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: February 28, 2011 for all funds in this filing except Wells Fargo Advantage Adjustable Rate Government Fund, Wells Fargo Advantage Government Securities Fund, Wells Fargo Advantage High Income Fund, Wells Fargo Advantage High Yield Bond Fund, Wells Fargo Advantage Income Plus Fund, Wells Fargo Advantage Short Duration Government Bond Fund, Wells Fargo Advantage Short-Term Bond Fund, Wells Fargo Advantage Short-Term High Yield Bond Fund, and Wells Fargo Advantage Ultra Short-Term Income Fund, which had fiscal year end of August 31, 2011.

Date of reporting period: November 30, 2011

ITEM 1. SCHEDULE OF INVESTMENTS

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities: 93.98%
FAMC Series 2000-A Class A		4.47	%		12/15/2039	$	2,327,991	$	2,333,231
FHLB ±		2.30			08/01/2033		4,488,422		4,716,108
FHLB ±		2.42			08/01/2035		403,500		407,400
FHLB ±		2.43			06/01/2026		2,602,430		2,763,580
FHLB ±		2.45			12/01/2034		8,764,107		9,221,566
FHLB ±		2.50			05/01/2033		502,176		507,938
FHLB ±		2.51			05/01/2034		4,680,907		4,939,417
FHLB ±		2.53			06/01/2035		6,521,488		6,912,938
FHLB ±		2.61			07/01/2034		2,256,023		2,388,371
FHLB ±		2.85			06/01/2032		274,068		274,502
FHLB ±		3.43			06/01/2029		2,586,674		2,750,877
FHLB ±		4.54			06/01/2035		3,521,120		3,720,038
FHLMC ±		2.08			01/01/2023		80,998		83,292
FHLMC ±		2.19			07/01/2024		65,398		67,143
FHLMC ±		2.30			01/01/2029		31,607		32,766
FHLMC ±		2.30			07/01/2030		35,451		36,739
FHLMC ±		2.32			06/01/2024		61,433		64,847
FHLMC ±		2.33			05/01/2028		653,352		686,442
FHLMC ±		2.34			10/01/2033		4,374,334		4,592,472
FHLMC ±		2.35			10/01/2033		73,529		77,092
FHLMC ±		2.36			01/01/2030		63,273		66,710
FHLMC ±		2.36			08/01/2034		3,182,401		3,331,575
FHLMC ±		2.36			01/01/2037		4,909,358		5,175,456
FHLMC ±		2.36			02/01/2035		3,201,785		3,336,169
FHLMC ±		2.37			03/01/2020		3,671		3,685
FHLMC ±		2.37			08/01/2036		9,743,707		10,268,861
FHLMC ±		2.38			07/01/2019		2,802		2,827
FHLMC ±		2.40			11/01/2029		231,509		243,260
FHLMC ±		2.40			05/01/2025		132,113		138,623
FHLMC ±		2.42			08/01/2036		8,222,024		8,640,947
FHLMC ±		2.43			11/01/2029		551,472		579,752
FHLMC ±		2.44			02/01/2035		9,013,226		9,476,538
FHLMC ±		2.44			09/01/2035		4,627,409		4,868,368
FHLMC ±		2.45			04/01/2034		7,798,773		8,212,819
FHLMC ±		2.46			11/01/2027		1,489,336		1,574,213
FHLMC ±		2.46			10/01/2035		8,607,127		9,063,106
FHLMC ±		2.46			03/01/2027		386,486		408,055
FHLMC ±		2.47			09/01/2030		983,525		1,037,872
FHLMC ±		2.47			12/01/2032		7,078,647		7,435,466
FHLMC ±		2.48			02/01/2034		2,873,589		3,029,628
FHLMC ±		2.48			01/01/2035		1,339,938		1,409,189
FHLMC ±		2.48			08/01/2035		2,368,763		2,502,468
FHLMC ±		2.48			05/01/2032		89,015		89,969
FHLMC ±		2.48			02/01/2038		5,652,748		5,972,284
FHLMC ±		2.49			09/01/2035		8,665,529		9,189,680
FHLMC ±		2.49			08/01/2027		13,300		13,409
FHLMC ±		2.49			02/01/2036		3,976,621		4,186,866
FHLMC ±		2.50			05/01/2036		3,110,655		3,278,506
FHLMC ±		2.50			12/01/2032		4,181,164		4,399,824
FHLMC ±		2.50			02/01/2034		6,665,119		7,024,986
FHLMC ±		2.50			07/01/2031		523,298		553,768
FHLMC ±		2.50			05/01/2019		10,863		10,892
FHLMC ±		2.50			06/01/2033		4,659,191		4,904,656
FHLMC ±		2.50			09/01/2032		5,215,090		5,517,114
FHLMC ±		2.52			10/01/2036		2,156,385		2,275,781
FHLMC ±		2.52			06/01/2035		4,518,232		4,775,046
FHLMC ±		2.52			10/01/2035		5,815,670		6,155,487
FHLMC ±		2.53			04/01/2035		6,094,624		6,433,905
FHLMC ±		2.53			10/01/2035		7,074,406		7,472,416
FHLMC ±		2.53			11/01/2035		1,289,555		1,360,806
FHLMC ±		2.53			09/01/2030		20,845,170		22,094,482
FHLMC ±		2.54			10/01/2033		4,688,602		4,953,954
FHLMC ±		2.54			04/01/2034		6,680,079		7,056,702

1

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FHLMC ±		2.56	%		10/01/2030	$	4,733,006	$	5,018,673
FHLMC ±		2.56			01/01/2028		58,602		62,065
FHLMC ±		2.56			01/01/2028		9,786		10,350
FHLMC ±		2.58			04/01/2036		6,403,830		6,765,024
FHLMC ±		2.58			05/01/2023		110,370		110,755
FHLMC ±		2.58			04/01/2035		4,556,259		4,819,406
FHLMC ±		2.60			02/01/2036		13,489,727		14,264,312
FHLMC ±		2.61			01/01/2030		12,990		13,469
FHLMC ±		2.61			01/01/2030		26,293		27,215
FHLMC ±		2.61			07/01/2030		239,972		249,035
FHLMC ±		2.61			09/01/2016		10,479		10,624
FHLMC ±		2.61			11/01/2016		177,025		183,470
FHLMC ±		2.61			07/01/2018		6,421		6,546
FHLMC ±		2.61			01/01/2019		14,498		15,027
FHLMC ±		2.61			02/01/2019		19,737		20,459
FHLMC ±		2.61			02/01/2035		805,879		834,083
FHLMC ±		2.61			06/01/2025		139,204		143,426
FHLMC ±		2.62			07/01/2027		1,275,694		1,351,584
FHLMC ±		2.63			12/01/2017		54,854		56,846
FHLMC ±		2.63			05/01/2018		1,475		1,526
FHLMC ±		2.63			06/01/2018		38,862		40,250
FHLMC ±		2.63			09/01/2018		3,606		3,730
FHLMC ±		2.63			11/01/2018		25,210		25,560
FHLMC ±		2.64			02/01/2037		1,750,246		1,848,282
FHLMC ±		2.64			10/01/2024		389,117		411,246
FHLMC ±		2.65			06/01/2030		166,152		175,746
FHLMC ±		2.65			07/01/2029		143,893		151,933
FHLMC ±		2.66			06/01/2030		931,558		985,937
FHLMC ±		2.66			10/01/2029		163,721		173,039
FHLMC ±		2.67			11/01/2026		523,539		528,314
FHLMC ±		2.68			06/01/2028		593,628		621,919
FHLMC ±		2.68			08/01/2029		213,357		214,596
FHLMC ±		2.68			10/01/2030		40,516		41,963
FHLMC ±		2.68			10/01/2025		177,882		179,359
FHLMC ±		2.68			04/01/2035		2,409,603		2,553,470
FHLMC ±		2.69			03/01/2037		5,698,479		6,032,891
FHLMC ±		2.71			06/01/2037		9,221,321		9,797,227
FHLMC ±		2.73			10/01/2025		54,426		54,761
FHLMC ±		2.73			02/01/2030		107,146		113,378
FHLMC ±		2.73			06/01/2030		199,090		200,257
FHLMC ±		2.73			11/01/2032		388,209		406,535
FHLMC ±		2.75			02/01/2036		10,707,018		11,398,678
FHLMC ±		2.75			08/01/2030		10,984,418		11,615,142
FHLMC ±		2.78			02/01/2024		44,070		44,433
FHLMC ±		2.78			08/01/2018		406		408
FHLMC ±		2.78			04/01/2020		67,976		72,187
FHLMC ±		2.80			05/01/2028		549,091		556,435
FHLMC ±		2.86			08/01/2018		6,457		6,750
FHLMC ±		2.87			01/01/2024		87,686		88,644
FHLMC ±		2.91			03/01/2018		36,680		37,098
FHLMC ±		2.98			01/01/2022		43,097		43,372
FHLMC ±		3.00			05/01/2020		1,372		1,386
FHLMC ±		3.09			06/01/2020		200,089		208,762
FHLMC ±		3.23			10/01/2018		125,814		132,539
FHLMC ±		3.27			05/01/2020		2,247		2,252
FHLMC ±		3.28			12/01/2017		22,298		22,369
FHLMC ±		3.29			03/01/2025		178,718		181,502
FHLMC ±		3.32			07/01/2017		55,982		58,534
FHLMC ±		3.33			06/01/2019		303,913		306,094
FHLMC ±		3.34			03/01/2025		6,982,336		7,315,583
FHLMC ±		3.38			10/01/2019		44,768		44,766
FHLMC ±		3.39			06/01/2019		183,846		191,247

2

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FHLMC ±		3.41	%		12/01/2018	$	54,584	$	54,595
FHLMC ±		3.43			09/01/2030		205,002		205,773
FHLMC ±		3.43			02/01/2018		10,870		10,930
FHLMC ±		3.43			01/01/2026		16,785		17,136
FHLMC ±		3.45			11/01/2029		394,033		397,296
FHLMC ±		3.49			12/01/2018		58,977		59,341
FHLMC ±		3.50			08/01/2029		380,168		386,308
FHLMC ±		3.53			09/01/2031		390,011		393,716
FHLMC ±		3.56			09/01/2016		143,630		144,929
FHLMC ±		3.57			12/01/2025		990,993		1,014,176
FHLMC ±		3.60			11/01/2036		2,472,632		2,611,428
FHLMC ±		3.61			04/01/2019		40,179		40,411
FHLMC ±		3.62			07/01/2028		114,851		115,734
FHLMC ±		3.63			08/01/2019		28,951		28,938
FHLMC ±		3.72			06/01/2022		3,823		3,853
FHLMC ±		3.75			02/01/2027		219,579		225,647
FHLMC ±		3.76			06/01/2020		3,554		3,576
FHLMC ±		3.92			01/01/2017		2,600		2,615
FHLMC ±		3.92			07/01/2018		219,289		221,789
FHLMC ±		3.99			06/01/2021		276,378		289,742
FHLMC ±		4.21			04/01/2023		293,690		295,331
FHLMC ±		4.30			05/01/2031		307,390		311,931
FHLMC ±		4.41			08/01/2029		51,173		52,301
FHLMC ±		4.49			01/01/2019		1,858		1,872
FHLMC ±		4.68			04/01/2032		176,306		177,840
FHLMC ±		4.69			10/01/2029		172,623		174,161
FHLMC ±		4.89			02/01/2021		60,020		60,415
FHLMC ±		4.93			05/01/2032		336,686		347,490
FHLMC ±		4.98			02/01/2029		442,823		447,147
FHLMC ±		5.15			04/01/2029		500,547		522,819
FHLMC ±		5.35			04/01/2037		2,672,941		2,840,301
FHLMC ±		5.46			06/01/2033		1,144,692		1,226,511
FHLMC ±		5.51			08/01/2024		994,209		1,071,054
FHLMC		6.50			04/01/2018		278,285		308,859
FHLMC		7.00			11/01/2012		38,808		40,050
FHLMC		7.00			09/01/2035		278,370		315,708
FHLMC ±		7.22			08/01/2027		91,766		92,237
FHLMC		7.50			01/01/2016		50,212		54,585
FHLMC		7.50			06/01/2016		21,131		22,617
FHLMC		8.50			05/01/2020		254,199		295,031
FHLMC		8.50			06/01/2022		2,894		2,906
FHLMC		8.50			09/01/2022		36,441		42,611
FHLMC Series 1671 Class QA ±		2.23			02/15/2024		590,190		618,027
FHLMC Series 1686 Class FE ±		2.38			02/15/2024		57,056		60,159
FHLMC Series 1730 Class FA ±		1.60			05/15/2024		610,350		617,459
FHLMC Series 20 Class F ±		1.25			07/01/2029		41,905		40,627
FHLMC Series 2315 Class FW ±		0.80			04/15/2027		352,314		353,836
FHLMC Series 2391 Class EF ±		0.75			06/15/2031		348,598		352,830
FHLMC Series 2454 Class SL ±(c)		7.75			03/15/2032		840,512		169,854
FHLMC Series 2461 Class FI ±		0.75			04/15/2028		502,506		505,227
FHLMC Series 2464 Class FE ±		1.25			03/15/2032		547,825		556,207
FHLMC Series 2466 Class FV ±		0.80			03/15/2032		772,156		776,473
FHLMC Series 2527 Class SX ±(c)		7.30			02/15/2032		284,556		4,094
FHLMC Series T-48 Class 2A ±		3.65			11/25/2032		4,394,475		4,535,405
FHLMC Series T-54 Class 4A ±		3.41			02/25/2043		3,098,646		3,070,080
FHLMC Series T-55 Class 1A1		6.50			03/25/2043		150,105		171,615
FHLMC Series T-66 Class 2A1 ±		2.97			01/25/2036		6,924,878		7,245,238
FHLMC Series T-67 Class 1A1C		3.12			03/25/2036		26,196,540		27,526,832
FHLMC Series T-67 Class 2A1C		3.09			03/25/2036		22,133,695		23,257,670
FNMA ±		1.30			12/01/2020		76,113		76,413
FNMA ±		1.33			06/01/2021		128,899		130,284
FNMA ±		1.45			09/01/2032		72,985		73,509
FNMA ±		1.54			01/01/2021		7,474		7,566

3

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA ±		1.54	%		01/01/2021	$	12,169	$	12,187
FNMA ±		1.64			12/01/2030		257,597		262,865
FNMA ±		1.65			08/01/2032		302,377		304,476
FNMA ±		1.72			05/01/2029		565,437		593,576
FNMA ±		1.75			03/01/2015		32,899		33,206
FNMA ±		1.75			08/01/2031		180,479		187,249
FNMA ±		1.79			08/01/2031		161,026		164,367
FNMA ±		1.80			09/01/2031		464,467		481,611
FNMA ±		1.86			12/01/2031		210,756		213,063
FNMA ±		1.86			01/01/2032		510,651		513,389
FNMA ±		1.87			08/01/2033		4,490		4,541
FNMA ±		1.88			07/01/2020		24,384		24,572
FNMA ±		1.88			12/01/2031		467,113		483,477
FNMA ±		1.91			08/01/2032		187,825		191,558
FNMA ±		1.92			04/01/2033		1,774,159		1,837,864
FNMA ±		1.92			12/01/2022		21,092		21,291
FNMA ±		1.93			08/01/2033		718,471		736,885
FNMA ±		1.94			12/01/2031		187,908		195,769
FNMA ±		1.94			01/01/2035		5,232,975		5,484,372
FNMA ±		1.94			02/01/2033		281,120		291,652
FNMA ±		1.95			06/01/2031		367,104		383,335
FNMA ±		1.96			10/01/2017		17,079		17,539
FNMA ±		1.99			01/01/2032		42,579		42,725
FNMA ±		2.00			01/01/2022		16,611		17,015
FNMA ±		2.01			06/01/2036		7,637,836		8,080,344
FNMA ±		2.08			08/01/2031		85,403		85,869
FNMA ±		2.11			10/01/2018		214,085		223,092
FNMA ±		2.11			10/01/2035		15,609,803		16,178,325
FNMA ±		2.13			02/01/2020		25,424		26,175
FNMA ±		2.14			06/01/2032		195,648		198,832
FNMA ±		2.15			05/01/2032		129,938		136,347
FNMA ±		2.16			12/01/2035		16,645,183		17,265,565
FNMA ±		2.17			07/01/2018		5,933		5,938
FNMA ±		2.22			07/01/2035		3,485,133		3,603,283
FNMA ±		2.23			04/01/2018		786,499		805,601
FNMA ±		2.23			07/01/2018		890,018		911,982
FNMA ±		2.23			01/01/2036		7,955,030		8,269,011
FNMA ±		2.23			11/01/2017		321,120		335,623
FNMA ±		2.24			10/01/2024		72,672		76,336
FNMA ±		2.24			12/01/2024		115,020		120,556
FNMA ±		2.26			07/01/2032		242,533		243,072
FNMA ±		2.27			04/01/2030		242,384		254,857
FNMA ±		2.30			10/01/2025		193,113		200,860
FNMA ±		2.31			12/01/2023		15,237		15,991
FNMA ±		2.31			11/01/2039		122,184		122,981
FNMA ±		2.31			07/01/2035		2,944,267		3,042,478
FNMA ±		2.31			06/01/2035		5,467,320		5,746,424
FNMA ±		2.32			04/01/2033		1,163,830		1,226,365
FNMA ±		2.34			08/01/2025		62,398		65,641
FNMA ±		2.34			09/01/2032		156,585		158,632
FNMA ±		2.35			07/01/2025		7,619		7,735
FNMA ±		2.35			09/01/2033		70,015		74,074
FNMA ±		2.35			09/01/2033		80,934		85,316
FNMA ±		2.36			10/01/2024		575,006		608,247
FNMA ±		2.36			08/01/2036		5,785,796		6,010,126
FNMA ±		2.36			05/01/2037		9,806,910		10,326,427
FNMA ±		2.37			12/01/2025		28,979		29,315
FNMA ±		2.37			03/01/2031		102,487		107,694
FNMA ±		2.37			03/01/2028		176,357		177,048
FNMA ±		2.37			07/01/2038		2,722,314		2,856,173
FNMA ±		2.38			07/01/2017		2,495		2,510
FNMA ±		2.38			01/01/2027		52,529		54,819

4

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA ±		2.38	%		05/01/2033	$	2,071,274	$	2,177,301
FNMA ±		2.38			05/01/2033		10,433,573		10,949,501
FNMA ±		2.38			02/01/2036		13,279,650		14,003,613
FNMA ±		2.38			12/01/2039		490,854		514,831
FNMA ±		2.39			12/01/2033		2,728,686		2,871,338
FNMA ±		2.40			04/01/2035		5,546,394		5,826,461
FNMA ±		2.40			06/01/2026		141,847		149,326
FNMA ±		2.41			07/01/2038		6,164,231		6,512,830
FNMA ±		2.42			04/01/2028		53,312		53,707
FNMA ±		2.42			12/01/2030		96,177		96,787
FNMA ±		2.42			09/01/2034		3,632,667		3,826,181
FNMA ±		2.42			07/01/2035		6,669,534		7,029,176
FNMA ±		2.42			02/01/2035		9,765,426		10,314,077
FNMA ±		2.42			04/01/2034		7,778,377		8,199,044
FNMA ±		2.43			12/01/2024		45,048		47,128
FNMA ±		2.43			06/01/2032		180,661		181,729
FNMA ±		2.43			06/01/2032		400,767		421,222
FNMA ±		2.43			12/01/2033		4,037,755		4,254,406
FNMA ±		2.43			11/01/2034		13,704,398		14,437,209
FNMA ±		2.43			05/01/2033		1,224,175		1,293,167
FNMA ±		2.44			03/01/2035		3,303,473		3,460,945
FNMA ±		2.44			09/01/2026		250,641		251,773
FNMA ±		2.44			10/01/2034		1,093,024		1,160,992
FNMA ±		2.44			06/01/2027		140,080		148,349
FNMA ±		2.44			02/01/2035		13,684,400		14,426,962
FNMA ±		2.45			01/01/2035		4,354,057		4,601,613
FNMA ±		2.45			08/01/2035		1,067,029		1,099,709
FNMA ±		2.45			04/01/2034		1,226,622		1,287,089
FNMA ±		2.46			12/01/2040		17,909,157		18,822,723
FNMA ±		2.46			07/01/2038		2,178,060		2,295,768
FNMA ±		2.46			06/01/2035		3,587,392		3,782,175
FNMA ±		2.47			04/01/2030		22,250		23,494
FNMA ±		2.47			07/01/2030		136,380		137,553
FNMA ±		2.47			02/01/2033		180,813		181,564
FNMA ±		2.47			04/01/2033		3,574,966		3,751,455
FNMA ±		2.47			06/01/2038		9,071,965		9,600,828
FNMA ±		2.47			10/01/2035		7,108,707		7,479,121
FNMA ±		2.47			08/01/2031		152,222		153,882
FNMA ±		2.47			05/01/2035		5,677,890		5,978,147
FNMA ±		2.47			07/01/2048		9,179,169		9,671,258
FNMA ±		2.48			09/01/2030		381,339		404,140
FNMA ±		2.48			09/01/2030		22,839		23,007
FNMA ±		2.48			07/01/2048		12,633,192		13,330,462
FNMA ±		2.48			11/01/2035		6,058,646		6,360,397
FNMA ±		2.48			02/01/2033		561,678		592,301
FNMA ±		2.49			11/01/2024		303,863		319,278
FNMA ±		2.49			07/01/2028		392		414
FNMA ±		2.49			06/01/2034		7,781,567		8,198,321
FNMA ±		2.49			04/01/2032		101,768		106,318
FNMA ±		2.50			05/01/2032		328,760		329,423
FNMA ±		2.50			06/01/2027		4,594		4,806
FNMA ±		2.50			02/01/2019		3,122		3,131
FNMA ±		2.50			05/01/2025		132,318		139,385
FNMA ±		2.50			06/01/2025		11,567		11,697
FNMA ±		2.50			01/01/2027		1,274,533		1,348,999
FNMA ±		2.50			07/01/2035		2,687,863		2,839,281
FNMA ±		2.50			03/01/2035		10,142,395		10,687,631
FNMA ±		2.50			04/01/2033		2,013,132		2,115,662
FNMA ±		2.51			05/01/2034		2,420,704		2,547,528
FNMA ±		2.51			04/01/2036		10,661,389		11,259,232
FNMA ±		2.51			05/01/2018		325,977		327,774
FNMA ±		2.52			08/01/2039		12,092,397		12,777,866
FNMA ±		2.52			07/01/2035		3,238,170		3,433,469

5

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA ±		2.52	%		09/01/2028	$	133,989	$	135,523
FNMA ±		2.53			04/01/2024		99,710		105,208
FNMA ±		2.53			04/01/2024		50,192		52,414
FNMA ±		2.53			07/01/2024		19,944		21,138
FNMA ±		2.54			06/01/2035		3,837,789		4,048,344
FNMA ±		2.54			02/01/2032		3,702,168		3,834,924
FNMA ±		2.54			12/01/2033		4,420,430		4,657,605
FNMA ±		2.55			12/01/2021		199,179		200,348
FNMA ±		2.55			07/01/2035		5,437,019		5,775,602
FNMA ±		2.56			02/01/2035		3,197,229		3,363,619
FNMA ±		2.56			05/01/2035		4,426,700		4,693,187
FNMA ±		2.57			04/01/2028		636,020		674,189
FNMA ±		2.57			06/01/2032		60,945		63,397
FNMA ±		2.58			03/01/2033		9,104		9,135
FNMA ±		2.58			12/01/2040		9,800,037		10,346,132
FNMA ±		2.58			04/01/2021		138,092		140,023
FNMA ±		2.58			01/01/2036		17,105,797		18,148,619
FNMA ±		2.58			01/01/2028		13,000		13,668
FNMA ±		2.58			07/01/2033		2,538,176		2,697,252
FNMA ±		2.58			08/01/2035		2,333,993		2,409,525
FNMA ±		2.58			02/01/2036		9,930,007		10,515,001
FNMA ±		2.58			07/01/2037		15,906,605		16,806,828
FNMA ±		2.59			07/01/2017		194,431		196,259
FNMA ±		2.59			10/01/2017		118,450		121,231
FNMA ±		2.59			01/01/2018		99,219		101,812
FNMA ±		2.59			11/01/2023		53,697		54,911
FNMA ±		2.59			11/01/2024		19,822		20,330
FNMA ±		2.59			04/01/2035		4,622,569		4,903,870
FNMA ±		2.59			04/01/2035		4,551,035		4,817,180
FNMA ±		2.60			12/01/2030		1,432,315		1,515,672
FNMA ±		2.60			07/01/2027		214,415		227,493
FNMA ±		2.60			04/01/2019		11,693		11,742
FNMA ±		2.60			12/01/2028		103,328		109,906
FNMA ±		2.60			05/01/2036		9,228,072		9,726,262
FNMA ±		2.60			05/01/2017		109,882		111,901
FNMA ±		2.60			04/01/2018		1,237,535		1,259,192
FNMA ±		2.60			06/01/2027		113,841		120,692
FNMA ±		2.61			06/01/2030		265,640		281,779
FNMA ±		2.63			08/01/2017		1,985		2,008
FNMA ±		2.63			01/01/2018		1,358,779		1,400,576
FNMA ±		2.63			03/01/2030		60,911		63,062
FNMA ±		2.63			01/01/2032		257,028		272,480
FNMA ±		2.64			08/01/2017		911,225		926,960
FNMA ±		2.64			03/01/2033		4,346,385		4,591,908
FNMA ±		2.64			04/01/2042		5,561,844		5,814,772
FNMA ±		2.65			06/01/2024		72,680		76,907
FNMA ±		2.66			05/01/2027		132,896		140,759
FNMA ±		2.66			03/01/2027		231,432		232,327
FNMA ±		2.66			11/01/2034		5,097,039		5,407,071
FNMA ±		2.67			08/01/2040		1,858,692		1,967,152
FNMA ±		2.67			04/01/2036		503,822		523,350
FNMA ±		2.67			07/01/2020		369,296		386,254
FNMA ±		2.68			09/01/2022		1,015,984		1,079,390
FNMA ±		2.69			11/01/2020		1,623,632		1,678,262
FNMA ±		2.70			06/01/2033		672,835		709,271
FNMA ±		2.70			01/01/2038		1,532,502		1,578,970
FNMA ±		2.70			07/01/2027		557,671		590,207
FNMA ±		2.70			03/01/2035		6,571,585		6,978,438
FNMA ±		2.70			05/01/2036		7,694,420		8,190,392
FNMA ±		2.71			01/01/2035		2,001,811		2,052,667
FNMA ±		2.72			10/01/2018		1,126,934		1,156,693
FNMA ±		2.72			03/01/2018		4,086		4,131

6

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA ±		2.72	%		12/01/2017	$	123,834	$	125,308
FNMA ±		2.72			06/01/2032		293,022		311,124
FNMA ±		2.74			07/01/2017		256,069		260,875
FNMA ±		2.75			09/01/2017		719,207		740,597
FNMA ±		2.75			10/01/2029		752,156		797,248
FNMA ±		2.75			10/01/2025		23,176		24,504
FNMA ±		2.75			12/01/2016		2,128		2,135
FNMA ±		2.75			03/01/2021		1,607		1,629
FNMA ±		2.75			05/01/2018		855,046		882,020
FNMA ±		2.75			08/01/2035		6,805,133		7,239,004
FNMA ±		2.76			10/01/2018		322,007		328,481
FNMA ±		2.77			11/01/2024		110,989		117,402
FNMA ±		2.78			04/01/2033		898,186		947,074
FNMA ±		2.80			07/01/2020		3,344,360		3,403,706
FNMA ±		2.80			06/01/2040		1,565,810		1,629,566
FNMA ±		2.80			01/01/2025		84,501		84,759
FNMA ±		2.82			06/01/2023		1,011		1,018
FNMA ±		2.82			03/01/2032		157,798		166,117
FNMA ±		2.84			09/01/2036		2,578,207		2,734,540
FNMA ±		2.85			04/01/2026		10,679		10,741
FNMA ±		2.85			02/01/2028		56,012		59,148
FNMA ±		2.86			01/01/2033		186,455		187,560
FNMA ±		2.86			09/01/2033		46,399		46,672
FNMA ±		2.88			07/01/2017		6,106		6,179
FNMA ±		2.88			01/01/2019		233,872		240,456
FNMA ±		2.88			08/01/2035		6,140,686		6,508,967
FNMA ±		2.89			11/01/2034		3,870,678		4,113,596
FNMA ±		2.90			11/01/2027		74,095		78,230
FNMA ±		2.90			07/01/2028		479,473		508,422
FNMA ±		2.91			06/01/2019		1,566		1,587
FNMA ±		2.92			04/01/2018		10,891		11,029
FNMA ±		2.92			08/01/2026		152,510		153,850
FNMA ±		2.93			01/01/2036		762,805		772,833
FNMA ±		2.93			11/01/2035		23,557,321		25,140,764
FNMA ±		2.93			10/01/2033		32,332,143		34,247,629
FNMA ±		2.96			11/01/2017		149,016		150,819
FNMA ±		2.96			11/01/2018		12,432		12,567
FNMA ±		2.96			04/01/2040		475,607		502,698
FNMA ±		2.97			06/01/2017		50,844		51,459
FNMA ±		2.97			07/01/2039		4,203,567		4,503,495
FNMA ±		3.00			05/01/2017		83,788		84,805
FNMA ±		3.00			07/01/2017		11,751		11,893
FNMA ±		3.01			11/01/2031		105,641		106,701
FNMA ±		3.01			09/01/2037		10,772,425		11,490,535
FNMA ±		3.02			09/01/2018		12,874		13,492
FNMA ±		3.04			05/01/2037		18,568,073		19,666,276
FNMA ±		3.05			09/01/2033		13,410,674		14,195,609
FNMA ±		3.06			01/01/2031		94,444		94,578
FNMA ±		3.06			04/01/2030		64,421		67,004
FNMA ±		3.07			10/01/2028		332,811		352,946
FNMA ±		3.10			02/01/2035		3,316,853		3,372,039
FNMA ±		3.11			09/01/2032		2,381,615		2,546,766
FNMA ±		3.12			05/01/2019		3,527		3,555
FNMA ±		3.12			08/01/2030		281,457		295,417
FNMA ±		3.12			03/01/2033		1,344,565		1,399,431
FNMA ±		3.13			06/01/2016		208,492		214,948
FNMA ±		3.13			07/01/2016		38,534		39,848
FNMA ±		3.13			08/01/2018		161,053		166,753
FNMA ±		3.13			05/01/2028		150,949		153,545
FNMA ±		3.13			12/01/2028		306,275		317,119
FNMA ±		3.13			01/01/2029		40,522		41,950
FNMA ±		3.13			09/01/2032		11,670,604		12,303,704
FNMA ±		3.13			04/01/2040		4,252,793		4,557,599

7

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA ±		3.15	%		07/01/2033	$	33,200	$	33,479
FNMA ±		3.15			01/01/2036		230,076		233,453
FNMA ±		3.16			09/01/2032		210,013		213,833
FNMA ±		3.16			09/01/2035		1,660,146		1,766,961
FNMA ±		3.16			09/01/2033		203,392		203,898
FNMA ±		3.17			09/01/2019		15,271		15,455
FNMA ±		3.17			01/01/2033		78,005		78,254
FNMA ±		3.18			04/01/2024		586,304		619,840
FNMA ±		3.18			02/01/2018		19,815		20,116
FNMA ±		3.18			03/01/2030		197,012		207,874
FNMA ±		3.25			09/01/2017		4,709		4,747
FNMA ±		3.32			08/01/2026		1,558,487		1,642,616
FNMA ±		3.36			07/01/2019		5,259		5,428
FNMA ±		3.38			09/01/2016		185		186
FNMA ±		3.38			06/01/2018		57,100		57,980
FNMA ±		3.38			11/01/2027		4,074		4,145
FNMA ±		3.39			10/01/2024		30,702		32,467
FNMA ±		3.39			11/01/2029		13,800		14,492
FNMA ±		3.43			11/01/2024		201,714		203,082
FNMA ±		3.45			11/01/2031		50,770		51,152
FNMA ±		3.45			11/01/2028		465,662		492,445
FNMA ±		3.47			09/01/2021		212,365		214,682
FNMA ±		3.47			09/01/2019		98,823		100,381
FNMA ±		3.48			09/01/2033		103,935		104,217
FNMA ±		3.49			05/01/2018		12,513		12,553
FNMA ±		3.49			05/01/2028		441,138		448,828
FNMA ±		3.50			07/01/2028		177,046		180,147
FNMA ±		3.51			10/01/2029		296,780		300,138
FNMA ±		3.53			01/01/2029		63,411		66,998
FNMA ±		3.54			12/01/2032		243,173		255,109
FNMA ±		3.58			10/01/2017		628,592		637,453
FNMA ±		3.58			12/01/2050		284,740		289,268
FNMA ±		3.59			05/01/2017		163,821		172,932
FNMA ±		3.59			02/01/2029		221,699		233,911
FNMA ±		3.67			10/01/2017		12,998		13,185
FNMA ±		3.69			04/01/2020		2,923,228		3,061,106
FNMA ±		3.69			11/01/2022		112,220		116,909
FNMA ±		3.70			08/01/2029		1,572,266		1,661,905
FNMA ±		3.73			01/01/2017		2,855		2,868
FNMA ±		3.79			01/01/2021		1,192,909		1,222,293
FNMA ±		3.81			04/01/2034		2,580,000		2,772,439
FNMA ±		3.81			02/01/2029		3,804,295		4,030,206
FNMA ±		3.82			03/01/2030		27,292		28,120
FNMA ±		3.85			10/01/2034		993,098		1,000,831
FNMA ±		3.92			01/01/2019		7,701		7,716
FNMA ±		3.92			02/01/2033		108,881		110,067
FNMA ±		3.92			04/01/2032		281,842		282,731
FNMA ±		3.93			11/01/2031		183,927		184,967
FNMA ±		4.00			03/01/2023		10,454		10,535
FNMA ±		4.02			07/01/2021		408,435		411,930
FNMA ±		4.05			07/01/2017		88,128		93,617
FNMA ±		4.10			06/01/2018		3,154		3,316
FNMA ±		4.15			06/01/2034		759,739		798,459
FNMA ±		4.23			09/01/2017		9,644		9,690
FNMA ±		4.26			08/01/2017		51,841		53,515
FNMA ±		4.29			05/01/2018		1,851		1,888
FNMA ±		4.30			01/01/2018		1,737		1,743
FNMA ±		4.30			01/01/2018		1,227		1,248
FNMA ±		4.33			09/01/2028		19,121		19,851
FNMA ±		4.38			09/01/2031		437,102		441,581
FNMA ±		4.40			10/01/2024		64,084		64,622
FNMA ±		4.44			04/01/2018		48		49

8

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA ±		4.49	%		04/01/2020	$	24,979	$	25,080
FNMA ±		4.54			05/01/2017		3,042		3,049
FNMA ±		4.54			12/01/2036		275,132		288,930
FNMA ±		4.61			02/01/2019		669,278		709,623
FNMA ±		4.65			03/01/2014		589		590
FNMA ±		4.66			05/01/2034		1,448,422		1,516,038
FNMA ±		4.72			10/01/2025		17,442		18,491
FNMA ±		4.84			06/01/2024		92,860		93,145
FNMA ±		4.85			06/01/2025		43,899		44,234
FNMA ±		4.86			01/01/2019		1,036,597		1,098,136
FNMA ±		5.04			04/01/2019		2,027		2,040
FNMA ±		5.08			04/01/2018		584,196		622,267
FNMA ±		5.08			01/01/2023		46,973		50,210
FNMA ±		5.09			08/01/2031		78,632		83,802
FNMA ±		5.16			06/01/2028		76,915		79,616
FNMA ±		5.20			09/01/2023		10,858		10,969
FNMA ±		5.31			10/01/2018		112		118
FNMA ±		5.32			11/01/2014		4,818		4,847
FNMA ±		5.47			01/01/2019		271,215		291,035
FNMA ±		5.57			06/01/2019		8,720		8,780
FNMA ±		5.59			06/01/2033		426,877		430,377
FNMA ±		5.65			06/01/2028		138,920		150,479
FNMA ±		5.85			03/01/2014		20,903		22,095
FNMA ±		5.96			05/01/2025		1,444		1,449
FNMA ±		5.99			09/01/2017		1,231		1,260
FNMA ±		6.00			02/01/2017		6,907		7,067
FNMA ±		6.00			01/01/2020		31,813		33,652
FNMA ±		6.00			11/01/2021		14,953		15,041
FNMA ±		6.25			10/01/2021		23,806		23,946
FNMA ±		6.31			11/01/2019		545		548
FNMA ±		6.45			02/01/2034		95,656		96,618
FNMA		6.50			08/01/2028		699,337		794,746
FNMA		6.50			05/01/2031		276,213		314,177
FNMA ±		6.72			03/01/2023		7,550		7,567
FNMA		7.00			11/01/2014		11,192		11,929
FNMA		7.00			11/01/2017		39,326		43,079
FNMA		7.06			11/01/2024		62,198		71,330
FNMA		7.06			12/01/2024		40,075		45,960
FNMA		7.06			01/01/2025		39,292		45,061
FNMA		7.06			03/01/2025		76,730		87,997
FNMA		7.06			03/01/2025		15,450		17,719
FNMA		7.06			04/01/2025		27,067		31,087
FNMA		7.06			01/01/2027		69,659		79,656
FNMA		7.50			02/01/2016		379,715		420,655
FNMA		7.50			01/01/2031		297,580		346,515
FNMA		7.50			01/01/2033		499,566		581,259
FNMA		7.50			05/01/2033		391,174		457,154
FNMA		7.50			05/01/2033		317,665		368,083
FNMA		7.50			06/01/2033		310,252		360,796
FNMA		7.50			07/01/2033		353,527		412,908
FNMA		7.50			08/01/2033		280,417		327,715
FNMA ±		7.63			03/01/2024		834		837
FNMA ±		7.75			02/01/2024		1,226		1,230
FNMA ±		7.75			01/01/2026		722		725
FNMA		8.00			12/01/2026		249,457		291,705
FNMA		8.00			02/01/2030		878		1,026
FNMA		8.00			03/01/2030		1,052		1,224
FNMA		8.00			02/01/2031		14,699		17,170
FNMA		8.00			07/01/2031		55,255		64,664
FNMA		8.00			05/01/2033		362,648		423,629
FNMA ±		8.38			12/01/2024		2,161		2,168
FNMA		8.50			10/01/2026		23,686		27,714
FNMA		8.50			02/01/2027		93,330		108,027

