Edgar Filing: WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND

Wells Fargo Advantage Multi-Sector Income Fund Form 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: 811-21331

Wells Fargo Advantage Multi-Sector Income Fund

(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: 800-643-9691

Date of fiscal year end: October 31, 2010

Date of reporting period: July 31, 2011

ITEM 1. SCHEDULE OF INVESTMENTS


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities: 29.87%
FHLB±¤		2.53	%		12/01/2034	$	6,993,069	$	7,332,451
FHLB±¤		2.59			06/01/2035		2,982,193		3,151,724
FHLB±		2.65			11/01/2030		371,329		391,167
FHLB±		2.80			07/01/2033		288,950		290,058
FHLMC±		2.42			08/01/2035		1,763,164		1,854,489
FHLMC±		2.49			09/01/2035		5,210,252		5,477,000
FHLMC±		2.49			06/01/2036		3,216,143		3,378,013
FHLMC±		2.50			01/01/2036		6,601,844		6,937,776
FHLMC±¤		2.50			12/01/2035		4,733,889		4,969,091
FHLMC±¤		2.51			04/01/2034		14,179,958		14,919,309
FHLMC±¤		2.52			08/01/2035		4,994,381		5,265,718
FHLMC±		2.54			07/01/2032		421,426		422,688
FHLMC±		2.56			09/01/2032		481,326		507,381
FHLMC±		2.60			10/01/2033		187,922		197,771
FHLMC±		2.64			10/01/2030		328,500		346,983
FHLMC±		2.72			01/01/2038		3,424,491		3,591,228
FHLMC±		2.73			06/01/2033		192,426		194,638
FHLMC±¤		2.75			09/01/2038		6,275,729		6,589,649
FHLMC±		2.79			10/01/2030		17,857		18,482
FHLMC±		2.81			08/01/2030		392,626		413,719
FHLMC±		2.88			12/01/2026		69,308		70,606
FHLMC±		3.53			06/01/2018		54,037		54,120
FHLMC±		3.57			05/01/2019		3,981		3,995
FHLMC±		3.89			10/01/2022		69,474		69,867
FHLMC±		4.07			10/01/2037		2,849,880		2,928,256
FHLMC±		4.40			01/01/2027		139,303		146,501
FHLMC±		5.00			07/01/2035		331,350		349,148
FHLMC±		5.65			11/01/2036		1,374,495		1,444,195
FHLMC		8.50			04/01/2015		23,621		24,175
FHLMC		8.50			07/01/2028		137,801		165,844
FHLMC		8.50			03/01/2030		76,411		87,963
FHLMC Series 0196 Class A±		0.99			12/15/2021		95,002		95,040
FHLMC Series 1383±¤		5.81			02/01/2037		2,122,768		2,290,443
FHLMC Series 2390 Class FD±		0.64			12/15/2031		94,722		94,576
FHLMC Series 2411 Class F±		0.74			02/15/2032		123,353		123,477
FHLMC Series 2431 Class F±		0.69			03/15/2032		3,864,324		3,865,124
FHLMC Series 2567 Class FH±		0.59			02/15/2033		200,630		200,329
FNMA±		1.35			04/01/2028		107,796		110,828
FNMA±		1.68			10/01/2034		296,987		304,237
FNMA±		2.00			04/01/2019		6,645		6,662
FNMA±		2.21			10/01/2035		1,499,203		1,545,499
FNMA±		2.25			01/01/2017		44,765		46,288
FNMA±¤		2.26			12/01/2035		1,815,494		1,873,895
FNMA±		2.26			12/01/2031		57,103		57,618
FNMA±		2.32			06/01/2035		3,464,765		3,634,438
FNMA±		2.36			03/01/2033		164,073		171,981
FNMA±		2.39			01/01/2036		2,781,183		2,914,201
FNMA±¤		2.39			03/01/2035		5,699,073		5,987,090
FNMA±		2.40			06/01/2024		149,709		156,421
FNMA±		2.41			03/01/2034		532,529		558,330
FNMA±¤		2.43			08/01/2036		2,406,169		2,494,760
FNMA±		2.44			12/01/2026		114,326		119,959
FNMA±¤		2.45			04/01/2034		4,788,684		5,029,058
FNMA±		2.46			07/01/2038		230,200		241,414
FNMA±		2.48			06/01/2029		178,289		187,770
FNMA±¤		2.48			07/01/2038		2,439,852		2,574,207
FNMA±		2.48			02/01/2035		336,173		354,733
FNMA±		2.49			12/01/2028		43,292		43,851
FNMA±		2.50			07/01/2033		40,020		40,321
FNMA±		2.50			01/01/2026		236,748		250,606
FNMA±		2.53			01/01/2035		1,740,517		1,826,979
FNMA±¤		2.53			08/01/2039		5,843,396		6,164,765
FNMA±		2.55			07/01/2048		325,307		342,534

The Portfolio of Investments should be read in conjunction with the Financial Statements and Notes to Financial Statements which are included in the Fund’s audited Annual Report and Semi-Annual Report. These reports include additional information about the Fund’s security valuation policies and about certain security types invested in by the Fund.


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA±		2.56	%		12/01/2029	$	55,829	$	59,108
FNMA±		2.57			06/01/2031		97,437		98,528
FNMA±		2.57			07/01/2026		35,959		38,076
FNMA±		2.58			06/01/2038		3,919,989		4,136,230
FNMA±		2.60			05/01/2030		233,289		245,208
FNMA±¤		2.61			02/01/2036		1,463,780		1,552,631
FNMA±		2.61			08/01/2030		157,832		166,708
FNMA±¤		2.62			10/01/2034		11,025,925		11,564,387
FNMA±		2.62			08/01/2028		71,747		75,313
FNMA±		2.65			04/01/2017		1,863,427		1,925,123
FNMA±		2.69			03/01/2034		14,885		15,697
FNMA±		2.71			06/01/2036		4,794,829		5,050,025
FNMA±¤		2.75			01/01/2038		3,382,035		3,479,322
FNMA±		2.75			12/01/2016		8,454		8,521
FNMA±¤		2.77			07/01/2036		1,354,013		1,428,110
FNMA±¤		2.77			04/01/2036		2,023,573		2,098,760
FNMA±		2.78			04/01/2033		119,202		125,291
FNMA±¤		2.79			05/01/2035		3,525,465		3,719,342
FNMA±		2.80			11/01/2035		2,373,419		2,500,035
FNMA±		2.80			05/01/2036		10,571,412		11,179,277
FNMA±		2.84			09/01/2032		198,527		200,025
FNMA±		2.84			12/01/2017		678,178		700,587
FNMA±		2.85			09/01/2027		178,566		189,059
FNMA±		2.87			05/01/2036		920,908		948,409
FNMA±		2.88			04/01/2035		2,788,439		2,946,092
FNMA±		2.92			08/01/2035		2,820,680		2,991,874
FNMA±		2.93			10/01/2033		3,959,382		4,180,763
FNMA±		3.09			02/01/2017		1,574,022		1,633,897
FNMA±¤		3.10			07/01/2038		2,333,332		2,447,804
FNMA±		3.12			07/01/2030		99,814		100,008
FNMA±		3.22			10/01/2029		101,635		105,632
FNMA±		3.78			01/01/2015		17,579		17,603
FNMA±		3.82			01/01/2030		64,837		65,276
FNMA±		4.12			07/01/2035		2,142,006		2,258,634
FNMA±¤		4.29			02/01/2035		5,605,631		5,785,792
FNMA±		4.31			04/01/2025		86,054		86,916
FNMA±		4.44			08/01/2027		213,849		216,217
FNMA±		4.55			12/01/2036		43,422		45,439
FNMA±		4.61			04/01/2031		670,195		705,705
FNMA±		4.78			12/01/2034		1,401,945		1,491,891
FNMA±¤		4.85			04/01/2034		3,058,782		3,190,416
FNMA±		4.89			11/01/2024		194,309		205,964
FNMA±		4.95			01/01/2034		462,808		466,854
FNMA±		5.11			12/01/2022		13,439		13,472
FNMA±¤		5.28			09/01/2032		2,617,784		2,797,411
FNMA±		6.00			05/01/2021		5,471		5,481
FNMA±		6.00			08/01/2021		9,481		9,510
FNMA		6.00			04/01/2033		192,787		214,647
FNMA±		6.10			12/01/2013		176,860		179,134
FNMA±		6.14			12/01/2020		100,384		100,284
FNMA±¤		6.24			09/01/2037		2,066,004		2,227,537
FNMA		6.50			11/01/2032		66,695		75,928
FNMA		7.50			07/01/2017		168,196		186,018
FNMA		7.50			10/01/2028		13,338		13,395
FNMA		7.50			11/01/2028		166,486		195,849
FNMA		7.50			02/01/2030		44,685		52,073
FNMA		7.50			09/01/2030		103,211		117,604
FNMA		7.50			07/01/2032		22,183		22,942
FNMA		8.00			12/01/2024		12,631		12,799
FNMA		8.00			06/01/2030		125,867		144,160
FNMA		12.00			01/01/2016		18,226		20,086
FNMA Series 1996-46 Class FA±		0.72			08/25/2021		55,892		55,890
FNMA Series 2001-25 Class Z		6.00			06/25/2031		607,674		686,190


