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

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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 Growth Balanced Fund, Wells Fargo Advantage Moderate Balanced Fund, Wells Fargo Advantage C&B Large Cap Value Fund, Wells Fargo Advantage Diversified Equity Fund, Wells Fargo Advantage Emerging Growth Fund, Wells Fargo Advantage Index Fund, Wells Fargo Advantage International Value Fund, Wells Fargo Advantage Small Company Growth Fund, Wells Fargo Advantage Small Company Value Fund, Wells Fargo Advantage Core Bond Fund, Wells Fargo Advantage Inflation-Protected Bond Fund, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio, Wells Fargo Advantage WealthBuilder Equity Portfolio, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio, Wells Fargo Advantage WealthBuilder Moderated Balanced Portfolio, and Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio. Each series had a May 31 fiscal year end.

Date of reporting period: August 31, 2013

ITEM 1. INVESTMENTS


Wells Fargo Advantage Growth Balanced Fund		Portfolio of investments — August 31, 2013 (unaudited)


Security name	Value
Investment Companies : 98.98%
Affiliated Master Portfolios : 98.98%
Wells Fargo Advantage C&B Large Cap Value Portfolio	$	12,858,595
Wells Fargo Advantage Core Bond Portfolio		16,761,358
Wells Fargo Advantage Diversified Large Cap Growth Portfolio		38,750,766
Wells Fargo Advantage Emerging Growth Portfolio		3,896,638
Wells Fargo Advantage Index Portfolio		38,536,623
Wells Fargo Advantage Inflation-Protected Bond Portfolio		8,332,250
Wells Fargo Advantage International Growth Portfolio		11,469,149
Wells Fargo Advantage International Value Portfolio		11,444,622
Wells Fargo Advantage Large Company Value Portfolio		25,669,341
Wells Fargo Advantage Managed Fixed Income Portfolio		58,654,312
Wells Fargo Advantage Small Company Growth Portfolio		3,849,303
Wells Fargo Advantage Small Company Value Portfolio		7,641,915
Total Investment Companies (Cost $222,357,082)		237,864,872


			Yield			Maturity date		Principal
Short-Term Investments : 1.25%
U.S. Treasury Securities : 1.25%
U.S. Treasury Bill (z)#				0.04	%		9-5-2013	$	3,000,000		2,999,993

Total Short-Term Investments (Cost $2,999,993)											2,999,993

Total investments in securities (Cost $225,357,075)*	100.23	%									240,864,865
Other assets and liabilities, net	(0.23	)									(562,270	)

Total net assets	100.00	%								$	240,302,595

(z)

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

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

*	Cost for federal income tax purposes is $226,860,481 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	14,004,384
Gross unrealized depreciation		0

Net unrealized appreciation	$	14,004,384

Wells Fargo Advantage Growth Balanced Fund (the “Fund”)

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

Securities valuation

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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

Futures contracts

The Fund may be subject to interest rate risk and 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.

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

Fair valuation measurements

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 August 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Investment companies	$	0	$	237,864,872	$	0	$	237,864,872
Short-term investments
U.S. Treasury securities		0		2,999,993		0		2,999,993

	$	0	$	240,864,865	$	0	$	240,864,865

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


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts ⁺	$	229,487	$	0	$	0	$	229,487

+	Futures contracts are presented at the unrealized gains or losses on the instrument.

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

Derivative transactions

As of August 31, 2013, the Fund entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At August 31, 2013, the Fund had long and short futures contracts outstanding as follows:


Expiration date		Contracts		Type	Contract value at August 31, 2013		Unrealized gains (losses)
	9-19-2013		88 Long	S&P 500 Index	$	35,888,600	$	600,798
	12-19-2013		275 Short	30-Year U.S. Treasury Bonds		36,274,219		(371,311	)


Wells Fargo Advantage Moderate Balanced Fund		Portfolio of investments — August 31, 2013 (unaudited)


Security name										Value
Investment Companies : 99.25%
Affiliated Master Portfolios : 99.25%
Wells Fargo Advantage C&B Large Cap Value Portfolio										$	5,380,979
Wells Fargo Advantage Core Bond Portfolio											14,733,148
Wells Fargo Advantage Diversified Large Cap Growth Portfolio											16,235,909
Wells Fargo Advantage Emerging Growth Portfolio											1,638,240
Wells Fargo Advantage Index Portfolio											16,137,733
Wells Fargo Advantage Inflation-Protected Bond Portfolio											7,317,217
Wells Fargo Advantage International Growth Portfolio											4,804,195
Wells Fargo Advantage International Value Portfolio											4,810,262
Wells Fargo Advantage Large Company Value Portfolio											10,736,274
Wells Fargo Advantage Managed Fixed Income Portfolio											51,538,184
Wells Fargo Advantage Small Company Growth Portfolio											1,615,884
Wells Fargo Advantage Small Company Value Portfolio											3,196,713
Wells Fargo Advantage Stable Income Portfolio											24,537,070

Total Investment Companies (Cost $155,241,098)											162,681,808

			Yield			Maturity date		Principal
Short-Term Investments : 0.79%
U.S. Treasury Securities : 0.79%
U.S. Treasury Bill #(z)				0.02	%		9-5-2013	$	1,300,000		1,299,997

Total Short-Term Investments (Cost $1,299,997)											1,299,997

Total investments in securities (Cost $156,541,095)*	100.04	%									163,981,805
Other assets and liabilities, net	(0.04	)									(69,724	)

Total net assets	100.00	%								$	163,912,081

#	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 $155,942,517 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	8,970,675
Gross unrealized depreciation		(931,387	)

Net unrealized appreciation	$	8,039,288

Wells Fargo Advantage Moderate Balanced Fund (the “Fund”)

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

Securities valuation

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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

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

Futures 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 August 31, 2013, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Investment companies	$	0	$	162,681,808	$	0	$	162,681,808
Short-term investments
U.S. Treasury securities		0		1,299,997		0		1,299,997

	$	0	$	163,981,805	$	0	$	163,981,805

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


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts ⁺	$	100,507	$	0	$	0	$	100,507

⁺	Futures contracts are presented at the unrealized gains on the instrument.