9

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA		8.50	%		06/01/2030	$	152,286	$	178,507
FNMA		8.55			08/01/2024		130,098		153,691
FNMA		9.00			05/01/2021		2,554		2,590
FNMA		9.00			07/01/2030		56,405		65,636
FNMA ±		9.10			10/01/2024		2,100		2,107
FNMA		9.50			08/01/2021		85,571		96,328
FNMA		9.50			12/01/2024		51,452		60,375
FNMA		10.00			01/01/2021		42,812		50,000
FNMA		10.50			04/01/2019		10,105		10,168
FNMA		11.00			01/01/2018		14,137		15,130
FNMA		12.50			07/01/2015		7,661		8,624
FNMA Series 1989-74 Class J		9.80			10/25/2019		56,435		65,278
FNMA Series 1989-96 Class H		9.00			12/25/2019		22,821		25,886
FNMA Series 1992-39 Class FA ±		1.45			03/25/2022		418,661		423,265
FNMA Series 1992-45 Class F ±		1.45			04/25/2022		78,442		79,993
FNMA Series 1992-87 Class Z		8.00			05/25/2022		60,733		69,417
FNMA Series 1993-113 Class FA ±		1.37			07/25/2023		344,596		348,496
FNMA Series 1994-14 Class F ±		2.88			10/25/2023		730,951		772,198
FNMA Series 1998-M5 Class D		6.35			06/25/2020		297,919		306,704
FNMA Series 1998-T2 Class A5		2.59			01/25/2032		1,887,279		1,941,410
FNMA Series 2001-50 Class BA		7.00			10/25/2041		462,392		537,702
FNMA Series 2001-63 Class FD ±		0.85			12/18/2031		484,452		489,099
FNMA Series 2001-81 Class F ±		0.81			01/25/2032		337,141		340,237
FNMA Series 2001-T08 Class A1		7.50			07/25/2041		305,463		341,829
FNMA Series 2001-T10 Class A2		7.50			12/25/2041		7,187,157		8,401,580
FNMA Series 2001-T12 Class A2		7.50			08/25/2041		551,653		648,311
FNMA Series 2001-T12 Class A4 ±		3.54			08/25/2041		11,213,452		11,856,474
FNMA Series 2001-W03 Class A		7.00			09/25/2041		1,538,045		1,799,320
FNMA Series 2002-05 Class FD ±		1.16			02/25/2032		750,302		762,697
FNMA Series 2002-66 Class A3		3.28			04/25/2042		16,017,847		16,848,772
FNMA Series 2002-D12 Class A5 ±		3.68			10/25/2041		3,105,918		3,160,994
FNMA Series 2002-T12 Class A3		7.50			05/25/2042		1,940,399		2,278,703
FNMA Series 2002-T19 Class A4 ±		3.48			03/25/2042		232,513		214,680
FNMA Series 2002-W1 Class 3A ±		3.37			04/25/2042		2,582,287		2,675,940
FNMA Series 2002-W4 Class A6 ±		3.53			05/25/2042		4,121,363		4,357,697
FNMA Series 2003-07 Class A2		2.68			05/25/2042		1,956,642		2,074,346
FNMA Series 2003-63 Class A8 ±		2.84			01/25/2043		2,772,664		2,919,529
FNMA Series 2003-W02 Class 1A3		7.50			07/25/2042		664,528		774,178
FNMA Series 2003-W04 Class 5A ±		3.51			10/25/2042		2,540,781		2,689,257
FNMA Series 2003-W08 Class 4A ±		3.40			11/25/2042		3,010,448		3,195,538
FNMA Series 2003-W10 Class 2A ±		3.40			06/25/2043		5,962,023		6,303,908
FNMA Series 2003-W18 Class 2A ±		3.57			06/25/2043		22,458,026		23,745,855
FNMA Series 2004-T3 Class 1A3		7.00			02/25/2044		1,164,043		1,349,943
FNMA Series 2004-T3 Class 2A ±		3.48			08/25/2043		2,875,446		2,948,088
FNMA Series 2004-W1 Class 2A2		7.00			12/25/2033		553,732		638,644
FNMA Series 2004-W1 Class 3A ±		3.62			01/25/2043		181,828		190,201
FNMA Series 2004-W12 Class 2A ±		3.59			06/25/2044		10,568,613		11,152,860
FNMA Series 2004-W15 Class 3A ±		3.10			06/25/2044		16,007,529		16,788,396
FNMA Series 2004-W2 Class 5A		7.50			03/25/2044		501,891		587,126
FNMA Series 2005-W3 Class 3A ±		3.11			04/25/2045		2,906,947		2,949,011
FNMA Series 2006-W1 Class 3A ±		2.47			10/25/2045		16,346,146		17,176,223
FNMA Series G92-20 Class FB ±		1.45			04/25/2022		351,275		353,838
FNMA Series G93-1 Class K		6.68			01/25/2023		1,266,836		1,421,821
FNMA Series G93-19 Class FD ±		1.37			04/25/2023		1,195,459		1,219,176
GNMA ±		1.63			09/20/2022		147,026		152,405
GNMA ±		1.63			09/20/2022		73,289		75,970
GNMA ±		1.63			09/20/2022		15,374		15,936
GNMA ±		1.63			07/20/2023		7,745		8,028
GNMA ±		1.63			09/20/2023		649,490		673,254
GNMA ±		1.63			09/20/2023		128,656		133,363
GNMA ±		1.63			09/20/2023		511,317		530,025
GNMA ±		1.63			07/20/2024		890,681		923,269

10

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
GNMA ±		1.63	%		08/20/2024	$	61,779	$	64,039
GNMA ±		1.63			09/20/2027		5,686		5,894
GNMA ±		2.00			07/20/2022		10,390		10,783
GNMA ±		2.00			09/20/2026		155,506		161,391
GNMA ±		2.00			01/20/2030		174,659		180,758
GNMA ±		2.00			12/20/2032		104,960		108,712
GNMA ±		2.13			09/20/2017		38,931		40,387
GNMA ±		2.13			10/20/2021		377,139		391,236
GNMA ±		2.13			11/20/2021		42,621		44,214
GNMA ±		2.13			12/20/2021		15,835		16,427
GNMA ±		2.13			10/20/2022		58,028		60,198
GNMA ±		2.13			10/20/2022		194,260		201,521
GNMA ±		2.13			11/20/2022		116,187		120,530
GNMA ±		2.13			11/20/2022		156,305		162,147
GNMA ±		2.13			12/20/2022		44,862		46,539
GNMA ±		2.13			12/20/2022		569,594		590,885
GNMA ±		2.13			12/20/2022		10,935		11,344
GNMA ±		2.13			12/20/2022		98,823		102,517
GNMA ±		2.13			10/20/2023		1,303,434		1,352,156
GNMA ±		2.13			11/20/2023		963,174		999,177
GNMA ±		2.13			11/20/2023		981,941		1,018,646
GNMA ±		2.13			12/20/2023		42,383		43,968
GNMA ±		2.13			12/20/2023		164,637		170,791
GNMA ±		2.13			12/20/2023		1,364,825		1,415,842
GNMA ±		2.13			10/20/2024		1,621,590		1,682,205
GNMA ±		2.13			11/20/2024		144,219		149,610
GNMA ±		2.13			11/20/2024		776,560		805,587
GNMA ±		2.13			10/20/2025		843,949		875,496
GNMA ±		2.13			10/20/2025		174,931		181,470
GNMA ±		2.13			10/20/2026		151,188		156,840
GNMA ±		2.13			11/20/2026		14,000		14,523
GNMA ±		2.13			01/20/2027		11,606		12,040
GNMA ±		2.13			10/20/2027		10,230		10,613
GNMA ±		2.13			11/20/2027		7,994		8,292
GNMA ±		2.13			12/20/2029		299,234		310,420
GNMA ±		2.13			10/20/2030		223,066		231,404
GNMA ±		2.13			11/20/2031		12,134		12,588
GNMA ±		2.13			12/20/2031		1,610		1,670
GNMA ±		2.13			11/20/2032		773,334		802,241
GNMA ±		2.38			01/20/2017		19,748		20,495
GNMA ±		2.38			02/20/2017		22,907		23,773
GNMA ±		2.38			02/20/2017		98,245		101,958
GNMA ±		2.38			03/20/2017		31,647		32,843
GNMA ±		2.38			03/20/2017		17,699		18,368
GNMA ±		2.38			05/20/2017		80,589		83,588
GNMA ±		2.38			05/20/2017		29,902		31,015
GNMA ±		2.38			06/20/2017		7,541		7,822
GNMA ±		2.38			01/20/2021		29,268		30,375
GNMA ±		2.38			02/20/2021		72,245		74,289
GNMA ±		2.38			06/20/2021		100,856		104,609
GNMA ±		2.38			01/20/2022		196,598		204,029
GNMA ±		2.38			02/20/2022		60,553		62,841
GNMA ±		2.38			02/20/2022		160,103		166,154
GNMA ±		2.38			02/20/2022		9,044		9,386
GNMA ±		2.38			02/20/2022		6,354		6,595
GNMA ±		2.38			03/20/2022		175,888		182,536
GNMA ±		2.38			03/20/2022		327,413		339,788
GNMA ±		2.38			03/20/2022		55,144		57,229
GNMA ±		2.38			04/20/2022		511,384		530,414
GNMA ±		2.38			04/20/2022		499,956		518,561
GNMA ±		2.38			05/20/2022		68,592		71,145
GNMA ±		2.38			05/20/2022		465,625		482,952
GNMA ±		2.38			05/20/2022		129,186		133,994

11

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
GNMA ±		2.38	%		05/20/2022	$	29,223	$	30,310
GNMA ±		2.38			06/20/2022		3,189		3,307
GNMA ±		2.38			06/20/2022		38,071		39,488
GNMA ±		2.38			01/20/2023		1,345,766		1,396,631
GNMA ±		2.38			01/20/2023		96,303		99,943
GNMA ±		2.38			02/20/2023		119,381		123,894
GNMA ±		2.38			02/20/2023		69,840		72,479
GNMA ±		2.38			02/20/2023		122,814		127,456
GNMA ±		2.38			02/20/2023		15,286		15,864
GNMA ±		2.38			03/20/2023		138,249		143,474
GNMA ±		2.38			04/20/2023		21,852		22,665
GNMA ±		2.38			04/20/2023		49,119		50,946
GNMA ±		2.38			05/20/2023		16,677		17,298
GNMA ±		2.38			05/20/2023		46,066		47,780
GNMA ±		2.38			06/20/2023		463,332		480,574
GNMA ±		2.38			06/20/2023		211,881		219,766
GNMA ±		2.38			04/20/2024		65,738		68,185
GNMA ±		2.38			04/20/2024		359,024		372,385
GNMA ±		2.38			05/20/2024		306,940		318,362
GNMA ±		2.38			05/20/2024		27,754		28,787
GNMA ±		2.38			06/20/2024		32,642		33,857
GNMA ±		2.38			06/20/2024		47,662		49,436
GNMA ±		2.38			06/20/2024		178,488		185,130
GNMA ±		2.38			04/20/2025		211,751		219,631
GNMA ±		2.38			01/20/2026		899,144		933,128
GNMA ±		2.38			02/20/2026		720,889		748,136
GNMA ±		2.38			01/20/2027		372,286		386,357
GNMA ±		2.38			02/20/2027		9,509		9,868
GNMA ±		2.38			05/20/2027		35,422		36,741
GNMA ±		2.38			01/20/2028		10,473		10,869
GNMA ±		2.50			10/20/2017		13,172		13,702
GNMA ±		2.50			11/20/2017		36,833		38,315
GNMA ±		2.50			12/20/2017		27,958		29,083
GNMA ±		2.50			03/20/2019		4,149		4,308
GNMA ±		2.50			11/20/2020		23,417		24,359
GNMA ±		2.50			12/20/2020		17,701		18,414
GNMA ±		2.50			05/20/2021		16,658		17,295
GNMA ±		2.50			12/20/2021		44,030		45,802
GNMA ±		2.50			10/20/2024		744,993		774,983
GNMA ±		2.50			12/20/2024		513,049		533,701
GNMA ±		2.50			04/20/2025		7,892		8,194
GNMA ±		2.50			04/20/2032		112,809		117,125
GNMA ±		2.50			05/20/2032		273,022		283,466
GNMA ±		2.50			06/20/2032		664,324		689,738
GNMA ±		2.50			02/20/2033		4,832		5,018
GNMA ±		2.50			03/20/2033		56,431		58,600
GNMA ±		2.63			07/20/2016		19,194		19,976
GNMA ±		2.63			08/20/2017		29,963		31,184
GNMA ±		2.63			09/20/2017		5,288		5,482
GNMA ±		2.63			09/20/2017		7,043		7,310
GNMA ±		2.63			07/20/2018		730		757
GNMA ±		2.63			07/20/2018		70,005		72,858
GNMA ±		2.63			08/20/2018		41,559		43,253
GNMA ±		2.63			08/20/2018		10,915		11,328
GNMA ±		2.63			08/20/2021		35,267		36,557
GNMA ±		2.63			08/20/2021		75,689		78,459
GNMA ±		2.63			08/20/2021		17,982		18,662
GNMA ±		2.63			07/20/2022		13,308		13,850
GNMA ±		2.63			07/20/2022		18,528		19,206
GNMA ±		2.63			07/20/2024		155,465		161,153
GNMA ±		2.63			07/20/2024		496,128		516,348
GNMA ±		2.63			08/20/2024		79,915		83,172

12

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
GNMA ±		2.63	%		07/20/2025	$	10,221	$	10,608
GNMA ±		2.63			09/20/2025		248,664		257,763
GNMA ±		2.63			07/20/2027		3,634		3,772
GNMA ±		2.63			08/20/2027		27,678		28,691
GNMA ±		2.63			08/20/2027		5,336		5,538
GNMA ±		2.75			10/20/2017		74,298		77,381
GNMA ±		2.88			01/20/2022		6,334		6,592
GNMA ±		3.00			02/20/2016		18,042		18,780
GNMA ±		3.00			03/20/2016		37,764		39,310
GNMA ±		3.00			04/20/2016		29,356		30,553
GNMA ±		3.00			05/20/2016		2,724		2,835
GNMA ±		3.00			07/20/2017		19,103		19,929
GNMA ±		3.00			08/20/2017		173,667		181,179
GNMA ±		3.00			08/20/2017		13,886		14,480
GNMA ±		3.00			09/20/2017		188,850		197,018
GNMA ±		3.00			11/20/2017		33,939		35,373
GNMA ±		3.00			12/20/2017		209,943		218,814
GNMA ±		3.00			01/20/2018		58,513		60,907
GNMA ±		3.00			06/20/2018		11,976		12,464
GNMA ±		3.00			11/20/2018		5,750		5,993
GNMA ±		3.00			12/20/2018		2,331		2,430
GNMA ±		3.00			01/20/2019		4,496		4,680
GNMA ±		3.00			02/20/2019		10,548		10,980
GNMA ±		3.00			03/20/2019		20,870		21,724
GNMA ±		3.00			05/20/2019		24,658		25,663
GNMA ±		3.00			06/20/2019		57,927		60,287
GNMA ±		3.00			08/20/2019		23,954		24,990
GNMA ±		3.00			06/20/2020		13,174		13,711
GNMA ±		3.00			01/20/2021		368		383
GNMA ±		3.00			02/20/2021		507		528
GNMA ±		3.13			07/20/2022		6,893		7,161
GNMA ±		3.13			07/20/2022		8,107		8,423
GNMA ±		3.50			09/20/2017		28,240		29,532
GNMA ±		3.50			10/20/2017		464		485
GNMA ±		3.50			11/20/2017		85,392		89,257
GNMA ±		3.50			02/20/2018		67,150		70,066
GNMA ±		3.50			03/20/2018		8,466		8,833
GNMA ±		3.50			04/20/2018		8,899		9,284
GNMA ±		3.50			05/20/2018		3,359		3,505
GNMA ±		3.50			09/20/2018		8,313		8,693
GNMA ±		3.50			02/20/2019		47,131		49,178
GNMA ±		3.50			09/20/2019		69,222		72,390
GNMA ±		3.50			01/20/2020		16,361		17,071
GNMA ±		3.50			06/20/2020		23,631		24,653
GNMA ±		4.00			01/20/2016		287,911		300,845
GNMA ±		4.00			03/20/2016		47,425		49,555
GNMA ±		4.00			04/20/2016		6,559		6,852
GNMA ±		4.00			05/20/2016		1,043		1,089
GNMA ±		4.00			11/20/2017		35,454		37,230
GNMA ±		4.00			04/20/2018		16,462		17,196
GNMA ±		4.00			11/20/2018		106,492		111,825
GNMA ±		4.00			01/20/2019		131,466		132,516
GNMA ±		4.00			05/20/2019		6,669		6,966
GNMA ±		4.50			12/20/2017		4,223		4,445
GNMA ±		4.50			06/20/2019		4,888		5,136
GNMA ±		5.00			08/20/2015		6,406		6,759
GNMA ±		5.00			09/20/2015		9,118		9,620
GNMA ±		5.00			10/20/2015		9,257		9,767
GNMA		6.45			04/20/2025		96,656		108,013
GNMA		6.45			05/20/2025		51,855		56,323
GNMA		6.45			09/20/2025		56,187		65,338
GNMA		6.50			06/20/2034		423,226		478,918
GNMA		6.50			06/20/2034		89,217		100,956

13

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

Security Name			Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
GNMA				6.50	%		08/20/2034	$	2,338,993	$	2,646,780
GNMA				6.50			08/20/2034		98,701		111,853
GNMA				6.50			08/20/2034		119,657		135,403
GNMA				6.50			08/20/2034		131,852		147,328
GNMA				6.75			02/15/2029		146,304		167,932
GNMA				7.00			07/20/2034		71,900		82,608
GNMA				7.00			07/20/2034		126,318		145,130
GNMA				7.25			07/15/2017		36,887		40,966
GNMA				7.25			08/15/2017		56,163		62,173
GNMA				7.25			08/15/2017		44,373		49,063
GNMA				7.25			08/15/2017		15,013		16,673
GNMA				7.25			09/15/2017		57,306		63,643
GNMA				7.25			10/15/2017		96,221		106,477
GNMA				7.25			10/15/2017		47,355		52,254
GNMA				7.25			11/15/2017		38,082		41,878
GNMA				7.25			01/15/2018		13,344		14,793
GNMA				7.25			01/15/2018		30,672		34,312
GNMA				7.25			02/15/2018		31,267		34,747
GNMA				7.25			05/15/2018		16,211		17,779
GNMA				9.00			05/15/2016		10,783		10,861
GNMA				9.00			07/15/2016		1,674		1,684
GNMA				9.00			08/15/2016		14,827		16,660
GNMA				9.00			11/15/2016		8,486		8,536
GNMA				9.00			11/15/2016		8,208		9,223
GNMA				9.00			11/15/2016		36,804		41,354
GNMA				9.00			12/15/2016		513		521
GNMA				9.00			02/15/2017		9,449		10,724
GNMA				9.00			02/15/2017		1,643		1,666
GNMA				9.00			05/15/2017		1,785		1,795
GNMA				9.00			07/15/2017		12,932		14,677
GNMA				9.00			03/15/2020		5,546		6,523
GNMA				9.00			08/15/2021		934		940
GNMA				9.00			07/20/2024		1,176		1,407
GNMA				9.00			08/20/2024		785		939
GNMA				9.00			09/20/2024		2,922		3,496
GNMA				9.00			10/20/2024		24,442		29,243
GNMA				9.00			11/20/2024		716		857
GNMA				9.00			01/20/2025		10,840		13,012
GNMA				9.00			02/20/2025		38,312		45,987
GNMA Series 2003-1 Class SW ±(c)				0.60			06/16/2031		4,405,089		13,200
Total Agency Securities (Cost $1,306,645,422)											1,327,283,483
			Yield
Short-Term Investments: 5.58%
U.S. Treasury Securities : 0.04%
U.S. Treasury Bill #				0.01			12/22/2011		500,000		499,997
Investment Companies : 5.54%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)				0.01					78,311,535		78,311,535
Total Short-Term Investments (Cost $78,811,535)											78,811,532
Total Investments in Securities (Cost $1,385,456,957)*	99.56	%									1,406,095,015
Other Assets and Liabilities, Net	0.44										6,202,136
Total Net Assets	100.00	%								$	1,412,297,151

± Variable rate investment.

14

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

    WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

(c) Interest-only securities entitle holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate.

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

(l) Investment in an affiliate.

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

* Cost for federal income tax purposes is $1,386,792,273 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	20,228,899
Gross unrealized depreciation		(926,157	)
Net unrealized appreciation		$19,302,742

15

WELLS FARGO ADVANTAGE ADJUSTABLE RATE GOVERNMENT FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Adjustable Rate Government Fund (the “Fund”).

Securities valuation

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.

Futures contracts

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

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

Fair valuation measurements

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 November 30, 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
Agency securities	$	0	$	1,327,283,483	$	0	$	1,327,283,483
Short-term investments
U.S. Treasury securities		499,997		0		0		499,997
Investment companies		78,311,535		0		0		78,311,535
	$	78,811,532	$	1,327,283,483	$	0	$	1,406,095,015

As of November 30, 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
Futures contracts+	$	54,327	$	0	$	0	$	54,327

+ 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 November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

Derivative transactions

During the three months ended November 30 2011, the Fund entered into futures contracts to speculate on interest rates.

At November 30, 2011, the Fund had short futures contracts outstanding as follows:

Expiration Date	Contracts	Type	Contract Value at November 30, 2011		Net Unrealized Gains
March 2012	75 Short	10-Year U.S. Treasury Notes	$	9,700,781	$	45,561
March 2012	115 Short	5-Year U.S. Treasury Notes		14,103,672		8,766

As of November 30, 2011, the Fund had an average notional amount of $46,594,687 in futures contracts during the three months ended November 30, 2011.

WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities: 66.38%
FHLB		5.63	%		03/14/2036	$	6,150,000	$	8,187,286
FHLMC ±		0.70			02/15/2033		770,914		772,305
FHLMC ±		2.37			10/01/2026		354,120		370,981
FHLMC ±		2.50			06/01/2032		161,287		170,117
FHLMC ±		2.62			07/01/2029		379,868		401,445
FHLMC ±		2.81			09/01/2031		272,235		274,568
FHLMC		2.93			11/01/2012		340,940		340,935
FHLMC ±		3.03			09/01/2031		10,801		10,880
FHLMC ±		3.42			07/01/2032		3,037,494		3,107,665
FHLMC		4.00			03/01/2014		610,313		631,848
FHLMC		4.00			04/01/2014		3,156,850		3,220,509
FHLMC %%		4.00			02/15/2040		29,010,000		30,152,269
FHLMC ±		4.28			05/01/2026		129,533		136,597
FHLMC		4.50			06/01/2040		2,484,802		2,618,471
FHLMC		5.00			05/01/2018		963,330		1,036,386
FHLMC		5.00			04/01/2019		768,231		828,893
FHLMC		5.00			04/01/2019		604,681		652,428
FHLMC		5.00			06/01/2019		1,003,529		1,082,770
FHLMC		5.00			08/01/2019		4,183,270		4,500,517
FHLMC		5.00			10/01/2019		1,111,458		1,199,221
FHLMC		5.00			02/01/2020		3,201,925		3,454,756
FHLMC		5.00			08/01/2040		6,571,336		7,029,716
FHLMC		5.50			11/01/2023		1,938,253		2,099,066
FHLMC		5.50			07/01/2035		26,257,512		28,482,368
FHLMC		5.50			06/01/2038		9,000,000		9,723,215
FHLMC		5.50			09/01/2038		15,330,001		16,561,876
FHLMC		5.50			01/01/2039		1,942,488		2,099,188
FHLMC		5.50			05/01/2040		6,000,001		6,484,019
FHLMC ±		5.99			01/01/2038		1,099,948		1,185,050
FHLMC		6.00			10/01/2032		187,174		207,420
FHLMC		6.00			05/25/2043		9,434,747		10,469,621
FHLMC ±		6.38			01/01/2026		93,858		93,770
FHLMC		6.50			04/01/2018		90,398		97,729
FHLMC		6.50			04/01/2021		254,114		270,181
FHLMC		6.50			04/01/2022		287,632		319,233
FHLMC		6.50			04/01/2026		22,229		25,322
FHLMC		6.50			04/01/2026		4,590		5,229
FHLMC		6.50			09/01/2028		90,592		103,263
FHLMC		6.50			09/01/2028		26,185		29,848
FHLMC		6.50			07/01/2031		14		16
FHLMC		6.50			08/01/2037		3,250,866		3,581,613
FHLMC		6.50			10/01/2037		990,538		1,091,317
FHLMC		7.00			11/17/2013		49,867		50,186
FHLMC		7.00			10/01/2014		521,096		555,239
FHLMC		7.00			12/01/2023		12,171		13,808
FHLMC		7.00			05/01/2024		13,540		15,361
FHLMC		7.00			12/01/2026		1,607		1,832
FHLMC		7.00			12/01/2026		428		488
FHLMC		7.00			12/01/2026		2,736		3,120
FHLMC		7.00			12/01/2026		4,869		5,553
FHLMC		7.00			12/01/2026		150		171
FHLMC		7.00			12/01/2026		1,665		1,899
FHLMC		7.00			04/01/2029		6,874		7,859
FHLMC		7.00			04/01/2029		2,259		2,586
FHLMC		7.00			05/01/2029		58,883		67,409
FHLMC		7.00			04/01/2032		428,212		491,617
FHLMC		7.50			12/01/2011		928		933
FHLMC		7.50			12/01/2011		10		10
FHLMC		7.50			12/01/2012		53,935		55,224
FHLMC		7.50			10/01/2029		13,993		14,057
FHLMC		7.50			11/01/2031		446,117		521,193
FHLMC		7.50			04/01/2032		509,040		595,376
FHLMC		8.00			01/01/2012		229		231

1

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FHLMC		8.00	%		02/01/2017	$	16,606	$	18,702
FHLMC		8.00			08/01/2023		72,316		83,435
FHLMC		8.00			06/01/2024		17,799		21,010
FHLMC		8.00			06/01/2024		4,627		5,461
FHLMC		8.00			06/01/2024		16,027		18,919
FHLMC		8.00			08/01/2026		44,289		52,486
FHLMC		8.00			11/01/2026		44,494		52,729
FHLMC		8.00			11/01/2028		34,016		40,039
FHLMC		8.50			06/01/2017		31,571		35,595
FHLMC		8.50			07/01/2022		6,981		8,291
FHLMC		8.50			12/01/2025		38,016		45,638
FHLMC		8.50			05/01/2026		5,001		5,994
FHLMC		8.50			08/01/2026		9,021		10,836
FHLMC		8.50			08/01/2026		32,916		39,541
FHLMC		9.00			06/01/2016		12,842		12,895
FHLMC		9.00			01/01/2017		22,690		25,113
FHLMC		9.00			04/01/2017		32,896		33,972
FHLMC		9.00			11/01/2018		108,788		112,345
FHLMC		9.00			08/01/2019		1,089		1,270
FHLMC		9.00			08/01/2019		154		157
FHLMC		9.00			08/01/2019		332		349
FHLMC		9.00			12/01/2019		552		643
FHLMC		9.00			01/01/2020		189		220
FHLMC		9.00			02/01/2020		233		272
FHLMC		9.00			02/01/2020		4,830		5,630
FHLMC		9.00			03/01/2020		2,766		3,222
FHLMC		9.00			03/01/2020		367		430
FHLMC		9.00			09/01/2020		462		538
FHLMC		9.00			09/01/2020		1,058		1,235
FHLMC		9.00			12/01/2020		96		112
FHLMC		9.00			02/01/2021		169		199
FHLMC		9.00			03/01/2021		9,733		11,144
FHLMC		9.00			03/01/2021		2,663		2,679
FHLMC		9.00			04/01/2021		8,449		9,966
FHLMC		9.00			04/01/2021		164,061		175,493
FHLMC		9.00			04/01/2021		576		677
FHLMC		9.00			06/01/2021		1,396		1,650
FHLMC		9.00			07/01/2021		6,588		7,787
FHLMC		9.00			07/01/2021		5,304		6,269
FHLMC		9.00			08/01/2021		1,340		1,584
FHLMC		9.00			04/01/2022		6,413		7,615
FHLMC		9.00			07/01/2022		1,527		1,795
FHLMC		9.00			09/01/2024		2,568		3,139
FHLMC		9.00			10/01/2024		2,589		2,604
FHLMC		9.50			09/01/2016		84		96
FHLMC		9.50			10/01/2016		612		696
FHLMC		9.50			08/01/2018		53		53
FHLMC		9.50			08/01/2019		336		393
FHLMC		9.50			02/01/2020		17		20
FHLMC		9.50			06/01/2020		127		150
FHLMC		9.50			08/01/2020		982		1,165
FHLMC		9.50			09/01/2020		122		144
FHLMC		9.50			09/01/2020		27		32
FHLMC		9.50			09/01/2020		18,017		20,401
FHLMC		9.50			10/01/2020		63		75
FHLMC		9.50			10/01/2020		117		139
FHLMC		9.50			11/01/2020		162		193
FHLMC		9.50			05/01/2021		354		421
FHLMC		9.50			09/17/2022		1,488,257		1,727,603
FHLMC		9.50			04/01/2025		145,108		173,841
FHLMC		10.00			08/01/2017		46		52
FHLMC		10.00			01/01/2019		27		31

2

WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FHLMC		10.00	%		08/01/2019	$	95	$	109
FHLMC		10.00			12/01/2019		455		532
FHLMC		10.00			03/01/2020		42		50
FHLMC		10.00			06/01/2020		78		91
FHLMC		10.00			07/01/2020		69		81
FHLMC		10.00			08/01/2020		77		90
FHLMC		10.00			10/01/2021		139,538		150,733
FHLMC		10.00			08/17/2022		728,969		831,369
FHLMC		10.00			02/17/2025		1,276,732		1,490,211
FHLMC		10.50			02/01/2019		59		68
FHLMC		10.50			05/01/2019		244		283
FHLMC		10.50			06/01/2019		33		39
FHLMC		10.50			08/01/2019		37,936		44,510
FHLMC		10.50			12/01/2019		81,742		95,658
FHLMC		10.50			02/01/2020		2,873		3,375
FHLMC		10.50			05/01/2020		8,474		9,955
FHLMC		10.50			05/01/2020		88,732		105,191
FHLMC		10.50			08/01/2020		44,233		52,336
FHLMC		10.50			08/01/2020		28,878		29,981
FHLMC		14.00			11/01/2012		51		51
FHLMC Series 16 Class D		10.00			10/15/2019		34,813		39,457
FHLMC Series 1671 Class 1671-TA ±		0.75			02/15/2024		106,659		106,919
FHLMC Series 2882 Class TF ±		0.50			10/15/2034		7,775,453		7,784,052
FHLMC Series 3221 Class VA		5.00			09/15/2017		7,767,112		8,592,410
FHLMC Series R008 Class FK ±		0.65			07/15/2023		5,748,153		5,754,642
FHLMC Series T-57 Class 1A1		6.50			07/25/2043		2,348,503		2,697,199
FHLMC Series T-67 Class 1A1C		3.12			03/25/2036		3,481,238		3,658,019
FHLMC Series T-67 Class 2A1C		3.09			03/25/2036		4,374,998		4,597,166
FHLMC Series T-75 Class A1 ±		0.30			12/25/2036		6,471,374		6,433,369
FHLMC Structured Pass-Through Securities Series T-15 Class A6 ±		0.65			11/25/2028		347,610		330,145
FHLMC Structured Pass-Through Securities Series T-23 Class A ±		0.54			05/25/2030		1,366,534		1,287,062
FHLMC Structured Pass-Through Securities Series T-35 Class A ±		0.54			09/25/2031		614,289		583,412
FHLMC Structured Pass-Through Securities Series T-42 Class A6		9.50			02/25/2042		1,714,159		2,083,239
FHLMC Structured Pass-Through Securities Series T-55 Class 2A1 ±		3.02			03/25/2043		771,308		727,263
FHLMC Structured Pass-Through Securities Series T-57 Class 2A1 ±		3.58			07/25/2043		4,438,904		4,538,560
FNMA ±		2.22			05/01/2036		3,746,610		3,914,271
FNMA ±		2.25			12/01/2035		3,573,095		3,751,714
FNMA ±		2.30			11/01/2031		333,192		348,368
FNMA ±		2.33			01/01/2033		204,101		205,952
FNMA ±		2.33			09/01/2031		135,251		141,981
FNMA		2.38			07/28/2015		29,170,000		30,625,262
FNMA ±		2.42			12/01/2034		2,816,241		2,963,380
FNMA ±		2.44			04/01/2032		230,288		242,157
FNMA ±		2.44			09/01/2031		560,245		588,746
FNMA ±		2.47			12/01/2040		113,773		120,035
FNMA ±		2.48			09/01/2036		2,846,304		3,003,303
FNMA ±		2.51			08/01/2036		3,906,193		4,130,438
FNMA ±		2.54			06/01/2032		253,498		255,285
FNMA ±		2.55			06/01/2034		1,372,820		1,446,748
FNMA ±		2.62			10/01/2027		496,040		527,344
FNMA ±		2.80			05/01/2036		5,693,439		5,901,393
FNMA ±		3.10			04/01/2033		165,282		174,300
FNMA ±		3.15			07/01/2026		752,830		800,532
FNMA ±		3.19			09/01/2027		1,257,319		1,314,303
FNMA ±		3.29			02/01/2027		2,312,826		2,444,948
FNMA ±		3.47			05/01/2036		2,860,410		2,974,024
FNMA		3.50			02/01/2026		8,590,083		8,934,166
FNMA %%		3.50			12/25/2040		24,062,000		24,513,163
FNMA		4.00			05/01/2021		4,146,085		4,387,863
FNMA %%		4.00			04/25/2024		16,840,000		17,676,738
FNMA %%		4.00			02/25/2040		36,625,000		38,130,060
FNMA		4.00			07/01/2040		94,690,538		98,752,200
FNMA ±		4.11			07/01/2033		176,240		178,162

3

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA		4.15	%		07/01/2014	$	10,665,548	$	11,320,034
FNMA ±		4.32			09/01/2028		1,130,219		1,173,415
FNMA		4.50			08/01/2018		4,353,433		4,652,245
FNMA		4.50			12/01/2018		3,098,979		3,311,688
FNMA %%		4.50			03/25/2021		13,300,000		14,137,485
FNMA		4.50			08/01/2025		751,907		799,758
FNMA		4.50			09/01/2040		58,841,541		62,253,825
FNMA		4.50			09/01/2040		18,282,423		19,342,640
FNMA		4.50			12/01/2041		30,167,000		31,882,748
FNMA		4.62			07/01/2013		10,877,707		11,351,961
FNMA		4.68			02/01/2020		3,362,761		3,754,517
FNMA		4.79			05/01/2019		2,266,174		2,531,885
FNMA		5.00			12/01/2018		2,378,090		2,567,355
FNMA %%		5.00			05/25/2019		16,840,000		18,060,900
FNMA		5.00			03/01/2034		12,725,109		13,693,695
FNMA		5.00			02/01/2036		15,806,316		17,002,021
FNMA		5.00			08/01/2040		16,391,073		17,638,697
FNMA		5.00			08/01/2040		80,943,579		87,104,686
FNMA		5.03			05/01/2015		6,605,547		7,239,510
FNMA		5.12			01/01/2017		11,700,000		13,080,013
FNMA		5.22			10/01/2015		3,402,460		3,741,346
FNMA		5.24			12/01/2012		176,951		176,607
FNMA		5.39			01/01/2024		3,156,525		3,599,380
FNMA		5.50			06/01/2016		816,273		864,022
FNMA		5.50			01/01/2025		967,843		1,051,071
FNMA (a)		5.50			10/01/2026		3,558,000		3,846,540
FNMA		5.50			09/01/2033		8,958,587		9,776,058
FNMA		5.50			09/01/2033		6,618,315		7,222,236
FNMA		5.50			06/01/2034		21,444,618		23,401,439
FNMA		5.50			08/01/2035		5,998,732		6,536,743
FNMA		5.50			01/01/2037		6,533,585		7,119,566
FNMA		5.55			05/01/2016		3,199,975		3,583,821
FNMA		5.55			09/01/2019		4,232,794		4,401,702
FNMA		5.60			11/01/2013		540,603		571,157
FNMA		5.61			02/01/2021		3,578,109		4,083,373
FNMA		5.63			02/01/2018		1,126,892		1,286,950
FNMA		5.66			12/01/2016		1,732,000		1,960,795
FNMA		5.67			03/01/2016		6,384,721		7,153,839
FNMA		5.67			11/01/2021		5,766,284		6,465,247
FNMA		5.70			03/01/2016		979,052		1,097,957
FNMA		5.75			05/01/2021		3,689,700		4,005,332
FNMA		5.79			10/01/2017		1,118,406		1,279,407
FNMA		5.95			06/01/2024		1,863,049		2,187,610
FNMA ±		5.99			09/01/2018		1,733,000		1,860,891
FNMA		6.00			12/01/2013		167,412		181,076
FNMA		6.00			05/01/2016		1,199,964		1,297,903
FNMA		6.00			03/01/2024		273,502		301,200
FNMA		6.00			02/01/2035		3,545,470		3,936,659
FNMA %%		6.00			08/25/2035		40,080,000		43,931,440
FNMA		6.00			11/01/2037		5,414,404		5,942,429
FNMA		6.00			08/01/2038		16,480,735		18,082,825
FNMA		6.00			12/01/2038		1,795,565		1,970,673
FNMA		6.07			09/01/2013		2,908,526		3,045,290
FNMA		6.08			01/01/2019		2,639,041		2,743,422
FNMA		6.50			06/01/2017		499,911		547,815
FNMA		6.50			01/01/2024		120,478		133,649
FNMA		6.50			03/01/2028		66,240		75,305
FNMA		6.50			12/01/2029		1,096,553		1,246,154
FNMA		6.50			11/01/2031		262,001		297,776
FNMA		6.50			07/01/2036		2,567,602		2,871,894
FNMA		6.50			07/01/2036		3,031,845		3,402,840
FNMA		6.50			09/01/2037		1,016,206		1,114,832