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA Series 2001-35 Class F±		0.79	%		07/25/2031	$	29,286	$	29,364
FNMA Series 2001-57 Class F±		0.69			06/25/2031		29,484		29,492
FNMA Series 2001-T10 Class A2		7.50			12/25/2041		270,946		302,563
FNMA Series 2002-77 Class FH±		0.59			12/18/2032		190,440		189,761
FNMA Series 2002-95 Class FK±		0.69			01/25/2033		4,344,342		4,349,135
FNMA Series 2002-97 Class FR±		0.74			01/25/2033		63,156		63,124
FNMA Series 2003-W8 Class 3F2±		0.54			05/25/2042		1,376,972		1,371,021
FNMA Series G91-16 Class F±		0.67			06/25/2021		64,225		64,165
FNMA Series G92-17 Class F±		1.27			03/25/2022		127,938		129,361
GNMA		6.50			06/15/2028		81,944		93,941
GNMA		7.25			07/15/2017		39,688		44,265
GNMA		7.25			08/15/2017		59,909		66,595
GNMA		7.25			08/15/2017		47,304		52,519
GNMA		7.25			08/15/2017		15,976		17,818
GNMA		7.25			09/15/2017		61,006		68,041
GNMA		7.25			10/15/2017		110,993		123,447
GNMA		7.25			10/15/2017		51,061		56,570
GNMA		7.25			11/15/2017		40,963		45,223
GNMA		7.25			01/15/2018		30,470		34,009
GNMA		7.25			01/15/2018		32,511		36,534
GNMA		7.25			02/15/2018		33,126		36,971
GNMA		7.25			05/15/2018		17,156		18,899
GNMA Series 2001-61 Class FA±		0.69			09/20/2030		1,348		1,348

Total Agency Securities (Cost $206,372,874)									210,102,564

						Shares

Common Stocks: 0.08%

Consumer Discretionary: 0.00%

Hotels, Restaurants & Leisure: 0.00%
Trump Entertainment Resorts Incorporated(a)†							1,161		0

Telecommunication Services: 0.08%

Diversified Telecommunication Services: 0.08%
Fairpoint Communications Incorporated†							70,442		535,359

Total Common Stocks (Cost $1,617,838)									535,359

	Interest Rate			Maturity Date		Principal

Convertible Debentures: 0.16%

Information Technology: 0.16%

Communications Equipment: 0.16%
Lucent Technologies Incorporated Series B		2.88			06/15/2025	$	1,145,000		1,110,650

Total Convertible Debentures (Cost $765,113)									1,110,650

Corporate Bonds and Notes: 54.06%

Consumer Discretionary: 9.99%

Auto Components: 1.14%
Allison Transmission Incorporated††		7.13			05/15/2019		3,050,000		2,989,000
Cooper Tire & Rubber Company		7.63			03/15/2027		1,895,000		1,835,781
Cooper Tire & Rubber Company		8.00			12/15/2019		450,000		469,125
Goodyear Tire & Rubber Company		8.75			08/15/2020		468,000		524,160


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Auto Components (continued)
Goodyear Tire & Rubber Company		10.50	%		05/15/2016	$	1,957,000	$	2,204,071

									8,022,137

Diversified Consumer Services: 1.56%
Carriage Services Incorporated		7.88			01/15/2015		1,795,000		1,817,438
Service Corporation International		6.75			04/01/2016		475,000		513,000
Service Corporation International		7.00			05/15/2019		650,000		693,875
Service Corporation International		7.50			04/01/2027		3,965,000		3,846,050
Service Corporation International		8.00			11/15/2021		475,000		524,875
Service Corporation International Series WI		7.00			06/15/2017		1,610,000		1,746,850
StoneMor Operating LP		10.25			12/01/2017		1,815,000		1,815,000

									10,957,088

Hotels, Restaurants & Leisure: 2.52%
American Casinos Incorporated††		7.50			04/15/2021		1,000,000		1,040,000
Blue Merger Sub Incorporated††		7.63			02/15/2019		500,000		514,375
Burger King Corporation		9.88			10/15/2018		850,000		928,625
Chukchansi Economic Development Authority±††		3.92			11/15/2012		1,375,000		1,113,750
Citycenter Holdings LLC††		7.63			01/15/2016		175,000		182,875
Citycenter Holdings LLC††¥		11.50			01/15/2017		976,414		1,049,645
DineEquity Incorporated		9.50			10/30/2018		1,575,000		1,730,531
Greektown Superholdings		13.00			07/01/2015		4,125,000		4,614,844
NAI Entertainment Holdings LLC††		8.25			12/15/2017		1,000,000		1,081,250
Pinnacle Entertainment Incorporated		7.50			06/15/2015		1,250,000		1,287,500
Scientific Games Corporation		9.25			06/15/2019		485,000		526,225
Speedway Motorsports Incorporated		6.75			02/01/2019		225,000		225,563
Speedway Motorsports Incorporated		8.75			06/01/2016		950,000		1,035,500
Yonkers Racing Corporation††		11.38			07/15/2016		2,200,000		2,387,000

									17,717,683

Household Durables: 0.01%
Sealy Corporation††		10.88			04/15/2016		66,000		73,755

Media: 4.03%
Cablevision Systems Corporation		8.63			09/15/2017		1,310,000		1,447,550
CCH II Capital LLC		13.50			11/30/2016		7,535,929		8,892,396
Charter Communications Incorporated Step Bond††		10.88			09/15/2014		5,140,000		5,666,850
Cinemark USA Incorporated††		7.38			06/15/2021		775,000		775,000
Cinemark USA Incorporated		8.63			06/15/2019		250,000		273,125
CSC Holdings LLC		7.88			02/15/2018		600,000		658,500
CSC Holdings LLC		8.50			04/15/2014		400,000		446,000
DISH DBS Corporation		7.88			09/01/2019		480,000		527,400
EchoStar DBS Corporation		6.63			10/01/2014		1,000,000		1,066,250
EchoStar DBS Corporation		7.13			02/01/2016		125,000		133,438
EchoStar DBS Corporation		7.75			05/31/2015		350,000		382,813
Gray Television Incorporated		10.50			06/29/2015		675,000		700,313
Interactive Data Corporation		10.25			08/01/2018		1,250,000		1,393,750
Lamar Media Corporation Series C		9.75			04/01/2014		375,000		433,594
LIN Television Corporation		8.38			04/15/2018		775,000		827,313
Regal Cinemas Corporation		8.63			07/15/2019		2,475,000		2,660,625
Salem Communications Corporation		9.63			12/15/2016		1,456,000		1,543,360
Sirius XM Radio Incorporated††		13.00			08/01/2014		425,000		498,313

									28,326,590

Multiline Retail: 0.08%
Saks Incorporated		9.88			10/01/2011		585,000		591,636


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Specialty Retail: 0.35%
Gap Incorporated		5.95	%		04/12/2021	$	600,000	$	592,217
Limited Brands Incorporated		6.63			04/01/2021		50,000		51,750
Radioshack Corporporation††		6.75			05/15/2019		650,000		632,125
Rent-A-Center Incorporated		6.63			11/15/2020		375,000		379,688
Toys R Us Property Company LLC		8.50			12/01/2017		780,000		834,600