Derivative transactions

As of August 31, 2013, the Fund entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At August 31, 2013, the Fund had long and short futures contracts outstanding as follows:


					Contract
					value at		Unrealized
Expiration date		Contracts		Type	August 31, 2013		gains (losses)
	9-19-2013		40 Long	S&P 500 Index	$	16,313,000	$	266,083
	12-19-2013		124 Short	30-Year U.S. Treasury Bonds		16,356,375		(165,576	)


Wells Fargo Advantage C&B Large Cap Value Fund		Portfolio of investments — August 31, 2013 (unaudited)


Security name			Value
Investment Companies : 99.95%
Affiliated Master Portfolios : 99.95%
Wells Fargo Advantage C&B Large Cap Value Portfolio			$	281,049,627

Total Investment Companies (Cost $209,043,149)				281,049,627

Total investments in securities (Cost $209,043,149)*	99.95	%		281,049,627
Other assets and liabilities, net	0.05			133,913

Total net assets	100.00	%	$	281,183,540

*	Cost for federal income tax purposes is $216,490,602 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	64,559,025
Gross unrealized depreciation		0

Net unrealized appreciation	$	64,559,025

Wells Fargo Advantage C&B large Cap Value Fund (the “Fund”)

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

Securities

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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.

At August 31, 2013, Level 2 inputs were used in valuing the Fund’s investment in the affiliated Master Portfolio.


Wells Fargo Advantage Diversified Equity Fund		Portfolio of investments — August 31, 2013 (unaudited)


Security name			Value
Investment Companies : 100.06%
Affiliated Master Portfolios : 100.06%
Wells Fargo Advantage C&B Large Cap Value Portfolio			$	30,721,634
Wells Fargo Advantage Diversified Large Cap Growth Portfolio				92,499,554
Wells Fargo Advantage Emerging Growth Portfolio				9,289,137
Wells Fargo Advantage Index Portfolio				92,082,345
Wells Fargo Advantage International Growth Portfolio				27,247,961
Wells Fargo Advantage International Value Portfolio				27,257,054
Wells Fargo Advantage Large Company Value Portfolio				61,348,071
Wells Fargo Advantage Small Company Growth Portfolio				9,190,402
Wells Fargo Advantage Small Company Value Portfolio				18,192,596

Total Investment Companies (Cost $322,816,523)				367,828,754

Total investments in securities (Cost $322,816,523)*	100.06	%		367,828,754
Other assets and liabilities, net	(0.06	)		(217,352	)

Total net assets	100.00	%	$	367,611,402

*	Cost for federal income tax purposes is $289,630,437 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	88,272,853
Gross unrealized depreciation		(10,074,536	)

Net unrealized appreciation	$	78,198,317

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

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

Securities valuation

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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.

At August 31, 2013, Level 2 inputs were used in valuing the Fund’s investments in each affiliated Master Portfolio.


Wells Fargo Advantage Emerging Growth Fund		Portfolio of investments — August 31, 2013 (unaudited)


Security name			Value
Investment Companies : 99.99%
Affiliated Master Portfolios : 99.99%
Wells Fargo Advantage Emerging Growth Portfolio			$	1,028,245,058

Total Investment Companies (Cost $744,404,223)				1,028,245,058

Total investments in securities (Cost $744,404,223) *	99.99	%		1,028,245,058
Other assets and liabilities, net	0.01			86,584

Total net assets	100.00	%	$	1,028,331,642

*	Cost for federal income tax purposes is $743,049,779 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	285,195,279
Gross unrealized depreciation		0

Net unrealized appreciation	$	285,195,279

Wells Fargo Advantage Emerging Growth Fund (the “Fund”)

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

Securities valuation

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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.

At August 31, 2013, Level 2 inputs were used in valuing the Fund’s investment in the affiliated Master Portfolio.


Wells Fargo Advantage Index Fund		Portfolio of investments — August 31, 2013 (unaudited)


Security name			Value
Investment Companies : 100.01%
Affiliated Master Portfolios : 100.01%
Wells Fargo Advantage Index Portfolio			$	2,440,613,991

Total Investment Companies (Cost $1,436,549,735)				2,440,613,991

Total investments in securities (Cost $1,436,549,735)*	100.01	%		2,440,613,991
Other assets and liabilities, net	(0.01	)		(199,635	)

Total net assets	100.00	%	$	2,440,414,356

*	Cost for federal income tax purposes is $1,347,576,749 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,273,367,755
Gross unrealized depreciation		(180,330,513	)

Net unrealized appreciation	$	1,093,037,242

Wells Fargo Advantage Index Fund (the “Fund”)

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

Securities

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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.

At August 31, 2013, Level 2 inputs were used in valuing the Fund’s investment in the affiliated Master Portfolio.


Wells Fargo Advantage International Value Fund		Portfolio of investments — August 31, 2013 (unaudited)


Security name			Value
Investment Companies : 99.99%
Affiliated Master Portfolios : 99.99%
Wells Fargo Advantage International Value Portfolio			$	384,662,555
Total Investment Companies (Cost $396,243,722)				384,662,555

Total investments in securities (Cost $396,243,722)*	99.99	%		384,662,555
Other assets and liabilities, net	0.01			50,156

Total net assets	100.00	%	$	384,712,711

*	Cost for federal income tax purposes is $406,042,154 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	0
Gross unrealized depreciation		(21,379,599	)

Net unrealized depreciation	$	(21,379,599	)

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

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

Securities valuation

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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.

At August 31, 2013, Level 2 inputs were used in valuing the Fund’s investment in the affiliated Master Portfolio.


Wells Fargo Advantage Small Company Growth Fund		Portfolio of investments — August 31, 2013 (unaudited)


Security name			Value
Investment Companies : 99.82%
Affiliated Master Portfolios : 99.82%
Wells Fargo Advantage Small Company Growth Portfolio			$	193,767,844
Total Investment Companies (Cost $189,727,073)				193,767,844

Total investments in securities (Cost $189,727,073)*	99.82	%		193,767,844
Other assets and liabilities, net	0.18			342,522

Total net assets	100.00	%	$	194,110,366

*	Cost for federal income tax purposes is $189,464,919 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	5,147,237
Gross unrealized depreciation		(844,312	)

Net unrealized appreciation	$	4,302,925

Wells Fargo Advantage Small Company Growth Fund (the “Fund”)

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

Securities valuation

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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 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.

At August 31, 2013, Level 2 inputs were used for valuing the Fund’s investment in the affiliated Master Portfolio.


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


Security name			Value
Investment Companies : 101.08%
Affiliated Master Portfolios : 101.08%
Wells Fargo Advantage Small Company Value Portfolio			$	97,407,123
Total Investment Companies (Cost $81,143,495)				97,407,123

Total investments in securities (Cost $81,143,495)*	101.08	%		97,407,123
Other assets and liabilities, net	(1.08	)		(1,043,179	)

Total net assets	100.00	%	$	96,363,944

*	Cost for federal income tax purposes is $87,191,055 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	10,216,068
Gross unrealized depreciation		0

Net unrealized appreciation	$	10,216,068

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

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

Securities valuation

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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.