4

WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA		6.50	%		09/01/2037	$	1,312,758	$	1,440,166
FNMA		6.50			07/25/2042		3,367,339		3,859,153
FNMA		6.65			05/01/2016		1,502,351		1,709,664
FNMA		7.00			11/01/2026		25,078		28,345
FNMA		7.00			09/01/2031		7,180		8,195
FNMA		7.00			01/01/2032		8,559		9,769
FNMA		7.00			02/01/2032		333,299		380,422
FNMA		7.00			02/01/2032		54,129		61,771
FNMA		7.00			10/01/2032		760,765		867,174
FNMA		7.00			02/01/2034		8,754		9,940
FNMA		7.00			04/01/2034		643,004		733,201
FNMA		7.00			12/01/2034		118,167		134,179
FNMA		7.00			06/01/2035		21,254		24,135
FNMA		7.00			01/01/2036		40,749		46,271
FNMA		7.00			09/01/2036		1,024,065		1,163,009
FNMA		7.00			07/01/2047		397,712		449,814
FNMA		7.48			01/01/2025		1,019,553		1,020,228
FNMA		7.50			07/01/2015		17,327		17,399
FNMA		7.50			09/01/2031		259,185		303,336
FNMA		7.50			11/25/2031		1,345,150		1,529,179
FNMA		7.50			02/01/2032		92,332		108,209
FNMA		7.50			10/01/2037		6,260,714		7,277,956
FNMA		8.00			06/01/2012		109,587		110,643
FNMA		8.00			11/01/2013		6,350		6,550
FNMA		8.00			08/01/2020		17,153		17,401
FNMA		8.00			05/01/2027		87,239		100,647
FNMA		8.00			10/01/2027		17,774		17,967
FNMA		8.00			06/01/2028		15,728		18,297
FNMA		8.00			01/01/2030		25,529		25,873
FNMA		8.00			02/01/2030		269,994		313,088
FNMA		8.00			09/01/2040		2,942,100		3,431,324
FNMA		8.50			12/01/2014		796		800
FNMA		8.50			05/01/2017		12,122		13,596
FNMA		8.50			05/01/2017		502,803		557,558
FNMA		8.50			08/01/2024		61,315		71,671
FNMA		8.50			05/01/2026		383,036		450,369
FNMA		8.50			07/01/2026		37,889		44,519
FNMA		8.50			08/01/2026		19,248		22,616
FNMA		8.50			09/01/2026		841		988
FNMA		8.50			10/01/2026		430		505
FNMA		8.50			10/01/2026		11,926		14,012
FNMA		8.50			10/01/2026		41,471		48,523
FNMA		8.50			11/01/2026		13,887		16,317
FNMA		8.50			11/01/2026		7,223		8,486
FNMA		8.50			11/01/2026		215,880		252,516
FNMA		8.50			12/01/2026		404,732		477,994
FNMA		8.50			12/01/2026		40,160		47,187
FNMA		8.50			12/01/2026		375		440
FNMA		8.50			01/01/2027		5,949		6,990
FNMA		8.50			02/01/2027		888		1,043
FNMA		8.50			02/01/2027		10,672		12,529
FNMA		8.50			03/01/2027		1,663		1,954
FNMA		8.50			03/01/2027		3,316		3,897
FNMA		8.50			06/01/2027		990,078		1,160,549
FNMA		8.50			07/01/2029		1,042		1,228
FNMA		8.50			08/01/2029		34,379		40,504
FNMA		9.00			03/01/2021		99,659		117,277
FNMA		9.00			06/01/2021		354		416
FNMA		9.00			07/01/2021		199,651		227,203
FNMA		9.00			08/01/2021		522		610
FNMA		9.00			10/01/2021		116,767		134,443
FNMA		9.00			01/01/2025		3,330		3,911
FNMA		9.00			01/01/2025		107		126

5

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA		9.00	%		01/01/2025	$	48,394	$	56,999
FNMA		9.00			02/01/2025		13,580		15,947
FNMA		9.00			03/01/2025		2,150		2,525
FNMA		9.00			03/01/2025		4,666		5,496
FNMA		9.00			03/01/2025		32,156		37,873
FNMA		9.00			03/01/2025		1,897		2,234
FNMA		9.00			04/01/2025		5,129		6,042
FNMA		9.00			07/01/2028		82,328		96,882
FNMA		9.50			11/01/2020		445		527
FNMA		9.50			12/15/2020		155,039		184,601
FNMA		9.50			01/01/2021		41,074		48,197
FNMA		9.50			06/01/2022		13,551		15,156
FNMA		9.50			07/01/2028		153,606		183,788
FNMA		10.00			12/01/2020		231,050		267,426
FNMA		11.00			02/01/2019		23,317		23,477
FNMA		11.00			10/15/2020		33,349		38,164
FNMA		11.25			02/01/2016		6,677		6,724
FNMA		12.00			07/15/2014		97,928		110,914
FNMA Grantor Trust Series 2000-T6 Class A2		9.50			06/25/2030		1,730,544		2,042,350
FNMA Grantor Trust Series 2001-T10 Class A3		9.50			12/25/2041		3,010,897		3,638,945
FNMA Grantor Trust Series 2001-T12 Class A3		9.50			08/25/2041		794,889		943,962
FNMA Grantor Trust Series 2001-T8 Class A3		3.96			07/25/2041		1,957,206		1,982,261
FNMA Grantor Trust Series 2002-T11 Class B		5.34			04/25/2012		15,385,044		15,624,061
FNMA Grantor Trust Series 2002-T12 Class A5 ±		3.84			10/25/2041		2,104,584		2,141,904
FNMA Grantor Trust Series 2002-T19 Class A1		6.50			07/25/2042		8,904,075		10,175,598
FNMA Grantor Trust Series 2002-T5 Class A1 ±		0.50			05/25/2032		484,440		462,835
FNMA Grantor Trust Series 2003-T1 Class B		4.49			11/25/2012		15,475,000		16,019,033
FNMA Grantor Trust Series 2003-T2 Class A1 ±		0.54			03/25/2033		410,829		394,380
FNMA Grantor Trust Series 2004-T1 Class 1A2		6.50			01/25/2044		1,389,232		1,570,320
FNMA Series 11		1.25			02/27/2014		59,250,000		60,100,178
FNMA Series 1988-2 Class Z		10.10			02/25/2018		94,281		105,084
FNMA Series 1988-7 Class Z		9.25			04/25/2018		58,772		65,808
FNMA Series 1989-10 Class Z		9.50			03/25/2019		342,077		392,622
FNMA Series 1989-100 Class Z		8.75			12/25/2019		291,296		331,928
FNMA Series 1989-12 Class Y		10.00			03/25/2019		613,732		712,119
FNMA Series 1989-22 Class G		10.00			05/25/2019		390,181		451,662
FNMA Series 1989-63 Class Z		9.40			10/25/2019		60,078		67,648
FNMA Series 1989-98 Class E		9.20			12/25/2019		125,318		141,618
FNMA Series 1990-144 Class W		9.50			12/25/2020		217,414		251,121
FNMA Series 1990-75 Class Z		9.50			07/25/2020		227,223		264,071
FNMA Series 1990-84 Class Y		9.00			07/25/2020		74,688		85,932
FNMA Series 1990-96 Class Z		9.67			08/25/2020		330,647		384,705
FNMA Series 1991-5 Class Z		8.75			01/25/2021		114,854		130,636
FNMA Series 1991-85 Class Z		8.00			06/25/2021		345,719		383,674
FNMA Series 1991-G9 Class FA ±		1.18			04/25/2021		854		855
FNMA Series 1992-45 Class Z		8.00			04/25/2022		287,114		343,367
FNMA Series 2001-T4 Class A1		7.50			07/25/2041		1,536,540		1,808,214
FNMA Series 2003-90 Class FL ±		0.71			03/25/2031		3,597,020		3,601,512
FNMA Series 2003-W1 Class 1A1		6.30			12/25/2042		1,308,627		1,487,510
FNMA Series 2003-W19 Class 1A6		5.29			11/25/2033		2,731,382		2,854,213
FNMA Series 2004-W1 Class 2A2		7.00			12/25/2033		2,956,454		3,409,815
FNMA Series 2004-W4 Class A9		5.50			06/25/2034		8,565,000		8,859,604
FNMA Series 2005-116 Class TU		5.50			12/25/2016		1,373,807		1,408,609
FNMA Series 2005-71 Class DB		4.50			08/25/2025		4,000,000		4,332,412
FNMA Series 2007-2 Class FA ±		0.46			02/25/2037		2,800,132		2,792,941
FNMA Series 2007-W10 Class 2A		6.21			08/25/2047		1,947,024		2,200,812
FNMA Series 2009-108 Class DE		4.50			08/25/2027		1,596,533		1,660,565
FNMA Series G-8 Class E		9.00			04/25/2021		308,656		352,117
FNMA Series G92-30 Class Z		7.00			06/25/2022		645,262		712,944
FNMA STRIPS Series 161 Class 2		8.50			07/25/2022		125,690		28,755
FNMA STRIPS Series 265 Class 2		9.00			03/01/2024		320,278		373,470
FNMA Whole Loan Series 1999-W6 Class A		9.19			09/25/2028		103,861		114,153

6

WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA Whole Loan Series 2002-W4 Class A4		6.25	%		05/25/2042	$	1,472,082	$	1,671,219
FNMA Whole Loan Series 2003-W11 Class A1 ±		3.03			06/25/2033		334,319		334,259
FNMA Whole Loan Series 2003-W3 Class 1A4 ±		3.47			08/25/2042		4,948,219		5,237,381
FNMA Whole Loan Series 2003-W5 Class A ±		0.48			04/25/2033		881,633		838,744
FNMA Whole Loan Series 2003-W6 Class 6A ±		3.29			08/25/2042		3,788,295		4,090,469
FNMA Whole Loan Series 2003-W6 Class PT4		9.57			10/25/2042		3,643,675		4,213,840
FNMA Whole Loan Series 2003-W8 Class PT1		8.78			12/25/2042		1,682,972		1,942,780
FNMA Whole Loan Series 2003-W9 Class A ±		0.50			06/25/2033		242,106		230,160
FNMA Whole Loan Series 2004-W15 Class 1A3		7.00			08/25/2044		3,086,424		3,591,366
GNMA ±		3.00			08/20/2020		353,343		368,627
GNMA ±		3.00			11/20/2020		211,371		220,302
GNMA %%		4.50			05/20/2040		49,420,000		53,620,700
GNMA		5.00			07/20/2040		18,250,256		20,135,571
GNMA		6.00			01/15/2013		16,713		18,189
GNMA		6.00			02/15/2013		1,496		1,492
GNMA		6.00			08/20/2034		1,185,000		1,339,972
GNMA		6.50			12/15/2025		64,376		73,246
GNMA		6.50			04/15/2029		1,606		1,860
GNMA		6.50			05/15/2029		4,683		5,423
GNMA		6.50			05/15/2031		3,801		4,403
GNMA		6.50			07/15/2032		6,417		7,432
GNMA		6.50			09/20/2033		187,201		212,030
GNMA		7.00			12/15/2022		88,008		100,201
GNMA		7.00			05/15/2026		7,343		8,461
GNMA		7.00			03/15/2028		83,974		97,126
GNMA		7.00			01/15/2031		1,207		1,405
GNMA		7.00			04/15/2031		15,588		18,140
GNMA		7.00			04/15/2031		1,448		1,685
GNMA		7.00			08/15/2031		24,039		27,975
GNMA		7.00			03/15/2032		17,839		20,739
GNMA		7.00			05/15/2032		4,236		4,925
GNMA		7.34			10/20/2021		80,489		91,977
GNMA		7.34			12/20/2021		28,805		32,916
GNMA		7.34			02/20/2022		30,262		34,711
GNMA		7.34			04/20/2022		33,767		38,732
GNMA		7.34			09/20/2022		144,577		165,835
GNMA		8.00			04/15/2023		3,953		3,997
GNMA		8.00			06/15/2023		8,364		9,822
GNMA		8.00			12/15/2023		995,713		1,188,784
GNMA		8.00			02/15/2024		2,096		2,470
GNMA		8.00			09/15/2024		5,856		6,901
GNMA		8.00			06/15/2025		208		246
GNMA		8.00			06/15/2025		21,730		25,684
GNMA		8.35			04/15/2020		765,071		883,745
GNMA		8.40			05/15/2020		357,419		418,667
GNMA		8.50			07/15/2016		1,426		1,442
GNMA		9.00			12/15/2016		7,251		7,314
GNMA		9.00			03/15/2020		7,347		7,432
GNMA		9.00			04/15/2021		3,791		4,488
GNMA		9.50			10/20/2019		202,740		234,690
GNMA		10.00			12/15/2018		12,105		12,299
GNMA		12.50			04/15/2019		67,333		69,345
GNMA		13.00			11/15/2014		1,777		2,076
GNMA		14.00			06/15/2012		6,156		6,470
GNMA		14.00			09/20/2014		2,017		2,035
GNMA		15.00			07/15/2012		1,619		1,632
GNMA		15.00			09/15/2012		211		212
GNMA Series 2002-53 Class IO ±(c)		0.18			04/16/2042		40,054,983		262,200
GNMA Series 2004-20 Class B		4.78			04/16/2034		105,203		105,485
GNMA Series 2004-57 Class C ±		5.08			08/16/2026		3,000,000		3,090,276
GNMA Series 2005-23 Class IO ±(c)		0.42			06/17/2045		115,487,083		2,655,625
GNMA Series 2005-90 Class A		3.76			09/16/2028		8,409,231		8,598,203
GNMA Series 2006-32 Class C ±		5.46			11/16/2038		12,510,000		14,765,440

7

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
GNMA Series 2006-32 Class XM ±(c)		0.33	%		11/16/2045	$	72,469,692	$	1,086,973
GNMA Series 2006-68 Class D ±		5.31			12/16/2037		12,520,000		14,535,720
GNMA Series 2008-22 Class XM ±(c)		0.73			02/16/2050		208,739,799		7,998,909
GNMA Series 2008-80 Class B		4.28			03/16/2033		18,933,510		19,259,412
GNMA Series 2010-105 Class QF ±		0.60			04/20/2039		2,322,568		2,322,887
GNMA Series 2010-74 Class B		3.81			08/16/2039		5,365,000		5,735,995
SBA #4796093007 (a)(c)		1.44			02/15/2018		590,959		13,060
SBA #507511		0.63			03/25/2013		110,789		108,343
SBA Series 1992- 6 Class A (a)(c)(i)		1.51			10/15/2017		1,697,995		33,790
TVA		5.38			04/01/2056		3,670,000		4,862,089
Total Agency Securities (Cost $1,347,492,783)									1,382,480,884
Corporate Bonds and Notes: 0.60%
Consumer Discretionary : 0.00%
Multiline Retail: 0.00%
Sears Roebuck Acceptance Corporation		6.70			04/15/2012		172		173
Financials : 0.60%
Commercial Banks: 0.60%
Financing Corporation Series D-P (z)		2.29			09/26/2019		15,000,000		12,528,510
Total Corporate Bonds and Notes (Cost $10,503,405)									12,528,683
Municipal Bonds and Notes: 0.42%
Arkansas : 0.01%
Arkansas Development Finance Authority (Housing Revenue, GNMA Insured)		9.75			11/15/2014		233,354		248,422
Texas : 0.41%
Retama TX Development Corporation (Miscellaneous Revenue)		10.00			12/15/2020		5,405,000		8,408,018
Total Municipal Bonds and Notes (Cost $7,472,035)									8,656,440
Non-Agency Mortgage Backed Securities: 4.86%
Bank of America Commercial Mortgage Incorporated Series 2006- 2 Class A4		5.92			05/10/2045		4,180,000		4,640,130
Commercial Mortgage Trust Pass-Through Certificates Series 2004-LB4A Class A4		4.58			10/15/2037		5,939,658		5,956,544
Credit Suisse Mortgage Capital Certificates Series 2006-C3 Class A3		6.01			06/15/2038		8,755,000		9,603,841
Goldman Sachs Mortgage Securities Corporation II Series 2006-GG8 Class A4		5.56			11/10/2039		12,880,000		13,844,892
Lehman Brothers UBS Commercial Mortgage Trust Series 2006-C1 Class A4		5.16			02/15/2031		9,101,000		9,939,248
Merrill Lynch Countrywide Commercial Mortgage Trust Series 2006-4 Class AM		5.20			12/12/2049		8,755,000		8,081,154
Morgan Stanley Capital I Series 2007-IQ Class A4		5.81			12/12/2049		9,795,000		10,646,558
Morgan Stanley Capital I Series 2007-T27 Class A4		5.79			06/11/2042		8,745,500		9,828,823
Nomura Asset Acceptance Corporation Series 2004-R2 Class A1 144A		6.50			10/25/2034		3,512,859		3,536,733
Nomura Asset Securities Corporation Series 1998-D6 Class A2		7.32			03/15/2030		10,575,000		11,125,164
TIAA Real Estate CDO Limited Series 2007-C4 Class A3		5.74			08/15/2039		11,460,000		12,317,254
Vendee Mortgage Trust Series 1995-1 Class 4		8.78			02/15/2025		579,330		697,725
Vendee Mortgage Trust Series 1995-2C Class 3A		8.79			06/15/2025		814,463		981,830
Total Non-Agency Mortgage Backed Securities (Cost $99,665,002)									101,199,896

8

WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
U.S. Treasury Securities: 18.43%
U.S. Treasury Bond		3.75	%		08/15/2041	$	23,355,000	$	26,566,313
U.S. Treasury Bond		4.38			05/15/2041		16,235,000		20,478,926
U.S. Treasury Bond		4.50			02/15/2036		18,650,000		23,717,559
U.S. Treasury Bond ##		4.63			02/15/2040		29,820,000		38,989,650
U.S. Treasury Bond		5.38			02/15/2031		9,690,000		13,450,931
U.S. Treasury Bond		6.25			08/15/2023		25,060,000		35,268,041
U.S. Treasury Note «		1.00			10/31/2016		25,650,000		25,722,128
U.S. Treasury Note		0.50			10/15/2014		56,100,000		56,270,937
U.S. Treasury Note		0.63			04/30/2013		11,450,000		11,518,437
U.S. Treasury Note		1.88			10/31/2017		8,780,000		9,098,275
U.S. Treasury Note		2.00			11/15/2021		20,245,000		20,099,479
U.S. Treasury Note ##		2.13			08/15/2021		38,770,000		39,000,216
U.S. Treasury Note		2.25			07/31/2018		30,800,000		32,364,055
U.S. Treasury Note		7.25			08/15/2022		20,950,000		31,241,688
Total U.S. Treasury Securities (Cost $363,924,924)									383,786,635
Yankee Corporate Bonds and Notes: 7.91%
Financials : 7.91%
Commercial Banks : 7.91%
Bank Nederlandse Gemeenten 144A		2.50			01/11/2016		23,310,000		24,261,211
Bank of Nova Scotia 144A«		1.65			10/29/2015		13,235,000		13,162,459
Bank of Nova Scotia 144A		2.15			08/03/2016		10,300,000		10,324,452
Canadian Imperial Bank 144A«		0.90			09/19/2014		8,355,000		8,262,368
Dnb Nor Boligkreditt AS 144A		2.90			03/29/2017		5,725,000		5,920,709
HSBC Bank plc 144A«		1.63			07/07/2014		14,500,000		14,343,139
Kommunalbanken AS 144A		2.38			01/19/2016		10,135,000		10,418,689
Kommunalbanken AS 144A		2.75			05/05/2015		17,090,000		17,954,737
Landwirtsch Rentenbank «		2.50			02/15/2016		14,125,000		14,746,246
Nordea Eiendomskreditt 144A		1.88			04/07/2014		10,430,000		10,489,847
Swedbank Hypotek 144A		2.13			08/31/2016		12,110,000		11,872,923
Toronto Dominion Bank 144A		1.63			09/14/2016		9,200,000		9,016,322
Westpac Banking Corporation 144A		1.90			12/14/2012		13,660,000		13,856,948
Total Yankee Corporate Bonds and Notes (Cost $161,848,409)									164,630,050
Other: 0.42%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)							5,208,130		1,869,719
VFNC Corporation, Pass-Through Entity, 0.26% ±(a)(i)(v)144A							14,044,539		6,881,824
Total Other (Cost $3,539,052)									8,751,543
	Yield					Shares
Short-Term Investments: 16.97%
Investment Companies : 16.95%
Wells Fargo Advantage Government Money Market Fund, Institutional Class ##(l)(u)		0.01					309,432,854		309,432,854
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.17					43,656,348		43,656,348
									353,089,202
	Interest Rate					Principal
U.S. Treasury Securities : 0.02%
U.S.Treasury Bill #		0.01			12/22/2011	$	400,000		399,997
Total Short-Term Investments (Cost $353,489,202)									353,489,199

9

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND

	01/11/2016		01/11/2016	01/11/2016	01/11/2016		01/11/2016
Total Investments in Securities (Cost $2,347,934,812)*	115.99	%				$	2,415,523,330
Other Assets and Liabilities, Net	(15.99	)					(332,917,756	)
Total Net Assets	100.00	%				$	2,082,605,574

±	Variable rate investment.
%%	Security issued on a when-issued (TBA) basis.
(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.
(c)	Interest-only securities entitle holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate.
(i)	Illiquid security.
(z)	Zero coupon security. Rate represents yield to maturity.
##	All or a portion of this security has been segregated for when-issued securities.
«	All or a portion of this security is on loan.
144A	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.
(v)	Security represents investment of cash collateral received from securities on loan.
(l)	Investment in an affiliate.
(u)	Rate shown is the 7-day annualized yield at period end.
(r)	The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.
#	All or a portion of this security is segregated as collateral for investments in derivative instruments.
*	Cost for federal income tax purposes is $2,348,566,803 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	86,545,890
Gross unrealized depreciation		(19,589,363	)
Net unrealized appreciation	$	66,956,527

10

WELLS FARGO ADVANTAGE GOVERNMENT SECURITIES FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

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

Securities valuation

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.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Fund’s former securities lending agent, as the various participating funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment vehicles fluctuated depending on the relative activity of each participating fund. In order to eliminate the fluctuation of the various participating funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Fund recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in securities lending (“side pocketing”) based on each participating fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each participating fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each participating fund’s percentage ownership of the joint account as of such date.

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.

Futures contracts

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

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

Mortgage dollar roll transactions

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

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 November 30, 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
Agency securities	$	0	$	1,382,093,099	$	387,785	$	1,382,480,884
Corporate bonds and notes		0		12,528,683		0		12,528,683
Municipal bonds and notes		0		8,656,440		0		8,656,440
Non-agency mortgage backed securities		0		101,199,896		0		101,199,896
U.S. Treasury securities		383,786,635		0		0		383,786,635
Yankee corporate bonds and notes		0		164,630,050		0		164,630,050
Other		0		0		8,751,543		8,751,543
Short-term investments
Investment companies		309,432,854		43,656,348		0		353,089,202
U.S. Treasury securities		399,997		0		0		399,997
	$	693,619,486	$	1,712,764,516	$	9,139,328	$	2,415,523,330

As of November 30, 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
Futures contracts+	$	(124,943	)	$	0	$	0	$	(124,943	)

+ 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 November 30, 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:

	Agency securities			Other			Total
Balance as of August 31, 2011	$	473,364		$	9,842,490		$	10,315,854
Accrued discounts (premiums)		0			0			0
Realized gains (losses)		(111,897	)		0			(111,897	)
Change in unrealized gains (losses)		103,437			(558,485	)		(455,048	)
Purchases		0			0			0
Sales		(77,119	)		(532,462	)		(609,581	)
Transfers into Level 3		0			0			0
Transfers out of Level 3		0			0			0
Balance as of November 30, 2011	$	387,785		$	8,751,543		$	9,139,328
Change in unrealized gains (losses) relating to securities still held at November 30, 2011	$	(6,439	)	$	(91,918	)	$	(98,357	)

Derivative transactions

During the three months ended November 30, 2011, the Fund entered into futures contracts to speculate on interest rates.

At November 30, 2011, the Fund had long and short futures contracts outstanding as follows:

Expiration Date	Contracts	Type	Contract Value at November 30, 2011		Net Unrealized Gains (Losses)
March 2012	175 Long	10-Year U.S. Treasury Notes	$	22,635,156	$	(106,278	)
March 2012	275 Short	2-Year U.S. Treasury Notes		60,637,500		(4,819	)
March 2012	215 Long	5-Year U.S. Treasury Notes		26,367,734		(13,846	)

The Fund had average notional amounts of $41,289,183 and $67,823,876 in long futures contracts and short futures contracts, respectively, during the three months ended November 30, 2011.

WELLS FARGO ADVANTAGE HIGH INCOME FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Corporate Bonds and Notes: 84.63%
Consumer Discretionary : 21.64%
Auto Components : 3.18%
American Axle & Manufacturing Incorporated		7.75	%		11/15/2019	$	1,000,000	$	957,500
Cooper-Standard Holdings Incorporated		8.50			05/01/2018		4,500,000		4,725,000
Delphi Corporation 144A		6.13			05/15/2021		5,250,000		5,289,375
Lear Corporation		8.13			03/15/2020		3,000,000		3,240,000
Tenneco Automotive Incorporated		7.75			08/15/2018		3,000,000		3,045,000
TRW Automotive Incorporated 144A		7.25			03/15/2017		2,030,000		2,121,350
TRW Automotive Incorporated 144A		8.88			12/01/2017		2,500,000		2,675,000
									22,053,225
Automobiles: 0.85%
Ford Motor Company «		7.45			07/16/2031		5,000,000		5,862,500
Diversified Consumer Services : 1.31%
Service Corporation International		7.50			04/01/2027		200,000		191,500
Service Corporation International Series WI		7.00			06/15/2017		3,790,000		4,055,300
Stewart Enterprises Incorporated		6.50			04/15/2019		5,000,000		4,862,500
									9,109,300
Hotels, Restaurants & Leisure : 4.64%
Blue Merger Sub Incorporated 144A		7.63			02/15/2019		4,000,000		3,580,000
CKE Restaurants Incorporated		11.38			07/15/2018		4,900,000		5,218,500
Penn National Gaming Incorporated		8.75			08/15/2019		3,750,000		4,031,250
Seminole Tribe of Florida 144A		7.75			10/01/2017		4,900,000		5,047,000
Shingle Springs Tribal Gaming Authority 144A		9.38			06/15/2015		4,050,000		2,247,750
Tunica-Biloxi Gaming Authority 144A		9.00			11/15/2015		6,260,000		6,197,400
Yonkers Racing Corporation 144A		11.38			07/15/2016		5,770,000		5,842,125
									32,164,025
Media : 8.18%
CCO Holdings LLC		6.50			04/30/2021		2,000,000		1,927,500
CCO Holdings LLC		7.00			01/15/2019		5,000,000		5,031,250
Cequel Communications Holdings 144A		8.63			11/15/2017		5,000,000		5,087,500
Cinemark USA Incorporated		8.63			06/15/2019		5,500,000		5,912,500
Clear Channel Communications Incorporated		9.00			03/01/2021		7,250,000		5,981,250
CSC Holdings LLC		8.63			02/15/2019		3,500,000		3,902,500
DISH DBS Corporation		6.75			06/01/2021		2,000,000		1,950,000
DISH DBS Corporation		7.88			09/01/2019		4,500,000		4,770,000
Insight Communications 144A		9.38			07/15/2018		4,000,000		4,525,000
LBI Media Incorporated 144A		9.25			04/15/2019		6,000,000		5,310,000
Regal Cinemas Corporation		8.63			07/15/2019		5,000,000		5,287,500
Sirius XM Radio Incorporated 144A		8.75			04/01/2015		3,500,000		3,797,500
Visant Corporation		10.00			10/01/2017		3,500,000		3,220,000
									56,702,500
Multiline Retail: 0.46%
Bon-Ton Department Stores Incorporated «		10.25			03/15/2014		5,000,000		3,212,500
Specialty Retail : 2.28%
Limited Brands Incorporated		6.63			04/01/2021		6,500,000		6,776,250
RadioShack Corporation		6.75			05/15/2019		4,500,000		3,881,250
Toys R Us Property Company I LLC		8.50			12/01/2017		5,000,000		5,112,500
									15,770,000

1

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE HIGH INCOME FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Textiles, Apparel & Luxury Goods : 0.74%
Hanesbrands Incorporated		6.38	%		12/15/2020	$	3,000,000	$	2,966,250
Hanesbrands Incorporated		8.00			12/15/2016		2,000,000		2,155,000
									5,121,250
Consumer Staples : 4.29%
Beverages: 0.58%
Constellation Brands Incorporated		7.25			09/01/2016		3,700,000		4,051,500
Food & Staples Retailing : 1.50%
Bumble Bee Acquisition Company 144A		9.00			12/15/2017		3,802,000		3,763,980
Clarke American Incorporated		9.50			05/15/2015		5,225,000		3,866,500
Pinnacle Foods Finance LLC		8.25			09/01/2017		2,700,000		2,747,250
									10,377,730
Food Products : 0.85%
Dean Foods Company		9.75			12/15/2018		1,500,000		1,575,000
TreeHouse Foods Incorporated		7.75			03/01/2018		4,000,000		4,285,000
									5,860,000
Personal Products: 0.07%
Sally Beauty Holdings Incorporated 144A		6.88			11/15/2019		500,000		511,250
Tobacco : 1.29%
Reynolds Group Holdings 144A		7.13			04/15/2019		4,500,000		4,398,750
Reynolds Group Holdings 144A		7.88			08/15/2019		1,000,000		1,005,000
Reynolds Group Holdings 144A		8.25			02/15/2021		2,000,000		1,700,000
Reynolds Group Holdings 144A		9.88			08/15/2019		2,000,000		1,830,000
									8,933,750
Energy : 13.79%
Oil, Gas & Consumable Fuels : 13.79%
Bill Barrett Corporation		7.63			10/01/2019		2,600,000		2,684,500
Bill Barrett Corporation		9.88			07/15/2016		5,000,000		5,475,000
BreitBurn Energy Partners LP		8.63			10/15/2020		4,000,000		4,015,000
Chesapeake Energy Corporation 144A		6.63			11/15/2019		4,000,000		3,945,000
Citgo Petroleum Corporation 144A		11.50			07/01/2017		4,000,000		4,520,000
Clayton Williams Energy 144A		7.75			04/01/2019		4,000,000		3,680,000
Coffeyville Resources Refining & Marketing LLC 144A		9.00			04/01/2015		1,575,000		1,677,375
Coffeyville Resources Refining & Marketing LLC 144A		10.88			04/01/2017		3,750,000		4,218,750
Comstock Resources Incorporated		8.38			10/15/2017		5,500,000		5,390,000
El Paso Corporation		6.50			09/15/2020		3,500,000		3,733,209
Energy Transfer Equity LP		7.50			10/15/2020		5,000,000		5,175,000
Energy XXI Gulf Coast Incorporated		9.25			12/15/2017		3,000,000		3,075,000
Holly Corporation		9.88			06/15/2017		3,250,000		3,566,875
James River Coal Company		7.88			04/01/2019		5,000,000		3,800,000
Kodiak Oil & Gas Corporation 144A		8.13			12/01/2019		4,000,000		4,060,000
Newfield Exploration Company		6.88			02/01/2020		4,950,000		5,197,500
Peabody Energy Corporation 144A		6.00			11/15/2018		1,000,000		998,750
Peabody Energy Corporation 144A		6.25			11/15/2021		3,000,000		3,022,500
Penn Virginia Corporation		10.38			06/15/2016		4,200,000		4,525,500
Plains Exploration & Production Company		8.63			10/15/2019		4,600,000		5,014,000
Quicksilver Resources Incorporated		11.75			01/01/2016		2,000,000		2,250,000
Regency Energy Partners		6.88			12/01/2018		6,000,000		6,270,000
Suburban Propane Partners LP		7.38			03/15/2020		3,250,000		3,355,625
Targa Resources Partners Incorporated 144A		6.88			02/01/2021		4,000,000		4,000,000

2

WELLS FARGO ADVANTAGE HIGH INCOME FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
White Pine Hydro Portfolio 144A(i)		7.26	%		07/20/2015	$	2,000,000	$	1,937,600
									95,587,184
Financials : 9.28%
Commercial Banks : 2.34%
CIT Group Incorporated 144A		6.63			04/01/2018		1,500,000		1,518,750
CIT Group Incorporated 144A		7.00			05/02/2016		3,600,000		3,555,000
CIT Group Incorporated 144A		7.00			05/02/2017		8,000,000		7,880,000
Regions Bank		7.50			05/15/2018		3,350,000		3,216,000
									16,169,750
Consumer Finance : 5.32%
Discover Financial Services		10.25			07/15/2019		5,200,000		6,153,040
Ford Motor Credit Company LLC		5.00			05/15/2018		3,000,000		2,948,103
Ford Motor Credit Company LLC		5.88			08/02/2021		5,000,000		5,108,545
Ford Motor Credit Company LLC		6.63			08/15/2017		2,500,000		2,680,268
Ford Motor Credit Company LLC		8.00			12/15/2016		1,840,000		2,068,274
GMAC LLC		8.00			11/01/2031		3,500,000		3,325,000
International Lease Finance Corporation		6.25			05/15/2019		1,000,000		888,786
International Lease Finance Corporation		8.25			12/15/2020		5,500,000		5,472,500
SLM Corporation		8.00			03/25/2020		4,000,000		3,910,000
Sprint Capital Corporation		6.90			05/01/2019		2,600,000		2,008,500
Sprint Capital Corporation		8.75			03/15/2032		3,000,000		2,332,500
									36,895,516
Diversified Financial Services : 1.62%
ABI Escrow Corporation 144A		10.25			10/15/2018		2,758,000		2,999,325
Ally Financial Incorporated		6.25			12/01/2017		2,000,000		1,836,704
Ally Financial Incorporated		8.00			03/15/2020		5,500,000		5,424,375
UPCB Finance Limited 144A		7.25			11/15/2021		1,000,000		975,000
									11,235,404
Health Care : 8.34%
Health Care Equipment & Supplies : 2.19%
Accellent Incorporated		8.38			02/01/2017		4,000,000		3,740,000
Biomet Incorporated		11.63			10/15/2017		4,000,000		4,280,000
Fresenius Medical Care Holdings Incorporated		6.88			07/15/2017		3,000,000		3,180,000
Hanger Orthopedic Group		7.13			11/15/2018		4,000,000		4,005,000
									15,205,000
Health Care Providers & Services : 4.94%
Davita Incorporated		6.63			11/01/2020		4,000,000		3,930,000
HCA Incorporated		7.25			09/15/2020		4,550,000		4,675,125
HCA Incorporated		7.50			02/15/2022		1,000,000		985,000
HCA Incorporated		7.88			02/15/2020		2,000,000		2,105,000
HCA Incorporated		8.50			04/15/2019		1,000,000		1,080,000
Health Management Association 144A		7.38			01/15/2020		2,000,000		2,012,500
HealthSouth Corporation		8.13			02/15/2020		4,200,000		4,105,500
Iasis Healthcare Corporation 144A		8.38			05/15/2019		4,000,000		3,330,000
Lifepoint Hospitals Incorporated		6.63			10/01/2020		3,750,000		3,825,000
Tenet Healthcare Corporation 144A		6.25			11/01/2018		4,000,000		3,940,000
Vanguard Health Holdings Incorporated LLC		8.00			02/01/2018		4,500,000		4,275,000
									34,263,125

3

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE HIGH INCOME FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Life Sciences Tools & Services: 0.59%
Community Health Systems Incorporated Series WI		8.88	%		07/15/2015	$	4,000,000	$	4,110,000
Pharmaceuticals: 0.62%
Mylan Incorporated 144A		7.88			07/15/2020		4,000,000		4,260,000
Industrials : 10.93%
Aerospace & Defense : 1.38%
Esterline Technologies Corporation		7.00			08/01/2020		3,750,000		3,881,250
Hexcel Corporation		6.75			02/01/2015		872,000		883,990
Spirit AeroSystems Holdings Incorporated		7.50			10/01/2017		4,500,000		4,781,250
									9,546,490
Building Products: 0.63%
Griffon Corporation		7.13			04/01/2018		4,500,000		4,342,500
Commercial Services & Supplies : 1.71%
Deluxe Corporation 144A		7.00			03/15/2019		5,000,000		4,956,250
FTI Consulting Incorporated		7.75			10/01/2016		2,600,000		2,691,000
Iron Mountain Incorporated		7.75			10/01/2019		1,000,000		1,032,500
Iron Mountain Incorporated		8.38			08/15/2021		3,000,000		3,150,000
									11,829,750
Construction & Engineering: 0.56%
Great Lakes Dredge & Dock Company		7.38			02/01/2019		4,000,000		3,870,000
Electrical Equipment : 0.69%
Belden CDT Incorporated		7.00			03/15/2017		2,730,000		2,716,350
Belden CDT Incorporated		9.25			06/15/2019		2,000,000		2,100,000
									4,816,350
Machinery : 2.71%
Briggs & Stratton Corporation		6.88			12/15/2020		2,970,000		2,999,700
Dana Holding Corporation		6.75			02/15/2021		4,000,000		4,015,000
Dematic SAS 144A		8.75			05/01/2016		4,000,000		3,880,000
Manitowoc Company Incorporated		8.50			11/01/2020		4,000,000		4,080,000
RSC Equipment Rental Incorporated		8.25			02/01/2021		4,000,000		3,800,000
									18,774,700
Professional Services : 1.44%
Checkout Holdings Corporation 144A(z)		13.15			11/15/2015		3,000,000		1,485,000
FTI Consulting Incorporated		6.75			10/01/2020		3,300,000		3,328,875
Swift Services Holdings Incorporated		10.00			11/15/2018		5,000,000		5,200,000
									10,013,875
Trading Companies & Distributors : 1.56%
Aircastle Limited		9.75			08/01/2018		4,500,000		4,702,500
United Rentals North America Incorporated «		8.38			09/15/2020		6,250,000		6,156,250
									10,858,750
Transportation Infrastructure: 0.25%
CMA CGM 144A		8.50			04/15/2017		5,000,000		1,750,000