									2,490,380

Textiles, Apparel & Luxury Goods: 0.30%
Oxford Industries Incorporated		11.38			07/15/2015		1,865,000		2,109,781

Consumer Staples: 0.76%

Beverages: 0.26%
Anheuser-Busch InBev SA		6.88			11/15/2019		1,475,000		1,852,171

Food Products: 0.50%
Darling International Incorporated		8.50			12/15/2018		125,000		137,656
Dole Food Company Incorporated		13.88			03/15/2014		1,452,000		1,742,400
Smithfield Foods Incorporated		10.00			07/15/2014		1,370,000		1,601,188

									3,481,244

Energy: 7.90%

Energy Equipment & Services: 1.61%
Bristow Group Incorporated		7.50			09/15/2017		985,000		1,031,788
Cleaver-Brooks Incorporated††		12.25			05/01/2016		630,000		648,900
GulfMark Offshore Incorporated		7.75			07/15/2014		1,625,000		1,639,219
Hornbeck Offshore Services Incorporated Series B		6.13			12/01/2014		2,345,000		2,345,000
Hornbeck Offshore Services Incorporated Series B		8.00			09/01/2017		2,230,000		2,280,175
Oil States International Incorporated††		6.50			06/01/2019		325,000		331,500
Parker Drilling Company		9.13			04/01/2018		460,000		489,900
PHI Incorporated		8.63			10/15/2018		2,475,000		2,536,875

									11,303,357

Oil, Gas & Consumable Fuels: 6.29%
Chesapeake Energy Corporation		9.50			02/15/2015		2,250,000		2,643,750
Cloud Peak Energy Resources Incorporated		8.25			12/15/2017		125,000		133,750
Cloud Peak Energy Resources Incorporated		8.50			12/15/2019		225,000		243,281
Coffeyville Resources LLC††		9.00			04/01/2015		932,000		1,013,550
Coffeyville Resources LLC††		10.88			04/01/2017		1,350,000		1,549,125
Consol Energy Incorporated		8.25			04/01/2020		825,000		917,813
Denbury Resources Incorporated		6.38			08/15/2021		350,000		360,500
Denbury Resources Incorporated		8.25			02/15/2020		425,000		469,625
El Paso Corporation		6.50			09/15/2020		445,000		495,156
El Paso Corporation		6.88			06/15/2014		175,000		195,505
El Paso Corporation		7.00			06/15/2017		175,000		202,716
El Paso Corporation		7.25			06/01/2018		1,610,000		1,867,861
El Paso Corporation		7.42			02/15/2037		800,000		933,920
El Paso Corporation		7.80			08/01/2031		1,850,000		2,191,806
Energy Transfer Equity LP		7.50			10/15/2020		3,100,000		3,317,000
Ferrellgas Finance Corporation		6.50			05/01/2021		600,000		579,000
Ferrellgas Finance Corporation		9.13			10/01/2017		2,325,000		2,493,563
Forest Oil Corporation		7.25			06/15/2019		1,345,000		1,398,800
Forest Oil Corporation		8.50			02/15/2014		535,000		581,813
Hilcorp Energy Company††		7.75			11/01/2015		500,000		516,250
Holly Corporation		9.88			06/15/2017		1,895,000		2,127,138
Inergy Holdings LP††		6.88			08/01/2021		575,000		577,875
Inergy Holdings LP		7.00			10/01/2018		500,000		510,000
Peabody Energy Corporation		7.88			11/01/2026		3,435,000		3,890,138


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Petrohawk Energy Corporation		7.88	%		06/01/2015	$	790,000	$	855,175
Petrohawk Energy Corporation		10.50			08/01/2014		495,000		563,063
Pioneer Natural Resources Company		7.50			01/15/2020		1,220,000		1,405,538
Plains Exploration & Production Company		8.63			10/15/2019		2,885,000		3,209,563
Regency Energy Partners		6.88			12/01/2018		250,000		265,000
Sabine Pass LNG LP		7.25			11/30/2013		2,265,000		2,315,963
Sabine Pass LNG LP		7.50			11/30/2016		2,625,000		2,703,750
SandRidge Energy Incorporated		8.75			01/15/2020		940,000		1,031,650
Stallion Oilfield Holdings Incorporated		10.50			02/15/2015		508,000		568,960
Susser Holdings LLC		8.50			05/15/2016		975,000		1,040,813
Tesoro Corporation		9.75			06/01/2019		945,000		1,072,575

									44,241,985

Financials: 13.32%

Capital Markets: 0.81%
ETRADE Financial Corporation¥*		12.50			11/30/2017		4,291,000		5,127,745
Oppenheimer Holdings Incorporated††		8.75			04/15/2018		550,000		576,125

									5,703,870

Commercial Banks: 1.75%
CapitalSource Incorporated††		12.75			07/15/2014		1,925,000		2,324,438
CIT Group Incorporated††		5.25			04/01/2014		150,000		150,375
CIT Group Incorporated††		6.63			04/01/2018		50,000		52,750
CIT Group Incorporated		7.00			05/01/2014		888,225		894,887
CIT Group Incorporated		7.00			05/01/2015		738		740
CIT Group Incorporated††		7.00			05/04/2015		1,472,000		1,475,680
CIT Group Incorporated		7.00			05/01/2016		2,404,562		2,410,573
CIT Group Incorporated		7.00			05/01/2017		2,325,000		2,330,813
Emigrant Bancorp Incorporated††(i)		6.25			06/15/2014		2,925,000		2,650,778

									12,291,034

Consumer Finance: 7.43%
American General Finance Corporation		5.40			12/01/2015		1,600,000		1,480,000
American General Finance Corporation		5.75			09/15/2016		1,075,000		989,000
American General Finance Corporation		6.50			09/15/2017		150,000		136,500
Calpine Construction Finance Corporation††		7.25			10/15/2017		4,800,000		4,920,000
Calpine Construction Finance Corporation††		8.00			06/01/2016		1,375,000		1,485,000
Clearwire Communications Finance Corporation††		12.00			12/01/2015		940,000		956,450
Clearwire Communications Finance Corporation††		12.00			12/01/2015		1,450,000		1,480,813
Dunkin Finance Corporation††		9.63			12/01/2018		420,000		423,671
Ford Motor Credit Company LLC		9.88			08/10/2011		2,815,000		2,818,930
Frensenius Medical Care US Finance Company††		5.75			02/15/2021		75,000		74,063
General Electric Capital Corporation		7.63			12/10/2014		2,000,000		1,888,598
General Motors Financial Company Incorporated††		6.75			06/01/2018		900,000		918,000
GMAC LLC		6.75			12/01/2014		1,298,000		1,362,900
GMAC LLC		6.88			09/15/2011		59,000		59,354
GMAC LLC		6.88			08/28/2012		1,244,000		1,281,320
GMAC LLC		7.50			12/31/2013		3,620,000		3,837,200
Homer City Funding LLC		8.73			10/01/2026		1,287,964		1,180,097
International Lease Finance Corporation		6.38			03/25/2013		460,000		477,250
International Lease Finance Corporation		8.63			09/15/2015		900,000		992,250
JBS USA Finance Incorporated		11.63			05/01/2014		3,745,000		4,325,475
LBI Escrow Corporation††		8.00			11/01/2017		2,267,000		2,561,710
Level 3 Financing Incorporated		10.00			02/01/2018		2,010,000		2,165,775
Local TV Finance LLC††¥		9.25			06/15/2015		1,200,000		1,197,000
Nielsen Finance LLC Company††		7.75			10/15/2018		4,750,000		5,035,000
Nielsen Finance LLC Company		11.50			05/01/2016		601,000		698,663
Springleaf Finance Corporation		6.90			12/15/2017		1,975,000		1,849,094


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Consumer Finance (continued)
Sprint Capital Corporation		6.88	%		11/15/2028	$	5,985,000	$	5,685,750
Sprint Capital Corporation		8.38			03/15/2012		1,895,000		1,966,063