At August 31, 2013, Level 2 inputs were used in valuing the Fund’s investment in the affiliated Master Portfolio.


Wells Fargo Advantage Core Bond Fund		Portfolio of investments — August 31, 2013 (unaudited)


Security name			Value
Investment Companies : 100.10%
Affiliated Master Portfolios : 100.10%
Wells Fargo Advantage Core Bond Portfolio			$	2,598,812,409
Total Investment Companies (Cost $2,641,668,167)				2,598,812,409

Total investments in securities (Cost $2,641,668,167)*	100.10	%		2,598,812,409
Other assets and liabilities, net	(0.10	)		(2,696,082	)

Total net assets	100.00	%	$	2,596,116,327

*	Cost for federal income tax purposes is $2,649,382,238 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	0
Gross unrealized depreciation		(50,569,829	)

Net unrealized depreciation	$	(50,569,829	)

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

Notes to Portfolio of investments – August 31, 2031 (unaudited)

Securities valuation

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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.

At August 31, 2013, Level 2 inputs were used in valuing the Fund’s investment in the affiliated Master Portfolio.


Wells Fargo Advantage Inflation-Protected Bond Fund		Portfolio of investments — August 31, 2013 (unaudited)


Security name			Shares	Value
Investment Companies : 100.22%
Affiliated Master Portfolios : 100.22%
Wells Fargo Advantage Inflation-Protected Bond Portfolio				$	40,786,390

Total Investment Companies (Cost $40,661,004)					40,786,390

Total investments in securities (Cost $40,661,004)*	100.22	%			40,786,390
Other assets and liabilities, net	(0.22	)			(90,804	)

Total net assets	100.00	%		$	40,695,586

*	Cost for federal income tax purposes is $37,584,775 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	3,201,615
Gross unrealized depreciation		0

Net unrealized appreciation	$	3,201,615

Wells Fargo Advantage Inflation-Protected Bond Fund (the “Fund”)

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

Securities valuation

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

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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.

At August 31, 2013, Level 2 inputs were used in valuing the Fund’s investment in the affiliated Master Portfolio.


Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio		Portfolio of investments — August 31, 2013 (unaudited)


Security name				Shares		Value
Investment Companies : 98.75%
Affiliated Master Portfolios : 21.68%
Wells Fargo Advantage Core Bond Portfolio						$	116,449,700
Wells Fargo Advantage Emerging Growth Portfolio							5,832,151
Wells Fargo Advantage International Growth Portfolio							6,787,727
Wells Fargo Advantage Small Company Value Portfolio							5,660,812
							134,730,390

Alternative Investment Funds : 5.42%
AQR Managed Futures Strategy Fund					302,239		3,058,652
ING Global Real Estate Fund					620,254		10,761,406
PIMCO CommodityRealReturn Strategy Fund					2,901,414		16,770,175
The Arbitrage Fund					241,571		3,092,106
							33,682,339

International Equity Funds : 4.37%
DFA International Small Cap Value Portfolio					127,677		2,253,507
Dodge & Cox International Stock Fund					89,659		3,366,712
Oppenheimer Developing Markets Fund					83,837		2,818,607
T. Rowe Price International Discovery Fund					45,364		2,273,197
Templeton Institutional Foreign Equity Fund					163,482		3,398,799
Thornburg International Value Fund					352,748		10,222,624
Wells Fargo Advantage Emerging Markets Equity Fund (l)					137,340		2,834,699
							27,168,145

International Fixed Income Funds : 4.63%
Oppenheimer International Bond Fund					4,822,884		28,744,392
							28,744,392

U.S. Equity Funds : 11.05%
American Century Growth Fund					140,846		4,315,536
Eaton Vance Large Cap Value Fund					450,200		10,007,935
Invesco Growth And Income Fund					401,208		10,018,160
MFS Value Fund					665,544		19,939,700
Royce Pennsylvania Mutual Fund					427,920		5,691,333
T. Rowe Price Blue Chip Growth Fund					112,643		6,055,678
Wells Fargo Advantage Endeavor Select Fund (l)†					270,534		3,468,244
Wells Fargo Advantage Large Cap Growth Fund (l)					87,590		3,471,211
Wells Fargo Advantage Small Cap Value Fund (l)					161,012		5,675,679
							68,643,476

U.S. Fixed Income Funds : 51.60%
PIMCO High Yield Fund					3,106,546		29,294,728
Wells Fargo Advantage Government Securities Fund (l)					10,829,055		116,520,633
Wells Fargo Advantage Short Duration Government Bond Fund (l)					17,306,266		174,793,287
							320,608,648

Total Investment Companies (Cost $592,569,845)							613,577,390


	Yield
Short-Term Investments : 1.32%
Investment Companies : 0.18%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.09	%		1,100,000		1,100,000


Portfolio of investments — August 31, 2013 (unaudited)		Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio


Security name			Yield			Maturity date		Principal		Value
U.S. Treasury Securities : 1.14%
U.S. Treasury Bill #(z)				0.01	%		9-5-2013	$	7,100,000	$	7,099,983

Total Short-Term Investments (Cost $8,199,983)											8,199,983

Total investments in securities (Cost $600,769,828)*	100.07	%									621,777,373
Other assets and liabilities, net	(0.07	)									(438,521	)

Total net assets	100.00	%								$	621,338,852

(l)

Investment in an affiliate

†	Non-income-earning security

(u)

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

#	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 $607,304,310 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	30,156,792
Gross unrealized depreciation		(15,683,729	)

Net unrealized appreciation	$	14,473,063

Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio (the “Portfolio”)

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

The Portfolio seeks to achieve its investment objective by allocating its assets across asset classes of stocks, bonds and money market instruments by investing in a number of affiliated and unaffiliated funds (collectively, the “Underlying Funds”). The investment in affiliated funds may also include investments in one or more separate diversified portfolios (each, a “Master Portfolio”, collectively, the “Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each Master Portfolio directly acquires portfolio securities and the Portfolio acquires an indirect interest in those securities.

Securities valuation

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

Investments in underlying open-end investment companies are valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange is open for trading. Investments in the Master Portfolios are valued daily based on each Portfolio’s proportionate share of each Master Portfolio’s net assets, which are also valued daily.