4

WELLS FARGO ADVANTAGE HIGH INCOME FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Information Technology : 1.79%
Internet Software & Services: 0.04%
Equinix Incorporated		7.00	%		07/15/2021	$	250,000	$	257,810
IT Services: 0.53%
TW Telecommunications Holdings Incorporated		8.00			03/01/2018		3,500,000		3,675,000
Semiconductors & Semiconductor Equipment : 1.22%
Freescale Semiconductor Incorporated		8.05			02/01/2020		3,500,000		3,167,500
Magnachip Semiconductor Limited		10.50			04/15/2018		5,175,000		5,291,438
									8,458,938
Materials : 5.28%
Chemicals : 1.55%
Ferro Corporation		7.88			08/15/2018		4,000,000		3,990,000
Nalco Company		8.25			05/15/2017		4,000,000		4,470,000
Polyone Corporation		7.38			09/15/2020		2,250,000		2,306,250
									10,766,250
Construction Materials: 0.37%
Headwaters Incorporated		7.63			04/01/2019		3,000,000		2,557,500
Containers & Packaging : 1.16%
Berry Plastics Corporation		9.75			01/15/2021		4,000,000		3,820,000
BWAY Corporation		10.00			06/15/2018		4,000,000		4,180,000
									8,000,000
Metals & Mining: 0.13%
FMG Resources Limited 144A		6.88			02/01/2018		1,000,000		917,500
Paper & Forest Products : 2.07%
Appleton Papers Incorporated 144A		10.50			06/15/2015		2,500,000		2,450,000
Appleton Papers Incorporated		11.25			12/15/2015		1,634,000		1,470,600
Boise Paper Holdings LLC		9.00			11/01/2017		3,750,000		4,031,250
Domtar Corporation		10.75			06/01/2017		3,065,000		3,854,238
P.H. Glatfelter Company		7.13			05/01/2016		2,485,000		2,565,763
									14,371,851
Telecommunication Services : 5.51%
Diversified Telecommunication Services : 3.66%
Cincinnati Bell Incorporated		8.38			10/15/2020		1,500,000		1,458,750
Cincinnati Bell Incorporated		8.75			03/15/2018		4,000,000		3,560,000
Frontier Communications Corporation		8.25			04/15/2017		4,000,000		3,895,000
Level 3 Communications Incorporated		11.88			02/01/2019		4,000,000		4,140,000
PAETEC Holding Corporation		9.88			12/01/2018		3,750,000		4,059,375
West Corporation		7.88			01/15/2019		2,000,000		2,000,000
West Corporation		8.63			10/01/2018		2,500,000		2,493,750
Windstream Corporation		7.50			04/01/2023		4,000,000		3,760,000
									25,366,875
Wireless Telecommunication Services : 1.85%
Cricket Communications Incorporated		7.75			10/15/2020		4,000,000		3,140,000

5

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE HIGH INCOME FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Wireless Telecommunication Services (continued)
Intelsat Jackson Holdings Limited		8.50	%		11/01/2019	$	5,025,000	$	5,125,500
MetroPCS Communications Incorporated		6.63			11/15/2020		3,015,000		2,630,588
Sprint Nextel Corporation		6.00			12/01/2016		2,425,000		1,933,938
									12,830,026
Utilities : 3.78%
Electric Utilities : 2.04%
Dolphin Subsidiary II Incorporated 144A		7.25			10/15/2021		5,000,000		5,262,500
Energy Future Holdings Corporation		10.00			01/15/2020		4,000,000		4,100,000
Mirant Americas Generation LLC		8.50			10/01/2021		5,200,000		4,784,000
									14,146,500
Independent Power Producers & Energy Traders : 1.74%
Calpine Corporation 144A		7.50			02/15/2021		4,000,000		4,080,000
Calpine Corporation 144A		7.88			01/15/2023		2,000,000		2,065,000
NRG Energy Incorporated		8.50			06/15/2019		4,000,000		3,980,000
RRI Energy Incorporated		7.88			06/15/2017		2,000,000		1,930,000
									12,055,000
Total Corporate Bonds and Notes (Cost $596,030,088)									586,661,174
Municipal Bonds and Notes: 0.47%
Florida : 0.47%
Florida State Development Financial Corporation (Resource Recovery Revenue) §		8.00			12/15/2018		3,180,000		3,251,677
Total Municipal Bonds and Notes (Cost $3,180,000)									3,251,677
Term Loans: 3.03%
Chrysler Group LLC		6.00			05/24/2017		5,985,000		5,513,681
Dynegy Holdings Incorporated (s)		9.25			08/04/2016		2,000,000		2,014,440
Dynegy Holdings Incorporated (s)		9.25			08/04/2016		1,000,000		998,210
Goodman Global Holdings Incorporated		9.00			10/30/2017		3,272,727		3,271,353
Goodyear Tire & Rubber Company		1.93			04/30/2014		450,000		430,502
Harrah’s Entertainment Corporation		3.36			01/28/2015		10,000,000		8,531,300
HCA Incorporated		2.62			11/18/2013		251,131		246,345
Total Term Loans (Cost $22,385,494)									21,005,831
				Expiration Date		Shares
Warrants: 0.00%
Information Technology : 0.00%
IT Services: 0.00%
Muzak Holdings LLC (a)†					02/01/2015		7,195		2,302
Total Warrants (Cost $0)									2,302

6

WELLS FARGO ADVANTAGE HIGH INCOME FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Yankee Corporate Bonds and Notes: 5.04%
Consumer Discretionary : 0.47%
Automobiles: 0.47%
Jaguar Land Rover plc 144A		8.13	%		05/15/2021	$	3,500,000	$	3,307,500
Financials : 1.34%
Consumer Finance : 1.34%
National Money Mart Company		10.83			12/15/2016		5,500,000		5,843,750
Wind Acquisition Finance SA 144A		12.25			07/15/2017		4,464,905		3,437,977
									9,281,727
Information Technology : 0.56%
Semiconductors & Semiconductor Equipment: 0.56%
Sensata Technologies BV 144A		6.50			05/15/2019		4,000,000		3,880,000
Materials : 2.15%
Chemicals : 1.15%
Ineos Group Holdings plc 144A		8.50			02/15/2016		4,490,000		3,502,200
Rhodia SA 144A		6.88			09/15/2020		4,000,000		4,470,000
									7,972,200
Metals & Mining: 0.50%
FMG Resources Limited 144A		7.00			11/01/2015		3,600,000		3,483,000
Paper & Forest Products: 0.50%
Sappi Papier Holding 144A		6.63			04/15/2021		4,000,000		3,440,000
Telecommunication Services : 0.52%
Wireless Telecommunication Services: 0.52%
Intelsat Limited		12.50			02/04/2017		3,916,796		3,593,660
Total Yankee Corporate Bonds and Notes (Cost $38,093,994)									34,958,087
Other : 0.15%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)							1,131,312		406,141
VFNC Corporation, Pass-Through Entity 0.26% 144A(a)(i)(v)±							1,329,279		651,347
Total Other (Cost $443,875)									1,057,488
	Yield					Shares
Short-Term Investments: 5.45%
Investment Companies : 5.45%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class (l)(u)		0.05					28,903,934		28,903,934

7

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE HIGH INCOME FUND

Security Name			Yield			Shares		Value
Investment Companies (continued)
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)				0.17	%		8,885,035	$	8,885,035
Total Short-Term Investments (Cost $37,788,969)									37,788,969
Total Investments in Securities (Cost $697,922,420)*	98.78	%							684,725,528
Other Assets and Liabilities, Net	1.22								8,461,652
Total Net Assets	100.00	%						$	693,187,180

144A 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.

(i) Illiquid security.

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

(z) Zero coupon security. Rate represents yield to maturity.

§ These securities are subject to a demand feature which reduces the effective maturity.

(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.

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

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

± Variable rate investment.

(l) Investment in an affiliate.

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

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

* Cost for federal income tax purposes is $697,922,420 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	16,020,292
Gross unrealized depreciation		(29,217,184	)
Net unrealized depreciation	$	(13,196,892	)

8

WELLS FARGO ADVANTAGE HIGH INCOME FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

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

Securities valuation

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.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Fund’s former securities lending agent, as the various participating funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment vehicles fluctuated depending on the relative activity of each participating fund. In order to eliminate the fluctuation of the various participating funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Fund recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in securities lending (“side pocketing”) based on each participating fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each participating fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each participating fund’s percentage ownership of the joint account as of such date.

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.

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 November 30, 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
Corporate bonds and notes	$	0	$	586,661,174	$	0	$	586,661,174
Municipal bonds and notes		0		3,251,677		0		3,251,677
Term loans		0		21,005,831		0		21,005,831
Equity securities
Warrants		0		0		2,302		2,302
Yankee corporate bonds and notes		0		34,958,087		0		34,958,087
Other		0		0		1,057,488		1,057,488
Short-term investments
Investment companies		28,903,934		8,885,035				37,788,969
	$	28,903,934	$	654,761,804	$	1,059,789	$	684,725,528

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended November 30, 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:

	Term Loans			Warrants		Other			Total
Balance as of August 31, 2011	$	4,020,000		$	2,302	$	1,179,824		$	5,202,126
Accrued discounts (premiums)		(3,769	)		0		0			(3,769	)
Realized gains (losses)		(20,111	)		0		0			(20,111	)
Change in unrealized gains (losses)		2,506			0		(59,573	)		(57,068	)
Purchases		0			0		0			0
Sales		(727,273	)		0		(62,763	)		(790,036	)
Transfers into Level 3					0		0			0
Transfers out of Level 3		(3,271,353	)		0		0			(3,271,353	)
Balance as of November 30, 2011	$	0		$	2,302	$	1,057,488		$	1,059,789
Change in unrealized gains (losses) relating to securities still held at November 30, 2011	$	0		$	0	$	(91,918	)	$	(91,918	)

WELLS FARGO ADVANTAGE HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name						Shares		Value
Common Stocks: 0.09%
Consumer Discretionary : 0.00%
Hotels, Restaurants & Leisure: 0.00%
Trump Entertainment Resorts Incorporated †(a)							1,840	$	0
Telecommunication Services : 0.09%
Diversified Telecommunication Services: 0.09%
Fairpoint Communications Incorporated †							70,879		336,676
Total Common Stocks (Cost $1,573,931)									336,676
	Interest Rate			Maturity Date		Principal
Corporate Bonds and Notes: 77.33%
Consumer Discretionary : 18.75%
Auto Components : 1.68%
Allison Transmission Incorporated 144A		7.13	%		05/15/2019	$	2,250,000		2,120,625
Cooper Tire & Rubber Company		7.63			03/15/2027		1,935,000		1,809,225
Cooper Tire & Rubber Company		8.00			12/15/2019		450,000		465,750
Goodyear Tire & Rubber Company		10.50			05/15/2016		1,918,000		2,105,005
									6,500,605
Diversified Consumer Services : 2.74%
Carriage Services Incorporated		7.88			01/15/2015		1,715,000		1,715,000
Mac-Gray Corporation		7.63			08/15/2015		1,717,000		1,751,340
Service Corporation International		7.00			05/15/2019		515,000		534,313
Service Corporation International		7.50			04/01/2027		4,080,000		3,906,600
Service Corporation International		7.63			10/01/2018		450,000		493,875
Service Corporation International		8.00			11/15/2021		525,000		574,875
Service Corporation International Series WI		7.00			06/15/2017		1,500,000		1,605,000
									10,581,003
Hotels, Restaurants & Leisure : 4.59%
Ameristar Casinos Incorporated		7.50			04/15/2021		1,475,000		1,475,000
Citycenter Holdings LLC 144A		7.63			01/15/2016		175,000		173,250
Citycenter Holdings LLC 144A¥		11.50			01/15/2017		1,055,583		1,045,027
Dineequity Incorporated		9.50			10/30/2018		3,250,000		3,363,750
FelCor Lodging LP		6.75			06/01/2019		1,350,000		1,255,500
Greektown Superholdings Incorporated		13.00			07/01/2015		5,800,000		5,945,000
NAI Entertainment Holdings LLC 144A		8.25			12/15/2017		2,150,000		2,241,375
Speedway Motorsports Incorporated		6.75			02/01/2019		225,000		223,875
Yonkers Racing Corporation 144A		11.38			07/15/2016		1,986,000		2,010,825
									17,733,602
Household Durables: 0.12%
American Greetings Corporation		7.38			12/01/2021		450,000		455,063
Media : 8.24%
Barrington Broadcasting Group LLC		10.50			08/15/2014		160,000		164,000
Cablevision Systems Corporation		8.63			09/15/2017		900,000		940,500
CCH II Capital Corporation		13.50			11/30/2016		4,689,383		5,404,514
CCO Holdings LLC		8.13			04/30/2020		560,000		590,800
Charter Communications Incorporated 144A		10.88			09/15/2014		1,700,000		1,827,500
Cinemark USA Incorporated		7.38			06/15/2021		775,000		773,063
Cinemark USA Incorporated		8.63			06/15/2019		3,350,000		3,601,250

1

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE HIGH YIELD BOND FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Media (continued)
CSC Holdings LLC		7.88	%		02/15/2018	$	300,000		327,000
CSC Holdings LLC		8.50			04/15/2014		125,000		138,594
DISH DBS Corporation		7.88			09/01/2019		1,070,000		1,134,200
EchoStar DBS Corporation		6.63			10/01/2014		675,000		699,469
EchoStar DBS Corporation		7.75			05/31/2015		2,075,000		2,189,125
Gray Television Incorporated		10.50			06/29/2015		2,600,000		2,418,000
Lamar Media Corporation		7.88			04/15/2018		925,000		955,063
Lamar Media Corporation Series C		9.75			04/01/2014		1,945,000		2,124,913
LIN Television Corporation		8.38			04/15/2018		525,000		530,250
Nexstar Mission Broadcasting Incorporated		8.88			04/15/2017		300,000		303,000
Regal Cinemas Corporation		8.63			07/15/2019		4,450,000		4,705,875
Regal Entertainment Group		9.13			08/15/2018		550,000		574,750
Salem Communications Corporation		9.63			12/15/2016		2,299,000		2,402,455
									31,804,321
Specialty Retail : 1.38%
Gap Incorporated		5.95			04/12/2021		600,000		567,047
Limited Brands Incorporated		6.63			04/01/2021		300,000		312,750
RadioShack Corporation		6.75			05/15/2019		875,000		754,688
Rent A Center Incorporated		6.63			11/15/2020		400,000		400,000
Toys R Us Property Company LLC		8.50			12/01/2017		1,300,000		1,329,250
Toys R Us Property Company LLC		10.75			07/15/2017		1,825,000		1,966,438
									5,330,173
Consumer Staples : 0.19%
Food Products : 0.19%
B&G Foods Incorporated		7.63			01/15/2018		575,000		597,281
Darling International Incorporated		8.50			12/15/2018		125,000		137,500
									734,781
Energy : 14.23%
Energy Equipment & Services : 3.04%
Bristow Group Incorporated		7.50			09/15/2017		965,000		993,950
Dresser Rand Group Incorporated 144A		6.50			05/01/2021		1,025,000		1,007,063
Gulfmark Offshore Incorporated		7.75			07/15/2014		1,565,000		1,565,000
Hornbeck Offshore Services Incorporated Series B		6.13			12/01/2014		2,300,000		2,311,500
Hornbeck Offshore Services Incorporated Series B		8.00			09/01/2017		1,435,000		1,463,700
Oil States International Incorporated		6.50			06/01/2019		1,225,000		1,231,125
PHI Incorporated		8.63			10/15/2018		3,250,000		3,176,875
									11,749,213
Oil, Gas & Consumable Fuels : 11.19%
Arch Coal Incorporated		8.75			08/01/2016		1,020,000		1,114,350
Coffeyville Resources Incorporated LLC 144A		9.00			04/01/2015		2,025,000		2,156,625
Coffeyville Resources Incorporated LLC 144A		10.88			04/01/2017		2,075,000		2,334,375
Consol Energy Incorporated		8.25			04/01/2020		845,000		908,375
Denbury Resources Incorporated		6.38			08/15/2021		350,000		357,000
Denbury Resources Incorporated		8.25			02/15/2020		200,000		217,250
Denbury Resources Incorporated		9.75			03/01/2016		225,000		248,063
El Paso Corporation		6.50			09/15/2020		915,000		975,967
El Paso Corporation		7.00			06/15/2017		2,375,000		2,580,428
El Paso Corporation		7.25			06/01/2018		4,010,000		4,347,702
El Paso Corporation		7.42			02/15/2037		760,000		843,600
El Paso Corporation		8.25			02/15/2016		850,000		969,000
Energy Transfer Equity LP		7.50			10/15/2020		3,475,000		3,596,625

2

WELLS FARGO ADVANTAGE HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Ferrellgas Partners LP		9.13	%		10/01/2017	$	3,420,000		3,522,600
Forest Oil Corporation		7.25			06/15/2019		1,315,000		1,301,850
Forest Oil Corporation		8.50			02/15/2014		560,000		602,000
Holly Corporation		9.88			06/15/2017		1,870,000		2,052,325
Inergy LP		6.88			08/01/2021		575,000		546,250
Inergy LP		7.00			10/01/2018		525,000		514,500
Overseas Shipholding Group		7.50			02/15/2024		200,000		117,000
Peabody Energy Corporation		7.88			11/01/2026		1,060,000		1,134,200
Regency Energy Partners		6.88			12/01/2018		250,000		261,250
Sabine Pass LNG LP		7.25			11/30/2013		2,600,000		2,574,000
Sabine Pass LNG LP		7.50			11/30/2016		5,850,000		5,798,813
Suburban Propane Partners LP		7.38			03/15/2020		2,550,000		2,632,875
Susser Holdings LLC		8.50			05/15/2016		1,375,000		1,474,688
									43,181,711
Financials : 19.78%
Capital Markets: 0.27%
Oppenheimer Holdings Incorporated		8.75			04/15/2018		1,100,000		1,018,875
Commercial Banks: 0.71%
Emigrant Bancorp Incorporated 144A(i)		6.25			06/15/2014		3,050,000		2,732,739
Consumer Finance : 12.14%
American General Finance Corporation		5.40			12/01/2015		300,000		204,750
American General Finance Corporation		5.75			09/15/2016		925,000		612,813
Calpine Construction Finance Corporation 144A		7.25			10/15/2017		3,350,000		3,417,000
Calpine Construction Finance Corporation 144A		8.00			06/01/2016		1,700,000		1,806,250
CDW Finance LLC		12.54			10/12/2017		275,000		272,250
CIT Group Incorporated 144A		5.25			04/01/2014		750,000		735,000
CIT Group Incorporated 144A		7.00			05/04/2015		2,100,000		2,086,875
CIT Group Incorporated		7.00			05/01/2016		4,225,000		4,180,638
CIT Group Incorporated		7.00			05/01/2017		3,825,000		3,786,750
Ford Motor Credit Company LLC		6.63			08/15/2017		900,000		964,896
Ford Motor Credit Company LLC		8.00			12/15/2016		1,500,000		1,686,093
Fresenius Medical Care US Finance Incorporated		6.88			07/15/2017		525,000		556,500
General Motors Finance Company 144A		6.75			06/01/2018		1,200,000		1,195,362
GMAC LLC		7.50			12/31/2013		2,430,000		2,457,338
GMAC LLC		8.00			11/01/2031		525,000		498,750
Homer City Funding LLC		8.73			10/01/2026		337,200		288,306
International Lease Finance Corporation		6.38			03/25/2013		515,000		509,850
International Lease Finance Corporation 144A		6.50			09/01/2014		125,000		126,250
International Lease Finance Corporation 144A		6.75			09/01/2016		125,000		125,625
International Lease Finance Corporation 144A		7.13			09/01/2018		1,200,000		1,224,000
International Lease Finance Corporation		8.63			09/15/2015		1,015,000		1,012,463
Local TV Finance LLC 144A		9.25			06/15/2015		800,000		752,000
Nielson Finance LLC		7.75			10/15/2018		6,115,000		6,466,613
Springleaf Finance Corporation		6.90			12/15/2017		4,875,000		3,278,438
Sprint Capital Corporation		6.88			11/15/2028		6,057,000		4,224,758
Sprint Capital Corporation		8.75			03/15/2032		5,675,000		4,412,313
									46,881,881
Diversified Financial Services : 3.59%
Ally Financial Incorporated		8.30			02/12/2015		300,000		303,750
Interactive Data Corporation		10.25			08/01/2018		1,250,000		1,337,500
NCO Group Incorporated		11.88			11/15/2014		2,650,000		2,626,813
NSG Holdings LLC/NSG Holdings Incorporated 144A(i)		7.75			12/15/2025		900,000		891,000
Nuveen Investments Incorporated		5.50			09/15/2015		7,800,000		6,532,500
Nuveen Investments Incorporated		10.50			11/15/2015		1,575,000		1,504,125
Nuveen Investments Incorporated 144A		10.50			11/15/2015		450,000		425,250

3

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE HIGH YIELD BOND FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Diversified Financial Services (continued)
USI Holdings Corporation 144A		9.75	%		05/15/2015	$	250,000		236,250
									13,857,188
Insurance: 0.79%
HUB International Holdings Incorporated 144A		10.25			06/15/2015		3,150,000		3,047,625
REIT : 2.28%
Dupont Fabros Technology Incorporated		8.50			12/15/2017		3,895,000		4,109,225
MPT Operating Partnership LP		6.88			05/01/2021		1,625,000		1,608,750
Omega Healthcare Investors Incorporated		6.75			10/15/2022		2,200,000		2,167,000
Ventas Incorporated		9.00			05/01/2012		909,000		930,731
									8,815,706
Health Care : 5.00%
Health Care Equipment & Supplies : 0.93%
Biomet Incorporated ¥		10.38			10/15/2017		515,000		552,338
Biomet Incorporated		11.63			10/15/2017		2,645,000		2,830,150
Fresenius Medical Care Incorporated 144A		5.75			02/15/2021		225,000		220,500
									3,602,988
Health Care Providers & Services : 3.75%
AvivHealthcare Incorporated		7.75			02/15/2019		1,150,000		1,086,750
Centene Corporation		5.75			06/01/2017		975,000		950,625
Community Health Systems Incorporated Series WI		8.88			07/15/2015		1,253,000		1,287,458
Emergency Medical Services Corporation		8.13			06/01/2019		425,000		417,563
HCA Incorporated		6.50			02/15/2020		2,050,000		2,039,750
HCA Incorporated		7.25			09/15/2020		1,000,000		1,027,500
HCA Incorporated		7.50			02/15/2022		325,000		320,125
HCA Incorporated		8.50			04/15/2019		175,000		189,000
Health Management Association 144A		7.38			01/15/2020		225,000		226,406
Health Management plc		6.13			04/15/2016		2,000,000		2,035,000
HealthSouth Corporation		7.25			10/01/2018		450,000		438,188
HealthSouth Corporation		7.75			09/15/2022		450,000		436,500
Sabra Health Care LP		8.13			11/01/2018		1,875,000		1,839,844
United Surgical Partners International Incorporated		8.88			05/01/2017		2,190,000		2,173,575
									14,468,284
Pharmaceuticals : 0.32%
Mylan Incorporated 144A		6.00			11/15/2018		750,000		748,125
Mylan Incorporated 144A		7.63			07/15/2017		100,000		106,250
Mylan Incorporated 144A		7.88			07/15/2020		350,000		372,750
									1,227,125
Industrials : 3.13%
Aerospace & Defense: 0.08%
TransDigm Group Incorporated		7.75			12/15/2018		300,000		309,000
Building Products: 0.09%
Griffon Corporation		7.13			04/01/2018		375,000		361,875
Commercial Services & Supplies : 1.89%
Corrections Corporation of America		7.75			06/01/2017		1,445,000		1,567,825
Geo Group Incorporated		7.75			10/15/2017		1,705,000		1,794,513

4

WELLS FARGO ADVANTAGE HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Services & Supplies (continued)
Iron Mountain Incorporated		8.00	%		06/15/2020	$	1,400,000		1,435,000
Iron Mountain Incorporated		8.38			08/15/2021		1,440,000		1,512,000
KAR Holdings Incorporated ±		4.43			05/01/2014		1,025,000		986,563
									7,295,901
Machinery : 0.25%
Columbus McKinnon Corporation		7.88			02/01/2019		525,000		530,250
Titan International Incorporated		7.88			10/01/2017		400,000		415,500
									945,750
Marine: 0.26%
Hornbeck Offshore Services Company		1.63			11/15/2026		975,000		984,750
Road & Rail : 0.56%
Kansas City Southern		13.00			12/15/2013		239,000		270,668
RailAmerica Incorporated		9.25			07/01/2017		1,750,000		1,907,500
									2,178,168
Information Technology : 4.53%
Communications Equipment : 0.49%
Allbritton Communications Company		8.00			05/15/2018		1,275,000		1,211,250
Avaya Incorporated		9.75			11/01/2015		875,000		684,688
									1,895,938
Internet Software & Services : 0.37%
Equinix Incorporated		7.00			07/15/2021		75,000		77,344
Equinix Incorporated		8.13			03/01/2018		1,270,000		1,352,550
									1,429,894
IT Services : 3.67%
Audatex North American Incorporated 144A		6.75			06/15/2018		175,000		176,313
Fidelity National Information Services		7.63			07/15/2017		829,000		878,740
Fidelity National Information Services		7.88			07/15/2020		774,000		820,440
First Data Corporation		11.25			03/31/2016		3,175,000		2,587,625
SunGard Data Systems Incorporated		4.88			01/15/2014		857,000		852,715
SunGard Data Systems Incorporated		7.38			11/15/2018		550,000		541,750
SunGard Data Systems Incorporated		7.63			11/15/2020		100,000		99,000
SunGard Data Systems Incorporated		10.25			08/15/2015		5,850,000		6,025,500
TW Telecommunications Holdings Incorporated		8.00			03/01/2018		2,075,000		2,178,750
									14,160,833
Materials : 2.01%
Chemicals: 0.27%
Celanese US Holdings LLC		6.63			10/15/2018		1,000,000		1,045,000
Containers & Packaging : 1.73%
Ball Corporation		5.75			05/15/2021		275,000		280,500
Crown Americas LLC		7.63			05/15/2017		500,000		546,250
Crown Holdings Incorporated		7.50			12/15/2096		525,000		414,750
Graham Packaging Company Incorporated		9.88			10/15/2014		3,570,000		3,614,625
Owens Brockway Glass Container Incorporated		7.38			05/15/2016		1,702,000		1,838,160
									6,694,285

5

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE HIGH YIELD BOND FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Metals & Mining: 0.01%
Indalex Holdings Corporation (s)		11.50	%		02/01/2014	$	3,285,000		32,850
Telecommunication Services : 6.04%
Diversified Telecommunication Services : 1.14%
GCI Incorporated		6.75			06/01/2021		625,000		598,438
GCI Incorporated		8.63			11/15/2019		2,485,000		2,596,825
Qwest Corporation		7.63			08/03/2021		270,000		258,525
SBA Telecommunications Incorporated		8.00			08/15/2016		815,000		872,050
SBA Telecommunications Incorporated		8.25			08/15/2019		75,000		80,719
									4,406,557
Wireless Telecommunication Services : 4.90%
CC Holdings V LLC 144A		7.75			05/01/2017		2,350,000		2,532,125
Cricket Communications Incorporated		7.75			10/15/2020		450,000		353,250
Cricket Communications Incorporated Series I		7.75			05/15/2016		4,755,000		4,743,113
Crown Castle International Corporation		7.13			11/01/2019		1,500,000		1,608,750
Crown Castle International Corporation		9.00			01/15/2015		900,000		978,750
iPCS Incorporated ¥		3.68			05/01/2014		1,764,503		1,502,033
MetroPCS Communications Incorporated		6.63			11/15/2020		1,975,000		1,723,188
MetroPCS Communications Incorporated		7.88			09/01/2018		1,075,000		1,037,375
Sprint Nextel Corporation 144A		11.50			11/15/2021		525,000		494,813
Syniverse Holdings Incorporated		9.13			01/15/2019		3,850,000		3,946,250
									18,919,647
Utilities : 3.67%
Electric Utilities : 1.89%
Dolphin Subsidiary II Incorporated 144A		7.25			10/15/2021		3,775,000		3,973,188
Energy Future Holdings Corporpation ¥		12.00			11/01/2017		581,454		476,792
Ipalco Enterprises Incorporated 144A		5.00			05/01/2018		900,000		854,774
Ipalco Enterprises Incorporated 144A		7.25			04/01/2016		20,000		21,000
Otter Tail Corporation		9.00			12/15/2016		1,815,000		1,951,125
									7,276,879
Gas Utilities : 0.45%
AmeriGas Partners LP		6.25			08/20/2019		1,350,000		1,309,500
AmeriGas Partners LP		6.50			05/20/2021		450,000		436,500
									1,746,000
Independent Power Producers & Energy Traders : 1.33%
NRG Energy Incorporated «		7.38			01/15/2017		4,500,000		4,680,000
RRI Energy Incorporated		9.68			07/02/2026		460,000		450,800
									5,130,800
Total Corporate Bonds and Notes (Cost $301,148,620)									298,537,010
Non-Agency Mortgage Backed Securities: 2.06%
American Home Mortgage Assets Series 2006 Class 1A1 ±		1.18			09/25/2046		4,286,567		1,922,564
American Home Mortgage Assets Series 2006 Class 1A1		5.47			01/15/2045		1,280,000		1,303,926
Banc of America Commercial Mortgage Incorporated Series 2006 Class AM ±		6.07			07/10/2044		1,515,000		1,440,262
Greenwich Capital Commercial Funding Corporation Series 2006-GG7 Class AM ±		6.07			07/10/2038		2,040,000		2,023,955

6

WELLS FARGO ADVANTAGE HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Non-Agency Mortgage Backed Securities (continued)
Lehman XS Trust Series 2006-18N Class A5A ±(i)		0.43	%		12/25/2036	$	3,731,897		1,276,231
Total Non-Agency Mortgage Backed Securities (Cost $9,264,931)									7,966,938
	Dividend Yield					Shares
Preferred Stocks: 0.13%
Financials : 0.13%
Consumer Finance: 0.13%
GMAC Capital Trust		8.13					26,000		494,000
Total Preferred Stocks (Cost $650,000)									494,000
	Interest Rate					Principal
Term Loans: 14.23%
Advantage Sales & Marketing Incorporated		7.75			06/18/2018		475,000		451,488
Allison Transmission Incorporated		2.50			08/07/2014		1,909,570		1,839,756
Arrowhead General Insurance Agency Incorporated		5.75			03/03/2017		597,000		585,060
Capital Automotive LP		3.50			03/10/2017		3,204,242		3,118,144
CCM Merger Incorporated		5.00			03/01/2017		3,181,231		3,153,395
Coinmach Corporation		3.00			11/20/2014		3,185,726		2,832,111
Community Health Systems Incorporated		2.25			07/25/2014		2,639,520		2,544,656
Community Health Systems Incorporated		2.25			07/25/2014		135,683		130,807
Fairpoint Communications Incorporated		4.50			01/22/2016		3,550,736		2,811,544
Federal Mogul Corporation		1.94			12/29/2014		2,843,477		2,624,899
Federal Mogul Corporation		1.94			12/28/2015		1,450,754		1,339,234
First Data Corporation		2.75			09/24/2014		1,742,926		1,543,117
First Data Corporation		2.75			09/24/2014		1,392,761		1,233,095
First Data Corporation		2.75			09/24/2014		2,600,651		2,302,512
Goodyear Tire & Rubber Company		1.50			04/30/2014		1,875,000		1,793,756
Gray Television Incorporated		3.50			12/31/2014		1,900,266		1,855,135
HCA Incorporated		2.50			05/01/2016		2,925,000		2,756,198
HHI Holdings Limited		5.50			03/21/2017		398,000		391,035
HMSC Corporation		5.50			10/03/2014		677,829		372,806
Level 3 Financing Incorporated		2.25			03/13/2014		1,000,000		938,750
Local TV Finance LLC		2.00			05/07/2013		2,796,494		2,700,378
LPL Holdings Incorporated		1.75			06/28/2013		1,771,652		1,751,721
Merisant Company(i)		4.50			01/08/2014		1,006,987		989,365
Mission Broadcasting Incorporated		4.00			09/30/2016		77,934		76,960
Newsday LLC		10.50			08/01/2013		2,825,000		2,906,219
Nexstar Broadcasting Incorporated		4.00			09/30/2016		121,898		120,375
Springleaf Finance Corporation		4.25			05/05/2017		700,000		606,816
SunGard Data Systems Incorporated		1.75			02/28/2014		625,933		612,475
The Geo Group Incorporated		2.75			06/22/2017		320,938		318,530
TXU Energy Company LLC		3.50			10/10/2014		13,192,978		9,564,909
TXU Energy Company LLC		4.50			10/10/2017		275,000		179,050
Web Services		5.00			08/28/2014		494,517		487,925
Total Term Loans (Cost $57,769,950)									54,932,221
Yankee Corporate Bonds and Notes: 4.32%
Consumer Discretionary : 0.66%
Media : 0.66%
Videotron Limited		6.38			12/15/2015		380,000		384,750
Videotron Limited		6.88			01/15/2014		431,000		432,616
Videotron Limited		9.13			04/15/2018		1,585,000		1,739,538
									2,556,904

7

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE HIGH YIELD BOND FUND

Security Name			Interest Rate			Maturity Date		Principal		Value
Energy : 0.07%
Oil, Gas & Consumable Fuels: 0.07%
Griffin Coal Mining Company Limited (s)				9.50	%		12/01/2016	$	368,545		280,555
Financials : 0.00%
Diversified Financial Services: 0.00%
Preferred Term Securities XII Limited (s)(i)				1.26			12/24/2033		720,000		216
Information Technology : 0.50%
Computers & Peripherals : 0.50%
Seagate HDD Cayman				6.88			05/01/2020		400,000		406,000
Seagate Technology Holdings				6.80			10/01/2016		650,000		669,500
Seagate Technology Holdings 144A				7.00			11/01/2021		350,000		350,000
Seagate Technology Holdings 144A				7.75			12/15/2018		500,000		515,000
											1,940,500
Materials : 0.88%
Metals & Mining : 0.88%
Novelis Incorporated				7.25			02/15/2015		990,000		985,050
Novelis Incorporated				8.38			12/15/2017		550,000		572,000
Novelis Incorporated				8.75			12/15/2020		1,725,000		1,819,875
											3,376,925
Telecommunication Services : 2.21%
Wireless Telecommunication Services : 2.21%
Intelsat Limited 144A				7.25			04/01/2019		400,000		390,000
Intelsat Limited 144A				7.25			10/15/2020		925,000		881,063
Intelsat Limited 144A				7.50			04/01/2021		550,000		522,500
Intelsat Limited				8.50			11/01/2019		1,100,000		1,122,000
Intelsat Limited				9.50			06/15/2016		2,214,000		2,308,095
Intelsat Limited				11.25			06/15/2016		2,025,000		2,106,000
Telesat Canada Incorporated				11.00			11/01/2015		1,125,000		1,200,921
											8,530,579
Total Yankee Corporate Bonds and Notes (Cost $16,593,133)											16,685,679
			Yield					Shares
Short-Term Investments: 0.85%
Investment Companies : 0.85%
Wells Fargo Advantage Cash Investment Money Market Fund (l)(u)				0.05					1,150,610		1,150,610
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)				0.17					2,158,200		2,158,200
Total Short-Term Investments (Cost $3,308,810)											3,308,810
Total Investments in Securities (Cost $390,309,375)*	99.01	%									382,261,334
Other Assets and Liabilities, Net	0.99										3,803,528
Total Net Assets	100.00	%								$	386,064,862

† Non-income earning security.

8

WELLS FARGO ADVANTAGE HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

(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.

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

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

±         Variable rate investment.

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

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

(l)       Investment in an affiliate.

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

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

*          Cost for federal income tax purposes is $389,255,272 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	8,934,315
Gross unrealized depreciation		(15,928,253	)
Net unrealized depreciation	$	(6,993,938	)

9

WELLS FARGO ADVANTAGE High Yield Bond Fund

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage High Yield Bond 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.

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.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Fund’s former securities lending agent, as the various participating funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment

vehicles fluctuated depending on the relative activity of each participating fund. In order to eliminate the fluctuation of the various participating funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Fund recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in securities lending (“side pocketing”) based on each participating fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each participating fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each participating fund’s percentage ownership of the joint account as of such date.

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 November 30, 2011, the Fund had no unfunded loan commitments.