									52,245,926

Diversified Financial Services: 1.38%
Ally Financial Incorporated		8.30			02/12/2015		2,055,000		2,250,225
Leucadia National Corporation		8.13			09/15/2015		2,655,000		2,920,500
Nuveen Investments Incorporated		5.50			09/15/2015		2,950,000		2,632,875
Nuveen Investments Incorporated††		10.50			11/15/2015		1,000,000		1,032,500
Nuveen Investments Incorporated		10.50			11/15/2015		875,000		912,188

									9,748,288

Insurance: 0.48%
Hub International Holdings Incorporated††		10.25			06/15/2015		3,375,000		3,375,000

REIT: 1.47%
Dupont Fabros Technology Incorporated		8.50			12/15/2017		5,560,000		6,088,200
Host Hotels & Resorts LP		9.00			05/15/2017		235,000		263,494
Medical Properties Trust Incorporated††		6.88			05/01/2021		775,000		759,500
Omega Healthcare Investors Incorporated		6.75			10/15/2022		1,775,000		1,806,063
Omega Healthcare Investors Incorporated		7.00			01/15/2016		500,000		517,500
Ventas Incorporated		9.00			05/01/2012		859,000		905,056

									10,339,813

Health Care: 2.70%

Health Care Equipment & Supplies: 0.52%
Biomet Incorporated¥		10.38			10/15/2017		540,000		588,600
Biomet Incorporated		11.63			10/15/2017		2,200,000		2,422,750
Fresenius Medical Care Finance III SA		6.88			07/15/2017		625,000		668,750

									3,680,100

Health Care Providers & Services: 2.05%
Apria Healthcare Group Incorporated		11.25			11/01/2014		1,090,000		1,117,250
Aviv Healthcare Properties LP††		7.75			02/15/2019		1,025,000		1,044,219
Centene Corporation		5.75			06/01/2017		1,000,000		995,000
Community Health Systems Incorporated		8.88			07/15/2015		700,000		723,625
HCA Incorporated		6.50			02/15/2020		1,225,000		1,243,375
HCA Incorporated		7.50			02/15/2022		1,000,000		1,015,000
HCA Incorporated		8.50			04/15/2019		375,000		413,438
HCA Incorporated		9.25			11/15/2016		2,945,000		3,141,947
HCA Incorporated¥		9.63			11/15/2016		2,181,000		2,333,670
Health Management plc		6.13			04/15/2016		175,000		181,125
Healthsouth Corporation		7.25			10/01/2018		400,000		419,000
Healthsouth Corporation		7.75			09/15/2022		400,000		426,000
Sabra Health Care LP		8.13			11/01/2018		1,350,000		1,365,188

									14,418,837

Pharmaceuticals: 0.13%
Mylan Incorporated††		6.00			11/15/2018		300,000		306,750
Mylan Incorporated††		7.63			07/15/2017		375,000		411,563
Mylan Incorporated††		7.88			07/15/2020		150,000		166,500

									884,813


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Industrials: 3.67%

Aerospace & Defense: 1.30%
Alliant Techsystems Incorporated		6.75	%		04/01/2016	$	1,980,000	$	2,034,450
Digitalglobe Incorporated		10.50			05/01/2014		340,000		375,700
GenCorp Incorporated		9.50			08/15/2013		475,000		475,000
GeoEye Incorporated		9.63			10/01/2015		485,000		554,113
Hexcel Corporation		6.75			02/01/2015		480,000		490,200
Huntington Ingalls Industries Incorporated††		6.88			03/15/2018		350,000		360,500
Huntington Ingalls Industries Incorporated††		7.13			03/15/2021		125,000		129,063
Kratos Defense & Security Solutions Incorporated		10.00			06/01/2017		1,140,000		1,216,950
L-3 Communications Holdings Incorporated		6.38			10/15/2015		2,784,000		2,857,080
Wyle Services Corporation††		10.50			04/01/2018		635,000		678,656

									9,171,712

Commercial Services & Supplies: 1.44%
Casella Waste Systems Incorporated		11.00			07/15/2014		1,945,000		2,158,950
Corrections Corporation of America		6.25			03/15/2013		565,000		565,706
Corrections Corporation of America		7.75			06/01/2017		1,270,000		1,379,538
Geo Group Incorporated		7.75			10/15/2017		1,450,000		1,551,500
Interface Incorporated		7.63			12/01/2018		125,000		133,125
Iron Mountain Incorporated		6.75			10/15/2018		250,000		348,448
Iron Mountain Incorporated		8.38			08/15/2021		1,385,000		1,481,950
KAR Holdings Incorporated±		4.27			05/01/2014		1,150,000		1,127,000
NCO Group Incorporated		11.88			11/15/2014		1,425,000		1,360,875

									10,107,092

Machinery: 0.50%
Columbus McKinnon Corporation		7.88			02/01/2019		725,000		750,375
CPM Holdings Incorporated		10.88			09/01/2014		1,315,000		1,420,200
Dresser Rand Group Incorporated††		6.50			05/01/2021		925,000		952,750
Titan International Incorporated††		7.88			10/01/2017		375,000		399,375

									3,522,700

Professional Services: 0.06%
CDRT Merger Sub Incorporated††		8.13			06/01/2019		425,000		425,000

Road & Rail: 0.29%
Kansas City Southern		8.00			06/01/2015		55,000		59,125
Kansas City Southern		13.00			12/15/2013		349,000		406,585
RailAmerica Incorporated		9.25			07/01/2017		1,425,000		1,567,500

									2,033,210

Transportation Infrastructure: 0.08%
United Maritime Group		11.75			06/15/2015		520,000		543,400

Information Technology: 4.01%

Communications Equipment: 0.35%
Allbritton Communications Company		8.00			05/15/2018		1,275,000		1,310,063
Lucent Technologies Incorporated		6.45			03/15/2029		1,285,000		1,159,713

									2,469,776

Computers & Peripherals: 0.18%
Intcomex Incorporated		13.25			12/15/2014		1,240,000		1,274,100


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Electronic Equipment & Instruments: 1.71%
GCI Incorporated††		6.75	%		06/01/2021	$	575,000	$	583,625
GCI Incorporated		8.63			11/15/2019		2,125,000		2,337,500
Jabil Circuit Incorporated		8.25			03/15/2018		5,275,000		6,053,063
Kemet Corporation		10.50			05/01/2018		1,485,000		1,644,638
Viasystem Group Incorporated††		12.00			01/15/2015		1,285,000		1,410,288

									12,029,114

Internet Software & Services: 0.18%
Equinix Incorporated		7.00			07/15/2021		75,000		78,000
Equinix Incorporated		8.13			03/01/2018		1,085,000		1,193,500

									1,271,500

IT Services: 1.42%
Fidelity National Information Services		7.88			07/15/2020		900,000		960,750
First Data Corporation		11.25			03/31/2016		3,275,000		3,225,875
SunGard Data Systems Incorporated		7.38			11/15/2018		525,000		532,875
SunGard Data Systems Incorporated		7.63			11/15/2020		250,000		254,375
SunGard Data Systems Incorporated		10.25			08/15/2015		3,455,000		3,584,563
Unisys Corporation		12.50			01/15/2016		460,000		503,700
Unisys Corporation††		12.75			10/15/2014		434,000		503,440
Unisys Corporation††		14.25			09/15/2015		332,000		391,760

									9,957,338

Semiconductors & Semiconductor Equipment: 0.14%
Advanced Micro Devices Incorporated		5.75			08/15/2012		975,000		992,063

Software: 0.03%
Audatex North American Incorporated††		6.75			06/15/2018		225,000		231,188

Materials: 2.80%

Chemicals: 1.80%
Huntsman International LLC		5.50			06/30/2016		1,260,000		1,247,400
Lyondell Chemical Company		11.00			05/01/2018		8,981,938		10,172,045
Rockwood Specialties Group Incorporated		7.63			11/15/2014		340,000		489,767
Solutia Incorporated		7.88			03/15/2020		670,000		730,300