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

Futures contracts

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

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

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 Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

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

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

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


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Investment companies	$	478,847,000	$	134,730,390	$	0	$	613,577,390
Short-term investments
Investment companies		1,100,000		0		0		1,100,000
U.S. Treasury securities		0		7,099,983		0		7,099,983

	$	479,947,000	$	141,830,373	$	0	$	621,777,373

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


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	1,142,763	$	0	$	0	$	1,142,763

+	Futures contracts are presented at the unrealized gains on the instrument.

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

Investments in affiliates

As of August 31, 2013, the Portfolio owns the following percentages of the Master Portfolios:


Affiliated Master Portfolios	Percentage
Wells Fargo Advantage Core Bond Portfolio		4	%
Wells Fargo Advantage Emerging Growth Portfolio		1
Wells Fargo Advantage International Growth Portfolio		5
Wells Fargo Advantage Small Company Value Portfolio		3

A summary of the Portfolio’s transaction in shares of affiliated Underlying Funds (excluding short-term investments and affiliated Master Portfolios) during the three months ended August 31, 2013 were as follows:


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
Wells Fargo Advantage Emerging Markets Equity Fund		136,827		4,628		4,115		137,340	$2,834,699
Wells Faro Advantage Endeavor Select Fund		292,123		586		22,175		270,534	3,468,244
Wells Fargo Advantage Government Securities Fund		11,264,243		116,945		552,133		10,829,055	116,520,633
Wells Fargo Advantage Large Cap Growth Fund		97,134		293		9,837		87,590	3,471,211
Wells Fargo Advantage Short Duration Government Bond Fund		18,196,348		183,098		1,073,180		17,306,266	174,793,287
Wells Fargo Advantage Small Cap Value Fund		175,119		1,601		15,708		161,012	5,675,679

										$	306,763,753

Derivative transactions

As of August 31, 2013, the Portfolio entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At August 31, 2013, the Portfolio had long and short futures contracts outstanding as follows:


Expiration date		Contracts		Type	Contract value at August 31, 2013		Unrealized gains (losses)
	9-19-2013		97 Long	S&P 500 Index	$	39,559,025	$	662,244
	9-20-2013		211 Short	MSCI EAFE Index		17,847,435		(64,783	)
	9-20-2013		80 Short	MSCI Emerging Markets Index		3,669,200		79,244
	9-20-2013		177 Long	Russell 2000 Index		17,878,770		780,035
	12-19-2013		15 Long	10-Year U.S. Treasury Notes		1,864,219		5,702
	12-19-2013		236 Short	30-Year U.S. Treasury Bonds		31,129,875		(319,679	)


Wells Fargo Advantage WealthBuilder Equity Portfolio		Portfolio of investments — August 31, 2013 (unaudited)


Security name						Shares		Value
Investment Companies : 99.82%
Affiliated Master Portfolios : 16.05%
Wells Fargo Advantage Emerging Growth Portfolio								$	6,353,566
Wells Fargo Advantage International Growth Portfolio									7,299,712
Wells Fargo Advantage Small Company Value Portfolio									6,056,598
									19,709,876

International Equity Funds : 23.86%
DFA International Small Cap Value Portfolio							138,467		2,443,949
Dodge & Cox International Stock Fund							96,785		3,634,273
Oppenheimer Developing Markets Fund							90,374		3,038,357
T. Rowe Price International Discovery Fund							48,785		2,444,632
Templeton Institutional Foreign Equity Fund							177,303		3,686,131
Thornburg International Value Fund							379,892		11,009,268
Wells Fargo Advantage Emerging Markets Equity Fund (l)							147,034		3,034,776
									29,291,386

U.S. Equity Funds : 59.91%
American Century Growth Fund							250,709		7,681,715
Eaton Vance Large Cap Value Fund							341,697		7,595,920
Invesco Growth And Income Fund							305,777		7,635,249
MFS Value Fund							509,217		15,256,137
Royce Pennsylvania Mutual Fund							459,300		6,108,686
T. Rowe Price Blue Chip Growth Fund							201,144		10,813,526
Wells Fargo Advantage Endeavor Select Fund †(l)							480,925		6,165,455
Wells Fargo Advantage Large Cap Growth Fund (l)							156,124		6,187,176
Wells Fargo Advantage Small Cap Value Fund (l)							173,428		6,113,330
									73,557,194

Total Investment Companies (Cost $95,005,263)									122,558,456

Short-Term Investments : 0.30%

			Yield
Investment Companies : 0.30%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)				0.09	%		371,291		371,291

Total Short-Term Investments (Cost $371,291)									371,291

Total investments in securities (Cost $95,376,554)*	100.12	%							122,929,747
Other assets and liabilities, net	(0.12	)							(150,889	)

Total net assets	100.00	%						$	122,778,858

(l)

Investment in an affiliate

†	Non-income-earning security

(u)

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

*	Cost for federal income tax purposes is $96,000,283 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	28,254,990
Gross unrealized depreciation		(1,325,526	)

Net unrealized appreciation	$	26,929,464

Wells Fargo Advantage WealthBuilder Equity Portfolio (the “Portfolio”)

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

Securities valuation

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

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 Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

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

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

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


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Investment companies	$	102,848,580	$	19,709,876	$	0	$	122,558,456
Short-term investments
Investment companies		371,291		0		0		371,291

	$	103,219,871	$	19,709,876	$	0	$	122,929,747

Investments in affiliates

As of August 31, 2013, the Portfolio owns the following percentages of the Master Portfolios:


	Percentage
Wells Fargo Advantage Emerging Growth Portfolio		1	%
Wells Fargo Advantage International Growth Portfolio		5	%
Wells Fargo Advantage Small Company Value Portfolio		3	%

A summary of the Portfolio’s transactions in shares of affiliated Underlying Funds (excluding short-term investments and affiliated Master Portfolios) during the three months ended August 31, 2013 were as follows:


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
Wells Fargo Advantage Emerging Markets Equity Fund		134,054		12,980		0		147,034	$3,034,776
Wells Fargo Advantage Endeavor Select Fund		479,079		5,054		3,208		480,925	6,165,455
Wells Fargo Advantage Large Cap Growth Fund		159,368		293		3,537		156,124	6,187,176
Wells Fargo Advantage Small Cap Value Fund		172,775		4,375		3,722		173,428	6,113,330

										$	21,500,737


Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio		Portfolio of investments — August 31, 2013 (unaudited)


Security name				Shares		Value
Investment Companies : 96.69%
Affiliated Master Portfolios : 18.09%
Wells Fargo Advantage Core Bond Portfolio						$	21,369,310
Wells Fargo Advantage Emerging Growth Portfolio							12,334,827
Wells Fargo Advantage International Growth Portfolio							12,015,382
Wells Fargo Advantage Small Company Value Portfolio							14,450,457
							60,169,976

