporated †		68,600		5,029,752
ClubCorp Holdings Incorporated		168,700		3,055,157
Domino’s Pizza Incorporated		29,000		2,047,690
Home Inns & Hotels Management ADR †		58,000		1,988,820
Ignite Restaurant Group Incorporated «†		193,800		2,356,608
Red Robin Gourmet Burgers Incorporated †		58,500		3,769,155
Six Flags Entertainment Corporation		113,600		4,077,104

				22,324,286

Household Durables : 1.08%
Harman International Industries Incorporated		47,800		4,943,954

Leisure Equipment & Products : 1.83%
Brunswick Corporation		75,200		3,117,792
Callaway Golf Company		432,600		3,534,342
LeapFrog Enterprises Incorporated «†		241,700		1,720,904

				8,373,038

Media : 1.69%
AMC Entertainment Holdings Class A †		150,800		3,222,596
John Wiley & Sons Incorporated Class A		50,600		2,739,484
The E.W. Scripps Company †		96,100		1,769,201

				7,731,281

Specialty Retail : 2.17%
American Eagle Outfitters Incorporated		404,500		5,472,885
Finish Line Incorporated Class A		173,700		4,455,405

				9,928,290

Consumer Staples : 2.69%

Beverages : 0.56%
Cott Corporation		322,000		2,530,920

Food & Staples Retailing : 0.27%
Casey’s General Stores Incorporated		18,100		1,242,927

Food Products : 1.66%
Dean Foods Company		151,050		2,386,590
Pinnacle Foods Incorporated		193,300		5,219,100

				7,605,690


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Small Cap Opportunities Fund


Security name	Shares		Value
Personal Products : 0.20%
Elizabeth Arden Incorporated †		33,700	$	913,944

Energy : 3.55%

Energy Equipment & Services : 1.08%
Bristow Group Incorporated		30,100		2,160,879
Helix Energy Solutions Group Incorporated †		135,400		2,760,806

				4,921,685

Oil, Gas & Consumable Fuels : 2.47%
Carrizo Oil & Gas Incorporated †		77,000		3,164,700
Jones Energy Incorporated †		164,200		2,574,656
Laredo Petroleum Holdings Incorporated †		110,100		2,723,874
Stealthgas Incorporated †		114,400		1,098,240
Teekay Corporation		32,534		1,762,367

				11,323,837

Financials : 17.44%

Capital Markets : 2.50%
FXCM Incorporated Class A		198,500		3,402,290
Golub Capital BDC Incorporated «		113,900		2,084,370
HFF Incorporated Class A		122,400		3,620,592
Stifel Financial Corporation †		42,631		1,924,790
WisdomTree Investments Incorporated †		28,400		401,008

				11,433,050

Commercial Banks : 4.69%
Eagle Bancorp Incorporated †		45,900		1,526,175
First Citizens BancShares Incorporated		5,100		1,128,324
First Horizon National Corporation		238,800		2,808,288
First Midwest Bancorp Incorporated		138,732		2,215,550
FirstMerit Corporation		80,600		1,640,210
Heartland Financial USA Incorporated		53,600		1,350,184
Heritage Financial Corporation		24,000		408,720
Lakeland Financial Corporation		68,200		2,498,166
Old National Bancorp		292,872		4,100,208
PacWest Bancorp «		27,500		1,103,025
Simmons First National Corporation		78,000		2,693,340

				21,472,190

Diversified Financial Services : 0.53%
Compass Diversified Holdings		136,400		2,448,380

Insurance : 3.70%
Amerisafe Incorporated		33,800		1,398,306
Brown & Brown Incorporated		150,500		4,739,245
Markel Corporation †		6,861		3,699,040
ProAssurance Corporation		66,600		3,094,236
Reinsurance Group of America Incorporated		53,900		4,024,713

				16,955,540

Real Estate Management & Development : 0.93%
Kennedy Wilson Holdings Incorporated		176,900		4,249,138

REITs : 4.62%
Blackstone Mortgage Trust Incorporated Class A		95,781		2,687,615
Equity Lifestyle Properties Incorporated		105,179		4,134,586


Wells Fargo Advantage Small Cap Opportunities Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
REITs (continued)
LaSalle Hotel Properties		65,583	$	2,017,333
Mid-America Apartment Communities Incorporated		89,263		5,761,033
Parkway Properties Incorporated		260,840		4,627,302
Redwood Trust Incorporated		102,539		1,917,479

				21,145,348

Thrifts & Mortgage Finance : 0.47%
Ocwen Financial Corporation †		48,500		2,140,790

Health Care : 12.65%

Biotechnology : 1.15%
Cepheid Incorporated †		75,400		3,985,644
Lexicon Genetics Incorporated †		680,100		1,251,384

				5,237,028

Health Care Equipment & Supplies : 3.70%
Cooper Companies Incorporated		16,300		2,025,764
Genmark Diagnostics Incorporated †		58,400		754,528
Haemonetics Corporation †		46,400		1,758,096
Masimo Corporation †		51,300		1,500,525
Sirona Dental Systems Incorporated †		54,800		3,942,312
Spectranetics Corporation †		61,200		1,592,424
Unilife Corporation «†		242,769		1,133,731
Volcano Corporation †		108,500		2,277,415
West Pharmaceutical Services Incorporated		41,500		1,969,175

				16,953,970

Health Care Providers & Services : 3.64%
Centene Corporation †		37,300		2,260,380
HealthSouth Rehabilitation Corporation		165,782		5,159,136
LifePoint Hospitals Incorporated †		77,100		4,087,071
Premier Incorporated Class A †		98,093		3,402,846
Surgical Care Affiliates Incorporated †		54,700		1,755,323

				16,664,756

Life Sciences Tools & Services : 2.58%
Fluidigm Corporation †		55,400		2,499,648
Nanostring Technologies Incorporated †		48,400		879,912
Parexel International Corporation †		134,800		6,579,588
TECHNE Corporation		20,300		1,844,661

				11,803,809

Pharmaceuticals : 1.58%
Aerie Pharmaceuticals Incorporated †		84,100		1,552,486
Salix Pharmaceuticals Limited †		41,100		4,000,674
The Medicines Company †		48,700		1,692,812

				7,245,972

Industrials : 16.93%

Aerospace & Defense : 1.10%
Hexcel Corporation †		120,800		5,034,944


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Small Cap Opportunities Fund


Security name	Shares		Value
Airlines : 1.39%
Allegiant Travel Company		49,692	$	4,525,450
Spirit Airlines Incorporated †		39,600		1,857,240

				6,382,690

Building Products : 1.63%
Fortune Brands Home & Security Incorporated		56,400		2,541,384
Simpson Manufacturing Company Incorporated		109,400		3,566,440
Universal Forest Products Incorporated		26,200		1,376,810

				7,484,634

Commercial Services & Supplies : 3.67%
ABM Industries Incorporated		158,600		4,228,276
Herman Miller Incorporated		133,100		3,730,793
SP Plus Corporation †		93,561		2,363,351
US Ecology Incorporated		44,600		1,594,896
Waste Connections Incorporated		118,990		4,864,311

				16,781,627

Construction & Engineering : 0.86%
MYR Group Incorporated †		70,600		1,769,942
Primoris Services Corporation		67,976		2,159,598

				3,929,540

Electrical Equipment : 3.75%
Belden Incorporated		38,500		2,491,335
EnerSys		90,800		6,179,848
General Cable Corporation		118,900		3,392,217
Powell Industries Incorporated		21,100		1,295,751
Regal-Beloit Corporation		51,600		3,823,044