									12,639,512

Containers & Packaging: 0.32%
Crown Americas LLC		7.63			05/15/2017		450,000		487,125
Graham Packaging Company		8.25			01/01/2017		95,000		100,463
Graham Packaging Company		9.88			10/15/2014		1,450,000		1,486,250
Owens Brockway Glass Container Incorporated		7.38			05/15/2016		175,000		191,188

									2,265,026

Metals & Mining: 0.39%
Freeport-McMoRan Copper & Gold Incorporated		8.38			04/01/2017		2,485,000		2,714,863
Indalex Holdings Corporation(s)		11.50			02/01/2014		3,170,000		47,550

									2,762,413

Paper & Forest Products: 0.29%
Clearwater Paper Corporation		10.63			06/15/2016		545,000		614,488
Georgia Pacific Corporation		8.88			05/15/2031		1,080,000		1,402,411

									2,016,899


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Telecommunication Services: 5.04%

Diversified Telecommunication Services: 2.43%
Citizens Communications Company		7.88	%		01/15/2027	$	4,155,000	$	4,040,738
Frontier Communications Corporation		8.13			10/01/2018		845,000		927,388
Frontier Communications Corporation		8.25			05/01/2014		200,000		219,000
Frontier Communications Corporation		8.25			04/15/2017		1,965,000		2,156,588
Frontier Communications Corporation		8.50			04/15/2020		525,000		576,188
Intelsat Jackson Holdings Limited		8.50			11/01/2019		850,000		909,500
Qwest Corporation		7.13			11/15/2043		795,000		769,163
Qwest Corporation		7.25			09/15/2025		1,040,000		1,089,400
Qwest Corporation		7.50			06/15/2023		1,370,000		1,366,575
Qwest Corporation		7.63			08/03/2021		230,000		258,023
Qwest Corporation		8.88			03/15/2012		1,370,000		1,431,650
SBA Telecommunications Incorporated		8.00			08/15/2016		700,000		748,125
SBA Telecommunications Incorporated		8.25			08/15/2019		100,000		108,000
Windstream Corporation		7.88			11/01/2017		2,330,000		2,490,188

									17,090,526

Wireless Telecommunication Services: 2.61%
CCO Holdings LLC††		7.75			05/01/2017		325,000		355,469
CCO Holdings LLC		8.13			04/30/2020		450,000		493,875
Cricket Communications Incorporated		7.75			05/15/2016		1,905,000		2,031,206
Crown Castle International Corporation		7.13			11/01/2019		75,000		79,969
Crown Castle International Corporation		9.00			01/15/2015		325,000		355,875
iPCS Incorporated¥		3.52			05/01/2014		1,357,019		1,302,738
MetroPCS Communications Incorporated		6.63			11/15/2020		1,875,000		1,879,688
MetroPCS Communications Incorporated		7.88			09/01/2018		775,000		824,406
Sprint Nextel Corporation		6.90			05/01/2019		1,055,000		1,078,738
Sprint Nextel Corporation Series D		7.38			08/01/2015		4,085,000		4,085,000
Sprint Nextel Corporation Series F		5.95			03/15/2014		2,335,000		2,342,297
Syniverse Holdings Incorporated††		9.13			01/15/2019		3,375,000		3,531,094

									18,360,355

Utilities: 3.87%

Electric Utilities: 1.56%
Aquila Incorporated Step Bond		11.88			07/01/2012		6,545,000		7,178,988
Energy Future Holdings Corporation¥		12.00			11/01/2017		958,730		824,508
Ipalco Enterprises Incorporated††		5.00			05/01/2018		900,000		894,189
Otter Tail Corporation		9.00			12/15/2016		1,835,000		2,032,263
PNM Resources Incorporated		9.25			05/15/2015		15,000		16,800

									10,946,748

Gas Utilities: 0.49%
AmeriGas Partners LP		6.25			08/20/2019		2,400,000		2,406,000
AmeriGas Partners LP		6.50			05/20/2021		475,000		486,875
AmeriGas Partners LP		7.13			05/20/2016		275,000		285,656
Suburban Propane Partners LP		7.38			03/15/2020		275,000		293,563

									3,472,094

Independent Power Producers & Energy Traders: 1.82%
Dynegy Holdings Incorporated		7.63			10/15/2026		2,165,000		1,407,250
Mirant Mid-Atlantic LLC Series C		10.06			12/30/2028		3,614,632		4,030,315
NRG Energy Incorporated		7.38			01/15/2017		3,475,000		3,644,406
NRG Energy Incorporated		8.50			06/15/2019		1,615,000		1,679,600
Reliant Energy Incorporated		7.63			06/15/2014		450,000		468,000
Reliant Energy Incorporated		9.24			07/02/2017		1,071,656		1,157,388


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Independent Power Producers & Energy Traders (continued)
Reliant Energy Incorporated		9.68	%		07/02/2026	$	410,000	$	438,700

									12,825,659

Total Corporate Bonds and Notes (Cost $357,069,659)									380,262,913

Foreign Corporate Bonds@: 11.28%

Consumer Discretionary: 0.37%

Hotels, Restaurants & Leisure: 0.23%
Casino Guichard Perrachon SA (EUR)		4.73			05/26/2021		900,000		1,305,389
R&R Ice Cream plc(i) (EUR)		8.38			11/15/2017		200,000		277,322

									1,582,711

Media: 0.14%
UPC Holding BV (EUR)		9.63			12/01/2019		470,000		725,993
Ziggo Bond Company BV††(i) (EUR)		8.00			05/15/2018		200,000		293,846

									1,019,839

Consumer Staples: 0.49%

Tobacco: 0.49%
British American Tobacco Finance plc (EUR)		5.38			06/29/2017		1,100,000		1,749,466
Imperial Tobacco Group plc (EUR)		8.38			02/17/2016		1,000,000		1,719,816

									3,469,282

Financials: 8.48%

Commercial Banks: 6.39%
Bank Nederlandse Gemeenten (EUR)		3.88			11/04/2019		1,200,000		1,797,532
Bayerische Landesbank (EUR)		1.88			06/30/2014		2,300,000		3,286,434
BNP Paribas SA (EUR)		3.50			03/07/2016		1,450,000		2,100,597
Eurofima (AUD)		6.25			12/28/2018		2,450,000		2,769,142
European Investment Bank (EUR)		3.13			04/15/2014		1,900,000		2,818,018
European Investment Bank (EUR)		3.13			03/03/2017		2,330,000		3,422,387
European Investment Bank (EUR)		4.25			10/15/2014		2,300,000		3,529,616
European Investment Bank (AUD)		6.13			01/23/2017		6,930,000		7,832,176
Instituto de Credito Oficial (EUR)		4.38			05/23/2012		1,800,000		2,594,543
International Bank for Reconstruction & Development (AUD)		5.75			10/01/2020		950,000		1,046,617
KfW Bankengruppe (EUR)		3.88			01/21/2019		910,000		1,387,674
KfW Bankengruppe (AUD)		6.25			12/04/2019		1,225,000		1,383,669
KfW Bankengruppe (NZD)		6.38			02/17/2015		4,819,000		4,469,121
Landesbank Baten-Wurttemberg (EUR)		1.75			01/17/2014		2,300,000		3,288,684
Rabobank Nederland (EUR)		4.25			01/16/2017		2,150,000		3,248,088

									44,974,298

Consumer Finance: 0.20%
Fiat Industrial SpA (EUR)		6.25			03/09/2018		400,000		557,517
Virgin Media Finance plc (GBP)		8.88			10/15/2019		300,000		544,195
Wind Acquisition Finance SpA (EUR)		11.75			07/15/2017		200,000		316,836

									1,418,548

Insurance: 0.06%
Towergate Finance plc†† (GBP)		8.50			02/15/2018		250,000		406,259


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Thrifts & Mortgage Finance: 1.83%
Dexia Kommunalbank AG (EUR)		3.50	%		06/05/2014		4,000,000	$	5,901,248
Eurohypo AG (EUR)		3.75			03/24/2014		4,000,000		5,952,068
Nationwide Building Society (EUR)		3.75			01/20/2015		700,000		1,003,386

									12,856,702

Health Care: 0.13%

Pharmaceuticals: 0.13%
Pfizer Incorporated (EUR)		4.75			06/03/2016		600,000		933,059