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 November 30, 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	$	336,676	$	0	$	0	$	336,676
Preferred stocks		0		494,000		0		494,000
Corporate bonds and notes		0		298,086,210		450,800		298,537,010
Non-agency mortgage backed securities		0		7,966,938		0		7,966,938
Term loans		0		50,746,296		4,185,925		54,932,221
Yankee corporate bonds and notes		0		16,685,463		216		16,685,679
Short-term investments
Investment companies		1,150,610		2,158,200		0		3,308,810
	$	1,487,286	$	376,137,107	$	4,636,941	$	382,261,334

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended November 30, 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 bond and notes			Term loans			Yankee corporate bonds and notes		Total
Balance as of August 31, 2011	$	462,300		$	15,291,680		$	216		15,754,196
Accrued discounts (premiums)		(220	)		70,202			0		69,982
Realized gains (losses)		0			3,885			0		3,885
Change in unrealized gains (losses)		(11,280	)		199,974			0		188,694
Purchases		0			0			0		0
Sales		0			(1,014,130	)		0		(1,014,130	)
Transfers into Level 3		0			0			0		0
Transfers out of Level 3		0			(10,365,686	)		0		(10,365,686	)
Balance as of November 30, 2011	$	450,800		$	4,185,925		$	216	$	4,636,941
Change in unrealized gains (losses) relating to securities still held at November 30, 2011	$	(11,280	)	$	(68,411	)	$	216	$	(79,691	)

WELLS FARGO ADVANTAGE INCOME PLUS FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities: 32.71%
FHLMC ±		2.10	%		01/01/2036	$	114,443	$	119,528
FHLMC %%		4.00			01/15/2041		6,310,000		6,558,456
FHLMC		5.00			06/01/2040		2,369,366		2,534,640
FHLMC		5.00			08/01/2040		1,406,365		1,504,466
FHLMC		5.50			11/01/2023		1,310,259		1,418,969
FHLMC		5.50			09/01/2038		11,170,001		12,067,590
FHLMC		5.50			06/01/2040		3,259,158		3,520,036
FHLMC		7.50			05/01/2038		36,702		42,265
FHLMC		8.00			02/01/2030		992		1,177
FHLMC		14.00			09/01/2012		153		154
FHLMC Series 2736 Class BC		5.00			12/15/2029		374,233		378,546
FHLMC Series M009 Class A(i)		5.40			10/15/2021		1,179,428		1,267,672
FHLMC Series T-42 Class A5		7.50			02/25/2042		3,243,430		3,869,440
FHLMC Structured Pass-Through Securities Series T-57 Class 2A1 ±		3.58			07/25/2043		100,114		102,362
FHLMC Structured Pass-Through Securities Series T-59 Class 2A1 ±		3.26			10/25/2043		89,895		93,466
FNMA ±		2.48			09/01/2036		104,495		110,259
FNMA ±		2.51			08/01/2036		149,408		157,985
FNMA ±		2.52			01/01/2036		332,486		348,213
FNMA		3.50			02/01/2026		3,454,861		3,593,248
FNMA %%		3.50			11/25/2041		6,605,000		6,728,844
FNMA		4.00			09/01/2024		362,431		380,847
FNMA		4.00			07/01/2040		19,724,826		20,570,904
FNMA %%		4.00			01/15/2041		12,850,000		13,378,055
FNMA %%		4.00			03/25/2025		2,600,000		2,729,188
FNMA		4.26			04/01/2021		2,978,915		3,260,007
FNMA		4.39			01/01/2020		1,608,895		1,770,383
FNMA		4.46			05/01/2020		1,934,812		2,138,257
FNMA		4.50			09/01/2040		11,457,732		12,122,178
FNMA		4.50			09/01/2040		4,061,613		4,297,150
FNMA %%		4.50			12/01/2041		6,620,000		6,996,513
FNMA %%		4.50			02/25/2022		3,240,000		3,444,019
FNMA		5.00			01/01/2024		1,045,768		1,124,423
FNMA		5.00			02/01/2036		229,454		246,811
FNMA		5.00			06/01/2040		5,163,165		5,556,165
FNMA		5.00			08/01/2040		14,211,985		15,293,745
FNMA %%		5.00			09/25/2037		3,416,000		3,671,133
FNMA		5.50			08/01/2034		717,991		783,284
FNMA		5.50			02/01/2035		221,900		242,079
FNMA		5.50			08/01/2038		2,377,413		2,606,982
FNMA		5.50			08/01/2038		4,011,787		4,399,175
FNMA		6.00			10/01/2037		4,766,874		5,231,751
FNMA		6.00			11/01/2037		419,487		460,396
FNMA		6.00			08/01/2038		591,362		648,848
FNMA %%		6.00			07/25/2036		7,665,000		8,401,559
FNMA		6.03			03/01/2012		600,321		604,195
FNMA		6.06			06/01/2012		240,000		240,004
FNMA		6.50			07/01/2036		168,628		188,613
FNMA		6.50			07/01/2036		108,918		122,246
FNMA		6.50			11/01/2036		59,197		66,139
FNMA		6.50			07/01/2037		5,902,713		6,593,646
FNMA		7.00			03/01/2024		3,392,479		3,663,793
FNMA		7.00			07/01/2036		61,221		69,528
FNMA		7.00			11/01/2037		125,254		140,958
FNMA		7.50			05/01/2038		12,419		14,385
FNMA		7.87			07/01/2026		2,729,107		2,951,145
FNMA Grantor Trust Series 2002-T12 Class A3		7.50			05/25/2042		12,722		14,940
FNMA Series 11		1.25			02/27/2014		12,265,000		12,440,990
FNMA Series 2003-W14 Class 2A ±		2.62			06/25/2035		262,868		272,972
FNMA Series 2003-W14 Class 2A ±		3.65			01/25/2043		142,615		150,102
FNMA Series 2004-7 Class AE		5.00			12/25/2030		347,911		352,016
FNMA Whole Loan Series 2003-W8 Class 4A ±		3.40			11/25/2042		274,944		291,848
FNMA Whole Loan Series 2004-W11 Class 1A3		7.00			05/25/2044		3,080,358		3,481,336
FNMA Whole Loan Series 2004-W15 Class 1A3		7.00			08/25/2044		2,429,361		2,826,807

1

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE INCOME PLUS FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
GNMA %%		4.50	%		04/20/2041	$	7,130,000	$	7,736,050
GNMA		5.00			07/20/2040		4,051,797		4,470,362
GNMA		7.50			12/15/2029		1,362		1,599
GNMA Series 2005-90 Class A		3.76			09/16/2028		1,806,279		1,846,869
GNMA Series 2007-12 Class A		3.96			06/16/2031		1,218,773		1,252,280
GNMA Series 2007-12 Class C		5.28			04/16/2041		485,000		553,155
GNMA Series 2008-22 Class XM ±(c)		0.73			02/16/2050		15,256,823		584,641
GNMA Series 2008-86 Class D		5.46			04/16/2040		4,365,000		5,071,017
Total Agency Securities (Cost $214,147,248)									220,172,804
Asset-Backed Securities: 0.95%
Chase Issuance Trust Series 2005-A6 Class A6 ±		0.32			07/15/2014		430,000		429,911
Citibank Credit Card Issuance Trust Series 2005-C1 Class C1		5.50			03/24/2017		285,000		315,563
Countrywide Asset Backed Certificates Series 2004-S1 Class A3		4.62			02/25/2035		741,937		698,930
CVS Pass-Through Trust Series T		6.04			12/10/2028		2,391,558		2,444,842
Discover Card Master Trust Series 2008-A4 Class A4		5.65			12/15/2015		2,345,000		2,521,187
Total Asset-Backed Securities (Cost $6,109,597)									6,410,433
Corporate Bonds and Notes: 25.73%
Consumer Discretionary : 4.38%
Auto Components : 0.45%
Delphi Corporation 144A		6.13			05/15/2021		2,000,000		2,015,000
TRW Automotive Incorporated 144A		7.25			03/15/2017		1,000,000		1,045,000
									3,060,000
Automobiles: 0.35%
Ford Motor Company «		7.45			07/16/2031		2,000,000		2,345,000
Diversified Consumer Services: 0.32%
Service Corporation International Series WI		7.00			06/15/2017		2,000,000		2,140,000
Hotels, Restaurants & Leisure : 0.36%
Agua Caliente Band of Cahuilla Indians 144A (i)		6.44			10/01/2016		682,000		608,671
Seminole Tribe of Florida 144A		7.75			10/01/2017		1,750,000		1,802,500
									2,411,171
Internet & Catalog Retail: 0.44%
Expedia Incorporated		5.95			08/15/2020		2,985,000		2,958,777
Media : 1.49%
CBS Corporation		7.88			07/30/2030		2,210,000		2,759,501
CCO Holdings LLC		8.13			04/30/2020		2,000,000		2,110,000
CSC Holdings LLC		7.88			02/15/2018		2,000,000		2,180,000
DISH DBS Corporation		7.88			09/01/2019		2,000,000		2,120,000
Vivendi SA 144A		6.63			04/04/2018		800,000		900,652
									10,070,153
Multiline Retail: 0.30%
Macy’s Retail Holdings Incorporated		6.65			07/15/2024		1,750,000		1,994,650
Specialty Retail : 0.67%
Best Buy Company Incorporated		6.75			07/15/2013		2,273,000		2,411,237

2

WELLS FARGO ADVANTAGE INCOME PLUS FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Specialty Retail (continued)
Limited Brands Incorporated		6.63	%		04/01/2021	$	2,000,000	$	2,085,000
									4,496,237
Consumer Staples : 1.00%
Beverages: 0.33%
Constellation Brands Incorporated		7.25			09/01/2016		2,000,000		2,190,000
Food Products: 0.32%
TreeHouse Foods Incorporated		7.75			03/01/2018		2,000,000		2,142,500
Tobacco : 0.35%
Lorillard Incorporated		8.13			06/23/2019		1,185,000		1,372,657
Reynolds Group Holdings 144A		7.88			08/15/2019		1,000,000		1,005,000
									2,377,657
Energy : 2.34%
Oil, Gas & Consumable Fuels : 2.34%
Bill Barrett Corporation		7.63			10/01/2019		400,000		413,000
Chesapeake Energy Corporation 144A		6.63			11/15/2019		2,000,000		1,972,500
Consol Energy Incorporated		8.25			04/01/2020		2,000,000		2,150,000
El Paso Pipeline Partners Operating LLC		5.00			10/01/2021		2,000,000		1,987,554
Energy Transfer Equity LP		7.50			10/15/2020		1,750,000		1,811,250
Newfield Exploration Company		6.88			02/01/2020		1,750,000		1,837,500
Suburban Propane Partners LP		7.38			03/15/2020		1,750,000		1,806,875
Tesoro Corporation		9.75			06/01/2019		2,000,000		2,232,500
Texas Eastern Transmission LP		7.00			07/15/2032		1,250,000		1,551,950
									15,763,129
Financials : 8.28%
Capital Markets: 0.41%
Alterra Finance LLC		6.25			09/30/2020		2,610,000		2,743,235
Commercial Banks : 1.63%
Australia and New Zealand Banking Group Limited 144A		2.40			11/23/2016		3,320,000		3,260,924
Fifth Third Bancorp		6.25			05/01/2013		2,245,000		2,360,245
Key Bank NA		4.95			09/15/2015		2,180,000		2,284,854
PNC Financial Services Group Incorporated		8.25			05/29/2049		1,415,000		1,447,248
Regions Bank		7.50			05/15/2018		1,650,000		1,584,000
									10,937,271
Consumer Finance : 1.07%
Discover Financial Services		10.25			07/15/2019		2,380,000		2,816,199
International Lease Finance Corporation		8.25			12/15/2020		2,000,000		1,990,000
SLM Corporation		8.00			03/25/2020		2,485,000		2,429,088
									7,235,287
Diversified Financial Services : 1.88%
Bank of America Corporation		6.50			08/01/2016		2,795,000		2,700,694
Citigroup Incorporated		5.38			08/09/2020		2,535,000		2,542,638
General Electric Capital Corporation		5.30			02/11/2021		2,665,000		2,727,041
JPMorgan Chase & Company Series 1		7.90			04/29/2049		1,750,000		1,851,098

3

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE INCOME PLUS FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Diversified Financial Services (continued)
Moody’s Corporation		5.50	%		09/01/2020	$	2,630,000	$	2,861,698
									12,683,169
Insurance : 2.90%
AFLAC Incorporated		6.90			12/17/2039		2,500,000		2,623,828
American International Group Incorporated Series AIG		4.25			09/15/2014		2,990,000		2,889,784
Liberty Mutual Group 144A		6.70			08/15/2016		2,220,000		2,359,190
National Life Insurance Company of Vermont 144A		10.50			09/15/2039		1,600,000		2,037,642
Platinum Underwriters Finance Incorporated Series B		7.50			06/01/2017		2,100,000		2,284,653
Prudential Financial Incorporated		8.88			06/15/2068		2,000,000		2,240,000
Torchmark Corporation		9.25			06/15/2019		1,945,000		2,358,838
Unum Group		7.13			09/30/2016		2,360,000		2,706,238
									19,500,173
REIT: 0.39%
Dexus Property Group 144A		7.13			10/15/2014		2,435,000		2,652,660
Health Care : 1.32%
Health Care Equipment & Supplies: 0.24%
Fresenius Medical Care Holdings Incorporated		6.88			07/15/2017		1,500,000		1,590,000
Health Care Providers & Services : 1.08%
Cigna Corporation		5.38			02/15/2042		1,855,000		1,732,618
HCA Incorporated		6.50			02/15/2020		1,750,000		1,741,250
Health Management plc		6.13			04/15/2016		2,000,000		2,035,000
Lifepoint Hospitals Incorporated		6.63			10/01/2020		1,750,000		1,785,000
									7,293,868
Industrials : 3.10%
Aerospace & Defense : 0.29%
Esterline Technologies Corporation		7.00			08/01/2020		1,750,000		1,811,250
Hexcel Corporation		6.75			02/01/2015		167,000		169,296
									1,980,546
Commercial Services & Supplies : 0.47%
Clean Harbors Incorporated		7.63			08/15/2016		1,575,000		1,661,625
Equifax Incorporated		6.30			07/01/2017		1,335,000		1,471,137
									3,132,762
Electrical Equipment: 0.26%
Belden CDT Incorporated		7.00			03/15/2017		1,750,000		1,741,250
Industrial Conglomerates: 0.38%
General Electric Capital Corporation		6.38			11/15/2067		2,670,000		2,574,881
Machinery : 0.87%
Briggs & Stratton Corporation		6.88			12/15/2020		1,750,000		1,767,500
Case New Holland Incorporated		7.88			12/01/2017		2,000,000		2,190,000
SPX Corporation		7.63			12/15/2014		1,750,000		1,887,813
									5,845,313
Professional Services : 0.83%
FTI Consulting Incorporated		6.75			10/01/2020		2,000,000		2,017,500

4

WELLS FARGO ADVANTAGE INCOME PLUS FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Professional Services: (continued)
Verisk Analytics Incorporated		5.80	%		05/01/2021	$	3,220,000	$	3,595,558
									5,613,058
Information Technology : 1.63%
Communications Equipment: 0.28%
Brocade Communications Systems Incorporated		6.88			01/15/2020		1,750,000		1,855,000
Electronic Equipment & Instruments : 0.44%
Corning Incorporated		7.25			08/15/2036		2,092,000		2,470,796
Jabil Circuit Incorporated		5.63			12/15/2020		500,000		501,250
									2,972,046
Internet Software & Services: 0.31%
Equinix Incorporated		7.00			07/15/2021		2,000,000		2,062,500
Office Electronics: 0.28%
Xerox Corporation		8.25			05/15/2014		1,685,000		1,910,054
Semiconductors & Semiconductor Equipment: 0.32%
Broadcom Corporation		2.70			11/01/2018		2,180,000		2,142,138
Materials : 1.51%
Chemicals: 0.28%
Mosaic Company 144A		7.63			12/01/2016		1,808,000		1,876,939
Containers & Packaging : 0.52%
Ball Corporation		7.38			09/01/2019		1,750,000		1,898,750
Sealed Air Corporation 144A		8.13			09/15/2019		1,500,000		1,590,000
									3,488,750
Metals & Mining: 0.39%
Freeport-McMoRan Copper & Gold Incorporated		8.38			04/01/2017		2,470,000		2,627,463
Paper & Forest Products: 0.32%
Domtar Corporation		10.75			06/01/2017		1,750,000		2,200,625
Telecommunication Services : 1.32%
Diversified Telecommunication Services : 0.54%
Frontier Communications Corporation		8.25			04/15/2017		750,000		730,313
Qwest Corporation		8.38			05/01/2016		1,060,000		1,201,775
Windstream Corporation		7.75			10/15/2020		1,750,000		1,706,250
									3,638,338
Wireless Telecommunication Services : 0.78%
Alltel Corporation		7.00			07/01/2012		1,285,000		1,330,322
American Tower Corporation		7.00			10/15/2017		1,765,000		2,027,577
Crown Castle International Corporation		7.13			11/01/2019		1,750,000		1,876,875
									5,234,774

5

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE INCOME PLUS FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Utilities : 0.85%
Electric Utilities: 0.31%
Dolphin Subsidiary II Incorporated 144A		7.25	%		10/15/2021	$	2,000,000	$	2,105,000
Independent Power Producers & Energy Traders : 0.54%
FPL Energy Caithness Funding 144A (i)		7.65			12/31/2018		1,921,125		2,139,653
NRG Energy Incorporated		7.63			01/15/2018		1,500,000		1,477,500
									3,617,153
Total Corporate Bonds and Notes (Cost $168,827,599)									173,203,527
Municipal Bonds and Notes: 0.52%
Illinois : 0.47%
Illinois GO (GO-State)		4.51			03/01/2015		3,000,000		3,142,200
Other : 0.05%
Seneca Nation Indians Capital Improvements Authority Series 07 B (Other Revenue) 144A(i)		6.75			12/01/2013		365,000		358,864
Total Municipal Bonds and Notes (Cost $3,365,000)									3,501,064
Non-Agency Mortgage Backed Securities: 3.69%
Bank of America Commercial Mortgage Securities Incorporated Series 2007-1 Class AMFX		5.48			01/15/2049		785,000		719,535
Bank of America Commercial Mortgage Securities Incorporated Series 2008-1 Class AM		6.44			02/10/2051		1,070,000		1,025,318
Commercial Mortgage Trust Pass-Through Certificates Series 2004-LB4A Class A4		4.58			10/15/2037		1,329,137		1,332,915
Commercial Mortgage Trust Pass-Through Certificates Series 2006 Class C7		5.97			06/10/2046		2,555,000		2,524,279
Credit Suisse First Boston Mortgage Securities Corporation Series 1998-C2 Class AX ±(c)		0.58			11/15/2030		576,637		4,361
Credit Suisse Mortgage Capital Certificates Series 2006-C3 Class A3		6.01			06/15/2038		2,400,000		2,632,692
Financial Asset Securitization Incorporated Series 1997-NAM2 Class B2		7.88			07/25/2027		99,723		97,772
Goldman Sachs Mortgage Securities Corporation II Series 2006-GG8 Class A4		5.56			11/10/2039		3,503,000		3,765,424
Lehman Brothers UBS Commercial Mortgage Trust Series 2003-C8 Class A3		4.83			11/15/2027		2,476,847		2,511,654
Lehman Brothers UBS Commercial Mortgage Trust Series 2006-C1 Class A4		5.16			02/15/2031		2,450,000		2,675,657
Mach One Trust Commercial Mortgage Backed Series 2004-1 Class X 144A (c)(i)		0.94			05/28/2040		1,602,311		15,078
Merrill Lynch Countrywide Commercial Mortgage Trust Series 2006-4 Class AM		5.20			12/12/2049		2,285,000		2,109,130
Morgan Stanley Capital I Series 2004-RR2 Class X 144A (c)(i)		0.78			10/28/2033		1,239,861		9,200
Morgan Stanley Capital I Series 2007-IQ Class A4		5.81			12/12/2049		2,200,000		2,391,264
SACO I Trust Series 2005-2 Class A ±144A (i)		0.66			04/25/2035		6,799		2,604
TIAA Real Estate CDO Limited Series 2007-C4 Class A3 ±		5.74			08/15/2039		1,555,000		1,671,320
Washington Mutual Mortgage Pass Through Certificates Series 2007-HY7 Class 3A2 ±		5.40			07/25/2037		1,921,102		1,375,591
Total Non-Agency Mortgage Backed Securities (Cost $25,014,296)									24,863,794

6

WELLS FARGO ADVANTAGE INCOME PLUS FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Dividend Yield					Shares		Value
Preferred Stocks: 0.01%
Financials : 0.01%
Diversified Financial Services: 0.01%
First Republic Capital Corporation 144A		10.50	%				50	$	53,000
Total Preferred Stocks (Cost $55,855)									53,000
	Interest Rate			Maturity Date		Principal
U.S. Treasury Securities: 23.38%
U.S. Treasury Bond		3.75			08/15/2041	$	7,100,000		8,076,250
U.S. Treasury Bond		4.25			11/15/2040		15,555,000		19,205,572
U.S. Treasury Bond		4.38			05/15/2040		4,115,000		5,179,756
U.S. Treasury Bond		4.38			05/15/2041		2,740,000		3,456,252
U.S. Treasury Bond		4.50			02/15/2036		4,415,000		5,620,520
U.S. Treasury Bond		6.25			08/15/2023		13,070,000		18,393,986
U.S. Treasury Bond		6.38			08/15/2027		5,620,000		8,340,428
U.S. Treasury Note		0.50			08/15/2014		4,900,000		4,917,228
U.S. Treasury Note		0.63			12/31/2012		10,485,000		10,536,198
U.S. Treasury Note		1.00			12/31/2011		1,955,000		1,956,527
U.S. Treasury Note		1.00			10/31/2016		15,155,000		15,197,616
U.S. Treasury Note		1.13			12/15/2011		10,000,000		10,003,910
U.S. Treasury Note		1.25			04/15/2014		20,590,000		21,040,406
U.S. Treasury Note		2.00			11/15/2021		4,675,000		4,641,396
U.S. Treasury Note		2.13			08/15/2021		4,880,000		4,908,977
U.S. Treasury Note		2.25			07/31/2018		15,130,000		15,898,317
Total U.S. Treasury Securities (Cost $151,045,058)									157,373,339
Yankee Corporate Bonds and Notes: 9.16%
Consumer Discretionary : 1.06%
Media : 1.06%
British Sky Broadcasting Group plc 144A		9.50			11/15/2018		2,170,000		2,791,397
Globo Comunicacoes e Participacoes SA 144A		7.25			04/26/2022		2,380,000		2,487,100
Myriad International Holdings BV 144A		6.38			07/28/2017		1,755,000		1,877,850
									7,156,347
Energy : 0.32%
Energy Equipment & Services: 0.32%
Weatherford International Limited		9.63			03/01/2019		1,665,000		2,130,008
Financials : 5.92%
Capital Markets: 0.14%
Macquarie Group Limited 144A		6.00			01/14/2020		1,000,000		945,915
Commercial Banks : 5.08%
Banco Do Nordeste Do Brasil 144A		3.63			11/09/2015		2,365,000		2,335,438
Banco Macro SA 144A		5.50			07/12/2020		2,510,000		2,676,288
Bank Nederlandse Gemeenten 144A		2.50			01/11/2016		5,420,000		5,641,174
Bank of Nova Scotia 144A		2.15			08/03/2016		2,790,000		2,796,623
BBVA Bancomer SA 144A		4.50			03/10/2016		2,090,000		2,058,650
Commonwealth Bank of Australia 144A		6.02			03/29/2049		1,580,000		1,418,230
Export Import Bank of Korea		5.13			06/29/2020		2,600,000		2,695,662
Icici Bank Limited 144A		4.75			11/25/2016		3,000,000		2,869,797
Itau Unibanco Holdings SA 144A«		5.75			01/22/2021		2,335,000		2,321,733
Kommunalbanken AS 144A		2.38			01/19/2016		2,330,000		2,395,219
Landwirtsch Rentenbank		2.50			02/15/2016		3,150,000		3,288,543

7

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE INCOME PLUS FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Banks (continued)
Westpac Banking Corporation 144A		1.90	%		12/14/2012	$	3,615,000	$	3,667,121
									34,164,478
Consumer Finance : 0.70%
Inmarsat Finance plc 144A		7.38			12/01/2017		1,750,000		1,789,375
Rio Tinto Finance USA Limited		9.00			05/01/2019		2,175,000		2,924,016
									4,713,391
Materials : 0.56%
Metals & Mining : 0.56%
Arcelormittal		6.13			06/01/2018		1,900,000		1,812,553
Teck Resources Limited		10.25			05/15/2016		1,650,000		1,928,438
									3,740,991
Telecommunication Services : 0.83%
Diversified Telecommunication Services : 0.83%
Telecom Italia Capital SA		7.18			06/18/2019		1,415,000		1,277,216
Telefonica Emisiones SAU		5.13			04/27/2020		1,880,000		1,656,702
Telefonos de Mexico SAB de CV		5.50			11/15/2019		2,485,000		2,687,294
									5,621,212
Utilities : 0.47%
Electric Utilities: 0.47%
Western Power Distributions Holdings Limited 144A		7.38			12/15/2028		2,750,000		3,168,105
Total Yankee Corporate Bonds and Notes (Cost $59,420,481)									61,640,447
Yankee Government Bonds: 0.38%
State of Qatar		7.38			12/15/2028		2,580,000		2,557,425
Total Yankee Government Bonds (Cost $2,552,936)									2,557,425
Other: 0.30%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)							1,223,630		439,283
VFNC Corporation, Pass-Through Entity, 0.26% ±144A(a)(i)(v)							3,299,710		1,616,858
Total Other (Cost $831,486)									2,056,141
	Yield					Shares
Short-Term Investments: 12.46%
Investment Companies : 12.41%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class (l)(u)##		0.05	%				81,571,871		81,571,871
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.17					1,975,514		1,975,514
									83,547,385
	Interest Rate			Maturity Date		Principal
U.S. Treasury Securities : 0.05%
U.S. Treasury Bill #		0.01			12/22/2011	$	300,000		299,998

8

WELLS FARGO ADVANTAGE INCOME PLUS FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

	$3,615,000		$3,615,000	$3,615,000	$3,615,000		$3,615,000
Total Short-Term Investments (Cost $83,847,385)						$	83,847,383
Total Investments in Securities (Cost $715,216,941)*	109.29	%					735,679,357
Other Assets and Liabilities, Net	(9.29	)					(62,535,222	)
Total Net Assets	100.00	%				$	673,144,135

± Variable rate investment.

%% Security issued on a when-issued (TBA) basis.

144A 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.

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

(c) Interest-only securities entitle holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate.

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

(i) Illiquid security.

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

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

(l) Investment in an affiliate.

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

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

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

* Cost for federal income tax purposes is $712,409,917 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	27,531,810
Gross unrealized depreciation		(4,262,370	)
Net unrealized appreciation	$	23,269,440

9

WELLS FARGO ADVANTAGE INCOME PLUS FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

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

Securities valuation

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 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.

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.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Fund’s former securities lending agent, as the various participating funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment vehicles fluctuated depending on the relative activity of each participating fund. In order to eliminate the fluctuation of the various participating funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Fund recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in securities lending (“side pocketing”) based on each participating fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each participating fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each participating fund’s percentage ownership of the joint account as of such date.

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.

Futures contracts

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

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

Mortgage dollar roll transactions

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

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 November 30, 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
Agency securities	$	0	$	220,172,804	$	0	$	220,172,804
Asset-backed securities		0		6,410,433		0		6,410,433
Corporate bonds and notes		0		173,203,527		0		173,203,527
Equity securities
Preferred stocks		0		0		53,000		53,000
Municipal bonds and notes		0		3,501,064		0		3,501,064
Non-agency mortgage backed securities		0		24,863,794		0		24,863,794
Yankee corporate bonds and notes		0		61,640,447		0		61,640,447
Yankee government bonds		0		2,557,425		0		2,557,425
U.S. Treasury securities		157,373,339		0		0		157,373,339
Other		0		0		2,056,141		2,056,141
Short-term investments
Investment companies		81,571,871		1,975,514		0		83,547,385
U.S. Treasury securities		299,998		0		0		299,998
	$	239,245,208	$	494,325,008	$	2,109,141	$	735,679,357

As of November 30, 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
Futures contracts+	$	80,272	$	0	$	0	$	80,272

+ 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 November 30, 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:

	Preferred stocks		Other			Total
Balance as of August 31, 2011	$	52,650	$	2,312,455		$	2,365,105
Accrued discounts (premiums)		0		0			0
Realized gains (losses)		0		0			0
Change in unrealized gains (losses)		350		(131,214	)		(130,864	)
Purchases		0		0			0
Sales		0		(125,100	)		(125,100	)
Transfers into Level 3		0		0			0
Transfers out of Level 3		0		0			0
Balance as of November 30, 2011	$	53,000	$	2,056,141		$	2,109,141
Change in unrealized gains (losses) relating to securities still held at November 30, 2011	$	350	$	(192,517	)	$	(192,167	)

Derivative transactions

During the three months ended November 30, 2011 the Fund entered into futures contracts to speculate on interest rates.

At November 30, 2011, the Fund had long/short futures contracts outstanding as follows:

Expiration Date	Contracts	Type	Contract Value at November 30, 2011		Net Unrealized Gains  (Losses)
March 2012	142 Short	10-Year U.S. Treasury Notes	$	18,366,813	$	86,261
March 2012	93 Long	5-Year U.S. Treasury Notes		11,405,578		(5,989	)

As of November 30, 2011, the Fund had average notional amounts of $4,627,109 and 16,857,834, in long and short futures contracts, respectively, during the three months ended November 30, 2011.

WELLS FARGO ADVANTAGE SHORT DURATION GOVERNMENT BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities: 59.65%
FHLMC (a)		2.35	%		12/15/2041	$	20,500,000	$	20,951,940
FHLMC (a)		2.40			01/01/2042		18,953,000		19,370,835
FHLMC (a)%%		2.45			02/15/2042		20,000,000		20,440,917
FHLMC		4.50			05/15/2037		2,473,774		2,637,472
FHLMC		6.00			05/15/2039		10,977,621		12,206,342
FHLMC		7.00			03/25/2044		2,779,573		3,337,352
FHLMC ±		3.58			08/01/2041		1,993,859		2,086,899
FHLMC ±		3.63			10/01/2041		9,685,571		10,127,750
FHLMC ±		2.48			11/01/2041		10,172,000		10,492,317
FHLMC ±		6.03			04/01/2037		8,386,304		9,082,998
FHLMC ±		5.63			04/01/2037		3,889,607		4,199,276
FHLMC ±		5.70			11/01/2037		8,832,642		9,569,542
FHLMC ±		5.88			08/01/2036		1,882,246		2,037,649
FHLMC ±		5.85			05/01/2036		8,162,955		8,824,893
FHLMC ±		5.67			01/01/2038		2,018,953		2,181,437
FHLMC ±		5.68			07/01/2038		3,911,973		4,273,364
FHLMC ±		5.60			11/01/2039		6,946,732		7,495,566
FHLMC ±		5.74			07/01/2038		3,908,696		4,227,776
FHLMC		5.00			03/15/2039		6,076,529		6,512,213
FHLMC		6.50			11/01/2037		2,324,751		2,629,563
FHLMC		7.00			05/01/2035		3,586,748		4,110,499
FHLMC		6.50			12/01/2038		3,817,722		4,206,141
FHLMC Series 3674 Class HJ		5.50			04/15/2040		26,218,245		28,953,589
FHLMC Series 3704 Class CT		7.00			12/15/2036		3,684,838		4,327,117
FHLMC Series T-11 Class A8		6.50			01/25/2028		2,741,091		3,152,677
FHLMC Series T-42 Class A5		7.50			02/25/2042		69,824		83,301
FHLMC Series T-60 Class 1A3		7.50			03/25/2044		88,417		100,772
FHLMC Structured Pass-Through Securities Series T-41 Class 3A		7.02			07/25/2032		171,513		193,581
FHLMC Structured Pass-Through Securities Series T-51 Class 2A		7.50			08/25/2042		2,576,242		3,053,448
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00			03/25/2043		845,445		955,337
FHLMC Structured Pass-Through Securities Series T-57 Class 1A3		7.50			07/25/2043		594,501		693,685
FHLMC Structured Pass-Through Securities Series T-59 Class 1A3		7.50			10/25/2043		237,539		275,457
FNMA (a)		1.00			01/01/2042		18,953,000		19,370,835
FNMA (a)		2.28			12/01/2041		9,480,000		9,688,995
FNMA %%		3.00			12/01/2099		9,500,000		9,724,141
FNMA %%		3.00			12/01/2099		3,700,000		3,776,891
FNMA		4.00			08/25/2037		3,113,536		3,265,078
FNMA		5.50			05/25/2040		39,488,377		43,708,046
FNMA		6.00			03/25/2035		1,821,000		2,081,528
FNMA %%		6.00			12/01/2099		51,400,000		56,250,878
FNMA		6.50			08/01/2036		3,353,638		3,759,468
FNMA		6.07			07/01/2012		5,103,264		5,157,122
FNMA ±		5.67			07/01/2036		4,259,065		4,605,476
FNMA		6.50			08/01/2037		20,933,199		23,651,712
FNMA		7.00			04/01/2035		3,780,116		4,314,557
FNMA ±		6.49			09/01/2036		4,534,720		4,967,996
FNMA ±		5.87			11/01/2037		2,189,487		2,375,402
FNMA ±		6.28			08/01/2037		4,311,061		4,696,498
FNMA ±		5.95			12/01/2037		2,238,125		2,426,998
FNMA ±		5.12			04/01/2038		470,776		505,815
FNMA		6.50			06/01/2038		17,867,282		20,148,551
FNMA		6.00			12/01/2038		19,860,404		21,797,237
FNMA ±		5.10			06/01/2039		5,985,175		6,453,925
FNMA		6.50			08/01/2039		15,799,594		17,816,863
FNMA		6.00			10/01/2039		31,557,491		34,684,361
FNMA ±		5.85			06/01/2037		1,660,329		1,797,781
FNMA		6.00			03/01/2040		17,978,645		19,731,965
FNMA		6.50			02/01/2041		5,120,209		5,773,950
FNMA ±		3.55			07/01/2041		6,568,352		6,866,323
FNMA ±		3.65			07/01/2041		10,595,922		11,064,145
FNMA ±		3.35			07/01/2041		16,555,446		17,242,163
FNMA ±		3.67			07/01/2041		3,661,584		3,839,003
FNMA ±		3.60			09/01/2041		13,222,625		13,809,004

1

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE SHORT DURATION GOVERNMENT BOND FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA ±		3.41	%		10/01/2041	$	4,262,381	$	4,445,186
FNMA ±		3.09			10/01/2041		1,781,903		1,855,483
FNMA ±		3.20			10/01/2041		13,211,321		13,745,359
FNMA ±		3.51			10/01/2041		9,989,930		10,427,573
FNMA ±		3.30			11/01/2041		9,513,470		9,896,523
FNMA		6.00			06/01/2040		19,256,271		21,134,188
FNMA		6.00			08/01/2037		36,365,000		40,343,235
FNMA Grantor Trust Series 2000-T06 Class A1		7.50			06/25/2030		881,924		1,034,552
FNMA Grantor Trust Series 2001-T01 Class A1		7.50			10/25/2040		4,431,095		5,087,393
FNMA Grantor Trust Series 2001-T03 Class A1		7.50			11/25/2040		963,299		1,134,939
FNMA Grantor Trust Series 2001-T08 Class A1		7.50			07/25/2041		1,160,338		1,298,480
FNMA Grantor Trust Series 2001-T16 Class A2		7.00			07/25/2042		1,881,193		2,193,804
FNMA Grantor Trust Series 2002-T11 Class B		5.34			04/25/2012		13,931,000		14,147,428
FNMA Grantor Trust Series 2002-T12 Class A3		7.50			05/25/2042		4,848,767		5,694,140
FNMA Grantor Trust Series 2002-T19 Class A3		7.50			07/25/2042		1,655,136		1,949,821
FNMA Series 1999-T02 Class A1		7.50			01/19/2039		635,389		715,309
FNMA Series 2001-50 Class BA		7.00			10/25/2041		101,798		118,378
FNMA Series 2001-T04 Class A1		7.50			07/25/2041		130,127		153,135
FNMA Series 2001-W03 Class A		7.00			09/25/2041		1,080,057		1,263,531
FNMA Series 2002-14 Class A1		7.00			01/25/2042		907,459		1,028,742
FNMA Series 2002-14 Class A2		7.50			01/25/2042		1,913,556		2,283,298
FNMA Series 2002-26 Class A2		7.50			01/25/2048		2,222,045		2,556,676
FNMA Series 2002-26 Class A1		7.00			01/25/2048		1,231,601		1,448,639
FNMA Series 2002-33 Class A2		7.50			06/25/2032		295,853		336,941
FNMA Series 2002-80 Class A1		6.50			11/25/2042		1,968,744		2,117,630
FNMA Series 2002-W01 Class 2A		7.12			02/25/2042		790,235		920,592
FNMA Series 2002-W06 Class 2A		7.14			06/25/2042		491,216		572,195
FNMA Series 2002-W6 Class 2A1		6.66			06/25/2042		4,004		4,583
FNMA Series 2003-W01 Class 2A		7.14			12/25/2042		356,054		418,299
FNMA Series 2003-W04 Class 4A		7.28			10/25/2042		1,191,433		1,397,065
FNMA Series 2004-W02 Class 5A		7.50			03/25/2044		238,569		279,084
FNMA Series 2004-W09 Class 1A3		6.05			02/25/2044		6,745,717		7,427,668
FNMA Series 2004-W09 Class 2A3		7.50			02/25/2044		1,212,226		1,373,496
FNMA Series 2005-W03 Class 1A		7.50			03/25/2045		407,524		472,101
FNMA Series 2006-004 Class PB		6.00			09/25/2035		2,767,192		3,127,579
FNMA Series 2006-114 Class PD		6.00			12/25/2036		11,450,100		13,151,665
FNMA Series 2009-019 Class TA		4.50			12/25/2037		3,344,422		3,576,244
FNMA Series 2009-047 Class MT		7.00			07/25/2039		2,834,759		3,240,528
FNMA Series 2009-047 Class PA		4.50			07/25/2039		7,097,195		7,568,446
FNMA Series 2009-111 Class CL		4.50			03/25/2038		3,419,212		3,569,694
FNMA Series 2009-14 Class A		7.00			06/25/2035		5,219,556		6,086,057
FNMA Series 2010-64 Class BA		5.00			05/25/2040		13,004,268		14,070,658
FNMA Series 2011-M2 Class A1		2.02			07/25/2021		5,168,702		5,225,678
FNMA Whole Loan Series 2002-W08 Class A3		7.50			06/25/2042		172,376		195,003
FNMA Whole Loan Series 2004-W08 Class 3A		7.50			06/25/2044		2,017,675		2,376,495
FNMA Whole Loan Series 2004-W11 Class 1A2		6.50			05/25/2044		10,343,203		11,658,335
FNMA Whole Loan Series 2004-W14 Class 2A		7.50			07/25/2044		206,315		240,457
FNMA Whole Loan Series 2005-W01 Class 1A4		7.50			10/25/2044		683,076		804,605
FNMA Whole Loan Series 2005-W04 Class 1A3		7.00			08/25/2035		1,576,153		1,824,928
GNMA ±		3.50			09/20/2041		3,484,418		3,668,528
GNMA ±		3.50			09/20/2041		3,311,052		3,486,001
GNMA ±		3.50			10/20/2041		10,131,477		10,666,012
GNMA ±		3.00			10/20/2041		10,046,711		10,438,788
GNMA ±		3.50			11/20/2041		17,562,000		18,488,568
GNMA		6.00			09/15/2035		19,605,520		22,225,233
GNMA II ±		3.50			07/20/2041		2,897,220		3,058,995
GNMA II ±		3.50			08/20/2041		7,165,730		7,544,352
GNMA II ±		3.50			08/20/2041		3,156,800		3,323,599
GNMA Series 2009-42 Class CT		6.00			08/16/2035		2,317,658		2,616,864
Total Agency Securities (Cost $916,919,414)									919,653,190

2

WELLS FARGO ADVANTAGE SHORT DURATION GOVERNMENT BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Asset-Backed Securities: 8.97%
AESOP Funding II LLC Series 2011-2A Class A 144A		2.37	%		11/20/2014	$	17,901,000	$	17,882,442
Ally Master Owner Trust Series 2011-4 Class A2		1.54			09/15/2016		5,613,000		5,596,306
Capital Auto Receivables Asset Carat Series 2008-1 Class A4A		4.46			07/15/2014		1,341,944		1,356,564
Chase Issuance Trust Chait Series 2005-A11 Class A ±		0.32			12/15/2014		5,477,000		5,475,434
Citibank Omni Master Trust Series 2009-A14 Class A14 ±144A		3.00			08/15/2018		5,391,000		5,660,435
Citibank Omni Master Trust Series 2009-A8 Class A8 ±144A		2.35			05/16/2016		21,943,000		22,111,290
Greenwich Capital Commercial Funding Corporation Series 2005-GGS Class A4		5.24			04/10/2037		8,210,000		8,670,228
MBNA Credit Card Master Note Trust Series 2005-A2 Class A2 ±		0.33			10/15/2014		9,723,000		9,722,859
MMCA Automobile Trust Series 2009-A Class A4 144A		6.25			11/16/2015		4,533,000		4,712,864
SLC Student Loan Trust Series 2005-2 Class A2 ±		0.43			06/15/2022		6,469,000		6,388,390
SLM Student Loan Trust Series 2001-1 Class A3 ±		0.63			04/25/2023		5,428,000		5,240,807
SLM Student Loan Trust Series 2002-6 Class A4 ±		0.53			03/15/2019		3,270,795		3,235,438
SLM Student Loan Trust Series 2005-1 Class A2 ±		0.50			04/27/2020		3,260,931		3,231,573
SLM Student Loan Trust Series 2006-7 Class A4 ±		0.49			04/25/2022		10,238,829		10,148,535
SLM Student Loan Trust Series 2006-9 Class A4 ±		0.49			10/25/2022		15,046,000		14,730,974
SLM Student Loan Trust Series 2008-4 Class A3 ±		1.67			10/25/2017		3,358,000		3,420,420
SLM Student Loan Trust Series 2011-B Class A4 ±144A		1.10			12/16/2024		5,025,395		4,988,566
SLM Student Loan Trust Series 2011-C Class A1 (a)±144A		1.66			12/15/2023		5,726,000		5,726,000
Total Asset-Backed Securities (Cost $138,658,854)									138,299,125
Non-Agency Mortgage Backed Securities: 5.70%
Bank of America Commercial Mortgage Incorporated Series 2004-6 Class A3		4.51			12/10/2042		2,441,002		2,461,142
Bank of America Commercial Mortgage Incorporated Series 2004-6 Class A5		4.81			12/10/2042		4,608,000		4,937,854
Bank of America Commercial Mortgage Incorporated Series 2005-6 Class A4		5.37			09/10/2047		3,580,000		3,955,803
Bear Stearns Commercial Mortgage Securities Incorporated Series 2004-T16 Class A6		4.75			02/13/2046		9,051,000		9,746,035
Citigroup Commercial Mortgage Trust Series 2005-EMG Class A4 144A		4.52			09/20/2051		2,374,191		2,427,710
Commercial Mortgage Pass-Through Certificates Series 2005-LP5 Class A4		4.98			05/10/2043		5,726,000		6,224,626
Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C1 Class A4		5.01			02/15/2038		3,595,000		3,883,545
Developers Diversified Realty Corporation Series 2009-DDR1 Class A 144A		3.81			10/14/2022		20,537,249		21,422,835
ESA Trust Series 2010-ESHA Class A 144A		2.95			11/05/2027		10,552,954		10,576,762
GMAC Commercial Mortgage Securities Incorporated Series 2004-C2 Class A4		5.30			08/10/2038		3,671,000		3,952,158
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-C1 Class A1 144A		3.85			06/15/2043		3,661,279		3,826,201
Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C2 Class A4		5.00			04/15/2030		1,083,000		1,137,438
Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C7 Class A3		5.61			11/15/2030		3,106,000		3,180,246
Merrill Lynch Mortgage Trust Series 2005-CIP1 Class A3A		4.95			07/12/2038		1,968,000		2,042,526
Merrill Lynch Mortgage Trust Series 2005-CKI1 Class A3		5.39			11/12/2037		2,477,190		2,503,785
Morgan Stanley Capital I Series 2005-HQ6 Class A4		4.99			08/13/2042		5,120,000		5,598,439
Total Non-Agency Mortgage Backed Securities (Cost $87,522,068)									87,877,105
U.S. Treasury Securities: 27.79%
U.S. Treasury Note		0.25			10/31/2013		35,028,000		35,025,268
U.S. Treasury Note		0.25			11/30/2013		315,462,000		315,412,788
U.S. Treasury Note		0.38			11/15/2014		35,962,000		35,939,524
U.S. Treasury Note		0.50			10/15/2014		41,877,000		42,004,599
Total U.S. Treasury Securities (Cost $428,402,393)									428,382,179

3

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE SHORT DURATION GOVERNMENT BOND FUND

Security Name			Interest Rate			Maturity Date		Principal		Value
Yankee Corporate Bonds and Notes: 1.14%
Financials : 1.14%
Commercial Banks: 1.14%
Nordea Eiendomskreditt AS ±144A				0.80	%		04/07/2014	$	18,010,000	$	17,649,278
Total Yankee Corporate Bonds and Notes (Cost $18,010,000)											17,649,278
Other: 0.06%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)									577,345		207,267
VFNC Corporation, Pass-Through Entity, 0.26% (a)±144A(i)(v)									1,556,901		762,881
Total Other (Cost $392,320)											970,148
			Yield					Shares
Short-Term Investments: 7.54%
Investment Companies : 7.54%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)##				0.01					105,814,756		105,814,756
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)				0.17					10,423,730		10,423,730
Total Short-Term Investments (Cost $116,238,486)											116,238,486
Total Investments in Securities (Cost $1,706,143,535)*	110.85	%									1,709,069,511
Other Assets and Liabilities, Net	(10.85	)									(167,347,987	)
Total Net Assets	100.00	%								$	1,541,721,524

(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.