				17,182,195

Machinery : 0.92%
IDEX Corporation		58,173		4,189,038

Professional Services : 0.71%
On Assignment Incorporated †		58,600		1,739,248
Towers Watson & Company Class A		12,900		1,508,268

				3,247,516

Road & Rail : 1.19%
Genesee & Wyoming Incorporated Class A †		26,800		2,421,112
Roadrunner Transportation Systems Incorporated †		115,200		3,024,000

				5,445,112

Trading Companies & Distributors : 1.71%
Applied Industrial Technologies Incorporated		81,900		4,139,226
Beacon Roofing Supply Incorporated †		97,000		3,665,630

				7,804,856

Information Technology : 16.00%

Communications Equipment : 1.57%
Ciena Corporation †		87,900		2,050,707
Finisar Corporation †		110,900		2,629,439


Wells Fargo Advantage Small Cap Opportunities Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Communications Equipment (continued)
JDS Uniphase Corporation †		187,900	$	2,497,191

				7,177,337

Electronic Equipment, Instruments & Components : 2.04%
Fabrinet †		97,800		1,806,366
MTS Systems Corporation		75,000		5,274,750
OSI Systems Incorporated †		39,200		2,270,856

				9,351,972

Internet Software & Services : 1.23%
Chegg Incorporated «†		271,400		1,810,238
Responsys Incorporated †		140,700		3,800,307

				5,610,545

IT Services : 1.90%
CoreLogic Incorporated †		77,900		2,481,115
Gartner Incorporated †		21,800		1,533,194
Sapient Corporation †		292,000		4,680,760

				8,695,069

Office Electronics : 0.96%
Zebra Technologies Corporation Class A †		80,200		4,407,792

Semiconductors & Semiconductor Equipment : 3.49%
Atmel Corporation †		561,600		4,694,976
Entegris Incorporated †		182,100		1,915,692
Fairchild Semiconductor International Incorporated †		209,600		2,674,496
Integrated Device Technology Incorporated †		292,400		2,821,660
MA-COM Technology Solutions Holdings Incorporated †		112,500		1,912,500
Nanometrics Incorporated †		115,000		1,948,100

				15,967,424

Software : 4.81%
Cadence Design Systems Incorporated †		309,000		4,363,080
Fortinet Incorporated †		101,100		2,143,320
NetScout Systems Incorporated †		89,700		3,168,204
PTC Incorporated †		170,100		6,069,168
Reald Incorporated «†		198,500		1,776,575
Verint Systems Incorporated †		99,025		4,499,696

				22,020,043

Materials : 5.60%

Chemicals : 2.87%
Innophos Holdings Incorporated		43,400		2,025,478
Minerals Technologies Incorporated		64,100		3,312,688
Olin Corporation «		150,900		3,879,639
OM Group Incorporated †		93,600		3,027,024
Taminco Corporation †		44,988		904,709

				13,149,538

Containers & Packaging : 1.89%
Berry Plastics Group Incorporated †		243,700		5,434,510


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Small Cap Opportunities Fund


Security name						Shares		Value
Containers & Packaging (continued)
Packaging Corporation of America							49,900	$	3,223,540

									8,658,050

Metals & Mining : 0.84%
Compass Minerals International Incorporated							41,900		3,294,178
Pretium Resources Incorporated «†							92,916		546,346

									3,840,524

Telecommunication Services : 0.41%

Diversified Telecommunication Services : 0.41%
General Communication Incorporated Class A †							48,800		474,824
Lumos Networks Corporation							74,500		1,416,245

									1,891,069

Utilities : 3.78%

Electric Utilities : 1.75%
IDACORP Incorporated							65,700		3,464,361
UNS Energy Corporation							75,700		4,532,916

									7,997,277

Multi-Utilities : 1.65%
Northwestern Corporation							167,181		7,558,253

Water Utilities : 0.38%
SJW Corporation							60,900		1,742,349

Total Common Stocks (Cost $322,472,885)									420,457,002


			Yield
Short-Term Investments : 11.22%

Investment Companies : 11.22%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07	%		38,780,593		38,780,593
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)				0.08			12,597,200		12,597,200

Total Short-Term Investments (Cost $51,377,793)									51,377,793

Total investments in securities (Cost $373,850,678)*	103.07	%							471,834,795
Other assets and liabilities, net	(3.07	)							(14,045,112	)

Total net assets	100.00	%						$	457,789,683

†	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 $374,236,748 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	101,857,326
Gross unrealized depreciation		(4,259,279	)

Net unrealized appreciation	$	97,598,047

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. 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

Futures contracts

The Fund may be subject to equity price 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.

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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	420,457,002	$	0	$	0	$	420,457,002

Short-term investments
Investment companies		38,780,593		12,597,200		0		51,377,793

	$	459,237,595	$	12,597,200	$	0	$	471,834,795

As of January 31, 2014, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)			Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts	$	(125,430	)*	$	0	$	0	$	(125,430	)

*	Amount represents the net unrealized losses.

Derivative transactions

As of January 31, 2014, the Fund used uninvested cash to enter into futures contracts to gain market exposure.

At January 31, 2014, the Fund had long futures contracts outstanding as follows:

Expiration

date

Contracts

Type

Contract
value at
January 31, 2014

Unrealized
losses

3-21-2014

40 Long

Russell 2000 Index

4,513,200

(125,430

)

As of January 31, 2014, the Fund had segregated $160,000 as cash collateral for open futures contracts.


Wells Fargo Advantage Small Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 93.98%

Consumer Discretionary : 6.57%

Auto Components : 0.46%
Fox Factory Holding Corporation †		159,900	$	2,593,578
Gentex Corporation #		346,200		11,213,418

				13,806,996

Diversified Consumer Services : 0.74%
Corinthian Colleges Incorporated †**		8,681,900		12,762,393
Strayer Education Incorporated †		273,400		9,558,064

				22,320,457

Hotels, Restaurants & Leisure : 1.96%
Denny’s Corporation †		2,848,100		19,537,966
Scientific Games Corporation Class A †		558,300		7,860,864
The Wendy’s Company		3,520,500		31,930,935

				59,329,765

Household Durables : 2.87%
Cavco Industries Incorporated †		760,100		59,379,012
Harman International Industries Incorporated #		130,600		13,507,958
KB Home Incorporated		392,800		7,596,752
Taylor Morrison Home Corporation Class A †		6,300		131,717
The New Home Company Incorporated †		533,100		5,924,381

				86,539,820

Specialty Retail : 0.54%
Stage Stores Incorporated		380,000		7,448,000
Vitamin Shoppe Incorporated †		194,700		8,726,454

				16,174,454

Energy : 20.81%

Energy Equipment & Services : 8.91%
Ensco plc Class A		127,200		6,407,064
Helix Energy Solutions Group Incorporated †		1,406,000		28,668,340
Helmerich & Payne Incorporated		398,100		35,048,724
ION Geophysical Corporation †		6,035,300		18,286,959
Key Energy Services Incorporated †		2,712,900		19,777,041
Newpark Resources Incorporated †		6,377,300		72,446,128
Oceaneering International Incorporated		265,400		18,087,010
Parker Drilling Company †		2,681,100		19,947,384
PHI Incorporated (non-voting) †		565,200		20,816,316
PHI Incorporated (voting) †		53,400		1,895,700
Vantage Drilling Company †		3,691,100		6,016,493
Willbros Group Incorporated †		2,579,700		21,540,495