Industrials: 0.46%

Building Products: 0.08%
Heidelbergcement AG (EUR)		8.50			10/31/2019		330,000		522,187

Commercial Services & Supplies: 0.08%
Exova†† (GBP)		10.50			10/15/2018		350,000		580,253

Machinery: 0.05%
Savcio Holdings Limited (EUR)		8.00			02/15/2013		250,000		355,633

Trading Companies & Distributors: 0.04%
Rexel SA (EUR)		8.25			12/15/2016		200,000		307,496

Transportation Infrastructure: 0.21%
BAA Funding Limited (EUR)		4.60			02/15/2018		1,000,000		1,479,676

Materials: 0.33%

Chemicals: 0.04%
Styrolution Group GmbH†† (EUR)		7.63			05/15/2016		200,000		277,322

Containers & Packaging: 0.08%
Ardagh Glass Finance plc (EUR)		8.75			02/01/2020		400,000		563,265

Metals & Mining: 0.10%
New World Resources NV (EUR)		7.38			05/15/2015		500,000		727,430

Paper & Forest Products: 0.11%
Smurfit Kappa Funding plc (EUR)		7.25			11/15/2017		400,000		580,507
Smurfit Kappa Funding plc (EUR)		7.75			11/15/2019		120,000		175,876

									756,383

Telecommunication Services: 0.42%

Diversified Telecommunication Services: 0.42%
Deutsche Telekom International Finance (EUR)		4.25			07/13/2022		1,250,000		1,787,262
Telstra Corporation Limited (EUR)		4.75			03/21/2017		725,000		1,121,821

									2,909,083

Utilities: 0.60%

Multi-Utilities: 0.52%
National Grid plc (EUR)		4.38			03/10/2020		1,225,000		1,833,760
Veolia Environnement SA (EUR)		4.00			02/12/2016		1,200,000		1,790,854

									3,624,614


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Water Utilities: 0.08%
Zinc Capital SA†† (EUR)		8.88	%		05/15/2018		400,000	$	569,012

Total Foreign Corporate Bonds (Cost $72,836,612)									79,333,052

Foreign Government Bonds@: 20.35%
Australia Series 124 (AUD)		5.75			05/15/2021		2,750,000		3,240,155
Australia Series 25CI (AUD)		3.17			09/20/2025		6,650,000		8,543,059
Brazil (BRL)		12.50			01/05/2022		8,500,000		7,015,508
Caisse d’Amortissement de la Dette Sociale (EUR)		3.38			04/25/2021		1,125,000		1,610,901
Caisse d’Amortissement de la Dette Sociale (EUR)		4.25			04/25/2020		700,000		1,077,633
Canada (CAD)		2.50			09/01/2013		6,400,000		6,845,779
Canada†† (CAD)		3.35			12/15/2020		4,650,000		4,967,949
Czech Republic (CZK)		5.00			04/11/2019		101,850,000		6,613,777
Denmark (DKK)		4.00			11/15/2017		55,475,000		11,818,988
France (EUR)		2.00			07/12/2015		2,120,000		3,043,790
France (EUR)		2.25			02/25/2016		1,840,000		2,649,182
France (EUR)		2.50			10/25/2020		6,950,000		9,513,192
France (EUR)		3.50			04/25/2020		3,000,000		4,470,452
Germany (EUR)		3.50			04/12/2013		4,800,000		7,164,863
Hungary (HUF)		5.50			02/12/2016		325,000,000		1,630,058
Hungary (HUF)		6.75			02/24/2017		970,000,000		5,079,441
Korea (KRW)		5.25			09/10/2015		2,850,000,000		2,826,163
Korea (KRW)		5.25			03/10/2027		3,830,000,000		4,024,156
Mexico (MXN)		8.50			11/18/2038		77,900,000		7,189,322
Netherlands†† (EUR)		2.50			01/15/2017		900,000		1,310,344
New Zealand (NZD)		6.00			12/15/2017		6,705,000		6,347,730
Norway (NOK)		3.75			05/25/2021		30,000,000		5,965,594
Norway (NOK)		4.25			05/19/2017		28,730,000		5,835,712
Poland (PLN)		5.50			04/25/2015		16,950,000		6,176,083
Slovenia (EUR)		4.63			09/09/2024		1,425,000		1,901,384
South Africa (ZAR)		6.75			03/31/2021		33,970,000		4,545,916
Sweden (SEK)		4.50			08/12/2015		67,650,000		11,735,577

Total Foreign Government Bonds (Cost $130,650,995)									143,142,708

Non-Agency Mortgage Backed Securities: 1.76%
American Home Mortgage Assets Series 2006-2 Class 1A1±		1.22			09/25/2046	$	4,377,610		2,160,670
Banc of America Commercial Mortgage Incorporated Series 2006-03 Class AM		5.88			07/10/2044		1,340,000		1,325,794
Greenwich Capital Commercial Funding Corporation Series 2006-GG7 Class AM		5.88			07/10/2038		1,820,000		1,868,356
Lehman XS Trust Series 2006-18N Class A5A±(i)		0.36			12/25/2036		3,570,000		1,405,991
Morgan Stanley Capital I Trust Series 2006-IQ12 Class AM		5.37			12/15/2043		1,866,000		1,809,651
Morgan Stanley Capital I Trust Series 2006-IQ12 Class AMFX		5.37			12/15/2043		810,000		789,118
NCUA Guaranteed Notes Series 2011-C1 Class 1A±		0.52			02/28/2020		1,796,573		1,796,573
Wachovia Bank Commercial Mortgage Trust Series 2006-C23 Class AM(l)		5.47			01/15/2045		1,220,000		1,264,195

Total Non-Agency Mortgage Backed Securities (Cost $12,971,117)									12,420,348

	Dividend Yield					Shares

Preferred Stocks: 0.10%

Financials: 0.10%

Diversified Financial Services: 0.10%
GMAC Capital Trust I		8.13					27,000		689,310

Total Preferred Stocks (Cost $675,000)									689,310


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Term Loans: 5.98%
Advantage Sales & Marketing LLC		9.25	%		06/18/2018	$	475,000	$	480,543
Barrington Broadcasting Company		4.50			08/12/2013		920,011		903,340
Capital Automotive LP		5.00			03/10/2017		3,935,078		3,931,142
CCM Merger Incorporated<		7.00			03/01/2017		3,444,064		3,476,782
Coinmach Corporation		3.25			11/20/2014		2,971,778		2,833,709
Fairpoint Communications Incorporated		6.50			01/22/2016		3,532,230		3,121,608
Federal Mogul Corporation		2.13			12/29/2014		458,760		436,069
Federal Mogul Corporation		2.13			12/28/2015		417,312		396,672
First Data Corporation		2.94			09/24/2014		916,226		852,219
First Data Corporation		2.94			09/24/2014		1,408,988		1,310,556
First Data Corporation		2.94			09/24/2014		3,094,510		2,878,328
Gray Television Incorporated		3.69			12/31/2014		976,416		954,036
HHI Holdings LLC		7.00			03/21/2017		947,625		947,625
Level 3 Financing Incorporated		2.48			03/13/2014		700,000		673,925
Local TV Finance LLC		2.19			05/07/2013		1,424,159		1,384,739
Merisant Company(i)		7.50			01/08/2014		928,138		914,216
NCO Group Incorporated		7.82			11/15/2013		1,154,528		1,149,980
Newsday LLC		10.50			08/01/2013		2,755,000		2,897,929
Panolam Industries International Incorporated(i)		8.25			12/31/2013		226,715		207,657
Springleaf Finance Corporation		5.50			05/05/2017		700,000		682,500
Texas Competitive Electric Holding LLC<		3.69			10/10/2014		12,746,983		9,987,771
Texas Competitive Electric Holding LLC		4.73			10/10/2017		1,550,000		1,154,192
Web Service Company LLC		7.00			08/28/2014		460,542		459,009