Alternative Investment Funds : 5.30%
AQR Managed Futures Strategy Fund					158,800		1,607,061
ING Global Real Estate Fund					332,641		5,771,318
PIMCO CommodityRealReturn Strategy Fund					1,493,367		8,631,662
The Arbitrage Fund					126,501		1,619,217
							17,629,258

International Equity Funds : 17.48%
DFA International Small Cap Value Portfolio					272,521		4,809,994
Dodge & Cox International Stock Fund					192,728		7,236,946
Oppenheimer Developing Markets Fund					182,418		6,132,883
T. Rowe Price International Discovery Fund					96,732		4,847,265
Templeton Institutional Foreign Equity Fund					348,230		7,239,702
Thornburg International Value Fund					750,461		21,748,363
Wells Fargo Advantage Emerging Markets Equity Fund (l)					296,710		6,124,093
							58,139,246

International Fixed Income Funds : 2.76%
Oppenheimer International Bond Fund					1,538,776		9,171,106
							9,171,106

U.S. Equity Funds : 43.86%
American Century Growth Fund					298,692		9,151,917
Eaton Vance Large Cap Value Fund					955,709		21,245,415
Invesco Growth And Income Fund					851,215		21,254,840
MFS Value Fund					1,420,283		42,551,666
Royce Pennsylvania Mutual Fund					907,775		12,073,406
T. Rowe Price Blue Chip Growth Fund					238,902		12,843,363
Wells Fargo Advantage Endeavor Select Fund †(l)					572,735		7,342,469
Wells Fargo Advantage Large Cap Growth Fund (l)					185,402		7,347,473
Wells Fargo Advantage Small Cap Value Fund (l)					341,288		12,030,420
							145,840,969

U.S. Fixed Income Funds : 9.20%
PIMCO High Yield Fund					977,220		9,215,186
Wells Fargo Advantage Government Securities Fund (l)					1,987,215		21,382,437
							30,597,623

Total Investment Companies (Cost $279,368,225)							321,548,178

Short-Term Investments : 3.78%

	Yield
Investment Companies : 0.38%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.09	%		1,264,023		1,264,023


Portfolio of investments — August 31, 2013 (unaudited)		Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio


Security name			Yield			Maturity date		Principal		Value
U.S. Treasury Securities : 3.40%
U.S. Treasury Bill #(z)				0.01	%		9-5-2013		11,300,000	$	11,299,971

Total Short-Term Investments (Cost $12,563,994)											12,563,994

Total investments in securities (Cost $291,932,219)*	100.47	%									334,112,172
Other assets and liabilities, net	(0.47	)									(1,563,959	)

Total net assets	100.00	%								$	332,548,213

†	Non-income-earning security

(l)

Investment in an affiliate

(u)

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

#	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 $300,531,801 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	46,943,997
Gross unrealized depreciation		(13,363,626	)

Net unrealized appreciation	$	33,580,371

Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio (“the Portfolio”)

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

Securities valuation

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

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

Futures contracts

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

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

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 Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

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

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

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


Investments in securities	Quoted prices (Level 1)		Significant other observable Inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Investment companies	$	261,378,202	$	60,169,976	$	0	$	321,548,178
Short-term investments
Investment companies		1,264,023		0		0		1,264,023
U.S. Treasury securities		0		11,299,971		0		11,299,971

	$	262,642,225	$	71,469,947	$	0	$	334,112,172

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


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	2,240,015	$	0	$	0	$	2,240,015

+	Futures contracts are presented at the unrealized gains on the instrument.

Investments in affiliates

As of August 31, 2013, the Portfolio owns the following percentages of the Master Portfolios:


Affiliated Master Portfolios	Percentage
Wells Fargo Advantage Core Bond Portfolio		1	%
Wells Fargo Advantage Emerging Growth Portfolio		1	%
Wells Fargo Advantage International Growth Portfolio		9	%
Wells Fargo Advantage Small Company Value Portfolio		7	%


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
Wells Fargo Advantage Emerging Markets Equity Fund		266,167		37,305		6,762		296,710	$6,124,093
Wells Fargo Advantage Endeavor Select Fund		560,264		15,273		2,802		572,735	7,342,469
Wells Fargo Advantage Government Securities Fund		1,906,485		291,542		210,812		1,987,215	21,382,437
Wells Fargo Advantage Large Cap Growth Fund		185,859		2,896		3,353		185,402	7,347,473
Wells Fargo Advantage Small Cap Value Fund		339,505		14,915		13,132		341,288	12,030,420

										$	54,226,892

Derivative transactions

As of August 31, 2013, the Portfolio entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At August 31, 2013, the Portfolio had long and short futures contracts outstanding as follows:


Expiration date		Contracts		Type	Contract value at August 31, 2013		Unrealized gains (losses)
	9-19-2013		167 Long	S&P 500 Index	$	68,106,775	$	1,090,750
	9-20-2013		454 Short	MSCI EAFE Index		38,401,590		(124,379	)
	9-20-2013		170 Short	MSCI Emerging Markets Index		7,797,050		156,327
	9-20-2013		372 Long	Russell 2000 Index		37,575,720		1,631,507
	12-19-2013		5 Long	10-Year U.S. Treasury Notes		621,406		1,901
	12-19-2013		381 Short	30-Year U.S. Treasury Bonds		50,256,281		(516,091	)


Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio		Portfolio of investments — August 31, 2013 (unaudited)


Security name				Shares		Value
Investment Companies : 96.94%
Affiliated Master Portfolios : 20.53%
Wells Fargo Advantage Core Bond Portfolio						$	88,363,335
Wells Fargo Advantage Emerging Growth Portfolio							24,125,604
Wells Fargo Advantage International Growth Portfolio							28,217,310
Wells Fargo Advantage Small Company Value Portfolio							23,495,438
							164,201,687

Alternative Investment Funds : 5.37%
AQR Managed Futures Strategy Fund					383,537		3,881,399
ING Global Real Estate Fund					802,672		13,926,366
PIMCO CommodityRealReturn Strategy Fund					3,669,824		21,211,585
The Arbitrage Fund					306,376		3,921,614
							42,940,964

International Equity Funds : 14.21%
DFA International Small Cap Value Portfolio					532,093		9,391,440
Dodge & Cox International Stock Fund					376,260		14,128,574
Oppenheimer Developing Markets Fund					356,537		11,986,786
T. Rowe Price International Discovery Fund					189,063		9,473,923
Templeton Institutional Foreign Equity Fund					680,320		14,143,860
Thornburg International Value Fund					1,466,418		42,496,783
Wells Fargo Advantage Emerging Markets Equity Fund (l)					580,099		11,973,238
							113,594,604