%% Security issued on a when-issued (TBA) basis.

± Variable rate investment.

144A 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.

(i) Illiquid 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 has been segregated for when-issued, delayed delivery securities and/or unfunded loans.

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

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

* Cost for federal income tax purposes is $1,705,886,696 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	6,841,638
Gross unrealized depreciation		(3,658,823	)
Net unrealized appreciation	$	3,182,815

4

WELLS FARGO ADVANTAGE SHORT DURATION GOVERNMENT BOND FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Short Duration Government Bond Fund (the “Fund”).

Securities valuation

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.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Fund’s former securities lending agent, as the various participating funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment vehicles fluctuated depending on the relative activity of each participating fund. In order to eliminate the fluctuation of the various participating funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Fund recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in securities lending (“side pocketing”) based on each participating fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each participating fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each participating fund’s percentage ownership of the joint account as of such date.

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.

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 November 30, 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
Agency securities	$	0	$	919,653,190	$	0	$	919,653,190
Asset-backed securities		0		138,299,125		0		138,299,125
Non-agency mortgage backed securities		0		87,877,105		0		87,877,105
Yankee corporate bonds and notes		0		17,649,278		0		17,649,278
U.S. Treasury securities		428,382,179		0		0		428,382,179
Other		0		0		970,148		970,148
Short-term investments
Investment companies		105,814,756		10,423,730		0		116,238,486
	$	534,196,935	$	1,173,902,428	$	970,148	$	1,709,069,511

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

	Other
Balance as of August 31, 2011	$	1,091,085
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		(61,911	)
Purchases		0
Sales		(59,026	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of November 30, 2011	$	970,148
Change in unrealized gains (losses) relating to securities still held at November 30, 2011	$	(90,835	)

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities: 8.15%
FHLMC		1.13	%		07/27/2012	$	3,000,000	$	3,017,392
FHLMC ±		2.50			04/01/2032		86,218		90,694
FHLMC ±		2.62			07/01/2029		9,200		9,723
FHLMC ±		3.03			09/01/2031		8,101		8,160
FHLMC		3.63			10/18/2013		10,000,000		10,592,100
FHLMC ±		4.28			05/01/2026		234,126		246,895
FHLMC		7.00			11/17/2013		15,216		15,314
FHLMC		7.50			06/01/2012		1,284		1,311
FHLMC		7.50			10/01/2012		3,273		3,370
FHLMC		8.50			09/01/2017		233,925		258,094
FHLMC		9.00			08/01/2018		221,930		252,396
FHLMC		9.00			06/01/2019		273,246		306,355
FHLMC		9.00			10/01/2019		404,732		476,182
FHLMC		9.50			12/01/2022		371,646		427,588
FHLMC		10.50			01/01/2016		3,947		4,506
FHLMC		10.50			11/01/2017		1,496		1,724
FHLMC		10.50			08/01/2018		141,768		163,353
FHLMC		10.50			02/01/2019		1,978		2,340
FHLMC		10.50			04/01/2019		1,063		1,236
FHLMC		10.50			05/01/2019		792		939
FHLMC		10.50			06/01/2019		9,028		10,608
FHLMC		10.50			07/01/2019		1,537		1,824
FHLMC FHA Project Loan (i)		7.44			03/15/2013		103,054		103,054
FHLMC Series 2301 Class MO		6.00			10/15/2013		4,841,581		4,985,852
FHLMC Series 2958 Class QD		4.50			04/15/2020		3,703,000		4,052,412
FHLMC Structured Pass-Through Securities Series T-42 Class A6		9.50			02/25/2042		693,018		842,233
FHLMC Structured Pass-Through Securities Series T-57 Class 2A1 ±		3.58			07/25/2043		34,206		34,974
FHLMC Structured Pass-Through Securities Series T-59 Class 2A1 ±		3.26			10/25/2043		1,323,209		1,375,771
FNMA ±		2.30			11/01/2031		111,064		116,123
FNMA		3.25			04/01/2015		4,579,944		4,856,773
FNMA		6.00			04/01/2021		3,255,906		3,560,070
FNMA		6.00			03/01/2033		1,343,553		1,491,793
FNMA		6.50			08/01/2031		860,210		978,420
FNMA		8.00			03/01/2013		10,193		10,486
FNMA		8.00			04/01/2017		346,570		379,586
FNMA		8.00			09/01/2019		219,624		249,830
FNMA		8.00			09/01/2023		22,508		24,905
FNMA		8.33			07/15/2020		70,475		82,294
FNMA		8.50			11/01/2012		2,068		2,125
FNMA		8.50			07/01/2018		130,380		147,408
FNMA		8.50			02/01/2023		227,890		243,372
FNMA		9.00			02/15/2020		2,569		3,037
FNMA		9.00			11/01/2024		206,157		244,920
FNMA		11.00			10/15/2020		214,667		245,663
FNMA		12.00			03/01/2017		31,149		36,157
FNMA Grantor Trust Series 2002-T1 Class A4		9.50			11/25/2031		124,907		147,890
FNMA Grantor Trust Series 2002-T12 Class A4		9.50			05/25/2042		1,072,898		1,357,319
FNMA Series 1989-29 Class Z		10.00			06/25/2019		218,887		251,782
FNMA Series 1989-63 Class Z		9.40			10/25/2019		128,738		144,960
FNMA Series 2004-90 Class XY		4.00			09/25/2034		2,931,818		2,990,486
FNMA Series G95-2		10.00			05/25/2020		309,398		71,252
FNMA Whole Loan Series 2003-W11 Class A1 ±		3.03			06/25/2033		45,921		45,913
FNMA Whole Loan Series 2003-W6 Class 6A ±		3.29			08/25/2042		1,818,382		1,963,425
FNMA Whole Loan Series 2003-W6 Class PT4		9.57			10/25/2042		165,814		191,761
FNMA Whole Loan Series 2004-W6 Class 1A4		5.50			07/25/2034		3,406,392		3,535,611
GNMA		7.00			05/15/2013		4,869		4,874
GNMA		7.50			02/15/2013		2,820		2,857
GNMA		8.00			12/15/2023		76,484		91,315
GNMA		9.00			11/15/2017		132,407		150,127
GNMA		9.00			11/15/2024		58,399		68,418
GNMA		10.00			02/20/2018		13,198		14,975
GNMA		12.50			04/15/2019		470,441		484,499
GNMA Series 2005-90 Class A		3.76			09/16/2028		2,006,976		2,052,077

1

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
SBA (i)(c)(a)		3.68	%		10/06/2015	$	97,358	$	4,654
Total Agency Securities (Cost $52,280,613)									53,533,557
Asset-Backed Securities: 7.90%
Chase Issuance Trust Series 2007-A18 Class A ±		0.51			01/15/2015		1,600,000		1,602,887
Chase Issuance Trust Series 2009-A2 Class A2 ±		1.80			04/15/2014		6,000,000		6,034,393
Citibank Credit Card Issuance Trust Series 2009-A1 Class A1 ±		2.00			03/17/2014		5,500,000		5,526,633
CNH Equipment Trust Series 2011-A Class A2		0.62			06/16/2014		2,000,000		1,997,983
ContiMortgage Net Interest Margin Notes Series 1997-A Class A (i)		7.23			10/16/2028		4,157,517		1,299
Ford Credit Auto Lease Trust Series 2011-B Class A2		0.82			01/15/2014		5,000,000		4,999,495
GE Equipment Midticket LLC Series 2010-1 Class A2 144A		0.61			01/14/2013		445,961		445,930
Home Equity Asset Trust Series 2003-6 Class M1 ±		1.31			02/25/2034		2,150,725		1,665,297
Honda Auto Receivables Owner Trust Series 2010-3 Class A2		0.53			01/21/2013		1,018,606		1,018,527
Hyundai Auto Lease Securitization Trust Series 2011 Class A2 144A		0.69			11/15/2013		1,600,000		1,598,296
John Deere Owner Trust Series 2011-A Class A2		0.64			06/16/2014		3,000,000		2,998,471
Mercedes-Benz Auto Lease Trust Series 2011-1A Class A2 144A		0.79			04/15/2013		2,406,717		2,408,143
Mercedes-Benz Auto Lease Trust Series 2011-B Class A2 144A		0.90			01/15/2014		3,500,000		3,500,250
Newcastle Investment Trust Series 2011-MH1 Class A 144A		2.45			12/10/2033		1,685,755		1,699,338
Nissan Auto Lease Trust Series 2010-B Class A2		0.90			05/15/2013		1,715,466		1,716,973
Nissan Auto Receivables Owner Trust Series 2010-A Class A2		0.55			03/15/2013		608,791		608,784
Nissan Auto Receivables Owner Trust Series 2011-A Class A2		0.65			12/16/2013		5,500,000		5,513,076
Porsche Innovative Lease Owner Pilot Series 2011-1 Class A2 144A		0.92			02/20/2014		3,500,000		3,500,952
Residential Asset Securities Corporation Series 2001-KS1 Class AII ±		0.73			03/25/2032		41,875		40,535
Structured Asset Investment Loan Trust Series 2003-BC10 Class M1 ±		1.38			10/25/2033		1,198,549		910,897
Structured Asset Investment Loan Trust Series 2003-BC3 Class M1 ±		1.68			04/25/2033		1,422,103		1,123,454
Toyota Auto Receivables Owner Trust Series 2010-C Class A2		0.51			12/17/2012		1,652,046		1,651,666
Volkswagen Auto Lease Trust Series 2010-A Class A2		0.77			01/22/2013		1,289,100		1,289,891
Total Asset-Backed Securities (Cost $57,105,047)									51,853,170
Corporate Bonds and Notes: 44.31%
Consumer Discretionary : 9.05%
Auto Components: 0.47%
AutoZone Incorporated		5.88			10/15/2012		3,000,000		3,115,155
Diversified Consumer Services: 0.31%
Life Technologies Corporation		3.38			03/01/2013		2,000,000		2,041,964
Hotels, Restaurants & Leisure : 1.06%
Darden Restaurants Incorporated		5.63			10/15/2012		2,000,000		2,075,416
Starwood Hotels & Resorts Worldwide Incorporated		7.88			10/15/2014		2,500,000		2,781,250
Yum! Brands Incorporated		7.70			07/01/2012		2,000,000		2,070,682
									6,927,348
Leisure Equipment & Products: 0.45%
Hasbro Incorporated		6.13			05/15/2014		2,725,000		2,978,695
Media : 4.11%
CBS Corporation		8.20			05/15/2014		3,000,000		3,412,167
Comcast Corporation		10.63			07/15/2012		2,500,000		2,634,535
Historic TW Incorporated		9.13			01/15/2013		2,000,000		2,160,422
Interpublic Group of Companies Incorporated		6.25			11/15/2014		2,860,000		3,056,625
News America Incorporated		5.30			12/15/2014		3,120,000		3,426,222
Sirius XM Radio Incorporated 144A		9.75			09/01/2015		3,000,000		3,247,500
TCM LLC 144A		3.55			01/15/2015		2,000,000		2,095,124
Time Warner Cable Incorporated		8.25			02/14/2014		3,000,000		3,386,397

2

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Media (continued)
Viacom Incorporated		4.38	%		09/15/2014	$	3,300,000	$	3,538,818
									26,957,810
Multiline Retail : 0.78%
JCPenney Company Incorporated		9.00			08/01/2012		3,000,000		3,135,000
Macy’s Incorporated		5.35			03/15/2012		2,000,000		2,019,178
									5,154,178
Specialty Retail : 1.87%
Best Buy Company Incorporated		6.75			07/15/2013		3,035,000		3,219,580
Harley Davidson Funding 144A		5.75			12/15/2014		1,500,000		1,620,968
Home Depot Incorporated		5.25			12/16/2013		3,000,000		3,248,805
Staples Incorporated		9.75			01/15/2014		3,665,000		4,187,002
									12,276,355
Consumer Staples : 3.17%
Beverages : 0.64%
Dr Pepper Snapple Group Incorporated		1.70			12/21/2011		1,000,000		1,000,384
Miller Brewing Corporation 144A		5.50			08/15/2013		3,000,000		3,207,387
									4,207,771
Food & Staples Retailing : 0.74%
CVS Caremark Corporation 144A		7.77			01/10/2012		1,543,373		1,558,807
Safeway Incorporated		6.25			03/15/2014		3,000,000		3,312,705
									4,871,512
Food Products : 0.49%
Cadbury Schweppes Company 144A		5.13			10/01/2013		3,000,000		3,179,805
Kraft Foods Incorporated		6.25			06/01/2012		22,000		22,557
									3,202,362
Household Products : 0.95%
Clorox Company		5.00			01/15/2015		3,000,000		3,249,681
Procter & Gamble Company		0.70			08/15/2014		3,000,000		3,012,336
									6,262,017
Tobacco: 0.35%
Altria Group Incorporated		7.75			02/06/2014		2,000,000		2,265,956
Energy : 3.65%
Energy Equipment & Services : 1.44%
Indiana Michigan Power Company		6.38			11/01/2012		2,000,000		2,089,970
Kinder Morgan Energy Partners LP		5.13			11/15/2014		3,000,000		3,251,859
Nevada Power Company		6.50			04/15/2012		2,000,000		2,039,086
Weatherford International Limited		5.15			03/15/2013		2,000,000		2,083,872
									9,464,787
Oil, Gas & Consumable Fuels : 2.21%
El Paso Pipeline Corporation		4.10			11/15/2015		3,000,000		3,069,507
Energy Transfer Partners LP		5.65			08/01/2012		2,000,000		2,049,266
Petrohawk Energy Corporation		7.88			06/01/2015		3,000,000		3,195,000

3

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Valero Energy Corporation		6.88	%		04/15/2012	$	3,000,000	$	3,062,700
Williams Partners LP		3.80			02/15/2015		3,000,000		3,140,967
									14,517,440
Financials : 15.69%
Capital Markets : 0.66%
Jefferies Group Incorporated «		5.88			06/08/2014		2,420,000		2,277,825
Raymond James Financial		4.25			04/15/2016		2,000,000		2,069,444
									4,347,269
Commercial Banks : 2.71%
Australia and New Zealand Banking Group Limited 144A		2.40			11/23/2016		3,000,000		2,946,618
Credit Suisse		2.20			01/14/2014		3,000,000		2,954,532
Hudson United Bank		7.00			05/15/2012		1,195,000		1,223,847
Inter-American Development Bank ±		0.93			05/20/2014		4,000,000		4,052,068
Key Bank NA		5.50			09/17/2012		2,000,000		2,061,024
M&I Marshall & IIsley Bank		5.25			09/04/2012		3,240,000		3,341,927
PNC Funding Corporation ±		0.57			04/01/2012		1,200,000		1,201,159
									17,781,175
Consumer Finance : 1.18%
American Honda Finance Corporation 144A		2.38			03/18/2013		2,600,000		2,638,584
Capital One Financial Corporation		6.25			11/15/2013		2,000,000		2,141,130
Ford Motor Credit Company LLC		3.88			01/15/2015		3,000,000		2,940,567
									7,720,281
Diversified Financial Services : 5.87%
American Express Centurion		5.55			10/17/2012		2,000,000		2,076,548
Bank of America Corporation		3.13			06/15/2012		5,000,000		5,082,590
Bank of New York Mellon Corporation ±		0.53			06/29/2012		1,600,000		1,603,906
ERAC USA Finance Company 144A		2.25			01/10/2014		3,000,000		2,990,331
Fifth Third Bancorp Cincinnati Ohio ±		0.58			05/17/2013		2,000,000		1,953,130
General Electric Capital Corporation		4.80			05/01/2013		3,000,000		3,133,020
Huntington Capital Trust I ±		1.13			02/01/2027		2,000,000		1,471,464
JPMorgan Chase & Company ±		0.61			12/26/2012		5,300,000		5,324,433
Morgan Stanley		3.25			12/01/2011		4,000,000		4,000,000
Morgan Stanley		4.75			04/01/2014		3,000,000		2,879,175
Santander Holdings USA		4.63			04/19/2016		2,000,000		1,894,298
SLM Corporation Series MTN		5.13			08/27/2012		3,000,000		3,000,588
Woodside Finance Limited 144A		4.50			11/10/2014		3,000,000		3,173,193
									38,582,676
Insurance : 2.48%
American International Group Incorporated		4.25			05/15/2013		3,000,000		2,976,834
Genworth Life Institutional Funding Trust 144A		5.88			05/03/2013		2,035,000		2,067,792
Mass Mutual Global Funding II 144A		3.63			07/16/2012		1,000,000		1,015,384
Metropolitan Life Global Funding I 144A		2.00			01/10/2014		1,000,000		1,001,670
Metropolitan Life Global Funding I 144A		5.13			04/10/2013		2,000,000		2,090,316
Montpelier Holdings Limited		6.13			08/15/2013		2,900,000		2,957,394
New York Life Global Funding 144A		5.25			10/16/2012		2,000,000		2,083,310
Pricoa Global Funding 144A		5.40			10/18/2012		2,000,000		2,068,002
									16,260,702

4

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
REIT : 2.79%
Dexus Property Group 144A		7.13	%		10/15/2014	$	3,000,000	$	3,268,164
Digital Realty Trust LP		4.50			07/15/2015		3,000,000		3,045,219
Federal Realty Investment Trust		5.95			08/15/2014		1,000,000		1,069,971
Healthcare Realty Trust Incorporated		5.13			04/01/2014		2,000,000		2,058,442
Nationwide Health Properties Incorporated		8.25			07/01/2012		1,720,000		1,759,803
Ventas Realty LP		9.00			05/01/2012		3,000,000		3,071,718
WEA Finance LLC 144A		7.50			06/02/2014		3,630,000		4,052,162
									18,325,479
Health Care : 2.48%
Biotechnology: 0.46%
Amgen Incorporated		1.88			11/15/2014		3,000,000		3,015,342
Health Care Equipment & Supplies: 0.34%
Boston Scientific Corporation		6.25			11/15/2015		2,000,000		2,207,460
Health Care Providers & Services : 1.68%
AmerisourceBergen Corporation		5.88			09/15/2015		3,450,000		3,918,344
Anthem Incorporated		6.80			08/01/2012		2,925,000		3,036,840
Coventry Health Care Incorporated		5.88			01/15/2012		2,000,000		2,008,284
UnitedHealth Group Incorporated		4.88			02/15/2013		2,000,000		2,085,948
									11,049,416
Industrials : 3.41%
Aerospace & Defense: 0.48%
BAE Systems Holdings Incorporated 144A		4.95			06/01/2014		3,000,000		3,173,181
Building Products: 0.53%
Masco Corporation		5.88			07/15/2012		3,400,000		3,457,824
Commercial Services & Supplies : 1.04%
Brambles USA Incorporation 144A		3.95			04/01/2015		2,000,000		2,085,472
Equifax Incorporated		4.45			12/01/2014		2,000,000		2,087,786
R.R. Donnelley & Sons Company		4.95			04/01/2014		2,685,000		2,631,300
									6,804,558
Electrical Equipment : 0.64%
Agilent Technologies Incorporated		4.45			09/14/2012		2,000,000		2,043,424
Roper Industries Incorporated		6.63			08/15/2013		2,000,000		2,148,824
									4,192,248
Machinery: 0.40%
SPX Corporation		7.63			12/15/2014		2,450,000		2,642,938
Road & Rail: 0.32%
CSX Corporation		6.30			03/15/2012		2,100,000		2,129,843
Information Technology : 0.83%
Office Electronics: 0.32%
Xerox Corporation		8.25			05/15/2014		1,855,000		2,102,759
Software: 0.51%
CA Incorporated		6.13			12/01/2014		3,000,000		3,339,177

5

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Materials : 0.48%
Chemicals: 0.16%
Mosaic Company 144A		7.63	%		12/01/2016	$	1,000,000	$	1,038,130
Metals & Mining: 0.32%
Teck Cominco Incorporated		7.00			09/15/2012		2,000,000		2,086,054
Telecommunication Services : 1.81%
Diversified Telecommunication Services : 1.34%
Crown Castle Towers LLC 144A		3.21			08/15/2035		2,000,000		2,024,370
Qwest Corporation ±		3.60			06/15/2013		2,500,000		2,506,250
Verizon New England Incorporated		4.75			10/01/2013		3,000,000		3,157,437
Verizon Wireless Capital LLC		7.38			11/15/2013		1,000,000		1,118,153
									8,806,210
Wireless Telecommunication Services : 0.47%
Alltel Corporation		7.00			07/01/2012		945,000		978,330
SBA Tower Trust 144A		4.25			04/15/2040		2,000,000		2,110,800
									3,089,130
Utilities : 3.74%
Electric Utilities : 3.59%
Allegheny Energy Supply Company LLC 144A		8.25			04/15/2012		2,000,000		2,047,932
Ameren Corporation		8.88			05/15/2014		3,738,000		4,223,809
Commonwealth Edison Company Series 105		5.40			12/15/2011		700,000		700,879
Duke Energy Ohio Incorporated		5.70			09/15/2012		3,000,000		3,108,726
FPL Group Capital Incorporation		2.60			09/01/2015		3,000,000		3,019,563
Great Plains Energy Incorporated		2.75			08/15/2013		1,000,000		1,013,958
Niagara Mohawk Power Corporation 144A		3.55			10/01/2014		3,667,000		3,853,819
PECO Energy Company		5.00			10/01/2014		2,000,000		2,213,422
Virginia Electric & Power Company		5.25			12/15/2015		3,000,000		3,436,077
									23,618,185
Multi-Utilities: 0.15%
CMS Energy Corporation		2.75			05/15/2014		1,000,000		977,179
Total Corporate Bonds and Notes (Cost $289,646,325)									290,990,566
Municipal Bonds and Notes: 6.75%
Alabama : 0.25%
Courtland AL Industrial Development Board International Paper Company Project Series A (IDR)		5.00			11/01/2013		1,570,000		1,655,801
California : 2.26%
California PCFA Solid Waste Disposal (Resource Recovery Revenue) ±		1.20			08/01/2023		1,000,000		999,970
California PCFA Waste Services Incorporated Series A (Resource Recovery Revenue) ±		2.63			06/01/2018		3,000,000		3,040,080
Munimae Trust Series 2001-2 Class A (Housing Revenue, FHLMC Insured) ±		4.00			10/26/2016		3,875,000		3,881,045
Northern California Power Agency Series B (Utilities Revenue)		2.75			07/01/2012		2,000,000		2,004,960
Oakland-Alameda County CA Coliseum Authority (Lease Revenue)		6.80			12/06/2011		2,900,000		2,900,000

6

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
California (continued)
University of California Build America Bonds (Education Revenue) ±		1.99	%		05/15/2050	$	2,000,000	$	2,031,020
									14,857,075
Florida : 0.49%
Miami-Dade County FL IDA Waste Management Incorporated Florida Project (Resource Recovery Revenue) ±		2.63			08/01/2023		1,200,000		1,203,732
Miami-Dade County FL School Board COP (Lease Revenue, NATL-RE FGIC Insured)		5.00			05/01/2013		1,870,000		1,989,811
									3,193,543
Georgia : 0.49%
Georgia Municipal Gas Authority Taxable Gas Portfolio III Series F (Energy Revenue, GO of Authority Insured)		4.77			08/01/2015		3,000,000		3,249,000
Indiana : 0.23%
Indiana State EDFA AMT Republic Services Incorporated Project (Resource Recovery Revenue) ±		1.05			05/01/2034		1,500,000		1,500,000
Kentucky : 0.28%
Kenton County KY Airport Board Cincinnati Northern Kentucky Series A (Airport Revenue, XLCA Insured)		5.00			03/01/2012		1,830,000		1,846,433
Louisiana : 0.46%
Louisiana State Gas & Fuels Tax Build America Bonds Series A-4 (Tax Revenue) ±		2.75			05/01/2043		3,000,000		3,013,440
New York : 0.18%
Babylon NY IDAG Taxable Covanta Babylon Series B (IDR)		4.67			01/01/2012		515,000		516,159
Onondaga County NY Property Tax Receivables (Lease Revenue)		3.50			04/01/2013		695,000		695,591
									1,211,750
Ohio : 0.45%
Columbus Franklin County OH Finance Authority Research & Development (IDR)		3.45			02/15/2015		2,885,000		2,957,240
Oregon : 0.48%
Oregon School Boards Association Series A (Miscellaneous Revenue, NATL-RE FGIC Insured) (z)		1.29			06/30/2013		3,200,000		3,134,784
Texas : 0.02%
Reeves County TX Lease Rentals Law Enforcement (Lease Revenue, ACA Insured)		5.75			03/01/2012		125,000		125,004
West Virginia : 0.46%
West Virginia Solid Waste Disposal Facilities Amos Project Series A (Resource Recovery Revenue) ±		2.00			01/01/2041		3,000,000		3,013,620
Wisconsin : 0.70%
Marshfield WI Taxable BAN Series B (Utilities Revenue)		2.00			12/01/2011		2,500,000		2,500,100
Menomonee Falls WI (Tax Revenue)		4.25			11/01/2014		2,000,000		2,085,200
									4,585,300
Total Municipal Bonds and Notes (Cost $43,810,840)									44,342,990
Non-Agency Mortgage Backed Securities: 6.55%
Aames Mortgage Trust Series 2003-1 Class M1 ±		1.28			10/25/2033		4,356,098		3,483,375

7

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Non-Agency Mortgage Backed Securities (continued)
Bank of America Mortgage Securities Series 2002-K Class 3A1 ±		2.71	%		10/20/2032	$	84,246	$	79,408
Bear Stearns Commercial Mortgage Securities Series 2004-PWR3 Class A3		4.49			02/11/2041		3,750,815		3,830,861
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA ±		0.59			12/25/2034		165,492		130,354
ContiMortgage Home Equity Trust Series 1996-2 (i)(c)		0.14			07/15/2027		1,569,022		16
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±		1.99			06/19/2031		487,712		432,914
Countrywide Home Loans Mortgage Pass-Through Trust Series 2004-20 Class 3A1 ±		2.29			09/25/2034		120,702		66,613
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-C3 Class A5		3.94			05/15/2038		3,000,000		3,060,495
Credit Suisse First Boston Mortgage Securities Corporation Series 2006-C1 Class AAB		5.58			02/15/2039		2,076,457		2,178,899
Drexel Burnham Lambert CMO Trust Series T Class 4		8.45			09/20/2019		282,913		283,894
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 ±		1.00			09/25/2033		862,883		724,406
Golden National Mortgage Asset Backed Certificates Series 1998-GN1 Class M2 (i)		8.02			02/25/2027		61,118		61,117
GS Mortgage Securites Corporation II Series 2003-C1 Class A3		4.61			01/10/2040		2,969,000		3,045,562
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A		8.00			09/19/2027		543,955		562,995
GSMPS Mortgage Loan Trust Series 2004-4 Class 1AF ±144A		0.66			06/25/2034		1,742,384		1,421,266
GSMPS Mortgage Loan Trust Series 2004-4 Class 2A1 ±144A		3.72			06/25/2034		1,346,058		1,218,204
GSMPS Mortgage Loan Trust Series 2006-RP1 Class 1AF1 ±144A		0.61			01/25/2036		1,277,984		930,447
GSMPS Mortgage Loan Trust Series 2006-RP2 Class 1AF1 ±144A		0.66			04/25/2036		1,610,616		1,287,504
GSR Mortgage Loan Trust Series 2004-1 Class 2A2 ±		1.94			04/25/2032		261,781		214,974
Jeffries & Company Series 2010-R7 Class 7A6 144A		3.25			10/26/2036		1,257,467		1,253,656
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2003-C1 Class A2		4.99			01/12/2037		3,285,000		3,381,707
Master Mortgages Trust Series 2002-3 Class 4A1 ±		2.63			10/25/2032		19,824		18,578
Morgan Stanley Capital I Series 1999-WF1 Class X (c)144A		1.26			11/15/2031		5,633,847		174,306
Morgan Stanley Capital I Series 2004-IQ8 Class A4		4.90			06/15/2040		1,556,763		1,562,165
Morgan Stanley Dean Witter Captial I Series 2003-TOP9 Class A2		4.74			11/13/2036		3,690,304		3,795,902
Nomura Asset Acceptance Corporation Series 2005-AR1 Class 1A1		2.76			02/25/2035		1,760,080		1,373,145
Nomura Asset Securities Corporation Series 1998-D6 Class A2		7.32			03/15/2030		3,685,000		3,876,712
Residential Finance Limited Partnership Series 2003-C Class B3 ±144A		1.65			09/10/2035		3,186,818		2,460,574
Salomon Brothers Mortgage Securities VI Series 1987-3 Class A (z)		0.29			10/23/2017		6,867		6,748
Structured Asset Securities Corporation Series 1998-RF2 Class A 144A		7.73			07/15/2027		1,664,344		1,676,367
Structured Mortgage Asset Residential Trust Series 1992-5B Class BO (i)(z)		1.51			06/25/2023		9,692		8,129
Terwin Mortgage Trust Series 2004-21HE Class 1A1 ±		1.22			12/25/2034		48,408		41,502
Wilshire Funding Corporation Series 1996-3 Class M2		5.82			08/25/2032		157,835		154,356
Wilshire Funding Corporation Series 1996-3 Class M3		5.82			08/25/2032		160,269		152,800
Wilshire Funding Corporation Series 1998-2 Class M1		2.00			12/28/2037		51,120		46,360
Total Non-Agency Mortgage Backed Securities (Cost $46,634,367)									42,996,311
U.S. Treasury Securities: 2.03%
U.S. Treasury Note		0.50			08/15/2014		1,910,000		1,916,716
U.S. Treasury Note «		1.00			07/15/2013		8,450,000		8,554,307
U.S. Treasury Note		1.50			07/31/2016		2,105,000		2,164,696
U.S. Treasury Note		1.88			02/28/2014		665,000		688,275
U.S. Treasury Note		4.88			06/30/2012		25,000		25,694
Total U.S. Treasury Securities (Cost $13,254,088)									13,349,688

8

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Yankee Corporate Bonds and Notes: 17.65%
Consumer Discretionary : 0.94%
Media : 0.61%
Pearson Finance Two plc 144A		5.50	%		05/06/2013	$	2,500,000	$	2,637,785
Vivendi SA 144A		5.75			04/04/2013		1,335,000		1,395,720
									4,033,505
Multiline Retail: 0.33%
Wesfarmers Limited 144A		7.00			04/10/2013		2,000,000		2,134,618
Consumer Staples : 0.33%
Food & Staples Retailing: 0.33%
Delhaize Group		5.88			02/01/2014		2,000,000		2,176,924
Energy : 0.50%
Oil, Gas & Consumable Fuels: 0.50%
Husky Energy Incorporated		5.90			06/15/2014		3,000,000		3,270,210
Financials : 12.91%
Capital Markets : 1.07%
Amvescap plc		5.38			12/15/2014		1,600,000		1,716,578
BP Capital Markets plc		5.25			11/07/2013		3,000,000		3,220,761
Macquarie Group Limited 144A		7.30			08/01/2014		2,005,000		2,108,191
									7,045,530
Commercial Banks : 10.37%
ABN Amro Bank NV 144A		3.00			01/31/2014		2,630,000		2,608,484
Australia & New Zealand Banking Group Limited ±144A		0.63			06/18/2012		4,000,000		4,001,800
Banco Santander Chile 144A		2.88			11/13/2012		2,000,000		2,005,826
Bank of Montreal 144A		1.30			10/31/2014		2,500,000		2,493,895
Bank of Nova Scotia 144A		1.65			10/29/2015		3,430,000		3,411,200
Bank of Nova Scotia 144A		2.15			08/03/2016		3,000,000		3,007,122
Canadian Imperial Bank 144A		0.90			09/19/2014		4,100,000		4,054,543
Canadian Imperial Bank 144A		2.75			01/27/2016		3,000,000		3,095,553
Commonwealth Bank of Australia ±		0.87			07/23/2014		4,000,000		3,930,756
Corp Andina De Fomento		3.75			01/15/2016		3,385,000		3,414,978
Dnb Nor Boligkreditt AS 144A		2.90			03/29/2017		3,000,000		3,102,555
HSBC Bank plc 144A		1.63			07/07/2014		4,000,000		3,956,728
Lloyds TSB Bank plc 144A		4.38			01/12/2015		2,910,000		2,812,332
Nordea Eiendomskreditt 144A		1.88			04/07/2014		6,500,000		6,537,297
Royal Bank of Scotland plc		3.95			09/21/2015		3,115,000		2,936,598
Standard Chartered plc 144A		3.85			04/27/2015		2,760,000		2,775,840
Swedbank AB 144A		3.00			12/22/2011		3,000,000		3,003,408
Swedbank Hypotek 144A		2.13			08/31/2016		3,000,000		2,941,269
Toronto Dominion Bank 144A«		0.88			09/12/2014		4,000,000		3,967,276
Westpac Banking Corporation ±144A		0.53			12/14/2012		4,000,000		4,006,672
									68,064,132
Diversified Financial Services : 1.47%
Abbey National Treasury Services plc		4.00			04/27/2016		3,000,000		2,676,276
BAT International Finance plc 144A		8.13			11/15/2013		2,000,000		2,248,504
UBS AG Stamford CT		2.25			08/12/2013		2,000,000		1,980,084
Volkswagen International Finance NV 144A		1.88			04/01/2014		2,770,000		2,773,939
									9,678,803

9

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name						Principal		Value
Industrials : 0.32%
Building Products: 0.32%
Tyco Electronics Group SA		6.00	%		10/01/2012	$	2,000,000	$	2,082,028
Materials : 1.24%
Metals & Mining : 1.08%
Arcelormittal		5.38			06/01/2013		3,500,000		3,572,534
Rio Tinto Finance USA Limited		8.95			05/01/2014		3,000,000		3,508,422
									7,080,956
Paper & Forest Products: 0.16%
PE Paper Escrow GmbH 144A		12.00			08/01/2014		1,000,000		1,065,000
Telecommunication Services : 1.41%
Diversified Telecommunication Services : 1.11%
Deutsche Telekom International Finance BV		5.25			07/22/2013		3,000,000		3,162,624
Telecom Italia Capital		5.25			11/15/2013		1,500,000		1,443,600
Telefonos de Mexico SA		5.50			01/27/2015		2,510,000		2,699,513
									7,305,737
Wireless Telecommunication Services: 0.30%
Telefonica Moviles Chile SA 144A		2.88			11/09/2015		2,000,000		1,958,352
Total Yankee Corporate Bonds and Notes (Cost $115,737,494)									115,895,795
Other: 0.09%
Gryphon Funding Limited, Pass-Through Entity (i)(a)(v)							366,152		131,448
VFNC Corporation, Pass-Through Entity, 0.26% ±(i)(a)144A(v)							987,385		483,819
Total Other (Cost $248,809)									615,267
	Interest Rate			Maturity Date
Short-Term Investments: 6.84%
U.S. Treasury Securities : 0.05%
U.S. Treasury Bill #		0.01			12/22/2011		300,000		299,998
	Yield					Shares
Investment Companies : 6.79%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class (l)(u)		0.05					39,065,921		39,065,921
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.17					5,560,466		5,560,466
									44,626,387
Total Short-Term Investments (Cost $44,926,387)									44,926,385

10

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

	12/22/2011		12/22/2011	12/22/2011	12/22/2011		12/22/2011
Total Investments in Securities (Cost $663,643,970)*	100.27	%					658,503,729
Other Assets and Liabilities, Net	(0.27	)					(1,796,468	)
Total Net Assets	100.00	%				$	656,707,261

± Variable rate investment.