Total Term Loans (Cost $42,822,500)									42,034,547

Yankee Corporate Bonds and Notes: 5.56%

Consumer Discretionary: 0.12%

Media: 0.12%
Videotron Limited		9.13			04/15/2018		775,000		870,906

Energy: 1.42%

Oil, Gas & Consumable Fuels: 1.42%
Griffin Coal Mining Company Limited(s)		9.50			12/01/2016		333,446		313,856
Griffin Coal Mining Company Limited††(s)		9.50			12/31/2049		4,078,569		3,838,953
Petroplus Finance Limited		5.75			01/20/2020		1,650,000		1,809,872
Ship Finance International Limited		8.50			12/15/2013		4,020,000		4,045,125

									10,007,806

Financials: 1.37%

Capital Markets: 0.05%
Mubadala Development Company††		5.50			04/20/2021		360,000		375,440

Commercial Banks: 0.56%
Banco De Credito Del Peru††		4.75			03/16/2016		1,600,000		1,626,000
Lloyds TSB Bank plc		6.38			01/21/2021		1,100,000		1,160,466
Royal Bank of Scotland Group plc		6.13			01/11/2021		1,100,000		1,152,689

									3,939,155

Consumer Finance: 0.63%
Sable International Finance Limited		7.75			02/15/2017		350,000		350,000
Wind Acquisition Finance SpA††		11.75			07/15/2017		3,660,000		4,058,025

									4,408,025


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name	Interest Rate			Maturity Date		Principal		Value
Diversified Financial Services: 0.13%
IPIC GMTN Limited††		5.00	%		11/15/2020	$	900,000	$	906,750
Preferred Term Securities XII Limited(i)(s)		1.87			12/24/2033		635,000		191

									906,941

Industrials: 0.05%

Road & Rail: 0.05%
Transnet Limited††		4.50			02/10/2016		300,000		315,518

Information Technology: 0.38%

Computers & Peripherals: 0.38%
Seagate Technology HDD Holdings		6.80			10/01/2016		650,000		689,000
Seagate Technology HDD Holdings††		6.88			05/01/2020		300,000		300,750
Seagate Technology HDD Holdings††		7.00			11/01/2021		375,000		378,750
Seagate Technology HDD Holdings††		7.75			12/15/2018		1,225,000		1,286,250

									2,654,750

Materials: 1.39%

Metals & Mining: 0.71%
Novelis Incorporated		7.25			02/15/2015		1,030,000		1,026,138
Novelis Incorporated		8.38			12/15/2017		500,000		544,375
Novelis Incorporated		8.75			12/15/2020		725,000		806,563
Teck Resources Limited		10.75			05/15/2019		2,050,000		2,608,625

									4,985,701

Paper & Forest Products: 0.68%
PE Paper Escrow GmbH††		12.00			08/01/2014		1,170,000		1,327,950
Sappi Limited††		7.50			06/15/2032		3,860,000		3,474,000

									4,801,950

Telecommunication Services: 0.67%

Diversified Telecommunication Services: 0.27%
Global Crossing Limited		12.00			09/15/2015		570,000		661,200
Intelsat Jackson Holdings SA††		7.25			04/01/2019		175,000		177,188
Intelsat Jackson Holdings SA††		7.50			04/01/2021		100,000		101,500
Intelsat Jackson Holdings SA		11.25			06/15/2016		275,000		292,875
Qtel International Finance Limited		4.75			02/16/2021		300,000		301,125
Vimpelcom Holdings††		7.50			03/01/2022		400,000		400,000

									1,933,888

Wireless Telecommunication Services: 0.40%
Digicel Group Limited††		12.00			04/01/2014		1,335,000		1,541,925
Telesat Canada Incorporated		11.00			11/01/2015		1,135,000		1,242,825

									2,784,750

Utilities: 0.16%

Electric Utilities: 0.16%
E.ON AG		5.80			04/30/2018		1,000,000		1,132,613

Total Yankee Corporate Bonds and Notes (Cost $34,518,634)									39,117,443


WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND		PORTFOLIO OF INVESTMENTS — July 31, 2011 (UNAUDITED)


Security Name					Shares		Value
Investment Companies: 0.01%
Eaton Vance Limited Duration Income Trust						3,291	$	53,216

Total Investment Companies (Cost $30,289)								53,216

			Yield

Short-Term Investments: 2.39%

Investment Companies: 2.39%
Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)##				0.02		16,827,332		16,827,332

Total Short-Term Investments (Cost $16,827,332)								16,827,332

Total Investments in Securities
(Cost $877,157,963)*	131.60	%						925,629,442

Other Assets and Liabilities, Net	(31.60	)						(222,237,328	)

Total Net Assets	100.00	%					$	703,392,114

±	Variable rate investment.

¤	All or a portion of this security has been segregated as collateral for reverse repurchase agreements.

(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.

†	Non-income earning security.

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

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

(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.

@	Foreign bond principal is denominated in local currency.

(l)

Investment in an affiliate. The total cost of affiliated investments is $17,879,582.

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

(u)

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

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

*	Cost for federal income tax purposes is $879,701,253 and net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	54,826,892
Gross unrealized depreciation		(8,898,703	)

Net unrealized appreciation	$	45,928,189

WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND

NOTES TO PORTFOLIO OF INVESTMENTS – July 31, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Multi-Sector Income Fund (the “Fund”).

Securities valuation

Investments in securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities, including U.S. Government obligations, but excluding debt securities maturing in 60 days or less, the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Certain fixed income securities with maturities exceeding 60 days are valued based on available market quotations received from an independent pricing service approved by the Board of Trustees 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 pricing service or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or determined based on the Fund’s Fair Value Procedures.

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

Investments in open-end mutual funds and non-registered investment companies are generally valued at net asset value.

Certain 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 valuation techniques used by the Fund to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type.

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 prevailing rates of exchange at the date of valuation. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

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

Reverse repurchase agreements

To obtain short-term financing, the Fund may enter into reverse repurchase agreements with banks and other financial institutions, which are deemed by the investment adviser to be creditworthy. At the time the Fund enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing qualified assets having a value not less than the repurchase price, including accrued interest. If the counterparty to the transaction is rendered insolvent, the Fund may be delayed or limited in the repurchase of the collateral securities.

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 foreign currency related 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 or losses on the contracts. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty.

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 to cover its obligation by confirming the availability of qualifying assets having a value sufficient to make payment for the securities purchased. 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 loans are marked-to-market daily and the Fund begins earning interest when the loans are funded. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. The Fund assumes the credit risk of the borrower

and there could be potential loss to the Fund in the event of default by the borrower.

As of July 31, 2011, the Fund had unfunded loan commitments of $1,464,688.

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, etc.)

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

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

As of July 31, 2011, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:


Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	535,359	$	0	$	0	$	535,359
Preferred stocks		0		689,310		0		689,310
Investment companies		53,216		0		0		53,216

Agency securities		0		210,102,564		0		210,102,564

Convertible debenture		0		1,110,650		0		1,110,650

Corporate bonds and notes		0		374,636,510		5,626,403		380,262,913

Foreign corporate bonds		0		79,333,052		0		79,333,052

Foreign government bonds		0		143,142,708		0		143,142,708

Non-agency mortgage backed securities		0		10,623,775		1,796,573		12,420,348

Term loans		0		37,285,653		4,748,894		42,034,547

Yankee corporate bonds and notes		0		39,117,252		191		39,117,443

Short-term investments
Investment companies		16,827,332		0		0		16,827,332

	$	17,415,907	$	896,041,474	$	12,172,061	$	925,629,442

As of July 31, 2011, the inputs used in valuing the Fund’s other financial instruments, which are carried at fair value, were as follows:


Other financial instruments	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Forward foreign currency contracts	$	0	$	1,678,845	$	0	$	1,678,845

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended July 31, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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


	Corporate bonds and notes			Foreign corporate bonds			Non- agency mortgage backed securities			Term loans			Yankee corporate bonds and notes		Common stock		Total
Balance as of October 31, 2010	$	5,753,667		$	560,823		$	0		$	0		$	191	$	0	$	6,314,681
Accrued discounts (premiums)		1,760			0			0			407			0		0		2,167
Realized gains (losses)		(3,980	)		0			0			17			0		0		(3,963	)
Change in unrealized gains (losses)		29,546			19,430			0			6,701			0		0		55,677
Purchases		0			0			2,000,000			942,875			0		0		2,942,875
Sales		(154,590	)		0			(203,427	)		(2,375	)		0		0		(360,392	)
Transfers into Level 3		0			0			0			3,801,269			0		0		3,801,269
Transfers out of Level 3		0			(580,253	)		0			0			0		0		(580,253	)

Balance as of July 31, 2011	$	5,626,403		$	0		$	1,796,573		$	4,748,894		$	191	$	0	$	12,172,061

Change in unrealized gains (losses) relating to securities still held at July 31, 2011	$	34,068		$	0		$	0		$	6,701		$	0	$	0	$	40,769

Derivative transactions

During the nine months ended July 31, 2011, the Fund entered into forward foreign currency exchange contracts for hedging purposes.