International Fixed Income Funds : 4.61%
Oppenheimer International Bond Fund					6,189,219		36,887,747
							36,887,747

U.S. Equity Funds : 35.63%
American Century Growth Fund					583,321		17,872,945
Eaton Vance Large Cap Value Fund					1,866,378		41,489,589
Invesco Growth And Income Fund					1,663,929		41,548,298
MFS Value Fund					2,775,797		83,162,866
Royce Pennsylvania Mutual Fund					1,772,444		23,573,510
T. Rowe Price Blue Chip Growth Fund					466,387		25,072,955
Wells Fargo Advantage Endeavor Select Fund †(l)					1,118,275		14,336,282
Wells Fargo Advantage Large Cap Growth Fund (l)					362,237		14,355,457
Wells Fargo Advantage Small Cap Value Fund (l)					667,282		23,521,684
							284,933,586

U.S. Fixed Income Funds : 16.59%
PIMCO High Yield Fund					3,930,551		37,065,098
Wells Fargo Advantage Government Securities Fund (l)					8,884,557		95,597,836
							132,662,934

Total Investment Companies (Cost $686,282,817)							775,221,522


	Yield
Short-Term Investments : 3.27%
Investment Companies : 0.33%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.09	%		2,652,130		2,652,130


Portfolio of investments — August 31, 2013 (unaudited)		Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio


Security name			Yield			Maturity date		Principal		Value
U.S. Treasury Securities : 2.94%
U.S. Treasury Bill #(z)				0.01	%		9-5-2013	$	23,500,000	$	23,499,941

Total Short-Term Investments (Cost $26,152,071)											26,152,071

Total investments in securities (Cost $712,434,888)*	100.21	%									801,373,593
Other assets and liabilities, net	(0.21	)									(1,718,572	)

Total net assets	100.00	%								$	799,655,021

(l)

Investment in an affiliate

†	Non-income-earning security

(u)

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

#	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 $735,660,738 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	99,273,184
Gross unrealized depreciation		(33,560,329	)

Net unrealized appreciation	$	65,712,855

Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio (the “Portfolio”)

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

Securities valuation

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

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

Futures contracts

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

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 Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

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

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

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


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Investment companies	$	611,019,835	$	164,201,687	$	0	$	775,221,522
Short-term investments
Investment companies		2,652,130		0		0		2,652,130
U.S. Treasury securities		0		23,499,941		0		23,499,941

	$	613,671,965	$	187,701,628	$	0	$	801,373,593

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


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	4,516,048	$	0	$	0	$	4,516,048

+	Futures contracts are presented at the unrealized gains on the instrument.

Investments in affiliates

As of August 31, 2013, the Portfolio owns the following percentages of the Master Portfolios:


Affiliated Master Portfolios	Percentage
Wells Fargo Advantage Core Bond Portfolio		3	%
Wells Fargo Advantage Emerging Growth Portfolio		2
Wells Fargo Advantage International Growth Portfolio		20
Wells Fargo Advantage Small Company Value Portfolio		11


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
Wells Fargo Advantage Emerging Markets Equity Fund		521,516		62,345		3,762		580,099	$	11,973,238
Wells Fargo Advantage Endeavor Select Fund		1,105,911		16,165		3,801		1,118,275		14,336,282
Wells Fargo Advantage Government Securities Fund		8,613,562		942,744		671,749		8,884,557		95,597,836
Wells Fargo Advantage Large Cap Growth Fund		367,912		2,481		8,156		362,237		14,355,457
Wells Fargo Advantage Small Cap Value Fund		666,693		15,650		15,061		667,282		23,521,684

									$	159,784,497

Derivative transactions

As of August 31, 2013, the Portfolio entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At August 31, 2013, the Portfolio had long and short futures contracts outstanding as follows:


Expiration date		Contracts		Type	Contract value at August 31, 2013		Unrealized gains (losses)
	9-19-2013		382 Long	S&P 500 Index	$	155,789,150	$	2,552,096
	9-20-2013		887 Short	MSCI EAFE Index		75,026,895		(296,127	)
	9-20-2013		333 Short	MSCI Emerging Markets Index		15,273,045		282,647
	9-20-2013		728 Long	Russell 2000 Index		73,535,280		3,203,781
	12-19-2013		21 Long	10-Year U.S. Treasury Notes		2,609,906		7,983
	12-19-2013		913 Short	30-Year U.S. Treasury Bonds		120,430,406		(1,234,332	)


Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio		Portfolio of investments — August 31, 2013 (unaudited)


Security name				Shares		Value
Investment Companies : 97.99%
Affiliated Master Portfolios : 19.88%
Wells Fargo Advantage Core Bond Portfolio						$	110,800,072
Wells Fargo Advantage Emerging Growth Portfolio							15,071,622
Wells Fargo Advantage International Growth Portfolio							14,501,721
Wells Fargo Advantage Small Company Value Portfolio							17,382,078
							157,755,493

Alternative Investment Funds : 5.27%
AQR Managed Futures Strategy Fund					379,993		3,845,529
ING Global Real Estate Fund					784,240		13,606,571
PIMCO CommodityRealReturn Strategy Fund					3,551,254		20,526,250
The Arbitrage Fund					302,867		3,876,703
							41,855,053

International Equity Funds : 8.78%
DFA International Small Cap Value Portfolio					328,166		5,792,122
Dodge & Cox International Stock Fund					231,428		8,690,132
Oppenheimer Developing Markets Fund					216,693		7,285,210
T. Rowe Price International Discovery Fund					116,261		5,825,814
Templeton Institutional Foreign Equity Fund					419,384		8,718,984
Thornburg International Value Fund					902,908		26,166,283
Wells Fargo Advantage Emerging Markets Equity Fund (l)					350,698		7,238,407
							69,716,952

International Fixed Income Funds : 4.64%
Oppenheimer International Bond Fund					6,171,579		36,782,612
							36,782,612

U.S. Equity Funds : 22.17%
American Century Growth Fund					361,131		11,065,051
Eaton Vance Large Cap Value Fund					1,152,801		25,626,775
Invesco Growth And Income Fund					1,028,013		25,669,497
MFS Value Fund					1,710,330		51,241,481
Royce Pennsylvania Mutual Fund					1,097,224		14,593,077
T. Rowe Price Blue Chip Growth Fund					288,934		15,533,071
Wells Fargo Advantage Endeavor Select Fund †(l)					692,273		8,874,940
Wells Fargo Advantage Large Cap Growth Fund (l)					224,137		8,882,541
Wells Fargo Advantage Small Cap Value Fund (l)					412,040		14,524,405
							176,010,838