				268,937,654

Oil, Gas & Consumable Fuels : 11.90%
Clean Energy Fuels Corporation †		302,800		3,612,404
InterOil Corporation †		4,438,300		224,888,661
Newfield Exploration Company †		330,900		8,196,393
Range Resources Corporation #		711,300		61,306,947
Trilogy Energy Corporation		2,678,200		61,411,126

				359,415,531


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Small Cap Value Fund


Security name	Shares		Value
Financials : 19.82%

Commercial Banks : 4.01%
Ameris Bancorp †		110,700	$	2,266,029
Bancorp Incorporated †		1,146,500		21,840,825
BBCN Bancorp Incorporated		547,700		8,242,885
CenterState Banks Incorporated		1,108,400		12,192,400
City National Corporation		142,600		10,317,110
First Horizon National Corporation		1,550,500		18,233,880
First Niagara Financial Group Incorporated		2,127,200		18,379,008
IBERIABANK Corporation		222,100		14,623,064
National Bank Holdings Corporation Class A		456,800		8,898,464
Park Sterling Corporation		901,700		6,086,475

				121,080,140

Consumer Finance : 0.61%
Cash America International Incorporated #		500,700		18,390,711

Insurance : 3.85%
Argo Group International Holdings Limited		1,675,300		75,371,747
Hilltop Holdings Incorporated †		596,700		14,195,493
Mercury General Corporation		271,700		12,452,011
OneBeacon Insurance Group Limited		1,003,600		14,110,616

				116,129,867

REITs : 11.21%
Anworth Mortgage Asset Corporation		1,824,000		8,554,560
Capstead Mortgage Corporation		2,071,000		26,136,020
Chimera Investment Corporation		42,225,000		131,742,000
GEO Group Incorporated		434,500		14,547,060
Hatteras Financial Corporation		740,900		13,291,746
Invesco Mortgage Capital Incorporated		2,840,900		44,630,539
MFA Mortgage Investments Incorporated		4,721,100		34,416,819
Redwood Trust Incorporated		1,796,500		33,594,550
Sun Communities Incorporated		671,300		31,383,275

				338,296,569

Thrifts & Mortgage Finance : 0.14%
Northwest Bancshares Incorporated		311,500		4,379,690

Health Care : 6.41%

Health Care Equipment & Supplies : 1.99%
Hologic Incorporated †		644,200		13,760,112
OraSure Technologies Incorporated †		6,013,500		35,299,245
Thoratec Corporation †		200,600		7,008,964
Varian Medical Systems Incorporated †		50,700		4,122,417

				60,190,738

Health Care Providers & Services : 2.72%
Air Methods Corporation †#		91,500		4,705,845
Amedisys Incorporated †		812,000		12,253,080
Cross Country Healthcare Incorporated †**		2,192,600		23,680,080
Gentiva Health Services Incorporated †**		2,173,900		24,695,504
Healthways Incorporated †		1,098,100		16,811,911

				82,146,420

Health Care Technology : 0.56%
Allscripts Healthcare Solutions Incorporated †		995,300		16,482,168


Wells Fargo Advantage Small Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Health Care Technology (continued)
Medidata Solutions Incorporated †		5,400	$	340,740

				16,822,908

Life Sciences Tools & Services : 0.51%
Nordion Incorporated †		1,059,400		10,127,864
Parexel International Corporation †		104,300		5,090,883

				15,218,747

Personal Products : 0.63%
Prestige Brands Holdings Incorporated †		630,300		19,072,878

Industrials : 13.53%

Airlines : 7.79%
American Airlines Group Incorporated †#		950,500		31,889,275
Delta Air Lines Incorporated #		2,949,600		90,287,256
Latam Airlines Group SP ADR		919,300		12,778,270
United Continental Holdings Incorporated †#		2,186,000		100,206,240

				235,161,041

Commercial Services & Supplies : 2.52%
ABM Industries Incorporated #		1,472,200		39,248,852
ACCO Brands Corporation †		4,488,400		26,077,604
Healthcare Services Group Incorporated		399,200		10,830,296

				76,156,752

Construction & Engineering : 0.85%
Primoris Services Corporation		812,284		25,806,263

Electrical Equipment : 0.86%
GrafTech International Limited †		2,522,100		25,851,525

Machinery : 0.11%
Actuant Corporation Class A		100,000		3,422,000

Professional Services : 0.62%
Hill International Incorporated †		2,752,600		12,496,804
Kforce Incorporated		343,800		6,233,094

				18,729,898

Road & Rail : 0.40%
Covenant Transport Incorporated Class A †		1,363,700		11,946,012

Trading Companies & Distributors : 0.38%
Applied Industrial Technologies Incorporated		227,500		11,497,850

Information Technology : 10.60%

Communications Equipment : 1.48%
Alcatel-Lucent SA ADR		401,700		1,586,715
Brocade Communications Systems Incorporated †#		3,053,700		28,521,558
Harmonic Incorporated †		2,222,100		14,576,976

				44,685,249

Computers & Peripherals : 2.88%
Cray Incorporated †		2,524,000		74,432,760
Quantum Corporation †		6,425,800		8,032,250


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Small Cap Value Fund


Security name	Shares		Value
Computers & Peripherals (continued)
Silicon Graphics International Corporation †		356,500	$	4,638,065

				87,103,075

Electronic Equipment, Instruments & Components : 5.47%
Checkpoint Systems Incorporated †		1,433,600		19,124,224
Cognex Corporation †		980,100		38,664,945
Coherent Incorporated †		673,400		45,010,056
OSI Systems Incorporated †**		1,078,900		62,500,677

				165,299,902

Internet Software & Services : 0.47%
Gogo Incorporated †#		495,400		10,101,206
Monster Worldwide Incorporated †		648,500		3,968,820

				14,070,026

Semiconductors & Semiconductor Equipment : 0.30%
Kulicke & Soffa Industries Incorporated †		768,600		8,946,504

Materials : 15.04%

Chemicals : 0.50%
Calgon Carbon Corporation †		676,200		13,733,622
Zep Incorporated		88,800		1,424,352

				15,157,974

Containers & Packaging : 0.35%
Intertape Polymer Group Incorporated		918,000		10,428,480

Metals & Mining : 13.67%
Agnico-Eagle Mines Limited		725,300		22,542,324
Carpenter Technology Corporation		544,300		31,629,273
Dominion Diamond Corporation †		555,200		8,067,056
NovaGold Resources Incorporated †		3,049,900		8,875,209
Osisko Mining Corporation †		935,300		5,649,212
Randgold Resources Limited ADR		3,072,000		211,660,800
Royal Gold Incorporated		717,500		40,136,950
Sandstorm Gold Limited †		376,210		1,901,739
Sandstorm Gold Limited †		2,188,700		10,965,387
Silver Standard Resources Incorporated †		2,038,700		15,963,021
Steel Dynamics Incorporated		1,928,600		31,821,900
United States Steel Corporation		517,400		13,509,314
Webco Industries Incorporated †(a)(i)**		88,850		10,040,050

				412,762,235

Paper & Forest Products : 0.52%
Deltic Timber Corporation		25,800		1,659,198
Wausau Paper Corporation		1,026,100		14,016,526

				15,675,724

Telecommunication Services : 1.20%

Diversified Telecommunication Services : 1.20%
Cincinnati Bell Incorporated †		10,456,600		36,179,836