(i) Illiquid security.

(c) Interest-only securities entitle holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate.

(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.

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

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

(z) Zero coupon security. Rate represents yield to maturity.

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

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

(l) Investment in an affiliate.

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

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

* Cost for federal income tax purposes is $663,643,970 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	8,286,767
Gross unrealized depreciation		(13,427,008	)
Net unrealized depreciation	$	(5,140,241	)

11

WELLS FARGO ADVANTAGE SHORT-TERM BOND FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Short Term Bond Fund (the “Fund”).

Securities valuation

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.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Fund’s former securities lending agent, as the various participating funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment vehicles fluctuated depending on the relative activity of each participating fund. In order to eliminate the fluctuation of the various participating funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Fund recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in securities lending (“side pocketing”) based on each participating fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each participating fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each participating fund’s percentage ownership of the joint account as of such date.

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.

Futures contracts

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

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

Fair valuation measurements

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 November 30, 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
Agency securities		0		53,425,849		107,708		53,533,557
Asset-backed securities		0		51,851,871		1,299		51,853,170
Corporate bonds and notes		0		289,431,759		1,558,807		290,990,566
Municipal bonds and notes		0		44,342,990		0		44,342,990
Non-agency mortgage backed securities		0		42,996,311		0		42,996,311
U.S. Treasury securities		13,349,688		0		0		13,349,688
Yankee corporate bonds and notes		0		115,895,795		0		115,895,795
Other		0		0		615,267		615,267
Short-term investments
Investment companies		39,065,921		5,560,466		0		44,626,387
U.S. Treasury securities		299,998		0		0		299,998
	$	52,715,607	$	603,505,341	$	2,283,081	$	658,503,729

As of November 30, 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
Futures contracts+	$	(7,273	)	$	0	$	0	$	(7,273	)

+ 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 November 30, 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:

	Agency securities			Asset- backed securities			Corporate bonds and notes			Non-agency mortgage backed securities			Other			Total
Balance as of August 31, 2011	$	112,643		$	13,509		$	1,636,231		$	1,922,151		$	691,965		$	4,376,499
Accrued discounts (premiums)		0			0			(6,997	)		0			0			(6,997	)
Realized gains (losses)		(76,266	)		(302,765	)		(236	)		(2,099	)		0			(381,366	)
Change in unrealized gains (losses)		75,240			217,119			(17,242	)		7,928			(39,264	)		243,781
Purchases		0			73,436			0			0			0			73,436
Sales		(3,909	)		0			(52,949	)		(674,324	)		(37,434	)		(768,616	)
Transfers into Level 3		0			0			0			0			0			0
Transfers out of Level 3		0			0			0			(1,253,656	)		0			(1,253,656	)
Balance as of November 30, 2011	$	107,708		$	1,299		$	1,558,807		$	0		$	615,267		$	2,283,081
Change in unrealized gains (losses) relating to securities still held at November 30, 2011	$	(574	)	$	0		$	(23,151	)	$	0		$	(57,608	)	$	(81,333	)

Derivative transactions

During the three months ended November 30, 2011, the Fund entered into futures contracts to speculate on interest rates.

At November 30, 2011, the Fund had long futures contracts outstanding as follows:

Expiration Date	Contracts	Type	Contract Value at November 30, 2011		Net Unrealized Gains (Losses)
March 2012	349 Long	2-Year U.S. Treasury Notes	$	76,954,500	$	(7,273	)

The Fund had an average notional amount of $56,430,819 in long futures contracts and $5,695,892 in short futures contracts during the three months ended November 30, 2011.

WELLS FARGO ADVANTAGE SHORT-TERM HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Corporate Bonds and Notes: 61.13%
Consumer Discretionary : 16.97%
Auto Components : 2.02%
American Axle & Manufacturing Holdings Incorporated		5.25	%		02/11/2014	$	7,000,000	$	6,790,000
Tenneco Incorporated		8.13			11/15/2015		5,000,000		5,150,000
TRW Automotive Incorporated 144A		8.88			12/01/2017		3,325,000		3,557,750
									15,497,750
Diversified Consumer Services : 0.95%
Service Corporation International		6.75			04/01/2015		3,000,000		3,187,500
Service Corporation International		7.38			10/01/2014		3,740,000		4,057,900
									7,245,400
Hotels, Restaurants & Leisure : 1.51%
Firekeepers Development Authority 144A		13.88			05/01/2015		5,000,000		5,643,750
Starwood Hotels & Resorts Worldwide Incorporated		7.88			10/15/2014		3,000,000		3,337,500
Tunica-Biloxi Gaming Authority 144A		9.00			11/15/2015		2,580,000		2,554,200
									11,535,450
Household Durables : 1.98%
DR Horton Incorporated		6.13			01/15/2014		3,000,000		3,075,000
Jarden Corporation		8.00			05/01/2016		6,500,000		7,020,000
Mohawk Industries Incorporated Series D		7.20			04/15/2012		2,107,000		2,138,605
Pulte Homes Incorporated		5.25			01/15/2014		3,000,000		2,947,500
									15,181,105
Leisure Equipment & Products: 0.70%
Easton Bell Sports Incorporated		9.75			12/01/2016		5,000,000		5,362,500
Media : 6.82%
Belo Corporation		6.75			05/30/2013		2,000,000		2,080,000
Catalina Marketing Corporation 144A¥		10.50			10/01/2015		5,115,000		5,070,244
CCH II Capital Corporation		13.50			11/30/2016		6,500,000		7,491,250
CSC Holdings LLC		8.50			04/15/2014		7,000,000		7,761,250
EchoStar DBS Corporation		6.63			10/01/2014		8,505,000		8,813,306
Gannett Companies Incorporated		6.38			04/01/2012		2,000,000		2,015,000
Gannett Companies Incorporated		8.75			11/15/2014		5,000,000		5,312,500
Lamar Media Corporation Series C		9.75			04/01/2014		6,500,000		7,101,250
Sirius XM Radio Incorporated 144A		9.75			09/01/2015		4,000,000		4,330,000
XM Satellite Radio Holdings Incorporated 144A		13.00			08/01/2014		2,000,000		2,260,000
									52,234,800
Multiline Retail: 0.35%
Macy’s Incorporated		5.75			07/15/2014		2,500,000		2,694,460
Specialty Retail : 1.79%
Avis Budget Car Rental LLC ±		2.96			05/15/2014		5,000,000		4,575,000
GameStop Corporation		8.00			10/01/2012		300,000		300,750
Limited Brands Incorporated		5.25			11/01/2014		4,000,000		4,160,000
Simmons Bedding Company 144A		11.25			07/15/2015		4,540,000		4,687,550
									13,723,300
Textiles, Apparel & Luxury Goods: 0.85%
Hanesbrands Incorporated «		8.00			12/15/2016		6,000,000		6,465,000

1

WELLS FARGO ADVANTAGE SHORT-TERM HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Consumer Staples : 3.52%
Beverages: 0.78%
Constellation Brands Incorporated		8.38	%		12/15/2014	$	5,385,000	$	5,977,350
Food & Staples Retailing : 1.01%
Albertsons Incorporated		7.25			05/01/2013		5,750,000		5,922,500
CVS Caremark Corporation 144A		7.77			01/10/2012		1,791,644		1,809,560
									7,732,060
Food Products : 1.73%
Dole Food Company Incorporated		13.88			03/15/2014		5,500,000		6,366,250
Smithfield Foods Incorporated		10.00			07/15/2014		6,000,000		6,870,000
									13,236,250
Energy : 9.91%
Oil, Gas & Consumable Fuels : 9.91%
Arch Coal Incorporated		8.75			08/01/2016		6,000,000		6,555,000
Berry Petroleum Companies Class A		10.25			06/01/2014		2,000,000		2,260,000
Bill Barrett Corporation		9.88			07/15/2016		6,000,000		6,570,000
Chesapeake Energy Corporation		9.50			02/15/2015		5,700,000		6,412,500
Coffeyville Resources Refining & Marketing LLC 144A		9.00			04/01/2015		4,000,000		4,260,000
Encore Acquisition Company		9.50			05/01/2016		2,500,000		2,756,250
Forest Oil Corporation		8.50			02/15/2014		6,000,000		6,450,000
Holly Energy Partners LP		6.25			03/01/2015		6,675,000		6,574,875
Kinder Morgan Incorporated		5.15			03/01/2015		7,000,000		7,087,500
Newfield Exploration Company		6.63			09/01/2014		4,000,000		4,040,000
Petrohawk Energy Corporation		10.50			08/01/2014		5,500,000		6,125,625
Plains Exploration & Production Company		7.75			06/15/2015		6,520,000		6,788,950
Plains Exploration & Production Company		10.00			03/01/2016		1,500,000		1,695,000
Quicksilver Resources Incorporated		8.25			08/01/2015		3,000,000		3,060,000
Tesoro Corporation		6.25			11/01/2012		2,000,000		2,080,000
Whiting Petroleum Corporation		7.00			02/01/2014		3,000,000		3,180,000
									75,895,700
Financials : 6.78%
Commercial Banks : 1.52%
AmSouth Bancorporation		4.85			04/01/2013		5,014,000		4,813,440
CIT Group Incorporated 144A		5.25			04/01/2014		7,000,000		6,860,000
									11,673,440
Consumer Finance : 4.30%
Arch Western Finance LLC		6.75			07/01/2013		1,658,000		1,658,000
Ford Motor Credit Company LLC		3.88			01/15/2015		2,000,000		1,960,378
Ford Motor Credit Company LLC		8.70			10/01/2014		6,500,000		7,104,227
GMAC LLC		6.75			12/01/2014		1,000,000		980,000
GMAC LLC		7.50			12/31/2013		3,000,000		3,033,750
JBS USA Finance Incorporated		11.63			05/01/2014		2,000,000		2,225,000
Nielsen Finance LLC Company		11.63			02/01/2014		5,975,000		6,811,500
SLM Corporation		5.00			10/01/2013		6,000,000		5,998,752
Toll Brothers Finance Corporation		5.95			09/15/2013		3,000,000		3,138,225
									32,909,832
Diversified Financial Services : 0.96%
Ally Financial Incorporated		4.50			02/11/2014		3,000,000		2,850,000

2

WELLS FARGO ADVANTAGE SHORT-TERM HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Diversified Financial Services (continued)
PHH Corporation		7.13	%		03/01/2013	$	4,500,000	$	4,533,750
									7,383,750
Health Care : 1.85%
Health Care Equipment & Supplies: 0.73%
Fresenius US Finance II Incorporated 144A		9.00			07/15/2015		5,000,000		5,562,500
Health Care Providers & Services: 0.79%
Health Management plc		6.13			04/15/2016		5,930,000		6,033,775
Life Sciences Tools & Services: 0.33%
Community Health Systems Incorporated Series WI «		8.88			07/15/2015		2,500,000		2,568,750
Industrials : 11.48%
Aerospace & Defense : 1.57%
Alliant Techsystems Incorporated		6.75			04/01/2016		5,000,000		5,087,500
Geoeye Incorporated		9.63			10/01/2015		6,250,000		6,937,500
									12,025,000
Commercial Services & Supplies : 5.69%
Acco Brands Corporation		10.63			03/15/2015		5,000,000		5,537,500
ARAMARK Corporation		8.50			02/01/2015		3,000,000		3,075,000
Case Corporation		7.25			01/15/2016		3,500,000		3,710,000
Casella Waste Systems Incorporated		11.00			07/15/2014		5,000,000		5,400,000
Corrections Corporation of America		6.25			03/15/2013		4,000,000		4,010,000
Deluxe Corporation		5.13			10/01/2014		5,000,000		5,000,000
FTI Consulting Incorporated		7.75			10/01/2016		5,500,000		5,692,500
International Lease Finance Corporation		5.65			06/01/2014		3,000,000		2,820,000
International Lease Finance Corporation 144A		6.50			09/01/2014		3,000,000		3,030,000
Libbey Glass Incorporated		10.00			02/15/2015		5,000,000		5,325,000
									43,600,000
Machinery : 2.61%
Case New Holland Incorporated		7.75			09/01/2013		3,500,000		3,675,000
SPX Corporation		7.63			12/15/2014		7,085,000		7,642,944
Terex Corporation		10.88			06/01/2016		5,000,000		5,550,000
Westinghouse Air Brake Technology		6.88			07/31/2013		3,000,000		3,105,000
									19,972,944
Trading Companies & Distributors : 1.61%
Ashtead Capital Incorporated 144A		9.00			08/15/2016		5,500,000		5,665,000
United Rentals North America		10.88			06/15/2016		6,000,000		6,660,000
									12,325,000
Information Technology : 0.87%
Electronic Equipment, Instruments & Components: 0.87%
Jabil Circuit Incorporated		7.75			07/15/2016		6,000,000		6,645,000
Materials : 4.09%
Containers & Packaging : 2.23%
Ball Corporation		7.13			09/01/2016		5,000,000		5,400,000
Berry Plastics Corporation		8.25			11/15/2015		4,000,000		4,240,000

3

WELLS FARGO ADVANTAGE SHORT-TERM HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Containers & Packaging (continued)
Silgan Holdings Incorporated		7.25	%		08/15/2016	$	7,000,000	$	7,455,000
									17,095,000
Metals & Mining : 0.94%
Steel Dynamics Incorporated		7.38			11/01/2012		4,000,000		4,140,000
United States Steel Corporation		5.65			06/01/2013		3,000,000		3,045,000
									7,185,000
Paper & Forest Products : 0.92%
Neenah Paper Incorporated		7.38			11/15/2014		2,834,000		2,834,000
Verso Paper Holdings		11.50			07/01/2014		4,150,000		4,233,000
									7,067,000
Telecommunication Services : 4.72%
Diversified Telecommunication Services : 3.73%
Cincinnati Bell Incorporated		7.00			02/15/2015		6,000,000		5,880,000
Frontier Communications Corporation		8.25			05/01/2014		6,340,000		6,546,050
Intelsat Jackson Holdings Limited		9.50			06/15/2016		2,000,000		2,085,000
Qwest Communications International Incorporated Series B		7.50			02/15/2014		5,500,000		5,534,375
SBA Telecommunications Incorporated		8.00			08/15/2016		4,000,000		4,280,000
Windstream Corporation		8.13			08/01/2013		4,000,000		4,230,000
									28,555,425
Wireless Telecommunication Services: 0.99%
Crown Castle International Corporation		9.00			01/15/2015		7,000,000		7,612,500
Utilities : 0.94%
Independent Power Producers & Energy Traders: 0.94%
AES Corporation «		7.75			03/01/2014		6,750,000		7,171,875
Total Corporate Bonds and Notes (Cost $470,461,161)									468,167,916
Municipal Bonds and Notes: 0.63%
California : 0.63%
California Judgment Trust (Miscellaneous Revenue) ±		1.68			06/01/2015		5,165,000		4,862,744
Total Municipal Bonds and Notes (Cost $4,822,819)									4,862,744
Non-Agency Mortgage Backed Securities: 0.01%
Salomon Brothers Mortgage Securities VII Series 1994-5 Class B2 ±(i)		2.84			04/25/2024		91,693		75,522
Total Non-Agency Mortgage Backed Securities (Cost $91,360)									75,522
Term Loans: 25.12%
AMC Entertainment Incorporated		2.01			01/28/2013		1,445,410		1,435,480
American Rock Salt Holdings LLC		5.50			04/25/2017		5,970,000		5,865,525
Atlantic Broadband Finance LLC		4.00			03/08/2016		4,512,588		4,372,698
Biomet Incorporated		3.32			03/25/2015		6,394,116		6,159,644
Carestream Health Incorporated		5.00			02/25/2017		2,974,758		2,627,217
Cequel Communications Holdings		2.25			11/05/2013		2,968,912		2,921,914
Chrysler Group LLC		6.00			05/24/2017		3,990,000		3,675,788
Cinemark USA Incorporated		3.57			04/29/2016		2,924,827		2,893,385
Clarke American Corporation		2.78			03/26/2014		4,920,394		4,145,432
CommScope Incorporated		5.00			01/14/2018		2,985,000		2,970,075

4

WELLS FARGO ADVANTAGE SHORT-TERM HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Term Loans (continued)
Community Health Systems Incorporated		2.51	%		07/25/2014	$	191,124	$	184,255
Community Health Systems Incorporated		2.75			07/25/2014		3,719,666		3,585,981
Convatec Limited		5.75			12/22/2016		496,250		485,829
DaVita Incorporated		4.50			10/20/2016		4,962,500		4,937,688
Dean Foods Company		1.87			04/02/2014		2,432,505		2,337,808
Delphi Corporation		3.50			03/31/2017		4,276,316		4,252,283
Dollar General Corporation		3.04			07/07/2014		4,659,542		4,649,244
Education Management LLC		2.13			06/03/2013		1,983,973		1,862,812
Federal Mogul Corporation		2.19			12/29/2014		2,628,169		2,426,142
Federal Mogul Corporation		2.19			12/28/2015		1,340,903		1,237,828
Freescale Semiconductor		4.50			12/01/2016		2,990,221		2,822,021
Getty Images Incorporated		5.25			11/07/2016		3,922,756		3,917,029
Goodman Global Holdings Incorporated		5.75			10/28/2016		4,191,083		4,177,294
HCA Incorporated		2.62			11/18/2013		6,826,832		6,696,712
Hertz Corporation		3.75			03/09/2018		497,500		491,435
Iasis Healthcare Corporation		5.00			05/03/2018		5,970,000		5,736,812
Intelsat Jackson Holdings SA		5.25			04/02/2018		3,980,000		3,926,947
KAR Auction Services Incorporated		5.00			05/19/2017		4,977,245		4,908,808
Manitowoc Company Incorporated		4.25			11/13/2017		4,987,500		4,931,391
MedAssets Incorporated		5.25			11/16/2016		3,198,159		3,162,180
MetroPCS Wireless Incorporated		4.09			11/04/2016		5,464,711		5,333,940
NBTY Incorporated		4.25			10/02/2017		5,959,975		5,866,463
Neiman Marcus Group		4.75			05/16/2018		4,000,000		3,843,880
Novelis Incorporated		3.75			03/10/2017		2,977,500		2,924,143
Omnova Solutions Incorporated		5.75			05/31/2017		2,351,250		2,296,395
Phillips Van Heusen Corporation		3.50			05/06/2016		3,100,420		3,095,242
Pinnacle Foods Finance LLC		2.78			04/02/2014		2,993,629		2,935,253
Renal Advantage Holdings Incorporated		5.75			12/16/2016		496,250		495,009
Reynolds Group Holdings Incorporated		6.50			02/09/2018		3,980,000		3,908,678
RMK Acquisition Corporation (Aramark)		0.09			01/27/2014		253,281		247,311
RMK Acquisition Corporation (Aramark)		2.24			01/27/2014		2,612,497		2,550,920
Seminole Tribe of Florida		1.88			03/05/2014		727,957		686,100
Seminole Tribe of Florida		1.88			03/05/2014		379,354		357,541
Seminole Tribe of Florida		1.88			03/05/2014		1,368,832		1,290,124
Sensata Technologies BV		4.00			05/11/2018		4,987,500		4,916,827
Springleaf Finance Corporation		5.50			05/05/2017		6,000,000		5,201,280
Styron LLC		6.00			08/02/2017		496,250		426,929
Sungard Data Systems Incorporated		2.00			02/28/2014		2,741,529		2,682,586
Sungard Data Systems Incorporated		3.98			02/26/2016		2,165,952		2,111,803
Swift Transportation Companies Incorporated		6.00			12/21/2016		5,396,874		5,356,398
Syniverse Technologies Incorporated		5.25			12/21/2017		992,500		988,282
Terex Corporation Term Loan B		5.50			04/28/2017		2,000,000		1,995,000
Time Warner Telecom Holdings		3.51			12/29/2016		6,029,976		5,959,607
Toys R Us		5.25			06/14/2018		2,985,000		2,924,046
Toys R Us		6.00			09/01/2016		2,962,500		2,920,521
Transdigm Incorporated		4.00			02/14/2017		3,970,000		3,928,871
UCI International Incorporated		5.50			07/26/2017		3,625,855		3,623,607
Vanguard Health Holding Company LLC		5.00			01/29/2016		3,940,374		3,876,343
West Corporation		4.61			07/15/2016		5,928,923		5,869,634
Total Term Loans (Cost $196,502,988)									192,410,390
Yankee Corporate Bonds and Notes: 4.22%
Consumer Discretionary : 1.60%
Media : 1.60%
Videotron Limited		6.88			01/15/2014		4,612,000		4,629,295
Virgin Media Finance plc		9.50			08/15/2016		7,000,000		7,665,000
									12,294,295

5

WELLS FARGO ADVANTAGE SHORT-TERM HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Interest Rate			Maturity Date		Principal		Value
Financials : 0.66%
Consumer Finance: 0.66%
Ineos Finance plc 144A				9.00	%		05/15/2015	$	5,000,000	$	5,037,500
Materials : 1.96%
Chemicals: 0.46%
Nova Chemicals Corporation				6.50			01/15/2012		3,500,000		3,500,000
Metals & Mining: 0.51%
FMG Resources Limited 144A				7.00			11/01/2015		4,000,000		3,870,000
Paper & Forest Products : 0.99%
PE Paper Escrow GmbH 144A				12.00			08/01/2014		4,805,000		5,117,325
UPM Kymmene Corporation 144A				5.63			12/01/2014		2,500,000		2,500,000
											7,617,325
Total Yankee Corporate Bonds and Notes (Cost $33,510,184)											32,319,120
Other: 0.02%
Gryphon Funding Limited, Pass-Through Entity (i)(a)(v)									148,449		53,293
VFNC Corporation, Pass-Through Entity, 0.26% 144A±(i)(a)(v)									169,614		83,111
Total Other (Cost $57,336)											136,404
Short-Term Investments: 7.82%
			Yield					Shares
Investment Companies : 7.82%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class (l)(u)##				0.05					55,735,018		55,735,018
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)				0.17					4,115,664		4,115,664
Total Short-Term Investments (Cost $59,850,682)											59,850,682
Total Investments in Securities (Cost $765,296,530)*	98.95	%									757,822,778
Other Assets and Liabilities, Net	1.05										8,005,448
Total Net Assets	100.00	%								$	765,828,226

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

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

± Variable rate investment.

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

(i) Illiquid security.

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

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

(l) Investment in an affiliate.

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

## All or a portion of this security has been segregated for delayed delivery securities or unfunded loans.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

6

WELLS FARGO ADVANTAGE SHORT-TERM HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

* Cost for federal income tax purposes is $765,323,896 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	4,704,866
Gross unrealized depreciation		(12,205,984	)
Net unrealized depreciation	$	(7,501,118	)

7

WELLS FARGO ADVANTAGE SHORT-TERM HIGH YIELD BOND FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Short-Term High Yield Bond Fund (the “Fund”).

Securities valuation

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.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Fund’s former securities lending agent, as the various participating funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment vehicles fluctuated depending on the relative activity of each participating fund. In order to eliminate the fluctuation of the various participating funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Fund recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in securities lending (“side pocketing”) based on each participating fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each participating fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each participating fund’s percentage ownership of the joint account as of such date.

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.

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 November 30, 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
Corporate bonds and notes	$	0	$	466,358,356	$	1,809,560		468,167,916
Municipal bonds and notes		0		4,862,744		0		4,862,744
Non-Agency mortgage backed securities		0		75,522		0		75,522
Term loans		0		187,106,550		5,303,840		192,410,390
Yankee corporate bonds and notes		0		32,319,120		0		32,319,120
Other		0		0		136,404		136,404
Short-term investments
Investment companies		55,735,018		4,115,664		0		59,850,682
	$	55,735,018	$	694,837,956	$	7,249,804	$	757,822,778

Transfers in and transfers out are recognized at the end of the reporting period. For the three months ended November 30, 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			Term loans			Other			Total
Balance as of August 31, 2011	$	1,899,438		$	29,375,878		$	152,136		$	31,427,452
Accrued discounts (premiums)		(3,397	)		4,537			0			1,140
Realized gains (losses)		(312	)		1,696			0			1,384
Change in unrealized gains (losses)		(24,702	)		155,039			(7,644	)		122,693
Purchases		0			0			0			0
Sales		(61,467	)		(98,336	)		(8,088	)		(167,891	)
Transfers into Level 3		0			0			0			0
Transfers out of Level 3		0			(24,134,974	)		0			(24,134,974	)
Balance as of November 30, 2011	$	1,809,560		$	5,303,840		$	136,404		$	7,249,804
Change in unrealized gains (losses) relating to securities still held at November 30, 2011	$	(26,875	)	$	116,856		$	(11,821	)	$	78,160

WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities: 5.20%
FHLB		5.00	%		08/15/2012	$	5,307,330	$	5,470,530
FHLMC ±		2.50			04/01/2032		204,767		215,397
FHLMC ±		2.50			06/01/2032		12,458		13,140
FHLMC ±		2.54			01/01/2029		96,577		97,565
FHLMC ±		2.62			07/01/2029		9,200		9,723
FHLMC ±		2.69			10/01/2031		88,956		89,640
FHLMC		7.00			06/01/2031		645,307		737,858
FHLMC		7.50			12/01/2011		19		19
FHLMC		7.50			06/01/2012		12,681		12,947
FHLMC		7.50			10/01/2012		4,676		4,814
FHLMC		8.00			01/01/2012		348		352
FHLMC		8.00			01/01/2013		4,223		4,290
FHLMC		9.00			11/01/2016		133,110		149,239
FHLMC		9.00			12/01/2016		987,226		1,118,014
FHLMC		9.00			08/01/2018		246,471		280,306
FHLMC		9.00			10/01/2019		118,591		139,526
FHLMC		9.50			12/01/2016		92,809		95,786
FHLMC		9.50			05/01/2020		46,085		53,902
FHLMC		9.50			09/01/2020		278,828		335,658
FHLMC		9.50			12/01/2022		635,500		731,158
FHLMC		10.00			11/01/2021		103,568		120,797
FHLMC		10.50			05/01/2020		231,499		271,131
FHLMC Structured Pass-Through Securities Series T-42 Class A6		9.50			02/25/2042		1,332,727		1,619,679
FNMA ±		1.77			10/01/2031		172,176		178,595
FNMA ±		2.28			09/01/2031		91,810		94,373
FNMA ±		2.30			11/01/2031		159,632		166,903
FNMA ±		2.38			05/01/2032		96,768		101,671
FNMA ±		2.47			12/01/2040		597,307		630,180
FNMA ±		2.54			06/01/2032		212,938		214,440
FNMA ±		2.61			01/01/2023		28,833		29,109
FNMA ±		3.10			04/01/2033		11,019		11,620
FNMA ±		3.45			07/01/2033		70,689		71,282
FNMA		5.08			01/01/2012		159,423		159,426
FNMA		6.00			04/01/2021		6,046,683		6,611,558
FNMA		6.50			08/01/2031		1,383,975		1,574,160
FNMA		7.00			05/01/2013		31,636		31,902
FNMA		7.00			11/01/2014		180,292		192,167
FNMA		8.00			03/01/2013		11,281		11,605
FNMA		8.33			07/15/2020		98,121		114,577
FNMA		8.50			11/01/2012		2,772		2,848
FNMA		8.50			07/01/2017		610,315		680,918
FNMA		9.00			10/01/2013		21,335		21,693
FNMA		9.00			12/01/2016		643,194		730,095
FNMA		9.00			02/15/2020		291,201		344,155
FNMA		9.00			10/01/2021		203,551		236,360
FNMA		9.00			06/01/2024		269,999		320,346
FNMA		9.50			12/01/2020		201,784		238,701
FNMA		9.50			03/01/2021		54,676		63,983
FNMA		10.00			03/01/2018		78,986		88,729
FNMA		10.25			09/01/2021		225,589		261,740
FNMA		10.50			10/01/2014		62,879		65,862
FNMA		10.50			08/01/2020		12,182		14,336
FNMA		10.50			04/01/2022		355,741		417,209
FNMA Grantor Trust Series 2000-T6 Class A2		9.50			06/25/2030		831,141		980,894
FNMA Grantor Trust Series 2001-T10 Class A3		9.50			12/25/2041		1,977,582		2,390,089
FNMA Grantor Trust Series 2001-T12 Class A3		9.50			08/25/2041		1,747,070		2,074,714
FNMA Grantor Trust Series 2001-T8 Class A3		3.96			07/25/2041		3,693,048		3,740,324
FNMA Grantor Trust Series 2002-T1 Class A4		9.50			11/25/2031		2,330,202		2,758,973
FNMA Series 1988-4 Class Z		9.25			03/25/2018		116,318		130,199
FNMA Series 1988-5 Class Z		9.20			03/25/2018		69,664		70,773
FNMA Series 1988-9 Class Z		9.45			04/25/2018		68,973		77,893
FNMA Series 1989-30 Class Z		9.50			06/25/2019		359,640		410,709
FNMA Series 1989-49 Class E		9.30			08/25/2019		54,675		61,521

1

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Agency Securities (continued)
FNMA Series 1990-111 Class Z		8.75	%		09/25/2020	$	66,470	$	73,353
FNMA Series 1990-119 Class J		9.00			10/25/2020		172,564		198,435
FNMA Series 1990-124 Class Z		9.00			10/25/2020		104,286		120,100
FNMA Series 1990-21 Class Z		9.00			03/25/2020		283,271		329,881
FNMA Series 1990-27 Class Z		9.00			03/25/2020		178,815		204,996
FNMA Series 1990-30 Class D		9.75			03/25/2020		85,341		98,778
FNMA Series 1990-77 Class D		9.00			06/25/2020		83,441		95,370
FNMA Series 1991-132 Class Z		8.00			10/25/2021		405,236		481,210
FNMA Series 1992-71 Class X		8.25			05/25/2022		138,980		167,400
FNMA Series 2007-2 Class FA ±		0.46			02/25/2037		1,611,820		1,607,680
FNMA Series 2007-24 Class AG		5.75			06/25/2035		365,570		365,889
FNMA Series 2007-B2 Class AB		5.50			12/25/2020		2,966,416		3,097,494
FNMA Series 2009-63 Class LC		4.00			04/25/2035		124,067		124,191
FNMA Series G-22 Class ZT		8.00			12/25/2016		769,085		866,437
FNMA Whole Loan Series 2002-W4 Class A6 ±		3.53			05/25/2042		1,669,741		1,765,490
FNMA Whole Loan Series 2003-W11 Class A1 ±		3.03			06/25/2033		118,393		118,372
FNMA Whole Loan Series 2003-W3 Class 1A4 ±		3.47			08/25/2042		69,230		73,276
FNMA Whole Loan Series 2003-W6 Class 6A ±		3.29			08/25/2042		5,000,549		5,399,418
FNMA Whole Loan Series 2004-W6 Class 1A4		5.50			07/25/2034		6,915,700		7,178,041
GNMA		7.00			05/15/2013		103,963		104,073
GNMA		7.00			06/15/2033		1,229,680		1,436,430
GNMA		7.50			02/15/2013		2,980		3,019
GNMA		8.00			01/15/2013		8,441		8,543
GNMA		9.00			11/15/2017		231,993		263,040
GNMA		9.50			11/15/2017		59,353		67,284
GNMA		10.00			10/20/2017		169,396		190,467
GNMA Series 2005-90 Class A		3.76			09/16/2028		3,612,558		3,693,739
Total Agency Securities (Cost $62,405,704)									66,080,509
Asset-Backed Securities: 10.79%
Chase Issuance Trust Series 2007-A18 Class A ±		0.51			01/15/2015		3,400,000		3,406,134
Chase Issuance Trust Series 2009-A2 Class A2 ±		1.80			04/15/2014		11,000,000		11,063,053
Citibank Credit Card Issuance Trust Series 2009-A1 Class A1 ±		2.00			03/17/2014		10,500,000		10,550,845
CNH Equipment Trust Series 2011-A Class A2		0.62			06/16/2014		4,000,000		3,995,966
ContiMortgage Net Interest Margin Notes Series 1997-A Class A (s)(i)		7.23			10/16/2028		8,315,034		2,598
Countrywide Asset-Backed Certificates Series 2007-S1 Class A1A ±		0.37			11/25/2036		366,712		350,682
Ford Credit Auto Lease Trust Series 2011-A Class A2		0.74			09/15/2013		6,000,000		5,995,979
Ford Credit Auto Lease Trust Series 2011-B Class A2		0.82			01/15/2014		10,000,000		9,998,989
GE Equipment Midticket LLC Series 2010-1 Class A2 144A		0.61			01/14/2013		743,268		743,217
Home Equity Asset Trust Series 2003-7 Class M1 ±		1.23			03/25/2034		5,796,054		4,293,572
Honda Auto Receivables Owner Trust Series 2010-3 Class A2		0.53			01/21/2013		1,810,855		1,810,715
Honda Auto Receivables Owner Trust Series 2011-1 Class A2		0.65			06/17/2013		6,393,606		6,395,177
Honda Auto Receivables Owner Trust Series 2011-2 Class A2		0.57			07/18/2013		6,000,000		5,998,501
Hyundai Auto Lease Securitization Trust Series 2011 Class A2 144A		0.69			11/15/2013		3,400,000		3,396,379
Hyundai Auto Receivables Trust Series 2010 B Class A2		0.57			03/15/2013		1,537,138		1,537,025
John Deere Owner Trust Series 2011-A Class A2		0.64			06/16/2014		7,000,000		6,996,433
Mercedes-Benz Auto Lease Trust Series 2011-1A Class A2 144A		0.79			04/15/2013		4,813,434		4,816,287
Mercedes-Benz Auto Lease Trust Series 2011-B Class A2 144A		0.90			01/15/2014		7,500,000		7,500,536
Nissan Auto Lease Trust Series 2010-B Class A2		0.90			05/15/2013		3,801,473		3,804,812
Nissan Auto Receivables Owner Trust Series 2010-A Class A2		0.55			03/15/2013		1,130,612		1,130,600
Nissan Auto Receivables Owner Trust Series 2011-A Class A2		0.65			12/16/2013		12,500,000		12,529,719
Porsche Financial Auto Securitization Series 2011-1 Class A2 144A		0.56			12/16/2013		5,640,137		5,637,013
Porsche Innovative Lease Owner Pilot Series 2011-1 Class A2 144A		0.92			02/20/2014		6,500,000		6,501,768
Residential Asset Securities Corporation Series 2001-KS1 Class AII ±		0.73			03/25/2032		100,676		97,454
Structured Asset Investment Loan Trust Series 2003-BC10 Class M1 ±		1.38			10/25/2033		3,296,010		2,504,968
Structured Asset Investment Loan Trust Series 2003-BC3 Class M1 ±		1.68			04/25/2033		5,688,411		4,493,816
Toyota Auto Receivables Owner Trust Series 2010-C Class A2		0.51			12/17/2012		3,304,091		3,303,333
Volkswagen Auto Lease Trust Series 2010-A Class A2		0.77			01/22/2013		2,338,428		2,339,862
Volkswagen Auto Lease Trust Series 2011-A Class A2		1.00			02/20/2014		6,000,000		5,999,939
Total Asset-Backed Securities (Cost $149,100,808)									137,195,372

2

WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Corporate Bonds and Notes: 41.73%
Consumer Discretionary : 8.26%
Auto Components: 0.41%
AutoZone Incorporated		5.88	%		10/15/2012	$	5,000,000	$	5,191,925
Diversified Consumer Services : 0.81%
Life Technologies Corporation		3.38			03/01/2013		5,000,000		5,104,910
Science Applications International Corporation		6.25			07/01/2012		5,000,000		5,132,650
									10,237,560
Hotels, Restaurants & Leisure : 0.81%
Marriott International		4.63			06/15/2012		6,038,000		6,133,521
Starwood Hotels & Resorts Worldwide Incorporated		6.25			02/15/2013		4,000,000		4,130,000
									10,263,521
Household Durables : 0.84%
Mohawk Industries Incorporated Series D		7.20			04/15/2012		4,250,000		4,313,750
Newell Rubbermaid Incorporated		5.50			04/15/2013		6,095,000		6,408,740
									10,722,490
Media : 3.24%
CBS Corporation		8.20			05/15/2014		7,000,000		7,961,723
Charter Communications Operating LLC 144A		8.00			04/30/2012		5,000,000		5,112,500
Comcast Cable Holdings LLC		9.80			02/01/2012		6,065,000		6,147,617
EchoStar DBS Corporation		7.00			10/01/2013		3,000,000		3,142,500
Historic TW Incorporated		9.13			01/15/2013		3,270,000		3,532,290
Mcgraw-Hill Companies Incorporated		5.38			11/15/2012		2,025,000		2,112,820
Time Warner Cable Incorporated		5.40			07/02/2012		6,100,000		6,249,590
Viacom Incorporated		4.38			09/15/2014		6,512,000		6,983,267
									41,242,307
Multiline Retail : 1.09%
JCPenney Company Incorporated		9.00			08/01/2012		6,280,000		6,562,600
Macy’s Incorporated		5.35			03/15/2012		4,250,000		4,290,753
Target Corporation		5.88			03/01/2012		3,019,000		3,057,242
									13,910,595
Specialty Retail : 1.06%
Best Buy Company Incorporated		6.75			07/15/2013		5,500,000		5,834,494
Home Depot Incorporated		5.25			12/16/2013		7,000,000		7,580,545
									13,415,039
Consumer Staples : 3.12%
Beverages : 0.44%
Anheuser Busch InBev Worldwide Incorporated ±		1.09			03/26/2013		3,000,000		3,014,811
Anheuser Busch InBev Worldwide Incorporated		3.00			10/15/2012		2,495,000		2,538,570
									5,553,381
Food & Staples Retailing : 1.37%
CVS Caremark Corporation 144A		7.77			01/10/2012		2,559,491		2,585,086
HJ Heinz Company Step Bond 144A		15.59			12/01/2020		4,000,000		4,142,920
Safeway Incorporated		5.80			08/15/2012		5,500,000		5,669,587