U.S. Fixed Income Funds : 37.25%
PIMCO High Yield Fund					3,938,673		37,141,682
Wells Fargo Advantage Government Securities Fund (l)					10,303,963		110,870,639
Wells Fargo Advantage Short Duration Government Bond Fund (l)					14,623,539		147,697,748
							295,710,069

Total Investment Companies (Cost $729,896,699)							777,831,017

Short-Term Investments : 2.26%

	Yield
Investment Companies : 0.22%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.09	%		1,768,431		1,768,431


Portfolio of investments — August 31, 2013 (unaudited)		Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio


Security name			Yield			Maturity date		Principal		Value
U.S. Treasury Securities : 2.04%
U.S. Treasury Bill #(z)				0.01	%		9-5-2013		16,200,000	$	16,199,959

Total Short-Term Investments (Cost $17,968,390)											17,968,390

Total investments in securities (Cost $747,865,089)*	100.25	%									795,799,407
Other assets and liabilities, net	(0.25	)									(1,965,689	)

Total net assets	100.00	%								$	793,833,718

†	Non-income-earning security

(l)

Investment in an affiliate

(u)

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

(z)

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

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

*	Cost for federal income tax purposes is $757,545,523 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	61,389,688
Gross unrealized depreciation		(23,135,804	)

Net unrealized appreciation	$	38,253,884

Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio (“the Portfolio”)

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

Securities valuation

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

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

Futures contracts

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

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

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 Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

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

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

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


Investments in securities	Quoted prices (Level 1)		Significant other observable Inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Investment companies	$	620,075,524	$	157,755,493	$	0	$	777,831,017
Short-term investments
Investment companies		1,768,431		0		0		1,768,431
U.S. Treasury securities		0		16,199,959		0		16,199,959

	$	621,843,955	$	173,955,452	$	0	$	795,799,407

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


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	2,908,209	$	0	$	0	$	2,908,209

+	Futures contracts are presented at the unrealized gains on the instrument.

Investments in affiliates

As of August 31, 2013, the Portfolio owns the following percentages of the Master Portfolios:


Affiliated Master Portfolios	Percentage
Wells Fargo Advantage Core Bond Portfolio		4	%
Wells Fargo Advantage Emerging Growth Portfolio		1	%
Wells Fargo Advantage International Growth Portfolio		10	%
Wells Fargo Advantage Small Company Value Portfolio		8	%


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
Wells Fargo Advantage Emerging Markets Equity Fund		325,432		25,266		0		350,698	$7,238,407
Wells Fargo Advantage Endeavor Select Fund		710,464		0		18,191		692,273	8,874,940
Wells Fargo Advantage Government Securities Fund		10,103,361		439,791		239,189		10,303,963	110,870,639
Wells Fargo Advantage Large Cap Growth Fund		235,988		0		11,851		224,137	8,882,541
Wells Fargo Advantage Short Duration Government Bond Fund		14,534,560		665,557		576,578		14,623,539	147,697,748
Wells Fargo Advantage Small Cap Value Fund		424,834		1,950		14,744		412,040	14,524,405

										$	298,088,680

Derivative transactions

As of August 31, 2013, the Portfolio entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At August 31, 2013, the Portfolio had long and short futures contracts outstanding as follows:


Expiration date		Contracts		Type	Contract value at August 31, 2013		Unrealized gains (losses)
	9-19-2013		248 Long	S&P 500 Index	$	101,140,600	$	1,686,152
	9-20-2013		544 Short	MSCI EAFE Index		46,014,240		(163,403	)
	9-20-2013		205 Short	MSCI Emerging Markets Index		9,402,325		203,567
	9-20-2013		452 Long	Russell 2000 Index		45,656,520		1,991,955
	12-19-2013		26 Long	10-Year U.S. Treasury Notes		3,231,313		9,453
	12-19-2013		605 Short	30-Year U.S. Treasury Bonds		79,803,281		(819,515	)


Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio		Portfolio of investments — August 31, 2013 (unaudited)


Security name								Shares		Value
Investment Companies : 96.41%
Affiliated Master Portfolios : 15.41%
Wells Fargo Advantage Emerging Growth Portfolio										$	18,018,970
Wells Fargo Advantage International Growth Portfolio											21,080,310
Wells Fargo Advantage Small Company Value Portfolio											17,576,243
											56,675,523

International Equity Funds : 23.03%
DFA International Small Cap Value Portfolio									397,156		7,009,797
Dodge & Cox International Stock Fund									280,572		10,535,469
Oppenheimer Developing Markets Fund									265,142		8,914,076
T. Rowe Price International Discovery Fund									140,911		7,061,040
Templeton Institutional Foreign Equity Fund									508,019		10,561,721
Thornburg International Value Fund									1,092,971		31,674,295
Wells Fargo Advantage Emerging Markets Equity Fund (l)									433,120		8,939,587
											84,695,985

U.S. Equity Funds : 57.97%
American Century Growth Fund									436,556		13,376,071
Eaton Vance Large Cap Value Fund									1,396,883		31,052,716
Invesco Growth And Income Fund									1,244,281		31,069,704
MFS Value Fund									2,074,371		62,148,169
Royce Pennsylvania Mutual Fund									1,328,357		17,667,150
T. Rowe Price Blue Chip Growth Fund									349,616		18,795,369
Wells Fargo Advantage Endeavor Select Fund †(l)									838,495		10,749,510
Wells Fargo Advantage Large Cap Growth Fund (l)									270,839		10,733,363
Wells Fargo Advantage Small Cap Value Fund (l)									500,162		17,630,717
											213,222,769

Total Investment Companies (Cost $287,399,002)											354,594,277

Short-Term Investments : 3.89%

			Yield
Investment Companies : 0.54%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)				0.09	%				2,000,000		2,000,000


						Maturity date		Principal
U.S. Treasury Securities : 3.35%
U.S. Treasury Bill #(z)				0.02			9-5-2013	$	12,300,000		12,299,967

Total Short-Term Investments (Cost $14,299,969)											14,299,967

Total investments in securities (Cost $301,698,971)*	100.30	%									368,894,244
Other assets and liabilities, net	(0.30	)									(1,095,909	)

Total net assets	100.00	%								$	367,798,335

(l)

Investment in an affiliate

†	Non-income-earning security

(u)

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

#	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.


Portfolio of investments — August 31, 2013 (unaudited)		Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio

*	Cost for federal income tax purposes is $307,385,721 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	67,643,592
Gross unrealized depreciation		(6,135,069	)

Net unrealized appreciation	$	61,508,523

Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio (the “Portfolio”)

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

Securities valuation

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

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.