Total Common Stocks (Cost $1,944,896,881)				2,837,133,691


Wells Fargo Advantage Small Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name							Shares		Value
Investment Companies : 1.29%
KBW Regional Banking ETF								121,700	$	4,655,025
Market Vectors Gold Miners ETF								963,774		22,629,414
Market Vectors Junior Gold Miners ETF †								333,095		11,788,232

Total Investment Companies (Cost $49,129,521)										39,072,671

						Expiration date
Warrants : 0.01%

Materials : 0.01%

Metals & Mining : 0.01%
Sandstorm Gold Limited (Materials , Metals & Mining)†(i)						10-19-2015		470,263		183,672

Total Warrants (Cost $0)										183,672


			Yield
Short-Term Investments : 3.70%

Investment Companies : 3.70%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07	%			111,660,585		111,660,585
Total Short-Term Investments (Cost $111,660,585)										111,660,585

Total investments in securities (Cost $2,105,686,987)*	98.98	%								2,988,050,619
Other assets and liabilities, net	1.02									30,800,365

Total net assets	100.00	%							$	3,018,850,984

†	Non-income-earning security

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

**	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

(u)

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

*	Cost for federal income tax purposes is $2,132,487,287 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,054,916,404
Gross unrealized depreciation		(199,353,072	)

Net unrealized appreciation	$	855,563,332

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

Equity securities and options that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures. Non-listed OTC options are valued at the evaluated price provided by an independent pricing service or an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

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 indexes. 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. For exercised options, 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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	2,827,093,641	$	10,040,050	$	0	$	2,837,133,691
Investment companies		39,072,671		0		0		39,072,671
Warrants		0		183,672		0		183,672
Short-term investments
Investment companies		111,660,585		0		0		111,660,585

	$	2,977,826,897	$	10,223,722	$	0	$	2,988,050,619

As of January 31, 2014, the inputs used in valuing the Fund’s other financial instruments were as follows:


Other financial instruments	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Written options	$	0	$	(359,400	)	$	0	$	(359,400	)

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 for the long-term holdings of 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		1,853,300		0		178,000		1,675,300	$	75,371,747
Cavco Industries Incorporated		733,100		31,900		4,900		760,100		59,379,012
Corinthian Colleges Incorporated		8,631,800		80,100		30,000		8,681,900		12,762,393
Covenant Transport Incorporated Class A		1,412,100		0		48,400		1,363,700		11,946,012
Cray Incorporated		2,617,000		77,100		170,100		2,524,000		74,432,760
Cross Country Healthcare Incorporated		2,403,400		0		210,800		2,192,600		23,680,080
Gentiva Health Services Incorporated		2,445,300		0		271,400		2,173,900		24,695,504
Hill International Incorporated		2,711,700		46,900		6,000		2,752,600		12,496,804
InterOil Corporation		4,931,300		0		493,000		4,438,300		224,888,661
Newpark Resources Incorporated		6,873,900		0		496,600		6,377,300		72,446,128
OraSure Technologies Incorporated		6,872,700		0		859,200		6,013,500		35,299,245
OSI Systems Incorporated		1,107,700		34,500		63,300		1,078,900		62,500,677
Webco Industries Incorporated		90,150		0		1,300		88,850		10,040,050
Willbros Group Incorporated		2,488,700		91,000		0		2,579,700		21,540,495

									$	721,479,568

Derivative transactions

As of January 31, 2014, the Fund entered into written options for economic hedging purposes. Open call options written at January 31, 2014 were as follows for the Fund:


Expiration date	Counterparty		Number of contracts		Strike price		Market value
2-22-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Gogo Incorporated		300	$	40	$	(2,700	)
4-19-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Harman International Industries Incorporated		100		105		(47,300	)
5-17-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Gogo Incorporated		300		40		(15,000	)
5-17-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Gogo Incorporated		500		41		(22,500	)
6-21-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	American Airlines Group Incorporated		200		37		(35,000	)
6-21-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Cash America International Incorporated		70		40		(8,400	)
6-21-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Delta Air Lines Incorporated		200		37		(17,000	)
6-21-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Gentex Corporation		200		35		(21,000	)
6-21-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Range Resources Corporation		200		105		(20,000	)
6-21-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Range Resources Corporation		200		100		(35,000	)
6-21-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Range Resources Corporation		300		95		(85,500	)
6-21-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	United Continental Holdings Incorporated		200		60		(18,600	)
7-19-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	ABM Industries Incorporated		200		30		(7,000	)
7-19-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Air Methods Corporation		200		65		(7,000	)
7-19-2014	Merrill Lynch Pierce Fenner & Smith Incorporated	Brocade Communications Systems Incorporated		300		10		(17,400	)


Wells Fargo Advantage Small/Mid Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 96.71%

Consumer Discretionary : 13.55%

Auto Components : 0.54%
Fox Factory Holding Corporation †		14,369	$	233,065
Gentex Corporation		15,000		485,850

				718,915

Diversified Consumer Services : 0.17%
Corinthian Colleges Incorporated †		154,000		226,380

Hotels, Restaurants & Leisure : 4.09%
Century Casinos Incorporated †		627,000		4,138,200
Empire Resorts Incorporated †		212,500		1,287,750

				5,425,950

Household Durables : 3.93%
Cavco Industries Incorporated †		42,900		3,351,348
Skyline Corporation †		285,000		1,852,500
Taylor Morrison Home Corporation Class A †		300		6,272

				5,210,120

Internet & Catalog Retail : 0.29%
dELiAs Incorporated †*		514,400		380,656

Leisure Equipment & Products : 0.01%
Black Diamond Incorporated †		700		7,455

Media : 4.28%
Cinemark Holdings Incorporated		33,800		990,678
Entravision Communications Corporation Class A		170,300		1,026,909
Interpublic Group of Companies Incorporated		55,500		905,760
News Corporation Class A †		142,400		2,272,704
World Wrestling Entertainment Incorporated		19,700		476,543

				5,672,594

Specialty Retail : 0.24%
Stage Stores Incorporated		16,000		313,600

Consumer Staples : 0.21%

Household Products : 0.21%
WD-40 Company		4,000		274,920

Energy : 18.60%

Energy Equipment & Services : 6.08%
Cal Dive International Incorporated †		737,800		1,209,992
Helix Energy Solutions Group Incorporated †		69,750		1,422,203
Helmerich & Payne Incorporated		6,000		528,240
Key Energy Services Incorporated †		147,300		1,073,817
Newpark Resources Incorporated †		111,600		1,267,776
Parker Drilling Company †		91,800		682,992
Willbros Group Incorporated †		223,900		1,869,565

				8,054,585


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Small/Mid Cap Value Fund


Security name	Shares		Value
Oil, Gas & Consumable Fuels : 12.52%
Bellatrix Exploration Limited †		40,000	$	286,599
Canadian Natural Resources Limited		48,100		1,575,275
Clean Energy Fuels Corporation †		17,100		204,003
Gulfport Energy Corporation †		17,700		1,078,815
InterOil Corporation †		146,700		7,433,289
Penn West Petroleum Limited		99,735		745,020
PostRock Energy Corporation †		450,200		553,746
Range Resources Corporation		15,500		1,335,945
Triangle Petroleum Corporation †		75,300		573,033
Trilogy Energy Corporation		122,600		2,811,218