3

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Food & Staples Retailing (continued)
Wm.Wrigley Jr. Company 144A		2.45	%		06/28/2012	$	5,000,000	$	5,045,300
									17,442,893
Food Products : 0.70%
Cadbury Schweppes Company 144A		5.13			10/01/2013		6,545,000		6,937,275
HJ Heinz Finance Company		6.00			03/15/2012		2,000,000		2,026,642
									8,963,917
Household Products: 0.16%
Procter & Gamble Company		0.70			08/15/2014		2,000,000		2,008,224
Tobacco: 0.45%
UST Incorporated		6.63			07/15/2012		5,500,000		5,679,372
Energy : 3.11%
Energy Equipment & Services : 1.01%
Enterprise Products Operating LLC		4.60			08/01/2012		6,017,000		6,118,711
Kinder Morgan Energy Partners LP		7.13			03/15/2012		6,700,000		6,799,187
									12,917,898
Oil, Gas & Consumable Fuels : 2.10%
Chesapeake Energy Corporation		7.63			07/15/2013		4,000,000		4,220,000
El Paso Corporation		7.38			12/15/2012		1,000,000		1,043,858
Energy Transfer Partners LP		5.65			08/01/2012		2,000,000		2,049,266
Kinder Morgan Incorporated		6.50			09/01/2012		7,000,000		7,175,000
Transcontinental Gas Pipe Corporation		8.88			07/15/2012		6,000,000		6,277,206
Valero Energy Corporation «		6.88			04/15/2012		3,775,000		3,853,898
Weatherford International Incorporated		5.95			06/15/2012		2,020,000		2,063,266
									26,682,494
Financials : 12.14%
Capital Markets: 0.37%
Jefferies Group Incorporated «		5.88			06/08/2014		5,060,000		4,762,725
Commercial Banks : 2.97%
Branch Banking & Trust Corporation		3.85			07/27/2012		665,000		677,944
Branch Banking & Trust Corporation		4.75			10/01/2012		6,000,000		6,173,142
Charter One Bank NA		6.38			05/15/2012		5,000,000		5,049,920
Credit Suisse		2.20			01/14/2014		6,000,000		5,909,064
Hudson United Bank		7.00			05/15/2012		1,925,000		1,971,470
Key Bank NA		5.50			09/17/2012		3,000,000		3,091,536
Key Bank NA		5.70			08/15/2012		3,000,000		3,084,684
M&I Marshall & IIsley Bank		5.25			09/04/2012		6,510,000		6,714,798
PNC Funding Corporation ±		0.57			01/31/2012		2,000,000		2,000,142
PNC Funding Corporation ±		0.57			04/01/2012		2,100,000		2,102,029
Union Bank NA		2.13			12/16/2013		1,000,000		1,009,285
									37,784,014
Consumer Finance : 2.16%
American Express Credit Corporation		7.30			08/20/2013		7,000,000		7,554,687
American Honda Finance Corporation 144A		2.38			03/18/2013		4,000,000		4,059,360
Capital One Financial Corporation		7.38			05/23/2014		7,000,000		7,653,611
Ford Motor Credit Company LLC		3.88			01/15/2015		4,000,000		3,920,756

4

WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Consumer Finance (continued)
Ford Motor Credit Company LLC		7.00	%		10/01/2013	$	4,000,000	$	4,222,428
									27,410,842
Diversified Financial Services : 3.09%
Bank of New York Mellon Corporation ±		0.53			06/29/2012		2,700,000		2,706,591
Citigroup Incorporated		6.50			08/19/2013		7,000,000		7,284,284
General Electric Capital Corporation ±		0.46			06/12/2012		8,500,000		8,472,945
Goldman Sachs Group Incorporated		4.75			07/15/2013		7,000,000		7,013,860
HSBC Finance Corporation		7.00			05/15/2012		5,095,000		5,214,498
Invesco Limited		5.38			02/27/2013		2,465,000		2,568,451
Morgan Stanley		3.25			12/01/2011		6,000,000		6,000,000
									39,260,629
Insurance : 1.39%
AON Corporation		7.38			12/14/2012		6,000,000		6,342,978
ASIF Global Financing XIX 144A		4.90			01/17/2013		3,000,000		3,043,581
Genworth Life Institutional Funding Trust 144A		5.88			05/03/2013		3,715,000		3,774,864
Mass Mutual Global Funding II 144A		3.63			07/16/2012		1,500,000		1,523,076
Prudential Financial Incorporated Series MTN		5.10			12/14/2011		3,000,000		3,001,911
									17,686,410
REIT : 2.16%
Duke Realty LP		5.88			08/15/2012		4,000,000		4,096,160
Duke Realty LP		6.25			05/15/2013		1,950,000		2,038,947
ERP Operating LP		6.63			03/15/2012		5,975,000		6,065,043
HCP Incorporated		5.63			02/28/2013		1,000,000		1,031,454
Health Care REIT Incorporated		8.00			09/12/2012		3,986,000		4,126,738
Simon Property Group LP		5.45			03/15/2013		4,800,000		5,025,931
Ventas Realty LP		9.00			05/01/2012		5,000,000		5,119,530
									27,503,803
Health Care : 3.17%
Biotechnology : 1.07%
Amgen Incorporated		1.88			11/15/2014		6,000,000		6,030,684
Biogen Idec Incorporated		6.00			03/01/2013		7,226,000		7,622,715
									13,653,399
Health Care Providers & Services : 1.70%
Anthem Incorporated		6.80			08/01/2012		5,000,000		5,191,180
Coventry Health Care Incorporated		5.88			01/15/2012		7,000,000		7,028,994
Express Scripts Incorporated		5.25			06/15/2012		5,251,000		5,366,527
McKesson HBOC Incorporated		5.25			03/01/2013		3,829,000		4,030,857
									21,617,558
Pharmaceuticals: 0.40%
Teva Pharmaceutical Finance LLC		1.50			06/15/2012		5,000,000		5,032,100
Industrials : 3.76%
Aerospace & Defense: 0.32%
BAE Systems Holdings Incorporated 144A		6.40			12/15/2011		4,000,000		4,005,628
Building Products: 0.48%
Masco Corporation		5.88			07/15/2012		6,000,000		6,102,042

5

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Commercial Services & Supplies : 0.99%
Pitney Bowes Incorporated		3.88	%		06/15/2013	$	6,412,000	$	6,627,520
R.R. Donnelley & Sons Company		4.95			04/01/2014		6,000,000		5,880,000
									12,507,520
Electrical Equipment: 0.36%
Agilent Technologies Incorporated		4.45			09/14/2012		4,500,000		4,597,704
Machinery: 0.41%
Case New Holland Incorporated		7.75			09/01/2013		5,000,000		5,250,000
Road & Rail : 1.20%
CSX Corporation		6.30			03/15/2012		2,000,000		2,028,422
ERAC USA Finance Company 144A		5.80			10/15/2012		6,000,000		6,186,402
Union Pacific Corporation		5.45			01/31/2013		4,000,000		4,208,308
Union Pacific Corporation		6.13			01/15/2012		2,850,000		2,867,767
									15,290,899
Information Technology : 1.33%
Computers & Peripherals: 0.02%
Hewlett-Packard Company		2.95			08/15/2012		265,000		268,627
IT Services: 0.59%
Electronic Data Systems Corporation Series B		6.00			08/01/2013		7,000,000		7,507,269
Semiconductors & Semiconductor Equipment : 0.72%
Broadcom Corporation 144A		1.50			11/01/2013		4,000,000		4,040,828
National Semiconductor Corporation		6.15			06/15/2012		4,908,000		5,049,768
									9,090,596
Materials : 0.98%
Metals & Mining : 0.98%
Barrick Gold Corporation 144A		1.75			05/30/2014		7,000,000		7,034,811
Rio Tinto Alcan Incorporated		4.88			09/15/2012		1,000,000		1,027,051
Teck Cominco Incorporated		7.00			09/15/2012		3,270,000		3,410,698
United States Steel Corporation		5.65			06/01/2013		1,000,000		1,015,000
									12,487,560
Telecommunication Services : 2.73%
Diversified Telecommunication Services : 2.40%
Bellsouth Corporation 144A		4.46			04/26/2021		6,000,000		6,088,434
CenturyTel Incorporated		7.88			08/15/2012		3,000,000		3,105,741
Citizens Communications Company		6.25			01/15/2013		4,500,000		4,567,500
Qwest Corporation ±		3.60			06/15/2013		3,000,000		3,007,500
Verizon Virginia Incorporated Series A		4.63			03/15/2013		6,070,000		6,304,490
Verizon Wireless Capital LLC		7.38			11/15/2013		6,688,000		7,478,207
									30,551,872
Wireless Telecommunication Services: 0.33%
AT&T Wireless Services Incorporated		8.13			05/01/2012		4,000,000		4,124,172

6

WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Utilities : 3.13%
Electric Utilities : 2.90%
Allegheny Energy Supply Company LLC 144A		8.25	%		04/15/2012	$	3,000,000	$	3,071,898
Aquila Incorporated Step Bond		11.88			07/01/2012		5,055,000		5,349,292
Carolina Power & Light Company		6.50			07/15/2012		6,000,000		6,207,708
CenterPoint Energy Houston Electric LLC Series U		7.00			03/01/2014		5,669,000		6,393,600
Columbus Southern Power Company ±		0.75			03/16/2012		5,000,000		5,000,370
Dominion Resources Incorporated		5.00			03/15/2013		8,425,000		8,823,208
Public Services Electricity & Gas		0.85			08/15/2014		2,000,000		1,997,552
									36,843,628
Multi-Utilities: 0.23%
DTE Energy Company ±		1.03			06/03/2013		3,000,000		2,996,436
Total Corporate Bonds and Notes (Cost $533,141,575)									530,567,049
Municipal Bonds and Notes: 5.81%
California : 1.17%
California PCFA Solid Waste Disposal (Resource Recovery Revenue) ±		1.20			08/01/2023		4,000,000		3,999,880
Glendale CA Redevelopment Agency Tax Allocation (Tax Revenue)		3.50			12/01/2012		1,730,000		1,733,893
MuniMae Trust Series 2001-1 Class A (Housing Revenue, FHLMC Insured) ±		4.00			10/26/2016		3,325,000		3,330,187
Oakland-Alameda County CA Coliseum Authority (Lease Revenue)		6.80			12/06/2011		5,800,000		5,800,000
									14,863,960
Florida : 0.64%
Miami-Dade County FL IDA Waste Management Incorporated Florida Project (Resource Recovery Revenue) ±		2.63			08/01/2023		2,800,000		2,808,708
MuniMae Trust Series 2001-3 Class A (Housing Revenue, FHLMC Insured) ±		4.00			06/24/2019		5,285,000		5,293,245
									8,101,953
Indiana : 0.68%
Indiana State Development Finance Authority Environmental USX Corporation Project (IDR) ±		5.25			12/01/2022		6,000,000		6,091,560
Indiana State EDFA AMT Republic Services Incorporated Project (Resource Recovery Revenue) ±		1.05			05/01/2034		2,500,000		2,500,000
									8,591,560
Kentucky : 0.24%
Louisville/Jefferson County KY PCR Louisville Gas & Electric Project Series A (Energy Revenue) ±		1.90			10/01/2033		3,000,000		3,011,700
Louisiana : 0.41%
Louisiana State Gas & Fuels Tax Build America Bonds Series A-4 (Tax Revenue) ±		2.75			05/01/2043		5,250,000		5,273,520
Minnesota : 0.12%
Minnesota Tobacco Securitization Authority Series A (Tobacco Revenue)		2.64			03/01/2014		1,500,000		1,497,360
New Hampshire : 0.44%
New Hampshire State Business Finance Authority The United Illuminating Company Project (Lease Revenue) ±		7.13			07/01/2027		5,500,000		5,553,845

7

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
New York : 0.17%
Babylon NY IDAG Taxable Covanta Babylon Series B (IDR)		4.67	%		01/01/2012	$	1,030,000	$	1,032,318
Onondaga County NY Property Tax Receivables (Lease Revenue)		3.50			04/01/2013		1,110,000		1,110,944
									2,143,262
Ohio : 0.38%
Ohio State Air Quality Development Authority PCR FirstEnergy Series D (IDR) ±		4.75			08/01/2029		1,800,000		1,834,434
Ohio State Water Development Authority Solid Waste Management Incorporated Project (Resource Recovery Revenue) ±		1.75			06/01/2013		3,000,000		3,017,130
									4,851,564
Oklahoma : 0.14%
Oklahoma County OK Finance Authority Build America Bonds (Lease Revenue)		2.33			11/01/2012		1,725,000		1,740,422
Oregon : 0.35%
Oregon State School Boards Association Series A (Miscellaneous Revenue, NATL-RE FGIC Insured) (z)		0.69			06/30/2012		4,500,000		4,481,685
Pennsylvania : 0.08%
Pennsylvania State EDFA Waste Management Project (Resource Recovery Revenue) ±		2.63			12/01/2033		1,000,000		1,013,180
Texas : 0.21%
Houston TX Airport Services Sub-Lien Series A (Airport Revenue)		5.00			07/01/2013		2,500,000		2,645,175
West Virginia : 0.47%
West Virginia State Solid Waste Disposal Facilities Amos Project Series A (Resource Recovery Revenue) ±		2.00			01/01/2041		6,000,000		6,027,240
Wisconsin : 0.31%
Marshfield WI Taxable BAN Series B (Utilities Revenue)		2.00			12/01/2011		4,000,000		4,000,160
Total Municipal Bonds and Notes (Cost $74,034,635)									73,796,586
Non-Agency Mortgage Backed Securities: 7.07%
Aames Mortgage Trust Series 2003-1 Class M1 ±		1.28			10/25/2033		8,450,830		6,757,748
Bank of America Mortgage Securities Series 2002-K Class 3A1 ±		2.71			10/20/2032		9,361		8,823
Bear Stearns Commercial Mortgage Securities Series 2004-PWR3 Class A3		4.49			02/11/2041		2,604,732		2,660,320
Bear Stearns Commercial Mortgage Securities Series 2004-PWR6 Class A4		4.52			11/11/2041		4,095,000		4,099,107
Citicorp Mortgage Securities Incorporated Series 1992-7 Class A		2.24			03/25/2022		153,351		142,084
Collateralized Mortgage Obligation Trust Series 66 Class Z		8.00			09/20/2021		177,266		198,449
Commercial Mortgage Trust Pass-Through Certificates Series 2004-LB4A Class A4		4.58			10/15/2037		1,758,782		1,763,782
Countrywide Alternative Loan Trust Series 2003-2011 T1 Class A1		4.75			07/25/2018		3,221,014		3,297,284
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 1A1 ±		2.16			06/19/2031		702,301		621,591
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±		1.99			06/19/2031		416,389		369,605
Countrywide Home Loans Mortgage Pass-Through Trust Series 2004-20 Class 3A1 ±		2.29			09/25/2034		290,355		160,241
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-C3 Class A5		3.94			05/15/2038		1,400,000		1,428,231
DLJ Mortgage Acceptance Corporation Series 1990-2 Class A (i)		3.04			01/25/2022		242,225		228,604
DLJ Mortgage Acceptance Corporation Series 1991-3 Class A1 (i)		2.01			01/25/2021		66,452		61,126
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 ±		1.00			09/25/2033		996,237		836,360

8

WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name	Interest Rate			Maturity Date		Principal		Value
Non-Agency Mortgage Backed Securities (continued)
GE Capital Commercial Mortgage Corporation Series 2002-2A Class A3		5.35	%		08/11/2036	$	6,500,000	$	6,603,194
GE Capital Commercial Mortgage Corporation Series 2003-C1 Class A4		4.82			01/10/2038		2,988,190		3,086,722
Greenwich Capital Commercial Funding Corporation Series 2003-C1 Class A4		4.11			07/05/2035		3,619,981		3,729,229
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A		8.00			09/19/2027		125,110		129,489
GSMPS Mortgage Loan Trust Series 2004-4 Class 1AF ±144A		0.66			06/25/2034		3,639,893		2,969,068
GSMPS Mortgage Loan Trust Series 2004-4 Class 2A1 ±144A		3.72			06/25/2034		3,202,690		2,898,486
GSMPS Mortgage Loan Trust Series 2006-RP1 Class 1AF1 ±144A		0.61			01/25/2036		3,519,253		2,562,221
GSR Mortgage Loan Trust Series 2004-1 Class 2A2 ±		1.94			04/25/2032		1,374,351		1,128,612
Housing Securities Incorporated Series 1992-8 Class C		2.87			06/25/2024		88,151		82,210
Housing Securities Incorporated Series 1992-8 Class E		3.71			06/25/2024		197,616		185,808
Jeffries & Company Series 2010-R7 Class 7A6 144A		3.25			10/26/2036		2,377,309		2,370,104
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2002-C1 Class A3		5.38			07/12/2037		1,363,605		1,378,923
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2003-C1 Class A2		4.99			01/12/2037		6,715,000		6,912,683
Master Mortgages Trust Series 2002-3 Class 4A1 ±		2.63			10/25/2032		39,649		37,157
Morgan Stanley Capital I Series 2004-IQ7 Class A3		5.35			06/15/2038		1,843,902		1,855,922
Morgan Stanley Capital I Series 2004-IQ8 Class A4		4.90			06/15/2040		3,307,582		3,319,059
Morgan Stanley Dean Witter Capital I Series 2003-IQ4 Class A2		4.07			05/15/2040		1,558,574		1,604,331
Morgan Stanley Dean Witter Capital I Series 2004-T15 Class A3		5.03			06/13/2041		1,769,071		1,821,016
Morgan Stanley Mortgage Trust Series 35 Class 2 ±(i)(w)		15,138.50			04/20/2021		45		10,433
Nomura Asset Securities Corporation Series 1998-D6 Class A2		7.32			03/15/2030		5,240,000		5,512,611
Prudential Home Mortgage Securities Series 1988-1 Class A ±		2.53			04/25/2018		32,890		29,846
Resecuritization Mortgage Trust Series 1998-B Class A ±(i)144A		0.51			04/26/2021		11,913		11,375
Residential Finance LP Series 2003-C Class B3 ±144A		1.65			09/10/2035		6,618,776		5,110,423
Residential Finance LP Series 2003-C Class B4 ±144A		1.85			09/10/2035		3,922,238		2,908,496
SACO I Trust Series 2005-2 Class A ±(i)144A		0.66			04/25/2035		70,822		27,128
Salomon Brothers Mortgage Securities VII Series 1990-2 Class A		1.97			11/25/2020		718,112		695,631
Structured Asset Mortgage Investments Incorporated Series 2001-4 Class A1		8.98			10/25/2024		2,292,298		2,339,015
Structured Asset Mortgage Investments Incorporated Series 2001-4 Class A2		9.65			10/25/2024		266,525		276,164
Structured Asset Securities Corporation Series 1998-2 Class A ±		0.78			02/25/2028		425,254		375,008
Structured Asset Securities Corporation Series 1998-RF1 Class A 144A		7.94			04/15/2027		2,513,062		2,533,310
Structured Asset Securities Corporation Series 1998-RF2 Class A 144A		7.73			07/15/2027		3,208,044		3,231,219
Terwin Mortgage Trust Series 2004-21HE Class 1A1 ±		1.22			12/25/2034		101,930		87,387
Wilshire Funding Corporation Series 1996-3 Class M2		5.82			08/25/2032		260,879		255,127
Wilshire Funding Corporation Series 1996-3 Class M3		5.82			08/25/2032		233,534		222,651
Wilshire Funding Corporation Series 1998-2 Class M1		2.00			12/28/2037		976,382		885,464
Total Non-Agency Mortgage Backed Securities (Cost $97,427,436)									89,818,877
Term Loans: 0.33%
SUPERVALU Incorporated		1.64			06/01/2012		4,223,597		4,215,319
Total Term Loans (Cost $4,183,529)									4,215,319
Yankee Corporate Bonds and Notes: 19.46%
Consumer Discretionary : 0.34%
Multiline Retail: 0.34%
Wesfarmers Limited 144A		7.00			04/10/2013		4,000,000		4,269,236
Consumer Staples : 0.43%
Food & Staples Retailing: 0.43%
Cia Brasileira de Bebidas		10.50			12/15/2011		5,401,000		5,414,503

9

PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED) WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND

Security Name	Interest Rate			Maturity Date		Principal		Value
Energy : 1.10%
Oil, Gas & Consumable Fuels : 1.10%
Husky Energy Incorporated		6.25	%		06/15/2012	$	6,000,000	$	6,155,982
Noble Corporation		5.88			06/01/2013		7,420,000		7,891,882
									14,047,864
Financials : 14.88%
Capital Markets: 0.59%
BP Capital Markets plc		5.25			11/07/2013		7,000,000		7,515,109
Commercial Banks : 13.95%
ANZ National (International) Limited 144A		2.38			12/21/2012		3,500,000		3,531,679
Australia & New Zealand Banking Group Limited ±144A		0.63			06/18/2012		6,000,000		6,002,700
Banco Santander Chile 144A		2.88			11/13/2012		4,000,000		4,011,652
Bank Nederlandse Gemeenten		5.00			05/16/2014		14,000,000		15,143,238
Bank of Montreal 144A		1.30			10/31/2014		5,500,000		5,486,569
Bank of Nova Scotia 144A«		1.45			07/26/2013		12,000,000		12,072,936
Barclays Bank plc		2.50			01/23/2013		3,000,000		2,976,486
Canadian Imperial Bank of Commerce 144A		2.00			02/04/2013		14,000,000		14,168,364
Commonwealth Bank of Australia ±144A		0.90			03/19/2013		4,500,000		4,496,571
HSBC Bank plc 144A«		1.63			07/07/2014		10,000,000		9,891,820
ING Bank NV ±144A		1.40			03/15/2013		6,000,000		5,925,942
ING Bank NV 144A		2.63			02/09/2012		10,000,000		10,034,380
Nordea Eiendomskreditt 144A		1.88			04/07/2014		12,500,000		12,571,725
Oesterreichische Kontrollbank		1.38			01/21/2014		14,000,000		13,983,200
SpareBank 1 Boligkreditt 144A		1.25			10/25/2014		14,000,000		13,998,922
Stadshypotek AB 144A«		1.45			09/30/2013		12,500,000		12,429,038
Svenska Handelsbanken AB 144A		2.88			09/14/2012		2,507,000		2,537,437
SwedBank AB 144A		2.80			02/10/2012		4,000,000		4,016,764
Swedbank AB 144A		3.00			12/22/2011		6,000,000		6,006,816
Toronto Dominion Bank 144A«		0.88			09/12/2014		4,000,000		3,967,276
Westpac Banking Corporation ±144A		0.53			12/14/2012		5,000,000		5,008,340
Westpac Banking Corporation		2.25			11/19/2012		3,000,000		3,033,441
Xstrata Finance Canada Limited 144A		2.85			11/10/2014		6,000,000		6,051,132
									177,346,428
Diversified Financial Services: 0.34%
Amvescap plc		5.63			04/17/2012		4,250,000		4,312,267
Industrials : 0.31%
Building Products: 0.31%
Tyco Electronics Group SA		6.00			10/01/2012		3,830,000		3,987,084
Materials : 1.06%
Metals & Mining : 1.06%
Arcelormittal		5.38			06/01/2013		7,500,000		7,655,430
Rio Tinto Finance USA Limited		8.95			05/01/2014		5,000,000		5,847,370
									13,502,800
Telecommunication Services : 1.34%
Diversified Telecommunication Services : 1.34%
British Telecommunications plc		5.15			01/15/2013		3,553,000		3,688,170
Deutsche Telekom International Finance BV		5.25			07/22/2013		7,000,000		7,379,456

10

WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Interest Rate			Maturity Date		Principal		Value
Diversified Telecommunication Services (continued)
Telefonica Emisiones SAU				2.58	%		04/26/2013	$	6,145,000	$	5,958,807
											17,026,433
Total Yankee Corporate Bonds and Notes (Cost $248,223,893)											247,421,724
Other: 0.03%
Gryphon Funding Limited, Pass-Through Entity (i)(a)(v)									202,574		72,724
VFNC Corporation, Pass-Through Entity 0.26% ±(i)144A(a)(v)									546,273		267,674
Total Other (Cost $137,654)											340,398
			Yield					Shares
Short-Term Investments: 11.69%
Investment Companies : 11.61%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class (l)(u)				0.05					110,071,556		110,071,556
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)				0.17					37,561,538		37,561,538
											147,633,094
								Principal
U.S. Treasury Securities : 0.08%
U.S. Treasury Bill #				0.01			12/22/2011	$	1,000,000		999,993
Total Short-Term Investments (Cost $148,633,093)											148,633,087
Total Investments in Securities (Cost $1,317,288,327)*	102.11	%									1,298,068,921
Other Assets and Liabilities, Net	(2.11	)									(26,769,294	)
Total Net Assets	100.00	%								$	1,271,299,627

± Variable rate investment.

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

(i) Illiquid security.

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

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

§ These securities are subject to a demand feature which reduces the effective maturity.

(z) Zero coupon security. Rate represents yield to maturity.

(w) This security is a structured note which generates income based on a coupon formula (-1,500 * 1 month LIBOR + 15,573.5%) and the prepayment behavior of the underlying collateral. The coupon is subject to a mandatory cap of 15,573.5% and a mandatory floor of 11%. The current interest rate is (-1500*0.29%)+15,573.5% = 15,138.5%.

(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.

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

(l) Investment in an affiliate.

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

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

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

* Cost for federal income tax purposes is $1,317,288,327 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	6,451,003
Gross unrealized depreciation		(25,670,409	)
Net unrealized depreciation	$	(19,219,406	)

11

WELLS FARGO ADVANTAGE ULTRA SHORT-TERM INCOME FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

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

Securities valuation

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.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In the event of default or bankruptcy by the borrower, the Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Fund’s former securities lending agent, as the various participating funds’ lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired structured investment vehicles fluctuated depending on the relative activity of each participating fund. In order to eliminate the fluctuation of the various participating funds’ ratable exposure to the defaulted or impaired structured investment vehicles, the adviser to the Fund recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired structured investment vehicles among all funds participating in securities lending (“side pocketing”) based on each participating fund’s percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each participating fund’s ownership of defaulted or impaired structured investment vehicle in the joint account based on each participating fund’s percentage ownership of the joint account as of such date.

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.

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.

Futures contracts

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

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

Fair valuation measurements

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 November 30, 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
Agency securities	$	0	$	66,080,509	$	0	$	66,080,509
Asset-backed securities		0		137,192,774		2,598		137,195,372
Corporate bonds and notes		0		527,981,963		2,585,086		530,567,049
Municipal bonds and notes		0		73,796,586		0		73,796,586
Non-agency mortgage backed securities		0		89,818,877		0		89,818,877
Term loans		0		4,215,319		0		4,215,319
Yankee corporate bonds and notes		0		247,421,724		0		247,421,724
Other		0		0		340,398		340,398
Short-term investments
Investment companies		110,071,556		37,561,538		0		147,633,094
U.S. Treasury securities		999,993		0		0		999,993
	$	111,071,549	$	1,184,069,290	$	2,928,082	$	1,298,068,921

As of November 30, 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
Futures contracts+	$	(25,549	)	$	0	$	0	$	(25,549	)

+ 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 November 30, 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:

	Asset-backed securities			Corporate bonds and notes securities			Non-agency mortgage backed securities			Other			Total
Balance as of August 31, 2011	$	3,239,702		$	2,713,483		$	3,633,931		$	382,831		$	9,969,947
Accrued discounts (premiums)		(8,202	)		(15,296	)		0			0			(23,498	)
Realized gains (losses)		(366,729	)		(1,376	)		(3,970	)		0			(372,075	)
Change in unrealized gains (losses)		213,955			(23,916	)		14,989			(21,722	)		183,306
Purchases		146,872			0			0			0			146,872
Sales		(3,223,000	)		(87,809	)		(1,274,846	)		(20,711	)		(4,606,366	)
Transfers into Level 3		0			0			0			0			0
Transfers out of Level 3		0			0			(2,370,104	)		0			(2,370,104	)
Balance as of November 30, 2011	$	2,598		$	2,585,086		$	0		$	340,398		$	2,928,082
Change in unrealized gains (losses) relating to securities still held at November 30, 2011	$	0		$	(38,392	)	$	0		$	(31,872	)	$	(70,264	)

Derivative transactions

During the three months ended November 30, 2011, the Fund entered into futures contracts to speculate on interest rates.

At November 30, 3011, the Fund had short futures contracts outstanding as follows:

Expiration Date	Contracts	Type	Contract Value at November 30, 2011		Net Unrealized Gains  (Losses)
December 2011	255 Short	2-Year U.S. Treasury Notes	$	56,199,610	$	(1,477	)
March 2012	1,237 Short	2-Year U.S. Treasury Notes		272,758,500		(26,740	)
March 2012	35 Short	5-Year U.S. Treasury Notes		4,292,422		2,668

The Fund had an average notional amount of $370,979,183 in short futures contracts during the three months ended November 30, 2011.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2010 FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 100.35%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	625,502,697
Wells Fargo Advantage Diversified Stock Portfolio				N/A		182,647,926
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		34,025,674
Total Affiliated Master Portfolios (Cost $791,630,669)						842,176,297
Total Investments in Securities (Cost $791,630,669)*	100.35	%				842,176,297
Other Assets and Liabilities, Net	(0.35	)				(2,932,008	)
Total Net Assets	100.00	%			$	839,244,289

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

1

WELLS FARGO ADVANTAGE DOW JONES TARGET 2010 FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target 2010 Fund (the “Fund”).

Securities valuation

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 the method discussed above, are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees.

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.

At November 30, 2011, the Fund’s investments in affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2015 FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 100.03%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	451,431,739
Wells Fargo Advantage Diversified Stock Portfolio				N/A		209,844,003
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		27,858,114
Total Affiliated Master Portfolios (Cost $662,449,550)						689,133,856
Total Investments in Securities (Cost $662,449,550)*	100.03	%				689,133,856
Other Assets and Liabilities, Net	(0.03	)				(201,464	)
Total Net Assets	100.00	%			$	688,932,392

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

1

WELLS FARGO ADVANTAGE DOW JONES TARGET 2015 FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target 2015 Fund (the “Fund”).

Securities valuation

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 the method discussed above, are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees.

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.

At November 30, 2011, the Fund’s investments in the affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2020 FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 100.67%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	1,090,644,942
Wells Fargo Advantage Diversified Stock Portfolio				N/A		907,818,620
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		84,264,946
Total Affiliated Master Portfolios (Cost $1,979,062,775)						2,082,728,508
Total Investments in Securities (Cost $1,979,062,775)*	100.67	%				2,082,728,508
Other Assets and Liabilities, Net	(0.67	)				(13,813,571	)
Total Net Assets	100.00	%			$	2,068,914,937

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

1

WELLS FARGO ADVANTAGE DOW JONES TARGET 2020 FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target 2020 Fund (the “Fund”).

Securities valuation

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 the method discussed above, are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees.

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.

At November 30, 2011, the Fund’s investments in affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 99.98%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	652,371,755
Wells Fargo Advantage Diversified Stock Portfolio				N/A		952,089,677
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		67,712,277
Total Affiliated Master Portfolios (Cost $1,583,244,262)						1,672,173,709
Total Investments in Securities (Cost $1,583,244,262)*	99.98	%				1,672,173,709
Other Assets and Liabilities, Net	0.02					326,122
Total Net Assets	100.00	%			$	1,672,499,831

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

1

WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target 2025 Fund (the “Fund”).

Securities valuation

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

Investments which are not valued using the method discussed above, are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees.

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.

At November 30, 2011, the Fund’s investments in the affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2030 FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 100.75%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	457,948,331
Wells Fargo Advantage Diversified Stock Portfolio				N/A		1,194,061,673
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		69,776,756
Total Affiliated Master Portfolios (Cost $1,649,389,692)						1,721,786,760
Total Investments in Securities (Cost $1,649,389,692)*	100.75	%				1,721,786,760
Other Assets and Liabilities, Net	(0.75	)				(12,895,798	)
Total Net Assets	100.00	%			$	1,708,890,962

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

1

WELLS FARGO ADVANTAGE Dow Jones Target 2030 Fund

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target 2030 Fund (the “Fund”).

Securities valuation

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 the method discussed above, are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees.

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.

At November 30, 2011, the Fund’s investments in affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2035 FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 100.03%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	110,626,030
Wells Fargo Advantage Diversified Stock Portfolio				N/A		539,894,436
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		27,495,203
Total Affiliated Master Portfolios (Cost $657,785,948)						678,015,669
Total Investments in Securities (Cost $657,785,948)*	100.03	%				678,015,669
Other Assets and Liabilities, Net	(0.03	)				(231,222	)
Total Net Assets	100.00	%			$	677,784,447

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2035 FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target 2035 Fund (the “Fund”).

Securities valuation

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 the method discussed above, are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees.

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.

At November 30, 2011, the Fund’s investments in affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE TARGET 2040 FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 100.04%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	106,032,525
Wells Fargo Advantage Diversified Stock Portfolio				N/A		989,292,508
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		46,317,221
Total Affiliated Master Portfolios (Cost $1,100,050,329)						1,141,642,254
Total Investments in Securities (Cost $1,100,050,329)*	100.04	%				1,141,642,254
Other Assets and Liabilities, Net	(0.04	)				(465,541	)
Total Net Assets	100.00	%			$	1,141,176,713

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

1

WELLS FARGO ADVANTAGE DOW JONES TARGET 2040 FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target 2040 Fund (the “Fund”).

Securities valuation

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 the method discussed above, are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees.

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.

At November 30, 2011, the Fund’s investments in affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 99.95%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	19,417,031
Wells Fargo Advantage Diversified Stock Portfolio				N/A		276,254,506
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		12,505,339
Total Affiliated Master Portfolios (Cost $303,686,503)						308,176,876
Total Investments in Securities (Cost $303,686,503)*	99.95	%				308,176,876
Other Assets and Liabilities, Net	0.05					139,983
Total Net Assets	100.00	%			$	308,316,859

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target 2045 Fund (the “Fund”).

Securities valuation

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of the 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.

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.

At November 30, 2011, the Fund’s investments in the affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2050 FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 100.02%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	42,378,865
Wells Fargo Advantage Diversified Stock Portfolio				N/A		610,660,007
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		27,620,220
Total Affiliated Master Portfolios (Cost $649,425,443)						680,659,092
Total Investments in Securities (Cost $649,425,443)*	100.02	%				680,659,092
Other Assets and Liabilities, Net	(0.02	)				(155,217	)
Total Net Assets	100.00	%			$	680,503,875

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2050 FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target 2050 Fund (“the Fund”).

Securities valuation

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of the Master Portfolios’ 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.

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.

At November 30, 2011, the Fund’s investments in affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2055 FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 98.21%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	70,202
Wells Fargo Advantage Diversified Stock Portfolio				N/A		1,011,579
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		45,754
Total Affiliated Master Portfolios (Cost $1,210,396)						1,127,535
Total Investments in Securities (Cost $1,210,396)*	98.21	%				1,127,535
Other Assets and Liabilities, Net	1.79					20,599
Total Net Assets	100.00	%			$	1,148,134

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

WELLS FARGO ADVANTAGE DOW JONES TARGET 2055 FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target 2055 Fund (the “Fund”).

Securities valuation

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

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

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.

At November 30, 2011, the Fund’s investments in the affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND PORTFOLIO OF INVESTMENTS — November 30, 2011 (UNAUDITED)

Security Name			Shares		Value
Affiliated Master Portfolios: 100.07%
Wells Fargo Advantage Diversified Fixed Income Portfolio				N/A	$	711,588,321
Wells Fargo Advantage Diversified Stock Portfolio				N/A		135,193,684
Wells Fargo Advantage Short-Term Investment Portfolio				N/A		59,972,835
Total Affiliated Master Portfolios (Cost $876,522,196)						906,754,840
Total Investments in Securities (Cost $876,522,196)*	100.07	%				906,754,840
Other Assets and Liabilities, Net	(0.07	)				(623,689	)
Total Net Assets	100.00	%			$	906,131,151

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND

NOTES TO PORTFOLIO OF INVESTMENTS – November 30, 2011 (unaudited)

The following notes are to be read in conjunction with the Portfolio of Investments for Wells Fargo Advantage Dow Jones Target Today Fund (the “Fund”).

Securities valuation

Investments in the Master Portfolios are valued daily based on the Fund’s proportionate share of the 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.

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.

At November 30, 2011, the Fund’s investments in the affiliated Master Portfolios carried at fair value were designated as Level 2 inputs.

Transfers in and transfers out are recognized at the end of the reporting period. For the nine months ended November 30, 2011, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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

ACB — Agricultural Credit Bank

ADR — American Depository 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

AUD — Australian Dollar

BAN — Bond Anticipation Notes

BHAC — Berkshire Hathaway Assurance Corporation

BRL — Brazil 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

CR — Custody Receipts

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

FFCB — Federal Farm Credit Bank

FGIC — Financial Guaranty Insurance Corporation

FHA — Federal Housing Authority

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FSA — Farm Service Agency

GBP — Great British Pound

GDR — Global Depository 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

HUF — Hungarian Forint

IBC — Insured Bond Certificate

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

MTN — Medium Term Note

MUD — Municipal Utility District

MXN — Mexican Peso

MYR — Malaysian Ringgit

NATL-RE — National Public Finance Guarantee Corporation

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

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

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

SPDR — Standard & Poor’s Depositary Receipts

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

TVA — Tennessee Valley Authority

XLCA — XL Capital Assurance

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 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 Funds Trust
By:	/s/    KARLA M. RABUSCH
	Karla M. Rabusch
	President
Date: January 27, 2012

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 Funds Trust
By:	/s/    KARLA M. RABUSCH
	Karla M. Rabusch
	President
Date: January 27, 2012

By:	/s/    KASEY L. PHILLIPS
	Kasey L. Phillips
	Treasurer
Date: January 27, 2012