Futures contracts

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

Futures contracts are valued based upon their quoted daily settlement prices when available. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the 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 Portfolio 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

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 Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

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

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

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


Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Investment companies	$	297,918,754	$	56,675,523	$	0	$	354,594,277
Short-term investments
Investment companies		2,000,000		0		0		2,000,000
U.S. Treasury securities		0		12,299,967		0		12,299,967

	$	299,918,754	$	68,975,490	$	0	$	368,894,244

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


Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	2,949,466	$	0	$	0	$	2,949,466

+	Futures contracts are presented at the unrealized gains on the instrument.

Investments in affiliates

As of August 31, 2013, the Portfolio owns the following percentages of the Master Portfolios:


	Percentage
Wells Fargo Advantage Emerging Growth Portfolio		2	%
Wells Fargo Advantage International Growth Portfolio		15	%
Wells Fargo Advantage Small Company Value Portfolio		9	%


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period
Wells Fargo Advantage Emerging Markets Equity Fund		400,441		47,244		14,565		433,120	$8,939,587
Wells Fargo Advantage Endeavor Select Fund		846,684		16,599		24,788		838,495	10,749,510
Wells Fargo Advantage Large Cap Growth Fund		281,090		3,240		13,491		270,839	10,733,363
Wells Fargo Advantage Small Cap Value Fund		510,204		16,789		26,831		500,162	17,630,717

										$	48,053,177

Derivative transactions

As of August 31, 2013, the Portfolio entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At August 31, 2013, the Portfolio had long and short futures contracts outstanding as follows:


Expiration date		Contracts		Type	Contract value at August 31, 2013		Unrealized gains (losses)
	9-19-2013		62 Long	S&P 500 Index	$	25,285,150	$	423,290
	9-20-2013		679 Short	MSCI EAFE Index		57,433,215		(202,803	)
	9-20-2013		255 Short	MSCI Emerging Markets Index		11,695,575		225,814
	9-20-2013		568 Long	Russell 2000 Index		57,373,680		2,503,165

As of August 31, 2013, the Fund had segregated $2,000,000 as cash collateral for open futures contracts.

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

ACA — ACA Financial Guaranty Corporation

ADR — American depositary receipt

ADS — American depositary shares

AGC — Assured Guaranty Corporation

AGM — Assured Guaranty Municipal

Ambac — Ambac Financial Group Incorporated

AMT — Alternative minimum tax

AUD — Australian dollar

BAN — Bond anticipation notes

BHAC — Berkshire Hathaway Assurance Corporation

BRL — Brazilian real

CAB — Capital appreciation bond

CAD — Canadian dollar

CCAB — Convertible capital appreciation bond

CDA — Community Development Authority

CDO — Collateralized debt obligation

CHF — Swiss franc

COP — Certificate of participation

DKK — Danish krone

DRIVER — Derivative inverse tax-exempt receipts

DW&P — Department of Water & Power

DWR — Department of Water Resources

ECFA — Educational & Cultural Facilities Authority

EDA — Economic Development Authority

EDFA — Economic Development Finance Authority

ETF — Exchange-traded fund

EUR — Euro

FDIC — Federal Deposit Insurance Corporation

FFCB — Federal Farm Credit Banks

FGIC — Financial Guaranty Insurance Corporation

FHA — Federal Housing Administration

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FICO — The Financing Corporation

FNMA — Federal National Mortgage Association

FSA — Farm Service Agency

GBP — Great British pound

GDR — Global depositary receipt

GNMA — Government National Mortgage Association

GO — General obligation

HCFR — Healthcare facilities revenue

HEFA — Health & Educational Facilities Authority

HEFAR — Higher education facilities authority revenue

HFA — Housing Finance Authority

HFFA — Health Facilities Financing Authority

HKD — Hong Kong dollar

HUD — Department of Housing and Urban Development

HUF — Hungarian forint

IDA — Industrial Development Authority

IDAG — Industrial Development Agency

IDR — Industrial development revenue

IEP — Irish pound

JPY — Japanese yen

KRW — Republic of Korea won

LIBOR — London Interbank Offered Rate

LIQ — Liquidity agreement

LLC — Limited liability company

LLP — Limited liability partnership

LOC — Letter of credit

LP — Limited partnership

MBIA — Municipal Bond Insurance Association

MFHR — Multifamily housing revenue

MSTR — Municipal securities trust receipts

MTN — Medium-term note

MUD — Municipal Utility District

MXN — Mexican peso

MYR — Malaysian ringgit

National — National Public Finance Guarantee Corporation

NOK — Norwegian krone

NZD — New Zealand dollar

PCFA — Pollution Control Financing Authority

PCL — Public Company Limited

PCR — Pollution control revenue

PFA — Public Finance Authority

PFFA — Public Facilities Financing Authority

PFOTER — Puttable floating option tax-exempt receipts

plc — Public limited company

PLN — Polish zloty

PUTTER — Puttable tax-exempt receipts

R&D — Research & development

Radian — Radian Asset Assurance

RAN — Revenue anticipation notes

RDA — Redevelopment Authority

RDFA — Redevelopment Finance Authority

REIT — Real estate investment trust

ROC — Reset option certificates

SAVRS — Select auction variable rate securities

SBA — Small Business Authority

SEK — Swedish krona

SFHR — Single-family housing revenue

SFMR — Single-family mortgage revenue

SGD — Singapore dollar

SKK — Slovakian koruna

SPA — Standby purchase agreement

SPDR — Standard & Poor’s Depositary Receipts

STRIPS — Separate trading of registered interest and principal securities

TAN — Tax anticipation notes

TBA — To be announced

TIPS — Treasury inflation-protected securities

TRAN — Tax revenue anticipation notes

TRY — Turkish lira

TTFA — Transportation Trust Fund Authority

TVA — Tennessee Valley Authority

ZAR — South African rand

ITEM 2. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Wells Fargo Funds Trust

By:		/s/ Karla M. Rabusch
		Karla M. Rabusch
		President

Date: October 28, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.


Wells Fargo Funds Trust

By:		/s/ Karla M. Rabusch
		Karla M. Rabusch
		President

Date: October 28, 2013

By:		/s/ Nancy Wiser
		Nancy Wiser
		Treasurer

Date: October 28, 2013

By:		/s/ Jeremy DePalma
		Jeremy DePalma
		Treasurer

Date: October 28, 2013