				16,596,943

Financials : 22.33%

Capital Markets : 0.40%
Safeguard Scientifics Incorporated †		29,000		531,570

Commercial Banks : 5.20%
1st United Bancorp Incorporated		80,000		580,800
American River Bankshares †		76,600		752,978
Bancorp Incorporated †		35,000		666,750
BBCN Bancorp Incorporated		23,006		346,240
First Niagara Financial Group Incorporated		92,100		795,744
IBERIABANK Corporation		5,498		361,988
Midsouth Bancorp Incorporated		28,100		435,831
Pacific Premier Bancorp Incorporated †		122,500		1,944,075
Sierra Bancorp		63,500		1,006,475

				6,890,881

Consumer Finance : 0.61%
Cash America International Incorporated		22,100		811,733

Insurance : 3.47%
Argo Group International Holdings Limited		33,300		1,498,167
First Acceptance Corporation †		487,200		1,252,104
Health Insurance Innovations Incorporated Class A †		65,300		769,887
Hilltop Holdings Incorporated †		26,100		620,919
Mercury General Corporation		10,000		458,300

				4,599,377

REITs : 12.43%
Capstead Mortgage Corporation		73,600		928,832
Chimera Investment Corporation		1,756,400		5,479,968
GEO Group Incorporated		19,000		636,120
Hatteras Financial Corporation		49,300		884,442
MFA Mortgage Investments Incorporated		180,900		1,318,761
Origen Financial Incorporated		559,990		755,987
Redwood Trust Incorporated		72,000		1,346,400
Sun Communities Incorporated		43,300		2,024,275
UMH Properties Incorporated		327,300		3,092,985

				16,467,770

Thrifts & Mortgage Finance : 0.22%
Northwest Bancshares Incorporated		20,100		282,606

Health Care : 5.80%

Biotechnology : 0.81%
Discovery Laboratories Incorporated †		476,900		1,073,025


Wells Fargo Advantage Small/Mid Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Health Care Equipment & Supplies : 2.69%
Allied Healthcare Products Incorporated †		322,200	$	792,612
EnteroMedics Incorporated †		697,900		1,451,632
OraSure Technologies Incorporated †		156,190		916,835
Stryker Corporation		5,290		410,504

				3,571,583

Health Care Providers & Services : 0.71%
Cross Country Healthcare Incorporated †		87,200		941,760

Health Care Technology : 1.59%
Allscripts Healthcare Solutions Incorporated †		40,800		675,648
Computer Programs & Systems Incorporated		5,800		387,556
Merge Healthcare Incorporated †		341,500		734,225
Omnicell Incorporated †		11,900		307,258

				2,104,687

Industrials : 14.35%

Aerospace & Defense : 1.05%
Orbital Sciences Corporation †		57,000		1,393,650

Airlines : 3.34%
American Airlines Group Incorporated †		41,600		1,395,680
JetBlue Airways Corporation †		206,800		1,811,568
LATAM Airlines Group SP ADR		87,392		1,214,749

				4,421,997

Building Products : 1.33%
Patrick Industries Incorporated †		48,950		1,762,200

Commercial Services & Supplies : 3.15%
ABM Industries Incorporated		49,200		1,311,672
ACCO Brands Corporation †		315,900		1,835,379
Cintas Corporation		9,900		564,993
Healthcare Services Group Incorporated		16,800		455,784

				4,167,828

Construction & Engineering : 1.67%
Integrated Electrical Services Incorporated †		289,500		1,765,950
Primoris Services Corporation		14,172		450,244

				2,216,194

Electrical Equipment : 0.54%
GrafTech International Limited †		70,100		718,525

Machinery : 2.02%
Actuant Corporation Class A		31,700		1,084,774
Kennametal Incorporated		23,800		1,031,492
Xylem Incorporated		16,800		560,448

				2,676,714

Professional Services : 1.25%
Hill International Incorporated †		365,300		1,658,462


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Small/Mid Cap Value Fund


Security name	Shares		Value
Information Technology : 6.36%

Communications Equipment : 2.47%
Applied Optoelectronics Incorporated †		31,700	$	432,071
Brocade Communications Systems Incorporated †		59,500		555,730
Sandvine Corporation †(a)		835,000		2,292,070

				3,279,871

Computers & Peripherals : 2.06%
Cray Incorporated †		92,400		2,724,876

Electronic Equipment, Instruments & Components : 0.50%
GSI Group Incorporated †		61,100		659,269

IT Services : 0.77%
Western Union Company		66,100		1,017,940

Semiconductors & Semiconductor Equipment : 0.56%
FormFactor Incorporated †		116,300		748,972

Materials : 14.40%

Containers & Packaging : 0.21%
Intertape Polymer Group Incorporated		24,600		279,456

Metals & Mining : 14.19%
Agnico-Eagle Mines Limited		30,100		935,508
Endeavour Mining Corporation †		834,400		501,951
Goldcorp Incorporated-U.S. Exchange		35,200		876,128
Goldgroup Mining Incorporated †		553,600		84,500
Goldgroup Mining Incorporated - Legend Shares †		1,041,000		158,896
Lucara Diamond Corporation †		991,200		1,367,856
McEwen Mining Incorporated †		493,300		1,282,580
Newmont Mining Corporation		38,300		827,280
NovaGold Resources Incorporated †		130,900		380,919
Randgold Resources Limited ADR		83,800		5,773,820
Rockwell Diamonds Incorporated †(a)		636,150		204,769
Rockwell Diamonds Incorporated - Legend Shares †(i)		1,172,000		378,828
Royal Gold Incorporated		28,400		1,588,696
Sandstorm Gold Limited †		176,343		883,478
Sandstorm Gold Limited - Canadian Exchange Traded Shares †		331,400		1,675,225
Sandstorm Metals & Energy Limited †		298,653		367,367
Silver Wheaton Corporation		42,200		916,162
United States Steel Corporation		22,900		597,919

				18,801,882

Telecommunication Services : 1.11%

Diversified Telecommunication Services : 1.11%
Cincinnati Bell Incorporated †		425,800		1,473,268

Total Common Stocks (Cost $86,173,416)				128,158,214


Investment Companies : 0.81%
Market Vectors Junior Gold Miners ETF †				1,070,654

Total Investment Companies (Cost $2,072,314)				1,070,654


Wells Fargo Advantage Small/Mid Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name						Expiration date		Shares		Value
Warrants : 0.71%

Health Care : 0.44%

Health Care Equipment & Supplies : 0.44%
EnteroMedics Incorporated †(a)							5-14-2016		270,908	$	518,381
EnteroMedics Incorporated †(a)(i)							9-28-2016		13,680		27,173
EnteroMedics Incorporated †(a)(i)							6-13-2016		48,280		39,901

											585,455

Materials : 0.27%

Metals & Mining : 0.27%
Sandstorm Gold Limited †(i)							4-23-2014		904,067		353,104

Total Warrants (Cost $15,993)											938,559


			Yield
Short-Term Investments : 0.42%

Investment Companies : 0.42%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)				0.07	%				558,779		558,779
Total Short-Term Investments (Cost $558,779)											558,779

Total investments in securities (Cost $88,820,502)*	98.65	%									130,726,206
Other assets and liabilities, net	1.35										1,788,690

Total net assets	100.00	%								$	132,514,896

†	Non-income-earning security

(a)

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

(i)

Illiquid security

(u)

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

(l)

Investment in an affiliate

*	Cost for federal income tax purposes is $94,902,107 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	50,312,290
Gross unrealized depreciation		(14,488,191	)