At July 31, 2011, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:


Exchange Date	Counterparty	Contracts to Receive		U.S. Value at July 31, 2011		In Exchange for U.S. $		Net Unrealized Gains
08/01/2011	State Street Bank		2,240,000 EUR	$	3,218,654	$	3,177,486	$	41,168
08/02/2011	State Street Bank		1,800,000,000 JPY		23,381,178		22,011,079		1,370,099
08/02/2011	State Street Bank		390,000,000 JPY		5,065,922		4,811,488		254,434
10/11/2011	State Street Bank		2,170,000,000 JPY		28,210,663		27,945,191		265,472


Exchange Date	Counterparty	Contracts to Receive		U.S. Value at July 31, 2011		In Exchange For		U.S. Value at July 31, 2011		Net Unrealized Gains (Losses)
08/02/2011	State Street Bank		10,782,607 CAD	$	11,285,370		883,958,114 JPY	$	11,482,212	$	(196,842	)
08/02/2011	State Street Bank		933,836,250 JPY		12,130,107		10,875,000 CAD		11,382,071		748,036
08/10/2011	State Street Bank		4,854,006 EUR		6,973,515		1,300,000,000 HUF		6,919,987		53,528
08/10/2011	State Street Bank		7,228,312 EUR		10,384,565		57,700,000 NOK		10,711,218		(326,653	)
08/10/2011	State Street Bank		394,270 EUR		566,428		3,100,000 NOK		575,473		(9,045	)
08/18/2011	State Street Bank		506,514,960 JPY		6,580,810		17,640,000 PLN		6,329,167		251,643
09/21/2011	State Street Bank		4,289,026 GBP		7,036,525		555,000,000 JPY		7,213,680		(177,155	)
09/21/2011	State Street Bank		746,001,800 JPY		9,696,249		5,800,000 GBP		9,515,410		180,839
10/13/2011	State Street Bank		980,000,000 JPY		12,740,543		14,659,028 NZD		12,816,859		(76,316	)
10/14/2011	State Street Bank		698,827,500 JPY		9,085,231		6,300,000 EUR		9,036,561		48,670
10/25/2011	State Street Bank		1,489,593,000 JPY		19,367,755		17,800,000 AUD		19,351,149		16,606
11/02/2011	State Street Bank		923,639,400 JPY		12,010,119		11,300,000 CAD		11,802,306		207,813

Forward foreign currency contracts to sell:


Exchange Date	Counterparty	Contracts to Deliver		U.S. Value at July 31, 2011		In Exchange for U.S. $		Net Unrealized (Losses)
08/01/2011	State Street Bank		1,700,000 EUR	$	2,442,729	$	2,375,240	$	(67,489	)
08/02/2011	State Street Bank		130,000,000 JPY		1,688,641		1,591,226		(97,415	)
08/02/2011	State Street Bank		2,168,955,596 JPY		28,173,743		27,916,283		(257,460	)
08/24/2011	State Street Bank		30,275,000 ZAR		4,515,622		4,342,058		(173,564	)
10/14/2011	State Street Bank		114,680,000 CZK		6,812,727		6,604,849		(207,878	)
10/18/2011	State Street Bank		62,500,000 DKK		12,032,605		11,862,959		(169,646	)

The Fund had average market values of $125,831,350 and $22,013,424 in forward foreign currency exchange contracts to buy and forward foreign currency exchange contracts to sell, respectively, during the nine months ended July 31, 2011.

The following is a list of common abbreviations for terms and entities which may have appeared in the portfolio of investments.

ABAG — Association of Bay Area Governments

ACB — Agricultural Credit Bank

ADR — American Depositary Receipt

ADS — American Depository Shares

AGC-ICC — Assured Guaranty Corporation - Insured Custody Certificates

AGM — Assured Guaranty Municipal

AMBAC — American Municipal Bond Assurance Corporation

AMT — Alternative Minimum Tax

ARM — Adjustable Rate Mortgages

AUD — Australian Dollar

BAN — Bond Anticipation Notes

BART — Bay Area Rapid Transit

BHAC — Berkshire Hathaway Assurance Corporation

BRL — Brazil Real

CAD — Canadian Dollar

CDA — Community Development Authority

CDO — Collateralized Debt Obligation

CDSC — Contingent Deferred Sales Charge

CGIC — Capital Guaranty Insurance Company

CGY — Capital Guaranty Corporation

CHF — Swiss Franc

CIFG — CDC (Caisse des Dépôts et Consignations) IX IS Financial Guarantee

COP — Certificate of Participation

CP — Commercial Paper

CR — Custody Receipts

CTF — Common Trust Fund

DEM - Deutsche Mark

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

ETET — Eagle Tax-Exempt Trust

ETF — Exchange-Traded Fund

EUR — Euro

FFCB — Federal Farm Credit Bank

FGIC — Financial Guaranty Insurance Corporation

FHA — Federal Housing Authority

FHAG — Federal Housing Agency

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRF - French Franc

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 — Housing & 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

LLC — Limited Liability Company

LLP — Limited Liability Partnership

LOC — Letter of Credit

LP — Limited Partnership

MBIA — Municipal Bond Insurance Association

MFHR — Multi-Family Housing Revenue

MFMR — Multi-Family Mortgage Revenue

MMD — Municipal Market Data

MSTR — Municipal Securities Trust Receipts

MTN — Medium Term Note

MUD — Municipal Utility District

MXN — Mexican Peso

MYR — Malaysian Ringgit

NATL-RE — National Public Finance Guarantee Corporation

NLG - Netherlands Guilder

NOK — Norwegian Krone

NZD — New Zealand Dollar

PCFA — Pollution Control Finance Authority

PCR — Pollution Control Revenue

PFA — Public Finance Authority

PFFA — Public Facilities Financing Authority

PFOTER — Puttable Floating Option Tax-Exempt Receipts

plc — Public Limited Company

PLN — Polish Zloty

PSFG — Public School Fund Guaranty

PUTTER — Puttable Tax-Exempt Receipts

R&D — Research & Development

RDA — Redevelopment Authority

RDFA — Redevelopment Finance Authority

REIT — Real Estate Investment Trust

ROC — Reset Option Certificates

SEK — Swedish Krona

SFHR — Single Family Housing Revenue

SFMR — Single Family Mortgage Revenue

SGD — Singapore Dollar

SKK — Slovakian Koruna

SLMA — Student Loan Marketing Association

SPDR — Standard & Poor’s Depositary Receipts

STIT — Short-Term Investment Trust

TAN — Tax Anticipation Notes

TBA — To Be Announced

TIPS — Treasury Inflation-Protected Securities

TRAN — Tax Revenue Anticipation Notes

TCR — Transferable Custody Receipts

TRY — Turkish Lira

TTFA — Transportation Trust Fund Authority

USD — Unified School District

XLCA — XL Capital Assurance

ZAR — South African Rand

ITEM 2. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Advantage Multi-Sector Income Fund (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 registrant’s last fiscal quarter that has 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 Advantage Multi-Sector Income Fund

By:		/s/ Karla M. Rabusch

		Karla M. Rabusch
		President

Date: September 28, 2011

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 dates indicated.


Wells Fargo Advantage Multi-Sector Income Fund

By:		/s/ Karla M. Rabusch

		Karla M. Rabusch
		President

Date: September 28, 2011

By:		/s/ Kasey L. Phillips

		Kasey L. Phillips
		Treasurer

Date: September 28, 2011