Net unrealized appreciation	$	35,824,099

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

Investments in 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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	125,661,375	$	2,496,839	$	0	$	128,158,214
Investment companies		1,070,654		0		0		1,070,654
Warrants		0		938,559		0		938,559
Short-term investments
Investment companies		558,779		0		0		558,779

	$	127,290,808	$	3,435,398	$	0	$	130,726,206


Wells Fargo Advantage Special Small Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 93.90%

Consumer Discretionary : 11.29%

Diversified Consumer Services : 2.78%
Hillenbrand Incorporated		250,002	$	6,767,554
Matthews International Corporation Class A		271,083		11,526,449

				18,294,003

Hotels, Restaurants & Leisure : 2.94%
Denny’s Corporation †		1,062,796		7,290,781
DineEquity Incorporated		126,400		9,835,184
Krispy Kreme Doughnuts Incorporated †		129,700		2,237,325

				19,363,290

Household Durables : 1.46%
Cavco Industries Incorporated †		60,405		4,718,839
Dixie Group Incorporated †		355,903		4,918,579

				9,637,418

Media : 1.25%
AH Belo Corporation		1,034,400		8,264,856

Specialty Retail : 2.11%
Abercrombie & Fitch Company Class A		92,300		3,265,574
Christopher & Banks Corporation †		665,545		4,751,991
Guess? Incorporated		210,900		5,915,745

				13,933,310

Textiles, Apparel & Luxury Goods : 0.75%
Delta Apparel Incorporated †		304,839		4,932,295

Consumer Staples : 5.45%

Food & Staples Retailing : 0.49%
SUPERVALU Incorporated †		557,700		3,223,506

Food Products : 2.13%
TreeHouse Foods Incorporated †		213,000		14,023,920


Household Products : 2.36%
Central Garden & Pet Company †		250,592		1,618,824
Central Garden & Pet Company Class A †		226,102		1,410,876
Spectrum Brands Holdings Incorporated		46,000		3,461,500
WD-40 Company		131,830		9,060,676

				15,551,876


Personal Products : 0.47%
Elizabeth Arden Incorporated †		115,335		3,127,885


Energy : 6.11%

Energy Equipment & Services : 3.03%
Atwood Oceanics Incorporated †		112,700		5,341,980
C&J Energy Services Incorporated †		97,500		2,279,550
Cal Dive International Incorporated «†		427,711		701,446
CARBO Ceramics Incorporated «		28,900		3,326,968
Patterson-UTI Energy Incorporated		145,800		3,745,602


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Special Small Cap Value Fund


Security name	Shares		Value
Energy Equipment & Services (continued)
Steel Excel Incorporated †		156,310	$	4,611,145

				20,006,691

Oil, Gas & Consumable Fuels : 3.08%
Comstock Resources Incorporated		320,563		5,497,655
Energy XXI (Bermuda) Limited		196,100		4,500,495
Penn Virginia Corporation †		503,900		6,041,761
Stone Energy Corporation †		138,300		4,280,385

				20,320,296

Financials : 17.62%

Capital Markets : 2.08%
CIFC Corporation		253,585		2,013,465
Virtus Investment Partners Incorporated †		13,905		2,534,325
Westwood Holdings Group Incorporated		160,812		9,193,622

				13,741,412


Commercial Banks : 7.32%
BBCN Bancorp Incorporated		226,800		3,413,340
First Citizens BancShares Incorporated		111,477		24,663,171
Sterling BanCorp		321,716		4,053,622
TCF Financial Corporation		417,136		6,715,890
UMB Financial Corporation		159,061		9,430,727

				48,276,750

Consumer Finance : 0.30%
JGWPT Holdings Incorporated †		115,500		1,963,500

Insurance : 4.93%
Brown & Brown Incorporated		329,100		10,363,359
Fidelity & Guaranty Life †		143,444		2,828,716
Fortegra Financial Corporation †		326,720		2,407,926
ProAssurance Corporation		148,500		6,899,310
Tower Group International Limited «		443,000		1,107,500
Validus Holdings Limited		247,500		8,890,200

				32,497,011

REITs : 2.99%
CYS Investments Incorporated		303,900		2,406,888
Hatteras Financial Corporation		505,908		9,075,990
Post Properties Incorporated		175,881		8,254,095

				19,736,973

Health Care : 7.29%

Health Care Equipment & Supplies : 3.64%
Haemonetics Corporation †		177,300		6,717,897
ICU Medical Incorporated †		86,563		5,584,179
Steris Corporation		128,300		5,887,687
West Pharmaceutical Services Incorporated		121,882		5,783,301

				23,973,064

Health Care Providers & Services : 0.71%
Patterson Companies Incorporated		117,200		4,683,312


Wells Fargo Advantage Special Small Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Health Care Technology : 0.76%
Omnicell Incorporated †		194,100	$	5,011,662

Life Sciences Tools & Services : 2.18%
Bio-Rad Laboratories Incorporated Class A †		47,600		6,050,912
Cambrex Corporation †		211,180		3,963,849
Parexel International Corporation †		89,500		4,368,495

				14,383,256

Industrials : 21.60%

Air Freight & Logistics : 1.83%
Forward Air Corporation		271,277		12,082,678

Building Products : 2.34%
Quanex Building Products Corporation		297,199		5,631,922
Simpson Manufacturing Company Incorporated		299,818		9,774,067

				15,405,989

Commercial Services & Supplies : 3.89%
ACCO Brands Corporation †		667,669		3,879,157
Clean Harbors Incorporated †		143,200		8,030,656
Courier Corporation		198,445		3,133,447
Viad Corporation		402,844		10,590,769

				25,634,029

Construction & Engineering : 1.10%
EMCOR Group Incorporated		171,600		7,294,716

Electrical Equipment : 2.22%
Franklin Electric Company Incorporated		282,700		11,262,768
Regal-Beloit Corporation		46,000		3,408,140

				14,670,908

Machinery : 6.76%
Commercial Vehicle Group Incorporated †		195,549		1,564,392
Douglas Dynamics Incorporated		437,400		6,351,048
Kadant Incorporated		591,825		21,252,436
Mueller Industries Incorporated		247,320		15,393,197

				44,561,073

Professional Services : 1.41%
Insperity Incorporated		148,100		4,890,262
Korn/Ferry International †		187,746		4,404,521

				9,294,783

Trading Companies & Distributors : 0.50%
MRC Global Incorporated †		117,346		3,276,300

Transportation Infrastructure : 1.55%
Macquarie Infrastructure Company LLC		184,997		10,221,084

Information Technology : 17.53%

Communications Equipment : 1.38%
Aviat Networks Incorporated †		849,347		1,613,759


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Special Small Cap Value Fund


Security name	Shares		Value
Communications Equipment (continued)
Ixia Corporation †		303,600	$	3,883,044
NETGEAR Incorporated †		113,100		3,609,021

				9,105,824

Computers & Peripherals : 1.83%
Imation Corporation †		2,515,900		12,101,479

Electronic Equipment, Instruments & Components : 3.82%
AVX Corporation		288,098		3,722,226
GSI Group Incorporated †		239,200		2,580,968
Jabil Circuit Incorporated		242,000		4,348,740
Orbotech Limited †		444,815		6,045,036
Vishay Intertechnology Incorporated †		626,621		8,509,513

				25,206,483

IT Services : 1.06%
Sykes Enterprises Incorporated †		332,400		6,967,104

Semiconductors & Semiconductor Equipment : 5.37%
ATMI Incorporated †		561,528		15,543,095
DSP Group Incorporated †		502,391		4,501,423
Exar Corporation †		404,452		4,453,017
Lattice Semiconductor Corporation †		1,321,481		7,638,160
SunEdison Incorporated †		236,210		3,285,681

				35,421,376

Software : 4.07%
ACI Worldwide Incorporated †		158,084		9,581,471
Compuware Corporation		131,600		1,334,424
NetScout Systems Incorporated †		155,043		5,476,119
Progress Software Corporation †		208,551		5,040,678
TIBCO Software Incorporated †		252,853		5,383,240

				26,815,932

Materials : 6.50%

Chemicals : 3.45%
A. Schulman Incorporated		253,158		8,599,777
Innospec Incorporated		127,600		5,466,384
LSB Industries Incorporated †		70,992		2,350,545
Plastec Technologies Limited †(a)(i)		152,638		839,509
Sensient Technologies Corporation		111,600		5,459,472

				22,715,687

Paper & Forest Products : 3.05%
Neenah Paper Incorporated		344,200		14,952,048
Schweitzer Manduit International Incorporated		112,100		5,171,173

				20,123,221

Utilities : 0.51%

Electric Utilities : 0.51%
ALLETE Incorporated		67,154		3,356,357

Total Common Stocks (Cost $519,162,283)				619,201,309


Wells Fargo Advantage Special Small Cap Value Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name								Shares		Value
Investment Companies : 1.87%
iShares Russell 2000 Index ETF «										$	12,355,658

Total Investment Companies (Cost $12,534,000)											12,355,658


						Expiration date
Warrants : 0.00%

Industrials: 0.00%

Aerospace & Defense : 0.00%
Plastec Technologies Limited †(a)(i)							11/18/2014		145,800		0

Total Warrants (Cost $0)											0


Short-Term Investments : 6.25%

			Yield
Investment Companies : 6.25%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07	%				27,671,253		27,671,253
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)				0.08					13,522,600		13,522,600

Total Short-Term Investments (Cost $41,193,853)											41,193,853

Total investments in securities (Cost $572,890,136)*	102.02	%									672,750,820

Other assets and liabilities, net	(2.02	)									(13,318,980	)

Total net assets	100.00	%								$	659,431,840

†	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.

(i)

Illiquid 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 $579,609,211 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	171,964,919
Gross unrealized depreciation		(78,823,310	)

Net unrealized appreciation	$	93,141,609

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

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. 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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	618,361,800	$	0	$	839,509	$	619,201,309
Investment companies		12,355,658		0		0		12,355,658
Short-term investments
Investment companies		27,671,253		13,522,600		0		41,193,853

	$	658,388,711	$	13,522,600	$	839,509	$	672,750,820

Investments in affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
AH Belo Corporation		1,073,699		0		39,299		1,034,400		8,264,856
Imation Corporation		2,745,450		0		229,550		2,515,900		12,101,479
Kadant Incorporated		701,043		0		109,218		591,825		21,252,436

									$	41,618,771


Wells Fargo Advantage Traditional Small Cap Growth Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Common Stocks : 98.72%

Consumer Discretionary : 10.09%

Diversified Consumer Services : 2.03%
Grand Canyon Education Incorporated †		36,600	$	1,603,812
LifeLock Incorporated †		87,800		1,791,998

				3,395,810

Hotels, Restaurants & Leisure : 0.38%
BJ’s Restaurants Incorporated †		13,900		394,204
Bravo Brio Restaurant Group Incorporated †		16,400		245,016

				639,220

Household Durables : 0.28%
Ethan Allen Interiors Incorporated		18,618		469,918

Internet & Catalog Retail : 2.98%
HomeAway Incorporated †		32,600		1,332,036
RetailMeNot Incorporated †		49,148		1,740,331
Shutterfly Incorporated †		40,500		1,918,080

				4,990,447

Specialty Retail : 4.42%
Conn’s Incorporated †		22,300		1,353,833
Lumber Liquidators Holdings Incorporated †		14,400		1,281,456
Pier 1 Imports Incorporated		93,600		1,788,696
Select Comfort Corporation †		40,200		658,074
ULTA Salon Cosmetics & Fragrance Incorporated †		8,600		737,106
Vitamin Shoppe Incorporated †		35,438		1,588,331

				7,407,496

Consumer Staples : 1.09%

Food Products : 1.09%
Annie’s Incorporated †		45,600		1,829,472

Energy : 3.47%

Oil, Gas & Consumable Fuels : 3.47%
Comstock Resources Incorporated		73,500		1,260,525
Energy XXI (Bermuda) Limited		49,500		1,136,025
Oasis Petroleum Incorporated †		64,600		2,700,926
Rosetta Resources Incorporated †		16,700		711,587

				5,809,063

Financials : 9.96%

Capital Markets : 2.63%
Financial Engines Incorporated		56,000		3,411,520
Stifel Financial Corporation †		21,900		988,785

				4,400,305

Commercial Banks : 4.60%
Signature Bank †		24,100		2,941,646
SVB Financial Group †		25,200		2,828,196


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Traditional Small Cap Growth Fund


Security name	Shares		Value
Commercial Banks (continued)
Texas Capital Bancshares Incorporated †		32,500	$	1,932,775

				7,702,617

Consumer Finance : 1.88%
Portfolio Recovery Associates Incorporated †		62,800		3,153,816

Diversified Financial Services : 0.85%
MarketAxess Holdings Incorporated		22,700		1,424,198

Health Care : 27.06%

Biotechnology : 6.04%
Alnylam Pharmaceuticals Incorporated †		19,700		1,648,102
Celldex Therapeutics Incorporated †		17,600		453,728
Cepheid Incorporated †		39,000		2,061,540
Exact Sciences Corporation †		95,400		1,240,200
Foundation Medicine Incorporated «†		25,198		754,428
Intercept Pharmaceuticals Incorporated †		1,500		451,320
ISIS Pharmaceuticals Incorporated †		18,500		944,610
Keryx Biopharmaceuticals Incorporated †		41,300		635,194
NPS Pharmaceuticals Incorporated †		53,800		1,924,964

				10,114,086

Health Care Equipment & Supplies : 9.68%
Align Technology Incorporated †		57,900		3,440,418
Cardiovascular Systems Incorporated †		70,784		2,400,993
DexCom Incorporated †		122,937		4,974,031
Endologix Incorporated †		182,000		2,912,000
NxStage Medical Incorporated †		105,100		1,361,045
Tandem Diabetes Care Incorporated †		43,375		1,121,244

				16,209,731

Health Care Providers & Services : 5.14%
Capital Senior Living Corporation †		73,400		1,649,298
ExamWorks Group Incorporated †		158,300		4,874,057
Healthways Incorporated «†		136,291		2,086,615

				8,609,970

Health Care Technology : 3.65%
athenahealth Incorporated «†		16,200		2,387,880
HealthStream Incorporated †		79,556		2,308,715
HMS Holdings Corporation †		61,600		1,418,648

				6,115,243

Pharmaceuticals : 2.55%
Akorn Incorporated †		70,700		1,604,890
Pacira Pharmaceuticals Incorporated †		17,400		1,192,422
The Medicines Company †		42,200		1,466,872

				4,264,184

Industrials : 16.26%

Aerospace & Defense : 4.12%
Hexcel Corporation †		96,743		4,032,248
TASER International Incorporated †		179,000		2,874,740

				6,906,988


Wells Fargo Advantage Traditional Small Cap Growth Fund		Portfolio of investments — January 31, 2014 (unaudited)


Security name	Shares		Value
Building Products : 2.11%
Gibraltar Industries Incorporated †		91,958	$	1,642,370
USG Corporation †		62,100		1,900,260

				3,542,630

Commercial Services & Supplies : 0.84%
InnerWorkings Incorporated †		186,149		1,403,563

Machinery : 4.58%
Barnes Group Incorporated		103,000		3,856,320
RBC Bearings Incorporated †		31,747		2,058,475
The Middleby Corporation †		7,100		1,750,718

				7,665,513

Professional Services : 2.36%
Wageworks Incorporated †		63,620		3,956,528

Road & Rail : 1.04%
Genesee & Wyoming Incorporated Class A †		19,200		1,734,528

Trading Companies & Distributors : 1.21%
Beacon Roofing Supply Incorporated †		53,600		2,025,544

Information Technology : 27.50%

Communications Equipment : 1.88%
Aruba Networks Incorporated †		125,900		2,481,489
Sonus Networks Incorporated †		223,700		671,100

				3,152,589

Internet Software & Services : 10.07%
Bankrate Incorporated †		166,500		2,762,235
Demandware Incorporated †		25,800		1,642,944
E2open Incorporated †		56,200		1,345,990
LivePerson Incorporated †		175,742		2,430,512
Pandora Media Incorporated †		54,600		1,969,422
Responsys Incorporated †		73,100		1,974,431
Shutterstock Incorporated «†		15,006		1,209,634
SPS Commerce Incorporated †		19,409		1,254,210
Textura Corporation «†		72,400		2,276,256

				16,865,634

Semiconductors & Semiconductor Equipment : 3.58%
Cavium Incorporated †		98,900		3,676,113
Mellanox Technologies Limited «†		39,500		1,472,165
Power Integrations Incorporated		14,400		852,912

				6,001,190

Software : 11.97%
Concur Technologies Incorporated †		38,078		4,620,385
Fleetmatics Group plc †		56,712		2,269,047
Guidewire Software Incorporated †		17,500		826,175
Infoblox Incorporated †		48,144		1,688,892
Proofpoint Incorporated †		47,000		1,902,560
Qlik Technologies Incorporated †		64,400		1,740,088
Rally Software Development Corporation †		61,200		1,303,560
Realpage Incorporated †		36,900		829,512
Tableau Software Incorporated Class A †		20,443		1,652,203


Portfolio of investments — January 31, 2014 (unaudited)		Wells Fargo Advantage Traditional Small Cap Growth Fund


Security name						Shares		Value
Software (continued)
Ultimate Software Group Incorporated †							19,674	$	3,211,387

									20,043,809

Materials : 1.41%

Chemicals : 0.63%
Rockwood Holdings Incorporated							15,352		1,052,073

Metals & Mining : 0.78%
Materion Corporation							49,466		1,314,312

Telecommunication Services : 1.88%

Diversified Telecommunication Services : 1.88%
Cogent Communications Group Incorporated							75,862		3,138,410

Total Common Stocks (Cost $109,953,653)									165,338,887

			Yield
Short-Term Investments : 6.26%

Investment Companies : 6.26%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)				0.07	%		3,137,133		3,137,133
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)				0.08			7,358,525		7,358,525

Total Short-Term Investments (Cost $10,495,658)									10,495,658

Total investments in securities (Cost $120,449,311)*	104.98	%							175,834,545
Other assets and liabilities, net	(4.98	)							(8,347,858	)

Total net assets	100.00	%						$	167,486,687


†		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 $121,311,831 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	57,912,863
Gross unrealized depreciation		(3,390,149	)

Net unrealized appreciation	$	54,522,714

Wells Fargo Advantage Traditional Small Cap Growth Fund (the “Fund”)

Notes to Portfolio of investments – January 31, 2014 (unaudited)

Securities valuation

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. 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 January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	165,338,887	$	0	$	0	$	165,338,887
Short-term investments
Investment companies		3,137,133		7,358,525		0		10,495,658

	$	168,476,020	$	7,358,525	$	0	$	175,834,545

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

CLP — Chilean peso

DKK — Danish krone

DRIVER — Derivative inverse tax-exempt receipts

DW&P — Department of Water & Power

DWR — Department of Water Resources

ECFA — Educational & Cultural Facilities Authority

EDA — Economic Development Authority

EDFA — Economic Development Finance Authority

ETF — Exchange-traded fund

EUR — Euro

FDIC — Federal Deposit Insurance Corporation

FFCB — Federal Farm Credit Banks

FGIC — Financial Guaranty Insurance Corporation

FHA — Federal Housing Administration

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FICO — The Financing Corporation

FNMA — Federal National Mortgage Association

FSA — Farm Service Agency

GBP — Great British pound

GDR — Global depositary receipt

GNMA — Government National Mortgage Association

GO — General obligation

HCFR — Healthcare facilities revenue

HEFA — Health & Educational Facilities Authority

HEFAR — Higher education facilities authority revenue

HFA — Housing Finance Authority

HFFA — Health Facilities Financing Authority

HKD — Hong Kong dollar

HUD — Department of Housing and Urban Development

HUF — Hungarian forint

IDA — Industrial Development Authority

IDAG — Industrial Development Agency

IDR — 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

LLLP — Limited liability limited partnership

LLP — Limited liability partnership

LOC — Letter of credit

LP — Limited partnership

MBIA — Municipal Bond Insurance Association

MFHR — Multifamily housing revenue

MSTR — Municipal securities trust receipts

MTN — Medium-term note

MUD — Municipal Utility District

MXN — Mexican peso

MYR — Malaysian ringgit

National — National Public Finance Guarantee Corporation

NGN — Nigerian naira

NOK — Norwegian krone

NZD — New Zealand dollar

PCFA — Pollution Control Financing Authority

PCL — Public Company Limited

PCR — Pollution control revenue

PFA — Public Finance Authority

PFFA — Public Facilities Financing Authority

PFOTER — Puttable floating option tax-exempt receipts

plc — Public limited company

PLN — Polish zloty

PUTTER — Puttable tax-exempt receipts

R&D — Research & development

Radian — Radian Asset Assurance

RAN — Revenue anticipation notes

RDA — Redevelopment Authority

RDFA — Redevelopment Finance Authority

REIT — Real estate investment trust

ROC — Reset option certificates

RON — Romanian lei

RUB — Russian ruble

SAVRS — Select auction variable rate securities

SBA — Small Business Authority

SEK — Swedish krona

SFHR — Single-family housing revenue

SFMR — Single-family mortgage revenue

SGD — Singapore dollar

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

THB — Thai baht

TIPS — Treasury inflation-protected securities

TRAN — Tax revenue anticipation notes

TRY — Turkish lira

TTFA — Transportation Trust Fund Authority

TVA — Tennessee Valley Authority

ZAR — South African rand

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:		March 26, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.


Wells Fargo Funds Trust

By:		/s/ Karla M. Rabusch
		Karla M. Rabusch
		President

Date:		March 26, 2014

By:		/s/ Nancy Wiser
		Nancy Wiser
		Treasurer

Date:		March 26, 2014

By:		/s/ Jeremy DePalma
		Jeremy DePalma
		Treasurer

Date:		March 26, 2014